Leah Wald

7.9K posts

Leah Wald banner
Leah Wald

Leah Wald

@LeahWald

bitcoin + decentralized identity | thinking about markets, human agency, and maintaining digital autonomy in the age of AI

Katılım Kasım 2014
1.8K Takip Edilen37K Takipçiler
Sabitlenmiş Tweet
Leah Wald
Leah Wald@LeahWald·
I can’t believe how many people are still picking up the Hyperwave Theory book! Just checked in with our publisher and it’s still getting purchased each month 🤯 Tyler Jenks developed Hyperwave Theory in 1979 and spent his entire career refining it. Tyler C, Tyler J and I were writing the book together when he passed, and finishing it without him was one of the hardest things I’ve ever done. He poured decades into understanding what happens when markets refuse to let the numbers add up, when human emotion overrides reality and prices accelerate through phases that become unsustainable. Hyperwave isn’t just a chart pattern; it’s a model for collective human psychology that tells you what happens when people chase dreams and trip over reality. For the record, Tyler never saw BTC wick to ~$3,850 on Black Thursday, March 12, 2020, when it dropped nearly 50% in a single day and $1.4 billion in positions were liquidated on BitMEX alone. But it didn’t dip and hold below $1k, so the BTC hyperwave he thought was active was negated into funky territory. He would’ve been the first to say that’s exactly how the theory works. It tells you what it tells you, no ego, no narrative, just the pattern. And you better keep your eyes open and triggers ready for when lines are negated. What I think matters most right now is that he examined and taught about a plethora of historical hyperwaves across asset classes, the phases of how bubbles form and collapse, and a TA framework for reading what markets are actually doing beneath the noise. That stuff doesn’t expire. And we’re in one of the strangest markets we’ve ever seen: the S&P closed Friday at ~6,910, hovering near ATHs, while BTC is sitting around $65K after a nearly 50% drawdown from its $126K peak in October. Bitcoin ETFs have bled almost $4 billion across five straight weeks of outflows. The disconnect between traditional equities and crypto right now is real, and it’s exactly the kind of environment where people get hurt if they’re not paying attention. If there’s one thing Tyler drilled into me, it’s that bear markets are where the real damage happens, not because of the drawdown itself but because people refuse to accept the reality of one. They hold onto hope past the point of reason, mistake a Phase 6 bounce for a new bull, and let ideology override the chart. BTC is in a weird phase, semper paratus. Take care of yourselves out there. Respect the trends. The system always cleanses itself, and the survivors of vol are the ones who stayed humble and let the numbers add up. Tyler Jenks would be absolutely blown away that people are still learning from his life’s work. I know @Sawcruhteez and I are. 🤍🤍
Leah Wald tweet mediaLeah Wald tweet media
English
7
5
76
6.9K
Leah Wald
Leah Wald@LeahWald·
newyorker.com/magazine/2026/… Very interesting New Yorker piece on the Gold Rush 2.0 at $5k/oz. Amateur prospectors with lidar maps in California burn scars, Discovery Channel as appointment TV for target demographics, pay-dirt-of-the-month clubs, an r/Prospecting subreddit up more than a thousand percent since 2020. Nostalgia has become a product category! Although as a Yellowstone watcher and then Montana vacation goer, I understand the self-irony of fitting into that trend. Tyler Jenks used to say “history doesn't repeat itself but emotions do”, and most of what the piece documents is the emotional half. The cycles, though, tend to follow real macro turning points. The closure of the gold window in 1971 set the modern psychology in motion. The 1979-1980 run was the canonical template, which is also why Tyler started developing Hyperwave that year. What’s happening now sits in the same family, with central banks (especially in emerging markets) on pace for a fourth straight year of historically elevated gold buying per WGC data, while retail rediscovers the romance of physical metal through screens. What the article doesn’t talk about, but what is on my mind coming from a development background, is how the people and the land get treated upstream of the LBMA stamp. Around 15 million artisanal miners work this sector across 70+ countries, including 4-5 million women and children, handling mercury by hand and going down shafts that collapse, while getting paid a fraction of what their gold sells for once it reaches Dubai. ASGM accounts for ~37% of global mercury pollution, which shows up as neurotoxicity and developmental harm in mining communities and land that can't be farmed for generations. The war in Sudan, financed off this same pipeline, has displaced more than 10 million people (great NYT’s The Daily podcast on this below). Provenance frameworks exist but rely on audits the refiners pay for, and once metal is melted its origin is wiped. Law-anchored, identity-verified ownership sits at a different layer of the stack, and the case for building it better gets stronger every time conflict gold turns up in a Swiss vault while the people who dug it out are left with mercury in their water. Brian Wallace of the Washoe and Nisenan tells the writer that ‘for us, the gold rush didn’t end.’ That line travels as it hasn’t ended for ASGM communities in Sudan, the DRC, or Indonesia- where the same mercury exposure, displacement, and labor exploitation continue today. Additional reading: swissaid.ch/en/media/unite… unep.org/news-and-stori… swissinfo.ch/eng/internatio… gold.org/goldhub/resear… nytimes.com/2025/11/10/pod…
English
0
0
7
668
Leah Wald retweetledi
Brett Adcock
Brett Adcock@adcock_brett·
Watch a team of humanoid robots running a full 8-hr shift at human performance levels. This is fully autonomous running Helix-02 x.com/i/broadcasts/1…
English
2K
3K
17.1K
13.1M
Leah Wald retweetledi
Josh Crumb 🆔++
Josh Crumb 🆔++@JoshCrumb·
Re Compute futures news: I like what I’ve seen out of Silicon Data, but this contract as a futures market would be another bet against indexation (ie little reflexivity and price discovery from the actual curve - this is paper compute not physical). Thus, I’m skeptical that it could form deep liquidity and broad benchmarking status for an industry not used to hedging in the first place, and too much basis and idiosyncratic situational risk for data centre financiers to be overly reliant on it. We’re working on next generation market infrastructure that deals with actual “physical compute”, not paper compute (🆔++ and Agents++ plays into this perfectly). Just like commodity capex infrastructure, firms need off-take (quantity, not just price) guarantees to spend the Nth dollar of capital, and the natural commercial buyers will want guaranteed access when the market is in shortage (backwardation price discovery). This is the real natural utility of a future market for buyers and sellers. Right now the oil market has a similar situation to the inference compute market, there is a paper price but hard to find actual quantity without actual delivery premiums well above the “paper price”. A backwardated curve with a quantity delivery guarantee from a clearinghouse (seller of last resort) wind find the actual marginal price spikes for limited capacity (and AI companies could stop throttling demand). And with a real physical curve, like most commodities companies, data centers (and their financiers) could protect their downside by understanding the worst case scenario of “cheapest to deliver compute pricing” out the curve, but then own that upside price spike call option when markets are in shortage.
matthew sigel, recovering CFA@matthew_sigel

