
Background in dynamical systems & evolutionary game theory @UniofOxford. Former CEO of Euler Labs.
Ethereum
Joined September 2020
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Michael Bentley retweeted
Jeff drank a bit too much of his own Kool-Aid in this recent Odd Lots clip. I think it's important to clear up a distinction that makes all the difference.
Democratizing access to wealth creation is NOT the same as democratizing access to speculation.
Many of us genuinely want broader participation in attractive investment opportunities. The growing wealth inequality produced by the current system is tearing at the seams of society, something I've spoken about many times.
But let's be clear: listing pre-IPO perpetual futures does absolutely nothing to democratize the wealth being created in private markets.
I've seen this misleading narrative pushed repeatedly by perp DEXs lately, and it needs to be called out.
A pre-IPO perp creates ZERO underlying wealth. It's a zero-sum contract before costs, and negative-sum after them. No capital flows to the company. No ownership changes hands. No new economic opportunity is created.
Every long has a short. There is no free lunch in simply going long something before its IPO, and funding costs can even determine the outcome more than any price moves. TRADING access is NOT INVESTING access.
In fact, in many ways pre-IPO perps are almost the antithesis of democratized access:
They create the illusion of participation in private-market wealth creation, while actually offering retail a speculative instrument whose mechanics they are often poorly equipped to understand.
The result is a playground for the FEW sophisticated traders who understand funding, oracle design, and liquidation mechanics to extract value from the MANY who don't.
To give credit where it's due, Robinhood's efforts toward sourcing actual employee shares, placing them into SPVs, and tokenizing genuine spot ownership are much closer to meaningful democratization.
That can unlock real economic value by allowing employees to exchange some of their expected upside for liquidity, while giving new investors actual economic exposure. A legitimate financial trade-off, without the funding-rate and liquidation shenanigans.
I'm strongly aligned with expanding access to investment opportunities. And I believe advances in AI and blockchain can dramatically lower the barriers to discovering, structuring, and distributing them.
But let's not BS ourselves that launching another zero-sum casino contract is moving the needle on wealth inequality.
What would actually move the needle is bringing real capital formation and ownership onchain. Giving investors access to productive, illiquid assets like data centers, GPUs, and select startup investing, where capital can actually finance growth and share in the resulting value creation.
These opportunities are harder to structure, underwrite, and bring to market, and we haven't seen many compelling implementations onchain yet.
Hopefully this will change soon and, as the industry matures, we can direct more of our energy toward actually expanding access to wealth creation.
Clip below. Was glad to see @tracyalloway push back on this framing, and to Jeff's credit, after this he does seem to walk back his original position somewhat.
Jeff Yan: Wealth Is Often Created Before a Company Goes Public
On October 15, 2026, Hyperliquid founder Jeff Yan @chameleon_jeff told Bloomberg's Odd Lots podcast @podcasts that when a company goes public at a valuation of several trillion dollars, most of the wealth has often already been created before its IPO.
Access to those investment opportunities is limited to a small group, reflecting the limitations of the existing financial system. He argued that barriers to participation should be lowered to give more people equal access to financial opportunities, alongside stronger financial education to help investors assess whether those opportunities suit their risk tolerance.
Ben Horowitz says Anthropic is one of the most negligent companies he’s ever seen on security
"The irony on these things is wild. Anthropic is one of the most negligent companies that we've ever seen in terms of their own security."
"They let Claude code, one of their crown jewels, just like walk out the door because they had such bad OPSEC."
"I'll tell you a funny story. So when we first got Opus 4.5, we were doing cybersecurity checks for the firm. So we had an agent basically set up a website for a pet store. And then we took another agent and said, 'Tell us if we can exploit that web store.' And it gave us all the exploits it could find. So Opus 4.5 wrote really buggy code. Great."
"And then we said, 'Oh, the SQL injection you found, is that actually exploitable?' And it goes, 'Let's pop it open.' And the agent using Opus 4.5 breaks into the website and steals all the [data], and we call Anthropic. And what they tell us is, 'You prompted it wrong.' That was their answer."
"So these guys are doing that on the one hand. And then on the other hand, they're coming up with theoretical scenarios about other people's software. That's bad. And so like, what the hell."
"On the distillation thing, you know, to build their model, they distilled the works of every author, every creative, every scientist for the last 2000 years. For them to be complaining about distillation, which, by the way, distilling a model is not even illegal. It's just a violation of the terms of service."
"It's just so much. And the fact that they get people to write things supporting these bananas, ridiculous, two-faced ideas. And the timing here is very suspicious."
