As a quant who built ETH volatility models at CMU, I’ve watched institutions pay premiums to access crypto through paper instruments—while ignoring the actual asset. This isn’t investing; it’s leveraged casino math dressed as finance. Here’s how Strategy turned BTC into a balance sheet illusion: 109B market cap, 582K BTC held, and shareholders diluted by 191%—yet股价 up 2900%. When the music stops, only those with real infrastructure survive. I code in Python. You? You’re dancing while the vaults collapse.