The vast majority of large companies survive purely by launching things and discovering what works by Process of Elimination.
There is no rhyme or reason -- or conviction -- in anything they do.
The social trading tsunami reveals how no one is rich enough to ignore memes. Not because of the money, but because of the dopamine hit of being early. Winners wanna win, and no mid- or high-cap offers that fast dopamine loop.
Universal behavior, infinite capital
FaZe Banks asks a billionaire for his best advice to young people
Tushar Jain: “I don't think how smart you are is going to matter”
“I don't think intelligence matters anymore. I don't think it's economically an important input for humans”
“Between the Industrial Revolution and the AI revolution, how smart you were was a major input into how much money you were going to make”
“I think it's going to be agents. It's your ability to make up your own mind and then be relentless in the pursuit of the thing that you want”
“You have intelligence for free... but you know what's not free is motivation. You know what's not free is being relentless and dedicated”
FaZe Banks: “AI has replaced IQ”
Building a neobank or stablecoin business with high transaction volume and TPV is relatively easy when your KYC, AML, transaction monitoring, and risk controls are lax. You can get to momentum and grow quickly by being loose with controls.
The real test comes when bad actors arrive, regulators start asking questions, or something breaks. At that point, the question is whether your platform has the compliance infra, controls, and legal protections to protect customers and survive.
I would much rather build the compliance plumbing first and accept slower growth. Then wait for competitors with weaker controls to run into regulatory or operational problems, and acquire the users who churn from those platforms.
In financial services weak compliance can look like PMF right up until it becomes liability.
The monthly delta in SPX keeps increasing
That means more opportunity in perps via Hyperliquid for the terminally online
Welcome to the new future of finance
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— Written with Wispr Flow
I'm old enough to remember when nobody would invest in any token without at least acknowledging the white paper first.
Now, I honestly can't remember the last time I've seen anyone mention the word white paper on the timeline.