Carry Trade Frenzy: Why Bitcoin Will Outlast Wall Street’s Leverage Game
You can think of leverage more abstractly as an induced vulnerability to shocks — “exogenous” or otherwise — in exchange for a magnified gain in their absence.
Sacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
Say you are a pension fund that needs an 8% return to meet its liabilities without difficulty. And say that stocks have been inflated to the point that you can in all honesty expect only a 2% return over the long run from here given reasonable assumptions about valuation metrics returning to something sensible at some point. You might be tempted to
... See moreSacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
ecause if you think about, if you unpack what does Web3 mean? And if it really boils down to the financialization of everything, there's three distinct buckets of it in my mind. There's a speculative sphere because you can now tokenize so many different things, the opportunity for markets and best execution and price discovery and all these things ... See more
Sam Englebardt • Investing in Immersive Worlds
We think it is a vicious interplay of three factors, each as unfortunate as the last, each feeding and fed by the others. First: physics envy. This is well understood and is not an original insight. Second, a more specific, material effect of physics envy in this realm: It pushes academic economists to search for what can be measured and quantified
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