I like the idea of pearl but I don’t believe it can come close to bitcoin. The team itself is the biggest reason. You will never have private money launched by a group that you can point to ever achieve escape velocity as money. Money needs moneyness but it also needs anonymity and disaggregation from the very system that creates it. That’s the primary property of bitcoin. The original bitcoin network and the first bitcoin were both created by Satoshi but neither do we know who he is, and nor do we need to know. The protocol does one and one thing only. The idea that let’s say some loser neoclouds are begging to get subsidized by the chance of a crypto token to fund their GPU cluster operations is ludicrous to say the least. Anyways even if there was a compelling fundamental reason to buy Pearl, the massive supply overhang only makes the case even worse. https://t.co/Al1CRGvUoR

Price moves first and market makes sense of it with narratives later. So the real question isn’t whether there’s any news, it’s whether what’s happening on the Bitcoin chart right now is resilience or a fakeout. The chart is bullish no doubt but calling price action complete and full signal of a bull market is jumping the gun. Return to 58k?

When I posted this podcast in January 2025, @xVibhooti predicted we should go all in on AI. Here's some AI stocks' performance since January 1, 2025: $IREN 163% $NVDA 78% $GOOGL 68% $MSFT 28% $AMZN 14% And here's what happened to the BIG 3 in crypto: $BTC -14.7% $ETH -29% $SOL -47% A generational missed opportunity. While I was super zoomed in on crypto, she saw AI, and I was bag-holding dirt. The lesson is not to be so beholden to your ideas that you miss the bigger picture.

$CHIP isn't a bad product. The signal for the community via buybacks is great. @MCGlive quoted a rumored $50M ARR number. I don't know if that's true but its impressive if true. In any case, unclear how much revenue they retain, no onchain contract to verify it. My big concern remains the big cliff unlock in February that adds ~90% of current circulating supply to the float. what then? that would be ~$65M at current prices or something similar. Would you want to be exit liquidity then? Wait it out. I think this is a great post. CHIP folders aren't malicious, I don't think that at all. But tokenomics matter too.

$PRL mean reversion fud around fundraise. lack of communication from the team. no clear AI usage in the code (barring a partnership from Together which is still pre-PMF). but this could also be the start of somerthing with backers like Ribbit, I won't be surprised. Watching closely.

$NEAR is neither an L1 trade or an AI trade. $NEAR is a trading bet. Its value is directly driven by Intents, a trading product. All near buy backs are a function of trading volume and nothing else. At least for now.

Does $pons have a bottom ?? https://t.co/K3g7WaUE7y

$CHIP is a D-tier token imo. CHIP holders have no claims on yields from lending. All of it is captured by the sUSDAI depositors. Loan book is small. The product is real, there's a lot of demand for AI credit to fund GPU acquisitions but underwriting them is both art and skill. I'm not sure they've proven they can get in on the biggest deals. The other thing is they're operating in the fringes. The long tail. Its kinda like loaning to the unloanable or entities w/ lack of efficient credit ratings to warrant a nice loan. If you're part of the Nvidia neocloud cluster, you can already get capital. The 10,000 neoclouds line on their X-profile doesn't make much sense to me. Not a bad business, lots of overhead and unclear how the AI credit cycle plays out. Would lenders even be interested to fund more riskier bets is again unclear. I have a bad feeling, CHIP could go down a further 50-60% from here.

$CHIP holders have ZERO claims on USDai earnings. Think about that for a minute. Its a D-tier token with a story that's not looking great as AI credit literally is the biggest risk leading to semis selloff.

ZEC and XMR aren't supposed to have utility in the traditional way a product based cryptocurrency has utility. HYPE accrues value because hyperliquid is a trading platform. There's a fee to use the product which is captured by the token via buybacks. ZEC and XMR are coins that are money. Money in-and-of itself doesn't need fees. It needs belief, scarcity and needs to find an error surface in existing digital money alternatives. ZEC and XMR are private SoVs. Something Bitcoin lacks. Hence the frame of reference isn't whether they have any utility. The question is, do they have adoption. XMR is used by half of all darknet markets launched in 2025. ZEC shielded balances are rising. Both have trade-offs w.r.t. their architectural choices and anonymity sets and you could argue one is better than the other depending on what stance you take. Comparing these coins against RAILGUN ZAMA or NIL doesn't make any sense because ZAMA competes with RAIL on private DeFi. NIL is about private compute. None of them are private money. If you don't even know why this coin exists in the first place, you can't do much analysis let alone trade it. You don't even know what you're buying.