Euphoria

[Euphoria @cassili_]

❤️‍🔥

https://t.co/AqWNySxaGX

[Alex Recouso @recouso]

Portugal is like California without taxes and wokism

[Joshua Lim @joshua_j_lim]

1/ sorry for the long thread: I’ve had many convos around the SEC approval of IBIT options. my smart colleagues in the industry (h/t @dgt10011) have written great commentary around it...

my own views are more nuanced and tempered, but as always expect the unexpected in crypto:

[Euphoria @cassili_]

🀄 but not mahjong - dominoes

1. US
2. China
3. ...

[The Kobeissi Letter @KobeissiLetter]

BREAKING: China is cutting its reserve requirement ratio for banks by 50 basis points.

As China's economy slows, their central bank is attempting to stimulate demand.

[Euphoria @cassili_]

💫

[Chicken Genius @chickengenius]

don't get too excited. very nice clean breakout on others. expecting a small retest and off we go.

eth/btc is signalling a bottom

monitoring global policy, economy looks like it's bottoming. Financial markets usually front run such moves, expecting risk on sentiment here out.

alt season is here 🔥

[Euphoria @cassili_]

@JessieMorii The insane regret every time I scroll past "Discover More"

.........

[Carlos Zendejas @CLZen]

the fact that BNY Mellon gets the okay from the SEC to custody crypto assets is FUCKING HUGE.

If you are not familiar with the plumbing of institutional trading let me put it very clearly. YOU ARE NOT BULLISH ENOUGH.

[Euphoria @cassili_]

Hello world

https://t.co/zUgy36rNu4

[DEGEN NEWS @DegenerateNews]

BREAKING: @JupiterExchange MOBILE TO ALLOW APPLE PAY, GOOGLE PAY, CREDIT CARD ON-RAMPING

[Euphoria @cassili_]

Killer app of the cycle that will end up eating everyone's lunch, esp. once it goes mobile

* Swap any memecoin / token
* Swap any pre-bonded token (pumpfun, moonshot)
* DCA, limit orders
* Fiat onboarding
* Native wallet
* Potential direct-to-consumer memecoin trading (replacing moonshot, prerich)

* Token launchpad
* Token locking + programmable vesting

* Perps trading (native Jupiter or wrapper for Sol perp DEXs)
* Wrapper for Sol DeFi
* Wrapper for Sol RWA platforms
* Wrapper for Sol digital creative platforms eg. NFTs

[Jupiter @JupiterExchange]

1/ Jupiter Spot has integrated both @pumpdotfun and @moonshotdotcc by @dexscreener, allowing you to trade any new token instantly!

Search for any CA and it’s go time —

[Euphoria @cassili_]

🙇🏻‍♀️

[Hedgeye Digital Assets @HEDigitalAssets]

Rektember --> Uptober

Soon™️

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Bond markets are dropping sharply despite the Fed surprising markets and reducing rates by 50 basis points.

$TLT, a popular bond tracking ETF, is now trading below $100.00 for the first time in nearly 2 weeks.

Bond investors are taking profits.

[Jesse Colombo @TheBubbleBubble]

Gold's Breakout Across Major Currencies Paves the Way for a Surge to $3,000 (a thread🧵):

1) For much of the summer, the precious metals community expressed frustration over gold’s sluggish uptrend.

I've been explaining the reasons behind gold's tepid uptrend and urged the community to keep the faith, as I believed a stronger rally was imminent.

I explained that gold's uptrend since April was driven more by weakness in the U.S. dollar than by gold's own strength.

$GLD $XAUUSD

[Euphoria @cassili_]

https://t.co/EUoDgwXm3q

[Carlos Zendejas @CLZen]

It’s very clear to me that the biggest consumers of block space going forward will be AI agents.

They will want permissionless and non censored access to applications.

So maybe instead of trying to onboard the next 1B people users we should be equally concerned about the next 100B AI agents…

[Euphoria @cassili_]

Read this over several times

The only long-term relevant crypto is crypto that has an essential role to play in an AGI future

The rest will lubricate the machine as it currently is, or replace a bolt or a part here and there, but the innovation paths are converging

[Eric Wall @ercwl]

my thoughts on the crypto markets, stream of consciousness:

bitcoin seems like it's poised to become the asset many has wanted for a long time. in a world that is getting increasingly complex on all fronts, bitcoin is even starting to stick out as simple. simpler than fiat, simpler than crypto, it's starting to get that quality that gold has where "it's just a unit of something that stays that way" and i think it will be relevant. yes bitcoin has flaws, anonymity is shit, LN is shit, security budget is a question mark, ETFs risk capture at the consensus layer, all that is true, but bitcoin is a household name and people understand wtf it is, and it will likely stay relevant moving forward regardless if you want it or not, and if you're into crypto, it has always been my belief that this is good for you. sorry, nope, no serious allocator is going to want to treat these assets like startups and keep having to wonder "but am i investing in napster instead of spotify?", "but what if ethereum gets replaced by solana", i still swear by that bitcoin staying #1 simplifies the pitch of our *entire* industry and allows it to grow out of a pink sheet penny stock pvp casino, which is what we would have if bitcoin got dethroned in favor of shiny. the dominance of bitcoin will allow other assets to proliferate on the side because there is something to race against, a status quo to challenge. you can make something better, more anonymous, more free, than the trillion dollar asset. the death of bitcoin is a wasteland and your consensus puzzles and zkps are reduced to libertarian tech trinkets

