timchi
2.5K posts
My big frustration with skills is they're not consistently invoked. In this post, Vercel saw the same issue.
Their solution? Put a compressed index of docs in AGENTS .md instead.
The improvement in results might be worth it for more general knowledge.
vercel.com/blog/agents-md…
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Big upgrade to vibe coding in @GoogleAIStudio lands in Jan, but if you want to test early… 👇🏻
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@AdamSchefter @CourtneyRCronin Are real teams leading receivers usually tight ends with 38 yds
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“We’re for real,” Bears running back D'Andre Swift said after Chicago beat Philadelphia.
More via @CourtneyRCronin:
espn.com/nfl/story/_/id…
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@yush_g @anistotle_ Have u ever heard the phrase whoever smelt it dealt it
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We made fake smells that don't exist.
Creating ghost smells with ultrasound only took us a few days to pull off with surprisingly replicable consistency, yet has never been described before.
There's so much green field here to keep exploring. Can we target more precisely and map the smell embedding control space better? Can we stimulate the optic nerve? The tongue??
Lev Chizhov@ennucore
Can ultrasound make you smell things that aren’t there? Turns out, yes! We reliably triggered distinct scents like a campfire burn or a garbage truck by targeting our brains with ultrasound. To our knowledge, this has never been done before, even in animals. This may be a promising modality for writing to the brain non-invasively: 🧵 1/
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Can someone explain to me what Monangai is doing here? I’m asking. Need to know.
RikkyDish@RiKarmgard34
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timchi retweetledi
Waking up to see this post, I'm a exhausted, disappointed, and heart broken to see it go viral and to see the responses.
No one cares about our users more than our team, and if you take the time to actually read our Discord and my tweets over the past day, I hope you'll see that. The team has spent the past 24 hours all hands on deck to make sure every single user story has been accounted for.
I don't have a crisis management team for this post. I honestly am shocked by it, given how much of a disconnect there is between how we actually feel, our actions, and the sentiment of the tweet. All I can do here is to give as much information as I can and to let the reader infer the truth.
As most of our long time users know, we often make mistakes, but we always do the right thing. This post appears to have taken a reply to a question out of context, where I'm explaining why something happened at a technical level. It doesn't mention our policy, our response, or what we're actually doing after yesterday's massive liquidation cascade.
The truth is that
- We paid out each and every trader *yesterday* immediately and automatically without issue. This has never been an issue.
- If you read our Discord announcements, you'll see that there has been zero clawbacks and zero socialized losses.
- We published our daily proof of reserves yesterday and the exchange has been operating uninterrupted since yesterday (although certainly with plenty of hiccups along the way)
- However, liquidity dropped off significantly when the market collapsed, causing a cascade of liquidations and ADLs on Backpack and every other exchange.
- As you can imagine, due to the massive liquidations, there are a lot of questions about what happened, e.g., what's auto deleveraging?
- This quoted screenshot and the associated tweet is completely taken out of context and doesn't communicate what is actually happening.
The screenshot, in truth, is a somewhat technical reply illustrating *how* futures profits and losses work. It is *not* a policy choice in response to any incident. It's explaining *why* something happened.
For those that don't have the context, here are the details:
- Firstly, Backpack is a completely neutral party. The exchange doesn't take on positions for users. We don't provide liquidity ourselves. The whole system works without reliance on any priviledged trader, vault, or any other party. In essence, it's infrastructure acting as a peer to peer match making service/exchange between longs and shorts, winners and loser.
- Every long has a short. This is a fundamental invariant of any perpetual futures system.
- When positions are closed, there is a settlement process, where profits and losses are exchanged between longs and shorts, winners and losers. Profits for perps are not printed out of thin air. It is not taken directly from our wallets either. Settlement is an intermediate step to realize the PnL.
- Winners on perps earn profits from losers. It's zero sum. That PnL is always conserved between the two parties on any given trade. Your counter party is the person on the other side of the exchange. When you profit on a perp, the losses are paid out directly from losers. If the losers run out of money, e.g., due to going bankrupt, then there's no money for the winners to realize their profits.
What happened yesterday, and what this quoted post is referring to, is that some of the losers went bankrupt and as a result their accounts were stuck in this "settlement" step. As a result, when those losing positions deposited into the exchange, the settlement process was able to automatically complete and the winners were automatically paid.
The issue: a small amount of these bankrupt users deposited into the exchange *before* we settled all accounts on the exchange on behalf of user. What the quoted post fails to mention is that we did this already, yesterday, before we published our daily proof of reserves, and we did this without question because it's simply the right thing to do.
Make no mistake: all positions have been settled without question across the board. We did not touch a single penny of unrealized PnL from our users and will never do so.
Going back to the topic of settlement mechanics. Settlement is not some horrible decision we made where we decided that we would take money from users after yesterday's event. It's a fundamental part of how the peer to peer system works: Loser pay winners directly. The exchange itself is not the counter party for a trade. The counter party is the person on the other side of the trade when you open a long or a short.
