1/ Three pillars survive when AI can write code on demand.
Sam Altman named one. He missed the other two.

Twitter

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

Bitcoin has recovered from a low near $60,000 to now stand around $69,000, having effectively given back the gains it made after Donald Trump’s election in November 2024 this week.
The cryptocurrency’...

Bitcoin slips below $70,000 after erasing post-election gains during 'sell at any price' rout

2/ Altman says every company is now an API company.
He's right about the infrastructure layer. But infrastructure without fuel is a highway with no cars.

3/ The full stack that survives:
1️⃣ APIs
2️⃣ Money
3️⃣ AI Agents
Everything else is a prompt away from competition that undercuts your fees. Race

11/ For builders, the play is clear: own one of the three layers.
Control the infrastructure people call into, the capital that flows through it, or the intelligence that orchestrates it.
Everything else is a costume.

12/ Software used to be the product. Now, software is the packaging. The real product is the resource underneath: compute, capital, or connectivity.
Build there, or accept that someone with a $20/month subscription will generate your replacement over a long weekend.