Tung Nguyen

| Partner at Seven30 Capital |

[Brivael Le Pogam @brivael]

Elon Musk avait dit un truc qui m'avait marqué sur l'allocation de ressources. En substance : passé un certain niveau de richesse, l'argent n'est plus de la consommation, c'est de l'allocation de capital.

Cette phrase change tout.

L'économie, dans le fond, c'est juste un problème d'allocation. Tu as des ressources finies et des usages infinis. Qui décide où va quoi ?

Imagine une cour de récré. 100 enfants, des paquets de cartes Pokémon distribués au hasard. Tu laisses faire. Très vite, un ordre émerge. Les bons joueurs accumulent les cartes rares, les collectionneurs trient, les négociateurs trouvent des deals. Personne n'a planifié. Et pourtant chaque carte finit dans les mains de celui qui en tire le plus de valeur. Le système maximise le bonheur total de la cour. C'est ça, la main invisible.

Maintenant fais entrer la maîtresse. Elle trouve ça injuste. Léo a 50 cartes, Tom en a 3. Elle confisque, redistribue, impose l'égalité. Trois effets immédiats. Les bons joueurs arrêtent de jouer, à quoi bon. Les mauvais n'ont plus de raison de progresser, ils auront leur part. Les échanges s'effondrent. La cour est égale, et morte. Elle a maximisé l'égalité, elle a détruit le bonheur.

Le problème de la maîtresse, c'est qu'elle ne peut pas avoir l'information que la cour avait collectivement. C'est le problème du calcul économique de Mises, formulé en 1920. L'URSS a essayé de le résoudre pendant 70 ans avec le Gosplan. Résultat : pénuries, queues, effondrement. Pas parce que les Soviétiques étaient bêtes, parce que le problème est mathématiquement insoluble en mode centralisé.

Quand Musk a 200 milliards, il ne les consomme pas, il les alloue. SpaceX, Starlink, Neuralink, xAI. Chaque dollar est un pari sur le futur. Et lui a un track record. PayPal, Tesla, SpaceX. Il a démontré qu'il sait identifier des problèmes immenses et y allouer des ressources avec un rendement spectaculaire.

L'État aussi a un track record. Hôpitaux qui s'effondrent, éducation qui décline, dette qui explose, services publics qui se dégradent malgré des budgets en hausse constante. Le marché identifie les bons allocateurs, la politique identifie les bons communicants.

Le profit n'est pas une finalité, c'est un signal. Il dit : tu as alloué des ressources rares vers un usage que les gens valorisent suffisamment pour payer. Plus le profit est gros, plus la création de valeur est grande. Quand Starlink est rentable, ça veut dire que des millions de gens dans des zones rurales ont enfin internet. Quand un ministère est en déficit, ça veut dire qu'il consomme plus qu'il ne produit. L'un crée, l'autre détruit, et on appelle ça redistribution.

Dans nos sociétés il y a deux catégories d'acteurs. Les entrepreneurs et les bureaucrates. L'entrepreneur prend un risque personnel pour identifier un problème, mobiliser des ressources, créer une solution. S'il se trompe il perd. S'il a raison, ses clients gagnent, ses employés gagnent, ses fournisseurs gagnent, l'État collecte des impôts. Il est la cellule de base du progrès humain.

Le bureaucrate ne prend aucun risque personnel. Son salaire est garanti. Au mieux il maintient une rente existante. Au pire il la détruit par excès de réglementation, mauvaise allocation forcée, incitations perverses qui découragent ceux qui produisent. Mais dans aucun cas il ne crée.

Regarde les 50 dernières années. iPhone, internet civil, SpaceX, Tesla, Google, Amazon, Stripe, mRNA, ChatGPT. Toutes des inventions privées, portées par des entrepreneurs, financées par du capital risque. Pas un seul ministère n'a inventé quoi que ce soit qui ait changé ta vie au quotidien.

La France est devenue le laboratoire mondial de la dérive bureaucratique. 57% du PIB en dépenses publiques, record absolu. Une administration tentaculaire, une fiscalité qui pénalise la création de richesse. Résultat : décrochage face aux États-Unis, à l'Allemagne, à la Suisse. Fuite des cerveaux. Désindustrialisation. Dette qui explose.

