Lisbon 🚃

The GENIUS Act is arguably the first financial regulatory law written to foster innovation, as much as it was to develop regulatory safeguards. We @paradigm appreciate @USComptroller and the @USOCC’s hard work to deliver these regulations without delay, while honoring that very ethos behind GENIUS. It is a historic day for the American financial system, and financial innovation.

.@USComptroller Jonathan V. Gould: Today’s final rule advances @POTUS Trump’s and @SecScottBessent’s vision for American leadership in digital assets. We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management. The OCC is drawing on its longstanding supervisory expertise to support responsible growth and innovation for this new industry. occ.gov/news-issuances/news-…

Exactly right. "Fix the system, then automate it" has been true since before the TQM days when that saying was popularised. It is *by far* the lowest cost/maximum service position to take.

챗봇은 빙산의 일각 ㅋㅋㅋ AI 컴퓨팅 파워 90%는 수면 아래에 숨어있다 사람들이 맨날 챗GPT 쓰면서 "AI 거품 아니냐", "수익화 언제 되냐" 키보드 배틀 뜨고 있는데, 노무라(Nomura) 추정치 까보니까 진짜 코미디가 따로 없음. 일반 대중이 체감하는 AI(수면 위)는 전체 컴퓨팅 파워의 딱 10%에 불과하고, 나머지 90%는 보이지도 않는 깊은 바닷속에서 돈이랑 전기를 미친듯이 퍼먹고 있는 중임. 우리가 체감하는 AI 파이 (수면 위 10%) • 챗봇 (Chatbots): 달랑 5% 수준. 사용자는 약 20억 명인데 연산 비중은 쥐꼬리만 함. • 업무 툴 (Work tools): 코파일럿 같은 거 다 합쳐봐야 4%. • 개인용 영상/이미지 생성: 1% 남짓. 짤 생성하고 노는 건 컴퓨팅 축에도 못 낌. 수면 아래 숨겨진 거대한 괴물 (수면 아래 90%) • 모델 학습 (Training): 전체의 무려 35%. 오픈AI나 구글 같은 극소수(10~20개) 빅테크 연구소가 천문학적인 H100, B200 들이부으며 태우는 영역. • 무거운 자율 에이전트 (Heavy agents): 23%. 기업 자동화랑 복잡한 에이전트 시스템이 집어삼키는 중. • 타깃 광고 및 추천 알고리즘 (Ads & recommendations): 20%. 전 세계 40억 명이 AI인지도 모른 채 메타 $META 나 구글에서 광고 클릭당하고 피드 넘기는 알고리즘. • 상업용 영상 및 그래픽 (Commercial video & images): 12%. 기업들이나 전문 크리에이터용 연산. 결국 개미들이 챗봇 몇 번 끄적여보고 "AI 별거 없네?" 하는 동안, 기업들의 백엔드 인프라랑 모델 트레이닝, 추천 알고리즘 엔진은 24시간 풀가동으로 메모리랑 연산 장치를 무한 흡수하고 있다는 뜻 B2C 챗봇 몇 개 삐걱거린다고 AI 망했네 어쩌네 할 필요가 없는 게, 진짜 돈 냄새 맡고 돌아가는 수면 아래 거대한 빙산은 이제 막 잠수 시작한 수준임 ㅋㅋㅋ Not financial advice

🚨 BREAKING : Polymarket CEO Shayne Coplan caught using COMPANY MONEY for Private Jets flights. Peter Thiel caught him red-handed using his investment money as a personal wallet. Founders Fund, Peter Thiel's fund, discovered that Shayne had charged the following as company expenses : - private jet flights - apartment rent - designer clothes They immediately demanded a FULL REFUND Shayne was forced to reimburse the money. ICE and Founders Fund then teamed up to push for stronger financial controls They were the one that forced Shayne to appoint a COO. You remember Shayne's ChatGPT written tweet gleefully announcing the hiring of Collin McKinney Hill as COO ? I called it extremely suspicious at the time. Turns out i was right, investors basically forced Shayne to hire him as a soft coup. I don't know how long Shayne can stay in place when their main investors have lost confidence.

This is total nonsense. We're one of the largest early investors in Polymarket, and this story that Shayne was "caught red-handed" using company money is just a flat out garbage hit piece. Shayne wasn't taking a salary. He was 21 when he started Polymarket, he was living hand-to-mouth running the company out of his apartment, barely making ends meet when he was raising his seed round. We were his first term sheet and literally offered to loan him money personally, but he ended up not needing it when the seed round came together. After COVID and the crazy Biden-era crackdown on crypto that was happening at the time, there was a lot of chaos in almost every company in the industry. As an investor, we saw a lot of companies go through pandemic-era startup craziness, and Polymarket was no exception. But Shayne disclosed every dollar he spent, which turned out to annualize to about a software engineer's salary. That's including the flights, none of which were personal flights. Plus, SHAYNE STARTED the accounting and payback process, no one “found” it. In aggregate, it was nothing that an investor would balk at. He paid it back to the company in full, and then got on a normal salary like everyone else. It was an accounting problem, not an integrity problem. It was not a big deal. Polymarket has had growing pains, no doubt. It went from a small fledging startups to one of the most explosive consumer brands in America. But Shayne has leveled up alongside the company, and as investors we have total confidence in him. Enough of this stupid FUD. The end.

PFPs make a lot more sense for agent swarms than for people

It's funny how little people talked about AI 10 years ago. It's great finding time to go over all the documents I've saved over the last 12 years to come back to. It kind of looks like nonsense in retrospect. The fuss about 5G, or smart speakers or 3D printing.

I gave a presentation to Netflix about the threat of TikTok and YouTube to them. They looked completely baffled. Almost as baffled as when I told TV stations about the threat of Netflix in 2015. What you learn is that people see their own industries through their own expertise. To a Bank, nothing can be competition unless it's a bank, even if consumers wrongly use it as a bank Same with retail.

You don’t know what you’re capable of until you try.

None of these are really about maxxing friction though, this is really texxturemaxxing or THICKlife

The solution is better designed apps and websites that make it easy and delightful. Not giving up and letting bots make up for your terrible UX And the issue with bot access isn’t ignorance. It’s that many businesses rely on asymmetry of info , or friction, or risk aversion , or monetizing attention , this isn’t going to go away cos tech people are ignorant to it.