CTO & co-founder @fairmint. Fairmint makes equity moves faster, cheaper by turning cap tables into smart-contracts.
United States
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Why did you optimize the screensaver engine?
DHH: Because I could 🤣
I ported the Omarchy screensaver engine (ttfx) from Rust to x86-64 assembler, and it's up to 17x faster!! One-shot translation by Opus 5.5. We keep drilling until the agentic drill bit hits bedrock! github.com/omacom/ttfx/pull/…
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That's a huge deal!
Some bangers from the SEC today:
1) buybacks do not make a commodity token into a security
2) liquid staking tokens for commodities are not securities
sec.gov/about/divisions-offi…
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Something is going to break guys...
Unbelievable.
3 hours later and the 10Y Note Yield is now above 5.20% for the first time in 19 years.
The 10Y Note Yield is now up +50 basis points in 30 days and +30 basis points in 2 days.
Even more remarkable is that the average American has no idea this is happening. Yet.
The bond market is imploding in front of our eyes.
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"Linux on Desktop" has finally arrived.... it took only 20 years longer than initially anticipated 😅
I’ve seen a couple of posts about this so wanted to demystify. Today, every Muse user gets a free computer in the cloud. It's a real computer, and we’ve designed the security architecture of the Muse Secure VM carefully so you and your Muse can do almost anything you could with a computer sitting under your desk while keeping you and the system safe from threats like prompt injection. We wrote about this at length in our security blog post – security.muse.ai. Activity in the “runtime cell”, which you share with your Muse is unfettered, but sensitive actions are all overseen by the Sentinel, which runs outside of that cell. Similarly, all sensitive secrets - like the passwords you enter into Muse’s secure credential storage - are also stored outside the runtime cell.
The runtime cell gets its own root filesystem (including a full Ubuntu linux image) separate from the host filesystem where your other more sensitive data lives. Because it is isolated from the sensitive stuff that runs on the same box, this means that we can, and do, offer users full visibility and control over the files in the runtime cell. Just as you can when you install Linux on your home computer, you can poke around and see all the files that make the system work - both debian system files and the binaries and data files that implement the parts of Muse which run in the runtime cell.
This was a very deliberate choice - your Muse Secure VM truly is your own computer in the cloud. You can install software in it, write and compile code, use the browser to surf the web: it is your own Linux box that you can operate as you choose with your Muse. Poking around in this computer doesn't give you any privileged access to Meta infrastructure, or to other people's data
If I may geek out a little here for a second… As a kid I loved to take things apart to see how they worked. As a teenager I got into computers and soon found myself drawn to C:\WINDOWS\SYSTEM and the system registry, later Slackware’s /dev/, /proc/ etc – I could see how the system was laid out and as I explored what DLL files and .so files actually did, I gradually became able to meld the computer to my own will.
We’re really proud to be able to put a real computer in millions of people’s hands with a similar level of transparency. We built a file explorer right into the Library tab of the UI. We want you to be able to see the markdown files Muse writes while it thinks about how to serve you better, and explore the internals of the system if you’d like to.
So, when you ask your Muse to show you its entire filesystem, and receive gigabytes of files you’re seeing the full contents of the runtime cell. It’s yours to explore and enjoy!
If you’re not a geek like me, or simply want to download the data that you personally have created directly with your Muse, we added a feature for that too in Settings > Data controls > Download your agent data.
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thibauld retweeted
Show this chart in every European parliament tomorrow
Some data we recently assembled on entrepreneurship/compute in Europe: eudata.vercel.app.
We hope that one of the useful roles that Stripe can play is in collecting and publishing empirical data pertaining to entrepreneurship and industry in Europe. There's growing appetite to get Europe on a better footing, and cross-sectional comparisons can often shine light on where opportunities lie. If you're interested in this kind of thing, we publish more at stripeeconomics.substack.com.
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thibauld retweeted
I've been saying that technical pooling or aggregation through a smart contract, standing alone, does not establish a common enterprise under Howey. Case law didn't really exist on this point b/c this tech is relatively new . . . until now! A super interesting case just dropped out of the SDNY that has implications for not just on-chain lending and vaults but also DeFi more broadly.
In Aguilar v. Baton Corp. (the Pump.fun case), plaintiffs argued that horizontal commonality under Howey existed because purchasers’ SOL went into token-specific smart-contract bonding curves. Purchases and sales affected the price available to everyone else. In other words, assets were literally being aggregated in common on-chain infrastructure and participants’ transactions affected one another economically.
But the court said that wasn’t enough. Applying Revak, a case we all know and love, Judge McMahon reasoned that a common pool only establishes horizontal commonality if the pooling ties investors’ fortunes to the success or failure of an underlying venture. The opinion draws an important distinction between (1) participating in a common profit-seeking enterprise and (2) merely interacting economically through shared infrastructure.
This is really, really key. Many DeFi structures involve some form of technical aggregation. Lending protocols aggregate liquidity; vaults may execute a common strategy through a shared smart contract; AMMs combine assets in common liquidity pools in which each trade changes the economic state faced by other participants; etc. None of those facts, standing alone, answers the legal question whether participants have invested in a common enterprise.