*CME TO CREATE FUTURES MARKET FOR COMPUTING POWER BACKING AI *CME, SILICON DATA PARTNER TO LAUNCH FIRST COMPUTE FUTURES

English
3
8
64
7.3K
Leah Wald retweetledi
Josh Crumb 🆔++
Josh Crumb 🆔++@JoshCrumb·
We’re moving #BeyondBlockchain Ever played the game ‘rock, paper, scissors’? Legal finality 🪨 beats ledger finality✂️, because law can always overturn ledger for RWAs (#Gold #MoneyMarketFunds etc). At Abaxx, that’s why we rethought all of the cryptographic primitives of blockchain to reconcile ID signing authority and legal claims in real time (with multi-party ledger states also pinging the system in real time so that an asset transfer becomes a fly trapped in multi-party amber in real time, T+0 secured). …and this is 🔑: Our solution is not only more legally robust than blockchain RWAs (bearer-asset tokens on dozens of ledger pointer gymnastics to offline assets) and works with existing regulated systems and ledgers, but it’s also more decentralized than the highly centralized nature of RWAs, bearer token custodians, every company now building their own centralized L1s and L2s with bridge risk, and the network of conflicted crypto “exchanges” (which are actually just centralized limited-brokers in much that they do, with no counter-party risk sharing and clearing). When private, decentralized, trusted identity is your foundational primitive, the whole system just works better, and it’s more competitive, decentralized and anti-fragile. “When the asset lives in the ledger (BTC, Sol, ETH etc), ledger finality matters…when the asset lives in the law (securities, warehouses receipts etc), legal finality matters. And laws can always overturn ledgers in the ‘Real World of Assets’, so Law 🪨 beats ledgers✂️”. Abaxx is a 1 of 1 company with 1 of 1 technology, and our own clearinghouse. $ABXX #29ers #NowWeScale
Abaxx Technologies Inc.@abaxx_tech

