I've spent 4 years building a stablecoin that can actually scale without a centralized backdoor. No, not Liquity. It fails without USDC. 1. The peg premium is an exit fee nobody priced in. $LUSD traded 1–3% above peg continuously for ~2 years. Excess demand is great in every scenario that isn't a stablecoin with borrowers. For a borrower, repaying at a premium is an unpredictable exit fee that can turn a profitable strategy into a 3-year forced hold. No, BOLD doesn't fix these dynamics. 2. ETH-only collateral means supply can't chase demand. The overpeg in #1 is due to the lack of collateral options. When the only lever is more ETH, each unit of supply is more volatility and more liquidation risk for the protocol. Between scale and safety, Liquity chose safety. Swap ETH for BTC and it only delays the inevitable supply ceiling. 3. The dilemma: the obvious fix is the thing Liquity refuses on principle. All the problems route back to Liquity ignoring the need for the system to scale, yet the solution is sacrilegious. New collateral assets are required and all roads lead to USDC. Every stablecoin has chosen between sleeping with USDC or banning it. The last 4 years has been spent finding a third way: @saneinthembrn, scaling without succumbing to the censorship arm of Circle. The full breakdown of why Liquity fails & why BTC isn't the answer ↓

If the great man theory isn't true, why do you use the smartest frontier model as your orchestrator?

One day it will be recognised that our mood is one way that we pollute the commons; that feelings are not private; that we have a responsibility to the commons & each other to cultivate joy & not be in a gigantic sulk at life all the time. its like defecating in the town water

Push the capacity of your strengths before you worry about your weaknesses. Better yet, do both at the same time.

forward-chain, don't back-chain

This is possibly my fave thing Venkatesh Rao has written: on how to become a good writer, and the distinction between thinking-first and writing-first writers.

Soon you'll be able to check just how much @saneinthembrn would've saved you

today is a great day to unclench and open up alternate timelines you didn't know existed

Why is it so hard to update Claude Code

People that think companies are going to all have a tiny headcount due to AI are stupid. The ratio of scale to headcount will increase but every new killer hire is still insane leverage.

The American dream is owning your own assets. Crypto makes that possible.

You can "melt" your mind into your heart (Highly recommended)

Someone tell me when they use this, I’m tired of downloading new sheet

my favorite part about AI is how you can easily slap together an ensemble of software components and give it a mind and by how you choose the definition between mind/body and how they connect you unlock different capabilities expressible in the design space

“Trading” really comes down to one thing - it’s about looking for the markets that have the smallest ratio of sophisticated traders to unsophisticated traders. This is how the blackrocks did well in tradfi, and how the LA cartel did well in memes, and how data nerds do well in prediction markets. The catch is not pretending you are the sophisticated trader, or grinding enough until you find your edge.

wasted 30% of my usage on fast mode again🤦‍♂️

I want a futurism that feels like this. Like we've mastered nature and mastered the human-scale longed for ideals. Not like flying plastic or plants on top of glass-plastic

instinct made up my middle name, and now I can’t board the flight

Why doesn’t protocol building feel the same as game dev?

Right now I'm limited by compute, not ideas. The goal is to also do work on the game that will round everything together. In Claude this week's limits are to optimize liquidation gas and bug fix along the way. In Codex I'm polishing the incentives for our Curator layer as Membrane vertically integrates the carry trade.

i picture launches like a loaded gun. product is ready. team worked all year. everything polished. round is in the chamber. you can still hit nothing, bc you aimed it at the wrong target