In crypto, startups captured almost all the value. In AI, it's the other way around. .@hosseeb on why Anthropic and OpenAI are 'a pittance' next to what Nvidia, Amazon and Google added in market cap

'If you are NASDAQ, you are very upset about this. If you're CME, you're very upset about this.' .@hosseeb expects injunctions and a court fight over ICE bringing Hyperliquid perps to the US

May 2020: Paul Tudor Jones calls Bitcoin the fastest horse in the race. Bitcoin goes from ~$9K to $60K+. .@JasonYanowitz thinks Druckenmiller backing Trade XYZ is that moment for onchain markets.

I still remember the day Paul Tudor Jones came out and called Bitcoin the fastest horse in the race. It was May 2020. Bitcoin was at $9k. That moment changed everything for Bitcoin. PTJ's public call forever eliminated the career risk for hedge funds to buy BTC. Bitcoin went on to 10x over the next year. Druck investing in trade xyz is that moment for all of onchain capital markets. The career risk for all funds to participate in onchain capital markets is now zero. "If druck is doing it, I can too" I wouldn't be surprised to see onchain market volume 10x from here. Welcome to the next stage of the bull market.

DAS London is back Nov 10–11 with @blockworksDAS. Robinhood, Pantera, 50T and Metal on where the industry goes next, plus 150+ more speakers. Prices rise Nov 4.

NEW POD @hosseeb and @zmanian join to break down the wave of attacks across the internet this week We cover: – AI-found PHP exploit – Is the next 6-12 months cyber chaos? – Will the AI labs get nationalized? – Where AI's irrational exuberance lives – Visa's rumored $2.5B Fireblocks deal – Why nothing feels investible & more! TIMESTAMPS: 00:00 From the B-List to the A-List: Haseeb & Zaki Join 01:21 Is AI Breaking Cybersecurity? 10:22 Where Are The AI-Powered Cyberattacks? 15:44 Can AI Defend Against Itself? 20:34 Ads (Fidelity, DAS London) 21:45 Should The Government Control AI Labs? 28:42 Will AI Labs Become Nationalized? 32:55 Ads (Fidelity, DAS London) 34:11 Is The AI Boom Overvalued? 38:38 Who Is Actually Winning In AI? 43:16 Does The World Need More AI Labs? 46:27 Is Crypto Custody Consolidating? 53:53 Crypto's Next Wave Of M&A 57:56 What Is The Market Telling Us? 01:01:22 Content Of The Week

We just sent the SEC our comment letter on Regulation Crypto Assets. Our goal is to give every token one current, public record to make onchain compliance cheaper and faster. Our asks: 1) Let projects file disclosures through Qualified Onchain Disclosure Agents 2) Let third parties file on behalf of projects It's time we protect investors so we can protect this industry.

Borrow at 8%, earn 11%. That trade is live on Kamino today. CEO @WeiszM wants to offer a version of it against Blackstone and BlackRock LP stakes at 5% or 6%. The numbers: