Why do so many people keep reminiscing about 1011 and 312? Because they don’t understand tail risk, nor do they realize that this is the embodiment of tail risk. This kind of risk exists naturally and has nothing to do with exchanges. If your portfolio is made up of just SOL or ZEC or even various small coins, you can’t avoid tail risk. Here’s a fact: even ZEC, when used as collateral on Binance, has a discount rate of 50%, and SOL is 80%. Don’t even mention other altcoins. This 50% discount means that in extreme market conditions, ZEC’s value could be only half of Bitcoin’s, or even less. So, at times like this, you need to have a significant portion of Bitcoin, cash, and gold in your portfolio to hedge against this kind of risk. You think beta returns aren’t high enough? Sorry, but this part is essential. Without beta, there’s no alpha. Beta will always be alpha’s daddy.