As a result, there's never a run on the bank risk. That's one of the many reasons why we are so comfortable publishing proof of reserves every single day, even on a historic liquidation day like yesterday. Even if the whole system were to blow up, the losses, contagion, and risk is isolated between all the longs/shorts, winners/losers. Anyone holding spot with no leverage is unaffected. This is a relatively technical point but it's an important one. We put an enormous amount of work into designing a system robust to these types of situations. Risk isn't an after thought, it's a core part of how the whole system is built.
To any user that deposited while their account was being settled--or to anyone that was unexpectedly affected for any reason--they should please email support@bacpack.exchange and give us any and all information so that we can help. We are also present in Discord to answer questions. We do our absolute best to be available there all day every day, although in this case email is a lot easier for us to stay organized to move as quickly as possible.
In any case, I hope this clarifies the below quoted tweet, and what is actually happening. Honestly, we try to be some of the most approachable people we can. There's no question we don't answer. There's no PR crisis management team, here. We just do the right thing and hope that is good enough for the world.
We've put our heart and souls into our product, users, and community, and we will continue to do so.
Thank you for reading.
Ferrari@Ferrari4u2
Imagine getting liquidated, adding more money to grab some cheaper tokens… but it never shows up on the exchange. Why? You were STILL IN DEBT even after losing your entire account That’s what happened to @Backpack users Way worse than what banks do
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timchi retweetledi
Defensive Rookie of the Year @JaredVerse1 believes he left 10 sacks on the field last season. Big season incoming for the Rams second-year player.
🎧 open.spotify.com/episode/7Grrb3…
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@annamlulis Is it because he holds trumps hand when they cross the street?
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Vance is one of the most powerful people on earth, yet he’s single-handedly humanizing children in public.
Incredible.
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@gregisenberg Im a huge web3 advocate but dont think web3 is the solve here. Web3 helps coordinate untrusting parties like a decentra ledger for a digital asset. The asset in question here is a picture used in a non web3 medium - it can be right clicked saved. A web2 contract solves ur problem
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I can't believe I'm tweeting this but did web3/NFTs come too early? Here me out...
We're witnessing the largest creative heist in history.
Yesterday, millions of people typed "Studio Ghibli style" into ChatGPT 4o and instantly created beautiful images that would have taken artists weeks to draw.
The value generated was enormous, but Studio Ghibli didn't see a penny.
This is happening across the entire creative landscape.
AI companies are training on billions of creative works without compensation, then selling the ability to mimic those creators back to the world.
The irony is that web3's core thesis - that creators should have automated, programmable property rights - is exactly what this market needs right now.
And most people laughed at it.
Okay, for a quick sec, put all your preconceived notions about NFTs/web3 aside and hear me out...
Imagine a system where:
1. Every "Studio Ghibli style" prompt sends a tiny payment directly to the studio
2. Artists set their own terms ("free for personal use, paid for commercial")
3. Everything happens instantly with near-zero transaction costs
4. The entire system is transparent and traceable
IT SOMEHOW DOESNT SOUND SO CRAZY RIGHT?
This is literally what Web3 has been trying to build for years.
The problem was timing. Web3 arrived before we had a clear need for it. It was a solution in search of a problem. But AI has created exactly the problem that Web3 was designed to solve.
The Web3 vision of "owning your digital creations" makes perfect sense when AI can clone any artist's lifetime of work in seconds.
We need a practical way to ensure creativity remains valuable in an age of instant, perfect replication.
Gets you thinking...
Sometimes the right idea just arrives in the wrong order.
What do you think?
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timchi retweetledi
I like @bungarsargon but this is incorrect.
If it was just a matter of price, then maybe tariffs could work. Just bring those jobs home!
Except China isn't cheap labor anymore. They're highly skilled. And skill doesn't easily come home.
Tim Cook explained this in 2018:
Eric Abbenante@EricAbbenante
Batya Ungar-Sargon stuns Bill Maher into submission when talking about Trump's rationale on tariffs: BUS: "The 70's the largest share of our GDP was in the middle class. Now the top 20% controls over 50% of the GDP. That manufacturing is still being done: It's just being done in other countries." Maher: "For wages we will not work for." BUS: "That's what the tariffs are for. They are to make American workers more competitive in the global market. Why are we accepting that there should be a race to the bottom? China: What is its competitive advantage over us? They pay slave wages. It's important that we have a stake in the manufacturing of the things that we need as a nation, so that when China goes to war against us we're not relying on them for steel and aluminum in order to fight them." Maher: "At least that's an answer." 'At least that was an answer' An answer that the media has chose to conceal through their propaganda.
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@extradeadjcb All the jd vance faces on the tl is making ppl question being gay
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timchi retweetledi
timchi retweetledi
timchi retweetledi
The wait is over! 💥
The road to the Fableborne Kingdom NFT Mint begins on February 13 at 1PM UTC.
Here’s everything you need to know about how to secure your Kingdom and prepare for mint 👑🏰👇
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I love @realDonaldTrump as much as a straight man can love another man
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