Devin Baker

At the risk of being overly succinct, there are broadly two types of assets:

1. Cash Flow Assets — primarily equities and bonds. These assets generate cash flows that investors assign value to.

2. Supply & Demand Assets — mostly applies to commodities and forex. Prices fluctuate based on supply and demand.

Recently, crypto has instigated a new type of... See more

The core user flow of Daylight is as follows:

• Homeowners can store excess energy produced by a DER; this is standard, as there’s typically enough in excess to produce revenues and sustain a home’s energy consumption


• In times of high demand, distribute this energy back to the grid


• VPP operators can aggregate these homes into pools and sell it back to a

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The primary development of STPv2 is Tiers, which can be understood as the ability for creators to provide different offerings at different price-points.

For example, a subscriber to the $5 tier might only get access to Bob’s newsletter, while a subscriber at the $10 tier gets access to Bob’s newsletter and his private group chat. Creators can... See more

PoW Token Holders’ Net Income = – Issuance

24) The world is in a constant state of decay. Reality keeps shifting, and everyone’s models drift out of date and out of calibration. That is why there will always be room for the young, the hungry, and the obsessed to make money. People are like exponential moving averages of their lives. Short windows catch new trends first, even if some of what... See more

Most Bitcoin advocates conflate monetary expansion with hard asset appreciation, assuming it automatically flows into scarce stores of value. This ignores a critical mechanism: cheap money doesn’t necessarily mean money flows to hard money without understanding the shape of the yield curve. When rates fall, duration-sensitive assets, especially... See more

Now, many potential catalysts for Bitcoin (and crypto generally) will rise in 2025. Here are a few:

• A Strategic Bitcoin Reserve (at the U.S. Federal level)


• Strategic Bitcoin Reserves (at the U.S. State level)


• Strategic Bitcoin Reserves (for other countries globally)


• The removal of SAB-121


• Clear regulations out of the SEC and CFTC on crypto


• The Stablecoin

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-Most US spending on Social Security, Medicare, and Defense is unaffected by recent policy. All of this spending is sideways-to-up for the foreseeable future, which trickles into the consumer economy, the healthcare sector, and the defense sector.

-The two-speed economy is likely to remain in effect. High interest rates (even after some cuts),... See more