Devin Baker

But we could create a better deal: These organizations could invest in artists rather than owning them outright.

Music studios could invest in musicians and Spotify could invest in podcasts, giving those artists the capital they need to distribute their work on a grand scale, but the artist could retain majority ownership and creative control over... See more

Blockchains are at the computing frontier, as PCs were in the 1980s, the internet was in the 1990s, and mobile phones were in the 2010s. People look back today on classic moments in computing and wonder what it was like to be there. Noyce and Moore. Jobs and Wozniak. Page and Brin. Hobbyists dabbling, debating, driving forward. Tinkerers hacking

... See more

My opinion is that should the US dollar fail, or lose in a global conflict, there is a possible competitor to the dollar, but that this isn’t enough to supplant the dollar as the global reserve currency. At least not within the next decade, which is what matters to most reading this. The BRICS system doesn’t have the unique economic requirement,... See more

Another pressing topic for 2025 is the role of stablecoins in reducing transaction costs . Many businesses, especially in e-commerce and cross-border payments, grapple with high fees imposed by traditional financial systems. Stablecoins provide a compelling alternative, offering lower costs, faster settlements, and greater transparency. Businesses... See more

In this debt-dominated system, policymakers face the necessity to continually expand liquidity to prevent crises that could arise from collateral shortages and rollover risks. This constant expansion of liquidity in the broader financial system, aimed at preventing instability, makes assets that can hedge against currency debasement, such as... See more

Crypto is not an established field like public equities so asking for a “ DePIN basket ” the same way you would look for exposure to Industrials or Consumer Staples is nonsensical. This is the equivalent of short-term narrative trading startup equity in our view.

It is very important to my near-term positions whether I believe money printing will continue and accelerate after Trump’s 20 January 2025 coronation. That is because I think there exists a wide gap between crypto investor’s high expectations for how quickly Trump can change things and the reality that there are no politically acceptable solutions... See more

So far, this post has focused almost exclusively on tokens’ ability to capture value by generating income streams for their holders. They are productive capital assets. This may very well be sufficient to value most tokens in the long-run. Equity-like analysis will do the trick here. Think DCF and DDM.

However, valuing tokens based on cash flows... See more

We’re currently experiencing good deflation in technology sectors while avoiding bad deflation in credit markets. This is the worst possible environment for Bitcoin: productive enough to keep growth assets attractive, stable enough to keep Treasuries credible, but not catastrophic enough to break the system. A perfect goldilocks for maximum... See more