Prof at UofT, definitely *not* running any WhatsApp or Telegram group on crypto.
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It's that time again: no, I do not run any Telegram group, some criminals are impersonating me.
Please don't add pain to injury by sending me angry emails. There's nothing I can do about these scammers. Block and report and be done with it.
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Join us next Tuesday, Sept 29, for another edition of the Microstructure.Exchange, this time featuring Faycal Drissi, who will present his work on "The Viability of Blockchain Markets under Discrete Clearing and Paid Priority." More details, including the Zoom link, is here:
microstructure.exchange/talk…
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Andreas Park retweeted
🚨Blockchain conference on Oct 29 - 30 @Columbia,
Co-organized by CBER Forum and @CUSEAS 🚨
Speakers include @HarryDCrane, @RuizheJia, @_julianma, @malleshpai, @casparschwa, @kakia1989, @EdFelten, @AlvaroCartea, @sui414, @financeUTM, @MaxResnick, @camharvey and @taylor_lindman
Topics include prediction markets, stablecoins, quantum and tokenization.
Full program and registration are at cglink.me/21U/r376457
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Andreas Park retweeted
They just invited 5,000 French speakers at a human capital score of 382. The day before, people already working in Canada needed a 523. IRCC invited only 1,000 of them.
382 is also an inflated score because anyone in that category automatically gets a 25 pt handicap. So more like 357.
I keep asking myself what the point of these consultations is if the government has already decided what it wants to do.
Every year IRCC sends surveys to thousands of organizations asking what Canada actually needs. Which categories are a “great need”? Should we prioritize people already working in Canada? Should Francophone immigration remain an economic priority? They hold consultations, collect submissions, pay people to analyze the results, write the reports, translate them, publish them, and call the whole exercise “What We Heard.”
Then they ignore what they heard.
I sat in the committee room on February 9 with the brief in front of me. I’ve read these reports. These are their numbers.
In 2024, when IRCC asked which categories represented a “great need,” healthcare came back at 55.8%. Trades were 38.8%. STEM was 32.4%. French was last at 14.6%.
About half said prioritize skilled workers already in Canada. Only a small minority preferred new workers from overseas. Only 19% gave Francophone immigration a lot of support as an economic priority. More than half gave it little or no support.
Canadians answered the questions.
Then 2025 happened and now 2026 is shaping up to be even worse. We’re not even done the year and the French category has blown past the 2025 numbers.
In 2025, French-language candidates received 49.2% of all Express Entry invitations. 78% of them were overseas. STEM went from 28.7% of the system in 2023 to 5.8%. There has not been a dedicated STEM draw since April 2024. Healthcare, the thing respondents said Canada needed most, got 18.6%. Trades got 4.4%.
And this is not even Quebec. Quebec runs its own system. The only distinctly French province is not in these numbers. This is Ottawa stuffing overseas French speakers into the rest of the country, while hollowing out the high-skilled pathway Express Entry was supposed to be.
The message to candidates is getting absurdly simple:
We don’t care what you do. We don’t care what you earn. We don’t care how long you’ve been here. We don’t care whether your occupation is supposedly one of the ones Canada desperately needs.
Just learn French. And you’ll get a 50 pt handicap if you can speak basic English.
Apparently this is the economic class? That is the precedent we are setting.
Meanwhile someone who has spent years building a career here, paying taxes, and getting Canadian work experience can look at a 523 and be told they are not competitive enough. An overseas candidate gets in at 382 because the French-language target matters more.
Pay public servants and consultants to run the process, write the PDF, and put “What We Heard” on a government website. Then do what you were going to do anyway.
That is consultation theatre and a government grift. Not because somebody is stuffing cash in their pocket. Because we have built a taxpayer-funded machine around pretending to ask. Salaries. Contracts. Meetings. Reports. God knows how many hours of public-service time. All of that costs money.
What are Canadians getting for it if the answer cannot change the policy?
Makers and builders get a 500+ score and a closed door. The people running the survey get another report, another budget line, and another year of doing whatever they already decided.
If Ottawa has already decided that Francophone targets override labour-market demand, Canadian work experience, earnings, and the answers in its own consultations, then have the courage to say that.
Just say it’s performative, admit you are liars, thieves and grifters. Stop hiding behind “What We Heard.”
Now we’re in 2026, and they still are not listening and it’s getting worse.
The charts are their numbers.
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Andreas Park retweeted
this should be a five alarm fire for policymakers in canada
517 american companies started by canadians. $414 billion raised. almost 9 in 10 of them went to school in canada
incredibly, 216 of these founders went to waterloo…. and half of these companies were started in the last 2 years!
517 US companies with a Canadian founder. $414B raised. 88% educated here.
The talent was never the problem. The belief was.
barnvc.com/the-conveyor?utm_…
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Andreas Park retweeted
On July 1, 2026, Robinhood launched Robinhood Earn, a feature that advertises a 7% yield on stablecoin deposits.
In a brief paper, @cryptoeconprof and I investigate how Robinhood Earn works, and how that 7% rate is produced. 🧵
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Andreas Park retweeted
More #hyperliquid from CBER @NYUStern
@ciamac @Columbia_Biz explains auto-deleveraging and offers an alternative. Donghwa Shin @kenanflagler provides comments:
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Andreas Park retweeted
#Hyperliquid Perpetual Futures pricing presentation by Urban Jermann @Penn @Wharton from the CBER Conference @NYUStern:
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Andreas Park retweeted
More #hyperliquid content from the CBER Conference @NYUStern. This was the opening presentation. @dahlia_malkhi explains byzantine consensus protocols, particularly HotStuff which she created and which served as the inspiration for HyperBFT:
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Andreas Park retweeted
Over the next few weeks, I will be posting videos from the CBER Conference @NYUStern. (check out cber-forum.org for details on the full event)
To start, here is @RuizheJia @Stanford explaining trader performance in the #Hyperliquid perp market:
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That bear should apply for a job as a baggage handler - seems to have all the requisite qualifications...
