I've seen many influencers share how to reproduce trading strategies solely based on on-chain addresses and code structure. But there's a logical flaw here—without order placement and cancellation records, the key decision points of the strategy cannot be reconstructed. The dynamic changes in the order book, subtle timing adjustments, specific risk control parameters... these are often the core of arbitrage or hedging strategies. Only superficial traces exist, but the actual logical chain is broken. This isn't to say you can't learn, but you must acknowledge the limitations of on-chain data—some things are inherently black boxes.