yeah, i'm not bearish on this cycle. but he makes a really good thesis with the hope/fear cycling. i did some chat with claude about the game theory and fundamentals and bitcoin is a mexican standoff. the sunk costs is a fallacy. it's what motivates miners to stay in business and expand and consolidate but i think eventually, one control locus will develop over a 51+% share of mining and they will then covertly dictate policy. i think the core dev corruption is the first stage of it, possibly taproot and segwit were part of a long plan crafted by talented military strategists. they see this as a way to do a currency reset without losing power. i think that there has to be a new bitcoin, that builds it in a way that avoids all easy cooption, is open entry to anyone to be a validator (miner) and doesn't use staking, but maybe uses bonding... anyway i've gone a bit mad last night thinking through it, and i am thinking to build it just for fun. it's designed even so i can just run it by myself and if it fails, it fails, but i'm not gonna push to get it listed or any of that shit. just an experiment.