Chicago lost the Bears this week. A team that's been in the city since 1921.
They didn't lose them to a bigger market or a better deal. The Bears decided they'd rather be a tenant in Indiana than deal with Illinois for one more year.
Think about how badly you have to run a place for that to be the smart move.
They lost them for two reasons.
The people running Illinois would rather villainize a builder than keep one. And they're bad at their jobs.
In 2021 the Bears spent $197M on the old Arlington Park racetrack.
Before they could break ground, Cook County valued the empty lot at $192M (Bears said $60M). They were salivating at the chance to extort a building that didn't even exist yet.
That fight dragged on for years.
The Bears were ready to put $2B into the stadium. All they wanted was a promise the county wouldn't reassess them into oblivion, plus $855M for infrastructure everyone uses. Roads, transit, utilities. A $3B project, two thirds of it private money pouring into Illinois.
Springfield had since 2021 to get this done. They dragged it to the final night of session, passed it through the Senate at 3:39AM, and the House went home without voting.
So now it's all gone.
The funniest part? This started because Cook County tried to grab the tax early. They knew a built stadium would pay $53M a year. Now they get under $4M on a vacant lot. No jobs, no buildout, no new anything.
Congrats on fighting for scraps and losing the whole prize.
Pritzker: they're "an $8.5B valued business" that doesn't need propping up.
But be smart for a second. Almost every NFL city throws in public money for a stadium. Not charity. The return is real. Tourism, hotels, restaurants, jobs, game days, property tax on a huge development. The math works.
Indiana did the math. While Illinois sat on it for years, Indiana passed a bill in months, put up $1B, and took the team.
And the Bears took a worse deal to get there. In Illinois they were going to own their stadium. In Indiana they rent it from the state. A team that wanted to build its own home gave up ownership just to escape Chicago.
Nobody won but Indiana. The Bears lost their stadium. Illinois lost the team, the $2B, and $53M a year in taxes.
Pritzker after they left: "I wasn't willing to give up billions of dollars of taxpayer money to give it to a billionaire-owned family or team."
There it is. "Billionaire-owned."
That's how Democrats talk about any business right before they run it out of town. Call them a billionaire, act like you're saving working families, take a victory lap while the tax base drives across the state line.
Meanwhile they're running the whole state into the ground. And you already know how this ends. You're living in it.
Pensions are $143B in the hole, worst in the country and not close. You pay $6,285 a year in property taxes, double the $2,969 national average, for a city that's $1.15B in the red. The mayor called its finances "the point of no return."
When you run things this badly, you sell what's left.
They leased the parking meters for 75 years to Morgan Stanley and a sovereign wealth fund in Abu Dhabi. Took $1.15B and burned through it in two years. The investors already made it all back, with 58 years left to collect.
Sold the Skyway. Sold the downtown garages. Every asset that made money, gone for one check.
But a fixed property tax rate for a team that's been here 106 years? That's "propping up billionaires."
Companies are leaving. Boeing for Virginia. Caterpillar for Texas. Citadel for Miami. In 2023 alone Illinois lost 56,000 people and $6B in income to other states. The ones who left earned a third more than the ones who moved in.
Indiana didn't outbid anyone. AAA credit, 16 years straight. A $676M surplus. Fourth-lowest debt per person in the country. They just weren't a disaster.
Illinois could have collected $53M a year. It chose zero. Ignore all the bad management but make sure to stick it to those evil, pesky billionaires.
The Ethereum debate isn't really about facts anymore.
Most ethereum:native bulls and bears agree on the facts. The disagreement is whether those facts matter.
Bears see fees.
Bulls see a new economic system forming around programmable trust, digital property rights, stablecoins, tokenized assets, identity, and coordination.
If Ethereum becomes the settlement, collateral, and security layer for a global digital economy, ethereum:native won't be valued on fees alone.
That's the bet. Not everyone believes it.
But that's very different from not understanding it.
@TrustlessState once believed this.
Today he doesn't. That's okay.
Every great investment looks obvious in hindsight and impossible beforehand.
The real question was never whether people had the information.
The question was whether they had the conviction.
The Ethereum not ETH stuff is the mental fallacy that triggered me into writing and podcasting in the first place.
There is no strong Ethereum without an ETH worth trillions. Without ETH as a global store of value, Ethereum is a failed project. Full stop.
ETH is economic bandwidth for DeFi. It is the only asset maximized for CROPs, fail at high value ETH, fail at CROPs, fail at Ethereum.
Saying you’re bullish Ethereum not ETH is like saying you’re bullish America not the American economy. They are one and the same - economic engines.
Better to admit Ethereum is a failed project than “Ethereum not ETH”.
