Christopher

I've appreciated stoicism for years, and one of its biggest lessons is to confine yourself to improving yourself, not fixate on things that you can't change. I've never seen a worse example of stoicism than what Ryan is doing here. What a poor example.

The answers to many modern problems are simple but politically incorrect. So instead of solving anything, everybody pretends they don't know what's going on, and spend years misdiagnosing the issue, talking in circles, and wasting time.

Tomorrow we should cross the 1mm$ revenue mark for April trading fees on @abaxx_exchange Just to conceptualize the growth rate: Took full year 2025 = ~ 1mm Took full first quarter 2026 = ~1mm Now Just April = ~1mm This is basically still just the “pilot” or priming stage of the exchange as well, no US, no China, no UK (who are all onboarding now given the liquidity building), just a few FCMs and their clients, with many more in process. (Also no data revenue, options, oil, base metals or ags, and limited trading hours…and all before our ID++ tech related revs) Most investors I’m speaking with still don’t conceptualize that we built a global market infrastructure at the global sale of the major commodity clearinghouses up front, so the “capacity” is at the 1mm ADV goal or more (something like 13k ADV now), so from here there is significant CAGR growth for years to come just in “growing to that capacity utilization” through more onboarding, more products, ramp up of existing (liquidity begets liquidity), with little additional CAPEX or any major growth in operating cost spend. $ABXX #29ers #NowWeScale

Hello Julia, sans aucune ironie, c'est top que tu prennes le temps de te renseigner. Mais le problème quand on lit Marx aujourd'hui, c'est qu'on prend pour acquis sa prémisse de départ, alors qu'elle a été démontée scientifiquement il y a plus de 150 ans. Toute la pensée de Marx repose sur la théorie de la valeur-travail. L'idée que la valeur d'un bien vient de la quantité de travail nécessaire pour le produire. Si tu acceptes cette prémisse, alors oui, tout son raisonnement tient. Le capitaliste "vole" la plus-value du travailleur, l'exploitation est mathématique, la révolution est inévitable. Sauf qu'en 1871, trois économistes (Menger en Autriche, Jevons en Angleterre, Walras en Suisse) découvrent indépendamment la même chose : la valeur n'est pas objective, elle est subjective et marginale. Un verre d'eau dans le désert vaut une fortune. Le même verre à côté d'une rivière ne vaut rien. Le travail incorporé est identique. Donc le travail ne détermine pas la valeur. C'est le consommateur qui valorise un bien selon son utilité marginale dans un contexte donné. Exemple concret : tu peux passer 1000 heures à tricoter un pull moche que personne ne veut. Selon Marx, ce pull a énormément de valeur (beaucoup de travail incorporé). Selon la réalité, il ne vaut rien. Parce que personne n'en veut. À l'inverse, Bernard Arnault crée des milliards de valeur non pas parce qu'il "exploite" mais parce qu'il a su anticiper et organiser des désirs humains à grande échelle. La valeur est créée par la coordination, pas extraite par le vol. Cette découverte (la révolution marginaliste) a invalidé tout l'édifice marxiste. Pas pour des raisons idéologiques, pour des raisons scientifiques. C'est pour ça que plus aucun département d'économie sérieux au monde n'enseigne Marx comme un cadre d'analyse valide. On l'enseigne en histoire de la pensée. Maintenant, le truc important. Si ton intention en lisant Marx c'est d'aider les pauvres (c'est une intention noble), alors tu vas être surprise par ce qui suit. Regarde les chiffres de la Banque mondiale. En 1820, 90% de l'humanité vivait dans l'extrême pauvreté. Aujourd'hui, moins de 9%. Cette chute historique ne s'est PAS produite dans les pays qui ont appliqué Marx. Elle s'est produite dans les pays qui ont libéralisé leur économie. Chine post-1978, Vietnam post-1986, Inde post-1991, Pologne post-1989. À chaque fois qu'un pays libéralise, des centaines de millions de gens sortent de la pauvreté en une génération. À chaque fois qu'un pays applique Marx (URSS, Cambodge, Corée du Nord, Venezuela), c'est la famine et les goulags. Ce n'est pas une opinion, c'est l'expérience la plus massive jamais menée en sciences sociales. Plusieurs milliards de cobayes humains, sur un siècle. Donc paradoxalement, si tu aimes vraiment les pauvres, la position la plus cohérente n'est pas d'être marxiste. C'est d'être pour la liberté économique. Parce que c'est empiriquement la seule chose qui a jamais sorti massivement les gens de la misère. Pour creuser, je te recommande trois lectures qui vont changer ta vision : "La Loi" de Frédéric Bastiat (court, lumineux, gratuit en ligne) "La Route de la Servitude" de Hayek "Économie en une leçon" de Henry Hazlitt Bonne lecture, et vraiment chapeau de chercher à comprendre plutôt que de rester dans tes certitudes. C'est rare.

