Debt and leverage coming to Bitcoin feels like history rhyming, not repeating. We watched fiat decay under the same tools. Now those same incentives are creeping into a system that was built to escape them.

Jack’s point about “money being a means, not an end” is fair but we shouldn't confuse that with endorsing fiat habits. If Bitcoin needs to imitate the legacy system to go mainstream, are we innovating or just rebuilding the same trap with shinier rails? Maybe Mallers is right for the world we live in, but not the world Bitcoin could build.