This is the crypto version of Bloomberg acquiring Reuters for 3 cents on the dollar.

Biggest ROI while you have access to Fable is to use it to audit and improve your skills and processes themselves. Compounding benefits for cheaper models to execute

T-2 days until the music stops?

Paris. Web3. Institutions. Suits. We stood up (literally) with Matt O’Connor (@matty_) from Legion (@legiondotcc) to discuss Legion’s next chapter and how builders are adapting. For them, the next step is leading the evolution of private markets. Full convo out now!

GPs are some of the most underrated people in venture. Picking companies is maybe 10% of their work. You're running sales, marketing, recruiting and fundraising at once, because the fund is your startup. Raising will give you more respect for GPs than anything.

'Claude says I ask smart questions' is the 2026 version of falling in love with the stripper.

There are maybe three crypto conferences left worth attending and @proofoftalk is one of them. Some observations from day 1: - @CantonNetwork is the place to build or migrate. They have aspirations to dominate retail payments as well, not just institutional. The main retail perk is privacy, main institutional perks are liquidity, strong existing partnerships, and the technical ability to control which nodes can see or run your deployments. To watch here: @tryMinted @Noves_fi - AI cybersecurity threats break the assumptions that monolithic centralized systems have scaled on over the past 20 years. Decentralized networks, identity verification, and key management all play a role in the solution. A surprising number of family offices investing in Bittensor $TAO - Adjacent to this, turning AI usage into “useful proof of work” to secure a chain is gaining traction and solving a problem as old as Bitcoin itself @prlnet - Everyone is trying to OTC sell $LAB. No bids at 80% discount. - Also saw more people in suits than any other crypto native conference I’ve been to, not counting “digital asset class” style events. The institutions are not going anywhere. Overall my second time to a crypto event in Paris. Generally tend to be smaller events, but higher signal. A lot of activity and energy. Photo borrowed from @proofoftalk since I once again walked out without taking one.

SpaceX, OpenAI, and Anthropic's private valuations exceed the val of every dot com bubble IPO combined, even after adjusting for inflation. No wonder private markets secondary activity is at all time highs. Wealth is created pre IPO.

Incredible tech. Solves more of a problem than 99% of crypto projects

How to ragebait a VC - Which podcast gave you that opinion? - How would you add value if you found a way to be valuable? - You look like you make all of the 2 but none of the 20. - Sorry, we aren't raising from you right now. - Which AI model did you use to vibe code your firm's website? - What startup role would you take if they'd have you?

It's crazy that even modern LLMs abide by classic machine learning principles. Define a loss function. Iterate. Don't overfit.

Transparency is the most critical pre-requisite for efficient capital markets, and precisely the one most tokenized assets lack. Happy to support this initiative and be a member of the Transparency Alliance at @legiondotcc

It's a sad state of affairs that common sense policies are seen as right-wing or MAGA Says a lot about both sides.

The @SpaceX IPO is going to be the largest in history with 30% allocated to retail, 3-6x the typical amount reserved for the little guy. But the biggest winner? Morgan Stanley. Morgan Stanley has been Musk's house bank for 15 years. They led the $12.5B margin loan for the Twitter acquisition. They run a special lending program letting SpaceX employees borrow against their vested shares at the $350B valuation. Musk's personal borrowing against his holdings funds his lifestyle, acquisitions, and ventures - standard buy-borrow-die mechanics. Morgan Stanley is on the other side of all of it. And now they're the stabilization agent and retail allocation lead on the IPO itself. Loans backed by private stock are loans backed by a number a private board approved. No daily mark. No liquid market. SpaceX was valued at $46B in 2020, $350B in 2024, $1.75T heading into the IPO. Morgan Stanley extended credit against every step of that climb. If the valuation ever stopped climbing, they'd be sitting on a massive loan collateralized by an asset they can't sell on the open market. Morgan Stanley needs this IPO more than anyone. But this IPO is a lot more than just collateral becoming liquid. Earlier this year, the S&P 500 and Nasdaq quietly dropped their profitability requirements for index inclusion. SpaceX runs at a net loss. Under the old rules, no index eligibility. Under the new rules, immediate inclusion on listing. Every fund on earth that tracks the S&P 500 becomes a forced buyer from day one. Morgan Stanley lends against private shares for 15 years. The IPO converts that exposure to liquid collateral. Index rule changes create trillions in mandatory, price-insensitive buying. And your 401(k) - without anyone asking you - becomes the other side of Morgan Stanley's trade. Underneath all this is a genuinely great business. Starlink is the fastest-scaling telecom in history, and no one in their right mind would short anything Musk touches (Grimes' record sales perhaps being the sole exclusion). But the market-structure question is worth understanding separately from the fundamentals. Morgan Stanley is converting 15 years of concentrated private-market lending into a position backstopped by forced index demand. And your 401(k) is on the other side of that trade whether you want to be or not.

Being in crypto for 10 years means randomly finding $20,000 accounts you forget about one day and then losing $100,000 in a DeFi hack the next.