135 Research

Structural market research.
CVE: velocity, liquidity, system behavior.
Capital flows, market regimes, stress-tested frameworks.
#ConvergeOurWorlds 🌍🌎🌏❤

[135 Research @135Research]

HELLO WORLD!

135 Research is live.

Structure precedes price.
Price reveals structure.

This is where signal lives.

#ConvergeOurWorlds 🌍🌎🌏❤️

[Mike Rogers, CPA @MillennialMike7]

A full calendar can still be empty evidence, which is the problem business theater creates. Digital Asset Systems see motion, reward motion, and eventually forget to ask whether the motion provided economic value. The basic split comes down to signaling value versus actual productive value.

[Mike Rogers, CPA @MillennialMike7]

https://t.co/zmwMszG3HF

[iang @iang_fc]

To answer point by point:

> So the silver bullet market is disproportionately filled with people optimizing for survival, signaling, and personal upside rather than genuine field progress?

Where Spence comments on this (from memory) is that signaling emerges as a proxy for 'quality' whatever that means, and those who find it easy to signal by getting the degree advance, those who don't find other careers. 2ndly Spence says this system is not stable and as it is not anchored, it eventually spins away from the core notions of some grounded quality, without anyone noticing.

The problem is, what is needed? Industry doesn't really know, students certainly don't know, and why would academics know any more? Applied to infosec or crypto, yes, there would be a surplus of signallers.

> And you theorized that this is largely emergent from the information and cost structure, not just a sudden outbreak of bad character, it’s bad incentives amplifying and concentrating the worst traits

Spence wrote all this up - I just applied it to infosec, and found a rhyme. Also, we see it in crypto, I claim. It's fundamentally a problem of information - hence the topic title of insufficient information. One key insight in this school is - "wait, why must there be sufficient information?"

> But plenty of participants do understand the game and still choose the extractive version of it. The environment makes it easy and profitable to do so without forcing anyone to lean all the way in or put their own skin in the game. So the cycle stays hard to break partly because the people who benefit most from the current setup have little reason to dismantle the silver bullet market.

Right! Spence showed that insufficient information was stable in some markets. So the participants in those markets are at that disadvantage, and no wonder it tends to extraction and disfunctionality.

> And if that’s the case where does reform come into a silver bullet market?

In his seminal paper, Spence did not outline reform (IIRC). Unlike Akerlov, who talked of institutions. I did suggest some ideas for infosec in mine. I think I suggested that it is a two stage process - first move to asymmetric information and then move to symmetric sufficiency.

> Do the people in the silver bullet market realize that they are cowards?

On that, note that my paper was unpublished - rejected by WEIS "workshop on economics of information security" for 'not citing the field' 🙂 I think the people in crypto know they are cowards, as long as number goes up.

> By definition it’s an inefficient market and on a long enough timeline markets should theoretically become efficient because in theory there are arbitrage opportunities.

Arbitrage only works when there is information 🙂 and Spence says that markets in silver bullets get worse over time, not better. That said, I guess we live in hope that some structural wizardry is found to fix these markets.

[Mike Rogers, CPA @MillennialMike7]

135153

[Mike Rogers, CPA @MillennialMike7]

The @135SportsData Dynasty Rookies to watch tn.

Miami: Caleb Douglas 75th overall pick in Round 3, former Texas Tech receiver with ridiculous athletic profile for body type: roughly 6-foot-4, 206 pounds with an official 4.39 forty, giving Miami a size/speed perimeter player it simply did not have in abundance. Dolphins have explicitly described Douglas as a flanker-type outside receiver, and his college production finished with consecutive seasons of 800-plus yards, want to see whether the long speed actually creates NFL separation. If shows can win vertically, track football and handle physical coverage, 3rd round cap gives legit path toward becoming outside starter and dynasty stash.

Washington: Antonio Williams 71st overall pick in Round 3, former Clemson WR at roughly 5-foot-11, 187 pounds who ran an official 4.41 forty with a 39.5-inch vertical and 10-foot-4 broad jump, giving Wash an explosive receiver who can work from the slot or move around. Williams enters a WR room with established vets ahead of him, want to see whether acceleration and route running translate against NFL coverage and if WASH manufactures touches. If can create separation quickly and earn snaps beyond obv passing situations, combo of 3rd investment, athleticism and an offense built around Daniels gives legit path toward becoming a useful dynasty asset.

Denver: Jonah Coleman 108th overall pick in Round 4, former Washington RB at roughly 5-foot-8, 220 pounds who put up 22 bench-press reps at the combine and brings a compact build, contact balance, vision and receiving ability to Denver’s backfield. Coleman does not need to beat out RJ Harvey immediately to matter for dynasty, so tonight want to see how Denver uses him on passing downs, yards after contact and whether Sean Payton trusts him in multiple offensive situations. If proves capable as both runner and receiver, that 4th rd inv gives path to rotational work and more if an opportunity opens ahead of him.

Atlanta: Zachariah Branch 79th overall pick in Round 3, former Georgia receiver at roughly 5-foot-9, 177 pounds who ran an official 4.35 forty with a 38-inch vertical and 10-foot-5 broad jump, giving Atlanta legit game breaking speed alongside Drake London. Branch finished final college season with 81 receptions and brings acceleration and yards-after-catch ability Atl can use from slot, on motion, manufactured touches and return game, want to see winning NFL routes rather than being used as a gadget. If speed translates into consistent separation, 3rd rd invest gives path to rotational snaps and larger dynasty ceiling if develops into Atlanta’s complementary weapon.

