Devin Baker

The subscription access business model results in a creator’s dilemma. If their best content is paywalled, how will they demonstrate the value of subscribing to new readers? If their best content is paywalled, subscribers have no way of accurately assessing the quality of a creator’s work.

When bitcoin is in a deep bear market, its market capitalization has historically dipped a bit below its on-chain cost basis. When bitcoin is near or below its cost basis, that has historically been an excellent buying opportunity, and in the past I’ve pounded the table on it when it reached those levels. There’s no guarantee it’ll reach those lows... See more

We no longer lack tools for creating content. When content production and distribution is infinite, the important aspect is its primary function in crafting and proliferating culture*.* In other words, the value of content today comes primarily from its use in cultural production.

The problem is, at some point most of the people chanting this tagline are going to wake up in a few years and realize two things: (i) they were early to a transformative technology that provided immeasurable opportunity & (ii) they squandered it by imposing an artificial deadline on when they had to “make it” by.

In parallel, key performance indicators (KPIs) will shift. The crypto industry’s focus will transition from speculative token trading and Total Value Locked (TVL) to more adoption-driven metrics such as daily active users (DAUs), transaction volumes, and user retention. Projects that align their growth strategies with user-centric KPIs will gain a... See more

I have worked hard to stay close to my childhood friends, not just in the ‘knowing the events of each other’s lives’ sense (though this is a worthwhile aim!), but also in the sense that: I want to let them continue to know me and who I was becoming as I transformed , even as I shed versions of myself they had come to know so well. Because I love... See more

1. First, we must accept that there is no absolute truth in social sciences like economics. We believe the opposite of misinformation is not truth, but rather state-controlled information - where narratives are crafted to align with authority, rather than being inherently true or false. One person’s martyr is another’s terrorist; one person's

... See more

Bitcoin is the clearest example – BTC holders are willing to accept inflation as a pure expense with no expectation of future income rights. You could also easily imagine Bitcoin having a 1% inflation tail programmed from the start, and perhaps BTC holders would happily hold it. That would happen because BTC holders derive sufficient utility from... See more

When bitcoin is in a raging bull market, its market capitalization tends to stretch way beyond its on-chain cost basis. When that happens, it pays to be cautious. Nobody can tell you what market capitalization to cost basis ratio it will peak at for the cycle, and so it’s not a top-signal per se, but when it’s historically high it should cause an... See more