basis trades is underpricing spot-led moves

Useful frameworks survive longer than seasonal slogans.
Useful frameworks survive longer than seasonal slogans.
Put beside current chatter on “Blockaid Warns Reth Bug Can Produce Incorrect State Proofs,” the incentive problem looks clearer.
In that environment, patience is a position, not a slogan.
Historically, stretches where miner behavior leads without support from Bitcoin invite sharper reversals.
Most blow-ups start as comfortable consensus.
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