Et le pire c'est que la mauvaise allocation s'auto-renforce. Plus l'État prélève, moins les entrepreneurs créent. Moins ils créent, moins il y a de base fiscale. Plus l'État s'endette et taxe. Boucle de rétroaction négative parfaite. La maîtresse pense qu'elle aide, et chaque année la cour produit moins.

Dans nos sociétés, ce sont les entrepreneurs, toujours, qui font avancer la civilisation. Les bureaucrates au mieux maintiennent une rente, au pire la détruisent. Aucune société n'a jamais progressé en taxant ses créateurs pour subventionner ses gestionnaires.

La question n'est jamais qui a combien. C'est qui alloue le mieux la prochaine unité de ressource pour maximiser le futur de l'humanité. La réponse depuis 200 ans n'a jamais changé. Ce ne sont pas les fonctionnaires.

[Tung Nguyen @0xHuman]

@Diabolical2099 @willchamberlain @ilyasut You mean Palantir ?

[Tung Nguyen @0xHuman]

@kumareth @steipete How do I install iron claw on mac that already has open claw that won’t affect open claw ?

[Tung Nguyen @0xHuman]

@budapp Will try it out !

[Tung Nguyen @0xHuman]

@maverickecom Agent

[Tung Nguyen @0xHuman]

https://t.co/m8l89bwqId

[Y Combinator @ycombinator]

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[Nick shirley @nickshirleyy]

🚨 Here is the full 42 minutes of my crew and I exposing Minnesota fraud, this might be my most important work yet. We uncovered over $110,000,000 in ONE day. Like it and share it around like wildfire! Its time to hold these corrupt politicians and fraudsters accountable

We ALL work way too hard and pay too much in taxes for this to be happening, the fraud must be stopped.

[Ryan Watkins @RyanWatkins_]

The more time passes, the more I believe crypto natives have completely lost the plot on ETH and that’s it’s becoming impossible to replicate the product that Ethereum has built.

At this point, no other ecosystem is even attempting to create a WWIII-resistant, globally shared settlement system. And as we’ve come to understand, you can’t realistically do so anymore.

The unopinionated, general-purpose GTM strategy that made Ethereum possible is now dead on arrival in today’s highly competitive and heavily financialized environment.

Like Bitcoin, Ethereum emerged from a unique set of social, economic, and technological conditions that no longer exist — it is now nearly impossible for new entrants to build anything that competes with Ethereum in terms of legitimacy.

I used to wonder how much any of this would matter to institutions. It still might be too early to call, and we’re already seeing attempts from Stripe and various Wall Street consortiums to roll up their own settlement infrastructure.

Still, both the data and the anecdotal evidence indicate that institutions are choosing Ethereum more than anything else, for its reliability, neutrality, and ability to minimize long-term counterparty risk.

In this sense it’s not unlike why institutions choose Bitcoin. Bitcoin provides the same guarantees to everyone regardless if they’re a billionaire in New York, dissident in North Korea, or the Central Bank of China.

And the thing is, it’s not just that Ethereum has a special origin story or that it has unique properties. Its network effects are compounding in ways that may ultimately be insurmountable.

The more assets that get tokenized, the more integrations that default to Ethereum as the safest settlement layer, the more high-performance rollups like Base and Lighter that choose to anchor to Ethereum’s security hub, the more nodes that get spun up, and the more developers that onboard into the EVM — the more I believe Vitalik was right about the rollup-centric roadmap, and the more obvious it becomes that Ethereum’s moat is widening, not shrinking.

The cherry on top is it seems like the Ethereum Foundation, and community by extension, has finally got its shit together for the first time in a while.

For the past two years I thought Ethereum was struggling, but that the “game” was still its to lose. There’s still a long road ahead and success is not guaranteed.

But I now think they’re righting the ship, and the outlook is the most promising it’s been in a long time.

[Tomasz K. Stańczak @tkstanczak]

https://t.co/y6RKaLbC5G

[Jarrod Watts @jarrodwatts]

Ethereum’s next major upgrade, “Fusaka”, goes live in less than 48 hours.

I read all 13 EIPs being included so you don’t have to.

So, here are 13 tweets (with diagrams) to explain the 13 upgrades in simple terms: 🧵

[Polygon | POL @0xPolygon]

Big news:

@Mastercard chooses Polygon to launch username-based transfers for self-custody wallets, with @mercuryo_io.

