How do I short Google while giga-longing YouTube?

Google search keeps getting worse.

YouTube keeps shipping.

I'll cover:
1. How LLMs are Eating Google
2. YouTube Keeps Shipping
3. YouTube Revenue and COGs
4. YouTube Benefits from LLMs

How LLMs are Eating Google
Google searches are censored and 90% search results are ads. All my smartest friends have already switched to ChatGPT and Perplexity for search. Bard is not even a close competitor despite the enormous distribution head-start.

YouTube Keeps Shipping
YouTube, however, has been crushing it. Their growth numbers remain unaffected by the rise of LLMs.

Innovation has not stalled. The product experience has improved drastically in 2024 with:
1. Enhanced Dream Screen with VEO
2. Inspiration Tab Upgrade
3. Community Hub
4. Auto Dubbing
5. Snippets
6. Livestream Gifting
7. Affiliate Shopping

YouTube Revenue and COGs
Youtube generates more revenue than Netflix, but its COGS are significantly lower due to user-generated content. YouTube generated $43b in revenue and spent $0 to create content. While Netflix had to incur $24b on acquiring movie rights and production costs to generate $33.7b in revenue.

YouTube Benefits from LLMs
- If YouTube can figure out how to extract value from all its videos as training data for LLMs, YouTube can stand alone as a trillion dollar company.
- The network effect is only getting stronger. If you're a video content creator, YouTube is still the only viable place to build a career.
- Finally, imagine what happens when LLMs start to rival humans in video creation. The volume of Youtube content will skyrocket.

Tldr:
- Google search is on the wrong side of the LLM trade. YouTube is on the right side of it.
- Breaking up Google could be the best thing to happen to YouTube shareholders.

What do you guys think? @0xandrewmoh, @0xmughal, @2lambro, @ape_rture, @arndxt_xo, @crypto_linn, @cryptogideon_, @cryptomanran, @defiminty, @dynamo_patrick, @flowslikeosmo, @hmalviya9, @jake_pahor, @krybharat, @milesdeutscher, @rektdiomedes, @the_smart_ape, @thedefiplug

Ok this is crazy

682% annual return on this user generated strat on Modulus.

Better Sharpe ratio and smaller drawdowns than $BTC, $ETH, and $SOL.

Comment "interested" if you want to see a full explainer and breakdown.

@loch_chain

Sideliners and Bears Ache with Pain

1. Blackrock has its largest recorded daily inflow.
2. Senators openly discuss a bitcoin strategic reserve.
3. TradFi bros come circling back from 2021.

This is what we've been waiting for.

Let's make it count.

Your life depends on your ability to master

Just got off a call with @eigenlayer core protocol engineers.

Undeniably impressed that they're in the office and cooking on a Sunday night.

Bullish.

Fortune, good night.
Smile once more.
Turn thy wheel.

There's no looming credit crisis among the largest banks.

No, they're not underwater by billions of dollars on a mark-to-market basis. https://x.com/Prithvir12/status/1852943058125648056/photo/1

It blows my mind that most people still invest without algorithmic assistance.

The smartest human is woefully inferior to GPT on all quantitative intelligence metrics:

1. Memory capacity: 100x
2. Recall error rate: 10x
3. Quantitative storage: 1000x
4. Calculation speed: 1000x

It's no surprise that the algorithmic investing industry generates $30B a year while most investors are underwater from YOLO-ing into memestocks.

Seventy percent of discretionary investors lose money.

This needs to change.

@loch_chain Modulus private beta already has 9K users and hundreds of UGC systematic strategies, many of which are beating SPY and Bitcoin in terms of annual return and Sharpe ratio.

DM me if you want to try it out.

Everything you've been taught about optimizing funnels is wrong.

I just helped a friend set up Telegram.

The sign-up flow was atrocious.

It took him over 10 minutes (including 2FA and KYC) to start sending and receiving messages. They have a billion users despite such a clunky process.

Your sign-up flow and click-through rates are irrelevant if you have a product that people want.

Network effects are everything.

Bitcoin Will Rally to ATH Post US Elections

1. Moody's has been telegraphing to us that once the election is finalized, they're going to downgrade US sovereign debt. This is going to be a catalyst for Bitcoin.

2. BRICS had a conference in Russia. There are six new members and their GDP is greater than the combined GDP of the G7. Of the six new members, three of them—Argentina, UAE, and Ethiopia—are mining Bitcoin with government resources, so there's urgency outside the U.S. to find a way to circumvent the fiscal policy in the U.S.

