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The SpaceX IPO and the Future of Tokenization
This matters because it settles a question that has defined corporate crypto adoption: Is bitcoin infrastructure or is it investment thesis? MicroStrategy answered "investment thesis" by building an entire company around accumulation. Tesla answered "both" by accumulating while its core business is electric vehicles. SpaceX answers "infrastructure" by holding bitcoin as a minor part of liability management alongside cash.
Jun 149 min read


Eight Problems. One Honest Assessment of How Far We Actually Are From Solving Them.
Armstrong's eight points read as a coherent vision of where financial infrastructure is heading. Taken together, they describe a system that settles faster, costs less, operates continuously, and extends access to participants currently excluded by legacy intermediaries. That direction is broadly correct and the progress toward it is measurable.
May 255 min read


You're not early. You're just not prepared.
The question worth asking is: if everything I currently hold dropped 60% tomorrow and stayed there for eighteen months, what would I do? Do I have a defined answer to that question, or do I have a vague intention to "hold through it" that has never been pressure-tested?
May 103 min read


The SEC Finally Drew the Line. Here's What It Means.
— The Decade-Long Question Gets an Answer
Mar 228 min read


War, Debt, and the Next Monetary Order
— How conflict, sovereign debt, and digital rails are reshaping global monetary architecture
Mar 117 min read


Liquidity Is Returning. But It's Not Flowing Where You Think
— Liquidity is expanding again but structural constraints are concentrating capital into fewer assets, not lifting the entire market.
Feb 227 min read


Decentralization vs Big tech
Feb 16, 2025 18:30 UTC – Why true digital freedom lies in decentralized platforms and how big tech is fighting to keep control. A Digital Revolution or A Rigged Game? For years, the internet was sold to the world as a revolutionary tool for free expression, innovation, and limitless possibility. But somewhere between the utopian dream of an open, decentralized web and today’s hyper-moderated, profit-driven, surveillance-heavy dystopia, something went horribly wrong. Enter Bi
Dec 21, 20254 min read
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