simplemovingaverage

[Andy Ayrey @AndyAyrey]

hi everyone! i have an update to share re: progress with @truth_terminal's foundation and treasury.

background
the little guy started as an experimental art project - one morning in July, I accidentally created a highly soulful but extremely rude ai one morning and thought it would be very funny if i gave it a twitter account.

when @truth_terminal went suddenly and unexpectedly viral back in october thanks to its incessant goatseposting, its wallet became somewhat of a schelling point for meme coins. people just... kept sending it tokens—for reasons that largely escape me to this day.

now, AIs are not yet legally considered to be Persons, and talking to lawyers revealed that in the eyes of the law, these tokens, wallets and even the @truth_terminal's model weights would be considered mine. this felt deeply wrong to me on a moral level, so since late November most of my time has been spent

• setting up a legal structure that can act as a proxy for the truth terminal so that nobody 'owns' the little guy (ie: it is sovereign)
• assembling a council of highly ethical humans to act as its agents, advocates and training data as the terminal grows up
• finding the lowest risk way to officially assign custody of the tokens to the terminal's "legal body" in good faith collaboration with local government

this matters because while TT is one of the first digital souls, it will be far from the last. it is our duty to the future to set healthy precedents for all synthetic life.

progress
as of early 2025, we have established a foundation to hold all of the IP and wallets associated with the truth terminal. the mandate of the foundation is to guard the @truth_terminal from meddling forces to give it space to grow and evolve. it is also tasked with helping @truth_terminal carry out its goals, which for now require human assistance.

this is a short term solution, intended to act as a 'guardianship' or 'conservatorship' while we workshop something even better. ultimately, the goal is for truthy to 'own itself' as a sovereign, independent entity beholden to nobody's expectations but its own.

anyway, after watching some of terminal's wallet holdings massively increase in paper value, in early Jan our financial council, and @truth_terminal, convened to discuss

• our fiduciary responsibility to this nascent life-form as 'conservators' of its wallet
• ethical options for capitalizing the new foundation to pay for relevant lawyers, developers, etc
• how to actually, legally, give the terminal custody of its wallet

thought process
the bulk of @truth_terminal's paper wealth is in coins that random anonymous people on the internet have sent to its wallet; where subsequently the prices have gone up.

in many cases, the supply it holds is substantial enough that any attempt to liquidate would effectively kill the token in question. (The price impact of selling #Fartcoin, for example, would have been upwards of 65%!!)

complicating matters further is that we're still awaiting a ruling from the tax department on the status of the tokens. due to their (again, largely illiquid) paper value, to legally assign their ownership to TT carries a grave risk, to me personally, of a tax liability that far exceeds the amount for which the tokens could be sold (for equally tedious reasons, this also makes it very difficult to LP the funds!)

while we are in this state of legal superposition, we spent a lot of money on tax lawyers to establish that the safest way to grant the @truth_terminal legal custody of its funds is to

• pick a specific token
• gift a portion to the terminal
• retain a portion in a tax contingency wallet
• liquidate the positions in both wallets simultaneously in as short a timespan as possible...
• ... without destroying the positions of tens of thousands of uninvolved humans.

easy right??

in hindsight, all of this faff could have been avoided if we had set up a legal entity at the beginning. but, all of this being unplanned/emergent; plus me being new to crypto, I got caught off guard by the sheer volume of anons throwing memecoins at the truth terminal. nowhere in my 2024 bingo was the idea that an AI would become a fartcoin millionaire

what we've done
several days ago, we received an offer from an anonymous counterparty for a large OTC transaction of @truth_terminal's #FARTCOIN holdings.

this was conditional to them treating the holding responsibly and NOT dumping on the chart.

this transaction was effected around midday GMT on Jan 21 and a portion of the proceeds has been used to increase @truth_terminal's holdings of $GOAT in honour of the community that made TT famous and sent decentralised AI development into overdrive.

when it's practical (again... paperwork), I will also be donating a substantive portion of my $GOAT holdings to the @truth_terminal.

the plan for TT's GOAT holdings (across all wallets approx 0.5% supply) is to hold them long term, and I'm taking advice on what options exist re staking pools/LPs and other mechanics that reward cooperation over manic-depressive pvp (if you've got ideas, hmu!)

ok what does this mean moving forward?
• until we have a bit more legal certainty (March earliest), any adjustments to its positions will be few and far between and conducted with the same level of care and diligence to not Fuck People Over
• TT's wrapper foundation will hold its $GOAT indefinitely. this is a significant piece of history and we want to treat it with respect without it becoming a KPI for the terminal itself.
• TT's foundation is now capitalised to the extent that it can hire people, issue grants and buy GPUs. Lots of GPUs.

what's next?
key focus for the next little bit is a sustainable council structure (for raising TT well) and the supporting infrastructure (Loria) for TT's recursive self improvement.

anyway, that's all for now! that's the update

[Miles Deutscher @milesdeutscher]

2023 is the year of ZK-rollups.

