X @mert | helius.dev

Reflexivity and Market Dynamics - Reflexivity, where investors' beliefs shape the market and vice versa, is amplified by the convergence of the internet and finance [1][2] - Narratives spread faster than fundamentals on the financial internet, similar to how fake news spreads faster than truth [2] - Systems that benefit from reflexivity include privacy-focused systems [3] Privacy and Financialization - Increased speculation on privacy strengthens the underlying system's privacy properties as shielded pools grow [3] - Privacy-related systems like Zcash (ZEC) are expected to benefit disproportionately from the financialization of the internet and the acceleration of the reflexive loop [4] Internet-Native Finance - Finance has become internet-native, driving the rise of perps, memes, and prediction markets [2][3] - The effects of reflexivity are becoming stronger [2]