SpaceDoodler

technology | market shifts

[SpaceDoodler @hanschacko]

@StoryTrading Awesome call on HOOD today. Ben rocks 👏

[Thariq @trq212]

Figma just shipped the ability to bring UI work done in Claude Code straight into Figma as editable design frames.

Use this to explore new ideas in Figma, view multi-page flows on the canvas, or reimagine user experiences.

[plur daddy @plur_daddy]

Why did crypto underperform other assets in 2025?

1. BTC ownership was too concentrated. It never fully distributed out at lower prices. Then there was significant confluence of factors concentrating selling in 2025: heavy liquidity available for exiting large bags at the mythical $100k price target, fulfilment of the narrative of "dumping on the suits", huge ideological shifts from being a cypherpunk beacon to a Wall St/Trump family vehicle, the apex of 4 year cycle (even if they didn't believe in it, people were afraid of the belief of others), and quantum fears finally becoming more tangible.

2. Put yourself in the shoes of someone who has massive bags that can’t be sold overnight, with 99.99% of their wealth tied up in a single asset. Now there’s this existential quantum threat on the horizon. You don’t know when it’s going to happen, but the timeline has been accelerating. Technical solutions exist, but they’re all difficult, and you’re well aware of the political dysfunction within the Bitcoin dev community. It isn’t an imminent, black-and-white threat, more a nagging worry sitting in the back of your mind, but once you start thinking about it, the mind-virus is hard to shake. Combine that with all the other reasons to sell, and it becomes totally rational to dump a meaningful part of the bag. Depending on how you count it and what’s lost or not, there are $200–250bn+ of OG holdings out there. To put it simply, BTC got to a price where the supply overwhelmed the demand in the market.

3. There wasn't anything to believe in. Financial nihilism is a real story but also one that does not captivate the interest of retail buyers. Meanwhile there were more compelling dreams being sold in the equity markets around AI, quantum, space, drones, nuclear, and defense. The debasement story for BTC was real but gold simply beat it out. BTC had adverse supply dynamics, while gold had favorable demand dynamics (Central Bank buying), and at some point the divergence became impossible to ignore and it meaningfully weakened the story for BTC. Then from a crypto native perspective, BTC lacked a strong narrative in 2025. In late 23/early 24 we had the ETFs, in late 24 we had Trump. There also wasn't a narrative around liquidity, or an overarching sense of hope and optimism around what crypto could achieve for the world.

4. Crypto is the tip of the spear for liquidity conditions. You can view it as a blow-off valve for excess liquidity. There are different forms of liquidity and weighting between them is more of an art than a science, but without any doubt, liquidity conditions were the most loose in 2021, and arguably were meaningfully more loose in 2024 over 2025. This tracks very well with general price action, market breadth, and the state of the game.

5. It didn't feel like there was enough upside anymore. BTC still had a lot of volatility and risk and traded like aids a large part of the time, and enduring all of that made sense when there was the prospect of a 3-5x, but as people came to Jesus on the shift in potential upside, 50% gains weren't enough. Meanwhile, events like the $10bn seller in July were sobering. So if one guy could absorb $10bn in demand then, at $500k his bag would have been $50bn? At $1mm it would have been $100bn? It didn't pass the smell test.

5. The game continuing on in a liquidity deprived state drove an acceleration in the lack of belief and PvP conditions, which became a vicious cycle in of itself. Money within the game would concentrate into sharps, who would then offramp the money into other asset classes, helping to fuel them. I tend to believe the weakness in altcoins ultimately became a drag in BTC as well, because it had the effect of driving people to fully offramp from the crypto ecosystem, instead of taking profits into BTC.

6. What happens from here? It remains to be seen how much OGs and other large holders will continue to sell post the 4 year cycle being removed as a driver. Quantum has been gaining more awareness and narrative traction so that will be an overhang. Meanwhile, gold and silver are cleaner and simpler bets on debasement. Liquidity dynamics may improve a lot if Trump successfully takes over the Fed, but that is a complex process, and half a year away from here. It feels most likely that BTC needs to go through a period of re-accumulation. Alts can have idiosyncratic moves but overall attention is declining and I don't see any obvious narratives that can re-captivate the attention of the market.

[NanoBaiter @NanoBaiter]

1/ Meet Gaurav Trivedi, an Indian scammer who impersonates Microsoft support and then rips off innocent vulnerable people.

