Alex

Blind app, crypto ventures

[Alex @AlexShin]

A friend in Seoul can’t withdraw $700 without... proof as to why he needs more than $700. Like printed proof to bring to the bank in person.

He can however, move $500k/day on a local Korean crypto exchange.

[Alex @AlexShin]

Supersize me

[Simply Bitcoin @SimplyBitcoin]

JUST IN: McDonald’s McRib has returned. 🍔

Historically, every McRib comeback since 2020 has marked a Bitcoin rally.

[Alex @AlexShin]

Weak.

[Brian @BrianInCrypto]

The word “crypto” is still a red flag.

Adding “backed by a16z crypto” to our website and X actually did more harm than good. We scrapped it a long time ago.

If you’re still using “crypto”, it’s time to pivot.

[Alex @AlexShin]

@alive_ @a16z @cdixon @bhorowitz @pmarca 👏🏻👏🏻👏🏻

[Alex @AlexShin]

@armaniferrante Not a bad haul.

[Alex @AlexShin]

@eddylazzarin @alcove_wallet 👏🏻👏🏻

[Alex @AlexShin]

@guywuolletjr HRT intern premium for pre-seed. If it hasn’t happened yet.

[Alex @AlexShin]

@missbitcoin_mai Wow 👏🏻👏🏻

[Alex @AlexShin]

PSA grading times is basically unstaking period.

[Alex @AlexShin]

@jtwald Give me hard flip into nose manual.

[Alex @AlexShin]

@_TomHoward @wassielawyer KTV means different things in different countries yo. Gotta clarify.

[Alex @AlexShin]

@tchae @500GlobalVC Good luck on your new endeavor! 👏🏻👏🏻

[Alex @AlexShin]

@Jason That place already packed now I can never eat there.

[Alex @AlexShin]

@davidmarcus @MKBHD

[Alex @AlexShin]

@zamdoteth Yah, minimum viable rug.

[Alex @AlexShin]

It’s called minimum viable rug

[zam @zamdoteth]

There is literally a group of gen Z kids online that has mastered the art of VC investment fraud

They have a playbook where they hire guys from stanford and MIT to be faces of a startup, vibe code some good looking software and straight up run away with investor money after raising small 100-500k preseed rounds

I learnt about this today, considering how legal crime has become i can’t even say i’m surprised

[Alex @AlexShin]

My thoughts exactly.

[vitalik.eth @VitalikButerin]

I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography, but also potentially AI-vulnerable cryptography.

The core new area of risk from this viewpoint is, unfortunately, ML-DSA / FHE / lattices.

(and it's also another reason, along with quantum, why ECDSA might fall even faster than expected, hence the "fresh address" recommendation)

So far most people have been in the mode of thinking "elliptic curves broken, hashes safe, lattices safe". But there is a good chance that the concrete security of lattices will take serious hits from the next two years of AI math.

The basic threat model is: factoring is something that naively takes 2^(n/2) time, but over decades smart people have found and optimized number field sieves, and degraded that to 2^O(n^(1/3)), which is why RSA keys and signatures need to be ~400 bytes (and not 64 bytes). What if there are skeletons in the closet like that, both for elliptic curves and lattices, that we are simply not smart enough to discover - but bots soon will be?

This is a major part of the reason why for the past year ethereum's lean roadmap has been going in the "hash-only" direction: no lattices, no ML-DSA, no Falcon, no lattice-based commitments inside ZK proofs, etc. Signatures in lean ethereum are all hash-based, either WOTS or SPHINCS-.

For signatures and proofs, we already know how to go hash-only. The bigger challenge is for *public-key encryption* - and this goes far beyond blockchains. Secure communication, anonymizing protocols, lots of things need public-key encryption.

And unfortunately there are long-standing mathematical theorems showing why public-key encryption cannot be done with hashes alone. You have to have some kind of trapdoor object that has at least one form of usable "structure" - either group theory (incl. isogenies) or lattices or code-based or potentially in the future even more newfangled and spooky things (local mixing?). But for anything that has structure, you should assume that AI will make at least some progress in breaking that structure. Here, one reasonable inference is that if you want to make something plausibly long-term secure, multiply the key sizes by 10.

To me that's a very plausible world and something not at all extreme to predict. If AI will bring us 50 years of math in 2 years, then that 50 years of math may very plausibly include a "naive factoring -> GNFS" level of improvement to our ability to break lattices. In that world, lattices will still exist, but they will have to be significantly bigger to guarantee the same level of safety.

And at those new larger sizes, hash-based constructions will beat lattice-based constructions on concrete efficiency in every use case where hash-based constructions are possible at all.

Theoretically, of course it's possible that hashes are broken too (eg. P = NP would imply that). But I think P = NP is very unlikely. And intuitively, it's much more likely that a mathematical object has exactly no exploitable structure (like hashes are intended to), than that a mathematical object has exactly ~3 forms of exploitable structure (for elliptic curves: associativity, Schoof, pairings) and not some secret fourth form of structure we have not yet discovered that greatly degrades its security (for elliptic curves, ECDLP and pairing security). Similar for LWE, SVP, RLWE and the zoo of lattice problems.

For this reason, we do not yet see any reason to worry and start padding the byte size of hashes (if we start to worry more, we would pad the round count first before doing anything to the byte size).

Concrete TLDR, my own personal views:

* Hash-based > lattice-based, in those situations where hash-based is possible at all
* For anything lattice-based, be much more paranoid on param sizes. Remember that blockchains are only a small portion of the cryptography story; this point goes far beyond blockchains and applies to eg. access to websites, secure messaging, Tor / VPNs ...
* For privacy protocols, strongly favor NOT putting encrypted notes onchain. Instead, send them offchain through some third-party mechanism.
* If it's not difficult for you, keeping your funds in addresses which have not yet been used to make a transaction is a good idea. If it's easy for you, do it. **But be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined**.
* For multisig wallets, doing confirmations offchain is better than onchain, because this way the signatures of signer wallets do not get exposed to the public, so if ECDSA falls to AI much faster than expected, at least the multisig "gracefully degrades" to a 1-of-1 where the 1 is whoever was gathering the signatures - a much better place to be than "anyone can take the money"
https://t.co/oVjwZog2lL

[Alex @AlexShin]

@jtwald Games never die.

[Alex @AlexShin]

@iskdyl LFG! 👏🏻👏🏻

[Alex @AlexShin]

👏🏻👏🏻👏🏻

[Catalyst @catalystapp]

We’ve raised a $30M seed round led by @Sequoia, with participation from @Jump_, @Lux_Capital, @AntiFund, @SeliniCapital, @PeakXVPartners, SF1, and others.

[Alex @AlexShin]

@TrustlessState It’s Chinese now.