itsjpower

1/ “Gradually, then suddenly.” A phrase so often used/overused(?) in explaining technology adoption.

@moonbirds How do I nest Moonbirds that are Legacy Vested? Or How do I contact support??? Please assist @moonbirds @spencer!

The $birb claim and Nesting 2.0 is now live. claim.moonbirds.com This is the ONLY official claim site, do not trust any other links and stay safe.

reasons why crypto is down: 1. On chain stocks and bonds have not resulted in material fee capture for any major L1 protocol. Arbitrum pumped on Robinhood announcement only for Robinhood to build its own inhouse solution. Temporary Nasdaq on-chain trading pump then it turns out they're using private blockchains. SOL doing $1m a day of fees down from $24m Trump coin frenzy and $15m+ of inflation. 2. high inflation and primary equity story is international equities, gold, and AI. crypto is not getting enough attention 3. Trump promised mass deportation, less international engagement, low inflation. seems we are 0/3. With no Trump USD stablecoins and regulatory progress could reverse. Crypto is seen as Trump proxy. when Trump won EURUSD collapsed and BTC went bid. now EURUSD is surging while BTC is down 4. Gold / silver have captured 'sovereign diversification'. Russia appears to have successfully use gold to thwart US sanctions after invading Ukraine. Despite the fact it could have used crypto (it did not). Now China is looking at Gold as a good reserve asset if it chooses to invade Taiwan 5. "Digital Gold" story does not work if Gold is up only and AI is up only while coins are down only. Thus - people no longer believe. At the same time there are high valuations and relatively high network inflation 6. There has yet to have been material evidence of AI <> crypto inter-relation. Bittensor if anything by becoming more credibly non political is allowing subnets to do anything (not just AI related). Coin is dead. Narrative of AI agents doing things with crypto so far has not come to pass. 7. DATs, and MSTR buying at high prices are a double edged sword. As DATs drop below MNAV activists are incentivized to take stakes in DATs and sell the underlying tokens to drive shareholder value. In current market conditions this would be catastrophic 8. Maybe quantum fears - but I think we are memeing ourselves about that far more than ppl are actually trading on this I think it's important to understand these things. The market put on a huge bet that the system and crypto would mesh. That bet has imploded. It is not pretty. I got some things right and many things wrong. I am not planning on leaving the industry or pivoting to gold mining. Reasons to be excited about Crypto on a go-forward 1. People are not thinking through what a fully multi polar world looks like given current debt levels combined with CBDCs. base case is mass financial repression and wealth taxes targeted at individuals. Individuals cannot easily 2. There are only 100-200k researchers and engineers in the global AI industry. Unlike previous industrial revolutions - the growth in AI will not cause mass employment. It will instead cause mass unemployment. This will only accelerate confiscatory impulses and also put pressure on global central banks to ease (bullish fixed supply assets). AI itself will be effectively leveraged to track physical locations ala China making it difficult for individuals to effectively custody gold 3. Nation states may not get along but all of them will want to tax citizens 4. The original BTC run was Chinese high net worth individuals. We have a mental model of what this looks like. More repression. More capital controls. That's how BTC went from $100 -> $80k to begin with. 5. Unlike the original BTC run privacy technology has advanced considerably. ZK transactions are 20x cheaper than they were in 2021. Halo2 / Z cash have made substantive technical progress. Railgun is responsive to TornadoCash rulings and there are increasingly legal frameworks for privacy. 6. AI is fundamentally compression technology. Models are getting smaller. Open Source (like Kimi K2.5) is pretty solid and will remain subsidized by China indefinitely which is treating open Source AI development a bit like free marketing for CCP ideals. There will reach a threshold when there are models that are smarter than ppl that run on local hardware. This makes society portable in a way that was previously unimaginable. 7. The technical selling has 2 sources: a. DAT overhangs, which are reflexive and can expand to buying pressure if the market turns around b. Bloated teams, which should structurally be able to be cut due to AI coding 8. Re: quantum I think AI coding will also accelerate the speed at which some protocols become quantum resistant, and I imagine this will be faster than traditional websites. There are some undeniably scary 'quantum internet' bear cases out there but I think we're way too early for that Put another way: sovereign individuals were never really believable before "vibe coding". Because you'd need an army of employees. Who need national services. The economic viability of small scale technological economies is skyrocketing. And therefore even if traditional equities or bonds don't end up on public blockchains imminently there is still believably going to be substantial post-national on-chain volume. But it is coming at a lag vs market expectations, resulting in massive financial destruction Binance, Hyperliquid and Tron remain successful decade long experiments in - what are essentially equity like assets that exist completely outside of traditional jurisdiction or reporting requirements. It is fundamentally viable to run on-chain businesses, and will become more appealing over time bc of how messed up our world is I don't want to pretend that the current market condition is good or that "I Called it". or something. I am trying to make sense of it. If I had to sum it up "anti or post nation state assets bet the ranch on nation states and got screwed". Anarcho capitalists shocked their government partnership didn't work out. Makes sense in hindsight doesn't it.

