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

I wish I realized that so much of the return—of integrating the journey—is just being willing to be seen in whatever stage of the process you are in and inviting others to meet you there , instead of assuming they won’t understand and hiding because of that.

There exists no meaningful technical barrier between BTC vs. the field. Most other networks are obviously even technically more advanced. But we’re focused on the dollars and cents outcome here. Will any of these other assets be used in a similar manner over time as BTC, justifying valuations far in excess of their intrinsic value from producing... See more

While the tech, tech adjacent, oil and gas, commodities, food (real / hard assets and real production) etc kind of industries and surrounding industries plus the govt will continue to boom, the tech infrastructure will continue to reign supreme worldwide.

My (e)thesis: settlement, data availability, execution — in that order.

Blackbird Pay offers restaurants a flat 2% fee on payments , versus an industry average of 3-4%.

Payments is how Blackbird will make the majority of its revenue. Ben explained that, in the short-term, they’ll lose money on some transactions (when users choose to pay with credit card and Blackbird eats those fees), and make money on others (when... See more

That’s one of the things that’s newly possible because Blackbird uses crypto, but Blackbird works because it’s not a crypto app. It’s a restaurant platform and consumer app, built by restaurant people, that only uses crypto and whatever other tools it needs to use to make restaurants more profitable, help them understand their customers better, and... See more

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

Interestingly, Ethereum’s rollup-centric roadmap is implicitly a gambit in this direction. ETH is sacrificing REV to its L2s rather than capturing it all to itself, in return for spreading the moneyness of ETH the asset. It’s unclear if its L2s will win out, or if they’ll continue to aggressively use and spread ETH in the future, but it’s clearly... See more