@EricBerdene @alexchristy17 This was a wonderful read. Thank you

"By an ironic accident of personalities, the conservative New York Times had become (in defiance of all Marxist laws of economic determinism) the mouthpiece of the Kremlin abroad …" - Eugene Lyons, The Red Decade x.com/EricBerdene/st…

The New York Times platformed Hasan Piker on their "The Opinions" podcast to promote theft as a form of protest. The Mao fan said, "Yeah, I’m pro-piracy all the way, like, across the board. Would you pirate a car? Yes. You know, if you could." He also says he would steal from the Louvre if he could, "I think it’s cool. We’ve got to get back to cool crimes like that: bank robberies, right? Stealing priceless artifacts, things of that nature. I feel like that’s way cooler than the 7,000th new cryptocurrency scheme that people are engaging in." (1/2)

Because we get asked a lot. The Technological Republic, in brief. 1. Silicon Valley owes a moral debt to the country that made its rise possible. The engineering elite of Silicon Valley has an affirmative obligation to participate in the defense of the nation. 2. We must rebel against the tyranny of the apps. Is the iPhone our greatest creative if not crowning achievement as a civilization? The object has changed our lives, but it may also now be limiting and constraining our sense of the possible. 3. Free email is not enough. The decadence of a culture or civilization, and indeed its ruling class, will be forgiven only if that culture is capable of delivering economic growth and security for the public. 4. The limits of soft power, of soaring rhetoric alone, have been exposed. The ability of free and democratic societies to prevail requires something more than moral appeal. It requires hard power, and hard power in this century will be built on software. 5. The question is not whether A.I. weapons will be built; it is who will build them and for what purpose. Our adversaries will not pause to indulge in theatrical debates about the merits of developing technologies with critical military and national security applications. They will proceed. 6. National service should be a universal duty. We should, as a society, seriously consider moving away from an all-volunteer force and only fight the next war if everyone shares in the risk and the cost. 7. If a U.S. Marine asks for a better rifle, we should build it; and the same goes for software. We should as a country be capable of continuing a debate about the appropriateness of military action abroad while remaining unflinching in our commitment to those we have asked to step into harm’s way. 8. Public servants need not be our priests. Any business that compensated its employees in the way that the federal government compensates public servants would struggle to survive. 9. We should show far more grace towards those who have subjected themselves to public life. The eradication of any space for forgiveness—a jettisoning of any tolerance for the complexities and contradictions of the human psyche—may leave us with a cast of characters at the helm we will grow to regret. 10. The psychologization of modern politics is leading us astray. Those who look to the political arena to nourish their soul and sense of self, who rely too heavily on their internal life finding expression in people they may never meet, will be left disappointed. 11. Our society has grown too eager to hasten, and is often gleeful at, the demise of its enemies. The vanquishing of an opponent is a moment to pause, not rejoice. 12. The atomic age is ending. One age of deterrence, the atomic age, is ending, and a new era of deterrence built on A.I. is set to begin. 13. No other country in the history of the world has advanced progressive values more than this one. The United States is far from perfect. But it is easy to forget how much more opportunity exists in this country for those who are not hereditary elites than in any other nation on the planet. 14. American power has made possible an extraordinarily long peace. Too many have forgotten or perhaps take for granted that nearly a century of some version of peace has prevailed in the world without a great power military conflict. At least three generations — billions of people and their children and now grandchildren — have never known a world war. 15. The postwar neutering of Germany and Japan must be undone. The defanging of Germany was an overcorrection for which Europe is now paying a heavy price. A similar and highly theatrical commitment to Japanese pacifism will, if maintained, also threaten to shift the balance of power in Asia. 16. We should applaud those who attempt to build where the market has failed to act. The culture almost snickers at Musk’s interest in grand narrative, as if billionaires ought to simply stay in their lane of enriching themselves . . . . Any curiosity or genuine interest in the value of what he has created is essentially dismissed, or perhaps lurks from beneath a thinly veiled scorn. 17. Silicon Valley must play a role in addressing violent crime. Many politicians across the United States have essentially shrugged when it comes to violent crime, abandoning any serious efforts to address the problem or take on any risk with their constituencies or donors in coming up with solutions and experiments in what should be a desperate bid to save lives. 18. The ruthless exposure of the private lives of public figures drives far too much talent away from government service. The public arena—and the shallow and petty assaults against those who dare to do something other than enrich themselves—has become so unforgiving that the republic is left with a significant roster of ineffectual, empty vessels whose ambition one would forgive if there were any genuine belief structure lurking within. 19. The caution in public life that we unwittingly encourage is corrosive. Those who say nothing wrong often say nothing much at all. 20. The pervasive intolerance of religious belief in certain circles must be resisted. The elite’s intolerance of religious belief is perhaps one of the most telling signs that its political project constitutes a less open intellectual movement than many within it would claim. 21. Some cultures have produced vital advances; others remain dysfunctional and regressive. All cultures are now equal. Criticism and value judgments are forbidden. Yet this new dogma glosses over the fact that certain cultures and indeed subcultures . . . have produced wonders. Others have proven middling, and worse, regressive and harmful. 22. We must resist the shallow temptation of a vacant and hollow pluralism. We, in America and more broadly the West, have for the past half century resisted defining national cultures in the name of inclusivity. But inclusion into what? Excerpts from the #1 New York Times Bestseller The Technological Republic: Hard Power, Soft Belief, and the Future of the West, by Alexander C. Karp & Nicholas W. Zamiska techrepublicbook.com

