Devin Baker

We believe that growth will hold up while inflation stays tame (if not drift to the target of the next year or more). In that scenario, real rates can easily come down to 1.5% (or lower), which enables another 100bps of cuts without too much imagination. As this comes to fruition, money will again flow from wealth preservation assets to wealth... See more

One of the most powerful, unique features of STP is Subscriber Rewards, which allow creators to share a percentage of their revenue with subscribers. Our philosophy has always been that your earliest subscribers should get rewarded more than later subscribers, incentivizing support for Hypersub creators from the earliest days.

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

It also follows, as noted, that duration and liquidity should typically correlate together: more liquidity forces investors into longer duration investments. Another irony in this story is that technology stocks are long duration i.e. high P/E investments and largely outside the ‘value’ framework. However, they are exactly the assets that gain most... See more

5. The safest way to try to get what you want is to try and deserve what you want. You want to deliver to the world what you would buy if you were on the other end.

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

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

... See more

I highly recommend reading the book, but wanted to take a stab at proposing some inflections that exist within crypto that have been top of mind for me.

The new existence of low cost global permissionless payment rails. For the first time you can now send or accept money from anyone on earth for fractions of a penny. With the improving UX of crypto... See more