As @Saifedean Ammous says, Bitcoin’s NGU is the most important metric in bitcoin. To act as if all these other metrics suggest we’ve never been stronger is naive and/or misleading. Bitcoin’s stuck in a 4+ year chop that undermines its thesis as a superior technology. We’ve got to get to the root cause of the underperformance.

The best application of vibe coding is to disrupt existing industries. Not to make profit for yourself. But to open source closed systems that require a monopoly to function. Break the monopolies. Disrupt the existing system. Bring true capitalism to the market and reprice the economy.

@jack mallers made an important pivot on his Monday podcast. He went from a long time call of $250k-$1M in 2026-27 to $150k-$200k (with a potential drawdown in the near term). What new information contributed his dramatic change in forecast?