At the end of the year when volatility in the cryptocurrency market intensifies, the 20th episode of "Unprotected in the Coin Circle," hosted by Techub News and co-hosted by Wind\Uweb and Chain Intelligence, will air on November 13 at 21:00. Although host Qie Ge is on a self-driving tour at the first stop, he still makes a timely appearance, transforming into a "digital asset professional host" to spend a relaxed yet profound Thursday night with the audience. The guest lineup is strong: Pang Meimei, director of the blockchain legal affairs department at Zhi Heng (Chengdu) Law Firm and senior corporate compliance lawyer, and KOL Daji from X3, who is not one to back down. The program adopts a "gossip and chat, unprotected" tone, focusing on the explosive popularity of privacy coins, the upgrade of the DeFi ecosystem, the rotation of altcoins, and an overall market outlook, attracting thousands of listeners for real-time interaction. Qie Ge humorously states, "I'm not afraid of saying the wrong thing, I'm afraid of not saying anything!" Although the program temporarily pauses the lottery, the clash of ideas sparks lively discussions, making it a must-listen "year-end review" for crypto practitioners.
The Privacy Coin Craze: From "On-Chain Pursuit" to Compliance Evolution
The opening dives straight into hot topics: Zcash (ZEC) is rallying across the network, with an increase of over ten times, and low-market-cap privacy projects are collectively rising. However, regulatory clouds loom—after CZ's pardon, the aftershocks of strong regulation remain. Qie Ge poses a core question: "What should the future development direction of privacy technology in crypto be? Will it become mainstream, or face more challenges?" This is not just a technical debate but a question of ecological survival.
Daji joins for the first time, approaching the topic from the "hot search patrol" perspective of the X3 platform, citing the U.S. Department of Justice's seizure of 130,000 bitcoins in an "on-chain pursuit" case as a trigger. This case originated from a multinational fraud group, with law enforcement using on-chain tools to sift through millions of transactions and algorithmically locate assets, dominating Web3 hot searches for three consecutive days. Following this, the U.S. Treasury and Justice Departments formed a dedicated task force to crack down on cybercrime in Myanmar, Cambodia, and other regions. Daji states bluntly, "As long as you have transactions, you can be tracked." This exposes the double-edged sword of the blockchain's "transparency curse": it aids law enforcement but erodes user privacy.
Looking ahead, Daji optimistically predicts that privacy technology will evolve from independent coins (like fully anonymous tokens) to a "fundamental capability" of blockchain. It will integrate privacy layers into DeFi and on-chain applications, achieving "selective disclosure"—users can encrypt/unlock data at will, meeting compliance needs (like tax) while safeguarding decentralization. "Privacy will never be eliminated; it will only become more compliant and modular," she emphasizes. Emerging projects can default to encrypted transactions, with key nodes available for unlocking, suitable for institutional applications. However, challenges are severe: under high regulatory pressure, the survival space for fully anonymous coins shrinks, and privacy must "evolve" to balance compliance—technological iteration may become a "smart and flexible" race, or the risk of marginalization will increase. As a KOL, Daji calls on developers to view regulation as an opportunity, revealing at the end of the program that the next episode will continue discussing Web3 voices.
Lawyer Pang Meimei adds from a dual perspective of technology and law: as a former IT engineer turned full-time Web3 lawyer, she analyzes the highlights of Monero (ring signatures like "photo mixing identification," transaction anonymity pools that cannot be traced) and ZEC (flexible disclosure/hiding options). These mechanisms achieve financial anonymity on fully transparent chains, safeguarding personal transfer privacy ("transactions between friends that one does not want to expose") and legitimate needs, even attracting institutions/governments. However, the risk of abuse in black and gray markets is high; she warns that development relies on government support and policy permission, calling for "precise compliance"—opportunities and risks coexist, and technological iteration is essential for survival.
DeFi Upgrade: Uniswap's "Burn" Mechanism Ignites Sustainable Fire
The topic shifts to DeFi, with Qie Ge focusing on the Uniswap proposal: activating the fee switch and introducing the UNI burn mechanism. In the context of weak liquidity on Ethereum and a non-distributional pullback after UNI's rally, what will the Q4 trend look like? What opportunities are there for LPs and holders? This directly addresses ecological pain points—despite Uniswap's dominant position, liquidity performance has been lackluster this year, although the coin price remains acceptable.
