custody rails is overpricing narrative durability

Risk is easiest to ignore precisely when it is most expensive.

The healthier setup is alignment: token unlocks improving while drawdown recovery stays orderly.

Put beside current chatter on “Russia finalizes crypto trading rules ahead of Nov. 17 rollout,” the incentive problem looks clearer.

Risk is easiest to ignore precisely when it is most expensive.

Better questions beat louder opinions when regimes shift.

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