Devin Baker

Which means we’re going to have high interest rates, but higher inflation, negative real yields, but higher nominal yields and will print the difference.

Therefore, unless the US Fed restarts QE, the omens for Global Liquidity are not great. Does this mean that investors face a threatening financial crisis? We are not this downbeat simply because the heightened demands for debt refinancing that so offer trigger crises are unlikely to bite until 2026. However, a future threat remains, even if we are... See more

The institutional ETFs are here en masse and there is now regular traditional media coverage of the crypto startup scene. It mostly lacks nuance but it’s permeating the mainstream zeitgeist. The maturation of market structure also helps here as liquidation cascades are simply less prevalent given the enormous liquidity provided by these traditional... See more

Many of the talented people I've met and worked with in crypto have followed some version of a common trajectory: from getting humbled on a moonshot token, to learning to manage risk as a trader, to becoming a more sophisticated, long-term investor. Even in losing, a gambler who gets wiped out and decides to only place bets on things they know... See more

The defining characteristics of Web3 are decentralization, ownership, trustlessness, and the use of cryptocurrencies. Web3 enables users to own their data, digital assets, and even the governance of platforms via blockchain-based systems. It also eliminates the need for intermediaries, allowing for trustless transactions conducted through smart... See more

It’s also funny because the conversation is super contentious and confusing in PoS world, but that’s also where it’s the least important:

When everything is equally close, nothing ordinary is worth the journey. When the church is always within walking distance, no one walks five hundred miles to Canterbury.

The right lesson to take from Anduril is that it’s possible to build very big businesses by applying a suite of cutting edge tools and processes to the right bottlenecks in large, seemingly impenetrable industries.

And thanks to the power law, there will be one really big winner in each industry:

Defense, like all technology sectors, is ruled by the

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Anxiety is not an answer to a problem we are worrying about but the measure of our distance from the place where the answer lies .