Pang Meimei opens with her personal experience of "selling too early": just a few days ago, she sold UNI at a low price for a double profit, only to encounter the proposal activation and see the coin price skyrocket. She views UNI as a "governance token" rather than one tied to revenue, regretting the sale but optimistic about commercialization. The mechanism is favorable for long-term sustainability: platform revenue returns to holders, and burning compresses supply, raising value expectations. However, the core challenge is stabilizing trading volume/traffic—without support, the burn rate's uncertainty can easily lead to "hotspot fear" and pullbacks. The Q4 trend depends on this: stable traffic means DeFi recovery; conversely, a downward channel. For LPs: short-term fee increases compress returns, or they may sell off to reallocate; those optimistic will stabilize traffic, creating a win-win virtuous cycle. For holders: reduced supply benefits short-term expectations. Overall, opportunity and risk depend on "ecological position"—LPs stabilize flow while holders enjoy destruction, or they may harm each other. Regulatory concerns are prominent: transitioning from free tools to profit-generating may be classified as securities, necessitating tracking of roadmaps and policies.
Daji agrees, viewing this as a "maturity mark" for DeFi: UNI returns to the realm of actual value, with revenue feedback and burning reducing circulation, enhancing sustainability. In the face of liquidity complaints (like those from U.S. media), its leading role may become a turning point, promoting long-term profit models. The subsequent price increase reflects confidence: attracting institutional inflows and long-term participants, creating a positive feedback loop that benefits the ecosystem. As an established project, Uni deserves close attention, endowing token significance and leading standardization. However, risks coexist: revenue may fall short of burning expectations, creating bubbles; imbalances between LPs and holders may lead to user loss. Daji emphasizes the injection of positive energy but stresses the need to monitor the "ceiling," as she personally sees long-term potential.
Altcoin Rotation: Awakening Emotion or False Prosperity?
The guests do not recommend specific projects but instead analyze the hot discussions on X3: how to view the surge of old altcoins? Daji summarizes two polarized viewpoints—optimists see a recovery in risk appetite and a "last chance to board" (with BTC/ETH stable, signaling a prelude); the cautious warn of manipulators offloading and draining "last liquidity." She interprets this as an awakening of emotions and a trial of funds, but merely a warm-up: building a bottom layer at low positions for promising projects, waiting for mainstream clarity before launching. Cautious traders prefer a 2% risk, emphasizing observation over chasing trends, calling for research and position management to avoid FOMO.
Pang Meimei analyzes the subjective label of "altcoin": small coins are despised before takeoff, but after surging, they become community coins, highlighting the dominance of emotion. The recent recovery is driven by rotating funds, not fundamental changes—misconceptions of "crypto kids" trying to fleece the market. The market plays out as "bad money drives out bad money": speculation prevails, and long-term holders shift from speculation to investment. Before the end of the year, she suggests staying in cash or cautiously investing in high-potential coins, returning to the long-term principle of "good money drives out bad money." Rationality is key to avoiding emotional decisions.
Market Confusion and Recovery: Anchoring Technology, Awaiting Liquidity Waves
Looking ahead to the end of the year, Pang Meimei candidly shares her two months of confusion: since March, there have been significant ups and downs, and while optimism should prevail, Trump's "vivid" tweets (like childlike posts) have stirred the pot, amplifying uncertainty illogically. She remains conservative: observing with small positions. In U.S. stocks, she favors the seven tech giants, believing in technological transformation; in the crypto space, she is optimistic about AI/emerging sectors, viewing them as long-term value choices. AI aids data analysis but struggles to measure human nature (garbage coins inexplicably surge). Will the crypto space rise? The Federal Reserve will maintain rates until they drop to 2%, based solely on personal views.
Daji approaches from the secondary trading perspective: the U.S. government normalizes, and fiscal recovery boosts confidence, leading to a short-term recovery in risk assets. Crypto is strongly correlated with macro liquidity; U.S. stocks (Nasdaq) synchronously drive BTC/ETH—funds share the same source, and high-risk appetite is warming up. The current rise in U.S. stocks indicates a repair, with expectations of a short-term rebound: mainstream will lead the way for altcoins, but this is merely liquidity repair, not the start of a bull market. Unless there is a genuine rate cut, sustainability is difficult. She advises early positioning for consensus and risk management—good positioning increases the probability of profit when the wave comes.
Conclusion: Unprotected Deep "Gossip," Crypto Year-End Revelation
In this episode of "Unprotected in the Coin Circle," under Qie Ge's "cloud hosting" during his self-driving tour, the discussion is relaxed yet sharp, with guests from technology, law, and trading colliding in multiple dimensions, avoiding investment advice while directly addressing pain points. Privacy "compliance evolution," DeFi "sustainable turning point," altcoin "emotional warm-up," and market "technology anchoring"—in the year-end Q4, opportunities lie hidden in uncertainty. Daji and Pang Meimei's "first" participation injects fresh energy, and Qie Ge previews next week's continued lottery and hot discussions. Techub News will track the follow-up, so please pay attention to the X3 and Wind\Uweb platforms. The path of crypto, unprotected, reveals the truth!
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