Devin Baker

21) Profitable trading implies a worldview that is more aligned with reality than that of the market’s dollar weighted average participant. But alignment in one market does not automatically translate into alignment in other markets. What carries over are the meta skills in recognizing and monetizing edges, understanding adverse selection, and... See more

If America fails to win technologically, it will lose economically, militarily, geopolitically, and culturally. And the entire world will lose as well.

We need a new form of capitalism, a contemporary form of capitalism. I would like to add “humanistic” to that equation.

Technologies like Ethernet, Internet Protocol, Simple Mail Transfer Protocol, and Universal Serial Bus are among the key communication standards of our day. Of those, USB is the youngest at 28 years, while some of the others on that list are over 50 years old and still going strong. When a protocol wins out over competition in its adoption phase,... See more

Almost all of the language model discourse in recent days has imagined AI like French gardeners — or rather like viruses from outer space, inflicting themselves on society with no concern for what came before. It pretends we have no immune system to radical societal change.

We reduced inflation, but the token holders’ profit is unchanged. The only difference is that there is directionally less incentive to stake rather than hold idly (because the staking yield is reduced). On its own, PoS issuance is simply an internal tax which redistributes network ownership among token holder subsets to incentivize staking.

When you remove enough of this over time, you slowly scrub the soul from it. We’re better than ever at building things and yet it feels as if we’re losing the unexplainable wonder from them because we’re so obsessed with optimizing the soul out of everything.

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 subnets are registered every 2-3 days. Most subnets are equivalent to Series A startups, in terms of product maturity. There is much optimism, but success requires further execution. TAO’s long-term success... See more