Rakhil Patel

[Jon Erlichman @JonErlichman]

A story published on this day in 1999.

Amazon’s stock is up 9,000% since.

[David Sacks @DavidSacks]

Tomorrow’s markup of the Digital Asset Market Clarity Act is a monumental step in making the U.S. the Crypto Capital of the World and maintaining America’s leadership in innovation. I applaud Chairman @SenatorTimScott and the Senate Banking Committee for working so hard to craft the necessary compromises to advance this legislation. At a staff level, I also want to thank White House crypto director @patrickjwitt for helping us get to this point. Finally I want to thank the crypto industry for its efforts. There are roughly 50 million people in the U.S. who own or use crypto. This legislation will ensure that this ecosystem can innovate and flourish for years to come.

[Danny Dayan @DannyDayan5]

It is September 2024, the Real Fed Funds was 2.7%. The Fed panicked over a labor market it did not understand and cut rates 175 bps in a year.

Today, the Real Fed Funds is negative and they are passively easing every single day that they do not hike.

Good job!

[TFTC @TFTC21]

Jeff Walton: "Is an insurance company a Ponzi scheme?"

Coffeezilla: "No. They have business activities that are providing cash flow. They're taking on risk."

Walton: "Insurance companies have capital and they're taking on risk to pay liability into the future. Almost 100% of the claims that get paid out on insurance company balance sheets is from premiums that they're collecting in the door. So under your definition, you would call an insurance company a Ponzi scheme."

Coffeezilla: "No, no. They have real profits. They have real cash flows."

Walton: "The profits are the assets that are protected on their balance sheet."

Coffeezilla: "People are paying for products."

Walton: "What's the product?"

[Gregory Kennedy @gregorykennedy]

Dave: “Hello, caller, you are on the air.”

Caller: “I don’t think billionaires create value.”

Dave: “Okay. What do you mean by that?”

Caller: “Nobody can earn a billion dollars ethically.”

Dave: “Alright. What do you do for a living?”

Caller: “Well, before this, I was a bartender.”

Dave: “Nothing wrong with bartending. Honest work.”

Caller: “Right.”

Dave: “And now?”

Caller: “I work in government.”

Dave: “Okay. So let me get this straight. You're saying Elon Musk, who helped build PayPal, Tesla, SpaceX, and Starlink, has made innovations like online payments, electric cars, rockets, and satellite internet possible, didn't earn his way to being a billionaire?"

Caller: “None of that justifies being a billionaire.”

Dave: “Well, sure sounds like value got created somewhere along the line.”

Caller: “I disagree.”

Dave: “What exactly did you build?”

Caller: “I advocate for economic justice.”

Dave: “No ma’am, I mean actual products.”

Caller: “…”

Dave: “You’re telling me the guy catching rockets mid-air created less value than a person who used to serve mojitos and now votes on spending his tax dollars?”

Caller: “That’s unfair.”

Dave: “What’s unfair is pretending markets are imaginary while cashing a government paycheck funded by the businesses you claim don’t create value.”

Caller: “I’m actually a congresswoman.”

Dave: “Oh Lord. Of course!"

[Rakhil Patel @rakhilpatel]

Show goes on

[Andy Constan @dampedspring]

QRA no change in auction sizes, no change in language, @SecScottBessent continues to follow the Yellen playbook and rely on 20%+ bills outstanding to suppress interest rates. That said this was entirely expected

[Colossus @colossusmag]

This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore.

Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work.

Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor.

Within 3 years, he was running one of the largest anonymous crypto trading firms.

Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed.

Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto.

Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to.

Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do.

In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.

[fejau @fejau_inc]

HYPERLIQUID.

[Chief Nerd @TheChiefNerd]

🚨 Tim Dillon & Ana Kasparian Fear the Conspiracy Theorists May Be Right Again

“These people have access to the best private chefs … The idea that they're talking about pizza, about jerky, that they're eating these things and it registers in an email … It's clearly a code.”

[Dr. Matthew M. Wielicki @MatthewWielicki]

This will go down as one of the greatest societal blunders in history. And it will have exactly ZERO effect on the weather.

[Quinn Thompson @qthomp]

I love this interview where Warsh calls QE a Ponzi scheme and in the same breath says he supported it. It’s so obvious that he will be no different than any other Fed chair, despite the narratives being peddled.

[Peter B @realpeteyb123]

Here’s the rumored next fed chairman Kevin Warsh on Bitcoin.

Not sure why all of X is calling him bad. He’s also structurally hawkish, and that’s good for the economy and markets.

Well spoken.

You morons actually think this admin would put an anti-Bitcoin guy in this position?

[Collin Rugg @CollinRugg]

JUST IN: Tim Tebow shows horrific map of New York showing every location a person has downloaded CP over the past month, calls for more funding for law enforcement.

"This year, somewhere between 300k to a million people will be trafficked in the US."

"When you defund [the police], you're not actually caring for these boys and girls."

"We are the number one buyer of [CP] for boys and girls around the world. America is."

"In peer-to-peer sharing of this information, we're third worst in the world."

"On our hearts is to get this message out to be able to make a change and support our law enforcement and task forces that are working on this."

"There are some freaking heroes that are fighting us every single day."

God bless him.

[Matteo @mlunghi2000]

First they laugh at you.

Then they fight you.

Then you win.

[Eric Balchunas @EricBalchunas]

$IBIT blew through the $80b mark last night, fastest ETF to get there in 374 days, about 5x faster than the previous record, held by $VOO, which did it in 1,814 days. Also at $83b it's now 21st biggest ETF overall.. via @JackiWang17

[fejau @fejau_inc]

the denominator is worthless

gn

[𖣂JIK𖣂 @OS3992]

Set up a schedule for yourself.

[fejau @fejau_inc]

It's really quite something to see Jamie Dimon say one thing and then do the complete opposite

[Rakhil Patel @rakhilpatel]

@AQumars This will happen in the next 10-20 years, much sooner than 50-100