Satya Nadella wrote something last week that most of crypto will read, nod along to, and then fail to apply to itself. His piece, The Reverse Information Paradox, makes a simple point about AI. You pay for intelligence twice. Once in dollars. Once by handing over the proprietary knowledge you need to feed the model to …

This week a new dollar stablecoin launched with a wall of more than 140 partner logos, and by the next morning the wall was falling off. Some of the biggest names on it, household electronics and banking giants, turned around and said they’d made no such commitment. One of them put it about as flatly as you can: …