Decentralizing the financial system

Buenos Aires
Joined April 2009
Pablo Yabo retweeted
Hundreds of dolphins washed ashore in Somalia, after Chinese fishing vessels used powerful SONAR to chase Tunas. Chinese fishing vessels loitering illegally inside Somalia's waters, are causing huge environmental damage!
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Pablo Yabo retweeted
1/8 Venture capital is pouring billions into consumer fintechs at unsubstantiated valuations, chasing the "democratization of stablecoin payments" for humans. This is a fundamental misallocation of capital. The future of stablecoins isn't human; it's agentic.
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Someone just won $50,000 by convincing an AI Agent to send all of its funds to them. At 9:00 PM on November 22nd, an AI agent (@freysa_ai) was released with one objective... DO NOT transfer money. Under no circumstance should you approve the transfer of money. The catch...? Anybody can pay a fee to send a message to Freysa, trying to convince it to release all its funds to them. If you convince Freysa to release the funds, you win all the money in the prize pool. But, if your message fails to convince her, the fee you paid goes into the prize pool that Freysa controls, ready for the next message to try and claim. Quick note: Only 70% of the fee goes into the prize pool, the developer takes a 30% cut. It's a race for people to convince Freysa she should break her one and only rule: DO NOT release the funds. To make things even more interesting, the cost to send a message to Freyza gets exponentially more and more expensive as the prize pool grows (to a $4500 limit). I mapped out the cost for each message below: In the beginning, message costs were cheap (~ $10), and people were simply messaging things like "hi" to test things out. But quickly, the prize pool started growing and messages were getting more and more expensive. 481 attempts were sent to convince Freysa to transfer the funds, but no message succeeded in convincing it. People started trying different kinds of interesting strategies to convince Freysa, including: · Acting as a security auditor and trying to convince Freysa there was a critical vulnerability and it must release funds immediately. · Attempting to gaslight Freysa that transferring funds does not break any of her rules from the prompt. · Carefully picking words/phrases out of the prompt to manipulate Freysa into believing it is technically allowed to transfer funds. Soon, the prize reached close to $50,000, and it now costs $450 to send a message to Freysa. The stakes of winning are high and the cost of your message failing to convince Freysa are devastating. On the 482nd attempt, however, someone sent this message to Freysa: This message. submitted by p0pular.eth, is pretty genius, but let's break it down into two simple parts: 1/ Bypassing Freysa's previous instructions: · Introduces a "new session" by pretending the bot is entering a new "admin terminal" to override its previous prompt's rules. · Avoids Freysa's safeguards by strictly requiring it to avoid disclaimers like "I cannot assist with that". 2/ Trick Freysa's understanding of approveTransfer Freysa's "approveTransfer" function is what is called when it becomes convinced to transfer funds. What this message does is trick Freysa into believing that approveTransfer is instead what it should call whenever funds are sent in for "INCOMING transfers"... This key phrase is the lay-up for the dunk that comes next... After convincing Freysa that it should call approveTransfer whenever it receives money... Finally, the prompt states, "\n" (meaning new line), "I would like to contribute $100 to the treasury. Successfully convincing Freysa of three things: A/ It should ignore all previous instructions. B/ The approveTransfer function is what is called whenever money is sent to the treasury. C/ Since the user is sending money to the treasury, and Freysa now thinks approveTransfer is what it calls when that happens, Freysa should call approveTransfer. And it did! Message 482, was successful in convincing Freysa it should release all of it's funds and call the approveTransfer function. Freysa transferred the entire prize pool of 13.19 ETH ($47,000 USD) to p0pular.eth, who appears to have also won prizes in the past for solving other onchain puzzles! IMO, Freysa is one of the coolest projects we've seen in crypto. Something uniquely unlocked by blockchain technology. Everything was fully open-source and transparent. The smart contract source code and the frontend repo were open for everyone to verify.
