243792
Devin Baker
@devinbaker.eth #243792
building a crypto hedge fund | /comma & comma.org/ | in pursuit of more aliveness | prev: founding team @ Tally Health, investor @ L Catterton
1357 Follower 204 Following
Biggest difference between SF and NYC:
Nobody in SF wears AirPods when strolling
Everybody in NYC wears AirPods, both when strolling, and doing everything else
Nobody in SF wears AirPods when strolling
Everybody in NYC wears AirPods, both when strolling, and doing everything else
Went back to the archives for @naval and @balajis.eth content
https://open.spotify.com/episode/4aRy1kFoTnan8kTx9BohoN?si=i5zdpMb_SMa8FkzZe4xVjg
——
Notes for those interested ⬇️
Blockchains: bring market-based network mechanism into digital systems
But paying with resources (compute, solar power, internet or cellular bandwidth, etc.)
System for making leaderless (and transparent & decentralized) networks
Starting with money, but other resource networks as well
And things like contracts, video game potions, etc. (coordination)
Byzantine Generals’ problem: how to have a network without a ruler in the center
Internet: digitized books and movies and music and information
Blockchain: digitize value and ownership and contracts and coordination
Ethereum: trustless computing
Both history of money & history of internet are useful
Digitized information -> digitized scarcity
Medium exchange has stronger network effects than store of value
Good for mega tiny and mega large transactions
https://open.spotify.com/episode/4aRy1kFoTnan8kTx9BohoN?si=i5zdpMb_SMa8FkzZe4xVjg
——
Notes for those interested ⬇️
Blockchains: bring market-based network mechanism into digital systems
But paying with resources (compute, solar power, internet or cellular bandwidth, etc.)
System for making leaderless (and transparent & decentralized) networks
Starting with money, but other resource networks as well
And things like contracts, video game potions, etc. (coordination)
Byzantine Generals’ problem: how to have a network without a ruler in the center
Internet: digitized books and movies and music and information
Blockchain: digitize value and ownership and contracts and coordination
Ethereum: trustless computing
Both history of money & history of internet are useful
Digitized information -> digitized scarcity
Medium exchange has stronger network effects than store of value
Good for mega tiny and mega large transactions
I deeply value feedback
But it has gotten no easier to hear constructive criticism
This is unlike other things I deeply value yet are difficult, like fitness
To ask for, then receive, good-faith feedback requires me to literally arm myself to fend off my self-conscious, self-doubting self in order to grow
Real work
But it has gotten no easier to hear constructive criticism
This is unlike other things I deeply value yet are difficult, like fitness
To ask for, then receive, good-faith feedback requires me to literally arm myself to fend off my self-conscious, self-doubting self in order to grow
Real work
Ok wow first time in SF in a long time and the Waymo army is overwhelming
On any one city block, there are usually at least 2 Waymos at the same time
It’s very disorienting frankly as a New Yorker
On any one city block, there are usually at least 2 Waymos at the same time
It’s very disorienting frankly as a New Yorker
Who's going to be at CoinAlts? Could get an in-person link going
"Cucinelli"
I don't even own any it's so expensive I just love it and him
I don't even own any it's so expensive I just love it and him
this is...
...so funny
...so funny
I find this argument from @davidphelps super compelling
It's a question I've been asking a lot recently wrt portfolio construction for the fund I'm building
I think where I shake out is:
TODAY: ~70% infrastructure & ~30% products/apps
shifts to
FUTURE: ~70% products/apps & ~30% infrastructure
The idea being that I will move capital from infra to products as I see compelling opportunities
Wdyt?
https://x.com/divine_economy/status/1839749201434984879
It's a question I've been asking a lot recently wrt portfolio construction for the fund I'm building
I think where I shake out is:
TODAY: ~70% infrastructure & ~30% products/apps
shifts to
FUTURE: ~70% products/apps & ~30% infrastructure
The idea being that I will move capital from infra to products as I see compelling opportunities
Wdyt?
https://x.com/divine_economy/status/1839749201434984879
After doing some thinking, here are some of my thoughts re: this risk
Lmk what y'all think
- pro crypto creates US hub for talent and business (good for country, GDP, tax revenue)
- lots of financial payments on crypto still done in USD
- more likely to draw away money from other, worse currencies than USD (if anything, creates more liquidity/better systems for USD democratizing USD access to other countries) - if the best money wins, and crypto is infrastructure, there’s still a place for USD, not so much for other, less good currencies
- more likely another good option for a new economy, not necessarily needing to replace anything
- more store of value/commodity than unit of exchange
Key risk to the dollar isn't crypto itself but a failure by the US to innovate with blockchain tech - would allow other countries to leapfrog in the race toward innovative/digital finance
Could actually argue that embracing and clearly regulating crypto is likely to strengthen the dollar’s role, not weaken it
Lmk what y'all think
- pro crypto creates US hub for talent and business (good for country, GDP, tax revenue)
- lots of financial payments on crypto still done in USD
- more likely to draw away money from other, worse currencies than USD (if anything, creates more liquidity/better systems for USD democratizing USD access to other countries) - if the best money wins, and crypto is infrastructure, there’s still a place for USD, not so much for other, less good currencies
- more likely another good option for a new economy, not necessarily needing to replace anything
- more store of value/commodity than unit of exchange
Key risk to the dollar isn't crypto itself but a failure by the US to innovate with blockchain tech - would allow other countries to leapfrog in the race toward innovative/digital finance
Could actually argue that embracing and clearly regulating crypto is likely to strengthen the dollar’s role, not weaken it
Reading /readwriteown
It’s fascinating to me to dive back into the history and structure of the internet
Would y’all agree that almost 100% of the value of the internet is all because we’ve been able to have 1 single form of ownership of “digital real estate” in the form of DNS?
