There are fewer large new L1 fundraising rounds than in prior cycles, with more funding attention shifting toward prediction markets, trading apps, and crypto-plus-AI concepts.
Ryan flags uncertainty about whether compute will commoditize (reducing the value of daily credits) or become more valuable over time (increasing their value).
Ryan says he has largely settled on using Gemini for research because it provides needed context with minimal prompting, and he would only switch if it materially degrades or a major new functionality appears elsewhere.
Crypto Downturn Duration Quality Bifurcation And Market Structure
There may be large relative-value trades before a full market reset completes, and the 9–18 month timeline may be unjustified given a constructive regulatory backdrop.
There is an open debate on whether big tech should own data centers or rent from contractors to reduce future depreciation risk.
Quantum computing capable of cracking current Bitcoin private-key cryptography is far away, with expert estimates of 2030–2035 as a minimum timeframe to reach sufficient qubit levels.