So spew that weak blockchain not crypto stuff out of your mouth, it doesn’t make sense for BTC, ZEC, ETH, or any truly crypto native project.
Ok, let me show you - statements like these that show Ethereum not ETH thinking.
“Ethereum works great regardless”
No, Ethereum is not working as well when price is lower. At lower price, it stores less DeFi value and has less economic bandwidth. Higher price is actually fundamental to Ethereum working well.
“ETH doesn’t have to be money…think of Ethereum as the world’s most successful non-profit”
No. Without high value ETH, Ethereum would be an unsuccessful, sad, mission failure of a “non-profit” as its mission is strong DeFi and strong DeFi requires strong ETH.
Do you see?
Had these arguments on repeat in 2019, it’s why we championed ideas like ETH is money and economic bandwidth.
If your actual position is ETH is somewhat money and somewhat succeeded so far, ok, yeah I also believe that. But I don’t think that’s what being communicated.
Most people still holding $eth are likely ready to go down with the ship; at least I am.
Ethereum is a bastion of freedom and self-sovereignty in an increasingly controlled world.
No amount of number go down could get me to sell. Even with most of my net worth in eth, I would hold it to literal zero.
I would rather take a chance on eth and be wrong than give up hope on the most inspiring invention of my generation.
Come zero or valhalla, I'll be here.
Believe in somΞthing.
내가 이더리움을 포기 못하는 이유
- 미국이 2025년 7월 GENIUS Act에 서명하면서 스테이블코인 발행사가 발행량만큼 미국 국채나 현금을 의무 보유하도록 법으로 못 박음
- 스테이블코인이 팔릴수록 미국 국채도 팔리는 구조라 미국 입장에서 스테이블코인을 키울 이유가 분명함
- 스테이블코인 대부분이 달러 기반이라 전 세계가 쓸수록 달러 패권도 같이 강해지니 미국이 굳이 막을 이유가 없음
- 스테이블코인으로 시작된 흐름이 이제는 주식, 국채, 부동산 같은 실물 자산을 블록체인에 올리는 토큰화로 번지고 있음
- 토큰화란 쉽게 말해 현실 세계의 자산에 블록체인 주소를 붙이는 것임
- 블랙록, 피델리티 같은 전통 금융 대형 기관들이 이미 토큰화 상품을 굴리기 시작했다는 게 핵심임
- 이 기관들이 움직인다는 건 단순한 실험이 아니라 실제 돈이 이 구조 안으로 들어오고 있다는 신호임
- 자산이 토큰화되면 지금까지 불가능했던 일들이 가능해짐
- 예를 들어 삼성전자 주식 토큰을 담보로 대출을 받거나 그 토큰으로 음식점 결제까지 할 수 있게 됨
- 기존 금융에서는 주식은 주식이고 현금은 현금이었지만 토큰화되는 순간 자산과 화폐의 경계가 사라짐
- 경계가 사라지면 그 위에서 만들어질 수 있는 서비스의 종류가 폭발적으로 늘어남
- 24시간 거래, 자동화된 수익 분배 등 기존 금융 인프라로는 구현하기 어려웠던 것들이 기본 기능이 됨
- 이런 서비스가 가장 많이 만들어지는 블록체인이 어딘가 하면 바로?
- 이더리움임
- 피델리티는이더리움 위에 머니마켓 펀드 토큰을 출시했고 블랙록의 BUIDL도 이더리움 기반으로 운용 중임
- 기관이 수조 원짜리 자산을 올리려면 절대 멈추지 않는 인프라가 필요함
- 그런데 이더리움과 비슷한 코인들이 여러 차례 다운된 적이 있음
- 가장 강력한 경쟁자인 솔라나는 2021년부터 2024년 사이 여러 차례 다운된 적이 있음
- 반면 이더리움은 2015년 출시 이후 단 한 번도 멈춘 적이 없음
- 이런 면들이 많은 기관들이 이더리움을 선택한 이유임
- 며칠 전 비탈릭은 이더리움 재단을 더 작게 줄이고 속도 경쟁 대신 탈중앙화, 검열 저항, 프라이버시, 보안에 집중하겠다고 밝힘
- 이런 점들에 많은 기관들이 이더리움에 대한 신뢰성을 가지게 됨
- 이러다 보니 이더리움 안에서 발생하는 트랜잭션은 폭발적으로 늘어나는 중임
- 하지만 아직은 이 트랜잭션이 늘어나도 이더리움 가격을 끌어올리는 힘이 충분하지 않은 상태임
- 현재 이더리움은 트랜잭션 수수료가 레이어2로 대거 이동하면서 메인넷 수익이 급감한 상태임
- 즉 네트워크는 활발하게 쓰이는데 정작 ETH 가격을 밀어올리는 수요는 따라오지 못하는 구조적 괴리가 생김
- 그러나 이 괴리는 결국 메워질 가능성이 높음
- 토큰화 자산이 본격적으로 확산되면 고가치 정산 트랜잭션이 메인넷에 집중되면서 ETH 소각량이 늘어날 가능성이 높음
- 일반 거래는 레이어2에서 처리되더라도 최종 정산은 반드시 메인넷을 거쳐야 하는 구조이기 때문임
- 트랜잭션이 늘면 가스비로 소각되는 ETH 물량이 증가하고 공급이 줄면서 희소성이 올라가는 구조임
- 여기에 스테이킹 수요까지 겹치면 시장에 유통되는 ETH 물량은 더 빠르게 줄어들게 됨
- 결국 이더리움의 상승 논리는 단순한 투기가 아니라 실제로 쓰이는 인프라가 가치를 만들어내는 흐름임
- 강남 땅값이 오른 건 강남이 인기여서가 아니라 그 위에 건물과 상권이 들어섰기 때문임
- 이더리움도 마찬가지로 그 위에 금융 서비스가 쌓일수록 땅값처럼 가치가 올라가는 구조임