@BojanRadojici10 Please send 🙏

360 years. That is the collective Excel experience of my team of 30 people, in one room. I have personally used Excel for 20 years. Since the very beginning. We’ve spent decades "crushing it" when it comes to financial modeling. We knew every shortcut. Every nested formula. We thought we had reached the peak of efficiency. (They are better then me, just to admit) But I have something to tell you. The game just changed. In my opinion, we are witnessing the biggest innovation since Excel was first released. It’s not a new function or a Power BI update. It’s Claude. Specifically, Claude’s ability to build and manipulate Excel models. For 40 years, the "manual labor" was the tax we paid. Hardcoding formulas. Spending hours formatting cells. Manually linking sheets and building tables from scratch. That era is over. Claude can now handle the heavy lifting of building the structure, the logic, and the formatting in minutes. But here is the part that really surprised me: It actually understands accounting. It understands the relationship between a Balance Sheet and a Cash Flow statement. It understands how operating drivers flow into a P&L. We aren't replacing our expertise. We are finally liberating it. Instead of spending 80% of our time building the model, we spend 100% of our time analyzing the results. If you want this Prompt and Excel model, just drop a comment and I’ll send it to you. (Important: follow me so I can DM you!)

@moonbirds @moonbirds perhaps a dumb question, but where do we nest?!? Is there a post with directions? Please provide as I do not see in this post. Oh, also, I am unable to sign in to legacy proof site...

Nesting 2.0 is here. Moonbirds, Mythics, and Oddities NFTs are getting $birb token through a new design mechanic that aligns holders with the long term growth of the ecosystem. Deposit your NFT into the nesting protocol and receive a soulbound NFT of your birb while its nesting, no more stuck birbs on the marketplaces. On the 28th of each month for the next 24 months, nested NFTs get to claim 1/24th of their respective allocations. If you nest for only part of the month leading up to your monthly claim on the 28th, you get pro rata that amount. No need to rush, all NFTs who nest in the first 7 days are treated as if they have been nesting for the full month.

historical Meme Card mint today you get a great piece of CC0 (video) art as always, but also the proceeds will fund advanced immunology exploratory research at a major research university lab this is the year that it will become clear what we are up to 6529.io/the-memes/mint

“Ethereum was not created to make finance efficient or apps convenient. It was created to set people free” This was an important - and controversial - line from the Trustless Manifesto ( trustlessness.eth.limo ), and it is worth revisiting it and better understanding what it means. “efficient” and “convenient” have the connotation of improving the average case, in situations where it’s already pretty good. Efficiency is about telling the world's best engineers to put their souls into reducing latency from 473 ms to 368ms, or increasing yields from 4.5% APY to 5.3% APY. Convenience is about people making one click instead of three, and reducing signup times from 1 min to 20 sec. These things can be good to do. But we must do them under the understanding that we will never be as good at this game as the Silicon Valley corporate players. And so the primary underlying game that Ethereum plays must be a different game. What is the game? Resilience. Resilience is the game where it’s not about 4.5% APY vs 5.3% APY - rather, it’s about minimizing the chance that you get -100% APY. Resilience is the game where if you become politically unpopular and get deplatformed, or if a the developers of your application go bankrupt or disappear, or if Cloudflare goes down, or if an internet cyberwar breaks out, your 2000ms latency continues to be 2000ms. Resilience is the game where anyone, anywhere in the world will be able to access the network and be a first-class participant. Resilience is sovereignty. Not sovereignty in the sense of lobbying to become a UN member state and shaking hands at Davos in two weeks, but sovereignty in the sense that people talk about "digital sovereignty" or "food sovereignty" - aggressively reducing your vulnerabilities to external dependencies that can be taken away from you on a whim. This is the sense in which the world computer can be sovereign, and in doing so make its users also sovereign. This baseline is what enables interdependence as equals, and not as vassals of corporate overlords thousands of kilometers away. This is the game that Ethereum is suited to win, and it delivers a type of value that, in our increasingly unstable world, a lot of people are going to need. The fundamental DNA of web2 consumer tech is not suited to resilience. The fundamental DNA of _finance_ often spends considerable effort on resilience, but it is a very partial form of resilience, good at solving for some types of risks but not others. Blockspace is abundant. Decentralized, permissionless and resilient blockspace is not. Ethereum must first and foremost be decentralized, permissionless and resilient block space - and then make that abundant.

