BTC, Crypto, and Tokens

“So today, when you think about all of the different types of content we have on the internet, you have images, you have text messages, you have emails, you have all of these things, And there's an app for every single one of those. Like if I need to send you a photo, there's like 15 different ways I can send you a photo. And I don't even need to ask you if I have your phone number, I can just send it, it'll work. There's just no such thing for money. And today, if you're a platform, if you look at where the money originates and where people and businesses earn money, they earn money in a variety of different ways, but increasingly so they get paid by platforms and you can be a host on Airbnb. You can be a driver on Uber. You can be a creator on Instagram or TikTok or YouTube, and you get paid by those platforms.”

“And we think this will win because ultimately when you build on open standards like the internet, like, you know, AOL or CompuServe didn't win because it was closed. And so the the the problem and why it didn't happen yet is because those products that were open were far worse than the closed products. Yeah. And they don't have to be anymore. And, you know, Great Global accounts is a great example of that. It's much better than any dollar account you can ever have. Like, you know, you you could ever have until now. And so now you can have the best product, and it turns out it's built on an open network that enables all builders to actually add value to the overall value that the network provides to every endpoint on it.”

“And, you know, more than blackhold from a revenue standpoint, one of the things that no one talks about is the fact that, like, if you're connecting and if you're basically a tenant of someone else's network and you're pushing to all of the banks at the edges, you also share all of the data, all of your data. And and the data was maybe kind of a cost of doing business, sharing all of the data that will enable those businesses to actually build businesses off the back of the work that you've done to spin up that platform and and generate, you know, product market fit and economic impact. But in the age of AI, it's like negligence to let everyone leach on your data and build products. And, you know, if you do that, then you control your own data and you control your own economics.”

“The funniest one was, like, happened actually, two weeks ago. And I was really pushing it to like try new things because I was trying to make it like really work fast on WhatsApp. Mhmm. Because I wanted demos here to like it's real money and I want it to be like so fast that people are like, you know, blown away. And so I've been working on that like late at night and stuff. It's been a lot of fun. And in one of the test runs, it wrote a test suite and then it randomly shut off like $20 within the envelope. So fine. It shot off $20 to a random Solana address. And I'm like, dude, what, what? Like, and then, and then the thing was like, oh, my bad. I can use my debit card to pay you back. And it tells me that.”

“But the the nice thing is I wanted to do an experiment. I'm like, okay. I I told my agent to pay another one of my colleagues at the company, And I told it, like, instead of contacting him directly, just talk to its agent, his agent, and, like, figure it out. And and talk with the agent on WhatsApp. Right? By the way, just don't try to establish, like, a protocol I can't see because I wanna see. Yeah. And it so it went off on, on on WhatsApp and then started blabbing in English and, like, having a bunch of conversations then got confused and whatever. And then within five minutes, they were like, wait a minute. You're another agent. And the other one was like, yeah. I'm another agent. And then it's like, oh, why do we speak in English? And they they decided to switch to exchange exchanging JSON, structured information. And from that point on, like, every single transaction, like, they started with, like, their own, like, you know, slash a to a thing, and then they started exchanging JSON and stopping to talk in English.”

“But, like, the problem so here's the problem. Right? It's like the innovator's dilemma. It's like you're a company, and you're doing, I think, dollars 11,000,000,000 of, you know, net cash flow a year with your business. And you need to accept the fact that you're going to cannibalize yourself to actually build in the open. And you need to go and tell all of the investors that hold your stock because you're a public company that they need to understand why in the world you're doing that. Yep. And so it's untenable for many peo unless you have, like, a founder CEO who has total power over the company, it's never going to happen. And so I just think it was just the wrong place to do this. And, and it just needs to start from the bottom, right, and then propagate.”

“The most snoozed, I e muted topic since launching the snooze feature, number one, crypto. Number two, politics. Number three, Iran conflict. I mean, I guess this shouldn't surprise us because anecdotally, we all know that crypto Twitter is slowly dying. We thought it was the algorithm killing us, but the reality is, like, the people just don't care. We can see that in numbers all over the place. Right? I mean, retails have been selling their Bitcoin. There is no altcoin market. In the meantime, of course, institutions have been buying, so I do believe that certainly for Bitcoin, this is a buying opportunity. But you don't have to look far to see evidence that most people in crypto have washed out.”