My far left millennial brother in law loves what's happening in NYC. He gets his views from Twitch (Destiny, Hassan, etc) & Reddit, so I'm confident he's similar to other leftists. I picked his brain and here's what I can tell about the normies on the left: 1) He's glad not to live in NYC and pay those taxes. He admits this is completely hypocritical. He seems to view the state as a means to punish enemies. 2) I told him these types of tax seizures have failed in every country when tried, over all of human history. He doesn't care. I'm unclear if he can't think of 2nd order effects, or the punishment of his enemies is the point. 3) He plays dumb / pretends not to understand when there's something that makes liberals look bad. "Huh, I don't know about that, ." I don't know where liberals learned this, but it's weird when you trip it. 4) Woke not only isn't gone, it's stronger than ever. The difference now is liberals don't share their opinions as openly as before. I think they understand, on some level, their views can't withstand reality. I experience this when traveling, too. Liberals keep their thoughts to themselves if they hear I'm from Florida. They'll wrap up their mentally ill conversations when I walk up. In previous years, they assumed everyone held their views. 5) DEI is still their god. My brother in law was a huge Kanye fan. We made fun of him because Ye came up in every other conversation somehow. So when seeing him recently, I asked when we were going to a Kanye concert to HH as a family. My brother in law disavowed ever liking Kanye. And then the conversation got contentious. 😅 (BTW: defending Kanye's song HH directly to a liberal is some of the most fun you'll ever have. Highly recommended.) My overall impressions talking with him and other IRL liberals recently: -They don't care about the destruction they're causing. They just want others to feel pain. -Liberalism is their religion, and they pray daily. Every interaction or conversation is a chance to reaffirm their liberal beliefs and spread the word. Nothing deters them on their holy mission. -Modern liberalism is about tribal allegiance, not outcomes. I don't think they believe good outcomes are even possible. They never mention this utopia they're striving for, only the pain they inflict on others. -They don't believe fraud is real. They believe the government is a righteous organization that also has perfect accounting. The only flaw of government in their minds is non-liberal views are allowed to persist. My conclusion: we can't share a country with these people. And we won't. Conservatives have long held their beliefs quiet, and now liberals are doing the same. Less dialog with each other only leads to diverging views. The smart will eventually lead an exodus, likely when the nation-wide wealth tax comes (they're already planning it!). We see that with tech bros abandoning the west coast. CA lost 1/2 of it's billionaire wealth in literal days, and the CEO of Starbucks left WA the day they introduced an income tax. I don't think Balkanization happens (the breakup of the country), as it would just lead to the federal government seizing any leader who tried to propose it. Liberals love what's happening in NYC. Soon it'll be in your town. Plan your escape now, anon.

