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The ethereum:native roadmap needs a trillion-dollar north star. ansgar.eth: “I think we are very clearly pro markets. We’re very pro growth.” “Ethereum has, in many ways, had a lot of success.” “Now the problem is it had that success five years ago.” “The market is right now expressing, ‘Yes,...

34,400 просмотров • 1 месяц назад •via X (Twitter)

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.Justin Drake: "I don't see how ETH could not flip BTC" Justin is asked: What's Ethereum? Is it a settlement layer? A world computer? Monetary network? He responds: "For me, this hasn't changed for many years. Ethereum is the Internet of Value." "In order to be successful as the Internet of Value you need very good money at the center of it because that will be the substrate -- the economic bandwidth -- that will allow you to build a lot of services (e.g. loans, stablecoins)." "In some sense, the success of the platform and the success of the money are tied at the hip. This is why I think those who are pushing for ETH as money are really helping the platform and vice versa -- those who are helping the platform are helping with ETH the money." "One of my theses is that we'll have winner-takes-most platforms. There's only one Internet. There's only going to be one Internet of Value that captures 90-99% of all economic activity. And just for weird, path-dependent reasons, we have Bitcoin that is the largest money right now. But I think this is a highly-unstable equilibrium for multiple reasons. And I think the best candidate to win the Internet of Value is by far Ethereum." Fede’s intern 🥊 adds to this point, "I was never convinced there was a chance of [Ethereum flipping Bitcoin] to be honest. But I'm getting convinced there's a high probability -- you [Justin] have played a part in convincing me because of the issuance (declining block subsidy) and now the post-quantum. I do think there's a high chance that ETH becomes the dominant economic substrate in the long-term. I don't see how proof-of-work could work long-term." Justin echoes this: "Unless there's some catastrophic failure of Ethereum, I don't see how Ethereum could not flip Bitcoin." Source: Blockspace Forum Read our thesis on why ETH is better money than BTC below 👇

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Chamath and Larry Summers Debate the Market Reaction to Trump's Tariffs Lawrence H. Summers: "If this is such a terrific thing, why do markets think it's so terrible for the American economy?" "Maybe the market's just completely wrong ... but the job of markets is to look forward." "It's to look passed the immediate." "It's to see what the long run consequences are going to be." "And markets are making a pretty devastatingly negative judgment on this step." Chamath Palihapitiya: " Larry, that's not true." " So let's just establish a couple facts about 'the markets.'" "Number one, there are two markets and they behave totally differently, and sometimes inversely to each other." "There's the stock market and there's the bond market." 1) Stocks: mean reversion "With respect to the stock market, what they are debating, and you're right Larry, is what is the effective long-term rate of return a dollar needs to generate in order to pay me back that dollar?" "That is what the fundamental stock market does." "And what we've seen for many years with trade imbalances, trade deficits, and close-to-zero interest rates, of which more of that happened under Democrats than Republicans, we have allowed the stock market to inflate past historical averages." " What we've actually seen happen in the last week is what most people would call mean reversion." "The stock market is still way above where it was last year, two years ago, three years ago." "What has happened is that the forward multiples have compressed. So that's number one. That's a fact." 2) Bonds: it's possible a major trade blew up "And then with respect to bonds, what we are seeing now is there are two very complicated issues." "In the last two days, we saw one part of the bond market totally get out of whack." "And what we know is that the yields changed materially in a very acute way, which is atypical of how the bond market typically digests a philosophical change in approach to policy." " What we heard in the last 24 hours is a lot of this move may have been attributed to an enormous levered bet on US treasuries by a Japanese hedge fund." " It will take three, and four, and five, and six weeks for us to really know." 3) Private credit: something to watch closely " Separately, what we do know, though, where the structural complexity of the market — and this is where, Larry, I agree with you — is acute and important to observe is in the credit markets for private companies." "And that is where you have to pay a lot of attention."

The All-In Podcast

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Avichal Garg on why he’s bullish ETH “What ETH has that is very difficult to reproduce is credible neutrality. And if you think there’s going to be a global financial system settlement layer, I think that is the critical thing — that trust and neutrality is basically irreproducible… ETH has that.” “For me the turning point for ETH was when the United States decided to seize Russian assets and weaponize the dollar… If you’re Germany, France, India, Turkey, Brazil, or most of the world, you’re looking at the world and saying, I don’t think I want to be allied with the Chinese — India certainly doesn’t — but now I’m worried that if I ally with the US and then they want me to do something and I don’t do it, they’re just going to take all my money? What you want is a US dollar denominated system that the US cannot single-handedly decide to boot you from and where the United States cannot just take all your assets. That’s literally what Ethereum is.” “[Ethereum is] a US dollar denominated system, that nobody in the world controls, that anybody can mutually agree to transact upon, where the United States can’t steal your assets — and there are ways to structure synthetic dollar assets that are not sitting in US banks, just like the Eurodollar system. What is that worth? I think that’s worth a lot of money.” “If you’re any bank, country, or central bank, [Ethereum] is the only place you can do that. Now how does that get valued? Does that mean ETH becomes a store of value as the endogenous backing asset for the thing which can be used as collateral? We tend to think that those things are true, and we’ve written about this.” “You can go talk to anybody on Wall Street. Where are they building? Everybody’s trying to build on ETH. Where’s Coinbase building? Where’s Robinhood building? Where’s SoFi building? Underneath it all, all of the activity for that sort of behavior — geopolitically, central bank level, important behavior — is happening right now in this space [on Ethereum], and I think it will take some time for people to appreciate and underwrite that.” “In 10 years people will look around and be like, ‘Oh wow, that’s really important, and I should own a piece of that.’ I don’t know when it rerates, but I think at some point people will get their heads around that there is something unique to this thing that nobody else will be able to reproduce, and that thing is valuable.” Source: Empire 🟪 (Jun 2026) Read our report "Why Permissionless Infrastructure Wins" below 👇

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