The Breakdown

Decoding crypto and the markets. A daily Blockworks newsletter, by Byron Gilliam.

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Why equities are more stable than in past decades, plus advice from Peter Lynch

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Conferences are pop-up innovation clusters—and filters for the riff-raff

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Money for enemies isn’t fun, but crypto can be

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The future of crypto isn’t just going to happen

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The banking system still processes payments like it’s 1975. Crypto might have a fix.

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Markets look forward, even when we can’t see past the news

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Greenwood was a success story before it was a tragedy

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Asymmetric information is threatening crypto the same way it once threatened equities. Disclosure might be the fix.

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Even in today’s fully fiat system, the question of who ultimately stands behind the dollar still matters

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From bank porters to stablecoins, the history of money is a story of acceleration

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Why is it controversial to say things are better than they used to be?

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Crypto continues to do its thing: incentivizing behavior

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The financial backwaters they laughed at might be the only thing keeping the dollar afloat

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The best capital markets are open to the most people — and crypto capital markets are open to everyone

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The bond vigilantes you heard about this week aren’t real

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Is crypto straying too far from things of value?

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Discounted cash flow is as close as you can get to a fundamental truth in the art of financial valuation

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What the history of global reserve currencies says about crypto’s future

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Cash enables law evasion at a small scale and crypto enables it on a large scale

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This week’s market action seems to suggest that even a 10x increase in tariff rates won’t derail the US economy

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Could crypto disintermediate DC lobbyists?

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Money, it turns out, is emergent, like consciousness

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Prediction markets show that people bet in anticipation of things happening far too often

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A recent Citi report predicted that stablecoin AUM could hit $3.7 trillion by 2030, largely because of institutional adoption

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