Most people think of philosophy as an abstraction that doesn't touch the real world, but they're wrong. Most real world problems are philosophy problems, and most philosophy problems are "giving things the wrong names". For example, if you call feral drug addicts "homeless people", then you can't solve the problem. You can only buy more houses for feral drug addicts to destroy. In this case, we called the police and courts the "justice system". But they're not. They can't be the justice system. The function of a justice system would be to give everyone what they deserve. Now, I deserve a hundred million dollars, a private Caribbean island, and a foot massage from Lauren Bacall in her prime, but I don't see the "justice" system lifting a finger to correct any of this, do you? No, what we are supposed to have is a public safety system. The function of a public safety system is to keep the public and their property safe. If we understood that, we wouldn't care about what criminals deserve. We would care how likely they are to do it again. Or something worse. In a public safety system, retardation and mental illness are not migrating factors. They are the opposite. Because they mean that the criminal is more likely to pose a future threat. We all understand this. We all understand that the feral retard who stabs strangers on the train for being White and beautiful is a worse person than the man who murders his wife and her lover when he catches them in the act. Not because of some abstract calculus of moral agency, of who is disadvantaged and who isn't, but because one is certainly going to murder more people if he can, while the other is a lot less likely to. We've known for centuries, if not millennia, that it's the same small percentage of people doing all the robbing, raping, and murdering, over and over and over again. And we've known for centuries that if you physically remove them from society, that's 100% effective in stopping them from doing it again. The only hurdle is philosophical. Call it a "justice" system, and you have to argue endlessly about morality and redemption, and then some leftie thug-hugger weaponizes your own Christianity against you. Call it public safety, and you confine the argument to likelihood of reoffense. Then you are in the realm of statistics. Which you can compute. It all starts with naming things correctly, according to their actual nature.

Do not deceive yourselves. If any of you think you are wise by the standards of this age, you should become fools so that you may become wise. 1 Corinthians 3:18 Retardmaxx

It should be pretty obvious at this point that AI is a "force multiplier" not a "labor substitute". It helps experts be better at things they are already good at. It doesn't let beginners match experts. If you can't write, anything you write with AI will be unmitigated slop. If you aren't a software engineer, anything you vibecode with AI will have security holes and won't be able to scale past a toy demo. If you blindly trust AI to deliver on a research task without knowing the subject matter, you won't be able to fact-check it. There's this weird misconception of AI as something that completely levels the playing field. I don't see it that way at all. There are mathematicians deriving novel lemmas with off-the-shelf models. Normal people can't do that. AI is a tool that makes experts better. It doesn't make everyone into an expert.

