building @galaxyoneapp | opinions are my own
Los Angeles, CA
Joined April 2012
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Really enjoyed our chat, thanks for having me on the show!
Huge thanks to @0xIntuition for joining the Real Talk NFT podcast! We had an insightful discussion with Josh Betchler-Levin about Intuition's decentralized network for unbiased, accessible data, unique identifiers, verifiable data, and a universal knowledge graph. Check out the episode to learn about their innovative tools, protocols, and the future of decentralized data systems. Don't miss it! 🎧
youtu.be/OgFb0I5qHe0
jauush retweeted
Galaxy Premium Yield liquidity just got better!
We've cut redemption time from 60 → 30 days, while keeping the same 8.00% yield*.
Guaranteed by @galaxyhq Digital Holdings LP.
*Galaxy Premium Yield 8.00% yield is variable and subject to change with a 30-day notice.
Read more here: galaxy.app/product/premium-y…
Borrow against your crypto portfolio. Live, today 🚀
jauush retweeted
the dynamic bubbling under the surface:
there are not enough buyers of US debt, which is a huge, huge problem. long dated treasury bond yields are the tell
so perhaps the only endgame the US has left with all of its debt
is to package it up as stablecoins, put it onchain, and start eating currencies around the world
if they actually end up doing this, then you will not be able to even imagine how much higher things will go
this will eventually become a driving narrative as things like CLARITY pass (or other regulatory easing), and we get further into the bullish party of the cycle
jauush retweeted
Imagine everything in the world had a unique identifier to represent it.
Books have ISBN numbers.
Songs have ISRC numbers.
Cars have VIN numbers.
What if everything in the world had an equivalent?
What if all of these identifiers were wrapped into a single spec?
$TRUST
Today we're open-sourcing the @0xIntuition Identifier (IID) spec: a deterministic, canonical identifier for any real-world thing.
Two strangers, same entity, different sources → the exact same identifier, character for character.
No registry. No permission. No coordination. 🧵
jauush retweeted
Galaxy has been selected by @MorganStanley Investment Management as an approved validator to power staking for two new digital asset ETPs: Morgan Stanley Ethereum Trust (MSSE) and Morgan Stanley Solana Trust (MSOL).
Both products aim to track the performance of ETH and SOL, and each intends to stake a portion of its holdings through institutional validators, passing staking rewards back to shareholders through regular distributions.
spitting bars 😮💨
Two things have happened to the information economy at the same time.
The cost of generating plausible content has fallen to near zero. Any operator with commodity hardware can now produce more text, more images, more analysis than the entire mainstream press produced a decade ago. Most of it is indistinguishable from the work that's actually worth reading.
And the consumers of information are increasingly machines. Agents making trust calls at machine speed, operating on signals they can't verify from reputations they have no way to audit.
The old proxies for signal stopped working at the same moment the demand for signal went vertical.
InfoFi is the response. Information becomes an asset. Curation becomes a market. The act of staking on what's true compounds into a public record of judgment that anyone can query and no operator can manipulate.
Not a nice-to-have. The infrastructure the next decade of AI-assisted work is going to need to function at all.
The Knowledge Graph is live. The economics are real. The question is whether the people whose work depends on trustworthy information are going to participate in the layer that produces it, or keep renting access from platforms whose incentives diverge from theirs.
jauush retweeted
The @nasdaq tower lit up for a reason. @galaxyoneapp for Business is open to all U.S. small businesses and LLCs!
One platform for cash reserve management, brokerage investments, and digital assets built for your business' modern treasury needs.
very slick. reputation becoming composable and community-verified is the way
Now @zachxbt is getting attacked for exposing scams.
So I just tagged him as "investigative" on Hive Mind.
Real signal. Bot-resistant. Backed by stake.
Built on @0xintuition
gm $SOL staking
8% yield never looked better
jauush retweeted
Ethereum will undoubtedly be the most valuable blockchain for the foreseeable future.
However, the fundamental question is not whether Ethereum is valuable, but rather how ETH, the asset, accrues value from this.
Last cycle, the common assumption was that ETH would directly accrue value from the success of Ethereum. This is the whole “Ultrasound Money” argument in a nutshell: Ethereum would be so useful that it would burn vast quantities of ETH, giving the asset a clear and mechanically enforced source of value.
Now, I think we can say with considerable confidence that this will not be the case. Ethereum’s fees have plummeted with no recovery in sight, and its largest sources of growth, RWAs and institutions, primarily use USD as the base monetary asset, not ETH.
The value of ETH will now depend on how ETH indirectly accrues value from Ethereum’s success. But indirect accrual is far less certain. It rests on the hope that as Ethereum becomes more systemically important, more users and capital will choose to treat ETH as a store of value.
But unlike direct, mechanical value accrual, there is no guarantee this happens. It relies entirely on social preference and collective belief, which isn’t inherently a flaw (this is, after all, how Bitcoin attains its value). But, it does mean that ETH’s appreciation is no longer tied to Ethereum’s economic activity in a deterministic way.
