Duck9 Blog

This is the harder question, and I think the honest answer is that the structural dynamics make most prescriptions very difficult to execute. But here’s what I’d say:

The token can’t be un-issued. So any prescription has to work within a system where everyone (treasury, employees, community, investors, etc.) has direct financial exposure to the narrative. That’s the binding constraint.

The realistic moves:

1. Find the one thing that works if STX goes to zero. sBTC is the most plausible candidate. Programmable Bitcoin should *in theory* have a real use case that doesn’t depend on Stacks ecosystem narrative. But it needs to be evaluated honestly: do real users actually need this, or is it “Bitcoin DeFi” as positioning? If the answer is positioning, it’s another narrative milestone.

2. Ship to non-crypto users. The essay’s point about the competitive frame becoming intra-crypto is key. As long as success is measured against Solana/Base/Babylon/et al., the feedback loop stays self-referential. The prescription is to find one application that serves people who don’t know or care what chain it runs on explicitly.

3. Fund teams that don’t hold STX. The deepest structural problem is that everyone’s incentives point the same direction. Teams funded by grants denominated in STX will always optimize toward token price. Independent funding (revenue, non-token grants, venture that isn’t token-adjacent) creates the possibility of honest feedback.

4. Accept the price deflation. This is where it gets politically intractable. If the ecosystem genuinely focused on real utility over narrative, the short-term effect would be a decline in token price as the narrative premium deflates. That’s the right trade (real value accumulating underneath) but it requires the treasury and major holders to accept years of pain. Token governance makes this nearly impossible because the people who vote are the people most exposed to price.

The catch is that every one of these prescriptions fights the incentive structure. The token rewards narrative production. Honest product work is slow, unglamorous, and often reveals that the addressable market is smaller than the pitch deck suggested. The people best positioned to push for change are the ones with the most to lose from it short-term.

That’s why the post frames it as structural rather than a failure of people. The individuals in the Stacks ecosystem are talented and driven. The incentive structure consistently pushes them toward narrative over iteration. Overcoming that requires someone with enough influence and enough willingness to absorb personal financial loss to change the direction. That’s a rare combination in any organization, and rarer when the financial instrument is liquid and publicly traded.

The most honest prescription might be: if you’re inside the ecosystem and you see this pattern, the highest-leverage move is to build something small that works today for someone who isn’t already invested. If you can’t find that, the structural critique stands.

Mark Hendrickson

⁦‪@markymark‬⁩

⁦‪@mas44558282‬⁩ This is the harder question, and I think the honest answer is that the structural dynamics make most prescriptions very difficult to execute. But here’s what I’d say:

The token can’t be un-issued. So any prescription has to work within a system where everyone (treasury,

3/9/26, 1:22 AM

Hunter Pence shared thoughts before winning WORLD SERIES’ Game #7
http://www.youtube.com/watch?v=usu0luYy9pw

Steve Jobs Texted me on 650-283-8008 in the same way Palo Alto Steve Jobs called Bill Hewlett in Palo Alto

https://x.com/superSaiyanSkai/status/1941392367304761636/video/1

9:59 video sums up 14 chapters of a book coming out 11-11-2019 “What They Will NEVER Teach You at Stanford Business School”
http://www.youtube.com/watch?v=ejeIz4EhoJ0

Fashion Week’s front row
http://www.youtube.com/watch?v=QXIaNZi3mHQ

What A Super Model Can Teach a Harvard MBA About Credit www.slideshare.net/larrychiang/what-a-super-model-can-teach-a-harvard-mba-about-credit

American Express hosts me mentoring you about FICO scores at New York Fashion Week
t.co/inxTmZAj

My video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve
http://www.youtube.com/watch?v=eudADPfTWiE

CEO of Duck9
Founding EIR @Stanford

Duck9 = “Deep Underground Credit Knowledge” 9
www.duck9.com/blog
650-566-9600
650-566-9696 (direct)
cell: 650-283-8008

****************
Editor of the widely syndicated “What They Don’t Teach at School”
whattheydontteachyouatstanfordbusinessschool.com/blog

CNN Video Channel: ireport.cnn.com/people/larrychiang

Read my last 10 X posts at www.X.com/LarryChiang

Author of #WTDTYASBS a NY Times Bestseller released 09-09-09 at #NYFW on a runway under the tents
whattheydontteachyouatstanfordbusinessschool.com/blog/?s=Ny+times+bestseller

www.fastcompany.com/embed/c0d4562ea2049

52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering
http://www.youtube.com/watch?v=vDBY0GkI3-g

Emergency swings and cutting deals as an 9 year old

http://www.youtube.com/watch?v=OFGY7v9C4G0&

{ 0 comments }

Duck9

Keeping 2 Camps Happy

Pizza

Larry The Linux Penguin Penguin9

Fico Score Credit Specialist, Larry Chiang

SXSL 2026

BlackRock’s decision to cap withdrawals at 5%

Video 3 of 10 Plus. Breaking the Habit of Being an NPC at SXSW

Breaking the Habit of Being an NPC at SXSW Day 5. And Day 0, Breaking the Habit of Being an NPC

Geo-Strategy #8, The Iran Trap

AI Larry Chiang on Telegony

About Duck9

Awesome Brands