professional stablecoin enjoyer and chef at @steakhousefi
Switzerland
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- Following 790
- Followers 2,955
- Likes 8,213
adcv_ retweeted
vault discourse today is like a circular firing squad 😭 begging everyone to talk to the lawyers before ripping hot takes on twitterdotcom
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adcv_ retweeted
We've been fighting for your 4%, but on Tuesday night in Paris, we asked what else is holding Europe back.
Institutions building here told us, unfiltered, which rules will decide whether they stay or go elsewhere, because that’s the reality of the September 30th deadline.
The MiCA review is the chance to fix it. Thanks to @50Partners for co-hosting, and to our friends Roeland of @coinbase and @SebVentures of @SteakhouseFi for joining the room 🇪🇺
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The Cayman Islands are a nexus for huge sectors of the finance industry and, now, increasingly, digital assets.
Nestle your foundation's governance in @dzidzoh's confident legal embrace and let him help you navigate calmly through market environments both turbulent and calm
Today, we’re launching Senepol.
Senepol provides directorship and governance services for digital asset foundations and related token structures in the Cayman Islands.
Senepol is backed by Steakhouse Financial. Over the past few years, the Steakhouse team has developed deep expertise across vault curation, protocol development, and complex cross-border transactions, giving it direct operational experience with the structures that underpin onchain finance.
Senepol is a natural outcome of that work. As onchain finance continues to grow, we’re excited to bring what we’ve learned at Steakhouse to our clients.
If you’re building something ambitious, we’d love to hear from you.
senepol.ky/
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adcv_ retweeted
Today, we’re launching Senepol.
Senepol provides directorship and governance services for digital asset foundations and related token structures in the Cayman Islands.
Senepol is backed by Steakhouse Financial. Over the past few years, the Steakhouse team has developed deep expertise across vault curation, protocol development, and complex cross-border transactions, giving it direct operational experience with the structures that underpin onchain finance.
Senepol is a natural outcome of that work. As onchain finance continues to grow, we’re excited to bring what we’ve learned at Steakhouse to our clients.
If you’re building something ambitious, we’d love to hear from you.
senepol.ky/
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Elated and blessed to announce the arrival of our second child. My wife and I decided to let major consumer goods brands do sealed bids for baby naming rights this time:
Welcome little baby
* ･ﾟ*｡★･
Zyn Chili Guava
･ ｡
･ﾟ｡·* ｡
(Thru 2028)
if you forfeit naming rights for children you are just leaving money on the table really
instead consider 2-year rolling terms with major consumer goods brands, i.e. John Smith → McVitie's Digestives Smith
follow me for more home finance tips
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From the indigestible Lunch with the FT in 2023 ft.com/content/c916c994-492c…
WSJ: ECB President Lagarde Personally Intervened to Block Binance from Obtaining an EU-Wide License via Greece
According to The Wall Street Journal, European Central Bank President Christine Lagarde personally intervened to prevent Binance from gaining a foothold in the European Union. Binance had sought an EU-wide license through Greece’s financial regulator, and Greek officials initially told the company that its application had been completed.
Binance had prepared a press release describing the approval as a “major milestone,” while CEO Richard Teng planned to travel to Athens for a photo with the Greek prime minister. The plan ultimately failed to proceed, with the WSJ reporting that Lagarde personally intervened in the process.
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adcv_ retweeted
One of the things we do best at @TheBigWhale_: we get the people actually building the digital assets market to talk.
Latest example - @BukovskiBuko3 sat down with @adcv_, co-founder of @SteakhouseFi: thebigwhale.io/article/adria…
Relentless work from him to keep landing conversations like this one.
If you want to understand where stablecoins and onchain credit are actually heading, this is essential reading.
Some of what Adrian told us:
👉 On the real opportunity everyone's missing: "Everyone focuses on fintech integrations and savings reward programs - that's only one piece of it. We see vaults as credit software. Anywhere credit is created, you can plug in a vault."
👉 On what actually drives vault adoption: "Vault adoption follows stablecoin adoption. Stablecoins are what you need to watch to anticipate what comes next."
👉 On the @coinbase and @RobinhoodApp partnerships: "On Coinbase we're talking hundreds of thousands of users; Robinhood is getting close. What's striking is that they've brought a significant amount of new stablecoin volume into the credit market that wasn't there before."
👉 On why @tether doesn't pay yield - and why that won't last: "USDT is so useful that its holders give up all yield to hold it. That won't last forever."
👉 On how regulation should actually work: "The deciding factor is how much discretion the manager has. A vault that operates like a hedge fund should be regulated like one."
👉 On the euro's stablecoin problem: "About 99% of stablecoins are dollar-denominated. MiCA won't change that if nobody wants euros in the first place."
@BukovskiBuko3 also hosts our Future of Finance podcast, where he digs into these conversations in even more depth.
Want to go deeper on stablecoins, vaults or onchain credit? Book a call with him.
