Pinned
forward deployed philosopher. I want markets for all priceable states of the world.
- I would call this post-crypto, but in full agreement with Nick. The speculative beta on narrative and reg arb is dead, outside of pure speculative. The industry has developed several core primitives that are taking over finance. That is a mission complete state. The systemsCrypto feels firmly in its own post-dot-com era. Risk assets are down, companies and funds are closing shop, and sentiment is low. Momentum traders, the hype cycle, and culture has moved on to AI for good reason (the commodity + EM/China hype in the 2000s was a powerful



