Friday night stream of consciousness rant on crypto Over the last decade, crypto has successfully built the infrastructure for unstoppable internet capital markets. In the process, it also created about $3t worth of internet native assets (lovingly referred to as "shitcoins") which represent ownership of various parts of this stack Understandably, not many normal ppl care about these weird internet coins. And yet, the infra has nevertheless managed to reach pretty significant scale: >$100b daily volume across on-chain spot/derivs, >$100b on-chain TVL, some of the most profitable companies per employee ever created, etc. However, it's still largely recursive in that it's only used to trade shitcoins that no one rly cares about (insert elephantsuckingitsowndickwithitstrunk meme). TLDR: The rails are good, we need better assets It's telling that the only cryptoasset that has managed to escape this self-fellatio echo bubble is a digital representation of a dollar. The USD is a $64t asset, and it's now pretty much consensus that stablecoins will swallow a large swath of this market The less consensus story is that we're about to open the floodgates to the $100t global equities markets too. This is the biggest opportunity and catalyst coming to crypto near term, and many are still midcurving it Clearer regs are also creating opportunities for tokenisation of other real assets: startup shares, LP interests, real estate, etc. All the crap you've been hearing promises about since 2017. Just like with the dotcom bubble, all the early ideas were right - they were just too early This isn't gonna be bullish for every token. If anything, having real stuff to trade crowds out demand for total shitcoins (ie 99% of tokens). But this is a good thing, and as the market cap and importance of the assets traded on this infra goes up, there will be some absolutely massive winners Our one job is not to let ourselves get so bearholed and jaded that we miss the winners that take crypto mainstream

And no this isn't the cypherpunk future we were promised, but it's the one we deserve Assets with varying levels of trust assumptions will trade on these rails. Market will price them and if trustlessness matters (I believe it does) then it will accrue a premium over time