✳flâneur — a map of the web's best reading

Dougie on X: "Markets Move, Capital Follows" / X

x.com · 31 words · saved by 1 readers

To view keyboard shortcuts, press question mark View keyboard shortcuts Article See new posts Conversation Dougie @DougieDeLuca Markets Move, Capital Follows 8 6 56 10K I spent the last month trying to write an article about why the venture model is under stress in crypto, in software, and in any category where execution is getting cheaper and faster. The working title in my head was The Mandate Problem. I kept coming back to the same claim: the binding constraint for funds will often no longer be judgment, it will be permission. In a world where ownership arrives through more paths than priced rounds, your mandate becomes your competitive positioning. Hyperliquid was the cleanest stress test of that dynamic. Proof accumulated in public, access arrived through a TGE, and a lot of funds were left staring at the same question, not “are we right?” but “are we allowed?” Somewhere along the way, I realized I was circling something deeper than venture structure. The venture model is getting

Dougie @DougieDeLuca Markets Move, Capital Follows 3:44 PM · Feb 11, 2026 11.4K Views 7 0 7 4 0 4 62 0 6 2 43 0 4 3 Read 7 replies

Explore this link on the map →

related reading