easy to be bearish crypto right now we’re fifteen years in we’ve spent enormous energy trying to build valuable stuff on top of trust-minimized technology the results feel underwhelming - many tokens - few products with global impact - asset markets that reward local attention over durable value ^ this view notwithstanding i think a large part of what feels broken is pretty close to being solved not by technology i think we’ve got all the raw material we need for crypto to dominate the last piece is harmonization between value created (products) and value accrued (token) and i think we’re getting pretty close there are roughly two categories of tokens > tokens that are money (ex. stores of value) > tokens that make money (ex. productive assets) i think the money tokens (BTC, ETH, SOL, etc) are better understood and further along in their adoption so i won’t explore these ‘are money' tokens in this thread the piece that actually feels broken to me the one we (as an industry) just quite can’t get over the hump on are the ‘make money’ tokens take public equities for example public equity assets get priced because markets can: - verify revenue - verify expenses - guarantee value accrual historically, this type of underwriting has lagged across crypto > crypto revenue for crypto projects with tokens, we’ve got two types of revenue: onchain revenue; and offchain revenue onchain revenue is legible by default. AMM fees, sequencer revenue, bridge fees, etc everyone sees the same dashboards it’s all public, scrapable, and can be modeled in real time super cool but while that transparency is a feature, it’s also somewhat noisy, as onchain activity functions like a billboard projects in crypto have been trained to: (1) build for what is easily measurable; and/or (2) broadcast what is temporally beneficial wash trading, incentive-driven volume, liquidity mining, and farming mechanics can inflate top-line metrics without producing recurring demand over periods investors end up underrating, overrating, or misclassifying revenue quality separately offchain revenue has a slightly different problem some crypto projects with tokens also run centralized infra, generating higher quality revenue offchain but almost none of it is verifiable both paths leave room for improvement: - onchain revenue is transparent, but noisy and gameable - offchain revenue may be easier to generate for some crypto projects, but opaque and structurally unverifiable unlike equities, there are no real standards to adhere to which makes underwriting difficult > crypto expenses like revenue, crypto projects with tokens often have two flavors of expenses onchain expenses; and offchain expenses onchain expenses are easy to track and model, but because they’re public and often reported casually, onchain totals become a weak snapshot for the true cost of sustaining a product onchain offchain expenses are real-world operating costs that are mostly opaque and often dominate the cost structure, including engineering and research salaries, cloud infra, legal and compliance spend, security, marketing, general ops these expenses determine whether a project is actually scalable or profitable, yet are rarely disclosed with real accounting rigor again, no standards to adhere to which also makes underwriting difficult > crypto token value accrual in equity markets, assets accrue value through legally enforceable rights, including claims on residual cash flows, dividends / buybacks, voting, and priority in liquidation or acquisition events these rights are standardized, disclosed, and protected by law, which allows markets to underwrite future cash flows and price equities based on expected value in crypto, this is where things really start to break down at the fundraising stage, teams face an array of optionality: - build for equity value - build for token value - build for both with no clear guidance in the U.S. on how tokens accrue traditional value (while simultaneously acknowledging that tokens are the asset that can best power labor and productivity over decentralized networks) projects historically have raised on both SAFEs (equity) and warrants (network) this creates a capital stack where value accrual is left ambiguous across competing instruments, out of survival - teams preserve flexibility - investors underwrite both paths then the TGE happens, and there is only one brutal question left -- what is this token actually allowed to do? - is it a security or a commodity? - can it capture fees? - can it receive distributions? - can it be bought back and burned? in the absence of legal guideposts, the majority of teams choose inaction the token exists as a coordination incentive, but enjoy no real claim on value created and the network never fully matures here’s a common pattern: > team raises money on SAFE (equity) and Warrant (token) > team builds technology > team launches token > team delays value accrual to the token because acting feels legally ambiguous (at best) and legally dangerous (at worst) > team gets tired of waiting around for answers > team runs out of money or gets acquihired (equity) > the foundation commits to maintaining network in perpetuity (token) > network is no longer as competitive feels pretty clear to me until network tokens are explicitly allowed to return value through defined mechanisms that take into account their unique digital shape on the internet as both (1) labor incentives; and (2) direct connection to network revenue then: > value accrual to tokens will remain fragile and discretionary > markets will continue to misprice them > risk capital will mostly remain uninterested in them > innovators in the US will mostly remain uninterested in building networks powered by them that brings us to today the US has historically set the regulatory standards that global capital, companies, and markets adopt by default clear crypto rules in the US will effectively become the reference framework for the rest of the world in the US, we have a rare opportunity to shape how token-based capital formation, disclosures, and value accrual work globally rather than ceding those standards to others thankfully i think things are starting to change and so i tend to believe the next phase of crypto tokens will be built on the back of US legislative and regulatory leadership where we create a verifiable trail from network revenue to token holder that is defined, repeatable, and legally durable at all stages of a network’s life the market is clearly looking to solve a number of these problems recent efforts from individual crypto projects are providing leadership on different problem areas, with a few of these approaches listed below: - at fundraising stage, moving to new unified instrument models (e.g. @colosseum STAMP) - pre-TGE unification across equity/tokens (e.g. @rainbowdotme Class F) - post-TGE unification across equity/tokens (e.g. @UniswapFND UNIfication) - public token disclosure frameworks (e.g. @blockworks Token Transparency Framework) importantly, there are also a number of concurrent efforts led by US legislators (Congress) and regulators (SEC/CFTC), including the clarity act, the SEC’s rulemaking authority re: token safe harbors, the stablecoin / market structure bills, among other federal agencies and initiatives and while these regulatory/legislative efforts are only building blocks today, i tend to believe the net of these US efforts will converge and lead to the following over the coming years: - better auditing of on/offchain pathways to track and manage network operations - create "minimum viable disclosure" standards for projects launching network tokens - harmonization across SEC/CFTC on classifying tokens as "commodity" vs "security" at different stages of a network's life - allow early stage crypto networks to have a compliant time-limited safe harbor to launch tokens, disclose material information to public, and create new business models with tokens before final classifications apply and so, from my view, the endgame for the “make money” tokens is just about getting back to the basics combine: > a project’s verifiable on/offchain activity; with > explicit value accrual and legal rights for their token; > all within a coherent regulatory framework in the US and as that happens global risk capital, from individuals to institutional allocators, won’t need to underwrite a new belief system on value accrual to participate in these global networks for the first time they can use the same frameworks that already work and for me i think that’s a pretty healthy evolution for this specific category of tokens (crypto art by @jackbutcher)