Abaxx Advances Digital Title Toward Commercial Implementation; Names Alta as First Singapore Integration Partner The agreement supports the formation of a Singapore-based VCC structure to enable the use of MMF shares as T+0 collateral at Abaxx Clearing. investors.abaxx.tech/press-releases…

English
8
24
121
19.7K
Leah Wald
Leah Wald@LeahWald·
Big day! Watching Digital Title move from concept into a commercial framework with Alta is really exciting. The piece I’m most proud of is the structure itself: a Singapore VCC (a regulated open-ended fund vehicle, similar in concept to a mutual fund) with MMF shares designed to function as T+0 collateral at Abaxx Clearing (subject to regulatory approval), by utilizing full ID++ identity attribution to create a secure evidence trail, and with yield continuing to accrue throughout (as a vehicle sweetener for our clients). Integrating our digital title tech into a traditional, regulated fund vehicle in an advanced capital market jurisdiction is the part that’s quietly novel, and a clear sign this can work within TradFi rails. Having spent years on the fund manager side, I have a clear view of what makes a good partner here, and Alta brings it. A meaningful milestone for Abaxx and for the technology behind digital title…. And now back to the grindstone!
English
3
29
120
26.6K
Abaxx Technologies Inc.
Abaxx Technologies Inc.@abaxx_tech·
Abaxx Advances Digital Title Toward Commercial Implementation; Names Alta as First Singapore Integration Partner The agreement supports the formation of a Singapore-based VCC structure to enable the use of MMF shares as T+0 collateral at Abaxx Clearing. investors.abaxx.tech/press-releases…
Abaxx Technologies Inc. tweet media
English
1
21
94
19.5K
Leah Wald
Leah Wald@LeahWald·
I agree. Ok so let’s take a finance example that I can see happening: an AI agent that rebalances a portfolio. Today, compliance reconstructs intent from chat logs and timestamps after the fact. With identity-anchored delegation, the agent’s action carries a signed record of who authorized it, the mandate scope, and the context, captured at execution. The same logic for any regulated workflow where “the agent did it” can’t be the final answer when a regulator asks who.
English
1
5
49
6.2K
Manan Kathuria
Manan Kathuria@KathuriaManan·
@LeahWald Hey Leah, can you perhaps articulate a real world example? The principles are powerful but hard to relate
English
1
0
3
315
Leah Wald
Leah Wald@LeahWald·
The quieter half of Josh’s thesis: anchoring a Skill to a Sovereign Identity isn’t just about authentication. The key is also about the evidentiary record getting built in real time as the agent acts. Who authorized it, under what scope, with what context, all signed and immutable. That’s what makes delegation defensible (not just auditable) when something gets challenged which is what you actually need when a regulator comes asking, or when we can no longer tell which side of the conversation is the human.
Josh Crumb 🆔++@JoshCrumb

We are very close to the birth of the #SovereignComputer. 🆔++ We are currently in the transition stage of AI, quickly evolving from chatbots and monolithic applications adding an agentic help chat, to the early CLI agents executing the blurry line between deterministic software runtime and a random walk of compounding decision agency to reach an outcome. To run with the PC revolution analogy, I agree that we are in the “Apple II / Commodore PET” era where the ‘hobbyist’ harness engineers of today are showing a sneak peak of the inevitable, moving from personal computing to agentic sovereign computing. What we’re waiting for is our “VisiCalc” moment, ie the birth of the PC spreadsheet. Here’s my thesis: 🔹 The Personal Computer vision moved from debateable to inevitable with the birth of the spreadsheet “cell”. 🔹 The Sovereign Computer vision will move from debatable to inevitable with the birth of a robust Agent Identity application to the harness. What was so powerful about the spreadsheet? It was a sovereign interface of infinite paths. Before the cell, software was a series of rigid, temporal "if/then" corridors built by a programmer who had to anticipate your every move. The spreadsheet flipped the script. It provided a functional, two-dimensional grid where the user defined the relationship and the engine managed the plumbing. It was a "programmable canvas" that didn't require a computer science degree to master, it just required a mental model of the problem. In the Sovereign Computer era, the "Skill" is the new "Cell," but the Agent Identity layer is the grid that makes it functional. The spreadsheet succeeded because it gave the user "Computational Sovereignty", the power to build complex logic without a middleman. But the cell was a static unit, it was a container for data and math. The Agent Identity is the breakthrough primitive because it transforms a static skill into a personalized, executable extension of the self. When you anchor a Skill to a Sovereign Identity, the paradigm shifts: 🔹Identity as the Primary Key: In a spreadsheet, a cell knows its coordinates. In a Sovereign Computer, a Skill knows its owner. It doesn't need to ask for your name, your preferences, or your history, it inherits them from your Personal Knowledge Graph, and the private "data lake" (ID++ DWN) of your life. 🔹 From "Apps" to "Orchestration": We are moving from a world of "navigation" (opening apps, moving cursors, pulling drop down menus) to a world of "intent." You don’t "use" an application, you grant a Skill the right to represent your Identity. The "Robot Hand on the Doorknob" disappears because the door recognizes your cryptographic signature and opens itself. 🔹 The Sovereign Stack: If the spreadsheet allowed a finance pro to turn their mental model into a tool, the Sovereign Computer allows anyone to turn their Identity context into a swarm of delegated intelligences. The "VisiCalc moment" for this era is the realization that Identity is the ultimate Integration. We no longer need to wait for SaaS companies to build "bridges" between their walled garden silos. When you own your identity and your knowledge graph, you are the platform. The skills are simply the formulas you choose to run across the infinite grid of your own agency. The old computer organized your files. The Sovereign Computer organizes an infinitely scalable extension of your left brain.

