Devin Baker

If factors affecting TGA balances were the only things that determined crypto prices, then I would expect a local market top right at the end of the first quarter. In 2024, Bitcoin hit a local high of ~$73,000 in mid-March, then traded sideways, and began its multi-month decline on April 11th right before the 15th tax payment deadline.

PoW assets tend to be more commodity-like relative to PoS assets which tend to be more equity-like. So at times, these PoW metrics will seem a bit silly in the way that calculating the income of holding gold would seem silly. Nobody buys gold or BTC looking for the most productive income-generating asset. Nonetheless, it’s helpful to include both P... See more

Everyone was happy to buy 18-24-36 months ago, when the horizon was cloudless and asset prices were sky-high. Now, with heretofore unimaginable risks on the table and priced in, it’s appropriate to sniff around for bargains: the babies that are being thrown out with the bath water. We’re on the case.

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 a

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If Believe can execute on its vision, we think there is a nonzero chance that it can make a name for itself in early stage capital markets as a platform for microcap investing, especially as AI tooling and vibe coding lowers the barrier to app development.

If you want to grow, listen to your intuition.

At their core, L2s are deeply linked with Ethereum. They share its DNA — relying on ETH as the currency, benefitting from Ethereum's security blanket, and utilizing it for data storage and settlement. It's like a startup leveraging its parent company's infrastructure and brand recognition, a win-win for both.

Trying to entice lurkers to participate more also completely misses the point: just because anybody can publish doesn't mean they should ; and more subtly, it doesn't mean they should want to. Before social media, it was a completely natural idea that someone could spend their entire life reading books without ever once entertaining the idea that t... See more

These organizations often position themselves as the future of communities, but they look a lot more like the past, a sort of romanticized feudalism.