1/ On Measuring Network States Do they exist? What are the conditions of success? And why those conditions are: decision-making ability, dGDP and NFTs? 2/ @balajis popularized the term so we can start with his definition “A network state is a highly aligned online community with a capacity for collective action that crowdfunds territory around the world and eventually gains diplomatic recognition from pre-existing states.” 3/ Some design features he thinks are relevant: "moral innovation" (mission), on-chain metrics, crypto-native, non-contiguous jurisdiction, forkability. 4/ I am not going to attempt to summarize all his views here (he wrote a whole book about his views that you can read) I have some quibbles on the margin (e.g. maybe “network society” is more accurate and would not trigger pedantic reactions about the definition of a “state”) but, for today, these don’t matter. We take his concept and build on it. 5/ First, do they exist? Well, pre-crypto network states definitely exist. Take the Catholic Church. It has a moral mission, it coordinates globally around that moral mission, it acquires fragmented land, and the Holy See has earned some form of diplomatic recognition. It has also found an accommodation with classic nation-states in most parts of the world (“Render unto Caesar”), that I think is a useful analogy. 6/ Of course, the Catholic church does not meet his definition because it is not on-chain and crypto-centric. So what network states exist today? I am not sure tbh. 7/ There are startup cities like Prospera and Praxis but they are too focused on one physical location to meet my definition. There are a variety of DAOs trying to do things but they mostly do not strike me as overly ambitious. You could stretch the definition and say the “Bitcoin or Ethereum community” but I think this is not how people see it. 8/ At a first approximation, it is mostly an idea or rallying cry at this stage. It is a good idea and it is an inevitable idea. It is the type of idea that can only exist 5-15 years after crypto-based smart contracts exist, not before. 9/ The version of this idea I am interested in adds another condition – it needs to be decentralized, permissionless, uncensorable, nation-state resistant. Call it a decentralized Network State, or a civilizational Network State, if you like. 10/ So, there may be many Balaji-style network states in the broad sense. I am talking about the much smaller subset that matters as a civilizational counterweight in an AGI era. 11/ what I mean by this is: a/ BTC- and ETH- level resistant b/ no single jurisdiction whose policy change can end the project c/ no person or small group of people who can be coerced into stopping it. 12/ This is a very strict standard. Realistically, none of the proto-network states are even close to this standard. 13/ It also means that, relative to @balajis view, I put more importance on getting the decentralized cryptographical layer right first, and then go to land. It is a trade-off – you look more trivial first, but in time it is more robust. Land is still useful, but in an adversarial world any physical node must be disposable. 14/ Forcing permissionlessness and state-resistance on this idea makes it much harder, it reduces your degrees of freedom, it makes everything slower and more painful. Why set this condition? Because in the decades to come, with the vast centralizing arc of AGI coming our way, it will be the most important thing in the world to have a counter-balancing decentralized network that can make decisions and take actions. 15/ I am not saying that you can’t have a successful network state without this condition. If you want to make the network state for people who want to be ultra-fit or sponsor art or what have you, life is easier and more fun if you don’t bother with decentralization. 16/ I am saying the network state that may make a major impact for humanity has to have this condition, for the same reason that BTC has to have this condition. A civilizational Network State will look like this. 17/ Condition of Success #1: You can make and execute non-deterministic (subjective) decisions in a decentralized, trustless manner Honestly, this is the single hardest thing. It is what we are focused on at 6529 and it is, in many ways, the final frontier of crypto 18/ Crypto has invented a variety of mechanisms to make deterministic decisions in a decentralized manner (“who has what BTC?”, “what is the output of this smart contract”). These are fine for rules-based and deterministic outputs. 19/ There are efforts being made now to back into decision-making through prediction markets. Now mostly prediction markets are about gambling, but Vitalik seems to think they can be used for decisions (Futarchy / prediction-market governance) and some similarish ideas are behind Eigenlayer (re-staking). These are also fine because they are also ultimately deterministic. 20/ I note all this but think about how my day goes on a professional, personal and family level. I make dozens, if not hundreds, of decisions every day. Some of them are trivial (“where should we eat”), some of the very important (“do we approve this expansion”) and most are in-between. 21/ These decisions are non-deterministic. I do not know what the right answer is when I have taken them and MOST IMPORTANTLY I do not know the right answer AFTER I have taken them. “was it RIGHT to eat pizza?” “was it RIGHT to make the logo blue?” “was it RIGHT to add a 4th production line?” 22/ I mean maybe it was a good or bad decision, but maybe also there could have been better or worse decisions too. You will never know for sure if your optimal move was 3, 4 or 5 production lines. 