Late at night, checking on-chain stablecoin reserve "reports," honestly, what people trust isn't the reports themselves, but the attitude of "others also believe." Once there's a little wind or disturbance, the group starts sharing screenshots, asking if they can exchange back 1:1, and I get itchy to run, even though we're not de-pegged yet, my mind just starts to panic... Discipline freaks rely on pre-written stop-loss conditions to hold themselves back. Transparency is obviously important, but transparency ≠ peace of mind; peace of mind depends on whether liquidity is sufficient and redemption channels are smooth. By the way, thinking about the NFT royalty disputes, it's the same: creators want predictable income, traders just want to sell better, and in the end, it's all about whether they can exit anytime. Anyway, the market's biggest fear has never been bad news, but not knowing where the exit is.