The plumbing works, now what?
The existential-risk story might have some plot holes
Neuralese, tokenized tokens, Pokémon 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
Buying a Birkin from Hermès is hard. Buying it from a claw machine is fun.
The surprising resilience of pre-FDIC banking
The Supreme Court might soon have to decide
