Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is produced and distributed by CoinDes.

What's going on, guys? It is Sunday, February 5th, and that means it's time for Long

Read Sunday. Before we get into that, however, if you are enjoying the breakdown, please go

subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the

conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to

bit.ly slash breakdown pod. All right. Well, for this Longread Sunday, we're doing something a little

bit different in that there isn't really any sort of theme or connective tissue. We're just going

to read three shorter pieces, each of which I found interesting for their own reasons.

First up is a Twitter

thread by investor Regan Bosman, who's at Ladis. And I thought it was valuable in that it

provides a very different point of view of some of the bullishness you're seeing that Regan

thinks might be a little suspect. Regan writes, the current popular narrative pushed by

crypto thought leaders and VCs is that builders are

continuing unabated. Bears are for building, teams don't care about token prices, etc., etc.

This is utter bullshit, and we'd all be better off if we were more honest.

Let's talk about why this view is wrong, why it matters that it's wrong, and where are the bright spots.

Now, there is some truth to the narrative that the industry is in a better place than token

prices suggest. Developer activity continues to grow, and the industry is clearly on much more

solid footing than it was during the 2018 to 2020 bear market. I'll talk our book because I

know it best. The majority of our portfolio is well capitalized and excited about the future.

...