The White House Ballroom is going up rapidly on the East side of the White House. The only reason the cost has changed is because, after deep rooted studies, it is approximately twice the size, and a far higher quality, than the original proposal, which would not have been adequate to handle the necessary events, meetings, and even future Inaugurations. The original price was 200 Million Dollars, the double sized, highest quality completed project will be something less than 400 Million Dollars. It will be magnificent, safe, and secure! This was a necessary change, it was done long ago, but the Fake News failed to report it, trying to make it look like there was a cost overrun. Actually, it is coming in ahead of schedule, and under budget! Thank you for your attention to this matter. President DONALD J. TRUMP
( TruthSocial: May 6 2026, 7:32 AM ET )
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Hyperliquid is being treated like the cleanest up only narrative in crypto and I want to add some nuance here. To be clear, this is not Luna. Luna was a closed loop algorithmic peg with no real revenue. Hyperliquid has real fees from real users, a genuinely best in class product, a dominant share of onchain perps volume, and a team that has shipped relentlessly. The bull case is real. I'm not dismissing it. I just don't think the risks are getting the airtime they deserve.
I called Luna a ponzi here in 2021 around $50 and got absolutely hammered on the tl for daring to suggest anything negative about it as it ran to $120 before it vaporized to $0 within days. Very similar to yesterday when I simply said HL does not have remarkable tokenomics and got piled on for it. Being early on structural risk often looks wrong for a long time. And Luna was not just a retail rug. It roped in 3AC, Galaxy, Delphi, Hashed. Sophisticated money held the bag right alongside everyone else.
Here is what I see with Hyperliquid. 97% of fees buy back HYPE. That sounds incredible, and in an active perps bull market it absolutely is. But fees come from perp volume, volume comes from people chasing the token, and the token is held up by buybacks funded by that same volume. Every leg moves together. It's a functional flywheel. And in the other direction every leg turns at once.
However, nobody can tell you how much of the volume is organic either. If buybacks pump the token and the chart pulls in size and size funds buybacks, you cannot cleanly separate real activity from reflexive activity onchain. It doesn't mean the volume is fake. It just means you cannot prove how much of it isn't.
Then the supply side. Only 25% circulates. Team and foundation together hold roughly 30% (23% team plus the foundation allocation which is essentially team with extra steps). Buybacks absorb about 90 million of unlocks a month. Actual pressure is closer to 400 million plus. Revenue keeps growing at a real clip, which is the whole bull case, but it has to roughly 4x just to keep price flat through vesting.
Then the part nobody wants to touch. 31 validators, foundation controls the supermajority of stake, closed source binary, an assistance fund holding billions that we are simply told has no private key, on a chain the team built and runs. A lot of the business is regulatory arbitrage. Offshore venue, no KYC, users that shouldn't be using it are all over it. The founder is in DC right now precisely because everyone knows this. SBF was in DC lobbying for the DCCPA right up until FTX collapsed. Do Kwon was meeting Korean regulators before Terra blew up. Doesn't mean Jeff is anything like them.
And to be clear, none of this means price stops going up. This is the part that matters for traders. Reflexive setups run for a long time, sometimes years. Luna ran from $5 to $120 while plenty of smart people screamed about the structure. HYPE can absolutely do the same. The flywheel is real while it's spinning, and standing in front of it is a great way to underperform.
Just know what you're actually holding. Trade the tape, respect the trend, but don't fall in love and confuse a beautiful reflexive setup with a riskless cash machine. We have seen structures like this before and it tends to end the same way for usually the same reasons.
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Scientists made fish trip balls with magic mushrooms.
It helped the fish with anger management.
The research was done on a mangrove rivulus, a small Caribbean fish that is famously highly aggressive and territorial. If a stranger fish gets put into a mangrove rivulus's tank, it gets mad and will dart and lunge to chase the new fish out.
Psilocybin (the psychoactive compound in magic mushrooms) was added which the fish absorbed through the gills and skin.
It chilled the fish out.
> moved around 80-100 fewer seconds during the trial
> 2 to 3 fewer angry lunges at the stranger fish
Not all aggression was turned off, but the explosive attacks dropped.
A lot of studies show mushrooms help with sadness and fear in mice and humans. Aggression has been understudied in modern psychedelic research, especially in social settings.
Why it matters.
A fish brain is old in evolutionary terms. Fish and mammals split off from each other something like 400 million years ago. If psilocybin can dial down aggression in a fish brain, the wiring for aggression has probably been conserved across that distance. The same brake could exist in humans.
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