Lately, I've been looking at stablecoin reserve disclosures again. Honestly, what I fear most isn't "technical failure," but rather everyone rushing to leave at the same time during a bank run. Transparency is like air in normal times; only when something goes wrong do we realize there's a lack of oxygen: slow report updates, incomprehensible asset structures, and then the panic sets in. When incidents like cross-chain bridge hacks happen, people's reflex is to withdraw to the "safest place," which only makes everyone more panicked. Also, after an oracle reported an outrageous price once, now the group chat has a popular phrase: "wait for confirmation," which is really just a way to buy some time for oneself. Anyway, I see complexity as the enemy: I only hold positions where I can clearly explain the risk sources, and avoid unnecessary trouble.