baba

@pmarca 🤣🤣🤣

Incredible.

The issue isn’t entitlement, it’s structural. When the majority of value creation happens pre-IPO and the public market becomes where insiders exit, you’ve built a system where capital compounds only for those who already have it. That’s not capitalism, it’s aristocracy with extra steps.

@GwartyGwart Capitalism requires broad participation in ownership to sustain demand. If the people being displaced can’t share in what displaces them, you don’t get innovation, you get revolution, regulation, or both.

People keep saying it’s a shame that retail hasn’t had access to Anthropic, OpenAI, Stripe, SpaceX, and others and haven’t been able to share in the upside of these companies so far. Why does retail feel entitled to be on these cap tables? It seems that people conflate the idea that accredited investors laws are broken and that it’s costly and burdensome to go public with thinking that they deserve the right to share in upside of these companies. It’s not like we created that value, I certainly didn’t. It’s also not like we are hindering the growth of these companies because the money isn’t there. It’s there, Anthropic just sourced 30B in the private markets. There plenty of money to go around, a lot of these rounds are still oversubscribed at these astronomical valuations. Of course I would have loved to get access to Stripe in YC or Anthropic’s series A but I also would have loved to invest in the plumber in my hometown who basically took over my region and I greatly suspect is now pulling 7 figures a year but I’m not bemoaning this, this almost feels like a sense of entitlement from a newer generation of investors, maybe even a misunderstanding of capitalism. There are real reasons we all agree why 1. Companies don’t necessarily want to be public and 2. You, as a founder, want to be able to control who is on your cap table. The latter is important to founders who don’t want to be hassled by pesky paperhanded hecklers, given the choice between Sequoia and/or Dragoneer and a thousand screechy fintech or crypto twitter proles, founders will choose the former for obvious reasons. Anyhow, my pet theory for why retail feels this sense of entitlement (which is very handwavey and vibes based, to be clear) is that investing appears at least from the outside to be entirely about getting in early now. Like that *is* the edge. We’ve been programmed to think about everything in the context of “exits.” This was and has been very apparent in crypto: a fund would invest in a seed at a $20m valuation, 6 months later they would do a round at $100m, and a year later that project would TGE at $500m or higher. A lot (seriously, a lot. Like most) of these projects would then bleed out for the next 4 years. All the gains were captured in these private rounds but the issue is not whether it was public or private or easy to access or walled off, it was that these projects did not make money and should never have been valued the way they were valued. Investing turned into “who’s going to buy my bags in this next round, who’s going to mark me up 10x on paper because I got in before them.” From this perspective investing is a game of hot potato and retail doesn’t understand why they can’t play hot potato too, which is fair but it’s a divergence from thinking that the purpose of investing, the purpose of creating a unicorn or decacorn or the next Tesla is to create value that then makes a lot of money that is then returned to its shareholders. I sympathize with retail seeing people who don’t appear to be creating a ton of value getting access to these companies that do create a ton of value but this dislocation between public and private markets is closing same as it closed in crypto over the past 5 years. I also understand that “when everything is a meme” the retail bid and holder base *does* matter. But mostly, if crypto has taught us anything, you shouldn’t be asking “why can’t I get on that cap table?” And instead be asking “why do they want *me* on that cap table?” when the opportunity finally presents itself.

@rauchg Immortality is existential, and impersonal. All those things you’ve named are impermanent. On a human level it’s a beautiful aspiration, but not to be mistaken with immortality.

Immortality is attained by having children, leaving the world in a better place than you found it, and pushing the human frontier. Not by drinking “longevity mix powder”.

@MelMattison1 Unfollowed

@kylegawley I agree, some companies may built certain apps internally, but the broad majority will be SAAS. The big shift, will be pricing. As AI lowers the moat for competitors, the margins on SAAS will compress. The 50/m app will cost much less, as existing companies fight shrinking margin

Companies are not going to start vibe coding SaaS instead of purchasing Why would I vibe code an accounting app and take on the immense burden of compliance and maintenance to save $50/mo? It makes absolutely ZERO sense

@MoonOverlord Gonna age like milk. When ETH hit smania, long tail of profits will flow into NFTs, it’s not time yet. Patience.

still think this becoming more true by the day with the digitalization of them ive seen people on CT flex pokemon cards lately that have never spoken about them before