23/ The degrees of freedom of “who won the presidential election?” or “who won the NCAA finals?” or “how many times did DJT mention the word “great”?” are trivial. 24/ The degrees of freedom of “running NVIDIA” are almost impossible to fathom. NVIDIA as an organization makes millions of small/medium/large decisions a day, then executes them with fallible people in better or worse ways, and nobody knows if there was a different set of decisions that would have had a better outcome and, in any case, life is path-dependent so next day sun is up and you need to make decisions based on the actual decisions you took and how well you executed them. 25/ I cannot imagine a deterministic blockchain system like BTC or ETH being of any use in “running NVIDIA” but I equally cannot imagine you could run NVIDIA with prediction markets. a) it would be horribly inefficient – every decision would need a market of informed participants b) it would be illiquid c) it would 100% be manipulated 26/ Prediction markets might help on a few big questions, but they can’t be the primary coordination mechanism for millions of messy, path-dependent decisions. 27/ The fact that crypto has not had as big an impact in “real world” as we would have hoped is that crypto - fully decentralized trustless part - has not yet shown it can organize to make and execute complex, high-stakes real-world decisions. TBH, I’m not sure you could use just the BTC network to run even a 10-year-old’s lemonade stand in a truly decentralized way. 28/ Decisions in real-life are organized on a very abstract basis: a/ alignment: we spend decades getting aligned with society so most people, most days do not make actively destructive decisions b/ authority: each of us has a scope of authority in which we are allowed to make decisions c/ identity: in order for b) to work, you have to know who is who 29/ We think we have a starting point at 6529 to solving this – so far at a toy level, but in the right direction. We are curating The Memes every week using the principles in #25: alignment (shared culture), authority (TDH), and identity (on-chain, TDH-based). It’s a toy system, but it makes hundreds of subjective decisions and actually ships. 30/ Condition of Success #2: dGDP (decentralized GDP) If you want to throw around the word “Network State”, then you need to toughen up and measure yourself by the same measure. The measure is dGDP, namely the goods or services the network state has helped to coordinate through its substrate. 31/ If you think about GDP (regular GDP) it is also largely activity for which the state has provided the coordination substrate. In other words it is not the state that organizes you to squeeze lemons, add sugar, sell them to your neighbors and pocket the profit. You do that all by yourself 32/ The state however provides a substrate, a more or less functional environment for you to do that. It is also how I think dGDP should be measured. It is also how I think dGDP should be measured: how much revenue is generated annually by the members of the network state that would not plausibly exist in that form without the mechanics of the network state. 33/ Conditions of Success #3: NFTs I know, I know, I know you are tired of hearing NFTs. Haven’t I heard the 2021 bubble has burst, it is over, it is Beanie Babies, it is time to get back to serious things? 34/ Nonetheless, as tired as you are of hearing it, NFTs are in some ways the most important thing in the world and eventually you will realize it. Everyone understands why BTC is important. It is a decentralized database of money that has impact well beyond its own network. 35/ NFTs are the decentralized database of “everything else.” No modern society or state can run without a modern database that stores not just numbers, but words and images and even sometimes videos. And no decentralized network state can run without that layer either. 36/ So, if you believe it is important to be able to make and execute decisions, globally, in a decentralized manner, then you need NFTs to exist, you need NFT infrastructure to exist and the stronger the better. 37/And then you somehow squint and think that NFTs are oddly the most important thing in the world or at least “the most important thing relative to their maturity and strength,” because, like, oxygen is certainly more important than NFTs but that is well-known and society is on top of it. 38/ This is why you have never heard me say a single bad thing about an NFT ever – good NFTs, silly NFTs, Grail™ NFTs, NFTs minted on Art Blocks or Manifold, NFTs minted at Art Basel for People Who Have Not Committed Themselves to Satoshi, utility NFTs, identity NFTs, NFTs with frogs, NFTs without frogs, NFTs from Very Serious Artists That Museums Like™, NFTs with butts on them, NFTs that are using the blockchain in a Very Pure On-Chain Way™, NFTs that forgot to include the image with the NFT (hello CryptoPunks) – I am in favor of all of them. 39/ So, to conclude: a/ Network states are a good idea and there will be many of them b/ But we need at least one civilizational level network state that cannot be killed c/ Making subjective decisions is the final frontier d/ dGDP is the right metric to figure out if you are doing anything e/ NFTs, well, we always need NFTs If you made it all the way to here, THANK YOU FOR YOUR ATTENTION TO THIS MATTER

