My hot take re "too much investment in infra": there's too much investment in *some kinds of infra* and not enough in others, and what's actually going on is, people want to invest in "the casino" but still feel good about themselves, so they invest in the subset of infra that gets spillover profits from the casino.

incredibly refreshing to see notable voices point out the speculation and speculation accessories meta. venture capital was a premature abstraction, rocket fuel showed up looking to take off and the rocket isn't assembled

decline of hilarious defi summer yields and subsequent nft frenzy leaves an increasing pool of capital looking for increasingly scarce yield. as capital moves to other industries, it will be generally considered a "death of crypto" but is exactly the opposite. cultural maturation happens when there is no bag for which dishonesty can benefit

the revolution will be underfunded

I like this framing. Intuitively feels right.