FireFly

Investor

[FireFly @FireFlyETH]

https://t.co/Gz7FkMJgEn

[FireFly @FireFlyETH]

Guess they might as well go home in that case...

[Novara Media @novaramedia]

"If the British government is going to be completely dominated by the bond market, MPs might as well go home."

Diane Abbott told Cathy Newman on Sky News that whoever replaces Keir Starmer as prime minister must go through a "properly organised selection process", regardless of any "hissy fit" made by the bond markets. When this provoked laughter from Newman and eye rolling from former Conservative cabinet minister Gillian Keegan, @HackneyAbbott argued that there's no point in having a parliament if the financial sector always has the final word.

[Pentagon Pizza Report @PenPizzaReport]

Above average traffic continues at pizzerias very close to the Pentagon.

As of 3:51pm ET

[Aporia @0xaporia]

One of the more important personal lessons for me has been to fully tune out the macro news noise. Some people genuinely extract valuable insights from it and make better decisions because of it. I’m not one of them and I think most people would be better off not dealing with it at all.

People think they have to engage with it, that being a serious investor means having a take on Iran, the Fed, China, whatever. Most people are just confusing feeling informed with being effective. It rarely changes what they actually do but it makes seem feel like serious people.

[Architect🛡️ @Architect9000]

I had a breakthrough tonight.

With my economist hat on, I was chatting with a group of people about the issues of inequality and growing socialist impulses of the Left. No matter what evidence or logic I presented, the conversation kept coming back to one sentiment:

"We're suffering and they have so much. It's only right that they share."

So I gave up.

"Let's assume we do it your way. What do you think would happen?"

Of course they told me the same fantastical things that you hear in any psycho stump speech. Use your imagination.

Then I presented them with the hard truths.

"There are about 1,000 billionaires in the US. We're going to liquidate 100% of their wealth and give it to the people." Here's what happens:

1. The total money we raise comes out to about 1 year of US government expenditures. Just 1 year.

2. Without the direct and indirect employment from their businesses, the unemployment rate would hit 20%. There would be an immediate, worldwide depression.

3. Meanwhile, increased demand from a $7 trillion stimulus would meet cratering supply from productivity collapse. The inflationary impulse would be like Covid times 10.

4. US tax revenues and the bond market would collapse, making it impossible for the government to maintain expenditures.

5. Within 1 year, energy and food prices would triple. Mortgages stop. All forms of insurance collapse. The second-order effects implode the global financial system causing > $100 trillion in liquidations.

They stopped me there.

"Wait. Just 1 year?"

No one comprehends the money spent by governments. It dwarfs everything. Liquidating the billionaires only buys you a year of spending. And yet, we let some of our most incompetent people manage that money while attacking the only ones that keep the ponzi alive.

[FireFly @FireFlyETH]

Tax the rich, and squander it on daycare?

[Democrats @TheDemocrats]

TAX THE RICH

[FireFly @FireFlyETH]

Will we soon learn that the US also has the ability to cause earthquakes over the coming days...

[First Squawk @FirstSquawk]

EARTHQUAKE OF MAGNITUDE 4.6 STRIKES SOUTHERN IRAN- GFZ

[FireFly @FireFlyETH]

Iran gonna single-handedly restarted the crypto bull run?

[The Spectator Index @spectatorindex]

BREAKING: Iran is requiring ships to pay tolls to pass through Strait of Hormuz in either cryptocurrency or Chinese yuan, according to WSJ.

[Peter J. Hasson @peterjhasson]

You gotta be shitting me

[Jawwwn @jawwwn_]

Palantir CEO Alex Karp:

“You can trust the expert, or you can trust yourself.”

“And if you trust the expert, you’re a fool. You’re going to have a worse life, be poorer, and less safe.”

[thiccy @thiccyth0t]

The best part of accumulating wealth is that you can start saying increasingly insane things and people begin treating them as insight instead of retardation

[FireFly @FireFlyETH]

The markets are the new frontier of the battle

[محمدباقر قالیباف | MB Ghalibaf @mb_ghalibaf]

Heads-up: Pre-market so-called “news” or “Truth” is often just a setup for profit-taking. Basically, it’s a reverse indicator.

