Hard to read this and not think of TikTok and what “skin in the game” meant it varies players there Also hard not to wonder how much money certain groups needed to flex before the other side gave up. It is hard to outspend Yass, United Front and the current admin….

Market is getting more efficient

Nice example of how to frame things. Big question for the Americans to ponder is "What is 'useful knowledge'?" Basic R&D is requires upfront costs, is risky and is expensive Commercializing the R&D *of others* is cheap, less risky and lucrative caixinglobal.com/2025-11-03/cov…

Dirty Secret: If a protocol makes loans off-chain, you, as the lender (depositor) are almost always the mark Best Case: You are cheap capital that would never be provided by an economic underwriter Common Case: Related party loans, loans for kickbacks. Think TUSD, part deux

If you see something wrong with this, you are too good faith to be in this business. The APR is 18% because it’s a market for lemons

But Tarun and has made a lot of money and most of us have not. What’s the business model?

But Diogenes has made a lot of money and most of us have not. What’s the business model?

The thing to remember about $JELLY is that the people who launched the project said they had never been involved in crypto before (or something like that) Once you know that, the rest is highly predictable

When you can run a market neutral fund like this and literally send six figure payments to the wrong address - yet get top 1% wealth for yourself - is it any wonder why crypto continues to be a market for lemons at the founder level, product level, VC level...