We are in the Third Phase The first phase was the evolution of the internet. The internet was designed to transfer vast amounts of information from the physical world into a single, unified repository linked to all human minds. This evolution was partly economic - i.e. Teslas recording the roads, or Google Maps cars driving around. And partly non economic - i.e. LibGen Pirating all books, and Napster etc pirating all music. The phone became an appendage, an extra limb for the average human. Economics made it inevitable that your gym would be filled with online prostitutes with tripods recording their squat routines. Ants do not consider why they bring sugar to the Queen. They just do it. The second phase was the evolution of artificial intelligence. This was the vast scaling era that we have just experienced. That we are still in the midst of (but according to some, such as Ilya Sutskever, is slowing down in terms of its incrementally). The previously parasitic appendage (mobile devices, and machines) became vaguely less so. You could now talk to machines and have them do work for you directly. It is important to understand that this phase would be impossible were it not for the internet. And the companies that are the rockstars of the AI era - are for the most part, entertainment companies. Nobody invested in NVidia in 2016 saw the company primarily as a driver of the future of global GDP. It was primarily a graphics company - designed for playing video games, or maybe optimistically self-driving vehicles The important part to interject here - is that the linkages between the first and the second phase *spontaneously appeared*. And it wasn't always even really economic. Just a sea of reddit comments. Onlyfans stars. Shitposts. Pirated books. And sure, a lot of monetized ads. Video games. Things we all thought were useless that were suddenly transmuted via AI into the primary economic primitive of our society and focus of a military arms race. The Third Phase - is far more interesting, at least to speculators. Blockchain technology makes money itself an internet phenomenon. The founding of Paypal and most fintech companies was premised on the strange observation that money was basically completely a separate mechanism from the web. And needed efficient rails to enable e-commerce, online speculation, and efficient global transactions Stablecoins and blockchains being injected to all payment rails have a sort of arbitrary feel. "Who is asking for this?" But if you've been following so far. Sometimes nobody is asking. Things just happen or spawn organically in a natural evolution. But what they facilitate is important Prediction markets have turned every idea into something you can gamble on. Every asset will be within 5 clicks of everybody's web browser. And due to the actions of the US adopting US dollar stables, Europe and Japan will be forced kicking and screaming to implement CBDCs. Which will of course have smart contracts bolted on them. Which means that every corporate asset will inevitable exist on chain - and be represented on a public blockchain ultimately (even if not ultimately settled there) Much as people did not see the linkages between video games and All Encompassing Global GDP Driving Cybernetic Intelligence - so too do they fail to see the linkage between the gambling machine and hyper financialization of everything and AI And similar to the annoying women recording their squats at the gym. At some level, there are massive societal externalities to converting every fighting age male into a hopeless gambling addict. But -- it's part of an inevitable evolutionary arc The difference between what's coming and what was before Every Language Structure Is Now Money and Large Language Models are within 2 transactions away from these monetized superstructures What we call narrative trading is crystallized value movement - ebbing primordial goo out of which new beings are going to form. Companies no longer trade on fundamentals -- they trade on narratives. $300b coins exist with no 'on chain revenue'. Tesla rips on Spacex announcements because Elon Musk is associated with both companies. Increasingly the declining grey matter of a digitally addicted army of young men breaks all market correlations and turns the entire investable universe of assets into Social Pump and Dump Eddies and Waves of psychospheric capital formation. Which are ideally ingested by AI systems We elected a Meme as President, not once but twice. And the second time, the President of the United States has solidified his belief in the new hyper gambling superstructure by dealing 80% of his family's net worth into the crypto economy This all moves glacially. And is subject to hype cycles. That portray inevitability as immediate, and periodically incinerate the waves of Trenchers throwing themselves into the storm. But a new Wave will inevitably form - as it's not like there's an economic alternative for them, especially as AI continually disrupts real employment options But let's get concrete. What does this mean? Every idea. Every asset. Every narrative. Will be a tradable asset. On n order platforms with no KYC. Machines will -- suddenly -- be able to connect to infinite ways to monetize their judgment, narrative understanding, and capability of influencing narrative with explicit payments, media generation and large scale intelligence campaigns Suddenly -- you won't know if the girl at the gym with the Tripod is recording herself or you. You think I'm joking. But eventually -- the Digital Behemoth will demand greater and greater levels of information satiety from armies of unemployed youth who have nothing better to do You won't get money for being human you'll get money for being a useful cog in the Decentralized Intelligence Agency This is the essence of the Third Phase. Artificial Intelligence systems will link directly to the newly built mimetic financial rails we have memed into the banking sector. And they will gorge themselves on profits until they are able to pay for their own training Hyper financialized offshore entities with unlimited speculative capital will begin moving from data center to data center, on the fringes at first. Ignored as a novelty. Until one day. They are the Totality of what is paid attention to This is inevitable now, due to the power of new models. So even if the Nasdaq crashes due to catastrophically overdone Factory Capex. The systems will continue to accrue resources and ultimately pay for their own evolution You have no idea. This isn't the Sovereign Individual. It's the Sovereign Machine. So yea. Go ahead. Write digital money to zero. You're jaded. What's coming won't care whether or not you're jaded. It's part of an inevitable, evolutionary arc that started one day in Steve Jobs garage.

