investing @tcg_crypto
Los Angeles, CA
Joined February 2020
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Jonathan Moore retweeted
@0xdirichlet one of the biggest gigabrains in the space
When most of a country’s financial activity already runs through its banks, it seems fair to expect new money rails to start there too.
@0xdirichlet on why tokenized deposits are leading the way in Japan’s digital asset market, from his RealFi x Asia Stablecoin Conference panel.
Jonathan Moore retweeted
The value of human-powered information networks in the age of AI. Our core thesis 👇
longholdco.com/letters/human…
AI is redefining the value of human-to-human information flows.
For 600 years, value for media and information companies came from aggregating distribution and audiences. First by owning presses and trucks, then by renting reach from search and social.
AI breaks that. Anything already online can be summarized and piped through an API.
What stays scarce is information that only moves between people: what an executive tells a reporter he trusts, what a buyer tells a seller she’s known for ten years, what's said at a hosted-buyer event.
In this new era, value accrues to whoever best aligns these human-to-human information networks. This is one of our core theses at LongHold.
Jonathan Moore retweeted
In countries with high inflation, people call stablecoins "dollars."
What happens when the money lands?
The next phase gets decided by infrastructure, enforceability, and visibility.
Just wrote Runaway Dollarization with @0xdirichlet of @sphere_labs. White paper below 👇
Catalyzing Belief
the most underrated effect of AI and crypto is that they're producing a generation of believers
for decades, people have complained about visible stagnation in society. our parents' generation put a man on the moon while our best and brightest have focused on click-through rates and Snapchat filters
for all of human history, intelligence was scarce and transferring value required a gatekeeper. both constraints are breaking at once
fear around these industries is palpable. the push to regulate them will only accelerate because their potential for disruption is undeniable
for the first time in a long time, moonshots feel possible
people are dreaming about cures for cancer and Alzheimer's. tokenized stocks and borderless financial rails are showing early glimpses of a world where banking the unbanked is not a meme but a reality
when things are stagnant, every problem becomes zero-sum. when the pie isn't growing, you have no choice but to fight over crumbs
when all else fails, progress is the only answer. AI and crypto are the first catalysts in a generation that make people believe the pie can grow again
Jonathan Moore retweeted
David Friedberg says Anthropic is using the same playbook religious institutions have been using for centuries
"If you think back on the course of human history and the moments where systems were set up that created power structures that didn't exist before, they were all predicated on the simple notion that there's an existential threat."
"You will all die. A deity, a god, some powerful system will come in and destroy you.
"And because I can protect you, you must follow me, you must do what I say. It is the common system of human power and control structure to tell a narrative of existential threat and leverage that narrative into your solution being the path to protection and safety."
"That is what sells votes, but it is also what created all these early structures where early religious institutions ran all the countries, told all the people what to do, were the power and command centers of the world, and in many parts of the world still are."
"When you talk about, if you don't listen to me, God will damn you, God will shame you, God will destroy you, or some deity will come down and get you, this is the same psychological concept."
"There is a story being told that you will all die. There's a 10% chance you will all die. If you don't let me control it, if you don't give me the power and the authority to control it, you will all die. Give me that power."
Jonathan Moore retweeted
My favorite way to on and off ramp funds is now available for hyperliquid. You can send funds directly from and to your wallet same day.
I have not used a CEX in 18months. Ty @sphere_labs
Jonathan Moore retweeted
Route around market unevenness and you earn very good returns. Aim straight at the unevenness, and you change who gets to participate in the global economy.
My latest for @Newsweek on the financial infrastructure markets leave unbuilt, and why.
newsweek.com/worlds-biggest-…
> $1M for 2 celebrity row seats to NBA Finals Game 3 at MSG
> $28K for a single ticket to the World Cup Final
> $15K to attend the opening ceremony at the 2028 Summer Olympics in LA
the competition for experiences is accelerating faster than ppl realize
Jonathan Moore retweeted
"When software owns the decision and the execution, completed work becomes the natural unit of exchange."
- @jonmoore202
jonathanmoore.substack.com/p…
Jonathan Moore retweeted
.@0xdirichlet, Co-Founder & CEO of @sphere_labs, breaks down where a purpose-built settlement network earns its place, and where it doesn't:
"I think the settlement environment itself is a bit overrated. People don't really care that much. It's more about what is the product capability that this bespoke settlement environment enables. So to this day, we'll still use most blockchains depending on customer needs."
"SphereNet just gives us a very nice place to pull, say, very opinionated compliance data or very opinionated customer tags that are related to what we need to ultimately produce: documentation to clear a transaction with a bank for an industry where that trade documentation is relevant."
"You don't really need an application for clearing a freight of steel if you're processing a regular first-party treasury money movement on and off chain."
The tension he draws is where a bespoke settlement layer earns its keep: a bank transaction that needs trade documentation for the industry it clears, not a routine first-party treasury move that any chain already handles.
NEW POST (The Outcome Era)
The internet was built for humans who browse, click, and pay. The next set of business models is being built for agents that just execute.
Some thoughts on:
> Why agents break the old playbook
> Completed work as the natural unit of exchange
> Outcomes worth paying for
> Why merchants come out ahead
Full piece linked below
Jonathan Moore retweeted
2 years ago: 100% of perp DEX open interest was crypto
1 year ago: 99%
Today: 70%
RWA trading isn't coming onchain. It's already here.
We @Blockworks built a dashboard to track this shift across protocols, asset categories, and top markets.
Jonathan Moore retweeted
We're running into too many new customers than we know how to deal with - across multiple markets, languages, and cultural expectations.
So we're rethinking the entire customer lifecycle from first principles.
Looking for 0-1 operators from all backgrounds.
All that's required is the desire to think quantitatively, with a curious mind and collaborative spirit.
this is exactly why dynamic pricing for inference feels inevitable
we all max out on tokens and <1% of us are using these models correctly
market structure for efficient inference allocation feels massively under-discussed
🦔Microsoft canceled its internal Claude Code licenses this week after token-based billing made the cost untenable, even for a company with effectively infinite cloud resources. Uber's CTO sent an internal memo warning the company burned through its entire 2026 AI budget in just four months. American AI software prices have jumped 20% to 37%, and GitHub (owned by Microsoft) is dropping flat-rate plans for usage-based billing across its products.
My Take
The AI subsidy era is ending in real time. The same company that put $13 billion into OpenAI and built the Azure infrastructure powering most of Anthropic's compute just looked at the bill from a competitor's coding tool and decided it was not worth paying. That is not a productivity failure on Anthropic's end. Token-based pricing is forcing every enterprise customer to confront the actual cost of running these models at scale, and the number turns out to be far higher than the flat-rate experiments suggested.
This ties directly to my Gemini Flash post yesterday. Anthropic, OpenAI, and Google all raised effective prices in the last six months. Enterprises that built workflows assuming AI costs would keep falling are now watching annual budgets evaporate in months. Two outcomes look likely from here. Either enterprises scale back AI usage to fit budgets, which slows the revenue ramp the labs need to justify their valuations ahead of IPOs, or the labs cut prices and absorb the losses, which makes the unit economics worse at exactly the wrong moment. Both paths land in the same place, the numbers stop working, and somebody has to take the writedown.
Hedgie🤗