🚨🐻🏌️#WATCH — A bear has stolen a golfers clubs… “Give me my clubs back bear! Oh c’mon!!”
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100% accurate.
Crypto has a BD prob^W opportunity.
Do a simple experiment - ask five random normie friends what they know about crypto and DeFi. Most likely, the answer you’ll get will be some variation of “buy Bitcoin low, sell high”. If they’re a bit closer to finance, they may also say something about stablecoins for payments, the difference between “crypto” and “digital assets”, and how “it” is the future, but if asked further they won’t be able to give many examples. If you ask them whether they know Aave, Morpho, Spark or even Uniswap, usually the best you’ll get is that they’ve heard the name but have never used it themselves. I’ve done this many times, sometimes, surprisingly, in groups that technically “should” know better because they are directly involved in work related to digital asset strategies for institutions.
Not to mention that for many of them, the mainstream narrative of the last few years has been a steady stream of scams, frauds, collapses, controversies, and terminally online drama.
Some may see this as a problem. I see it as an opportunity.
Because it’s pretty easily addressable. Not by another high-level deck. Not by another panel where everyone already agrees with each other. You address it by going into the rooms where these people actually are and showing them what people in crypto take for granted.
Some years ago I did several workshops for people in traditional finance - lawyers, managers, analysts, compliance people, traders, but also some technical folks - going with them through @Speedethereum challenges, which back then was basically scaffold-eth plus playing with some burner wallets. They weren’t really writing any code. I was giving them snippets to copy-paste into Remix, but the code was short enough that they were able to grasp what was happening. You could literally see lightbulbs over people’s heads when they traded their custom-made ERC-20 tokens through a permissionless escrow.
Crypto projects need to do more of that. Much more.
You need to acknowledge that there is a word “development” in business development. It’s not just sales.
People need to know what you’re selling. The decision-maker is not the only audience. Their colleagues matter. Their lawyers matter. Their risk people matter. Their friends in other institutions matter. You want the person choosing your solution to look less like someone betting their career on weird unknown tech and more like someone experimenting with a new infrastructure category that serious people are already learning about.
That means meeting people where they are. I love Devcon and Token2049 as much as anyone. But if you want finance, fintech, payments, compliance, and institutional people to understand what you are building, maybe you also need to be at places like Singapore FinTech Festival.
People who have been in crypto for years forget how much they had to digest along the way. People arriving this year do not get that context by osmosis. The industry should not outsource all of the hard work to them. Crypto is already good enough from the tech side, now let's improve the BD.
I am putting together several hands-on workshops for non-crypto audiences this year. What should I show them?
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Today is the last day to submit your work to the Fall 2026 microstructure.exchange/ webinar series.
Submit here:
form.jotform.com/parkandreas…
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Such a disgrace.
Opinion: SpaceX IPO makes Elon Musk the first trillionaire. Here’s how to properly hate him theglobeandmail.com/business…
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Andreas Park retweeted
NEW: The City of Toronto says only a fraction of the 2026 FIFA World Cup tickets it bought as an investment remain unsold, with the soccer gamble looking set to pay off a week before the games begin. #ToPoli
globalnews.ca/news/11891194/…
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I could not agree more!
The fact that foundational innovations have been overlooked in the past does not imply that ETH is being mis-valued now. These lazy arguments are part of why the Ethereum community is in such a difficult position now.
ETH has two main problems. One is a demand issue. The other is a value capture issue. The Ethereum community has done essentially nothing to resolve these issues and ETH prices reflect that and will continue to reflect that until these issues are solved.
On the demand issue, the most widely used applications on Ethereum are DeFi applications and the economic value of those applications depend on widespread usage. For example, when a given DEX has high liquidity provision, it generates low trading costs and can thereby sustain high trading volume. At the same time, the same DEX could generate low trading volume and low liquidity provision because low liquidity provision implies high trading costs which implies low trading volume that then re-enforces the low liquidity provision. This is known as multiple equilibria and it is a common feature in platforms.
Crucially, platforms do not drift into the good equilibrium on their own. Someone has to build the user base that gets you there, which means actively engaging outside the crypto community. The Ethereum community has shown no sign of doing this: over one year after the end of the Gensler SEC, Ethereum remains largely unknown beyond the crypto community and that is a horrible sign.
On the value capture issue, there is a gap between Ethereum the blockchain and ETH the asset. If stablecoins are widely traded on the Ethereum blockchain but the gas fees generated are too low, that does not imply meaningful ETH demand. Here, again, the Ethereum community has been largely obtuse about understanding this point and trying to resolve it.
Ethereum was an excellent idea with the potential to be transformative. However, transformative ideas can fail without effective execution. In this context, effective execution means resolving the two core issues rather than pretending they do not exist.
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Andreas Park retweeted
Nothing says "we let the AI write our policy memos" like citing an academic paper that argues the opposite of your position. @bankpolicy filed evidence against itself and called it advocacy. 🍿
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Happy that my paper with @KatyaMalinova on tokenizating stocks is now available at Research Policy:
sciencedirect.com/science/ar…
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