Andrew .... ⛏️💡

"Political systems rarely collapse in a single dramatic act. Consequences fall away. Conduct that required secrecy moves into daylight. People adjust. Then they call the adjustment realism. Cynicism makes the adjustment easier." https://hunterbiden.substack.com/p/the-seduction-of-cynicism

The AI trade is rapidly unraveling as massive compute investments face negative ROI and cheap models flood the market. When this bubble pops, this speculative capital will aggressively rotate into yield-bearing crypto assets. Cash-flowing protocols and staking networks offer the stock-like dividends the money craves. Bitcoin will sit this out entirely, unless L2 networks deliver true native yield. #crypto #Bitcoin https://www.bulbapp.io/p/2d582e94-0336-4685-bcaa-10098eb0afcf/ai-unravels-into-the-crypto-casino?s_id=be9621ba-7703-4c40-ad69-93db165e7159

When Oliver Stone made the movie Wall Street, he intended it to be a warning of the excesses of capitalism. Instead it made careers focused on those excesses more popular; not less. https://www.ft.com/content/7e55442a-c76a-11df-aeb1-00144feab49a Trump's reported crypto riches might be a great incentives to harshly regulate crypto and give regulatory agencies serious teeth to go after fraud in general, but it's just as likely to fuel a flood of money into the crypto space. Trump is both delusional and obsessed with money over anything else. Unfortunately for the human race there's a large number of people in the world just like him.

I've rotated the chunk of funds I still have in tradfi into SNAP https://au.finance.yahoo.com/quote/SNAP/ The stock is down over 90% over the last 5 years. The latest hardware release is a very expensive dog. All the voting rights are controlled by the CEO. BUT The core business, the social network, is healthy, and it's heavy on the most profitable demographic for advertisers. The overall business is being weighed down by a spectacularly bad hardware division. Should Snap be able to get their CEO to spin out the hardware division, that would unshackle the social network to perform. Especially when it comes to price to earnings https://investor.snap.com/news/news-details/2026/Snap-Inc--Announces-First-Quarter-2026-Financial-Results/default.aspx And there seems to be an opportunities emerging in their market. I think the leadership at direct competitor TikTok US is now very uncertain. Leadership at competitor X has proven to be incredibly poor. Users rarely leave platforms (cause of their handles) but they do go dark. I expect most large creators on both platforms already have Snapchat profiles. NFA. The stock is low for a good reasons. Size accordingly.

https://unit42.paloaltonetworks.com/preventing-clickfix-attack-vector/ Some of the worst people are using this hacking technique. The good news is they still need you to participate to make it work. So familiarise yourself with the pattern so you're not caught out. #cybersec

https://open.spotify.com/episode/2ZVqDJpYvQAL0Db9LYJRkF?si=g2YLgexxQ1ma8kaGU-NJcA People like Kash and places like Jupiter make me hopeful for the future of crypto. I use a lot of Jupiter products and they're all really good. Not least of which Jupiter Spend/Global. Also: APAC FTW!

https://mail.blockworks.com/ The best Blockworks newsletter. It's not always strictly about crypto, it's more a markets and economics newsletter which is always relates to, even if tangentially, crypto. It's just a wonderful read even if you don't care about crypto at all.