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I almost made a mistake this week. I was looking at a new, high-APY yield farm—the kind that pops up overnight with a cute animal logo and promises you the world. The TVL was rocketing up. But as I was about to connect my wallet, the news about the Mt. Gox proposal broke, and it was a splash of cold water. It reminded me why first principles matter...

Exactly twelve years after the world’s first dominant Bitcoin exchange, Mt. Gox, abruptly halted operations, the shadows of the "Ultimate Catastrophe" still loom over the industry. What was once dismissed as a series of "technical bugs" in February 2014 was later revealed to be the largest, multi-year siphoning of digital assets in history.