RT Mel Mattison (@MelMattison1)Let me explain further:In decades past, S&P was more or less a discounting mechanism for future cash flows used by the wealthy as an alternative to cash-flow producing opportunities available in private markets and elsewhere.That is no longer the case.The passage of MAGA accounts cements the S&P as a new pension scheme for the US. This transition began with the institution of the 401(k) and continues to this day.The S&P 500 is, in a very real sense, a new public good. It is ba ...

RT Gwart (@GwartyGwart)This is why, paradoxically, I’m almost sympathetic to people who cannot wrap their minds around the “revenue meta.” Not because these people are correct that it’s just a “meta”, they are very wrong and always have been, but because the first 10 years of crypto managed to completely nerdsnipe and indoctrinate so many in this industry into just writing open source code and assuming you’d capture value for ~reasons~ and the worst part was that it was *mainly true* for those 10 years, in ...