I’ve sat in front of +$1T in PM equity capital over the past two days in Boston and NY (🙏 Robert Friedland & Jeff Currie, Cantor for the support), and the 400+ tuned into our conf call last week… …A few rough thoughts and conversations: • We are “investing” in a global scale futures exchange + clearinghouse for a 1mm ADV market, minimum (OPEX losses for 6 years in developing contracts, markets & customer development, a clearinghouse, tech, liquidity fly wheel, etc); but none of that shows up as a real tangible asset on our balance sheet (more about the ‘goofy mining engineer’s’ audacious approach below) — obviously newcomers get confused by the market cap vs historical rev…then at the same time understand that when [not if] the onboarding and milestones keep checking off, this can be worth substantially, substantially more with minimum additional capital #WorldBuildersOrBust • Conversations obviously night & day different now that volumes are growing significantly (and will likely compound exponentially for years to come), even though from an internal perspective almost nothing has changed in our pitch, our process, our products, our own self-expectations for half a decade #PlanYourMineMineYourPlan • Given the war (“Don’t mention the war!” -Monty Python), A LOT of detail on how Abaxx is building “the Federal Reserve of Molecules”, where the clearinghouse becomes a ‘Quantity Guarantee’ of commodities, which is far more important than a paper/survey ‘Price Guarantee’ for counterparty risk (again, major disconnect between the vision, service and scale of what Abaxx is investing in versus the ‘but wut revs & assets, bro?’ financials…so far!) #LetsGetPhysical • We have an #OwnerOperator mentality when it comes to dilution (🤢), will obviously want more capital on our balance sheet for the clearinghouse (even though working cap is plenty okay for a few more transformational quarters ahead); have global ambitions for our tech that I have kept in check and back burner for 6yrs and don’t want to dilute before it’s understood/valued, but always talking to strategics and creative expansion ideas / investors when price is right (2/2.5B?) #29ers • I’m not focused on break even (it’s a point in our network growth curve that will come and go in a blink of a trading session) — we should be spendvesting waaay more on leveraging our world class team and infrastructure (a business with the best people, operating leverage and multiples in all of finance). The only equation I think about is Fx(spendvesting in winning markets vs cost of dilution) • There are only ~12 global scale future exchanges (+1mm ADV), but I only really consider two as competitors in the way I think about the world. Both highly respected and profitable, highly formidable and effectively founder led. ..but those ‘founders‘ will be in a different boat than me in 5 to 10yrs, and the world I’m investing in looks VERY different in 10yrs (the world looks VERY different in 12 months). #WeComing (• What do I do in my “spare time”? I wrote a whitepaper/thesis on the future of computing this past weekend; Abaxx will not only be fully agentic_.md, and full of skills_.md for developing and launching new products and sales/client support etc over the next few quarters, but I might just have invented the “soverign computing stack” — maybe the ID++ tech stack for the future of ‘Bloomberg terminals’ if not all computing) #PrivacyEngineering 🆔++ • We invest in solving big problems with big payoff business models, collecting every under-priced option that we can along the way in our approach to spendvesting. We #ThinkDifferent, we like ”hot dog stand markets” that the oligopolies consider two small for the next few quarters; we will put 5yrs into a chance of long tail volume/rev streams that solves problems for our clients, +checks in the mail years from now • We will keep investing in people (& agents) to do this Human Captial >> Finacial Captial #29ers $ABXX

I want my children to be partially feral but also perfect Lords and Ladies

There is absolutely a unbounded amount of economically valuable work. If we had been having this conversation in 1800, you could not have imagined that we would be producing hundreds to thousands of times more stuff per worker, and would’ve questioned what a poor person would’ve done with a much larger unheated shack or the like. Let’s just think about medicine. There are a bunch of diseases out there for which cures probably require custom designed interventions that are impractical right now because they would require a team of people with PhD’s in molecular biology and medicine working for months per patient. Well, we have a fix for that obstacle. Think about the rate limiters on astronomy. It would be nice if we could give every single graduate student in Astro their own space-based telescope array. But of course we can’t afford to right now. But of course, there is nothing that would prevent us from doing that if we just were a little bit more productive. Right now, lots of dead spots in cell phone coverage exist all over the country. The reason they exist is because it takes too much labor and capital to put in enough cell towers. But of course, we could fix that. We could fix the fact that your house gets dirty, and that you would like to clean it every day, but have no capacity to do so. We could fix the fact that we have to use chemicals to kill insect pests attacking crops, if only we had enough brain power available to “hand kill” all of them, but of course we can fix that with AI. We could fix the fact that the ocean is full of plastic garbage, if only we had millions of tireless laborers to send out to see to filter everything in the ocean. And this doesn’t even require much imagination. We have no idea what sorts of things we’re going to build in the future that we don’t even understand yet. Colonizing the stars is going to require vast amounts of labor and capital, and we don’t even have a handle on what most of the tasks are yet. You suffer from a lack of imagination. We can easily sink thousands of times the current amount of intellectual and physical labor we are performing without even noticing it. And probably that’s only scratching the surface.

Here’s Ben Stein in 1979 describing television as an engine of cultural demoralization. He argues that a small clique of producers and writers pushed a left-coded inversion of reality onto the public. They despised traditional power centers and hated figures like Buckley. They propagandized the nation into accepting a fake world where businessmen are villains, criminals are the good-guys, small towns are sinister, military officers are proto-fascists, and work barely exists.