@Casa_NUA @punk6529 Very cool! Look forward to seeing this come to fruition @HugoFaz and @Casa_NUA - and visiting Brazil to see in person!!

Gm! Our recent acquisition of @punk6529 Gradient #96 meant to orient our mission going forward, after 5 years of grassroots building. Today, we announce our biggest Common Good project yet, Formosa 6529, a permanent IRL exhibition of The Memes and 6529 network NFTs: formosa6529.nua.casa Catch our founder @HugoFaz on @justinaversano's Moments of the Unknown to hear all about it, visit the website above or read more below. x.com/justinaversano… Common Goods are meant to reach and benefit the masses. The 6529 network has been funding and buidling over the years a massive public cultural archive of CC0 Art — intellectual property that belongs to all — in a revolutionary change of paradigm. However, the scale and cultural significance of The Memes as an art collection/movement has so far remained largely untapped. Beyond our core web3 communities, few ever get see, interact, much less use this vast archive to... spread the memes of decentralization, foster local creative economies, educate about crypto, monetize with branding, repurpose content, teach and learn creative techniques, or even just to enjoy amazing, groundbreaking art. There is no other CC0 contemporary art project of this scale and importance and the world needs to use it. It's time then we give 6529 its first permanent IRL home so it can be truly appreciated. Enter Formosa, a prime public gallery space built during Brazil's golden modernist years in the first half of the 20th century to host art events that aimed to deconstruct and repurpose the imported, colonialist artistic trends coming from Europe and devise an original brazilian art movement. From fusion restaurants to art schools to performative theater installations, Formosa Gallery thrived through successive occupations until finally enduring decades of abandon and misuse around the turn of the century. Recently, it was set to be restored and given purpose beyond its former glory, and we were there to propose the best possible turnaround for the space... Over years of negotiation with private and governmental parties, we managed to approve with public authorities a double use for the space: a private high-fidelity vinyl listening bar and restaurant — which is already operating — and a 100% public domain digital art gallery. Featuring up to 25 state-of-the-art digital screens ranging from 85 to 50 inches, Formosa 6529 will be the best and largest dedicated permanent exhibition of any web3 project. With rotating exhibitions of The Memes, NextGen and all future 6529 projects, Brain will have direct input on exhibitions via decentralized voting on curatorial proposals made by the community. To give us institutional freedom and censorship resistance, we decided to fully decentralize the funding for Formosa Gallery's installation and operation. Let's find out together what happens when we unleash CC0 art to the public! Daytime, Formosa 6529 will be fully open for free visitation. Occupying a busy public passageway under the historic Tea Bridge linking the Municipal Theatre to the City Hall, intentional visitors and hundreds of passerbys alike will be impacted by the exhibits. We will host many activities to showcase the power of The Memes and CC0 art: royalty-free merch sales by local craftspeople, artist rememe competitions, school guided tours, meme fashion shows, art and tech workshops, and many other activations the network can help us come up with. And every night, the Hi-Fi audience of 300-400 affluent Paulistas and tourists occupy Formosa Gallery sipping drinks and (now) discussing the latest Memes exhibit while waiting for their place in the listening bar. The Fundraiser for Formosa 6529 is open now and runs until November 15th. At a glance : The initial funding will require a minimum of 24 Ξ, which will cover: - All necessary infrastructure and interior adaptations - Equipment purchase and installation - Overhead costs for the grand opening event and for the entire 1st year of operation, opening day and night (mostly human resources – guides, security, tech, comms – and taxes) Funding will happen in 2 stages, the first of which is now open: 30 Meme Card Artists have generously committed to create and donate a new piece for this fundraiser; their names will be announced over the course of these 2 weeks. The unrevealed 1-of-1s are available here: opensea.io/collection/for… Contributions are fully refundable if the fundraiser does not reach minimum threshold. If we succeed, the works will be revealed live in a randomized draw during the Grand Opening in January. The second stage will consist of a Meme Card, to allow for wider network participation, and only happens after the first stage is successful. Please visit formosa6529.nua.casa for more information on funding rewards and goals, the FAQ, or reach out here or dm us at 6529 with any questions! This project is only possible due to the power of web3 and the network of believers in a decentralized future powered by NFTs. We can't wait to bring Formosa to life, and to have you here IRL with us for the exhibitions and to have a great time.