“So we had this World Liberty Financial story, obviously. Trump backed World Liberty Financial races towards 62,000,000,000 token unlock with near unanimous vote. Also introduces vesting for 40,700,000,000 insider tokens. Okay. So, like, we talked about this yesterday. You probably saw World Liberty Financial here did a governance vote. And in that governance vote, they basically one wallet held 13% of all the votes. Four wallets held 40. If you go up to 10 or 20 wallets, it was the whole vote. So they're advertising that 99.5% of the people agreed. Right? But almost nobody voted, and your options were get vesting or never vest and never get your tokens.”

“Jane Street recorded record profits this year. They doled out 9,380,000,000 in comp, double 2024. And people in crypto deeply believe that they would risk all this to commit a crime in broad daylight to manipulate Bitcoin price. So listen. This is like they destroy even Goldman Sachs. This is the most successful firm on Wall Street. And if they were manipulating the price of Bitcoin for some reason at 10AM every single day, it was literally in broad daylight and would be a massive crime. That's how hard, Bitcoin people and crypto people right now are trying to cope to find an excuse for why prices would possibly be down.”

“Second, it was noted that institutional companies are now adopting public networks instead of private blockchains. I find that one actually really, really interesting. I've been talking on the daily wolf about how many stablecoins have been choosing Solana over the past few weeks. Meta is doing theirs on Solana and Polygon. Western Union doing theirs on Solana. Of course, p y USD. PUSD from PayPal is on Ethereum. But, it is interesting that you're not seeing this happening on PayPal chain. Right? Now there are circles launching their own chain. Stripe has Tempo. We've seen announcements there as well. So we are going to see private chains trying to capture this, but we are seeing a lot on public chains that could be good for our beloved tokens.”

“Crypto card spending surges 500% since September 2024. That was a very arbitrary date to choose in my opinion when I looked at the data, but they are up massively. No question. With Stablecoin linked cards among the fastest growing segments and Visa capturing roughly 90% of transactions. So what you have here is people all over the world getting effectively a debit card that's backed by stablecoins that they put into that card, and they go and spend those, like, dollars rather than on credit. And that's all mostly powered on the back end by Visa. These are coming insanely popular all over the world, which makes a lot of sense. Right? If you live almost anywhere in the world, you'd rather have dollars than whatever your local currency is.”

“PayPal restructures into three core units with crypto and payments now a stand alone division. Think about what that means. Right? I mean, this is PayPal Crypto is a comp crypto is a is a technology that eats their lunch. Right? I mean, PayPal is a company that has a competing technology and is in a blockbuster to Netflix situation where it's adopt or die. Now they've been adopting crypto for a long time to their credit. They were far ahead with offering crypto related services, crypto payments, a stablecoin called PSD. Right? And so now they've created an entire division. I would bank on the fact that in five years, this will be the only division. I I think the real reality here when you look at all the stablecoin news is that this is just the way that people are going to transact.”

“So today, when you think about all of the different types of content we have on the internet, you have images, you have text messages, you have emails, you have all of these things, And there's an app for every single one of those. Like if I need to send you a photo, there's like 15 different ways I can send you a photo. And I don't even need to ask you if I have your phone number, I can just send it, it'll work. There's just no such thing for money. And today, if you're a platform, if you look at where the money originates and where people and businesses earn money, they earn money in a variety of different ways, but increasingly so they get paid by platforms and you can be a host on Airbnb. You can be a driver on Uber. You can be a creator on Instagram or TikTok or YouTube, and you get paid by those platforms.”

“And we think this will win because ultimately when you build on open standards like the internet, like, you know, AOL or CompuServe didn't win because it was closed. And so the the the problem and why it didn't happen yet is because those products that were open were far worse than the closed products. Yeah. And they don't have to be anymore. And, you know, Great Global accounts is a great example of that. It's much better than any dollar account you can ever have. Like, you know, you you could ever have until now. And so now you can have the best product, and it turns out it's built on an open network that enables all builders to actually add value to the overall value that the network provides to every endpoint on it.”

“And, you know, more than blackhold from a revenue standpoint, one of the things that no one talks about is the fact that, like, if you're connecting and if you're basically a tenant of someone else's network and you're pushing to all of the banks at the edges, you also share all of the data, all of your data. And and the data was maybe kind of a cost of doing business, sharing all of the data that will enable those businesses to actually build businesses off the back of the work that you've done to spin up that platform and and generate, you know, product market fit and economic impact. But in the age of AI, it's like negligence to let everyone leach on your data and build products. And, you know, if you do that, then you control your own data and you control your own economics.”

