On-chain privacy, my current expectation is quite simple: don't expect "complete anonymity," and don't be scared into thinking "you can't hide a single transaction." Frankly, blockchains are public ledgers; what you can do more is reduce unnecessary linkages (don't reuse addresses randomly, avoid giving out too many authorizations, don't use the same transaction path every time), but if someone really wants to track you down, combining on-chain and off-chain data, they can often piece things together. The boundaries of compliance are similar; the tools themselves aren't necessarily guilty, but their usage can be easily misinterpreted. Ordinary people should avoid creating transaction structures that are "costly to explain."

Recently, I've been explaining crypto price movements using ETF fund flows and U.S. stock market risk appetite, and it's getting a bit tiring… Macro narratives are useful, of course, but don't get carried away and emotionally justify whether or not to use privacy tools. My bottom line is: if it can save trouble, just save trouble; don't play hide-and-seek with regulators, and don't treat privacy as a get-out-of-jail-free card. That's all for today; my mind feels a bit restless.