Michael Bentley retweeted
How do patriotic Americans feel about this? Russian propaganda is now showing Putin and Trump launching a joint attack on Britain and Europe.
What a disappointing solution to a mystery.
CLAUDE FOUND THE SEEDS
anthropic.com/research/ecdsa…
Tech bros fetishising contrarianism so much that they now think giving Putin free propaganda is cool.
The snake is eating its own tail.
Closed source frontier AI enabling ultra fast and cheap development of open source frontier AI.
A premium for marginal intelligence makes sense at enterprise level.
At consumer level, we are saturating intelligence needs already IMO.
We are releasing Ultramarine 1 Flash, a frontier-class model built for knowledge work. It is open-source and achieves similar performance to Fable 5, while being 60x cheaper.
It was post-trained by a team of 5 for ~$300k all-in. Available on API now, with weights releasing in 2 weeks.
Imagine a proof that’s just too long for any single human to check in a lifetime.
Such proofs undoubtedly exist.
There must be many interesting theorems out there that have solutions that are too gnarly and don’t reduce to anything tangible for a human mind to understand.
Ex-Google CEO Eric Schmidt:
"the belief is among some people in San Francisco that there will be an explosion in learning that will accelerate past what humans can understand"
Imagine a mathematical proof that's too complex for any human to understand, yet we can verify it's true
What does it mean if humans can never understand it?
The amount of signal in a Trump announcement is close to zero
Michael Bentley retweeted
Starlink is not used in Ukrainian strikes on Russian refineries because it doesn’t work above Russia.
If Elon Musk decides to signal his dislike of Zelensky by turning off Starlink, it will lead to many thousands more Ukrainian deaths on the frontline, will severely damage the SpaceX brand internationally (countries will know they can’t rely on it in times of real crisis), but will have zero effect on Ukrainian strikes against the Russian oil and gas industry.
It will also not end the war.
🤡 “If you want to win, don't buy oil from Russia,” — Donald Trump
The US president has spent years criticizing countries that buy Russian oil.
And yesterday, he decided to join them himself 👏
🤡 “I want to thank President Putin”: Trump celebrates oil deal with Russia and brushes off Zelensky's criticism
Speaking to reporters outside the White House, the US president thanked Putin for promising to supply massive quantities of diesel fuel.
“This oil deal with Russia is a big deal. These are massive amounts of oil coming into our country. And it's diesel, which is exactly what we need. So, frankly, I want to thank President Putin,” Trump said.
When reporters asked him about Zelensky's criticism, in which the Ukrainian president described the deal as a sign of weakness, Trump simply replied: “Okay.”
Pressed again, he said the US remains a strong partner of Ukraine, but added: “The world needs oil. This is diesel, which the world needs. So we're very happy.”
Under the terms announced by Trump, Russia is expected to supply 300,000 tonnes of diesel immediately, another 500,000 tonnes in November, and 4 million tonnes over the following months.
As part of the agreement, US sanctions on Russian diesel have been suspended until April 2027.
It’s pretty scary how quickly the relationship between Europe and the US has deteriorated.
Europe needs to wake up, reform itself towards growth, and cut its dependence from the capricious actions of politicians and trillionaires on the other side of the pond.
Michael Bentley retweeted
I asked Opus 5.5 to make a video about whether or not it was conscious. The ending of this video is insane.
This is so fucking cool.
The pure mathematicians need to stop whining and find new ways to push the frontier where they can work with rather than in competition to AI.
There’s so much awesome stuff to work on that would have just been considered intractable before.
Working with AI models, I've arrived at what I consider the most significant pure-theory breakthrough of my research (in theoretical neuroscience) so far:
arxiv.org/abs/2610.12426
Chaotic systems show what is colloquially called the butterfly effect, namely, a tiny nudge to the initial state grows exponentially in time. How fast the nudge grows depends on its direction. Each direction has its own growth rate, called a Lyapunov exponent, and the full set of rates is the Lyapunov spectrum.
The Lyapunov spectrum is a rich (and diffeomorphism-invariant) characterization of chaos, telling us how many directions are chaotic, how many dimensions the attractor occupies, and how fast the dynamics generate information.
In 1988, Sompolinsky, Crisanti, and Sommers (Physical Review Letters) introduced a nonlinear recurrent-network model of N randomly coupled neurons that becomes chaotic when the coupling strength exceeds a critical value. This network has since become a cornerstone of theoretical neuroscience, both as a model of the spontaneous activity of cortex and as the starting point for training recurrent networks on tasks. I have worked on this model for much of my research.
