Today, we are tracking two structural collapses occurring simultaneously. While the crypto markets fixate on Bitcoin dipping below $70,000, a far more significant destruction of value is happening in Silicon Valley. The "SaaS" business model, the darling of the last decade, is being methodically liquidated by AI Agents.
I. The Town Hall Distortion: Signal vs. Noise
The Narrative: Bitcoin is in "Max Pain," breaking below $70,000. The market is fearful, liquidation levels are being hit, and the "Twitter Town Hall" is screaming capitulation.
The Planck Scale Reality: The price action is a distraction. The structural reality is what Balaji Srinivasan identified: The "Rules-Based Order" is collapsing, and that is the ultimate bull case for crypto.
The Metric: The "Social Proof" vs. "Source of Truth." The market is reacting to headlines and marketing hype, while the on-chain reality tells a different story.
The Calculation: We are transitioning from "Quarterly Capitalism" to "Internet Capitalism". In the legacy world, you wait three months to find out if a company lied to you. In the new world, the ledger is the balance sheet, and it updates in real-time.
II. The SaaS Guillotine: Software Eating Software
The Narrative: Software as a Service (SaaS) is the ultimate business model. Companies like Adobe and Salesforce are unassailable moats protected by data.
The Planck Scale Reality: SaaS is dead. It is being replaced by "Service as a Software" via AI Agents. The era of paying for 50 different subscriptions is over, the era of the Omniscient Agent has begun.
The Weaponry: Claude’s 11 Plugins. Anthropic didn't just release a chatbot, they released a CFO, a CMO, and a Legal Analyst for $100/month.
The Number: 16%. The single-day crash in Thomson Reuters stock (and significant drops in Adobe) after the market realized AI agents can bypass their platforms entirely.
The Trade: Why pay a junior analyst $20,000/month to update a financial model when an AI agent can do it instantly for the cost of a lunch?.
The Calculation: This is the "Hyperliquid Logic." You no longer need 1,000 employees to build a unicorn. You need 11 people and a fleet of agents. The "Coding Monkey" is extinct; the "Agent Orchestrator" is the new species.
III. The Distribution Trap: The Excel Paradox
The Narrative: Microsoft Excel is immortal because of distribution. No AI tool can replace the "Gold Standard" of finance.
The Planck Scale Reality: Anthropic isn't trying to beat Excel, they are parasitizing it. By releasing an Excel plugin, they are leveraging Microsoft's distribution to train their own replacement.
The Strategy: It’s a "Vampire Attack." First, you build a plugin to fit into the user's workflow. Once you own the intelligence layer, you cut the host loose.
The Trend: OpenAI is pivoting to an ad-based model (The Google Path), while Anthropic is doubling down on pure utility (The Apple Path).
The Calculation: The moat isn't data anymore, it's the marriage of proprietary data with agentic weighting.
Watch the full breakdown in today’s video.
Disclaimer This newsletter is published by The Planck Scale. We are not financial advisors, we are observers of the Iterative Logic of the global markets. No real assets are at risk.
The baseline is the truth. Everything else is the distortion.