Devin Baker

In fact, capital markets themselves are no longer systems for raising new capital, but have become vast mechanisms for refinancing these huge debts. This makes the balance sheet capacity of the financial sector, or ‘liquidity’, far more important than interest rates as a cycle determinant and it means that the business cycle increasingly hums along... See more

But the most interesting teams in our view are those that either deeply understand where the demand-side is and how they can solve their problems in practice, or those who are building on a longer-term thesis toward something not widely appreciated today.

In this vision of redemptive labor, we can glimpse a more hopeful future where technology serves its highest purpose by eliminating true toil while preserving the sacred space for human hands and minds to engage in genuine craft. When automation frees us we gain capacity to redirect our energies toward the kinds of deeply human creative acts that... See more

Again this underscores my core premise, which is that Ethereum should maximize economic activity within its platform (including rollups) and ETH should position as a true permissionless, digital store of value (see related tweets from Doug & Sassal) more so than an interest-bearing capital asset.

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 transformed and still getting my footing. I wish I realized that no one is as absorbed in our journeys of inner-transformation as we are, and that sometimes laughing with old friends about nothing in... See more

It also follows, as noted, that duration and liquidity should typically correlate together: more liquidity forces investors into longer duration investments. Another irony in this story is that technology stocks are long duration i.e. high P/E investments and largely outside the ‘value’ framework. However, they are exactly the assets that gain most... See more

This means that the dollar tends to be structurally overvalued on a trade balance basis. It trades based on all of the normal fundamentals that other currencies do, but then also has this extra layer of demand at all times, for all these various purposes. Most currencies are primarily used by the country that issues them, whereas the dollar is used... See more

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 optionality on how it’ll evolve in future


• Has mechanics to distribute tokens over a long time frame to users / participants that are creating value


• Captures value from the speculation layer and funnels it into

... See more

I agree with Myles when he says that, regardless of the exact mechanics of the value capture, ETH will be more valuable as more economic activity takes place in the ecosystem; optimizing for value capture today feels premature.