Martin Schmidt (free, free)
@martin__a__s
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finance nerd | governance connoiseur | armchair alpinist | had a monkey profile pic before it was cool | building a free and open economy at @qblockchain
Joined June 2017
"Intersubjective" is a word we don't often hear in crypto.
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You typically have two camps: .- those who think it's right and therefore useful.- those who think its wrong and therefore useless. Both sides will argue their case passionately. In my view it's wrong, but the vast majority of investors would do best by pretending it's right.
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The efficient market hypothesis is both wrong and incredibly useful.
What finance related opinion do you have that will have people like this?
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When you tokenize a stock, you lose shareholder rights. When you securitize a token, you lose tokenholder rights. And yet, magically, value is created in these transactions 🤷🤷🤷.
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State of crypto in 2025:. We tokenize securities and securitize tokens.
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If you're looking for red flags in an investment, someone pitching it as "downside protected" AND "upside guaranteed" is pretty much as good as it gets. Madoff vibes.
Definitely highest risk/reward position in the market by far. Downside protected by guaranteed long term spot buying upside guaranteed by long term spot buying.
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Hot take: A DAO that's "wrapped" in a legal entity is not really a DAO, since it is primarily defined by the legal entity's characteristics, not by characteristics typically associated with DAOs. Proposing a new term for wrapped DAOs: . "Pseudo-DAOs".
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Aswath Damodaran is the voice of reason when it comes to valuation. Not that markets are always reasonable. But understanding what the reasonable position would be is usually a good starting point.
In the last few years, MicroStrategy has become a Bitcoin SPAC, with investors attributing savant-like status to Michael Saylor. Its success has led some to push companies to shift their cash into bitcoin. As a general principle, this is a bad idea, but there are four carveouts.
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Fun fact: . Rolex is 100% owned by a non-profit foundation.
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"real decentralization has never been tried". Discuss.
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"Freedom to choose" and "safeguard monetary sovereignty" are two mutually exclusive goals. You gotta pick one. The mental gymnastics by ECB staff members trying to defend their monopoly position are becoming increasingly absurd.
A digital euro would preserve consumers’ freedom to choose how to pay. It would safeguard monetary sovereignty, enhance resilience, and ensure we have a digital means of payment that is easily accessible and universally accepted across the euro area.
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I've never quite understood why even people who are generally pro-market believe that money should not be subject to competition. There could be an argument that the provision of money tends towards a natural monopoly and therefore having money provided by the state as a public.
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this 👇.
The concept of “monetary sovereignty” is an embarrassing vestige of absolutism that ought to have been consigned to history’s dustbin along with salt monopolies and the notion of divine rights.
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This bears repeating. Seeing a lot of takes that RH's "tokenized stocks" (they're not really tokenized stocks, but whatever) are great because they increase liquidity by enabling out-of-hours trading. This is flat out wrong. If anything, it fragments liquidity by pulling.
@TheTakenUser @gnovak_ my somewhat unpopular opinion is that liquidity aggregation is a feature of tradfi markets while - conversely - liquidity fragmentation is a bug of crypto markets.
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When google did its IPO in 2004, they completely bypassed investment banks and sold their stock transparently via a Dutch auction. Back then, many proclaimed the end of the investment banking cartel in IPOs and the related phenomenon of systematic IPO underpricing. No such.
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The Robinhood / Arbitrum thing is cool. But it also confuses me - here's why:. 1/ Tokenized stocks have been around for years (didn't FTX have them?). Technically, it's trivial to tokenize a stock - the challenges are exclusively legal / regulatory. 2/ Legal problems are.
Robinhood did well to clearly define its thesis. Phase 1: tokenize stocks as receipt tokens, trades are still settled in existing tradfi markets. Phase 2: integrate Bitstamp to improve liquidity and enable 24/7 trading. Phase 3: integrate blockchains for composability benefits
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With AI, the productivity of labour goes up while the productivity of capital goes down. Crisis of capitalism incoming?.
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This was anticipated when designing the Q Protocol. Hence the second sentence in the Q Constitution:
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This is interesting: priority block space for humans. Like it or not, but in the AI economy, the relationship between humans and machines will need to be negotiated. Expect lots of challenging questions.
Priority Blockspace for Humans is live on World Chain. Introducing a new dimension of transaction ordering: humanness. Only possible on World, the real human network.
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