Steven Cook

Built a native macOS app in ~1.5 hours with @claudeai . Cashlit — a revenue analytics calendar. Shows daily revenue from @CoinflowLabs , @stripe , @PayPal in one place. Touch ID, refund & dispute tracking, glassmorphism UI. No servers. No cloud. API keys stored locally in an encrypted file on your machine. Your data never leaves your computer. From idea to working app — one conversation, one evening. Tauri + React + Rust. The craziest part — multi-provider architecture, so adding a new payment system is just one Rust module. All of this in 90 minutes. AI won't replace developers. But a developer with AI is mass production.

SaaS is repricing from per-seat to per-outcome. AI agents don't need seats. Traditional SaaS trades at 8-15x revenue because recurring per-seat revenue is predictable. Outcome-based services businesses trade at 2-4x. That multiple compression is the selloff. The disruption is being forced by AI agent startups. They're small, early, and have zero legacy revenue to protect. They're pricing on outcomes from day one because they have no seat-based revenue to cannibalize. But the public SaaS companies with real moats (proprietary data, embedded workflows, and high switching costs from years of customer data locked in their systems) can choose to disrupt themselves first. If they shift to outcome-based pricing, they're not shrinking. They're going from selling software seats to eating into the massive global services market, which is multiples larger than their current TAM. The catch: it requires tanking your near-term stock to win the long game. Most management teams and boards won't stomach that. The ones that do will own a much bigger pie. The ones that don't will get eaten by startups that never had a pie to protect.

At earnings, Visa disclosing their stablecoin settlement volumes now up to $4.6 billion run-rate, up ~4.6x from just September and ~18x from the start of the year

stoked to say i’ve joined @NousResearch i believe strongly in the confluence of distributed training and open source as a way to protect individual sovereignty in the era of AI i believe strongly that the Nous team is well equipped to produce frontier models, and to do so as an american open source frontier lab i believe strongly that it is time to return crypto narrative to its cypherpunk origins, and that Nous can help lead that ideological revival forward

The Cathedral of the Thief docs.google.com/document/d/1b3…

Imagine being the CFO of JPM, the pinnacle of your career, only to be trotted out on stage to make the wholly unserious argument that stablecoins (regulated MM funds) rewards are "an obviously dangerous and undesirable thing" because they create competition for your bank.

1/ This is why we can’t have nice things. It never ceases to amaze me how government can squander progress. In this case, Congress passed the GENIUS Act to foster financial innovation. Now, after false and alarmist bank cries, they’re looking to undo a key part: rewards.

@CavanXy Which moving averages are you using here?

First test of dailys since they were flipped, bulls need to assert some dominance in this 90s area

@Travis_Kling 🙏

@stevencook_ I would not ignore that if I were you. God moves through synchronicities like that. If you trade crypto (or anything else) for a living, mammon is likely the main risk of impediment in your life to a closer relationship with God.

My man opened up with an all-time JC quote.

this was one of the 10 suggestions I had for poly at the start of the year From press.adjacentresearch.xyz/p/polymarket

Revenue earned on blockchains is going to go up every year for the next twenty years at >10% growth rates. People paid too much for some of these tokens and many mismanaged risk, and that may depress prices in the near-term but this industry is only getting started.

@CavanXy Congrats!

I was busy becoming a father on Friday, hence no update I won't be active as I'm enjoying focused family time; will not be looking at screens/data whatsoever This break was needed, I'll return sharper than ever before but for now time to rest and support the fam Take care all, more life Cav

All Time Highs by Christmas Wrong Below 100k

Please stop using the term stablecoin to refer to hedge funds and debt products with no rights, simply because they attempt to hold a peg near a dollar. Thank you for your attention to this matter!

@CavanXy What originally made you bullish on Q4? Was it liquidity factors (ie Michael Howell framework) or some other factors like your momentum framework?

"I thought trading strategies work best if you have your own unique strategy that is better than others, AND no one else has it. Otherwise, you are just buying and selling at the same time as others." The reality is that many profitable trading strategies aren't secret at all; they're well-documented and widely known (of course you can always tweak here and there). For the most part, they're harvesting risk premia: you get compensated for taking on risks that others aren't willing or able to bear. Most people think trading is always about finding some hidden alpha. But that's not realistic for most people. The idea that you'll discover some pattern or inefficiency that thousands of well-funded quants, institutional traders, and algorithms haven't already found and arbitraged away is, for most people, a fantasy. For most traders, chasing alpha is a distraction. The money is made by systematically taking on risks that the market will pay you to absorb. It's less about outsmarting everyone and more about having the risk tolerance to step in where others won't.

As someone who likes promoting criminally underfollowed accounts, throw @chuk_xyz a follow and subscribe to his substack/podcast for all things stablecoin-related. Some of the best content on the stablecoin industry and where it's headed.

Stablecoins represent the largest opportunity in finance. Crypto natives are asleep at the wheel and the external world sees a very clear future for stablecoins. P1.