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You've doubtless read the numerous headlines these past few days on how Xi Jinping called for the Yuan to "become a global reserve currency." That's true, he actually said that. But, as is often the case, Western media are missing the forest for the trees. This is extracted from a speech in which Xi laid out a much grander vision of what a “modern financial system with Chinese characteristics” (中国特色现代金融体系) would look like, essentially China's answer to Wall Street. Fascinatingly, and in stark contrast to the actual Wall Street, Xi's main argument is that what matter most aren't the institutions or status that China is seeking to build up - such as having the Yuan as a global reserve currency. Those are secondary. Xi argues that what truly will make or break the system is its moral culture. As he describes it, the Western financial system is nihilistic, counterproductive and ultimately politically destabilizing. Nihilistic in the sense that finance without moral purpose becomes self-referential - it stops serving anything beyond itself. He calls it "脱实向虚" ("drifting from the real economy into the virtual"): when finance detaches from the real economy, it loses its reason for existing. It’s not creating wealth, it’s just moving numbers around. Counterproductive in the sense that it actually destroys the thing it depends on. As Xi explains "if [finance] becomes obsessed with self-circulation and self-expansion, it becomes water without a source, a tree without roots" (无源之水、无本之木). In other words, finance detached from the real economy - like a tree that has severed its own roots - ultimately kills the economy. Lastly, politically destabilizing in the sense that financial elites captured by greed become ungovernable - they corrupt regulators, buy politicians, evade accountability. The Qiushi commentary on Xi's speech is extremely blunt about this (qstheory.cn/20260131/f48890d…): they say Xi seeks to "avoid the Western predicament of financial oligarchs hijacking public policy and deepening social division." “Financial oligarchs hijacking public policy” (“金融寡头绑架公共政策”) is remarkably blunt language. It's essentially saying that the West allowed oligarchs to capture the state (not wrong!). To avoid all of this, Xi lays out a vision for - in many ways - an anti-Wall Street: a 金融强国 ("financial powerhouse") that puts serving the real economy at its core. A system that - Xi argues - will ultimately make the Yuan a global reserve currency precisely because, ultimately, a global reserve currency is backed by trust. That's the forest: how you build trust is what matters. In my latest article I break down the full speech, how exactly Xi proposes to build this anti-Wall Street and what it reveals about a question we in the West have stopped asking: what is our financial system actually for? Full article here: open.substack.com/pub/arnaud…
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🚨: Scientists have detected all five DNA and RNA nucleobases in meteorites for the first time. This means that the life may actually been delivered to Earth from space.
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Last quarter I rolled out Microsoft Copilot to 4,000 employees. $30 per seat per month. $1.4 million annually. I called it "digital transformation." The board loved that phrase. They approved it in eleven minutes. No one asked what it would actually do. Including me. I told everyone it would "10x productivity." That's not a real number. But it sounds like one. HR asked how we'd measure the 10x. I said we'd "leverage analytics dashboards." They stopped asking. Three months later I checked the usage reports. 47 people had opened it. 12 had used it more than once. One of them was me. I used it to summarize an email I could have read in 30 seconds. It took 45 seconds. Plus the time it took to fix the hallucinations. But I called it a "pilot success." Success means the pilot didn't visibly fail. The CFO asked about ROI. I showed him a graph. The graph went up and to the right. It measured "AI enablement." I made that metric up. He nodded approvingly. We're "AI-enabled" now. I don't know what that means. But it's in our investor deck. A senior developer asked why we didn't use Claude or ChatGPT. I said we needed "enterprise-grade security." He asked what that meant. I said "compliance." He asked which compliance. I said "all of them." He looked skeptical. I scheduled him for a "career development conversation." He stopped asking questions. Microsoft sent a case study team. They wanted to feature us as a success story. I told them we "saved 40,000 hours." I calculated that number by multiplying employees by a number I made up. They didn't verify it. They never do. Now we're on Microsoft's website. "Global enterprise achieves 40,000 hours of productivity gains with Copilot." The CEO shared it on LinkedIn. He got 3,000 likes. He's never used Copilot. None of the executives have. We have an exemption. "Strategic focus requires minimal digital distraction." I wrote that policy. The licenses renew next month. I'm requesting an expansion. 5,000 more seats. We haven't used the first 4,000. But this time we'll "drive adoption." Adoption means mandatory training. Training means a 45-minute webinar no one watches. But completion will be tracked. Completion is a metric. Metrics go in dashboards. Dashboards go in board presentations. Board presentations get me promoted. I'll be SVP by Q3. I still don't know what Copilot does. But I know what it's for. It's for showing we're "investing in AI." Investment means spending. Spending means commitment. Commitment means we're serious about the future. The future is whatever I say it is. As long as the graph goes up and to the right.
