Thread

1. bryanlarsen · 1790019810 · focus · HN ↗

   Any data center that can remain profitable selling open source tokens at commodity prices will be fine. Any data center that relies on OpenAI/Anthropic level token prices and margins might be in trouble. After clearing their debts through bankruptcy, they'd likely be quite profitable selling open source tokens at commodity prices.

   1. bix6 · 1790020948 · focus · HN ↗

      Quite profitable at commodity prices? I don’t buy that. And all of them are building with debt / equity that expects high token prices?

      1. bryanlarsen · 1790021126 · focus · HN ↗

         After bankruptcy they likely have no debt, so can out-compete those that didn't go through bankruptcy. It's the bankruptcy that makes them profitable -- it's a common pattern in nascent commodity industries.

         1. jordanb · 1790022265 · focus · HN ↗

            Guess this is the logic for SPCX bond trading at junk valuations?

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