Last night before bed, I skimmed some on-chain data, and the more I looked, the more “privacy” and “compliance” felt like a rubber band: you think you’re in the middle, but in reality, both ends can snap you away. Ordinary users, to be blunt, shouldn’t have too many illusions—on-chain isn’t an invisibility cloak; it’s more like wearing a mask in a public square. If someone really targets you, the route can always be pieced together. But don’t assume that because you buy into a compliance narrative, everything will automatically become clean in the end. It still comes down to the execution scale and the platform’s risk-control mood.

Also, I’ve been seeing everyone tie ETF fund flows, U.S. stock risk appetite, and crypto price up/down together to interpret everything—like it’s a unified theory of the universe… I just want to say: the market loves telling stories, and we love believing them. Anyway, my current expectation is: expose as little as possible, don’t touch anything that’s clearly “gray,” and if something really goes wrong, don’t pretend, “I thought on-chain anonymity would protect me.” For now, that’s it—continue to stay submerged and watch DAO arguments.