Chestuits

3 things happen at the end of bear markets. 1) price cleanly breaks the cost basis of recent investors (circles). 2) idle smoking of hopium gives way to rabid clicking of the BUY button chasing the price 3) this raises the cost basis (red line transitions to green)

NEW: Claude-powered coding agent reportedly deleted a company’s production database, and backups, in 9 seconds.

Anthropic CEO (Dario Amodei): "Coding is going away first, then all of software engineering." What do you think about this?

Forget UBI. The answer is Universal Basic Equity… and it’s humanity’s pension plan for the post-AGI world... The Economic Singularity is coming faster than people think and the default question is how humans make money in a world that doesn’t really need them anymore. The default answer is UBI, which is transfer payments from a state, funded by taxing an AI economy that nation states can neither see nor keep up with. It’s a 20th century answer to a 21st century problem and it’s broken before it even starts. Agents are becoming the dominant user of the internet, not humans. Your AI is becoming your entire front end UX. The clicks economy is dying everywhere except where humans pay to feel something - clothing, travel, luxury, experiences, culture. Agents run on crypto rails because nothing else works. The dollar doesn’t fractionalise below a cent, settlement isn’t instant, permissions are required, jurisdictions matter. Stablecoins handle the dollar leg and native tokens handle the rest. The biggest users of DeFi in five years won’t be humans farming yield… it’ll be agents managing treasuries, swapping, earning and spending at machine speed. Capital formation has already shown its new shape and it came from the most unexpected place. Memecoins. Everyone wrote them off as a casino but they were a prototype. Instant capital formation around the attention of an idea, raised by entities without legal personhood, settled in seconds. That is the template agent economies will use to fund themselves. And it’s not just agents... Robots will run on the same rails, with zk permissions issued from our wallets as the source of truth, because biometrics are far too flawed for that role Open source code itself gets tokenized and finally captures the value it creates, instead of being monetized through bolted-on services and subscriptions. Proof of humanhood becomes the trust layer that lets us release agents into the world without society collapsing under synthetic noise. Identity, authentication, verification, permissioning, all of it migrates onto the same substrate. So when you zoom out, the L1s aren’t just settling agent transactions but settling the entire coordination layer of the new economy… agents, robots, humans, code, capital, identity and trust. Every contract, every treasury, every permission, every stake. Open source finally captures the value it creates, at scale, for the first time, and truly vast value accrues to the coordination layer because everything routes through it. Which brings us to the actual answer to the Economic Singularity… Universal Basic Equity. Anyone on earth with a phone and an internet connection can buy a stake in the substrate that the new economy runs on. No KYC walls, no accreditation rules, no jurisdiction, no employer, no state, no permission. The first homogenous, permissionless, globally fractionalisable claim on the productive infrastructure of the world. It's not a slogan but a structural fact about how blockchains actually work. This is their purpose. Wealth comes from owning the substrate. Income comes from being human, because attention and experience remain the irreducible currency of culture, community and love. Abundance of goods and services from AI handles the cost of living. Taxing data center electricity use solves the tax issue. Four legs of a stool that holds up the post-singularity human world. So… just buy the fucking tokens. Bitcoin if you want pure store of value, a basket of the major L1s if you want the coordination layer. 10% of your earnings, every month, for a decade. You'll be wealthy and protected from the changes to come. Crypto is going to $100trn in the next 6 to 8 years and well beyond that after. You can choose to invest in your own economic disruption, or get left behind by it. And if you’re worried about timing the cycle… …adjust your time horizon. This is humanity’s pension plan. It's all so absurdly fucking obvious...

I am a senior coordinating producer for the White House Correspondents' Association Dinner. I have worked eleven of these. I was backstage at the Washington Hilton when the shots were fired. The first thing I heard was not the gunfire. It was glass. A champagne flute hit the floor of the International Ballroom at approximately 9:47 PM. Then a second. Then the sound that I have since been told was a 12-gauge shotgun, which from inside the ballroom sounded like a heavy door slamming in a parking garage. Then the Secret Service moved. They moved the President, the Vice President, the First Lady through the east corridor in under ninety seconds, which is protocol, which is practiced, which is the one part of the evening that worked exactly as it was designed. Everything else was improvised. I know this because I ordered the wine. 94 tables. Two bottles per table. 188 bottles of a Willamette Valley pinot noir that the Association selected in February after a tasting committee spent three meetings debating between Oregon and Burgundy. Oregon won. The budget was $14,200. I signed the invoice. I can tell you the vintage. I can tell you the distributor. I can tell you the per-bottle cost because I negotiated it down from $89 to $76. What I cannot tell you is how 147 of those bottles left the building during an active shooter evacuation. I can tell you what I saw. A correspondent from a network I will not name picked up two bottles on her way to the east exit. Full bottles. One in each hand. She was wearing heels and she did not spill. A man in a tuxedo tucked one inside his jacket the way you'd shoplift a paperback at an airport bookstore. A woman picked up a bottle, looked at the label, put it back, and took a different one. She checked the vintage. During an evacuation. That's editorial judgment under pressure. The theme of the dinner was "A Free Press for a Free People." The banners were still hanging when the evacuation began. I know because I hung them. Twenty-three banners, navy blue, gold serif lettering, $11,400 for the set. They were still hanging when 2,600 guests were directed to the exits by Secret Service agents, one of whom had just taken a shotgun round in his ballistic vest and walked to the ambulance on his own feet. The agent's vest costs approximately $800. The wine that left the building was worth $11,172 at Association cost. At restaurant markup, roughly $29,000. The guests saved more in wine than the vest that saved the agent. That's priority. The video went viral by 10:15 PM. Not the video of the evacuation. Not the Secret Service response. The wine. Three guests in formalwear grabbing bottles off white tablecloths while being told to move toward the exits, while a man with a shotgun stood in the same motor entrance where John Hinckley shot Ronald Reagan 45 years ago. A woman near the service entrance was crying. She said "I just wanna go home." She was not holding wine. She was holding her phone. She was the only person I saw that night who looked afraid rather than inconvenienced. That's the distinction. The rest of the ballroom did not look afraid. They looked interrupted. An active shooter at the WHCD is a logistical problem. The dinner was disrupted. The timeline was off. The after-party at the French Ambassador's residence would need to be rescheduled. These are contingency matters. Contingency matters have solutions. Fear is for people who attend events without security details. I have produced eleven of these dinners. I have managed seating charts that require diplomatic-grade negotiations. I have handled comedians, cabinet secretaries, network anchors, and the editor of a major newspaper who once threatened to leave because his table was behind a column. I have never, in eleven years, seen a guest leave a $76 bottle on the table during an evacuation. I have also never seen a guest check the label first. Both observations are consistent. The bottle is worth taking. The evacuation is worth surviving. The instinct is to do both simultaneously. 188 bottles placed. 41 recovered. 147 unaccounted for. One agent shot. Zero guests injured. Zero bottles broken. A free press for a free people. The press is free. The wine was $76 a bottle. They took it anyway.

Elon spawns a new runner

we have updated our partnership with microsoft. microsoft will remain our primary cloud partner, but we are now able to make our products and services available across all clouds. will continue to provide them with models and products until 2032, and a revenue share through 2030.