In 2006 a high school English teacher asked students to write to a famous author & ask for advice. KURT VONNEGUT was the only one to respond. His reply was a doozy.

Agents want yield too

Man goes to doctor. Says he's depressed about AI. He fears the permanent underclass. Doctor says, "Treatment is simple. Read Gary Marcus. LLMs are stochastic parrots—they can't reason out of distribution." Man bursts into tears. "But doctor..." he says, "I am in distribution!"

Why did Erdos have so many problems?

We’re proud to launch our BTC Yield Strategy with @Kiln_finance and @railnet_org. This strategy brings institutional portfolio construction and risk management frameworks to on-chain BTC yield. Thread 👇

AI became good enough to do perfect deepfakes, seems we are under-discussing and under-bracing for impact

There's no email spam like US political campaign spam. S-tier

SpaceX is only ~200 satellites away from having launched as many satellites as the rest of the world combined (despite giving the rest of the world a 61-year head start)

“We used to memorize the whole syntax”

Unfortunately this goes impossibly hard

🤣🤣🤣

Read this in Lil Jon’s voice

Congratulations to Westminster Council for their acceptance of Banksy’s brilliant statue near Pall Mall. Let’s hope it stays — a welcome note of calmness and humour at a time of growing extremism.

It's @TechEmails season

Rockstar spent $256M to build GTA 5 in 2013. It's now done $10 billion in revenue. The shallow-water boat mechanic in this clip is exactly why. 225 million copies sold. 22 million monthly active players in year 13. Still pulling $500 million annually. No entertainment product has ever had this shape of tail. The reason hides in the clip. Rockstar built a fluid simulation with a city around it. Water depth affects boat behavior in places the mission critical path never takes you. Nobody at a normal studio ships code like that. It doesn't move a single review score. It doesn't sell a single copy at launch. It sits there waiting for year 12. That's the actual product. The density of background systems that reward attention long after the story is cooked. Every other open-world game asks "did you beat it?" GTA 5 asks "did you find it?" Take-Two is reportedly spending over $1 billion on GTA 6. The Street keeps asking why the budget is so high. Because the tail IS the product. $256M to build, 13 years of $500M revenue, that math only works when the simulation has more depth than any player will exhaust. November 19, 2026. GTA 6 ships into the exact same model. Buy once, generate cash for 15 years. 225 million copies. Still finding new things in year 13. That's the moat.

I was never really a voice note person, mostly out of empathy for the receiver, but when the receiver is an LLM boy oh boy am I yapping I'm probably speaking more to my computer than typing now

"We are as Gods, and have to get good at it" - @stewartbrand

Yesterday, I had the honour of attending my first @Nasdaq IPO and the privilege of ringing the bell alongside my colleague @donaldchua, who at this point feels like a franchise of his own, larger than the brand itself. This was not just our first Nasdaq IPO. It was the IPO of friends, partners, and a true benchmark for us: @CoinSharesCo. Congratulations to @jmmognetti, Benoît Pellevoizin, Daniel Masters, @CarolineDPham, Emily Mohr, Jérôme Castille, Pierre Porthaux, @jeremylebescont and the entire CoinShares team. It was inspiring to see one of the leading digital asset managers, backed by strong financials, trading positively on the day and positioned for long-term, meaningful growth. CoinShares has been building in this industry for over a decade, consistently innovating through both off-chain and now on-chain products, serving millions of retail users and helping drive the evolution of finance on-chain. We are proud to partner with such an exceptional team, first through @Kiln_finance on staking, and now with @railnet_org on on-chain asset management. They have supported us throughout cycles and market conditions alike. Yesterday also felt like a reminder of the level of ambition we should always aim for. JM, his board, his team, and his family are setting the standard and showing the path forward. We will take inspiration from it. Proud of you, frens 🫡

Short-term risk that just occurred to me re: Claude Mythos: If you’re a state or non-state actor with some zero-days you’ve been sitting on, you may conclude now is the time to use them before you lose them. Let’s hope this isn’t the case.

Reflecting on last week at EthCC. I would like to thank the entire @EthCC team, especially @bettina_boon, @jdetychey de Tychey, Antoine Estienne and all the volunteers, for the opportunity to present Railnet, a new standard and ecosystem aiming to define how DeFi and RWAs move onchain and shape the future of onchain capital markets. I also had the opportunity to join a panel at Agora, where we shared perspectives on the staking market and the future of onchain yield alongside Steve Berryman (@Bitwise), @Kean_Gilbert (@LidoFinance), and @_evalawrence (@Figment_io). Many thanks to @DamSchu for moderating such a thoughtful discussion, and to @ambresoub and the @Kaiko team for organizing. Finally, I spoke about one of my favorite topics, onchain asset management, at the Vault Summit with David Vatchev (@FasanaraCapital), Patrick Barrett (@members_cap), and Thomas Lefort (Exponent). We discussed what institutions look for when allocating capital into vaults: diversified portfolios combining DeFi and real world assets, a clear understanding of onchain risk, and robust compliance frameworks including KYC, AML and KYT across jurisdictions. Thank you to Nenter Chow for moderating. A special moment to close the week was being welcomed by @davidlisnard at the Mairie de Cannes. It has been remarkable to see how EthCC has evolved over the years, from a deeply builder focused conference to a more institutional one, mirroring the broader evolution of DeFi. I had many conversations with traditional financial players on this topic. It is hard to overstate how foundational EthCC has been for the French ecosystem, for Kiln, for Railnet, and for me personally. Eight years ago, it gave me the conviction to build in Ethereum despite coming from a non technical background. I likely would not have entered staking without it. In 2020, we organized an EthCC side event with @tezos and Pocket Network, which led to launching our first validators. The following year brought our first international VC conversations through EthVC and early momentum with Lido, including hosting the team shortly after launch. In 2023, we met @1kxnetwork at EthCC, which later led our round. The story keeps unfolding. This year felt different. The convergence between TradFi and DeFi is no longer a hypothesis. It is happening. Curious to see what next year will bring 🫡