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>be me
>discover effective altruism
>apparently normal charity is inefficient
>why donate to random sad thing when spreadsheet can tell you optimal sad thing
>fair enough
>buy mosquito nets
>save lives
>numbers look good
>feel powerful
>couple years later
>someone asks an innocent question
>why only count people alive today
>huh
>future people matter too
>obviously
>my grandchildren shouldn't matter less just because they haven't spawned yet
>reasonable.jpg
>keep following logic
>what about their grandchildren
>also yes
>what about people in 500 years
>sure
>5000 years
>why not
>500 million years
>starting to get weird but morality is morality
>open calculator
>humanity could survive for an astronomically long time
>could colonize galaxy
>could have trillions upon trillions of descendants
>maybe digital people too
>maybe simulated civilizations
>maybe dyson spheres full of happy uploaded minds
>calculator starts smoking
>realize currently living humans are rounding error
>8 billion people suddenly looking extremely beta
>future contains potentially 10^something people
>can't even fit beneficiaries in google sheets
>new moral priority unlocked
>protect the long-term future
>stop thinking in units of "people helped"
>start thinking in "fraction of cosmic endowment preserved"
>malaria?
>terrible
>but only kills existing humans
>AI extinction could delete the entire light cone
>nuclear war could permanently derail civilization
>bad institutions could lock in terrible values for ten million years
>someone invents wrong constitution in 2140
>quadrillions suffer
>better fund governance workshop now
>friend says maybe we should improve hospitals
>explain opportunity cost
>friend says hospitals are full of actual sick people
>explain scope sensitivity
>friend stops inviting me to dinner
>need to decide what to fund
>easy
>expected value
>suppose project has one in a million chance of preventing extinction
>sounds tiny
>but extinction destroys 10^50 future lives
>multiply
>mother of god
>$10 million project has expected value of several galaxies
>charity evaluation complete
>someone asks where the one-in-a-million number came from
>expert judgement
>which expert
>us
>how calibrated
>extremely thoughtfully
>reduce estimate to one in ten million to be conservative
>still beats curing cancer by 38 orders of magnitude
>epistemic robustness achieved
>someone says maybe project doesn't work
>assign 20% chance
>still astronomical
>maybe project makes problem worse
>assign 5% chance
>still astronomical
>why 5
>because 30 felt pessimistic
>publish 46-page report
>contains seventeen sensitivity analyses
>every sensitivity analysis begins after assuming intervention has positive sign
>critic says you're multiplying enormous hypothetical stakes by extremely uncertain probabilities
>yes
>that's literally why it's important
>critic says the uncertainty might be structural rather than numerical
>make probability smaller
>critic says no, I mean maybe your model is wrong
>make probability smaller again
>critic begins rubbing temples
>discover AI safety
>perfect longtermist cause
>AI might kill everyone
>or create utopia
>or seize galaxy
>or tile universe with paperclips
>or create billions of conscious software minds
>finally a problem with numbers big enough for me
>start AI safety nonprofit
>mission: prevent dangerous AI
>hire smartest people available
>smartest people immediately start building better AI to understand dangerous AI
>interesting
>we must understand capabilities to understand safety
>we must scale models to study alignment
>we must race ahead so less responsible actors don't get there first
>we must deploy systems to learn how deployment can go wrong
>we must build the thing quickly because building the thing quickly is dangerous
>outsider asks why the people most worried about AI apocalypse all work at AI companies
>complicated field
>company releases stronger model
>very concerned
>company begins training even stronger model
>extremely concerned
>company raises $14 billion
>concern reaches unprecedented levels
>need to influence government
>future is at stake
>normal democratic process too slow
>politicians don't understand exponential curves
>public doesn't understand x-risk
>experts must guide them
>who counts as expert
>people who understand x-risk
>who understands x-risk
>our friends
>someone objects that this seems politically convenient
>explain we're representing future generations
>future generations unavailable for comment
>develop concept of value lock-in
>terrifying possibility that one ideology controls civilization forever
>therefore extremely important that civilization adopts correct values before lock-in
>whose values
>let's circle back
>begin with impartial morality
>end with small group of people deciding what quadrillions of hypothetical beings would want
>beautiful arc
>meanwhile actual humans keep doing annoying things
>voting wrong
>having parochial attachments
>loving family more than strangers
>caring about local community
>getting upset when told their suffering is cosmically negligible
>evolutionary biases everywhere
>explain that moral intuition cannot be trusted
>except intuition that future digital people count
>and intuition that extinction is uniquely bad
>and intuition that our probability estimates are sane
>and intuition that our institutional choices improve the future
>those intuitions survived peer review
>someone donates $5k to local homeless shelter
>inefficient
>could have funded 0.0000000000003% of an AI governance researcher
>think of all the simulated people you just killed
>okay maybe don't phrase it that way publicly
>PR team says "future generations deserve a voice"
>much better
>journalist asks what longtermism means
>say "future people matter"
>everyone agrees
>great
>journalist asks what follows from that
>well technically we should redirect enormous resources toward low-probability interventions affecting astronomical futures
>journalist raises eyebrow
>return to "future people matter"
>motte has entered the chat
>critic: of course future people matter
>me: glad we agree
>critic: I don't agree that your institute knows how to help them
>me: why do you hate our grandchildren
>eventually notice uncomfortable implication
>if future value dominates everything
>then helping people today mostly matters through effects on future
>education matters because future institutions
>health matters because future productivity
>democracy matters because future trajectory
>human beings slowly become instrumental variables in their own moral philosophy
>see starving child
>feel compassion
>check spreadsheet
>child's direct welfare contribution negligible
>but perhaps childhood nutrition improves national institutional quality
>compassion restored
>tell myself this is impartial altruism
>one day assistant asks obvious question
>"how do you know your intervention actually improves the far future?"
