Devin Baker

Increasingly infrastructure will trade at revenue multiples, and consumer tokens will trade at much more valuable memetic multiples.

Tokens give users property rights: the ability to own a piece of the internet.

What determines your success isn’t “What do you want to enjoy?” The question is, “What pain do you want to sustain?” The quality of your life is not determined by the quality of your positive experiences, but the quality of your negative experiences. And to get good at dealing with negative experiences is to get good at dealing with life.

Consider cash to have a zero duration, technology stocks to have long duration (because they pay-off far into the future), counted, say, in decades, and Bitcoin to have a near infinite duration, because it pays no dividends and is never redeemed. If follows that, with just these three asset choices, an investor with an investment time horizon of,... See more

Clarity matters: Being specific and consistent and clear in what you do and what you stand for is challenging work, but worth it. It requires less compromise and a willingness to walk away from all the soft edges that the committee might be insisting on.

We know what the Bat Signal means. We know who’s going to show up, what he’s going to be... See more

Bittensor works via “proof-of-intelligence” structure. Whereas Bitcoin rewards its miners for raw computational power and solving an arbitrary puzzle, Bittensor directs its token rewards to productive work, as determined by TAO stakers. TAO holders can earn a yield on their TAO by staking to the root subnet (~20% APY) or can stake farther out on... See more

The financial system is currently characterized by a "debt-refinancing loop," where approximately 75% of transactions involve refinancing existing debt. This environment creates a strong dependency on collateral (e.g., Treasuries, high-quality bonds) and the overall balance sheet capacity, which is precisely what Global Liquidity measures.

As noted above, we also assumed 100% token ownership so as to isolate the asset’s ability to generate income vs. its utility value as a currency. However, an alternative scenario to consider would be if there remained a subset of holders who own the token and keep it un-staked , perhaps even paying inflation to token stakers. This should only occur... 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