“The funniest one was, like, happened actually, two weeks ago. And I was really pushing it to like try new things because I was trying to make it like really work fast on WhatsApp. Mhmm. Because I wanted demos here to like it's real money and I want it to be like so fast that people are like, you know, blown away. And so I've been working on that like late at night and stuff. It's been a lot of fun. And in one of the test runs, it wrote a test suite and then it randomly shut off like $20 within the envelope. So fine. It shot off $20 to a random Solana address. And I'm like, dude, what, what? Like, and then, and then the thing was like, oh, my bad. I can use my debit card to pay you back. And it tells me that.”

“But the the nice thing is I wanted to do an experiment. I'm like, okay. I I told my agent to pay another one of my colleagues at the company, And I told it, like, instead of contacting him directly, just talk to its agent, his agent, and, like, figure it out. And and talk with the agent on WhatsApp. Right? By the way, just don't try to establish, like, a protocol I can't see because I wanna see. Yeah. And it so it went off on, on on WhatsApp and then started blabbing in English and, like, having a bunch of conversations then got confused and whatever. And then within five minutes, they were like, wait a minute. You're another agent. And the other one was like, yeah. I'm another agent. And then it's like, oh, why do we speak in English? And they they decided to switch to exchange exchanging JSON, structured information. And from that point on, like, every single transaction, like, they started with, like, their own, like, you know, slash a to a thing, and then they started exchanging JSON and stopping to talk in English.”

“But, like, the problem so here's the problem. Right? It's like the innovator's dilemma. It's like you're a company, and you're doing, I think, dollars 11,000,000,000 of, you know, net cash flow a year with your business. And you need to accept the fact that you're going to cannibalize yourself to actually build in the open. And you need to go and tell all of the investors that hold your stock because you're a public company that they need to understand why in the world you're doing that. Yep. And so it's untenable for many peo unless you have, like, a founder CEO who has total power over the company, it's never going to happen. And so I just think it was just the wrong place to do this. And, and it just needs to start from the bottom, right, and then propagate.”

“Whenever we talk about this framework, people just say, well, what we actually need are products and services that people want and revenue. And my answer to that is you need both. Imagine if you had a great company and it was, you know, getting ready to get listed, and they're like, well, why do you need an s one? I'm producing all this revenue. You need both. And the way that I would the way that that's gonna show up is in the multiples on revenue or EBITDA that projects get. Look at, there are great companies that operate in Russia or actually South Korea or Japan. They get discounted. You can you can buy you can buy, like, amazing oil companies or, you know, conglomerates in South Korea for, like, a three x multiple, you know, 25% or a third of what you do in The US. Why is that? Because there are these weird structural governance problems around the revenue that make it less valuable. And that's that's exactly what's happening here. Like, you can generate all the revenue you want, but your multiple is not gonna go up until people are assured that they own some slice of the revenue or they understand what their rights are.”

“The other thing that I would say is it's an advantage for token projects. Right? Like, if you disclose this stuff once, then your data can be right. Right now, if you're a token project, you have to go to BlockWorks and DeFi Llama and Token Terminal and talk to all of those teams who each have their own methodologies for how to calculate data or, like, you know, fundamental metrics. If you disclose it once and you attest that it's accurate and honest and you're not committing fraud by, you know, putting fraudulent numbers out there, everyone can just have your data with far lower overhead for you. So I actually think it's a it's a friendly thing for token projects to do because once you disclose this stuff, you don't have to interface with a bunch of different teams to make sure data requests are right. There's, like, individual data team leads of protocols who are vigorously nodding their heads because they're talking like, I they talk to us. I know they talk to all the other data providers too. And this this is the fix for that. Until you have the disclosure foundation layer, you you're, you know, your lives are gonna continue to be extremely difficult.”

“And one which hasn't been thought about in a super sophisticated way in crypto yet, but I think is now people are thinking about much more deeply is, what is the right stage of development to launch my token? And I think, historically, there was pressure both from honestly, probably from a lot of investors in the space to get liquid sooner. And I think projects mostly just thought about, well, I'll get my token out as soon as I can. And the I think instead, the operating philosophy should be you in the beginning stages of your project, you are only doing product market fit. Like, you should only be focused on finding product market fit for your business, your company, or protocol, or whatever. As soon as you launch a liquid token, you now have two products, and you need to do two things. You need to continue to make the business and your demand for your product and service grow, and you need to treat the token as its own product, its own thing. You need to sell it. Talk about it. Get it into people's hands. You just need to do both. The problem is so in a in an ideal world, what should happen is you should be you should not have a liquid a publicly traded instrument. You should find PMF. You should wait a couple years and grow, and then launch.”