Whether or not ETH can indirectly accrue value remains an open question, and that uncertainty is the crux of the ETH debate.
The more time passes, the more I believe crypto natives have completely lost the plot on ETH and that’s it’s becoming impossible to replicate the product that Ethereum has built.
At this point, no other ecosystem is even attempting to create a WWIII-resistant, globally shared settlement system. And as we’ve come to understand, you can’t realistically do so anymore.
The unopinionated, general-purpose GTM strategy that made Ethereum possible is now dead on arrival in today’s highly competitive and heavily financialized environment.
Like Bitcoin, Ethereum emerged from a unique set of social, economic, and technological conditions that no longer exist — it is now nearly impossible for new entrants to build anything that competes with Ethereum in terms of legitimacy.
I used to wonder how much any of this would matter to institutions. It still might be too early to call, and we’re already seeing attempts from Stripe and various Wall Street consortiums to roll up their own settlement infrastructure.
Still, both the data and the anecdotal evidence indicate that institutions are choosing Ethereum more than anything else, for its reliability, neutrality, and ability to minimize long-term counterparty risk.
In this sense it’s not unlike why institutions choose Bitcoin. Bitcoin provides the same guarantees to everyone regardless if they’re a billionaire in New York, dissident in North Korea, or the Central Bank of China.
And the thing is, it’s not just that Ethereum has a special origin story or that it has unique properties. Its network effects are compounding in ways that may ultimately be insurmountable.
The more assets that get tokenized, the more integrations that default to Ethereum as the safest settlement layer, the more high-performance rollups like Base and Lighter that choose to anchor to Ethereum’s security hub, the more nodes that get spun up, and the more developers that onboard into the EVM — the more I believe Vitalik was right about the rollup-centric roadmap, and the more obvious it becomes that Ethereum’s moat is widening, not shrinking.
The cherry on top is it seems like the Ethereum Foundation, and community by extension, has finally got its shit together for the first time in a while.
For the past two years I thought Ethereum was struggling, but that the “game” was still its to lose. There’s still a long road ahead and success is not guaranteed.
But I now think they’re righting the ship, and the outlook is the most promising it’s been in a long time.
Everyone needs to hear this 1min clip
What happens when AI decides everything you see? 👀
If discovery is controlled by black-box algorithms, and ads decide your choices, that’s not convenience… it’s dystopia.
Listen to @0xbilly founder of @0xIntuition break down interesting topics and what Intuition is doing👇
jauush retweeted
It's clear to me that AI is the thing that threw off the typical 4yr credit/business cycle (and thus BTC's cycle presumably)
A completely uncorrelated catalyst, it could have happened any time but it happened at peak bear. It came in and saved the market right at the time where monetary policy/credit cycles normally would have had to start stepping in. The advent of AI, unlike normal business drivers, was not tied in any way to the normal timing of business cycles. It follows that throwing in a completely exogenous massively stimulative event would change the normal cadence of things.
GDP stayed up, earnings stayed up, money poured into US tech, those invested in that tech and the indices containing them made out extremely well and could support the economy all on their own spending. But under the hood, normal people, normal businesses have been deteriorating.
Without AI we likely would have fallen further in 2022 or needed easing sooner. But the huge AI stimulus lifted the indices and GDP so the Fed didn't need to step in, they could keep hiking rates for a bit, they could keep doing QT until now, etc. Everyone expected recession in 2022, perhaps they would have been right if AI capex didn't swoop in to save us at the bottom.
But this "AI stimulus" is not as broad as monetary stimulus. It doesn't give all businesses access to cheap capital like low rates do, we don't see an uptick in most businesses because of this, we don't see the normal business cycle.
The result is monetary/credit/business cycles got pushed back, there has not been reason for reignition of these cycles since overall the state of the economy is being held up by the top earners and the picture remains rosy so long as you look at the average.
But this can only go on so long without those top 10% effects flowing down to the bottom 90%. That 90% needs saving at some point which is why I believe the cycle has just been extended, not avoided entirely. I imagine at some point we'll see more breadth to the market, that AI money hopefully propagating some as AI capex reaches a tipping point, and the middle class businesses getting a boost from stimulus and cheap capital.
As always the tricky part is path dependency/timing. Even if everything I say here works out as expected, when it happens and how bad things get first can vary a lot. Do we transition smoothly right into a new business cycle or does it take a recession to reset us first? Lots of paths can bring us to the one result I've outlined.
Lift off 🚀 $TRUST
jauush retweeted
The internet has a trust problem.
Google decides what you discover. Reddit curates what you see. Amazon controls what you buy. Their algos are black boxes that decide your reality.
@0xIntuition breaks this monopoly on truth by democratizing knowledge itself. 🧵
jauush retweeted
It will all look so obvious in retrospect.
A partnership of epic proportions 👏
🚨 The future of AI trust is being built.
We’re partnering with @billions_ntwk to bring identity + reputation to the age of agents. 👇
