Looking around the market, the story of privacy coins is still quite interesting. ZEC's hashrate base is so small, yet BCH can outperform it by 300,000 times, and DOGE by tens of thousands of times, yet they are priced in the same tier. What does this mean? The minimum cost for a double-spend attack is a few million USD, and the maximum is around 40 million USD—compared to the hashrate investment and security commitments, this gap is a bit awkward.

The industry’s consensus on crypto assets is actually quite clear: security = hashrate. Privacy features are indeed scarce, but scarcity does not always mean the value is overestimated. The premiums driven by hype around privacy concepts, frankly, are just speculative behavior. The market will self-correct, and this logic is unavoidable—mean reversion is not an option, but a certainty.