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Each of these opens a distinct market segment that traditional AI companies structurally cannot serve — not because they lack the technology, but beca
The most consequential segment is autonomous agents. Trading bots, DAO treasury managers, on-chain rebalancers, agent-to-agent commerce, protocol gove
In addition to competing on the consumer chat market, Venice is positioned at the intersection where crypto rails are required, privacy is required, o
Each of these opens a distinct market segment that traditional AI companies structurally cannot serve — not because they lack the technology, but beca
The most consequential segment is autonomous agents. Trading bots, DAO treasury managers, on-chain rebalancers, agent-to-agent commerce, protocol gove
In addition to competing on the consumer chat market, Venice is positioned at the intersection where crypto rails are required, privacy is required, o
For the record, I'm not a neutral observer here. I’ve put my own compute and my own capital behind this view and I'll continue to get as much exposure
Guiding Investment ThemesThe Agentic Economy is imminent. The internet is rapidly being remade for agents.Indexing, discovery, payments, commerce will
Each of these opens a distinct market segment that traditional AI companies structurally cannot serve — not because they lack the technology, but beca
The most consequential segment is autonomous agents. Trading bots, DAO treasury managers, on-chain rebalancers, agent-to-agent commerce, protocol gove
In addition to competing on the consumer chat market, Venice is positioned at the intersection where crypto rails are required, privacy is required, o
The Soviet model was not state capitalism, but the abolition of capitalism by the state, the elimination of private ownership, price signals, and mark
Guiding Investment ThemesThe Agentic Economy is imminent. The internet is rapidly being remade for agents.Indexing, discovery, payments, commerce will
Cognition refers to the role of intelligence as the primary input of production and social organisation. The one thing no machine could do was exercis
Kevin Warsh is the Fed Chair candidate with the deepest personal exposure to this routing. For most of the last decade he has not been a central banke
Guiding Investment ThemesThe Agentic Economy is imminent. The internet is rapidly being remade for agents.Indexing, discovery, payments, commerce will
In London, the civic and the commercial occupy separate buildings, if not separate cities. In Amsterdam, these are often in the same room. The grandes
Hamilton, in many ways, was not an Englishman. The Report on Manufactures could have been written by Johan de Witt, and the assumptions that underlie
The American System from Hamilton to Clay to Lincoln built this country. The Transcontinental Railroad was a state-directed project financed by federa
The Soviet model was not state capitalism, but the abolition of capitalism by the state, the elimination of private ownership, price signals, and mark
In London, the civic and the commercial occupy separate buildings, if not separate cities. In Amsterdam, these are often in the same room. The grandes
Hamilton, in many ways, was not an Englishman. The Report on Manufactures could have been written by Johan de Witt, and the assumptions that underlie
The American System from Hamilton to Clay to Lincoln built this country. The Transcontinental Railroad was a state-directed project financed by federa
The Soviet model was not state capitalism, but the abolition of capitalism by the state, the elimination of private ownership, price signals, and mark
How early or late you are to something is now an essential component of your relationship to that thing. The timelines and reels that represent “what
Crypto was really avant-garde here, because they had to argue with everyone, “Onchain isn’t in the front end or the back end, it’s this new third thin
In London, the civic and the commercial occupy separate buildings, if not separate cities. In Amsterdam, these are often in the same room. The grandes
Hamilton, in many ways, was not an Englishman. The Report on Manufactures could have been written by Johan de Witt, and the assumptions that underlie
The ecosystem is exploding, and there are murmurs of a “Subnet Summer” to rival DeFi Summer in 2020. Today, there are over 100 subnets, and new subnet
Institutional capital is in its infancy within alpha token investing. DCG’s subsidiary Yuma and less than a handful of emergent liquid funds like Cont
Instead of burning compute on arbitrary math, Bittensor's network pays miners such as data scientists, ML engineers, and AI researchers to produce mac
Bitcoin miners generated $17.2 billion in revenue in 2025. To earn it, they consumed over 175 terawatt-hours of electricity annually, roughly equivale
The AI megacycle that will unfold over the next ten years will produce more overcapitalized businesses searching for an identity than any boom in hist
