Some discussions/opinions from the roundtables I attended (under Chatham House Rule and NFA): 1) Agent: - Giants already own data and distribution, so startups can’t win head-on. They need a different wedge. - The frontier version of that data advantage is a Financial World Model. Whoever builds it inherits the edge. - Asset creation is increasingly driven by users themselves and by social impact, not top-down issuance. - On liquidity, the answer isn’t one deep pool but diversified strategies. - No single universal model wins this category. - Win rate in trading is low, and even with agents, which means many trading is entertainment, not profit. People are paying for the experience. - If agents actually trade cautiously, that could mean lower volume on venues, not higher. - Top traders already figured this out: they monetize reputation rather than alpha. Reputation is the distribution channel. - A customized trading terminal may help users find tickers and strategies. 2) Privacy: - Confidential DeFi is getting adopted - Physical cash would be banned before ZCash (if it is technically possible) lol(Jeffrey Hu)