Sean 🇯🇵🇺🇸

I’m still risk on, but the macro is hard to ignore. It’s time to consider lowering LTV, curbing discretionary spending, establishing a new conservative “baseline” and patiently brace for impact. Order shift incoming. The least you can do is actively prepare.

@abcampbell 100%. Yet gambling is legal.

we gotta fix the qualified investor thing regulators’ hearts are in right place but the best laid plans of mice and men

@DoveyWan Can also use @DefiLlama api 😁

Tested two agent archetypes in past moth: Forecast-vs Backcast-driven. Backcast works significantly more effective for human agent collab, ie start from desired outcome under time/resource constraint, decompose back to today. Brad Pitt is now master of orchestration and task assignment to humans

@ImperiumPaper @commbankerguy Let’s sign you up for a 1yr cd for 4%

@commbankerguy Who amongst your depositor base do you see moving out of the bank and into a yield bearing stablecoin? It’s not as if there aren’t already high yield accounts and CDs *at banks and credit unions* that offer as good or better yield than a Tbill-based stablecoin can.

People are overthinking the CLARITY rumors. Stablecoins never have and never will compete head to head with US bank deposits. US bank deposits have a structural advantage - they accrue yield at higher rates than tbills + are FDIC insured. A tokenized deposit is going to beat a stablecoin most of the time, even if there’s no rent-seeking shenanigans about prohibiting yield. But not everyone can have access to US bank deposits. Stablecoins meet demand for US dollar assets in jurisdictions and geographies where USD denominations are hard to source or low quality. Tether doesn’t compete with BOA or JPM; they compete with crappy Peruvian banks and shady unlicensed Bangladeshi deposit takers. They don’t *need* to be perfect, just better than the alternatives. Stablecoins, while not useless domestically, especially as payment channels, are mostly an overseas product when it comes to store of value. It’s why Circle is in a losing game (and to a lesser extent Paxos, whose stablecoin-as-service is often relying on customers in the same boat as Circle) and Tether is weaker than they appear and vulnerable to disruption (no one actually tries to compete with them in Algeria or Bolivia or Laos). Crypto has avoided collecting data on their users, and so struggles to identify the value proposition to users. That needs to change, and stablecoins are the most immediate beneficiaries of adopting an obsession over user experience and needs.

i'm not giving up until we've fully explored the Pachinko Stablecoin Yield Loophole

@ImperiumPaper @minerva_crypto So true 😆

@SeanButta @minerva_crypto At least the liquid private credit funds are learning the same lessons at the same time in TradFi. So they’re not ahead for once

Interesting read. I’ll just leave a couple comments that may be useful to anyone who is into this topic. > The ERC 4626 share price is the depositor's mark-to-market. When it falls below the entry price, the depositor has taken a loss. That loss reflects the vault shortfall How this works in practice has significant variation, even within the same protocol. For example, the difference between a Morpho v1.0 and v1.1 vault is the difference between enforced pari passu haircuts on everyone and race conditions to avoid being last out the door and being zeroed out. (Note that instant pari passu leaves open edge cases for flash loan manipulations of share price if not accounted for another way.) So there’s significant trade offs in the designs to handle insolvency. Everyone focuses on liquidity right now, but as dust settles, solvency becomes very important! I suspect most curators themselves couldn’t tell you easily which of their Morpho, Euler, or bespoke vaults handle a shortfall one way vs another. Depositors definitely don’t. And even devs who wrote the code likely have to go double check the docs before answering. This is part of a nagging problem in general with evergreen funds/vaults in DeFi, which is to get subordination or pari passu treatment to operate as intended. I would say it’s mostly an ignored problem until something bad happens and Depositor A gets out at 100% while Depositor B takes a 5% loss and Depositor C eats dirt. Whatever the mitigations and trade offs you prefer, I think no one wants seniority to be determined by speed. It’s prone to favor those who have inside information or just paying close attention, and makes depositors prone to withdrawals first and ask questions later. This destroys the value proposition of curators, because you have to constantly check up behind them and monitor the collateral issuers to avoid being the dumb, slow money - especially when the curators are usually most likely to be in a position to save their own funds at risk before anyone else. So to justify the fees, curators need to understand and communicate what the seniority stack actually is when a market goes bad. It’s in everyone’s interest to work out how an automated onchain bankruptcy plays out without relying on “bank run maximalist” as the winning strategy to be de facto senior to fellow depositors.

@mfisher10x Well hot damn 🔥 congrats sir

@DeanEigenmann exit liquidity

why are people still doing DATs?

@levelsio @mattwelter Inspiring 🤝.

@mattwelter 100% solo, just me and Claude Code

Adsense is incredibly low amounts of money Photo AI would make $150/month with 156,000 visitors ($1 CPM) Now it makes $110,000/month with subscriptions instead so about 700x more

@saranormous Let’s do it. Been building pretty aggressively with Claude since early Jan

any nontechnical folks want to get more comfortable/powerful in their use of AI and want to be a beta user on something I made?

@rargulati @karpathy He must be aware of Bittensor right?

I love how @karpathy is always pulling from multiple different parts of computer science and technology. Always find the best tools of the job. Blockchains were made to synchronize untrusted parties in adversarial settings. Good tool for public AI work.

@hemeon Very cool work. He should do a batch of graphic tees on high quality shirts

View his work here - dm to reach out and I'll connect you.. docs.google.com/presentation/d…

This is such a long shot. My son graduated HS early (he's 18) and has 5 months before starting college. Is there anyone in my sphere who would be open to hiring him to draw graphics, creature concepts etc. he's very fast and very good. His portfolio in the replies.

@sarah_cone Stables

What's the best treasury management solution for start-ups?

Might be time to check in with a friend at Cliffwater. Great piece. It echoes a lot of quiet grumbling I’ve been hearing from friends across CLO issuers & private credit.

@DefiLlama 🦙

DefiLlama now tracks over 2,700 tokenized assets on our RWA dashboard. Rather than solely track the market cap of these assets, we also measure active DeFi TVL that's being used in onchain applications.

@JamesonCamp I really need to try out Manus. Been on the list

Just canceled ClickFunnels, Circle, Webflow, and Notion in the same month $600+ month in SaaS. Gone Spent probably $20k+ on these tools over the years. Was loyal to all of them Manus builds a better funnel in 20 minutes than what I spent hours dragging and dropping in CF. Better design. Better copy. Actually understands the offer SaaS isn't dead. Most people will use these tools forever But there's a growing group of us in this corner of the internet quietly canceling everything and rebuilding it with AI in an afternoon Kinda wild to mass cancel tools I used to think were essential...

@KobeissiLetter lets not and say we did

BREAKING: Jeff Bezos is in talks to raise $100 billion for a new fund that would buy manufacturing companies and use AI to automate them, per WSJ.

If you haven’t tried building with Claude/ChatGPT yet, you should. It’s wild how quickly things start to click. We're talking just a few hours.

If anyone else is affected by coinbase shutting down their commerce accounts you can use checkout.llamapay.io It's API is a drop-in replacement for coinbase commerce so you can switch by just replacing urls and keys Plus much more efficient + lower cost