أوروبا لا تعاني من "مشكلة" واحدة، بل من ثلاث مشاكل: ثلاث دول أوروبية تعاني من حالة "دوار ما بعد الإمبراطورية" الحاد. أولاً، المملكة المتحدة: تلك الأمة التي صوتت لصالح "بريكست" كي "تستعيد السيطرة"، لتكتشف لاحقاً أنها نسيت تماماً كيف تقود. إن أزمة الهوية البريطانية تشبه مشاهدة أسد متقاعد يحاول تبني نظام غذائي نباتي. لقد استبدلوا الثقة الإمبراطورية ببرامج تدريبية في "الحساسية السلوكية" تليق بقسم موارد بشرية. أرض "تشرشل" تُحكم الآن من قبل بيروقراطية "الدولة المربية" المترامية الأطراف، والتي تخشى الإساءة لأحد على منصة (X) أكثر من خشيتها من الانحدار الفعلي. أما الشرطة البريطانية، التي كانت يوماً ما محط حسد العالم، فتبدو الآن وكأنها تكرس مواردها للتحقيق في "حوادث كراهية غير إجرامية" وطلاء سيارات الدورية بألوان قوس قزح، أكثر مما تفعل في حل جرائم السطو. إنها أمة تتشبث يائسة بجماليات التقاليد — العائلة المالكة، المراسيم، الشاي — بينما نخر "العفن التقدمي" مؤسساتها حتى جعلها تبدو أكثر تطرفاً من حرم جامعة كاليفورنيا. إنهم يريدون "هيبة" القرن التاسع عشر، لكنهم مشلولون بالهشاشة العاطفية للقرن الحادي والعشرين. ثم تأتي فرنسا: العمة الغاضبة المدخنة بشراهة التي ترفض الاعتراف بأنها عاطلة عن العمل منذ عقود. يتجلى "دوار ما بعد الإمبراطورية" لدى فرنسا في حالة دائمة من التمرد التي تتخفى وراء قناع "المشاركة المدنية". هويتها منقسمة بين نخبة واهمة لا تزال تعتقد أن باريس هي عاصمة الكون، وشعب يعبر عن "بهجة الحياة" بحرق مواقف الحافلات كل يوم خميس. يعاني الفرنسيون من "عقدة نابليونية" بدون وجود نابليون؛ فهم يطالبون بمستوى معيشة إمبراطورية فاتحة بينما يعملون 35 ساعة في الأسبوع ويتقاعدون في سن يكون فيه معظم الأمريكيين في قمة عطائهم. ينظرون للقيم "الجمهورية" والعلمانية المتشددة، ومع ذلك فقدت الدولة سيطرتها على مساحات شاسعة من ضواحيها. فرنسا باختصار هي متحف جميل في الهواء الطلق، حيث القيمون عليه في إضراب، والحراس يخشون الزوار، والإدارة مشغولة بإلقاء المحاضرات على بقية العالم حول "العظمة" (Grandeur) بينما فواتير الكهرباء لم تُدفع بعد. أخيراً لدينا ألمانيا: العملاق العصبي الذي قرر أن الطريقة الوحيدة للتكفير عن تاريخه هي ارتكاب "انتحار صناعي" بطيء. إن "دوار ما بعد الإمبراطورية" في ألمانيا هو مرض مناعي أخلاقي؛ فالبلاد مرعوبة من ظلها لدرجة أنها استبدلت الفخر الوطني بجلد الذات العنيف وقوانين إعادة التدوير. هويتهم مبنية على كونهم "القوة الأخلاقية العظمى"، وهو ما يترجم عملياً إلى إغلاق محطات الطاقة النووية التي تعمل بكفاءة تامة من أجل حرق الفحم القذر، كل ذلك بينما يلقون الدروس على جيرانهم حول البصمة الكربونية. إنها أمة من المهندسين الذين هندسوا مجتمعاً لا يعمل. الروح الألمانية، التي عرفت يوماً بالكفاءة والانضباط، تحورت إلى بيروقراطية مشلولة حيث ملء الاستمارة الصحيحة أهم من النتيجة النهائية. إنهم مستميتون لتجنب الظهور بمظهر "التهديد" لدرجة أنهم تحولوا أساساً إلى منظمة غير حكومية ضخمة تمتلك جيشاً يستخدم "مقابض المكنسات" بدلاً من البنادق، خوفاً من أن يُفسر إظهار أي حزم على أنه انتكاسة للماضي.