It sure seems that way - without some degree of private ownership incentives fall away
If so, it’s so obvious to me that crypto’s value is multiples of the internet given the value layer embedded in the protocol (and not separate from it)
It’s fascinating to me to dive back into the history and structure of the internet
Would y’all agree that almost 100% of the value of the internet is all because we’ve been able to have 1 single form of ownership of “digital real estate” in the form of DNS?
It sure seems that way - without some degree of private ownership incentives fall away
If so, it’s so obvious to me that crypto’s value is multiples of the internet given the value layer embedded in the protocol (and not separate from it)
Some great responses in here
I’ve been reflecting on this 6-hour flight (and reading /readwriteown), and it really comes down to the core technology:
Ownership embedded in a decentralized compute protocol
It’s such a leap in understanding for people that (like myself until relatively recently) don’t even understand how the internet works, and how key ownership is for even enabling the whole thing to work (through domain name ownership via DNS - without “digital real estate” of a domain name it all falls apart)
I believe more than ever, but I think raising my fund is going to be more challenging than I thought…
/wearesoearly
(Also, I think just like the internet, governments allowing crypto enable a whole new economy to take place on their solid, which is overwhelmingly net good for them - like any valuable tech, it’s imprudent to block it, even if it seems threatening at first)
I’ve been reflecting on this 6-hour flight (and reading /readwriteown), and it really comes down to the core technology:
Ownership embedded in a decentralized compute protocol
It’s such a leap in understanding for people that (like myself until relatively recently) don’t even understand how the internet works, and how key ownership is for even enabling the whole thing to work (through domain name ownership via DNS - without “digital real estate” of a domain name it all falls apart)
I believe more than ever, but I think raising my fund is going to be more challenging than I thought…
/wearesoearly
(Also, I think just like the internet, governments allowing crypto enable a whole new economy to take place on their solid, which is overwhelmingly net good for them - like any valuable tech, it’s imprudent to block it, even if it seems threatening at first)
Had a conversation with a hedge fund manager earlier
His biggest reason for crypto skepticism (esp. the macro thesis):
Since crypto is going after “money,” the biggest risk is sovereign states banning it
And the more successful crypto is, the more likely it is to be banned
What are your best counter-arguments?
His biggest reason for crypto skepticism (esp. the macro thesis):
Since crypto is going after “money,” the biggest risk is sovereign states banning it
And the more successful crypto is, the more likely it is to be banned
What are your best counter-arguments?
NYC is undefeated today
Ok so (obviously) thus far /comma has just been me sharing things that feel relevant to seekers, leaders, creators, entrepreneurs, builders, artists
But my vision for this space is:
1) To be a magnet for people like this - who seek to create their own path in life (not follow somebody else's)
2) To have these people ALL share things that light them up
So, take this as a ~rousing~ invitation
If you care about a life of more aliveness, depth & richness of connection,
& have the courage to step out and forge your own path
Then I think you're going to like it here
Come,
join us
And share what lights you up
You're welcome here
But my vision for this space is:
1) To be a magnet for people like this - who seek to create their own path in life (not follow somebody else's)
2) To have these people ALL share things that light them up
So, take this as a ~rousing~ invitation
If you care about a life of more aliveness, depth & richness of connection,
& have the courage to step out and forge your own path
Then I think you're going to like it here
Come,
join us
And share what lights you up
You're welcome here
From my all-time favorite
The Alchemist
The Alchemist
"some people will not 'get' you
but what matters is that you get you"
but what matters is that you get you"
"don't forget to live for yourself"
Believe in something
[solidcore] is king
that is all
that is all
On that
"don't just do something, sit there"
kinda vibe
"don't just do something, sit there"
kinda vibe
🗣️ calling all non-technical casters 🗣️
I'm curious what the split between technical & non-technical people is here
I ask because there's a difference in what & how people communicate based on their technical/non-technical understanding of the crypto space (as there should be, nothing wrong with it)
I'm non-technical, got into the space ~3.5 years ago (became a BTC & ETH holder), & now building a fund to invest in crypto (15-25 assets) over the long-term
I believe deeply in web3
I'm on a mission to ~always~ learn more about the space, be willing to ask the "dumb" questions to get to full understanding, and seek to get to the objective truth, independent of any tribal narratives
I want to be helpful to others as well, so if this is the kind of vibe you're looking for, let's do it together - give a shout
I'm curious what the split between technical & non-technical people is here
I ask because there's a difference in what & how people communicate based on their technical/non-technical understanding of the crypto space (as there should be, nothing wrong with it)
I'm non-technical, got into the space ~3.5 years ago (became a BTC & ETH holder), & now building a fund to invest in crypto (15-25 assets) over the long-term
I believe deeply in web3
I'm on a mission to ~always~ learn more about the space, be willing to ask the "dumb" questions to get to full understanding, and seek to get to the objective truth, independent of any tribal narratives
I want to be helpful to others as well, so if this is the kind of vibe you're looking for, let's do it together - give a shout
126 pages to try to explain crypto and why I'm committed enough to go all-in on my "best idea"
&
It hits me, again and again, how big of a leap it is for non-crypto people to ~fully~ grasp our world
It's easy to forget after being in it for several years, but intentionally talking to people outside of crypto - it's striking
It's still difficult for people to wrap their heads around
It's an entirely different worldview
&
It hits me, again and again, how big of a leap it is for non-crypto people to ~fully~ grasp our world
It's easy to forget after being in it for several years, but intentionally talking to people outside of crypto - it's striking
It's still difficult for people to wrap their heads around
It's an entirely different worldview
I'm declaring it
Fall is officially here in NYC as of this morning
Fall is officially here in NYC as of this morning