Solana : Bitcoin :: Pudgies : Cryptopunks

There are two types of assets: 1. DCF assets: valued by cash flows. 2. Attention assets: valued by mindshare. For a decade, financial markets have struggled to separate the two. Gamestop was the turning point. Challenge for Institutional Investors: 1. Institutional investors still don’t have a model for attention flows. And without a model, they can’t justify buying these assets because it looks too much like gambling to their LPs. 2. Worse, they’re not even trying to find 100x outcomes. Their mandate is to track benchmarks, not chase memes. Advantages for retail: 1. No LPs. No mandates. 2. They crave dopamine, chase 100x, and get emotionally tied to memes. Crypto rails let anyone trade any asset, anytime, anywhere, in any size. No gatekeepers, no hours, no minimums. It doesn’t just enable attention assets, it actually supercharges them. This leads to network effects where liquidity begets liquidity. Future Eventually, institutions will adapt. They’ll figure out heuristics to model attention flows. And when they do, they’ll trade these assets too. Just like they trade other OG non-DCF assets like Gold and Bitcoin. Hence, ETFs for attention assets aren’t a meme. They’re an inevitability.

who would have thought that the reincarnation of constitutiondao would look like pumpdotfun

this is impressive. read. digest.

allowing direct deposit of USDC from phantom wallet would avoid unnecessary tax issues

Privacy is a big, not a feature for entertainment x finance

One thing will be clear to everyone in crypto in 6-18 months. 1. Financial engineering is useful when done right 2. Financial engineering almost always is abused 3. The entire business model of Wall Street is to collect fees for facilitating risk transfer between two willing counterparties 4. The only religion of Wall Street is to collect fees 5. All the criticisms of the crypto industry apply to Wall Street because this time the bubble will be created by Wall Street 6. This is the only way because crypto rails are the future of Wall Street The end.

exchange balances: near all time lows daily etf flows: in ten figures short liquidation wicks: getting nastier is this sell-side liquidity crisis in motion?

The year is 2025, and in crypto we still think a leading non-sovereign store of value needs to provide yield. This is objectively wrong. Look at gold and art -- neither provides yield and by far they are the leading non-sovereign store of value. In fact, I'd go as far as saying that no yield is a feature -- not a bug. Hence, bitcoin and gold stand on their own.