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Antonio García Martínez (agm.eth)
@antoniogm
Director, @base growth. Founder @spindl_xyz (acq. @coinbase). Wrote bestseller 'Chaos Monkeys'. גם זה יעבור 🇺🇸🇪🇸
16.9K Following    230.1K Followers
The europoor meme can be funny, but it's also midwit and wrong. As someone with both EU and US passports who's lived in both sets of elite poles (SF/NYC and BCN/BER/PAR), let me just give you the TLDR: -The percent of GDP spent on welfare in the US is the about the same as the EU (smidge under). -The effective tax rate in the coastal US is about the same as the EU (smidge under). -Both are (former) middle-class societies where much of society feels the social contract is broken. In the US, elites abandoned the middle-class decades ago, and the well-to-do in states like CA/NY have reconciled themselves to paying almost half their paychecks and getting nothing in return, planning to insulate themselves from the suck by paying for private everything: neighborhoods, schools, medical care. If their earnings keep on rising, they're OK with it. In France, that bourgeoisie hasn't been decimated yet, and they still expect (delusionally perhaps) basic social infra like schools to function (which is what these protests were initially about). The infra in Europe is a lot better than in the US, despite the GDP delta (New Yorkers can only dream of a subway like Madrid's). But that's clearly eroding in time, without the wage growth (or private social infra) to allow for a paid workaround. -The free healthcare blah blah meme is fake: the public health systems in Europe have collapsed to the point it's mostly a public/private hybrid, for anyone with a solid paycheck, and fuck you if you're poor, go to the public system (which is the ER in the US). Guess what? In Europe you've got deductibles, in/out of network and all the same shit as in the US (though yes, the cost is still lower, though more or less correlated with wages). -Boomers on both sides of the Atlantic are living in a dated lala land, but they vote to keep the system in place. In Europe it's legislation and printing money to prop up pensions; in the US, it's legislation and printing money to prop up housing prices and the stock market, which is the American 'free market' version of pensions. Rampant inflation and cost-of-living problems in both, with youth locked out of housing and living in precarity. -Both are struggling with having been historically middle-class societies US better positioned only because it has more economic growth (hello 80 hour weeks), and (obviously) leadership in critical fields like AI. But the foundational problems of an out-of-touch elite, incoherent immigration policy, and general social malaise that sees no meaning or purpose at the End of History is absolutely the same in both polities. Americans who mock what's happening in Europe simultaneously believe some X mirage about what Europe is (and have never lived there), as well as don't understand what's going on in their own country. The French Revolution happened a few years after the American one, and once again, the two countries are echoes of each other, as similar countries tend to be. France is probably the most 'American' country in Europe, in all the republican senses of the word (and no the Yookay isn't in Europe).
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Also, Día de la Hispanidad, celebrating the shared Hispanic cultural legacy from the Americas to Europe. Funny how in the US this got transmogrified into Columbus Day due to internal ethnic politics.
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Hoy es 12 de octubre, fiesta nacional de España. ¡Felicidades a todos los españoles! Today is Spain’s National Day! #DiadelaFiestaNacional# #12deOctubre#
Plus the one moat that has made and maintained more American fortunes than any technical innovation: regulatory capture.
Technical moats are mostly over at this point. If you’re building something that is meant to be durable, the only moats now are: • Proprietary data • Network effects • A physical component
Where should I spend my one week off this year, between Christmas and New Year's? (No, there's nowhere worth visiting outside of Spain or France.)
Yup. Exactly right. Onchain credit is the route to trillions, and it'll enable trading and margin for every other real-world tokenized asset.
Credit is going to be a big thing that grows in crypto and I think equities onchain is going to be a big trend We've already seen: Explosion in growth with equity perps - markets such as @tradexyz, @Lighter_xyz and @variational_io Explosion in growth in spot equities - issuers such as @xStocksFi, @Ondo, @coinbase and @RobinhoodCrypto I think we'll next see this growth in credit + options @kamino currently dominates, with a growing market around @xStocksFi @aave just recently launching markets on V4 with coinbase equities @Morpho has actually been around the longest, I remember early SPYx markets but really not much traction at all. It's interesting because they have the robinhood eco to themselves, despite all the volume, not many interested in borrowing (there's $1m+ in borrow liquidity, but no borrows for major stocks) This is all very interesting because you can borrow against your stocks onchain for less than 1% APR I reckon this TVL will do multiples before the end of the year.
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ChatGPT badly needs a cowork mode, like in Google Docs, where two or more people can collaborate within the same session. Agent vs. agent inside apps like Instinct totally sucks, and is unusable even with friends/partners. Surprising this hasn't been built yet.
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Being driven across the Golden Gate Bridge by Tesla FSD while using ChatGPT Voice to manage my agents running on my laptop at home as the Blue Angels rip and scream overhead: thousand-year American AI empire (1KYAAIE).
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Realizing rather late in life that your Catholic education has made you a lifelong Platonist, even when mired in the mud of mundane commerce.
DA BEARS!
NFL legend Mike Ditka has died at 86 Ditka led the 1985 Chicago Bears to a Super Bowl XX victory
In the future, the reference standard for real value won't be gold or the US dollar, it'll be a 2BR single-family home in Noe Valley.
The market is showing us that it is happy to buy real estate at record prices and 7.4% mortgage rates because as fiat debasement continues the market expects real estate prices to grow faster than the interest on the mortgage.
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I was reporting in Cuba on the underground internet, and I went a whole day without quite realizing what everyone was talking about here, it seems so unhinged.
Worse, in Spanish-speaking countries, they pronounce 'meme' as - may Allah forgive me for uttering this word - meh-meh.
European tech is never happening because they pronounce Wifi as 'wee-fee', API as 'ah-pee', and IPA as 'ee-pah'.
European tech is never happening because they pronounce Wifi as 'wee-fee', API as 'ah-pee', and IPA as 'ee-pah'.
Or maybe it's that I secretly like 90s Riot Grrrl music.
My most embarrassing musical confession is that I like Lana Del Ray actually.
My most embarrassing musical confession is that I like Lana Del Ray actually.
The long (and good) version of why today’s launch is a big deal for tokenized assets.
What this means is that if you hold Base tokenized stocks, you can borrow against them, and even use the borrowed funds to buy more the same stock if you're feeling particularly bullish (as in a traditional brokerage account). With Aave v4's unique pooled model, you get margin against your entire porfolio at once. *Tokenized stocks are only available in eligible jurisdictions outside of the U.S.
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