protocol revenue quietly dominates narrative durability: reading the Ledger Sounds tape

Ignoring wallet UX because options skew looks exciting is how late-cycle mistakes compound.

Cycles rhyme, but the plumbing underneath keeps changing.

Even when feeds obsess over “Ledger CTO Sounds Alarm Over New Cryptographic Threats to Bitcoin,” the durable question remains process versus prediction.

Most blow-ups start as comfortable consensus.

Most blow-ups start as comfortable consensus.

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