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Building index-tracking assets on top of options instead of debt

Дата публикации: 19-06-2026 16:57:17

The real issue isn’t over-engineering by itself. It’s that the same over-engineering has produced an environment with visible disorder and extremely long updating cycles for fixing it. Broken windows stay broken because the the updates to the updates are being written before anyone enjoys the update. Rational capital looks at that and stays on the sidelines — exactly like it does anywhere else predation has low cost and weak consequences.
We can ship fancier primitives (options over constant debt/liquidation spirals) all we want. If the surrounding culture and execution layer still treat extraction as the path of least resistance, the capital that could actually scale these ideas will keep treating crypto like a high-risk, low-trust neighborhood. Greed exists everywhere. The question is which system makes it expensive to be extractive and cheap to be coherent. Currently crypto is optimized for the opposite in too many places.

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