Do the opposite: If they pump it, short it. If they dump it, go long.

See something tomorrow? You know the drill.

[FireFly @FireFlyETH]

"Intelligence As A Service"

[Chief Nerd @TheChiefNerd]

🚨 SAM ALTMAN: “We see a future where intelligence is a utility, like electricity or water, and people buy it from us on a meter.”

[FireFly @FireFlyETH]

So the Jane Street dump has now become the Jane Street pump?

[FireFly @FireFlyETH]

Tweet of the decade.

[Dr. Parik Patel, BA, CFA, ACCA Esq. @ParikPatelCFA]

*WW3 is about to start*

The EU: “It is against our regulations to work weekends”

[FireFly @FireFlyETH]

Arguably the data isn't what people really pay for, it's the chat function.

[dev @zivdotcat]

Bloomberg makes ~$15B a year, ~$12B from the terminal.

Bloomberg charges $30000/yr per user for terminal access.

Perplexity Computer literally one-shotted the terminal with real-time data within minutes using a single prompt.

[Santisa @Tiza4ThePeople]

I personally would've loved for crypto to stay at the edges of society, servicing sovereign individuals, with clunky UX and little guarantees.

TradFi absorbing crypto just means a slightly improved tech stack and somewhat faster settlement for their users.

#1 is a very marginal improvement for ~ 100% of the population, #3 is a greatly improved life experience for a small subset of people. Even if #1 is net better for humans, I would've preferred #3 as I'm one of those people that values freedom and privacy, even at a steep cost.

We had our chance at this, but went crying to the goverment asking for intervention whenever something in our code broke, openly inviting the system to break into our little world.

The problem emerged in that we asked the system to step in while this was all early stage. Backdoors everywhere, doxxed team, admin controls. Enforcement was as simple as an enforcement letter or threat of.

Thinking that "crypto is winning" is a correct statement only if you ignore the fact that this is diametrically opposed to the early crypto ethos.

I like that new-crypto is winning, I hate that old-crypto lost.

Crypto is dead, long live crypto.

[TheStable @TradingStable]

I've traded with the pros, and now work with hundreds of retail traders. The gap between professional and retail traders isn't always what you think it is.

Most people assume it's about capital, technology, or information access.

It's not. Those advantages exist but they're not what separates consistent winners from the 90% who blow up.

[FireFly @FireFlyETH]

Is this not ultimately just Celsius/BlockFi but "onchain"? Can see a crypto native audience piling it, but sceptical TradFi will actually get involved given all the security risks.

[Bitwise @Bitwise]

Finance is moving onchain. Vaults are a key part of that, offering investors a transparent way to earn digital yield on their assets.

Today, we’re excited to announce that Bitwise is launching non-custodial vault strategies as a curator on @Morpho.

The quick details:

- Bitwise’s first strategy on Morpho currently targets 6% APY, investing in overcollateralized lending pools.
- Vault curation, strategy, and risk management will be led by Bitwise’s Portfolio Manager & Head of Multi-Strategy Solutions, Jonathan Man, CFA.
- The offering leverages Bitwise’s 140-person team of professionals and more than eight-year track record as a crypto specialist.

We believe the future is onchain, and we’re delighted to help sophisticated investors participate in the opportunities vaults provide.

More to come. Feel free to reach out—input welcome.

[FireFly @FireFlyETH]

This is one of the primitives that I'm actually fundamentally bullish on within tokenisation. Not a huge fan of 24/7 trading etc, but one of the big problems today is individuals outside of UHNW not being able to borrow against their portfolios. As this primitive gets bigger, people can now have stocks at one broker and borrow capital from another counterparty in a frictionless manner, an actual use case that once opened up to the wider public will be huge. The only question now is the rails it ultimately runs on.

[Ondo Finance @OndoFinance]

Tokenized stocks now live in DeFi lending.

SPYon and QQQon are available for use as collateral on @Morpho, with borrowing liquidity supplied by RWA-focused vaults curated by @gauntlet_xyz.

This marks a major step forward for @ethereum DeFi - where institutional-grade RWAs can now be deployed productively onchain.