English
7
14
97
13K
Leah Wald retweetledi
Abaxx Technologies Inc.
Abaxx Technologies Inc.@abaxx_tech·
As global markets move toward 24/7 trading, tokenization, and agentic workflows — Digital Title Lead @LeahWald shared how Digital Title converts commodities and securities into high-velocity, yield-bearing T+0 instruments within our MarketOS™ transaction suite.
Abaxx Technologies Inc. tweet media
English
4
16
105
6.7K
Leah Wald retweetledi
The Bitcoin Historian
The Bitcoin Historian@pete_rizzo_·
ADAM BACK JUST ABSOLUTELY DESTROYED #BITCOIN QUANTUM FUD LIVE ON BLOOMBERG QUANTUM COMPUTERS ARE "EXTREMELY BASIC" WE STILL HAVE "A DECADE" TO PREPARE DON'T BELIEVE THE FUD. HODL 🚀
English
157
690
4.3K
546.2K
Leah Wald retweetledi
Bitcoin Magazine
Bitcoin Magazine@BitcoinMagazine·
JUST IN: Morgan Stanley's spot Bitcoin ETF is officially trading on the NYSE 🇺🇸
Bitcoin Magazine tweet media
English
102
392
2.6K
140.5K
Leah Wald retweetledi
Bitcoin Archive
Bitcoin Archive@BitcoinArchive·
Bitcoin devs just built a prototype to protect wallets from quantum attacks. Even in worst case scenarios, Bitcoin could pause normal spending and still let users recover their funds using this new method. Quantum defenses are already being built. 🚀 - @roasbeef
Bitcoin Archive tweet mediaBitcoin Archive tweet media
English
94
389
2.1K
97.3K
Leah Wald retweetledi
Eric Balchunas
Eric Balchunas@EricBalchunas·
Nice look at historical assets of the Big Four wirehouse firms.. Or why MS launching a bitcoin ETF at 14bps is a BFD.. via BI FLOW<GO>
Eric Balchunas tweet media
English
15
44
328
49.6K
Leah Wald retweetledi
Abaxx Exchange
Abaxx Exchange@abaxx_exchange·
Abaxx Exchange reached a new weekly trading volume record in the week ending March 20, with activity driven by record gold and LNG volumes. Total Q1 volume reached 149,779 contracts, a 55% increase over the 96,456 contracts reported in Q4'25.
Abaxx Exchange tweet media
English
2
21
114
12.2K
Leah Wald
Leah Wald@LeahWald·
@EyeSayMeme Thank you for this kind note ! Same - wish we had his insight into the current market dynamics.
English
1
0
1
29
EyeSay
EyeSay@EyeSayMeme·
@LeahWald Tyler will always have a spot in my heart. Even though we've never met, like others who likely feel the same, it was as though he was a part of my life. His voice echoes in my mind as I reminisce his preachings of hyperwave and other perspectives. Cheers, Leah 🥂
English
1
0
1
38
Leah Wald
Leah Wald@LeahWald·
I can’t believe how many people are still picking up the Hyperwave Theory book! Just checked in with our publisher and it’s still getting purchased each month 🤯 Tyler Jenks developed Hyperwave Theory in 1979 and spent his entire career refining it. Tyler C, Tyler J and I were writing the book together when he passed, and finishing it without him was one of the hardest things I’ve ever done. He poured decades into understanding what happens when markets refuse to let the numbers add up, when human emotion overrides reality and prices accelerate through phases that become unsustainable. Hyperwave isn’t just a chart pattern; it’s a model for collective human psychology that tells you what happens when people chase dreams and trip over reality. For the record, Tyler never saw BTC wick to ~$3,850 on Black Thursday, March 12, 2020, when it dropped nearly 50% in a single day and $1.4 billion in positions were liquidated on BitMEX alone. But it didn’t dip and hold below $1k, so the BTC hyperwave he thought was active was negated into funky territory. He would’ve been the first to say that’s exactly how the theory works. It tells you what it tells you, no ego, no narrative, just the pattern. And you better keep your eyes open and triggers ready for when lines are negated. What I think matters most right now is that he examined and taught about a plethora of historical hyperwaves across asset classes, the phases of how bubbles form and collapse, and a TA framework for reading what markets are actually doing beneath the noise. That stuff doesn’t expire. And we’re in one of the strangest markets we’ve ever seen: the S&P