PaperImperium

As we experience down prices, this is a good time to remember that price ≠ value.
At the end of the day, an investment is worth the sum of all income you can extract from it.
This means discounted cash flow (intrinsic value) +/- speculative premium/discount (extrinsic value)
I personally am a value investor, who underwrites only on the basis of intrinsic value. But it’s not illegal, immoral, or impossible to underwrite on the basis of future demand being higher than current demand.
Most crypto is, quite frankly, worthless. But not all of it - both from an intrinsic and extrinsic valuation fram

Are there any examples where tokenholders removed a founder, a foundation, or its board of directors?
I’ve been looking for precedent and this seems to be a theoretical possibility only? If you know of an example, please drop it below, with context.
Sushi maybe? Although I don’t think that was a removal as much as a resignation

Are there any examples where tokenholders removed a founder, a foundation, or its board of directors?
I’ve been looking for precedent and this seems to be a theoretical possibility only? If you know of an example, please drop it below, with context.

I won’t out them here, but met with someone from an upcoming RWA project today, and it was a refreshingly solid idea.
Where there’s one, there’s usually more, so hopefully 2026 will have a good crop of projects with clear usefulness and credible business plans.

Gov token prices seem to finally reflect that they’re the bottom of the food chain. Founders and foundations are the natural predators of tokenholders.
Tokenholders will always just be a source of free financing until they stand up for themselves

Gov token prices seem to finally reflect that they’re the bottom of the food chain. Founders and foundations are the natural predators of tokenholders.
Tokenholders will always just be a source of free financing until they stand up to founders and foundations.

That’s not a very good GDP print at 1.4% annualized. Especially with slightly higher PCE. If the previous quarter’s GDP print of 4.4% was accurate, that’s a really rapid slowdown.

Whether an AI created or contributed to some code really isn’t material. What it’s important is that there are review processes in place (which could include a different AI) prior to production.
If autocomplete changes an email’s message, our eyebrows don’t go up about autocomplete being used. We just say, “Well, I guess you didn’t read over this closely before hitting send.”
You could go further down the technology stack and think of typos that didn’t exist with handwriting for the same point, if you prefer.
Anyway, let’s find a more interesting topic to fill the timeline with.

Pro tip: You can turn off auto-play for videos. I did this a year ago and made the doom scrolling much less doomified. Text and thumbnails aren’t Michelangelo, but they’re better than short form video.

I feel like I do KYC for crypto more than I do for everything else combined. What are we even doing here?

Every simp post I see supporting SBF is unironically making the Gary Gensler case that people are too stupid to make decisions for themselves in crypto.

I think it’s a shame that DeFi got introduced to US and European banks before it got introduced to ASA, Grameen Bank, and Bandhan Bank.

Downhill skiing shows speed in mph. I wish they’d do that for luge/skeleton/bobsled where they seem to be going very fast

Why is China underperforming so badly in the Olympics? They’re in 19th place by medal count, and 1 of their 4 medals was won by an American.
They were 4th in the Beijing Olympics, for comparison. Maybe their best sports haven’t happened yet?

All this drive to tokenize stocks, which is great. By why can’t I get an onchain SBLOC for my offchain portfolio? Is anyone doing this?

People don’t talk much about censorship resistance in DeFi anymore. That betrays the lack of historical literacy of many participants.
I regularly joke that crypto is speed running economic history - we’re somewhere past the invention of, but before the ubiquity of, double-entry bookkeeping.
And one of the most important lessons is that complex and reliable finance is constantly exposed to political risk.
Looking only at anecdotes I’ve written about before, the pattern is consistent.
The d’Medici decline began with loans to the King of England and Duke of Burgundy, where there was no recourse

Just for perspective, Aave DAO could buy a US bank for this amount of money. I think that’s a good opportunity cost framing.
Aave team can probably deliver more growth but even a poorly run bank has better net interest margin than a DeFi protocol.
Not sure what Aave’s equivalent of ROE is, but banks typically have pretty modest ROE.

It’s time for Curation 2.0. The curator model was a big advancement, but there are some commonsense enhancements that can result in a better product for users.
Tranching is back in vogue lately. I think I’ve had at least three teams reach out to me about tranching design. Where there are three, there are likely more, so I’m going to share my advice publicly.
First, let’s understand how challenging it is to tranche an evergreen vehicle like a Morpho or Euler vault. People have to be able to withdraw at some point - there’s no winding down date where all the books are balanced and gains/losses d

This SBF filing seems so clearly a PR stunt. He had to get his mother to file it, and it focuses on solvency rather than… fraud?
Let’s for a moment assume we can trust the valuations claimed by FTX insiders. Then what?
If you broke into my house to throw a party, it’s still a crime even if you managed to clean up and not break anything.