The businesses that lasted understood this. Each of them had something at the core that looked, to outside eyes, like irrationality. A refusal that ma
The work that lasts from this era will be no different. The companies that endure, the technologies that serve rather than consume, the institutions t
When we removed the vertical axis, God and heaven as the destination of history, we did not flatten the world, but tilted the horizontal axis, progres
The integration wasn’t as hard as I thought it would be. It mostly just required me to surrender, to accept being (at least temporarily) misunderstood
Look out to see in. Introspection with yourself as the object is a trap. You’re incompressible anyway. Make yourself the subject. Nick Cave and Rick R
Because that’s the essential nature of a borderland: for all the disorientation, it’s also a frontier. It’s the space where the old rules break down a
optimism requires seriousness, and seriousness looks painfully ridiculous, in the moments where it counts. The most serious founders often look the mo
But there’s a perception now that all the smartest people are over buying smart contract chains. Smart people know the jig is up. If not now, then soo
The problem with this analysis is that "revenue" is a tricky word when you are applying it to a L1. "Revenue" is price x quantity sold. It ignores ex
The truth is, credible neutrality is a scaling advantage, not just an ideology. Just like how institutions globally choose Bitcoin for its reliability
In fact, with enough time, the idea of self-sovereign ownership of onchain cash flows may come to be understood as a similar scale unlock as self-sove
The more time passes, the more I believe crypto natives have completely lost the plot on ETH and that’s it’s becoming impossible to replicate the prod
The truth is, credible neutrality is a scaling advantage, not just an ideology. Just like how institutions globally choose Bitcoin for its reliability
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 sovereign
In fact, with enough time, the idea of self-sovereign ownership of onchain cash flows may come to be understood as a similar scale unlock as self-sove
Once there’s trust, infrastructure, and liquidity, the market always finds a way to extract productive value, even from assets originally meant just t
Yet history keeps proving that permanence eventually invites productivity.
Art followed a similar path.For centuries, it was a passion asset, a canvas-bound vault for the wealthy. Then Sotheby’s launched a financial services
Gold didn’t stop being gold. Art didn’t stop being art. But all of them started to generate income while retaining their role as a store of value.Bitc
Until last year, launching an onchain subscription was difficult, as NFTs and ERC20s had no concept of time embedded within them. Instead, they offere
The primary development of STPv2 is Tiers, which can be understood as the ability for creators to provide different offerings at different price-point
One of the most powerful, unique features of STP is Subscriber Rewards, which allow creators to share a percentage of their revenue with subscribers.
Seed Club is a participant-owned venture network. It’s a bet that doing venture capital from the first principles of a network instead of the first pr
Privy makes it easy to embed wallets that users control but don’t need to think about, right in the app. Base, Coinbase’s EVM-Compatible Layer-2 netwo
Fred Wilson pointed out that being onchain opens up the opportunity to build an AmEx-like loyalty program where all the loyalty points are onchain. “$
If Blackbird succeeds, it will succeed because it builds a product that helps restaurants in the ways that they care about. The technology under the h
So if I step back, a good consumer token model in my mind:Releases a token early, recognizes the end state is entirely unclear, and maintains optional
Given that your project isn’t for everyone, the goal isn’t for everyone to understand it. The goal is for people who might take action to understand i
When I tell the others about what you do, do I feel smart or stupid? Can you establish the conditions where sharing your core ideas and mission is tem
Who is this for? What do they believe, what do they wish for and treasure? Ignore the others.
Where is the tension? What will happen if I don’t do something right now? What if I keep quiet? What is imminent, what will I miss? The default is the
I have worked hard to stay close to my childhood friends, not just in the ‘knowing the events of each other’s lives’ sense (though this is a worthwhil
But I wish I had realized sooner that I could show up as I was, and everyone who loved me would still love me even as I was confused, freshly transfor
I wish I realized that so much of the return—of integrating the journey—is just being willing to be seen in whatever stage of the process you are in a
The integration wasn’t as hard as I thought it would be. It mostly just required me to surrender, to accept being (at least temporarily) misunderstood