The Breakdown
Decoding crypto and the markets. A daily Blockworks newsletter, by Byron Gilliam.

If AI is a replacement for humans, wouldn’t companies fire the expensive ones first?

For DATs, getting to the stock market first may mean owning a business no one wants

A business that gives away 75% of what it raises isn’t selling equity — it’s selling a product

Uber raised fares. Disney ignored costs. Linux gave everything away. Which model should Ethereum follow?

Crypto finds fundamentals, Chanos books profits and prediction markets make trouble

Gold is proof that belief sustained over millennia creates real value; crypto is hoping to take a shortcut

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

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

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