[Barrett Linburg @DallasAptGP]

I run a company that has hundreds of millions of dollars of real estate in Dallas.

When the Mayor speaks, I listen.

Cities rarely announce their next decade of growth in one speech.

Dallas just did.

Here is what I heard in today’s State of the City address:

Dallas wants to become the next great American city.

The plan is simple: grow the tax base.

Dallas may want a lower property tax rate. But it also needs more property to tax.

More apartments.

More offices.

More businesses.

The city knows this.

Faster permits.

Clearer rules.

Make it easier to build.

Growth pays for everything.

Wall Street is moving here.

“Y’all Street” sounds like a joke. It is not.

The Texas Stock Exchange is coming.

Goldman Sachs is building a new campus.

Scotiabank is moving operations here.

CBRE and AECOM did the same.

This is not just buildings. It is jobs.

Dallas has created over 100,000 finance jobs in the last ten years.

High-paying jobs.

Money used to be made in New York and California.

Now it is made here.

The city is building parks that matter for decades.

Klyde Warren Park changed downtown Dallas.

It turned a highway overpass into a place where people want to be.

Now the city is building more:

Harold Simmons Park.

Halperin Park.

A new convention center.

These projects take years to finish.

But when they are done, they change how people see Dallas.

They change what the city is worth.

Dallas wants to keep its big companies downtown.

Sports teams.

Fortune 500 headquarters.

Major employers.

The city is fighting to keep them in the urban core.

Not in the suburbs.

Not in other cities.

Here.

This matters.

When a headquarters leaves, jobs follow.

Tax revenue follows.

The ecosystem breaks down.

Dallas knows this. It is working to prevent it.

Crime is dropping.

Violent crime has fallen for five straight years.

Double-digit declines.

A safe city attracts families.

It attracts businesses.

It attracts investors who think long-term.

Safety is not flashy. But it is the foundation for everything else.

This is why we are betting on Dallas.

At Savoy, we build apartments.

We manage properties.

We invest in neighborhoods.

We are betting on Dallas because the city is making smart moves.

If even half of these plans work, Dallas will continue growing faster than most cities in America.

We see it in Bishop Ridge.

We see it in the capital flowing into Texas.

We see it in the confidence people have in this city’s future.

We are building for the Dallas of 2035, not 2025.

We think that bet will pay off.

[Tung Nguyen @0xHuman]

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[Cobie @cobie]

Probably one of the most severe flushes I’ve ever seen on alts, I didn’t even imagine alts had this much leverage in them. It feels like someone got hit very hard and will see a large body float to the surface soon, reminds me a little of summer 2021.

Good reminder to myself to own things that I am actually bullish on, and not things I am trying to shift on momentum. Some charts look like they’ll never recover, whereas some things look buyable for the first time in a while.

When everyone is making hilarious amounts of money I am always tempted to start using leverage again. It is almost impossible to fight the feeling that you’re not making enough, or everyone else is outpacing you. Good reminder that fighting that feeling and avoid the wipeouts is worth it in the end.

Check on your friends, likely a bad day for many.

Personally, am concentrating my bags into the things I am happy to own for the next few years, and shedding the fat. Realised I own some assets based on not wanting to miss out, rather than on some actual thesis. Days like today are much easier for me if I think my bags will bounce back, and much worse if I’m losing money owning things I don’t even believe in.

Don’t let a leverage blowup dictate your long-term views. The future is bright, good things to come, patience is rewarded.

嵐の後

[Tung Nguyen @0xHuman]

@TheCAThomas @ArtemisConsort Why is it ok to say some race is better than others at football or basketball but not some race is better than others academically and has higher income ?

[Tung Nguyen @0xHuman]

@TakiTajwar17 I d love one

[Tung Nguyen @0xHuman]

@amandevx Sora 2

[Turning Point USA @TPUSA]

A Life of Faith, A Legacy That Endures: Remembering Charlie Kirk

[whatever @whatever]

CHARLIE KIRK REST IN PEACE

[Tung Nguyen @0xHuman]

@cturnbull1968 @GregAbbott_TX @TexasGOP @texasdemocrats Do you think the business owners and job creators in those area are democrats ?