Tampa Bay: Ted Hurst III 84th overall pick in Round 3, former Georgia State WR at roughly 6-foot-4, 210 pounds who ran an official 4.42 forty with a 36.5-inch vertical and 11-foot-3 broad jump, giving Tampa Bay size/speed outside receiver profile. Bucs have talked about developing Hurst at X WR, want to see whether athletic profile translates into beating NFL corners off the line, stacking defenders vertically, tracking ball and winning contested catches. Show more than a developmental athlete with 3rd round inv and potential outside role gives path toward contributing this season and one of more interesting dynasty stashes.

New York Jets: Omar Cooper Jr. 30th overall pick in Round 1, former Indiana receiver at roughly 6-foot, 199 pounds who ran an official 4.42 forty after finishing his final college season with 69 receptions for 937 yards and 13 TDs, giving Jets another explosive receiving option alongside Garrett Wilson. Cooper has experience both outside and in slot, want to see where Jets actually deploy him, whether can create separation against NFL corners and whether his college yards-after-catch ability translates. If already earning meaningful snaps/being moved around formation, combo of 1st RD Inv, production, athleticism and clear path into offense makes one of the strongest immediate dynasty bets of the six.

[Mike Rogers, CPA @MillennialMike7]

135153

[Mike Rogers, CPA @MillennialMike7]

For as boring as it is, Accounting is the back door to understanding every business on the planet, regardless of industry. And once you understand Accounting, a surprising amount of the frameworks translate over to protocols.

[iang @iang_fc]

@MillennialMike7 @Meadowbrook135 @135Research Consensus == stagnation.

In science, advance comes from breakthroughs which break through consensus. They upturn it, rupture it, tear it up.

It isn't a breakthrough if it aligns with consensus.

[Mike Rogers, CPA @MillennialMike7]

Clarity > Consensus

[Mike Rogers, CPA @MillennialMike7]

https://t.co/EVZyZaVm6t

[Mike Rogers, CPA @MillennialMike7]

ATR has entered the arena.
#ConvergeOurWorlds🌎🌍🌏❤️

[Mike Rogers, CPA @MillennialMike7]

Meditations of Some Dude on the Internet: It’s funny watching people freak out about the Claude watermark. It’s 2026, almost everyone is using AI to assist with writing, research, or reasoning, and I have a hard time believing anyone who claims otherwise unless they’re Amish and writing by candlelight. I legitimately do not care if someone thinks my outputs are AI-generated. Many are AI-assisted, some aren’t, who cares? I care about workflow quality, speed, accuracy and efficiency of outputs. And if people really want to remove a fingerprint, eventually they’ll figure out a way. It’ll probably just add friction, waste compute, and make otherwise efficient workflows less efficient, but that isn’t a novel insight. The interesting problem is that the hand leaving the watermark may now be changing. If watermarking is implemented by altering the model’s generation behavior, even subtly, then the concern isn’t provenance, it’s whether those interventions change the reasoning, word choice, cadence, creativity, or overall quality of the output. In sum, Some Dude on the Internet doesn’t care that Claude now leaves fingerprints, but he does care whether Claude has to change its hand in order to leave them.

[Mike Rogers, CPA @MillennialMike7]

What kinda BS is this? I'm creating an algorithm for a sports platform, not doing NSA-level cybersecurity work.

Are we going backward as a society where we're gating knowledge and access to technology like they use to do with cryptography? I understand that there are work arounds, but as someone that pays a monthly SAAS fee, this should be seamless. You shouldn't need to be a cyber security professional to create a sports platform algo.

[Mike Rogers, CPA @MillennialMike7]

https://t.co/MaBF7qRmAT

[Paul DeLucia @paul1delucia]

We just verified a @willow_protocol proof on @ethereum 🤯

A sequence of Ethereum blocks was verified to have been indexed completely and correctly by a smart contract, and a new primitive for Ethereum was born.

A thread... 🧵

[Mike Rogers, CPA @MillennialMike7]

A lot of crypto and digital asset companies are products of the ZIRP era, and many have been limping along ever since. The problem with sky high valuations unsupported by real use cases or repeatable cash flow is that every new funding round becomes harder, while the business has more ground to make up.

Eventually, the company stops building toward the valuation and starts performing for it. That is how the field ended up with so much theater. Some of us just got tired of acting for all the internet, which is indeed a stage.

[Mike Rogers, CPA @MillennialMike7]

The Dashboard Dash: AI has made it easier than ever to turn data into a polished public interface. But as dashboards compete to define how industries understand themselves, the most consequential information may be the information their builders have the least incentive to display.

[135 Research @135Research]

Equation of the Day: Kelly Criterion

@135Research

[Mike Rogers, CPA @MillennialMike7]

https://t.co/2OShJo1pcx

V0.0 is live for @135Research .com

[Mike Rogers, CPA @MillennialMike7]

https://t.co/6v8VHN14jk

We archived SSRN’s final Top 10,000 paper rankings before they were retired and rebuilt the benchmark from the final published dataset.

Based on that archived benchmark, Multi-Regime Observations Across Fifteen Digital Asset Windows (6,191 downloads) would now rank approximately #3,139 all-time by downloads.

The data worked.