Financial genius, legendary payments industry entrepreneur, wireless luminary, early crypto, patent holder and currently looking for the next big thing.

The World
Joined April 2009
cduffus Ξ retweeted
Dialing into a CNBC interview from your private jet is an insane flex
Palantir cofounder @JTLonsdale says his wife's Grok Bot is helping them wean their 2-year-old off his pacifier: "My wife has a Grok Bot at home, but she calls it the Trad bot for trad wife." "We have 6 little kids. It's telling us about our kids' health appointments and activities, and trying to figure out my 2-year-old, how to deprecate his binky right now." "It's telling me when to and when not to give it to him. It's pretty funny." Via @CNBC
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cduffus Ξ retweeted
Most impressive thing I’ve ever seen. I would like to invest my entire net worth in Cognition now
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The only thing that stops a bad guy with an open weight model is a good guy with an open weight model
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cduffus Ξ retweeted
Scorpions kill more than 3,250 people a year, mostly kids, and the cure is still made by milking venom from thousands of scorpions and injecting it into horses. Anthropic just let a team of investment researchers with zero biology background try to cut the horse out. The horse method is over a century old. You immunize the animal for months, draw its blood, and purify out the antibodies its immune system made. Given early, it works against a narrow set of toxins, and because you're putting horse protein into a child, it can trigger anaphylaxis. Barely anyone makes it, because the people getting stung can't pay enough to cover the factory. Mexico has about a quarter of the world's scorpion stings and relies on a single lab. Last year in Sonora, a 5-year-old was stung at preschool and rushed to a public hospital that had already burned through a shipment delivered days earlier. Staff found more 45 minutes later. She'd already gone into cardiac arrest twice. So Citrini Research walked into Anthropic with a question. Could motivated amateurs with Claude make real progress on a disease the drug industry ignores? An internal Claude model ran for 64 hours off one prompt and four follow-ups. It drove 12 protein design tools, generated 318,484 candidate molecules, ran 553,052 simulated matchups against five scorpion toxins, and picked 180 to build. Then it emailed the order to the lab itself. Two labs made 211 of them. 17 latched onto their target toxin, covering scorpions from Mexico, North Africa and the Middle East. Brazil's yellow scorpion beat every single design. The best two grab a Mexican scorpion toxin at the same spot as an antibody already shown to protect mice. The computer finished in under three days. The lab work stretched past a month, held up by contracts, shipping, and the hassle of sourcing the toxins themselves. One of the outside experts who reviewed the results said binding is no longer the main bottleneck. There's no antivenom yet. None of these molecules has touched a living cell or a mouse. Anascorp, the only scorpion antivenom the FDA has approved, took 35 years to go from a Mexican lab to US approval. The first candidate molecules for a horse-free successor took 64 hours, for a team whose day job is writing investment research.
New on our Science Blog: designing protein binders against scorpion neurotoxins. Scorpions sting about 1.2m people every year, and antivenoms are often costly or in short supply. Claude has made an early step toward finding new treatments. anthropic.com/research/claud…
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cduffus Ξ retweeted
Replying to @aaronburnett
We definitely need to explain this in detail. Veterans of the cellular industry look at the chess board of existing pieces and don’t see a solution. They don’t understand that SpaceX is developing entirely new pieces that fundamentally alter the strategic landscape.
