The Iranian navy, which has been destroyed eight times, has apparently closed the Strait of Hormuz again, because the United States, for the seventh time, won the war that wasn’t a war, so now the United States has to open the Strait of Hormuz that was already open before the not-war began.
The not-war began because Iran had uranium that was totally, completely, beautifully obliterated, so they can’t build the nuclear bomb they weren’t building, which is why the United States had to start the not-war it definitely didn’t start.
Now the United States, which has nuclear weapons, is threatening to use nuclear weapons to stop Iran from getting nuclear weapons, because nuclear weapons are far too dangerous for countries with nuclear weapons to allow other countries to have.
If the United States saw the United States doing what the United States does in other countries, the United States would invade the United States to liberate the United States from the tyranny of the United States.
Stuff DeFi is doing:
- analyzing exploits transparently in real time
- identifying enhancements to harden protocols
- challenging operators to address security failures
- persevering despite setbacks and sentiment lows
Stuff DeFi is not doing:
- asking government for a bailout
In crypto and defi (ie in honest markets), when a component fails, those closest to the component—whether wildly negligent or innocent victim—suffer the loss, and are burdened with that responsibility. Unequal, but proper.
In tradfi and banking (ie in coercively manipulated markets), when a component fails, the entire society is forced under the burden of its resolution. Costs are socialized. Equal, but improper.
The former, with time, becomes self-correcting, self-improving, and crucially, retains vitality. The latter, regardless of time, becomes stagnant and soulless, and here everyone can wallow in an equivalent grey.
Any man of agency should prefer the former, taking care over that to which he is proximate. It is from this that the virtue of markets emerges.
Look guys, it's actually really straightforward, a bunch of people staked their ETH on the Ethereum blockchain to earn yield, except they didn't want their capital to be locked up, so they actually staked with a liquid staking protocol called Lido who provided them a liquid staking receipt token called stETH, except they decided to juice their yield further by depositing their stETH receipt tokens into a restaking protocol called Eigenlayer, except they didn't want to lock up their capital, so they actually restaked with a liquid restaking protocol called KelpDAO who provided them with a liquid restaking receipt token called rsETH, except they decided to juice their yield further by depositing their rsETH tokens into a lending protocol called Aave so that they could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero that was hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry
JUST IN - The White House handed reporters a printout in the briefing room listing “365 wins” from President Trump’s first year back in office.
No. 243 is: “Stripped notorious crackhead and grifter Hunter Biden of his taxpayer-funded secret service detail.”
The dollar didn’t just weaken — it quietly robbed you. Down 28% in five years.
My parents bought their house in 1962 for $16,000.
Back then, gold was $35 an ounce. That house cost 457 ounces of gold.
Today, the house is “worth” $750,000. Gold is about $3,300 an ounce.
That same house is 227 ounces of gold — half the real value.
Everyone thinks they got rich. They didn’t. The measuring stick got warped.
That’s the scam of inflation. Prices go up, politicians get away with it.
People confuse bigger numbers with more wealth.
A million dollars today feels impressive — until you realize it’s the purchasing power of about eighty grand in 1970.
You’re not richer.
The currency is weaker.
KHANNA: “You're saying to me … with a 1% tax on wealth that people are going to leave? Come on, have some more patriotism.”
RYAN: “Scott Bessent said yesterday there's ~$600 BILLION in fraud … Don't you think we might want to get a handle on that before we tax everybody more?”