@PratikKala People build in Manhattan, not Disney World: open streets, property rights, rule of law. Public chains are Manhattan—neutral, low platform risk, composable, can make commitments, and let users own. That’s why builders invest. Amusement parks and private databases don’t offer that

Google's database supports 5+ billion people today Our chains do 20-1000TPS Cities need infra

Let's talk about the future of $ETH and $SOL after Google's L1 announcement today Not again mate... we know private chains don't work; intranet v internet bro Well, third time's a wonder 🧵

@blknoiz06 @SmokeyHosoda Why the SOL psyop was so strong. Many of them were Bitcoin Maxi’s that didn’t want the relative value of their bags dropping to ETH. They want beta, and to eat their cake too. SOL maxi’s community have a lot of Bitcoin Maxi’s in trench coats

@SmokeyHosoda ethereum finally goes up, but at what cost

What the fck are these hourlies man

@PratikKala You’re drawing parallels to Linux and OSX, when you should be drawing parallels to the intranet and the internet.

With the reception that Plasma got today from all corners of CT You have to wonder if $ETH can remain the "stablecoin chain" much longer And how do you sell it to TradFi once that isn't the case? x.com/PratikKala/sta…

@ewaneth 😂😂😂

Yes I have abandoned $SBET despite supporting it in the past. Yes $SBET has abandoned its investors despite supporting them in the past. The idea of sitting around jerking off watching the ATM sales and mNAV lagging, while zero newcomers are buying the stock, is gross.

@lmt2683 @RenaudCloud @sama No, it’s not. It was, but the competitors have caught up.

@RenaudCloud @sama it's a much better deal than Claude Max, Gemini Ultra and SuperGrok Heavy...

Here is how we are prioritizing compute over the next couple of months in light of the increased demand from GPT-5: 1. We will first make sure that current paying ChatGPT users get more total usage than they did before GPT-5. 2. We will then prioritize API demand up to the currently allocated capacity and commitments we've made to customers. (For a rough sense, we can support about an additional ~30% new API growth from where we are today with this capacity.) 3. We will then increase the quality of the free tier of ChatGPT. 4. We will then prioritize new API demand. We are ~doubling our compute fleet over the next 5 months (!) so this situation should get better.

@samknight @sama @techikansh Not for me. Grok Super Heavy is better than Pro for difficult question. Claude is better for Code. Gemini is on par for Deep Research. Unlimited thinking queries was the differentiator for me. I see no purpose paying 200$ for the current offering. OoenAI is no longer SOTA.

@_daBaba @sama @techikansh I would argue access to pro is the main value. I’ve found it to be a significant upgrade

today we are significantly increasing rate limits for reasoning for chatgpt plus users, and all model-class limits will shortly be higher than they were before gpt-5. we will also shortly make a UI change to indicate which model is working.

@james_j_otis @sama @techikansh Google’s researcher is just as good, and 180$ less. The main value proposition for pro was the unlimited thinking queries, if plus users get that for 20$ per month, I’m better off paying for Plus, and Gemini Plus, and Claude Agent. OpenAI is no longer SOTA in any area.

@_daBaba @sama @techikansh It doesn't have to replace it. It's supplements it when required. Research is also included in chatGPT paid.

@ahtoshkaa @sama @techikansh High effort is useful for most tasks, test time compute is not useful for most tasks because of the latency. What was worth the money, was the unlimited thinking. If plus users get 400 queries per day, that’s basically unlimited. I’ve already cancelled.

@_daBaba @sama @techikansh Pro got parallel test time compute for GPT-5-thinking at Maximum (instead of medium) thinking effort. It is still very much worth it if you tackle very hard tasks.

@james_j_otis @sama @techikansh Google has research for 20$, and Manus has an agent that’s free that’s just as good. Pro is useful, but it’s too slow to replace GPT-5 thinking for day to day tasks. Unless they increase thinking to HIGH for pro, it’s a scam.

@_daBaba @sama @techikansh Pro will benefit from Max thinking, agent, research. Plus users barely get that.

@sama @techikansh If this is true, I’m likely cancelling pro. Agent marginally better than Manus, Sora is worse than Veo3. Deep research is onpar with Gemini Deep Research. The main selling point was unlimited 03, with 3000 thinking queries per week, not much reason to pay for pro.

@techikansh trying 3000 per week now!

gm bulls

July's NFT trade volume is only 3% of what we saw in the 2021 bull market peak. We are going so much higher. 🫡