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cduffus Ξ retweeted
this California wealth tax thing is just incredible. so in October 2025, a California healthcare union proposed a "one time" 5% tax on any billionaire's wealth. the ballot measure will be voted on next month. In early December 2025, California announced that it would be a retroactive tax if passed, applying to anyone with CA residency as of Jan 1, 2026. The objective is to pay for Medi-Cal, California's incredibly dysfunctional healthcare system. (which also functions as a glorified welfare apparatus, but that's a discussion for another time). polls reveal that the CA electorate is split around 50/50 on the tax, but prediction markets only give Prop 40 a ~23% chance of passing (there are competing measures on the ballet that would nullify it). there are 200 billionaires in CA, worth collectively somewhere between $2.3 and $2.6 trillion. 5% of that is around $100b, accounting for a small amount of attrition. proponents of the tax forecasted a significant windfall, assuming only a 10% departure rate. supporters thought they were being clever with the retroactive concept. no billionares would leave CA in the few short months between the tax being proposed and the residency cutoff date, without the tax even having passed yet, right? well as it turns out, they did. a new paper [1] from two academics at Stanford called "The Net Present Value of the California Billionaire Tax Act", argues that not only did more billionaires leave due to the proposed tax than its proponents expected, but that the value of the tax, if it does pass, is actually negative. proponents of the tax only assumed 10% avoidance, that is, only 10% of the taxable base of targeted billionaires would leave CA within the very short Oct-Dec 2025 window. Jaros and Rauh, the Stanford academics, find that a lower bound of 28.6% of the taxable base managed to leave. just based on known departures, those departures total $577b in net worth, or $28.8b in potential tax lost. this of course does not capture everyone (many left without announcing their departure), so the authors normalize to departure rates estimated from other wealth tax events, and apply other discounts for litigation, arriving arrive at a figure of only $28-$36b in forecasted tax revenues. but this isn't all! all of the income taxes paid by the departed billionaires are also forsaken. the authors estimate that CA billionaires pay $3.3- 5.8b in annual income taxes. they assume a midpoint of $2b lost in annual collections from departed billionaires. the net present value of that lost income stream is -$68.9 billion. so when you add it all up you get: + $30b one-time tax windfall (estimated) - $69b in present value of lost future income taxes = - 38.9b overall net present value of the tax of course, this analysis is highly estimate driven. the authors simulate the parameters 100k times and find a negative NPV of the implemented tax 85 percent of the time. and if the tax doesn't pass, which it's not looking like it will, California still ended up losing at least $577b in departed net worth, and they have permanently poisoned the well with entrepreneurs who will now worry about future wealth taxes. [1]: nber.org/system/files/workin…
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If the counting began Monday morning, October 12, when she stepped to the podium:
If one assumes she was hired October 9 and that’s when the clock started ticking.
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cduffus Ξ retweeted
Roughly 0.45. Katie Zacharia lasted 5 days as White House press secretary (starting Oct 12, out Oct 16). Anthony Scaramucci’s run as communications director was 11 days.
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Me next Monday.
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cduffus Ξ retweeted
bombshell report from the OCC out today confirming what we all suspected: between 2020 and 2025, based on a review of 100,000 complaints, America’s largest banks systematically denied banking to lawful businesses based on political and reputational considerations rather than objective financial risk, effectively appointing themselves arbiters of which industries deserved access to the financial system. digital assets was specifically named as one of the six most affected industries. TLDR: we weren't imagining it. OCP2.0 was real.
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About right 🍻
Introducing The Cheeky Pint Benchmark. We made our intern watch every episode of Cheeky Pint to bring you this breakdown of pints drank by guests to the nearest sixth. Congratulations to @elonmusk who is currently in the lead with three full pints of Guinness.
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cduffus Ξ retweeted
Leaked footage shows NEAR Protocol co-founder dancing at an unofficial afterparty in Singapore Witnesses say somebody was asking him "should we be worried about about quantum breaking cryptography", Illia responded: " The only thing you should be afraid are these moves! and proceeded to jump on top of DJ deck and dish out violent moves"
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cduffus Ξ retweeted
Financial terms were not officially disclosed by SpaceX or Grain. The Wall Street Journal, citing people familiar with the matter, reported SpaceX will pay about $8 billion in cash for the nationwide 800 MHz portfolio. The deal remains subject to FCC approval.