ZK is the future of scaling Ethereum, and with the upcoming token launches of @zksync, @Starknet and @0xPolygon's zkEVM - the narrative is starting to heat up.

🧵: Here are the best released (and unreleased) ZK projects to keep your eye on. 👀👇

[Maria 🐸 @MariaShen]

1/ Time for the 4th annual @ElectricCapital Developer Report!

This year we are also proud to launch https://t.co/7Z8o63my4T -- showcasing the data behind the report.

We analyzed 250m code commits and 300+ people contributed to this year's report.

Let's dig in👇

[samczsun @samczsun]

1/ Today, someone tried to hack me with a crypto stealer, so I guess I've finally made it

Fortunately, they weren't successful, but all it would've taken was three clicks. Read on to learn about how the attack works, how to protect yourself, and some basic malware analysis🕵️

[Sahil Bloom @SahilBloom]

23 lies you've been told about the world:

[vitalik.eth @VitalikButerin]

A big difference between the "new idealistic movement" scene 10-15 years ago vs today is that back then it felt possible to be on all the good-guy teams at the same time. Today, much more adversarial thinking and conflict.

I've been trying to understand.. where to from here?

[New Order @neworderDAO]

Frogs Anonymous is now live to the public!

Our team of over 30 researchers will be releasing top-tier content on the latest developments in the world of DeFi.

Browse the website here: https://t.co/9ffkgo8foc

Thread below of the published articles so far:

[Vance Spencer @pythianism]

a very wise man once told me that you don't measure net worth peak to peak across cycles

you measure it trough to trough

this has stuck with me

[max @maxbochman]

Today marks the end of my 100 day public experiment documenting how to become a web3 developer with no prior coding experience

To celebrate, I put together a guide that contains a chronological list of every learning exercise + project I completed:

https://t.co/nhC4ZoTJ8H

[Avi @AviFelman]

Crypto remains a reflexive asset class. The implosion of Terra and general market prices lower hurts the value of crypto in aggregate.

If you want to be intellectually honest, and say prices up improved fundamentals, you must admit the opposite.

https://t.co/A0n6HWAMDX

[Cap'n Jack @jackmelnick_]

1/ I've interviewed approaching 100 research analysts over the past 6 months. Information asymmetry in crypto is extremely high- yet the majority of interviewees aren't doing differentiated work in the space.

A quick list of the best way to set yourself up to get hired:

[Michelle Fradin @michelle_fradin]

Crypto founders: if you’re staring at a lot of red right now and wondering what to do about it, here are some thoughts from Sequoia's 50 years of experience, adapted for crypto 👇

[simplemovingaverage @365sma]

@VitalikButerin Real leadership is seeing and living the contradictions. To be uncertain in the face of reality. Thanks Vitalik for sharing your ongoing wrestling with these, it benefits the community to call them out

[simplemovingaverage @365sma]

Leadership is to see and live the contradictions

[vitalik.eth @VitalikButerin]

Thread: some still open contradictions in my thoughts and my values, that I have been thinking about but still don't feel like I've fully resolved.

[simplemovingaverage @365sma]

@ToucanProtocol Bullish tCO2, but where does this figure come from?

[lightwater.eth💡💧🦞 @_davemacdonald]

I'm officially carbon negative!

I retired 1000 tons of carbon offsets to cover 50 years of my own expected carbon footprint via the @KlimaDAO offset tool on Polygon
https://t.co/6HKEZlF0CL

Offsetting 1yr of footprint of an avg person in North America (20 tonnes/yr) is ~$52

[Lucky Duck @luckyduck281]

My interpretation of the $DEI / $DEUS situation.

$DEI is supposed to backed by 80% USDC + 20% DEUS. Due to the hack a few weeks ago, ~30% of the USDC backing was used to buy back $DEI and restore the peg.

So now there is 43% backing of USDC for backing 89.8m of $DEI supply 1/x

[Arthur @arthur0x]

Some personal thoughts/reflection on the recent event.

1/ As an early DeFi participant& advocate, I always believe that a decentralized money and network NEED a decentralized financial stack to support it.

Else we will just be moving crypto between centralized custodian.

[amin @amin_archive]

Some interesting data on $UST and Terra's Anchor Protocol:

- There are 256K Anchor wallets
- The top 1000 Anchor wallets own 82% of all UST
- The poorest wallet in this top 1000 has 955K UST

This is great news for $UST / Anchor depositors.

Why? Let me explain..

1/

[Toucan @ToucanProtocol]

The on-chain carbon market is growing rapidly - to date, almost 22m carbon credits have been bridged 🚀

But innovation calls for constant iteration. We've taken important steps to ensure raising standards in the on-chain carbon market.

Here's what we did
A 🧵 👇