TradFi works just fine — if you’re rich Have a yacht? Call it a second home and deduct the loan interest. Own art in a freeport vault? Doesn’t matter if it’s illiquid and vaguely priced — you can borrow against it at LIBOR + a few bps. Want to short the mortgage market? Your investment bank will design and mis-sell a bespoke product just for you. Traditional capital is overserved. It can summon any securitized, leveraged, or financialized instrument it wants — tailored in a suit, delivered to a golf course of choice, for a fat side of fees. That’s why the idea that you can “unlock TradFi” by stripping out the crypto and pitching an enterprise solution is wishful thinking. Internet capital markets will emerge as underserved traditional assets seek internet capital.