Simonon

Digital commodities are not securities.
Digital collectibles are not securities.
Digital tools are not securities.
Stablecoins are not securities.
The only assets considered digital securities are traditional securities that have been tokenized.
I think most people don’t realize how big of a deal the SEC’s statement yesterday actually is. It’s essentially something we’ve been asking for and anticipating for over a decade.
At this point, there are no real regulatory barriers left.
Only excuses.

In almost a decade of crypto, I haven’t seen a market where the future looked this bright, yet so little of it was priced in.
It‘s time to stop overthinking it.
It‘s time to retardmaxxing it.

Something I've been spending a lot of time thinking about as a crypto VC:
DeFi today has maybe a few hundred thousands of active users. Maybe like 2-3M at best.
But in an agentic world, every business, every app, every device could have its own agent interacting with financial protocols autonomously.
We're not talking about 10x more users. We're talking about 1000x.
And here's what most people aren't thinking about: the DeFi stack as we know it simply isn't built for this. Let me give you some examples.
Money markets.
Today's lending protocols require manual collateral management, have stati

One of the most misguided concepts crypto ever came up with might be governance tokens.
Most companies don’t actually take governance seriously. They use it as regulatory arbitrage.
The token exists because it’s essentially free money they can print on top of their equity. They would never hand over real decision-making power for their business to a random community (you). And even when it looks like they do, the vote is usually tilted through insider allocations so the outcome ends up exactly where it was planned from the start.
That said, I do feel for the few teams that genuinely tried to m

There’s no such thing as weekends if the market never closes.
TradFi boomers will learn this the hard way.
Adapt or get left behind.

We’ll look back at bank opening hours the same way we look back at waiting a week for a letter instead of sending a message instantly via the internet.
Something that was completely normal until suddenly it wasn’t.

Two types of investors in this market right now:
One is down bad, angry, blaming macro, market makers, KOLs, CEXs etc, because they are continuing to chase memes, narrative plays and their quick flip playbook.
The other is quietly loading fundamentally undervalued businesses at valuations that we‘ll laugh about in 12 months.
Same market.
One sees a graveyard.
The other sees a candy store.

Banks were made for humans.
Crypto was made for agents.
One will onboard more customers in a few years than the other did in a few centuries.
Guess which one.

I just tried to make a bull post about Pokémon and the broader TCG market, but I simply wasn't able to.
Not because the market isn't exciting, it is. Probably one of the most exciting asset classes out there right now.
But because I literally spent hours trying to find basic market data and couldn't:
How big is the market?
Depends which research firm you ask, estimates range from $8B to $50B. Nobody actually knows.
Daily volume?
Doesn't even exist as a metric.
Price of a specific card right now?
Check eBay, TCGplayer, Cardmarket, three Japanese platforms plus a Discord group and you'll get

Had a call today with the ex-CEO of a well-known crypto company that he successfully exited for 9 figures some time ago.
He's starting a new venture now and told me he would never ever issue a token again.
Not only was it a horrible burden to deal with, but also because it was a huge red flag in 9 out of 10 acquisition talks with potential buyers.
There are only two paths forward for tokens:
1) Become digital equity
2) Evaporate
If you're a builder, choose the former before you're forced into the latter.

The fact that we used to have markets that were only open during certain hours, and even closed on weekends, will be one of those things people look back on in a few years and just laugh at.
247 finance is inevitable.

If you're a founder reading this and you're still believing in your vision, still building, still pitching despite endless rejections:
Just know that the people who actually matter in this industry see you.
And we'll remember who showed up when nobody else did.