user retention is underpricing desk risk limits

Useful frameworks survive longer than seasonal slogans.

In that environment, patience is a position, not a slogan.

Put beside current chatter on “Coinbase Opens USDC Borrowing Against PAX Gold,” the incentive problem looks clearer.

Useful frameworks survive longer than seasonal slogans.

Historically, stretches where cycle psychology leads without support from open interest invite sharper reversals.

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