We are getting autonomous vehicles, autonomous agents and even autonomous weapons. What we really need are autonomous humans!

read the SEC's new crypto assets FAQ the securities laws are starting to look opt-in now, at least as applied by the SEC to crypto if you raise money by selling a non-rights-bearing token, are careful about what you represent or promise, and have a functional crypto system, there is now an extremely broad path outside the securities laws--arguably 'functionality' is not even necessary but there's some equivocation on this the buyback guidance goes further than I expected. once the system is functional, even announcing a token buyback *program* (which I guess even could be a 'perpetual program') does not, in the staff's view, constitute a promise of essential managerial efforts. same for promises to improve the system or grow its network effects so you can retain enormous influence over the thing, keep developing it, support its price with buybacks (including under a permanent "program"), and get many of the benefits of having a public investment instrument, without giving holders the rights or protections that normally come with one they have opened a loophole in a regulatory regime whose whole point was supposed to be that you couldn't draft your way around economic reality (see e.g. papers.ssrn.com/sol3/papers.…) can't really say if this is good or bad, but VCs etc. got a lot of what they wanted & the market should absorb all the implications of this among others, I am growing skeptical how much of a 'long tail' there will be for tokenized equity. . .if you can get people to buy a coin in the style of BNB, HYPE, PUMP, etc., with minimal regulation, why voluntarily take on the burdens of selling them equity? if you are not mag-7 level, it doesn't seem there would be much reason to focus on equity securities for your capital-raising. . . if you want to access 'traditional buyers' you can wrap the token in an equity instrument like an ADR for those institutions. . . the obvious next question is how far this extends beyond crypto businesses. can an ordinary company attach a functional token to its business and apply 100% of its profits to discretionary buybacks, without giving holders any right to those profits or making representations about future business efforts that independently trigger Howey? the FAQ doesn't expressly resolve that, but it opens a pretty enormous door equity still gives investors something a discretionary buyback token doesn't. . .the question is whether the market will pay enough for those rights to make granting them worthwhile. otherwise the incentive is to keep the equity for insiders and sell everyone else the coin crypto's current focus on hyping tokenized equity may be misguided, the bigger trend is "get all the benefits of equity with none of the burdens" of course this is SEC guidance, not a repeal of the statutes or a command to the courts. a private plaintiff or a future SEC could have other ideas but did not think I'd see it in my lifetime. . .the securities laws are being "disrupted" in substantial part by incentivizing making fewer commitments to investors. and if Warren Dems eventually take control and try to undo all this, after an entire market has organized around it, the resulting chaos will be something to behold sec.gov/about/divisions-offi…

1/ Privy wallets can now connect directly to the banking system. Move money from bank accounts into stablecoins and Privy wallets, then back out to bank accounts, directly through our APIs. Fiat deposits and payouts are live, with orchestration powered by @stablecoin.

Gen Z is moving money from stocks to sports betting in wealth plans, 52% of them have redirected inv funds to sports betting and quarter of them treat sports betting as a deliberate part of their long-term financial plan, according to survey from Betterment. Wow.

A lot of you are focusing on offering unregulated products when you’re an onchain finance (not True DeFi - product). If you’re not true DeFi - your moat is a regulatory roadmap - and UX + good products there are lacking. Lean into what you are - and catalyse it.

if you put this game on the app store in ~2012, it would’ve potentially grossed $5-10m at least over its life span, maybe even more. today it can be one shotted by roughly anyone with the correct physics, graphics, gameplay, etc. so $10m of economic value wiped out in ~15 years? that’s only one game. almost all software is going to be power law outcomes from this point forward. the temporary rise you see now is kind of a red herring for what’s to come.

I made 1,700+ GitHub contributions last month. I developed /implement. It's an autonomous SWE loop where no model grades its own work. Frontier Architects write the tests first, cross-review them, freeze them. Cheap open-weight Builders race to make them green: best-of-N wins, then adversarial review. Green -> merges itself. Uncertain -> back to me for review. My only job is to seal the intent. Link below.

We are about to enter the on-demand app phase.