“The average cost for a public company is, like, $2,000,000 just to do audited financials reports and all that kind of stuff. It's just a huge pain in the ass. No one likes doing it. In this world of where you have a combination of LLMs and live data on public chains, think about what you could do. There's a super simple claud hookup where it shouldn't take very much effort. It should take no effort actually to just who are the officers of the public company, what are their publicly disclosed wallets, and what is the current org structure and ownership rights look like. That should take honestly a couple hours to set up once, and then it should be done in the future. Then you also have data which streams live. Live and is on chain. Crypto companies should get and by the way, you should be able to ask an LLM or some kind of AI chatbot any single way that you wanna slice and dice this data that should be available to you. That is so, so, so much that is a step function change better than what currently exists.”

“Dave, I remember, I think my first, like, product role at Fidelity was building what when we were trying to make the Bloomberg for crypto, just like every other data company that's been started in crypto for the last, like, five or ten years. The data was so scattered all over the place with these different specialized providers. It was really, really hard to consolidate. And we didn't frankly even know what the shape of these projects were really gonna look like. Right? And we didn't even know all the things that we should be disclosing. So we kinda had to, like, go through the pain of learning what should be disclosed because it wasn't, and every you know, people got hurt because of that to now finally, like, get everybody rowing in the same direction, in in terms of, like, I don't know, tokens had an existential moment, and everybody, I think, is now try realizes, like, oh, shit. We need to rally behind these things. And, yeah, if there's only, like, 40 or 50 tokens now that have this stamp of approval of transparency, like, that's an opportunity.”

“You know who's leading the charge on this is Vlad Tenev, who's got a great clip. I can link it in the show notes, but his he's like, you know, I'm listening to my own, earnings release, and I'm bored. And if you look, Robinhood just had their q one earnings release, and he's modeling it right now after, like, a post NBA game interview. Like, he gets asked questions. They're doing it outside. It's like, why am I only bringing sell side analysts? I'd like some buy side analysts here. Two, conditions have changed. Basically, I think once the data becomes more live and also in this new environment of investing, think about this proactively. Like, your quarterly earnings shouldn't be some b s, you know, box checking compliance exercise. This is a touch point you have with investors. You should start the year looking. This is how many investors I have. You should end the year saying, I've got four scheduled touch points. I'm gonna convert x amount of investors per touch point.”

“Bitcoin is a superior inflation hedge because of its fixed supply and global portability. Gold has historically served this role, but Bitcoin acts with the speed of light in a digital economy. Paul Tudor Jones recognizes this shift in the way investors are thinking about store-of-value assets in a debased currency environment.”

“U.S. stock market valuation levels are reaching levels that are historically unprecedented and dangerously high. When you look at the cyclically adjusted price-to-earnings ratios, you see a bubble that makes the dot-com era look restrained. The risks of holding traditional equities right now are significantly higher than the average investor understands.”

“DeFi United bailout is the central talking point following the latest round of hacks and toxic debt on Aave. Some argue this is a sign of industry maturity where major players step in to prevent contagion. Others see it as the dangerous beginning of the too big to fail era in decentralized finance.”

“Yield farming capital is shifting rapidly into Bitcoin as users look for safer returns outside of volatile DeFi protocols. We are seeing a mass exodus from the high-risk liquidity pools that defined the last three years. Investors are increasingly choosing the hard money properties of Bitcoin over the promises of inflationary protocol tokens.”

“It's a massive event, 250 speakers. You can see all the big names, Michael Saylor, Jeff Booth, Natalie Brunel for the first time this year, and the list goes on, Jack Mallers. And we have four stages, and the topics are pretty much everything from really basics for beginners to institutional level business topics, freedom, technology. And also this year, it's very exciting for me to say that we have a new track, which is called Bitcoin Living Masterclass.”

“Regarding BTC Prague, I think we want to focus on AI and how it intersects with Bitcoin, because we can see that, for example, Pablo Fernández, the famous Nostra developer, he's using AI with Bitcoin, and the stories what he's been saying, like giving his AI agent a few dollars worth of Bitcoin, and the agent suddenly disappeared and host himself in a sovereign way, is showing us that money, digital money with no border are very important.”

