The Fed may have to pull its rate decisions from a hat
Decentralization might make AI unstoppable
Even the Walkman used to seem scary
The plumbing works, now what?
The existential-risk story might have some plot holes
Neuralese, tokenized tokens, PokeΜmon money, dopamine hits
Artisanal trading might be the solution
When banks bank for banks
No work was done in the making of this newsletter
Throughput, rallies, and retail heat
AI makes work (for now)
Frankentokens, LSU, crypto cash flows, handbag hedge fund