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@devinbaker.eth
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Some excerpts shared with our investors in our annual letter. Very timely amidst the widespread panic.
Frontiers are messy and uncomfortable by definition. If they weren’t, everyone would go - and they’d cease to be frontiers.
We still believe in the opportunity ahead.
The big picture: Our vision of the future
We see a world where some of the most formative technological innovations in our history are coordination technologies.
Innovations like language, writing, money, legal codes, democracy, capitalism, the limited liability company, the printing press, railroads, the telegraph, the internet - to name a few - expanded the trajectory and possibilities of humanity in a continual process of progress.
At its core, crypto is a coordination technology. And we believe that crypto is another one of these paradigm-shifting forces - one that will touch many parts of our world, from community and culture to capital.
Crypto gives us new tools to coordinate human, financial, and technological capital more effectively - enabling humans to do what we do best: imagine and paint the vision of a better future, muster resources behind that vision, and act to make it real. By reducing the friction of coordination, crypto amplifies the impact of harnessing all that's necessary to build together. It blows open the surface area of what's possible.
And it does so while simultaneously promoting values that are forces for good - freedom, openness, decentralization, sovereignty, dignity, meritocracy.
These world-changing outcomes don't just happen overnight. This vision demands a multi-year, multi-decade time horizon.
This long gaze doesn’t just guide where we’re going - it also guides how we respond to the inevitable turbulence along the way.
It is this vision, and this time horizon, that inspire the work we do at Comma.
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@devinbaker.eth
Comma Partners, January 2026 update
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Crypto is oversold and misunderstood.
AI fears are actually crypto tailwinds.
We still believe.
We are buyers.
https://paragraph.com/@comma/comma-partners-january-2026?referrer=0x442174a8A008286649682DFf72DF6EC0C10BA87F
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@devinbaker.eth
https://paragraph.com/@comma/comma-partners-2026-annual-letter?referrer=0x442174a8A008286649682DFf72DF6EC0C10BA87F
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@devinbaker.eth
Comma Partners, October 2025 update
Vibes are bad. Prices haven’t looked great either. Bears are everywhere. The chop has been brutal.
Is it all over?
No.
https://paragraph.com/@comma/comma-partners-october-2025
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@devinbaker.eth
"Trading is a zero sum game inside a larger positive sum game.
Though every trade has a winner and offsetting losers, markets as a whole direct resources across space and time and help civilizations grow. The emergent objective of complex systems is usually only visible in hindsight.
If you get too cynical about the uselessness of what you do, you will spiritually one shot yourself and burn out."
https://x.com/thiccyth0t/status/1981835308116443169
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@devinbaker.eth
They run the same playbook. Every time.
Art of the Deal.
Send it.
https://x.com/RapidResponse47/status/1982439472009564585
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@devinbaker.eth
Comma Partners, September 2025 update
Much of crypto twitter still thinks that we're either in a bursting bubble or a crashing recession.
We don't.
We think we're in goldilocks. Strong growth, stable inflation, and rising liquidity.
https://paragraph.com/@comma/comma-partners-september-2025
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@devinbaker.eth
The world has always been a market.
A chaotic system where humans bring what value we have to bear to move life and society forward.
The internet has been our best tool for facilitating the world market.
Global, instant, frictionless. It's the ultimate market for human attention.
But huge gatekeepers take a massive chunk.
Tokens are the missing tool.
Tokens conceptually organize and coordinate value and ownership, at larger scale and greater granularity than we've ever had.
But even the internet is too inefficient to manage this.
Without ownership and value built into the internet, we had to duct-tape ancient analog financial rails to this instant digital market.
It was too inefficient. Too slow. We paid too much.
We needed a next version of the internet.
Now we have crypto.
An even better system for coordinating information and value, at grander scale, even cheaper.
We used to just have money, finished products, views and likes.
Now, tokens represent more. All forms of value.
Now, we have an even better system where we bring to bear our most inherently human attributes more directly.
Our attention, taste, curation, love, belonging, are valuable. Always have been.
Now, we can bring these more directly, more efficiently, more effectively.
The abstraction gets thinner. No intermediaries.
The marketplace that is our world now does its job even better.
Facilitates humans bringing our value to bear to move life and society forward.
Comma Partners is a new-paradigm crypto fund at the frontier of community, technology, culture, and capital.
I wrote that description a long while ago because I had a vision, but I didn't know how we'd get there.
Now, I do.
Community, technology, culture, and capital are all converging. They will all be the same thing.
Value.
Crypto is technology that enables this to happen.
Tokens are the tool that makes it happen.
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@devinbaker.eth
Comma Partners, August 2025 update
Much of crypto twitter thinks the top is in
We don't
The Fed is cutting rates into an accelerating economy
Things still look good
https://paragraph.com/@comma/comma-partners-august-2025
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