In the past few days, as I look more and more at on-chain data, I realize: don’t hold too much hope for privacy. Not writing a name on an address doesn’t mean “nobody can find you.” Basically, it just shifts the cost further back. If you really want to comply and investigate, the deposit and withdrawal sections of exchanges and fiat channels are more like mirrors, clearly reflecting everything.

Some regions are again discussing tax increases, tightening or loosening compliance. Everyone’s sentiment is actually quite consistent: as soon as they hear the wind, they start thinking through the deposit and withdrawal paths. No matter how clever on-chain transactions are, in the end, it’s still those few access points that matter. My expectation is: what can be achieved on-chain is “less exposure, less correlation,” but don’t expect “complete invisibility.” What I don’t regret is… always keeping positions and addresses separate, using fewer centralized entry points when possible, anyway, it helps me sleep better.