I finally got around to reading "AI 2027" on LessWrong.

Crypto doesn't need elaborate justifications.

We've all been there – clutching our crypto bags like sacred relics, whispering "they just don't get it" as markets punish our convictions. My Ethereum maximalism survived the 2018 crash, laughed at "ETH killer" challengers, and doubled down through the Merge. But the cold mathematics of the ETH/BTC ratio finally broke my dogma. 2024 marked a big turning point for Codex’s portfolio.

Rage Against the Status Quo In the wake of the ICO era, regulation by enforcement drove builders toward time-based unlocks and VC-friendly token structures. Lawyers tried to make tokens appear “less like equity,” while still providing insiders earlier liquidity. But as most token charts show, this model simply isn’t sustainable. Demand-Responsive Mechanism Design Static, predictable token unlocks rely on the flawed assumption that demand can be perfectly forecasted. Instead of pre-set vesting schedules, builders should adopt adaptive emission and fee-based models. Let actual product usage drive token distribution—teams should earn through fees as genuine demand grows. Over time, with a fair distribution of tokens, governance can naturally emerge. This shifts tokenomics from insider-driven models toward true economic alignment. Bringing Back Fair Launches It's time to revisit ICOs, fair launches, and novel token distribution mechanisms. Fair launches aren’t merely philosophical—they're practical strategies to build resilient, engaged communities. This approach doesn’t exclude investors; it ensures tokens are allocated in ways that prioritize long-term ecosystem health and genuine participation over short-term financial gains. We’ve Barely Scratched the Surface As regulation stabilizes, we have a unique opportunity to fully explore what tokenomics can be. Tokens can evolve beyond ill-fitting equity analogs into adaptive mechanisms that respond dynamically to user demand. Now’s the moment to experiment boldly, design thoughtfully, and build tokens whose value derives from real usage—not just speculation.

Crypto Unicorns launched on Polygon in October 2021, before Arbitrum and Optimism Mainnet were even live. At the time, if you wanted cheap onchain transactions, Ethereum wasn’t an option. L2s were a necessary evolution, reducing gas costs and enabling better UX. Then the VC-driven infra boom hit, and suddenly every chain had a war chest, a pitch deck, and zero users.

Like a lot of people, I first looked at Bitcoin years before I actually did anything about it. In 2014, I evaluated BTC for an international remittance payments startup—turns out, there wasn’t enough volume back then to support even smaller corridors like US → PHL. I wrote it off. Big mistake.

On January 22, 2025, I closed the book on an 8-year journey.