3. Russia announced it's going to invest in a regional fund to build Bitcoin mining throughout BRICS with the idea of settling global trade in Bitcoin.

4. It's kind of like the video game industry. The older generation who hate it are dying off, and every day there are new buyers being born.

- Absolute chad @matthew_sigel from @vaneck_us on CNBC

The Plight of the 21st Century Engineer

Born to navigate the solar system,
Forced to navigate API documentation. https://x.com/Prithvir12/status/1850822484381298911/photo/1

I'm convinced that API documentation can be a moat in fintech despite an undifferentiated product.

Canonical examples: @Stripe, @Binance, @Plaid.

Characteristics that matter:
1. Accuracy: Down to the variable type and grammar
2. Frequency: PMs and engineers make updates daily
3. Readability: Should be simple to follow the gestalt for the entire document and for each individual endpoint
4. Aesthetics: Craft, beauty, veneer of the user interface
5. Navigation: Can I get to my required endpoint with fewer than 3 clicks from anywhere in the application?

What company comes to mind when you think of the best API documentation? @twilio? @SendGrid?

Interesting take from @chamath on Bitcoin

"Bitcoin is going to be the resounding inflation hedge asset for the next 50 to 100 years.

You're seeing the last vestiges of people using gold as a rational economic insurance policy.

But I think the future is specifically Bitcoin on that dimension."

Largest inflation and currency depreciation over the last 50 years.

What's worse: the magnitude of these numbers, or how blind people are to this?

The Bitcoin standard is inevitable.

The path is paved by USD stablecoins.

Contrarian lessons from the largest ever M&A in the crypto industry.

- One of the main reasons for Bridge's (@Stablecoin) success was that they didn't mention crypto or blockchain even once on any marketing material.
- Crypto or blockchain are not even mentioned on their website.
- Command + F and search for blockchain or crypto on their website = zero results
- Google search for bridge + crypto or bridge + blockchain = zero results
- You don't think about the electrons, generation methods, load balancers, or transmission lines when you flip the light switch at home. You shouldn't have to think about the consensus mechanism, virtual machine, or TPS when using a blockchain.

Some more product information about Bridge-
Bridge is a stablecoin platform that allows developers to:
1. Move, store, and accept stablecoin payments with a few lines of code.
2. Bridge’s Orchestration APIs handle all of the regulatory, compliance and technical complexities.
3. You can accept global payments using USD, EUR, USDC, USDT, or settle your own stablecoin.
4. Reserves are invested in US treasuries earning >5%.

Customers:
100s of customers including @Bitso, @airtminc, @getdolarapp

Employees: 45

Launched: 18 months ago

Acquisition: $1.1b by @stripe

What do you guys think of this acquisition? @0xandrewmoh, @0xmughal, @2lambro, @ape_rture, @arndxt_xo, @crypto_linn, @cryptogideon_, @cryptomanran, @defiminty, @dynamo_patrick, @flowslikeosmo, @hmalviya9, @jake_pahor, @krybharat, @milesdeutscher, @rektdiomedes, @the_smart_ape, @thedefiplug

definitely an interesting take

What was most responsible for pushing BTC to $66k yesterday?

1. The MSTR/BTC ratio became extremely high, leading to money rotating out of MSTR and into BTC. This rotation is frontrunning buys likely to come from Saylor in about two weeks when the blackout period ends.
2. Trump surged in betting markets and polls, and all Trump proxy bets played out in unison -- bonds sold off, while tech and crypto rallied.
3. There was a headline that China will sell 6 trillion RMB of govt. bonds and use the $ to support their economy and boost liquidity.
4. The ETFs took in over $500m, some of which could've been the MSTR rotation.

H/T to @RiffRaffOz sharing these in @loch_chain platinum.

Nothing more glorious than the peaceful solitude of a weekend flow state.

> Quiet office
> No Slack notifications
> Telegram on mute
> iMessage on dnd
> No emails
> Caffeinated

Neurotransmitters firing on all cylinders.

They call me intangible capital in tradFi research papers

and intersubjective culture coins in crypto whitepapers.

Who Am I?

Ignoring trade execution is like entering a gunfight with a knife.

Even if you find the next gem, you'll leave money on the table by sweeping the liquidity.

Here's how you can avoid that. I’ll cover:
- 12 trade execution algorithms
- Mechanics and explanations for each
- Specific examples