>silence
>open spreadsheet
>increase column width
>add confidence interval
>assistant asks again
>"no, I mean how do you know the sign is positive?"
>stare into cosmic light cone
>10^50 people staring back
>none of them exist
>none of them can tell me
>none of them can falsify my assumptions
>realize I have invented the perfect constituency
>infinitely important
>completely silent
>and always represented by me
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adcv_ retweeted
That was quick. The dominant narrative around tokenization is that we will see increased flow of equities from the global north to south. But it makes sense that the big names in the south are also going to gain more exposure than ever before. Big for VC.
Africa's biggest IPO is open for subscription with stablecoins on Solana.
Dangote Petroleum Refinery operates the world's largest single-train refinery.
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It doesn't change the comparison between EZ and CH inflation but occurs to me a simple confounder in HICP, namely presence/absence of healthcare, is easily solvable by folding healthcare back in through governnment accounts, then you see that EZ baskets spend ~10-15% on Healthcare, as in Switzerland, which is rational
What is keeping inflation in Switzerland lower than in the euro area? A product group perspective snb.ch/en/publications/resea…
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Oh my god the whole premise of Dark Knight Rises is that Bruce Wayne is essentially an Effective Altruist/free-energy doomer who won't release a revolutionary energy source because he's the only person smart enough not to use it as a nuclear weapon. Chuck a brick through the TV.
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adcv_ retweeted
Dario has written that we need to “pace the frontier,” and Sam has agreed. People may be surprised by my response: go ahead.
You guys are the frontier. By any reasonable metric — market share, revenue growth, model capability — the two of you have a duopoly on frontier intelligence. You’ve also claimed the lead is widening because of recursive self-improvement.
I don’t see what you see in the lab. If the unreleased models are scary enough that you think you should slow down, I support your decision to be responsible.
But stop pretending you need anyone else’s permission. Stop pretending antitrust law has to be suspended so you can form a cartel. Stop pretending you need a regulatory approval process that supersedes product liability. Stop pretending METR is independent when it is intertwined with Anthropic’s investors and staff. Stop pretending you need those same evaluators to police competitors who aren’t even at the frontier.
Most of all, stop pretending the motivation to slow down is purely altruistic. You face massive product-liability exposure if your products enable a truly damaging cyberattack. The market already punishes models that behave in unpredictable or unauthorized ways. After the Hugging Face episode, it is simply good business for OpenAI and Anthropic to trade some raw power for reliability and predictability. Call it alignment if you want. It is also just giving customers what they want.
Pacing the frontier would also create breathing room for a more intelligent conversation about regulation than Bernie Sanders’ “shut it all down.” China is very unlikely to join a global agreement, as you know, and that has to be taken into account as well.
So go ahead and pace the frontier. You are the ones setting it. The easiest way not to build superintelligence is for you to agree not to build it. Demanding your preferred regulatory framework as the price of that will look like blackmail of the public and the political system. So just do it.
If you do, you’ll buy goodwill for the next conversation. If you don’t, we’ll know this was just another bid for regulatory capture — or an election-season psyop.
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Painful to read and unfortunately true by law, even if enforcement varies by canton. Uncharacteristically irrational for an otherwise reasonable free-market labor market in CH, especially relative to countries in Europe afflicted with EU. No such limitation exists in the US.
Similarly to how statutory minimum wages create unemployment by pricing out the floor, statutory maximum working hours create underemployment, or legally-enforced lower productivity.
Max-hours laws do not change anything for the output or life of the median worker. They only limit the higher tail of more ambitious, harder working environments. This is bad for everyone because these environments generally lift the productive potential for the whole economy when allowed. Crab-bucketing by definition: I'd rather do worse as long as others can't do better.
The only solution, as with virtually every societal problem, is to firmly push back on and loudly reject socialism / leftism in every possible dimension of life.
POV building a startup in Europe: Government knocks on your door on a Wednesday morning and interviews every single employee to make sure they dont work more than 40 hours per week (not kidding). No wonder Europe is hollowed out and we've become clowns compared to the US & China.
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Through regular @pangram use as a reward function, I find I am inadvertently training myself to recognize AI slop, even beyond text into UI, graphics, images and more. My neurals are being networked by the neural network.
Pangram is the inverse of Agent Smith in the Matrix. Where Smith hunts humans in disguise, @pangram hunts aislop in disguise.
Here he is, interrogating a vibe-written secondary school essay about mitochondria run through a humanizer (2026, colorized)
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