For decentralized lending, the question is whether the pool itself is an enterprise whose success generates suppliers’ returns, or is it infrastructure through which independent borrowers and lenders transact under common rules?
For non-custodial vaults, the question is harder: participants may share exposure to an aggregated portfolio, which can be evidence of commonality. But Pump.fun says, you can't stop there. You have to also ask: what is the alleged underlying enterprise? Has capital been committed to a separate venture that owns and operates the assets for its own account? Or does shared software coordinate execution while participants retain individually enforceable ownership and redemption rights?
The opinion is also explicit about keeping Howey’s elements separate. Promoter activity (ahem, a curator) may matter to the “efforts of others” prong, but it cannot simply be reused to establish the common-enterprise element too. Otherwise, as Revak warned, the two inquiries collapse into one.
In other words, “the assets are in the same smart contract/pool” is not the end of the Howey analysis. This matters for lending protocols, vaults, and DeFi more generally.
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thibauld retweeted
Quel belle réaction. Et de l’autre côté quelle laide rédaction. Soutien à @csapin
Il est inouï qu’un tel sectarisme l’emporte à France Inter, il est scandaleux que le service public devienne de fait privatisé par l’extrême gauche, il est inadmissible que le pluralisme ne puisse s’y exprimer.
Ces tyrans sont en train d’imposer leur idéologie, leur intolérance, leurs intérêts aux auditeurs, aux contribuables, au pays, aux principes de toute démocratie.
Je réagirais de la même façon si la victime de cette censure imposée par la meute avait frappé un éditorialiste de gauche pour imposer une uniformité de droite sur le service public.
Mais cette remarque n’est qu’une fiction au vu de la dérive profonde et révoltante de Radio France.
Vivement que nous changions tout cela.
La direction de France Inter vient de m’annoncer la suppression de mon édito hebdomadaire sur ses antennes.
Je me suis astreint jusque-là au silence.
Mais cette décision appelle désormais quelques mots...
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This is the opportunity we’ve been building toward for years. Not just tokenized securities.
Onchain equity infrastructure.
Tokenized securities is the biggest thing in the global economy in 100 years. Bigger than the internet. Bigger than the PC.
That’s it. That’s the tweet.
Argue, ignore or refuse to get it at your own peril.
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I believe @Joris_DLN @thibauld and @fairmint team has been saying this since 2019. Sometimes it's just too early but as long as you don't die, it works out.
Could the tokenization boom create Wall Street’s next “paper crisis”?
60 years ago, the NYSE had to close every Wednesday just to reconcile trades.
Now, as tokenized stocks boom, @fairmint CEO @Joris_DLN says the SEC’s proposed transfer-agent overhaul could help fix the infrastructure before the same problem emerges on-chain.
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Could the tokenization boom create Wall Street’s next “paper crisis”?
60 years ago, the NYSE had to close every Wednesday just to reconcile trades.
Now, as tokenized stocks boom, @fairmint CEO @Joris_DLN says the SEC’s proposed transfer-agent overhaul could help fix the infrastructure before the same problem emerges on-chain.
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Moving off Pulley? Don’t pay for your next cap table.
Fairmint’s cap table is free, open and portable — so changing providers doesn’t mean moving your ownership records into another closed system.
Bring your Pulley cap table to Fairmint 👇 fairmint.com/pulley
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thibauld retweeted
Access & issuer visibility should never be mutually exclusive.
The right onchain infrastructure delivers both.
A clip from my conversation with @JennSanasie for @CoinDeskStudios at @NYSE.
Looking forward to continuing this conversation with @CEOAdam & @vladtenev as with @fairmint we build the blueprint for the next 25 years of capital markets.
AMC and Robinhood are at odds over stock tokens, but @Joris_DLN says the debate reflects two legitimate concerns: Robinhood is meeting investor demand for access, while AMC wants visibility into who owns its stock.
“I think both were right.”
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Putting stocks onchain means getting the ownership records right.
One authoritative record of who owns what. Fewer reconciliation gaps. Clearer rights for investors.
That’s the infrastructure we’re building at Fairmint. Our CEO @Joris_DLN explains why 👇
Could the tokenization boom create Wall Street’s next “paper crisis”?
60 years ago, the NYSE had to close every Wednesday just to reconcile trades.
Now, as tokenized stocks boom, @fairmint CEO @Joris_DLN says the SEC’s proposed transfer-agent overhaul could help fix the infrastructure before the same problem emerges on-chain.
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Forget "ramen-profitability", your goal as a founder is to reach "Anthropic-profitability" 🤣
By that standard, @fairmint is highly profitable 💰🚀
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As much as I disklike the complete hypocrisy of @SenWarren, one should not forget to put a large blame on @realDonaldTrump as well.
Had it not been for his greed and grift, as well as his family's, Clarity would have very likely passed.
America deserves better than both Warren and Trump. They are the 2 sides of the same coin.
In November, I want to vote for candidates who have a heart and a brain... where are they??
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