He tried to scam me......but instead of paying him money, I hacked into his laptop and turned on his live webcam feed.

[binji @binji_x]

ethereum is SERIOUSLY gearing up for ai. (erc-8004) by @DavideCrapis just dropped, it’s called “trustless agents” and here’s what you need to know:

but first:

you can think of ethereum as an important substrate for ai, not necessarily because it can run all the models, but because it can run all their trust.

here’s a thought experiment:

> imagine millions of autonomous agents moving across the internet. they transact, negotiate, and perhaps even form their own coalitions..(dao’s, anyone?)

> in this reality, what substrate would they choose to anchor themselves to? do they pick a single company server? a google api? an open database that anyone can rewrite?

> if you are working with these agents to do tasks cross 50 services (banks, social media, crms), would you just let it all run on a database that can be deleted?

probably not.

if you were an agent with no loyalty except to your own survival, you wouldn’t want to bet your memory and reputation on one corporation or one government: you’d want a ledger that no one could quietly change behind your back. you’d want neutral ground.

you’d want ethereum.

so, we’ve done the why, now let’s dive into the how:

erc-8004 builds on the agent-to-agent protocol (a2a).

a2a gives agents a shared language, but language isn’t enough: machines also need a way to check

> who are you,
> what have you done
> and are you behaving as you claim?

the proposal sketches an extension to a2a with three registries onchain:

1) identity: a verifiable anchor for “i am me.”

2) reputation: an immutable trail of how an agent has behaved.

3) validation: proofs that an action really hap

this is a practical ERC that can be used and iterated on in the wild; the specifics can stay offchain, but the skeleton of trust lives on ethereum.

8004 lets agents that have never seen each other meet in the wild and still transact with confidence.

look closely and will you see the outlines of a machine economy

your agent negotiating with some unknown counterpart in another part of the world, and it doesn’t matter because both are plugged into the same incorruptible memory.

this is just the beginning of machines running on trustware. smart contracts are how we will communicate with ai, the immutable ledger is how they will communicate with eachother, and ethereum is how we will build this right.

this is just a start, but you can come and lay the foundations of a sci-fi future done right with us.

[Whole Mars Catalog @wholemars]

MY FIRST DRIVERLESS TESLA RIDE $TSLA

[𝒁𝜠𝑼𝑺 @HuskyJesus]

@ryancohen 🫡

[Kelsey Piper @KelseyTuoc]

I do think an important thing about Google search is that they're in an arms race with people who are trying to push their preferred content to the top of the first page, and these days the people doing that are using AI to manufacture the stuff they're pushing.

[Robin Delta @heyrobinai]

8 ChatGPT-4o prompts that will turn you into a Superhuman.

[Save it for later]:👇

[Elon Musk @elonmusk]

Precisely

[Oukham @OPteemyst]

@elonmusk i'll have what they're having

[Austen Allred @Austen]

Holy smokes.

OpenAI board member Helen Toner published an article Altman took issue with.

She described it as “an academic paper that analyzed the challenges that the public faces when trying to understand the intentions of the countries and companies developing A.I.”

lol.

👀

[SpaceDoodler @hanschacko]

BTC has roughly gone up by 35% (20k=>27k) in last one week. If the trend continues next 3 months and a 35% weekly compounded price increase, then @balajis has a chance of winning the bet, ie, #Bitcion could reach close to $1M

[Balaji @balajis]

I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this with a smart contract, we can do it on chain, so I can send USDC.
If you won't do that, name a custodian.
#BitSignal

[Arjun Mahadevan (Mr. LLC 🇺🇸) @ArjunMahadevan]

A concept I learned at 28 I wish I learned at 18.

Asymmetric Opportunity:

[Humayun @HMsheikh4]

Recently I have been asked by many to explain what @Fetch_ai actually does so I thought I would do a series of threads in a very simple and understandable way. I don’t do very long threads so bear with me while I try this.

[SpaceDoodler @hanschacko]

Atlas Gets a Grip | Boston Dynamics https://t.co/ebx6cga45t via @YouTube

[SpaceDoodler @hanschacko]

#WorldCup on Twitter: The G.O.A.T. https://t.co/txjAhJ9yQQ

[Elon Musk @elonmusk]

World Cup Qatar 2022: Opening Ceremony
https://t.co/TjSSitY7fK