The Chopping Block: In Defense of Exponentials – Haseeb Reads His Viral Essay - Ep. 965

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Nov 29, 2025

In this engaging discussion, Haseeb Qureshi passionately defends the future of exponential technologies in crypto. He highlights a noticeable shift from indifference to hostility towards new blockchain launches. The conversation critiques how linear thinking misprices these innovative platforms, using probability models akin to biotech. Haseeb dismantles the notion that even successful challengers bring no real value and draws vital lessons from Amazon's long journey to profitability. Ultimately, he encourages a long-term belief in the transformative potential of open financial systems.

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ANECDOTE

New Chains Are Born Into Hate

Haseeb describes the shock of new chains launching into immediate hate rather than indifference.
He contrasts past launches, which got enthusiasm or indifference, with recent launches like Monad meeting unprecedented hostility.

INSIGHT

From Nihilism To Cynicism

Haseeb identifies a shift from financial nihilism to financial cynicism in crypto Twitter.
People now accept some value but insist assets are grossly overvalued and will revert when 'Wall Street' notices.

INSIGHT

Revenue Metrics Misread Chains

Revenue-style valuation models (REV, P/E) misplace the purpose of L1s by treating exponentials as steady-state businesses.
Haseeb argues buying L1s for revenue is the wrong regime; investors bought them for potential exponential network effects, not present profits.

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Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode is a special one: Haseeb reads his new essay, In Defense of Exponentials, a manifesto pushing back against the rising financial cynicism dominating CT. He breaks down why new chains launch into unprecedented hate, why revenue-based valuation models misunderstand the nature of exponential technologies, and why believing in ETH, SOL, and open financial systems still makes sense. It’s a zoom-out moment for the space — a reminder that crypto’s exponential arc is far from over.

Show highlights

🔹 Chain Hate Era — New L1s like Monad, Tempo, and MegaETH now launch into hostility, not indifference, reflecting a major psychological shift in crypto.

🔹 Financial Cynicism — CT has moved from “nothing has value” nihilism to “everything is overvalued” cynicism, insisting L1s trade 5–10× too high.

🔹 Revenue Meta = Linear Thinking — P/E ratios, REV metrics, and exchange-style valuation models misprice blockchains by treating exponentials like steady-state businesses.

🔹 Probability Premium — L1s are priced like biotech: a 1–5% chance of becoming the next ETH/SOL rationally supports multi-billion valuations.

🔹 The No-Prize Fallacy — CT’s new belief: even if a challenger chain wins, the prize is worthless because “ETH and SOL won’t be worth $300B anyway.”

🔹 Amazon Regime Misread — Amazon took 22 years to show profit; judging crypto on revenue today is the same error—arguing P/E ratios in an exponential curve.

🔹 Open Always Wins — Crypto turns money into a file format—24/7, global, permissionless—and every industry in history has eventually yielded to openness.

🔹 Believe in the Exponential — The core thesis: zoom out. Crypto’s exponential is still early, and long-term conviction is the edge everyone has forgotten.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

In Defense of Exponentials by Haseeb Qureshi

🔗 https://x.com/hosseeb/status/1994110900454949263

⁠⁠Disclosures

Timestamps

0:00 In Defense of Exponentials

01:05 The Cure is Worse than the Disease

07:10 Feeling the Exponential

16:23 So what exactly am I arguing?⁠⁠⁠

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