Redphone on Farcaster

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Had a private convo with a longtime crypto analyst. He didn’t ask about markets. He asked if any of this ever mattered. “I’m not excited about anything,” he said. “DAOs are dead. NFTs are dead. Consensus just follows liquidity and longs memes. But no one actually believes in what they’re holding.” Then, he asked me point blank: “What am I doing with my life? Has it all been a mirage?” I’ve been thinking about the conversation ever since. Here are some of those raw and chaotic thoughts: 🧵👇

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1. Most of us are asking ourselves the same question (even if we won’t say it out loud). 2. This isn’t just crypto. This unease… this loss of conviction… this quiet panic, it’s everywhere. 3. The crisis hits the most forward-looking humans first, but it’s happening across all brain-led industries: radiology, programming, marketing, writing, education, filmmaking, art, journalism, entrepreneurialism, etc. 4. You can’t witness the rise of AI and not question 100% of your priors. 5. Investing requires conviction and conviction requires modeling the future. Velocity of innovation is increasing. That makes it harder to model tomorrow, which muddies our beliefs. It makes us QUESTION EVERYTHING.

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6. Crypto’s morphing into infra. It’s background window dressing (like SMTP or HTTPs). Invisible. Boring. Vital. 7. It used to be about dreaming. Now we watch fintechs distort the vision… wrapping moats around what was meant to be open. 8. But we can’t scale without them. Wall Street, fintech, and AI gigabrains are now part of the machine. 9. Crypto started as a tool for anarchists. Now it’s a hammer for the techno-aristocracy. 10. We hate on memecoins even as they prove out the fact: you can do anything tf you want with crypto. For the sandbox is open. And the permissionless magic is still alive.

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11. Crypto vibes undeniably suck rn. Industry reputation is so bad (and societal divisions are so weird and ominously dangerous) that I try to avoid telling people I work in the industry. 12. But this is the game: only those who stick around matter in the end. 13. One godlike green candle can resurrect an entire belief system. 14. Rising prices don’t just validate conviction, they create it. 15. Sitting on major gains quite literally changes your brain chemistry. Need proof? Look back at the horse dung coins you held in 2021 (honestly can’t believe some of the shite I bought…).

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16. In crypto, 1% up = 10% up across the stack: TVL, collateral, lending, perps. It’s reflexivity on steroids. 17. For better or worse, these lulls are necessary. During price run-ups, it’s virtually impossible for anyone with exposure to concentrate on anything else. Right now, WE F’ING BUILD. 18. I have this core belief: crypto is the final frontier for human freedom. Omnipresent cameras, GPS, satellites, and a legion of Karens have made it impossible to live a truly free life IRL. 19. Online isn’t free either. Bans. Blacklists. Region blocks. (Most of the world can’t even buy U.S. stocks.) 20. There’s nowhere left to act freely. Only here.

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