“Last year in May, we just passed this law of no capital gains taxes after holding Bitcoin for three years. And another few very important development happened in Czech Republic and from the hostile territory four years ago. Now I see that we absolutely turned upside down and it's very friendly legislation, which is actually attracting the talent from all around Europe. We have most MECA requests in Czech Republic from all Europe, considering that we are a small country and we have like maybe five times more requests than Germany and our neighbors.”

“In the time of AI and deepfakes, you never know what is true. Maybe now you can still recognize, but in a few years, you won't be able to recognize what is true and what is not. But if you know me, and if you see a fire on the TV that Prague, Prague is under the fire, you don't need to trust and you just pick a phone and call, call me and ask, Matyas, hey, how is Prague? I see it's disaster. And I'll just tell you, hey, come on, it's a deepfake, don't worry, chill out.”

“Well, they know me from high school, some of them even longer. So we are meeting every now and then, talking. So they always knew I'm into Bitcoin. And I offered them the transactions, and I taught them about this, because I'm excited, so I cannot be quiet about Bitcoin. But they never got it, you know? And they kind of thought this normal thing, like it's a bubble, and it's money for that, and it's boiling oceans, all of these classic stories. And I wasn't able to convince them. So I gave up. And then, because they both, they were trading some stocks, so they were buying kind of a regular basket of stocks like Tesla, Google, Microsoft, because they know about inflation. They understand that the money are being devalued over time. And their solution was investing in stocks. And then they saw the micro-strategy, and they start researching it, and they saw it's kind of a Bitcoin stock. And that was the time when first one person and the second one was a little bit later, they came to me, and they apologize, and they start to be curious about Bitcoin itself.”

“Well, I'm a self-custody or collaborative custody maximalist. I think that holding your key is the only way how to move forward in a safe way. And I see the future where Bitcoin is being kind of captured by institutions, but not in a like in a scary way, but we will see some vapor Bitcoin. I think that this is a learning experience as everything in life, you know, CBDCs and I'm still very, very hopeful for the resistance for the new movement, which is happening.”

“The Strait of Hormuz is the single most important oil chokepoint on the planet. If you look at the daily volume of oil moving through that narrow maritime passage, it accounts for roughly 20 percent of total global petroleum consumption. There is no other piece of geography in the energy market that carries this kind of systematic risk, which is why market participants are so incredibly jittery when tensions flare in that region.”

“Global oil inventory buffers are historically thin compared to the levels we saw in previous decades. When you have low commercial stockpiles, the system loses its ability to absorb a supply shock without an immediate and aggressive price response. We are essentially running the global oil machine with very little margin for error, meaning any disruption doesn't just nudge the price—it potentially breaks it.”

“Closing the Strait of Hormuz is the scenario everyone in the industry hopes to avoid because it fundamentally changes the price floor of the commodity. If traffic through the Strait actually stopped for a sustained period, we are talking about a physical supply contraction that cannot be solved by diplomacy alone. In that world, reaching $200 per barrel ceases to be a fringe prediction and starts looking like an inevitability.”

“Spare capacity is the final line of defense against price spikes, and it is currently concentrated almost entirely in Saudi Arabia. Because so many other producing nations are already outputting at their maximum technical limit, the market is entirely dependent on Riyadh's willingness and ability to open the taps. If you want to understand the fragility of the current price, look no further than the centralized control of that remaining spare capacity.”

“The KelpDAO exploit is just the latest reminder that DeFi is nowhere near the maturity level we pretend it is. When you have a 300 million dollar hack of this scale, it reveals deep-seated security vulnerabilities that exist in these complex composable systems. You realize that we are still building on top of very fragile foundations where a single line of bad code or a bridge failure wipes out years of community progress.”

“Arbitrum deciding to freeze funds in response to this exploit creates a massive precedent that the industry needs to grapple with. If Arbitrum or any layer two can unilaterally intervene in smart contracts because of a hack, you have to ask yourself what happens when a government demands that same capability. We are trading away the permissionless nature of crypto for a false sense of security that we might regret later.”

“AI deflation is a nice economic story for the aggregate, but it hides the distribution problem. Even if AI drives down the cost of goods and services, we are looking at a future of extreme structural inequality because the owners of the AI capital capture all the gains. The technology might make things cheaper, but it will make the divide between those who own the tech and those who are displaced by it much, much wider.”

