Aloha, Welcome to the 41st issue of Allison’s Ode to the Second Moment, a newsletter about extreme risk takers, otherwise known as Bitcoin investors. I just got back from Hawaii. Each year on the North Shore of Oahu, big-wave surfers gather to discuss risk mitigation strategies. I figured there would be some parallels with how we think about risk in financial markets—there were far more similarities than I expected. I had some great conversations and learned many things that changed how I think about regulation and risk technology, I will share more about that soon.