I used to think that "on-chain = anonymous," wallet addresses are just a string of gibberish, no one can find out who is who.

Now that I've seen more, I understand that basically on the chain it's more like "pseudonyms," once you've shown your face at an exchange/KYC entry point, your transaction history, buying NFTs, placing and canceling orders can all be linked together, privacy has its limits.

Recently, the group has been discussing stablecoin regulation, reserve audits, and various screenshots of "de-pegging," and when emotions run high, everyone wants to switch everything out... but if you think calmly, compliance is actually becoming more like air: you may not feel it every day, but it will determine which channels are accessible and which operations are under tighter scrutiny.

My current expectation for ordinary users is: don't expect complete invisibility, at most minimize information leaks; keep fund paths as simple as possible, don't jump through multiple layers or leave behind a bunch of traceable fragments in a moment of excitement.
Anyway, I don't want to be a faith-based player; staying alive is the most important.