ethereum kinda failed this cycle. the core reason for it is the structure of the regulatory environment makes it so that retail is made to buy the pico-tops of well-engineered projects and ride their charts down since they'll never understand low-float FDVs over unit prices. VCs have not been ashamed to max extract from this dynamic either. disillusioned crypto participants thus made the rational decision to buy dogshit useless garbage the entire cycle because atleast you can buy a meme at $1m FDV, but this dynamic will likely become perverted by KOLs looking to extract in the same way VCs have done, and i'm pretty certain that people who are into this nonsense would claim that this exact thing has happened already. you may say then, but eric, ethereum isn't the erc20s assets we speculate in, it's the decentralized infra we build and the ultrasound money, but the decentralized infra we're building hasn't been that impressive either, we've still got centralized rollups, fragmentation, shit for privacy, OFAC censoring builders, the real magic of ethereum has been "smart kids doing smart computer finance shit" and that made the space heavily investable because these kids looked like they were inventing the future, but for anyone who is interested in smart kids building the future there are smart kids that do generative ai these days and that just sounds smarter, is easier to understand and get tangible value from vs. the decentralized casino yield farm that even vitalik calls an ouroboros. so yea ethereum kinda lost to solana this cycle that more just bought into the nihilism of it all and decided to excel at atleast that, as a technology, as a community.

that being said, it's convenient to confuse the narrative fumble of ethereum this cycle with the conclusion that ethereum is throw-away garbage at this point. ethereum has come an extremely long way. stablecoins are my preferred way to use fiat. i routinely use it for the majority of my fiat and i feel comfortable having large portions of it in protocols like compound. to think that you'd be able to do this without a bank 10 years ago and that it would work and that it would be safe is pretty crazy. i am enjoying this even as a privileged westerner. going back to banks seems insane to me. prediction markets are really cool too, powered by stables.

so yea, i guess this is just where we're at? looking forward, i expect ai to just continue to become a bigger "problem" for crypto, in the sense that it competes for the same mindshare both from builders and investors, it will drag even more coins to rebrand as ai coins, and we'll get forcefed the narrative of "decentralized ai" for many years to come. these projects will be dogshit but they will continue to exist because there will always be a real, valid vision to sell, "what if chatgpt wasn't such a cuck"—the market will fail to deliver this, decentralized ai will try but it will be shit because you need centralization to do ai well and the frontier models will always be better and the best we'll be able to do in terms of uncensored ai is finetuning open source models and telling them to be less woke, but that will be a usecase just as easily served by erik voorhees via venice than it will for decentralized ai projects, and one of the main reasons for this is that you can't mathematically validate "proper work" in decentralized ai networks so they all become grifts of redundancy, nonsensical overfitting and corrupt human oracles, until they start using TEEs which will evolve into a question if the "decentralized ai is even decentralized", but this will still be a big hit because the main thing crypto can do for AI is provide AI startups with fast enough exit liquidity before the agipocalypse happens—if you think about it you can't even be bullish on an AI startup if you think that your path to liquidity will take longer than it will for the entire world to become unrecognizeable so AI will have to marry crypto for this reason, but you'll still be buying dogshit

[Euphoria @cassili_]

Lots of things are inevitable if you have vague or no timeline for it - eg. the sun exploding, or Eth reaching $10k

So whenever I hear someone say something is 'inevitable' now I just tune out - ie. perhaps you can put me in cryo sleep and wake me up when it happens because somehow crypto is uniquely absolved from ever having to know the "how" (of it getting to this inevitable thing), let alone having a plan with actionable steps + actually being held to account to execute on it

So it is a hobby (that somehow pays lots of ppl to perpetuate the hobbying), or a fantasy if in the intervening years other more demonstrably impactful technologies have overtaken the progress in this space

[Austin Ballard @AustinBallard1]

Crypto x Ai is inevitable

I’m extremely curious to see the growth of personal agents learning/earning from your onchain actions in the next ~15 years

[Euphoria @cassili_]

Incidentally, take note crypto 💀

Can you get your Product to The People and make any kind of difference?

[Euphoria @cassili_]

Sloppiness all around 🔫🔫

h/t @howardlindzon

[Euphoria @cassili_]

@almostowenmusic @0xPajke It's never occurred to certain participants that the world outside of crypto is still multitudes bigger than in it, so yes, to serve more than the ppl already here is existentially the right choice

[Euphoria @cassili_]

Doubling down on concentrating efforts on a tiny and diminishing community 🪦 Definition of margins of diminishing returns

If this is what crypto was for we need not have written 'white papers' or ever allowed in 'VCs'

[jez (equity perps era) @izebel_eth]

every motion ive watched aimed at onboarding the masses fails (besides btc going up)

but motions catering to the existing, native community find pmf

dance with the ones you brought

[Euphoria @cassili_]

How exactly is crypto supposed to reach mainstream adoption when interviews re: for one of the strongest products in the space is with a cartoon llama squawking in a fake voice?

It's been 10+ years, it's time to choose a lane: either DarkFi or productfi/regfi - if you have a public-facing product, start facing the public

The middle (no man's land) of being "crypto-native" is ultimately a null space - a playground w no real world impact

[Euphoria @cassili_]

Technology as soft warfare

[Tsarathustra @tsarnick]

Sam Altman says he has a conversation with someone from the government "every few days" to discuss US leadership, data centers, computer chips, safety, economic impact and government use of AI

[Euphoria @cassili_]

Tingles

[chris @cwamidon]

wake up new anduril cruise missile just dropped

https://t.co/7OqtaLBZf4