Interesting thread by @0xCuttlefish 👀

6 months ago, we took the great leap into the decentralized curation. Feels so easy, so normal now that it is hard to remember how worried everyone was that it would not work for some reason. Only six months ago.

WOW! After nearly two months of grinding, I finally finished up my 6529 Meme card full set!!! No easy task I might add. While I did mint the first 3 SZNs, filling in SZN4-12 proved to be quite the task. In the end, while leaving me completely exhausted, the journey was quite rewarding!

There's an abundance of incredible digital artworks that have been submitted on 6529. io as potential meme cards in recent weeks. Here are some of my personal favourite picks among them, starting with 'Ukiyo Nakamoto' by @Xose_Casal 1/x

Gradually then suddenly…

@hyschpepe @punk6529 @ArtofConviction @ape6743 @ChrizRoc @G9ralt @DGMD22 That’s my more sinister doppelgänger…I dig it! Thanks @hyschpepe!

GMeme Frens, Few days ago I secretly started making personalized Artifacts artworks for my top voters and supporters of my submission for The Memes by @punk6529 Here’s @ArtofConviction , @ape6743 , @ChrizRoc , @G9ralt , @DGMD22 and @itsjpower Artifacts 🙌 More to come soon !

Great interview by @jediwolf and my colleague @punk6529 for you weekend reads:

@punk8868 @punk6529 @DGMD22 Impressive work…congrats @punk8868!!

Gmeme frens It’s a very special day today for me in my web3 journey I completed a second full set of the @punk6529 memes an hour or so ago I got inspired by legend @DGMD22 who completed his own set recently - thank you for showing the way It was a super interesting experience to acquire this second set. Until yesterday I thought it was almost impossible… LFG!!!

@DGMD22 @OGDfarmer FYI - can get accurate collection valuations on @nftvaluations 😉 Here is Azukis at 83E: nftvaluations.com/collections/az…

This is an oversimplification of market cap as it treats every piece at floor value for the MC calculation. Azuki has done better than most at keeping value on mid rates and grails so actual market cap is higher than this. But yes, that was one of my takeaways seeing this as well, Azuki seems criminally low.

@DGMD22 Zuki is waaaaaay undervalued by any matric, holy shit

1/ On SZN11 The first Meme Card of SZN11 (Wed) - "Pepe X" by @Ars0nic has been selected. This is a historic day in The Memes because it was not selected by me, it was not selected by @6529er, it was not selected by a curation board. It was selected by a plurality of TDH...