“Tether just announced they helped freeze over 344 million dollars of USDT in coordination with OFAC and law enforcement. This is not the first time, but the scale and the speed of this coordination show that Tether has become a primary lever for institutional oversight. It is a reminder that even the most stable parts of the crypto ecosystem are now fully integrated into the existing regulatory apparatus of the state.”

“The conference this year, I have yet to see any Bitcoin lending firms. It has basically zero presence here. It's all about AI integration, hardening cold wallets, hardening Bitcoin infrastructure as this AI upswing begins.”

“Taking loans out against your Bitcoin was the only the most popular at near all time highs. This is a lesson to be learned here. I know it. And it's just cynically hilarious to me to see us rejoice about lending in near all time highs. Arguably, the worst time to take lending out on Bitcoin.”

“But I generally think that we're at the bottom. I feel like we're at the bottom right now in Bitcoin, and people are getting distracted. There's a whole bunch of distractions going on, and I think getting is good.”

“Relaxed vibe. You know? No hyper, hyperbolic. This is the takeover moment type vibe that was going on before. It'll be interesting to see how the crowd moment type vibe that was going on before.”

“Jerome Powell, whose term is fed, chair is ending, will remain on the board until DOJ probe is over. No fed governor no Fed chairman has ever stayed on, since 1948, And he was like, it's too politically motivated. He says it's because of the probe, which effectively was sort of dropped already, I think. But it seems like he just, in his words, wants to maintain the Fed's independence and doesn't think that will happen if basically Trump gets to appoint another seat.”

“Tether, I will remind everybody, is something like, what, the eleventh largest holder of treasuries in the world. Because Tether has all those reserves, The United States can go to Tether and say, we would like you to freeze x y z. And so Tether's got two options. They could say yes, or they can say no, in which case The United States goes down the street to say Cantor Fitzgerald and says, please give us this amount of money out of Tether's reserve, and they will be like, yes.”

“One of the unpleasant lessons that criminals in crypto are learning right now is that if you use a public blockchain, everything you do is public. Two, stablecoins have freeze and seize capabilities, which means if you're using a US dollar stablecoin, The United States is gonna find a way to get their hands on you. A thing I've been saying for a long time, I think, because I experienced it firsthand is if you believe in cyberpunk ideals and true decentralization, do not use stable points. Those are fundamentally centralized entities that will respond to real world law enforcement whether you like it or not.”

“I just to be honest, I think DeFi is gonna be faced with the decision, Scott, have either become dramatically simpler and safer or get way more centralized to build in the kind of controls that the traditional market has. The market has been like, no. I wanna be able to have a billion dollar loan right in a single block so that I can borrow it, do a huge trade, repay it. But as a result, you were trading off a huge amount of safety. And now we're coming face to face with the fact that you have actively adversarial actors who do not care about the long term functioning of this system using those exact features you built.”

“As a guy who's been a CRO, let me be very blunt with anybody in DeFi who's listening. If you think your infosec can be good enough to stop the North Koreans, you are wrong. You need to be building your stuff with the idea that they will successfully get access to your systems so that they're built in such a way that if that happens, you still can't go break the current running protocol for people.”

“Given where yields on stable coins were prior to this hack, so let's call it two to 4%, and the fact that you can get three point, you know, five ish percent at a government money market fund, would you have left your money in? As a general rule, I would say for people in crypto, if you're getting paid less than high yield bonds, you're probably not getting paid enough. Like, that is the least risky risk instrument that I'll at least start to accept comparisons to.”

“I said there are only two kind of debts that make sense. Debt number one is a debt that is trying to buy cash flowing businesses. Like, you're trying to put together a thing that can actually have real economic activity, and the debt component is just a convenient form of fundraising. So think of this thesis as I'll call it crypto Berkshire. Two, the other one that hilariously would work well is a debt created to unwind all the other debts.”

“That may be the market being correct. And what I mean by that is for a long time in crypto, people believe fat protocol thesis, that is to say the l one will accumulate the value here. But I think a lot of the apps have realized, hold on. I can just place Solana off ETH, off Polygon, off Avalanche, off Mist and Labs and SWE, off like, make them all fight. I think the value accrual may be to the apps. Like, would you rather be an investor in the Polygon token or just in Polymarket?”

“There are versions of essentially what's going on here that actually have gotten quite big in crypto, Scott, that people don't even talk about. Like, have you ever heard of MiniPay? It's got 12 and a half million users who are real two legged people. These are not bots. It operates on Celo, which is now an l two on ETH. It primarily uses tethered. It's primarily in Africa, but that is essentially crypto Venmo, and it's real.”