Investing

My (e)thesis: settlement, data availability, execution — in that order.

As you could see from the examples above, we’re trying to get at the “sustainability” of two related points here:

• Security – In the absence of indefinite subsidization (e.g., from token holders), you need REV to sustainably attract operators and potentially token stakers. An increase or decrease in REV can result in a corresponding increase or decr

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People will talk in circles here because “sustainability” is often poorly ever defined. So let’s be concrete. All PoW or PoS networks are fundamentally “sustainable” in that permissionless operators will always be incentivized to run them so long as users are willing to pay a nonzero amount of money to use them.

• If REV ≥ expenses required by operato

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• Example 1 – We all agree that a token is worth $1bn based on the potential income from earning it. However, they have some weird really high issuance, and you live in a place where that would create a huge tax burden. You probably won’t buy the token, but someone living in a jurisdiction that doesn’t tax their issuance rewards should be willing to

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With growing demands coming from pending debt roll-overs as the ‘maturity wall’ of debt termed out during the COVID emergency comes nearer, to say nothing of the 30% of US Treasury debt that Treasury Secretary Scott Bessent must refinance, the Fed will be forced to raise US liquidity levels.

Another pressing topic for 2025 is the role of stablecoins in reducing transaction costs . Many businesses, especially in e-commerce and cross-border payments, grapple with high fees imposed by traditional financial systems. Stablecoins provide a compelling alternative, offering lower costs, faster settlements, and greater transparency. Businesses ... See more

Seed Club is a DAO orbited by thin business units.

Within the DAO we focus on building communities, experiences, and media that creates participation pathways for existing crypto believers, and converts people still on the edges into believers and participants.

We help people make money, get smart, have fun, and find belonging along the path to colle... See more

Therefore, unless the US Fed restarts QE, the omens for Global Liquidity are not great. Does this mean that investors face a threatening financial crisis? We are not this downbeat simply because the heightened demands for debt refinancing that so offer trigger crises are unlikely to bite until 2026. However, a future threat remains, even if we are ... See more