Devin Baker

At their core, L2s are deeply linked with Ethereum. They share its DNA — relying on ETH as the currency, benefitting from Ethereum's security blanket, and utilizing it for data storage and settlement. It's like a startup leveraging its parent company's infrastructure and brand recognition, a win-win for both.

To get rich you need to get yourself in a situation with two things, measurement and leverage. You need to be in a position where your performance can be measured, or there is no way to get paid more by doing more. And you have to have leverage, in the sense that the decisions you make have a big effect.

Not only have finance and economics lately drifted even further apart, it gets worse: rather than economics (or economic expectations) driving finance as the textbooks tell us, finance seems to increasingly drive economics . Bitcoin and crypto, for example, fit badly into the traditional framework because they lack conventional ‘fundamentals’.... See more

The hype cycle is now in full swing. Gensler is a lame duck sitting SEC Chair and it’s clear he won’t be back when his term ends in 2026. While the CFTC hasn’t officially been deemed the regulator of choice for crypto, it’s evident that’s now just a formality; the United States averts what was previously viewed as an existential threat.

All of the... See more

Finding the passion and purpose in your life is a trial-by-fire process. You don’t simply wake up one day and become happy doing one thing forever and ever. Like death, it’s a constant work-in-progress. You must try something, pay attention to how it feels, adjust and then try again. Nobody gets it right on the first try, or the tenth or sometimes... See more

We covered a lot of ground here, so let’s summarize our key takeaways here:

• Cryptonetworks are not companies. Income/expense/profit metrics generally do not logically apply at this level. We can try to assess the profitability of all token holders, and/or subsets of them.


• PoS issuance to stakers is not a “cost to the network,” and it isn’t even a net

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Anxiety is the mind refusing to be consoled and nourished either by the body itself, or the beauty of the world that this body inhabits

Conversely, Bittensor is a digital economy that is decentrally planned. Every TAO holder acts as a market participant by choosing which subnets to stake their TAO in. These staking decisions serve as "votes" pushing new TAO emissions to the most valuable projects. By harnessing market forces rather than top-down directives, Bittensor creates a... See more

The three fundamental pillars of this argument are,

1. Blockchains are differentiated from traditional finance through their strong property rights – the inalienable right to store and transmit value.


2. Centralization provides a means by which powerful entities can influence the outcomes of blockchains.


3. The value stored in a property rights system is

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