- 쓰임새가 가격을 따라잡는 시점이 오면 지금의 저평가가 오히려 기회였다는 평가를 받을 가능성이 높음
- 2030년이면 우리 엄마도 블록체인을 사용하는 세상이 올 것 같음
ethereum:native
We need to realize that these talking heads don't understand the world as much as we think. Watch the institutions...they know where the money is going. Institutional capital and regulatory clarity is all the industry needs to boom and rise past this stage of recycling liquidity.
Bankless Co-Founder Explains Why He Sold All His ETH
Bankless co-founder David Hoffman @TrustlessState said in a May 29 interview with Unchained that selling all his ETH was not because he is bearish on Ethereum, nor does he want to be labeled a "defector." He said the decision came down to opportunity cost, as he sees better opportunities elsewhere.
Hoffman noted that Bankless was built around the thesis of Ether as money, but he now believes ETH is difficult to re-rate. In his view, Ethereum lacks the strong coordination and execution needed to regain its unique momentum.
🚨 Please watch: While casually walking in NYC, a man goes unhinged by my presence. He yells and screams that I am “Islamophobic and racist” but can’t give one example.
Shouts “someone is going to find you” while signaling a gunshot to the head.
“I want you to go into any leftist organization and show them my photo and they will know who I am” he yells when I ask him how he has helped society.
Uncovering fraud and helping America has become the most dangerous job in America, unfortunately.
@TrustlessState Very childish post coming from someone supporting the ecosystem for a long time, making his wealth through the ecosystem and doing marketing through a podcast for Ethereum for years.
Really lowballing behavior.
$ETH is printing a highly complex Expanding Diagonal, consisting of 5 corrective waves in a triangular structure.
Wave c of 5 of ⑤ is the final blow-off style impulse, targeting the orange box ±$10k-$22k
Inv. ::::: Break below 4
First tweet! New chapter. I just joined @chainlink as Head of Institutional and Market Development.
After 4.5 years at @eToro and 15+ years in trading and capital markets, getting to work on institutional crypto adoption feels like exactly where I should be now.
Banks and asset managers aren't asking "should we" anymore. They're building with @chainlink. It’s a joy to be part of this story.
The Bull Case for Ethereum in 2026 - @CloutedMind
0:00 - ETH Sentiment at Eternal Lows
04:30 - [Power Tools]
04:50 - EF Leadership, Vitalik, Value Accrual
09:30 - The “Tech” vs The “Value”
11:20 - $HYPE & $ETH: Solving Financial Problems
15:40 - Clouted on Hyperliquid
21:40 - CROPS: Sovereignty & Security
23:50 - Crypto Conferences are Depressing as Fuck
31:00 - @eth_strategy 2026 Update
36:00 - ETH as Collateral on @synthetix
37:00 - @MicroStrategy & STRC FUD is Overblown
41:30 - Saylor’s “Bad” Bids are Hidden Fees/Rakes
43:50 - Why Bitmine & @fundstrat Will Win
46:24 - The New Bull Case for @ethereum
51:50 - The Most Valuable Things in the World
57:30 - The Future of ETH Must Be Unfuckwithable
🚨JUST IN: LUMMIS FIRES BACK AT JAMIE DIMON
"He either hasn't read the bill or he wants to mislead people."
Anti-money laundering and bank secrecy rules apply equally to digital assets.
It's already in the CLARITY Act. 🔥