The Breakdown

Every transformational technology begins with utopian hopes, and then runs into the world as it is

If fear moves markets, there could be more all-time highs to come

Airlines defend their rewards moat, Binance courts favor over breakfast, DAT fees pile up and systematic thinking

An SEC commissioner walks into a cypherpunk meetup…

Peter Thiel’s $5 billion Roth IRA walked so token IRAs could run

Uniswap’s DUNA plan might blaze a new trail for decentralized governance

When politics divides, the market conquers

What happens when banks fear regulators and DAOs fear no one

Crypto is still on a mission — and still needs users

You don’t own the protocol. You own the incentives.

All models are wrong, but some are useful

A new quantum experiment shows that observation changes reality — but investors knew that already

In markets, perception can become reality

Fiscal dominance isn’t about interest rates and it isn’t about Trump, either

SPAC investors seem surprisingly skeptical of crypto

Some businesses run on low margins by choice. Others do it because they have no choice.

What if growth goes exponential while you’re hiding in gold and bitcoin?

For just $54, you, too, could send a memecoin 500% higher

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors

Retail investors once paid irrational premiums to bet on a bond king. Now they’re doing it for crypto kings

The VOC’s spicy dividend strategy has lessons for today’s token holders

Markets are all-in on optimism — is that a forecast or a delusion?

The House embraces crypto — but keeps the fences up

Stablecoins are a new form of money, with an old kind of limit