I used to always say "I only look at the chain," thinking that addresses, fund flows, and collateral ratios are all laid out there, so there's not much to argue about.

Later I realized I was quite stubborn: what you can see on the chain are the results, not the motives; once privacy tools are in place, what you can see is even more like shadows.

My current expectation for ordinary users is just one sentence: privacy is not invisibility, and compliance is not a万能护身符.
What you can do is more like putting yourself in a "explainable" position: clear source of funds, not too convoluted paths, avoid interacting with unknown origins, especially in lending—don't push the collateral ratio to the limit, leave some room before liquidation, so you won't run out of time to explain when a risk control upgrade hits.

By the way, looking at the recent NFT royalty flame wars, it’s quite similar: everyone wants "what I deserve / my freedom," but when secondary liquidity tightens, rules immediately change face.
Honestly, the on-chain world isn't purely technical; in the end, it's about game theory and boundaries.
Anyway, I now look at both on-chain data and sentiment, lower your illusions, and leave enough room for risks.