The Breakdown

Sometimes you need to know what actual humans think, and not just simulated humans

How financial markets actively shape the reality they’re meant to measure

If AI is a bubble, let’s hope it gets even bigger

Don’t judge your decisions by their results

Powell is ending “run-off” to keep reserves “ample” — a far cry from colonial America, where fiscal responsibility was public spectacle

María Corina Machado’s Nobel Peace Prize should change the way the world sees bitcoin

Owning the rails doesn’t help if no one wants a ride

Vitalik wants one story, DATs want five, and investors just want to know which ball to catch

Insiders have the best information — markets should be willing to pay for it

A main character of the dotcom boom is suddenly a main character of the AI one

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

If the president breaks the Fed, he’ll own the budget problems

Tempo might ultimately test what people will pay for decentralization

Where TradFi needs bankers and lawyers, DeFi just needs a function call

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

In markets, overconfidence is both feature and bug

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

Elder fraud, hard money myths, and tokens that refuse to stay dead

The ECB’s Stablecoin Defense Initiative™ seems doomed to fail

A stock by any other name — even “token” — is still a security

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

Bubbles are how markets create the future

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