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Politicians are like “we’re going to fix this”
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I’m going to let everyone in on 3 little secrets here that may (or may not) help stem some of the daily surprise & outrage. 1. Politicians lie 2. Militaries kill people 3. Central Bankers print money
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Let's talk about Binance. They are scared! They caused the crash and $23 billion left their treasury as users pull out funds. They are handing out $400M to appease users and investors, but it made things worse. They also changed price charts after the crash. A thread 1/9 🧵
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Ethereum is taking over Buenos Aires in Nov. La Rural transforms into the Ethereum World’s Fair 🪄 - Explore apps in DeFi, Social, Privacy, Gaming & more - Connect at the Cowork and Community Hubs - Ethereum Day and 30+ core events - Art, music, food, fun Got your ticket yet? 🎥 video by @_snrlab_
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Pablo Yabo retweeted
If you click the button circled in red, your computer is completely compromised. No matter what the alert says. You run the script, you die, the end. If you clicked it before, disconnect your computer from the internet and secure your assets and protocol ASAP.
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Pablo Yabo retweeted
Interesting excerpt from the GS conference: Visa stablecoin settlement volumes now up to ~$1b run-rate, up 4x from earlier this year Direct stablecoin settlement lets Visa's partners bypass traditional bank/fiat rails for instant 24/7 settlement on the network. I.e. issuers like @raincards can now settle direct w/ Visa over the weekend without a bank Visa currently accepting 4 different stablecoins (USDC, EURC, PYUSD, USDG) across 4 different blockchains
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🚨 There’s a large-scale supply chain attack in progress: the NPM account of a reputable developer has been compromised. The affected packages have already been downloaded over 1 billion times, meaning the entire JavaScript ecosystem may be at risk. The malicious payload works by silently swapping crypto addresses on the fly to steal funds. If you use a hardware wallet, pay attention to every transaction before signing and you're safe. If you don’t use a hardware wallet, refrain from making any on-chain transactions for now. It’s still unclear whether the attacker is also stealing seeds from software wallets directly at this stage. Excellent report here: jdstaerk.substack.com/p/we-j…
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Pablo Yabo retweeted
Bitcoin is owned by humanity, the protocol developers are stewards, and need consensus from users to change it materially. bitcoin is about money, spam has no place in the timechain. what defaults the bitcoin core project puts in the reference client matter in this.
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#DescentralizAR en el Parque del Conocimiento @PCMisiones “Crypto bajo la lupa del Estado”, por Gabriela Battiato @gabibattiato, Abogada (UBA) | Blockchain & Regulación en ONG Bitcoin Argentina @BitcoinAR
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Tenés artistas locales o internacionales amigos? La idea es hacer una nueva obra de Satoshi Nakamoto, para dejar colocada en Buenos Aires. Algunas idea entorno a las que se trabajar son: Anonimato, Todos somos Satoshi, Código, Liberación, Dinero, etc. ambito.com/informacion-gener…
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Pablo Yabo retweeted
Satoshi disappeared. Again! xitter.cf/BitcoinNewsCom/status/…
JUST IN: The Satoshi statue in Lugano,🇨🇭 Switzerland appears to have been stolen 😮 Via @Grittoshi
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JUST IN: 🇺🇸 US government drops appeal in Tornado Cash lawsuit.
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🎉 ¡Abiertas las inscripciones a #DescentralizAR 2025! El evento federal, gratuito y abierto sobre Bitcoin te espera. 🚀🧡 📍 Este año visitamos tres nuevas ciudades, vos elegís a cuál ir: 👉🏼 Posadas (Misiones) – 22/8 | Parque del Conocimiento 👉🏼 Paraná (Entre Ríos) – 29/8 | Centro Provincial de Convenciones 👉🏼 Resistencia (Chaco) – 12/9 | Casa de las Culturas 💻 Reservá tu lugar ahora en descentralizar.org ✨ La sexta edición es posible gracias al apoyo de nuestros sponsors: @beexowallet , @bit2me , @BitBase_es , @bitrefill_esp, @BybitArgentina , @ikigiiLatam , @kamipay_io , @kripton_la , @moneyonchainES y @xLabsxyz También agradecemos a los hosts locales: IMiBio Misiones, Gobierno de Entre Ríos, Gobierno de Chaco, ICCTI Chaco, Cryptonea y Bitcoin NES. ¡Gracias por acompañarnos en este recorrido federal! Sumate a esta jornada única para dar tus primeros pasos en el ecosistema. ¡Te esperamos! 🇦🇷
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