jer979Purpose Struggle
Yesterday, I decided that my blogging career should come to an end. I was doing myself a disservice. I told myself that the goal of the posts was to dig deeper, peel back the layers, get down to the core. But by publishing online (or on-chain as the case may be), I was subconsciously writing for others, even if I told myself that I didn't care if others read. So, in an effort to be more authentic, I figured I'd stop publishing and start doing a private journal. Within 2 hours of that decision...
jer979Value. Happiness.
I feel happy. It's fun, it's light, like a feather floating at the beginning of Forrest Gump. But, like the feather, it's not grounded. It can flitter and float away. Value is also ephemeral. We know it when we see it. We feel it, somewhere deep inside. Something connects to us, saying "yes, this is worth it." The "it" that it's worth is energy. Energy in the form of time, attention, money. The things of which our possession is limited. There's a reason why all the great traditions point to "...
jer979Coffee with AI
Every day for the past month, I’ve had a coffee date with AI. I literally sit down, with a cup of coffee, with an appointment on my calendar that says “coffee with AI”. During that time, AI (I’ve used ChatGPT, Gemini, Perplexity, Claude, and Venice) and I literally have a chat, the way I would with a friend. It’s not “write this letter for me” or “do this or that.” No, it’s a chance for us to have a conversation about whatever topic I want. Many days, recently, at least, it’s been about quant...
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jer979How the Borrowing Party Ends
www.twitter.com/jer979
Support jer979
jer979How the Borrowing Party Ends
jer979Purpose Struggle
Yesterday, I decided that my blogging career should come to an end. I was doing myself a disservice. I told myself that the goal of the posts was to dig deeper, peel back the layers, get down to the core. But by publishing online (or on-chain as the case may be), I was subconsciously writing for others, even if I told myself that I didn't care if others read. So, in an effort to be more authentic, I figured I'd stop publishing and start doing a private journal. Within 2 hours of that decision...
jer979Value. Happiness.
I feel happy. It's fun, it's light, like a feather floating at the beginning of Forrest Gump. But, like the feather, it's not grounded. It can flitter and float away. Value is also ephemeral. We know it when we see it. We feel it, somewhere deep inside. Something connects to us, saying "yes, this is worth it." The "it" that it's worth is energy. Energy in the form of time, attention, money. The things of which our possession is limited. There's a reason why all the great traditions point to "...
jer979Coffee with AI
Every day for the past month, I’ve had a coffee date with AI. I literally sit down, with a cup of coffee, with an appointment on my calendar that says “coffee with AI”. During that time, AI (I’ve used ChatGPT, Gemini, Perplexity, Claude, and Venice) and I literally have a chat, the way I would with a friend. It’s not “write this letter for me” or “do this or that.” No, it’s a chance for us to have a conversation about whatever topic I want. Many days, recently, at least, it’s been about quant...
www.twitter.com/jer979
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I had a disturbing vision the other day when I was talking to a friend about the “doom loop” of increased interest obligations alongside increasing interest rates, requiring more borrowing.
His answer was: “Look, the US is the big dog. If you are anyone in the world and looking to park your capital safely, where you gonna go?”
“Until there’s a reasonable competitor to the US Treasury, the US can borrow as much as it wants. It’s not China. No one trusts them. It’s not the EU. They can’t grow. It’s not the UK. They aren’t big enough. Where?”
“Now, maybe one day, someone comes along and can offer better rates, but for now, the US is numero uno.”
His logic is sound and he’s right.
But that’s when I realized the competition for global capital to the US isn’t going to come from a nation-state. It’s going to come from the cloud.
When Decentralized Finance matures, the interest rates and growth opportunities for capital will far exceed what the US can offer. Then, that will be a “huge sucking sound” of capital away from the US into the metaverse/Web3.
Then, the balloon pops.
This is why a lot of US politicians rightly fear crypto. It puts a reality check on their profligate spending ways and none of them want that. So, they will try and whack-a-mole it out of existence.
But you can’t put the crypto genie back into the bottle.
DeFi will emerge and the rest of the world, that currently finances US inflation and reckless spending, will move there.
The alternative, of course, is to harness crypto/Web3 as a platform for financial innovation.
The US has the most trusted market already. Use crypto to make it even more trustworthy.
The US has the most liquid markets. Use crypto to make it more liquid.
The US has the biggest market. Use crypto to make it even bigger.
The US has the freest market. Use crypto make it even more free.
Empires don’t usually like to do self-imposed creative destruction, but pretty soon, the choice will be made for us.
As Marc Andreesen said, “software eats the world.” Very few realized he was talking about the government’s ability to finance itself through borrowing.
But he was.
I had a disturbing vision the other day when I was talking to a friend about the “doom loop” of increased interest obligations alongside increasing interest rates, requiring more borrowing.
His answer was: “Look, the US is the big dog. If you are anyone in the world and looking to park your capital safely, where you gonna go?”
“Until there’s a reasonable competitor to the US Treasury, the US can borrow as much as it wants. It’s not China. No one trusts them. It’s not the EU. They can’t grow. It’s not the UK. They aren’t big enough. Where?”
“Now, maybe one day, someone comes along and can offer better rates, but for now, the US is numero uno.”
His logic is sound and he’s right.
But that’s when I realized the competition for global capital to the US isn’t going to come from a nation-state. It’s going to come from the cloud.
When Decentralized Finance matures, the interest rates and growth opportunities for capital will far exceed what the US can offer. Then, that will be a “huge sucking sound” of capital away from the US into the metaverse/Web3.
Then, the balloon pops.
This is why a lot of US politicians rightly fear crypto. It puts a reality check on their profligate spending ways and none of them want that. So, they will try and whack-a-mole it out of existence.
But you can’t put the crypto genie back into the bottle.
DeFi will emerge and the rest of the world, that currently finances US inflation and reckless spending, will move there.
The alternative, of course, is to harness crypto/Web3 as a platform for financial innovation.
The US has the most trusted market already. Use crypto to make it even more trustworthy.
The US has the most liquid markets. Use crypto to make it more liquid.
The US has the biggest market. Use crypto to make it even bigger.
The US has the freest market. Use crypto make it even more free.
Empires don’t usually like to do self-imposed creative destruction, but pretty soon, the choice will be made for us.
As Marc Andreesen said, “software eats the world.” Very few realized he was talking about the government’s ability to finance itself through borrowing.
But he was.
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