closed Friday at ~6,910, hovering near ATHs, while BTC is sitting around $65K after a nearly 50% drawdown from its $126K peak in October. Bitcoin ETFs have bled almost $4 billion across five straight weeks of outflows. The disconnect between traditional equities and crypto right now is real, and it’s exactly the kind of environment where people get hurt if they’re not paying attention. If there’s one thing Tyler drilled into me, it’s that bear markets are where the real damage happens, not because of the drawdown itself but because people refuse to accept the reality of one. They hold onto hope past the point of reason, mistake a Phase 6 bounce for a new bull, and let ideology override the chart. BTC is in a weird phase, semper paratus. Take care of yourselves out there. Respect the trends. The system always cleanses itself, and the survivors of vol are the ones who stayed humble and let the numbers add up. Tyler Jenks would be absolutely blown away that people are still learning from his life’s work. I know @Sawcruhteez and I are. 🤍🤍
Leah Wald tweet mediaLeah Wald tweet media
English
7
5
76
6.9K
Christopher Perkins 🦅🌎⚓️NYC
Today, I’m very excited to announce that I will be joining @FTI_Global as the head of Franklin Crypto. The convergence of traditional finance (TradFi) and the digital asset ecosystem is no longer a "future" trend—it is the reality of 2026. As I prepare to step into my new role leading Franklin Crypto with @sethginns and Tony Pecore, I am incredibly energized to help lead this firm’s continued evolution in a space that is fundamentally rewiring how global markets operate. Crypto’s institutional era is upon us, and to succeed, Franklin Crypto must leverage its deep and unique understanding of crypto and traditional finance to build differentiated, scalable and compliant products for our clients. My journey has always been defined by a foot in both worlds: the rigorous, disciplined structures of traditional finance and the high-velocity innovation of the crypto markets. At Franklin Templeton, my goal will be to leverage this unique vantage point to partner with our clients, building the institutional-grade products they need to succeed in this new digital frontier. We aren't just observing the market; we are active participants in its transformation. Markets are tokenizing. The once-distinct lines between crypto and traditional assets are blurring into a single, cohesive financial landscape. Perhaps most importantly, the era of the "9-to-5" market is fading as we embrace the reality of 24/7 global liquidity. It is fascinating to look back even just a few years. Previously, there was a perceived "reputational risk" for an institution to be involved in crypto. Today, that narrative has completely flipped. In 2026, the true reputational risk lies in not having a digital asset strategy. As the "Institutional Era" of crypto takes hold, our clients expect more than just exposure—they expect sophisticated navigation with people they can trust. Franklin Templeton has spent years building the foundational infrastructure—including the proprietary Benji Technology platform—and the deep internal expertise necessary to manage these assets with the same precision as any traditional portfolio. The timing for this transition couldn't be better. We are currently seeing a unique divergence: while broader market sentiment may fluctuate, the underlying fundamentals of the crypto markets continue to improve at an exponential rate. Our mission is simple: to attract the best investment talent, build leading digital infrastructure and support the needs of our clients in this exciting new world. We differentiate ourselves through an exceptionally deep knowledge of both crypto-native protocols and traditional asset management. By combining this expertise with Franklin Templeton’s legacy of operational excellence, we are perfectly positioned to deliver for our clients as they scale their own digital journeys. I look forward to what we will build together.
Christopher Perkins 🦅🌎⚓️NYC tweet media
English
131
37
562
46.7K