$CLAYNO
Heating UpSnapshot Window: 2026-07-09 17:20 UTC · ← Back to Crypto Overview
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Enjoyed chatting about the perpetual rise of perpetual futures with @profplum99 What do you think will be the result of leverage and additional exposure to tokenized equities? "That type of innovation ... is simply a way of synthetically increasing aggregate demand" [Spoken audio]: Perpetual futures offering extraordinary leverage allow me to use $1 to buy $100 worth of something. What matters is that I bought $100 worth of something. Can I repay that leverage that I took on is a subject for another day? And who ultimately bears those losses when you create exchanges that are ultimately neutral parties? Ultimately, you know that the inexperienced trader is the one that is almost certainly going to take the loss on the aggregate basis, right? If I add up all the traders, sure, there will be individual winners. that type of innovation, right, where it is innovation to access and innovation to buy more of something is simply a way of synthetically increasing aggregate demand. It is very natural to expect that to lead to an increase in prices and a subsequent increase in supply. And that is really what we're discussing here, is that all the technology has been focused around, how do I increase people's ability to obtain access to these securities with leverage, magnifying their purchasing capability, and it's an outward shift in aggregate demand that in turn causes prices to rise, which in turn causes supply to respond, which caps prices relative to what you would otherwise see unless you add additional sources of access or leverage. It's not that surprising. I mean this is being done to facilitate the creation of liquidity for the insiders. It is not being done for the benefit of the investors. I mean the world unfortunately that we live in is that these are all variations on casinos. We know the profitability of the underlying operation as a function of taking not directional bets, but effectively the margin on the expected results versus the payouts. That means that they're self liquidating. So we are basically piling pools of capital into speculative and gambling exercises that don't actually generate under any underlying free cash flows. It's not like traditional investment or true investment in which I'm providing funds that can ultimately be used by those companies in order to build factories or to develop products and services. This is pure speculation and it is an understandable byproduct of a society that has largely been taught that it's all nihilism from the top to the bottom. The president doesn't really believe, you shouldn't really believe, you might as well get yours while the getting is good.