Seven year overnight success. Abaxx Exchange volumes really taking off (maker and taker), even with connectivity still in early innings. …but commodity industry knows we got our markets right and these early volumes are proving it. At full RPC we’d be at ~$25mm annualized today already (were about ~$1mm annualized last quarter end). Based on 1mm contracts a day medium term target, we’d be running a 300-400% CAGR for 3-4 years off this first stage (that’s the operating leverage an institutional exchange-clearinghouse has). Commodities futures (and data) are the best business in the entire financial service stack, and we’ve put together the best commodities team on the planet just as the world needs our business most …this is just the beginning of the flywheel. $ABXX #29ers #Gold #LNG #Lithium

Another record 20,132 contracts of Singapore Kilobar #Gold traded on @abaxx_exchange today (647,204 toz). Based on full COMEX trading day yesterday (25.3mm toz across 249,000 100toz contracts, 389,086 1toz minis), Abaxx already about 2.5% of COMEX in market share. COMEX = Largest paper market, US centric (set up for local co-locate trading advantages) LBMA = Bullion Bank balance sheet market Abaxx = Future of Asian physical kilo market (plus first full cloud native for global trading, full-stack physical-future-spot-token collateral market in the age of real-time agentic finance). #LetsGetPhysical #29ers $ABXX #GlobalFirstMarkets #Silver and more coming soon…

Imagine the F1 racer that’s like nah, I’m not doin any of these logos. But he’s the best racer in the world. I’m following that guy into war. But does that figure get any play in the real world?

China looked at the lessons of 20th century great power conflict and drew the conclusion that military power alone doesn't determine outcomes, upstream industrial capacity does. The Allies won because of overwhelming industrial might. Japan and Germany lost because they lacked critical industrial inputs. Starved of oil, they were forced into gambles that cost them the war…Japan attacking Pearl Harbor to seize the oil in the Dutch East Indies, Germany marching to the Caucasus to take the Baku oil fields. Input scarcity doesn't just weaken you. It steers your decisions. It pulls decisions away from the optimal plan and toward the necessary plan. China learned this lesson and decided to be the one holding the chokepoints. By embedding itself so deeply into the upstream supply chains that feed American military production, a conflict would trigger Western industrial paralysis and neuter its ability to fight a long war. But the chokehold only works if the West doesn't rectify its supply chain vulnerabilities before China is ready to move on Taiwan. So China's central strategic requirement was to delay Western recognition of the threat for as long as possible. Thus, China's entire foreign policy posture becomes oriented around appearing non-threatening. And it works because it aligns with the economic incentives of Western elites who benefit from cheap inputs and profitable trade. The cost of denial is kept artificially low. Raising the alarm looks like paranoia or protectionism when cheap goods keep flowing and no shots are being fired. The administration is now racing to unwind its supply chain vulnerability before the conflict window opens. But that takes years, and they face significant inertia, both domestically and among allies who remain naively blind to the risk. China knows this. So their strategy is to keep the West sleepwalking. Which means they can’t show their hand. If China comes into direct military conflict with the US in order to defend a proxy, the West wakes up. The inertia collapses. The reshoring and remilitarization that China spent decades trying to prevent happens on an emergency timeline. But the US finally realized it could use this against them. Since China can’t show its hand until it's ready to move on Taiwan, the US realized that it can turn China's greatest strategic asset, the pacifist disguise, into a structural trap. They cannot take overtly aggressive action without triggering the Western industrial mobilization their entire strategy depends on preventing. So the US can eliminate their proxies and China can’t respond without destroying the disguise. Maduro removed. Cuba strangled. Now Iran. Beijing must decide if defending the proxy is worth waking the West up? And the answer keeps being no. Until China’s window to move on Taiwan opens, the pacifist posture that enabled its chokeholds constrains their response to US actions. Everything the US is doing right now is a race to be ready before that moment arrives. Clear the proxies. Arm the allies. Break the chokeholds. And build new ones of its own.