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cduffus Ξ retweeted
I'm pivoting to something LLMs can't do: day-drinking
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cduffus Ξ retweeted
I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography, but also potentially AI-vulnerable cryptography. The core new area of risk from this viewpoint is, unfortunately, ML-DSA / FHE / lattices. (and it's also another reason, along with quantum, why ECDSA might fall even faster than expected, hence the "fresh address" recommendation) So far most people have been in the mode of thinking "elliptic curves broken, hashes safe, lattices safe". But there is a good chance that the concrete security of lattices will take serious hits from the next two years of AI math. The basic threat model is: factoring is something that naively takes 2^(n/2) time, but over decades smart people have found and optimized number field sieves, and degraded that to 2^O(n^(1/3)), which is why RSA keys and signatures need to be ~400 bytes (and not 64 bytes). What if there are skeletons in the closet like that, both for elliptic curves and lattices, that we are simply not smart enough to discover - but bots soon will be? This is a major part of the reason why for the past year ethereum's lean roadmap has been going in the "hash-only" direction: no lattices, no ML-DSA, no Falcon, no lattice-based commitments inside ZK proofs, etc. Signatures in lean ethereum are all hash-based, either WOTS or SPHINCS-. For signatures and proofs, we already know how to go hash-only. The bigger challenge is for *public-key encryption* - and this goes far beyond blockchains. Secure communication, anonymizing protocols, lots of things need public-key encryption. And unfortunately there are long-standing mathematical theorems showing why public-key encryption cannot be done with hashes alone. You have to have some kind of trapdoor object that has at least one form of usable "structure" - either group theory (incl. isogenies) or lattices or code-based or potentially in the future even more newfangled and spooky things (local mixing?). But for anything that has structure, you should assume that AI will make at least some progress in breaking that structure. Here, one reasonable inference is that if you want to make something plausibly long-term secure, multiply the key sizes by 10. To me that's a very plausible world and something not at all extreme to predict. If AI will bring us 50 years of math in 2 years, then that 50 years of math may very plausibly include a "naive factoring -> GNFS" level of improvement to our ability to break lattices. In that world, lattices will still exist, but they will have to be significantly bigger to guarantee the same level of safety. And at those new larger sizes, hash-based constructions will beat lattice-based constructions on concrete efficiency in every use case where hash-based constructions are possible at all. Theoretically, of course it's possible that hashes are broken too (eg. P = NP would imply that). But I think P = NP is very unlikely. And intuitively, it's much more likely that a mathematical object has exactly no exploitable structure (like hashes are intended to), than that a mathematical object has exactly ~3 forms of exploitable structure (for elliptic curves: associativity, Schoof, pairings) and not some secret fourth form of structure we have not yet discovered that greatly degrades its security (for elliptic curves, ECDLP and pairing security). Similar for LWE, SVP, RLWE and the zoo of lattice problems. For this reason, we do not yet see any reason to worry and start padding the byte size of hashes (if we start to worry more, we would pad the round count first before doing anything to the byte size). Concrete TLDR, my own personal views: * Hash-based > lattice-based, in those situations where hash-based is possible at all * For anything lattice-based, be much more paranoid on param sizes. Remember that blockchains are only a small portion of the cryptography story; this point goes far beyond blockchains and applies to eg. access to websites, secure messaging, Tor / VPNs ... * For privacy protocols, strongly favor NOT putting encrypted notes onchain. Instead, send them offchain through some third-party mechanism. * If it's not difficult for you, keeping your funds in addresses which have not yet been used to make a transaction is a good idea. If it's easy for you, do it. **But be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined**. * For multisig wallets, doing confirmations offchain is better than onchain, because this way the signatures of signer wallets do not get exposed to the public, so if ECDSA falls to AI much faster than expected, at least the multisig "gracefully degrades" to a 1-of-1 where the 1 is whoever was gathering the signatures - a much better place to be than "anyone can take the money" firefly.social/post/x/210783…
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Onwards and upwards 💪
Who’s looking 👀
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cduffus Ξ retweeted
👀
Wallet coming to @ChatGPT soon? 👀 Suspect it’s a way to store card credentials with a control layer, but would be fun to see if they build their own wallet to hold balances and support stablecoins!
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cduffus Ξ retweeted
Succession Doomer Themed Ep. 1: You Are Not Serious People
Succession: Doomer Themed. Who wants this?
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cduffus Ξ retweeted
Rebranding AI to SI
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Pretty sure she reveals herself as an alien 🫪
Here is official trailer, You Can See Everything
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