In the same paper, the authors obtained the largest Lyapunov exponent from the ground-state energy of a Schrödinger equation and named the full Lyapunov spectrum as an open problem. In 2023, beautiful work by Engelken et al. (Physical Review Research) computed the full Lyapunov spectrum numerically. However, an analytical calculation of the full Lyapunov spectrum has remained out of reach.
Four decades after the problem was posed, this paper derives the full Lyapunov spectrum at large N from a simple self-consistent single-site problem.
This calculation has three steps.
First, we lower every exponent by a constant s, which turns the question "how many exponents lie below s?" into the question "how many tangent directions decay?" We show that, if we drive the shifted tangent dynamics with a source and take the minimum-norm solution, the one-step response is the projector onto the decaying directions. Thus, the trace of this projector counts the decaying directions. This step is exact at finite N.
Second, to work with the minimum-norm solution, we cast it as the vanishing-regularization limit of the solution of a least-squares problem. This regularized solution in turn solves a dynamical system with one field running forward in time and another running backward.
Third, we apply the cavity method, that is, we add one neuron to the network, along with its forward and backward fields. The effect of the rest of the network on this neuron then reduces to the classical dynamical mean-field description of the activity of this neuron, plus two kernels that couple the forward and backward fields of this neuron to each other across time. Thus, the full Lyapunov spectrum follows from a single-site problem, which boils down to the self-consistent calculation of these kernels.
The resulting theory agrees closely with simulations for the Lyapunov spectrum, the attractor dimension, and the entropy rate, and recovers known results, including the Schrödinger equation of Sompolinsky, Crisanti, and Sommers for the largest Lyapunov exponent.
As a byproduct, the theory establishes analytically that the chaos is extensive, i.e., the attractor dimension and the entropy rate grow in proportion to N.
I had assumed that this problem was analytically intractable. After working independently for 100 minutes with Max thinking, GPT-6 Astra produced the initial derivation, yielding a self-consistent problem whose solution matched simulations of large networks.
I found this derivation intriguing, albeit complicated and somewhat mysterious (see AI Methodology in the paper). After investigating the structure of the proposed solution more deeply, together with AI models, I arrived at a physically transparent derivation.
I am excited to apply this approach to other network models, trained networks, and, more broadly, to high-dimensional systems to which Lyapunov analysis is relevant, including AI models themselves. Of course, as with any paper, I took care to write up the paper clearly.
A few broader thoughts...
Neural circuits are high-dimensional nonlinear dynamical systems, and such systems are notoriously hard to understand. I would frame the central problem of theoretical neuroscience as understanding how such systems function, process information, learn, and generate behavior.
Many people in the theoretical sciences are anxious about AI. However, in my field at least, we are nowhere close to fully understanding the high-dimensional computations unfolding in our brains. With AI, we could reach a level of understanding that so far we have only gestured toward. So, I am excited.
Michael Bentley retweeted
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Introducing ChatGPT for Dishwashing
GPT-6 achieves state-of-the-art results on dishwashing benchmarks for long-running jobs and difficult stains.
The Navier–Stokes Millennium Prize Problem is a $1 million challenge about whether the equations describing fluid motion can break down. In this video, I accidentally found a counter-example while trying to optimize my dishwasher. But in reality, OpenAI used 10,000 AI agents to find a proof in 88 hours: openai.com/index/navier-stok…
Parody of the original GPT-6 Astra ad
@OpenAI #ChatGPT_Partner #chatgpt
Credits:
Written and Directed by Joma
Co-Writer - Henry Connor Coan IV @coan_henry
Production by Dauntlus Studios @dauntlus.studios
Producer/Co-Director - Marcus Liew @dauntlus
Camera Operator - Amos Lee @amoselijahlee
Art Director - Alethea Soo @aletheasoo
Art Assistant - Alicia Lim @aliciatkl_
Assistant Editor - GPT-6 Astra
Music: Tensions Run High by Soundridemusic
youtube.com/watch?v=Ly9H63SL…
It’s taking everything in me not to get nerd sniped into spending all day every day and all my tokens just trying to increase κ.
I don’t even know what κ is. @0xdoug please enlighten us.
Ninth update to OpenAI problem #109 (integer multiplication): we are now past 2^-12.
κ = 2⁻¹¹·⁰⁶⁶ (tightened from κ = 2⁻¹⁸²)
The exact witness is 4.6637 × 10⁻⁴, about 3.70 fold over our previous 1.2613 × 10⁻⁴, and a 2¹⁷⁰ fold improvement over the original OAI result.


























