Jordi Visser

They're still together, but eventually,

you're gonna have autonomous vehicles and then there'll be no taxis and no Ubers and they'll just be.

So let me clarify two things.

First of all, just to make sure the audience, because I'm saying RWAs and there's probably a bunch of people.

So real world assets being tokenized, everything that you own, a piece of art, whatever, bringing it to where it has a QSIP, something that basically says, you're taking something created in this other world, putting on.

What Mike Cagney talked about

I would say passionately, which in hearing him talk, I like when people get passionate about something, but it was this on-chain, on-chain, it has to be on-chain, it has to be on-chain, as opposed to taking something off-chain, putting it on-chain.

And I started thinking about it, and it gets into the point that you're bringing.

So I think this is the year

So there were two risks that I saw this year.

One is a very large deleveraging that happens faster than I anticipate because of this rotation happening away from software and into hardware.

And I think we're seeing the early signs of that.

And without getting too wonky here, I do think that this problem is gonna persist the entire year.

This structure will extend into the next years.

People have to take their leverage now.

It's just, this world isn't gonna go back.

But the other risk is, and this gets into the thing you brought up, and I want people to think about this in the crypto world as well.

We are entering a year of agent swarms.

There's gonna be more hacking going on.

You just go read some of the stories about what happened with Amazon back in December when service went down.