Web3

Long assets that perform well in a steepening yield curve environment and stay away from ones that don’t. Cyclical and industrial commodities, energy and financials benefit here, whereas long duration, speculative assets and technology should lag. This approach happens to dovetail nicely with the main street reignition idea as well. Stimulus to the... See more

There have been louder and louder calls for the death of crypto. But this is evergreen. When you start to see “crypto is dead” content go viral and it becomes en vogue to shit on the space as an insider, then rest assured you’ve reached some sort of sentiment bottom.

When I was jotting down notes for this piece I started listing out all the best observable reasons 2026 could be a bad year.

• the labor market is weakening


• AI capex can’t continue at this rate and is propping up the market


• stocks are expensive and multiples will contract


• private credit boogeyman


• inflation returns

I feel a bit like a broken record because at least anecdotally it seems people have been asking me for a while if the bull market is over. My crude, high-level view on this is that unless we are heading into a recession or a rate-hiking cycle the answer is probably no.

Resilience is sovereignty. Not sovereignty in the sense of lobbying to become a UN member state and shaking hands at Davos in two weeks, but sovereignty in the sense that people talk about "digital sovereignty" or "food sovereignty" - aggressively reducing your vulnerabilities to external dependencies that can be taken away from you on a whim. This... See more

The truth is, credible neutrality is a scaling advantage, not just an ideology. Just like how institutions globally choose Bitcoin for its reliability, neutrality, and ability to minimize long-term counterparty risk, they’ll also choose Ethereum and Solana.

And the thing about credible neutrality, is that like all forms of trust, it can only be... See more

i read + annotated the entire 300+ page Messari 2026 thesis on a long-haul flight so you didn’t have to… my thoughts + takeaways: > the entire thing took me about 3hrs to cover back to back (better than expected). My 3 fav essays were “crypto money”, “tradfi x crypto”, and “decentralized Internet finance”.... See more

there are roughly two categories of tokens

> tokens that are money (ex. stores of value)

> tokens that make money (ex. productive assets)

i think the money tokens (BTC, ETH, SOL, etc) are better understood and further along in their adoption

so i won’t explore these ‘are money' tokens in this thread

the piece that actually feels broken to me

the... See more