The Breakdown

The bond vigilantes you heard about this week aren’t real

Is crypto straying too far from things of value?

Discounted cash flow is as close as you can get to a fundamental truth in the art of financial valuation

What the history of global reserve currencies says about crypto’s future

Cash enables law evasion at a small scale and crypto enables it on a large scale

This week’s market action seems to suggest that even a 10x increase in tariff rates won’t derail the US economy

Could crypto disintermediate DC lobbyists?

Money, it turns out, is emergent, like consciousness

Prediction markets show that people bet in anticipation of things happening far too often

A recent Citi report predicted that stablecoin AUM could hit $3.7 trillion by 2030, largely because of institutional adoption

Warren Buffett attributes his astounding investment returns to only about a dozen “truly good decisions” he’s made

Could we stop using BTC to amplify our short-term risks — and start using it to hedge our long-term ones?

Blockworks Research uses numbers to help crypto advance to a higher stage of storytelling

Today’s blockchains are more like nervous systems without a brain — wiring without will

Using Bitcoin as a model, Vitalik’s new priority for Ethereum is technical simplicity

Bill Gates expects that within a decade, humans will no longer be needed “for most things”

Or is it approximately the least cypherpunk thing we could do?

Greater efficiency, William Jevons predicted, would lead to even greater consumption

The crypto industry is still best known for manufacturing tokens, not value

Have markets been obsessing over the wrong Minsky?

The official website promoting a “Dinner with President TRUMP” pitches the opportunity as “The most EXCLUSIVE INVITATION in the World”

Doing one thing well and leaving everything else out is often what disruptive technologies do best

Markets seem to sense the Fed has another tough decade ahead of it — one spent fighting for a certain cause