Private credit is becoming so large and opaque that it’s starting to worry me. Are our risk models actually capturing the danger of a "default contagion," or are we just flying blind? When the economy slows and liquidity vanishes, who bears the financial losses? Is it us or the institutions?

To minimize transfer fees, is it okay to buy cryptocurrency straight into someone else's wallet, or could this lead to unforeseen problems later? Is there any significant risk or reason why this isn't a common practice?