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This was an incredible conversation. 57 minutes of why Morgan Stanley is all in on crypto.

new jersey man

we're still very active in vc, dms open

We led an investment in Libeara to accelerate the development of institutional-grade markets for real-world assets.

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spot on analysis, each gap is a multi-billion dollar opportunity

no way thats sick

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For every 10 likes, I'll make Chamath's collar bigger.

Multicoin just released a paper regarding building around the attention economy. Great read by @eliqiann. multicoin.capital/2025/10/23… My thoughts: Completely agreed that memecoins showed general direction validation in this and that they are a great schelling point to valuing attention. But I also believe that crudely determining a trading medium for pure attention is a little early. It takes away from the actual nuances and fun of what the memecoin market brings to the table: a medium of believing that a certain type of attention will get more than others (which when memecoins were lively-- brought a lot of retail traders). And not to mention, the more formal it becomes it may lose traders in the process. What a lot of marketing outlets have already begun to realize over the past couple of years is that attention span is rapidly diminishing and now the quality of attention matters (connection to other nodes, wealth, loyalty, intelligence, sentiment, etc.). This is because now with crypto, everyone has access to a pretty efficient UI/UX for avenue of payment and capital transfer. This started with radios and television, where attention has become a tool for removing overhead for people to notice the product, grow mindshare in the product, and eventually hopefully that turns into increasing customer spend on the product. Along with the fact that attention breaking out and contaminating others within the same clutter of nodes is much easier (information now travels much faster and social circles are now much more solidified). This is so prevalent to the point where it forms and shapes the business model of large platforms/corporations: starbucks --> real estate, twitch --> amazon, tik tok --> tiktok shop, etc. They are all desperate for growth and this comes in the form of the second order of the general increase in "attention" (first order being specifically useful attention). Attention as a whole-- if we were to denominate as market cap-- has risen, but the truth is that this market is quite top-heavy (and all subjectively valued). I like the idea of attention oracles because it gives a good and fair way to price attention, but there are different types of attention. But certain attention is priced differently to other people. If we go back to the root of why attention itself is so costly is because they're easily monetizable. If the end goal is to somehow monetize this attention here there are a couple of areas that could be interesting: 1. Something that further removes proximity of spending and value generation (replacing the role of attention in this case) 2. Pricing attention fairly given a specific type of people and the brand/platform/corporation/product 3. Something that can provide the local maximum of the matrix between: end consumer's emotional gain and money spent 4. Mechanisms or platforms that can optimize for spreading information more effectively 5. Platforms that can use this attention flywheel and increase the span of the users to solidify themselves as a source of attention (which comes from both just having a unique, great product that cares about the end user as well as being able to keep innovating to satisfy them) Obviously this list, and this entire piece, is just a huge braindump :) s/o @etherary @0xArnav for helping inspire some of the ideas here

There are two structural reasons for why we never saw Altseason this cycle and why we might never will: 1) Exchange listed much more altcoins than previous cycles. Supply of altcoin assets way outstrip demand. Binance alone listed 15 Day1 projects in Sep, largest in history. 2) Binance also list much more perp for altcoins than any cycle before, making perp the predominant way for retails to speculate instead of holding spot. This makes spot liquidity not only slim, but also extremely fragile, as it's mostly driven by second-order derivative of perpetual demand, namely MM hedging and basis arbitrage. That also means when we get an event like 10.12, the liquidation cascade on perps forces sell pressure onto already-thin spot books. We effectively get into a reflexive liquidity vacuum that amplifies downward price action. Now, after MMs bled on altcoins, they’re likely to pull back from altcoin liquidity due to internal de-risking and tighter internal risk engines. The market needs to inhale some oxygen before we can expect another altseason, if one is to come at all.