Message from crypto-veteran to the hyped IPOs fans:
The mistake that was made in our industry was to allow all upside to be captured privately before an asset is available to the public.
Launching tokens at multi-billion valuation, totally uncorrelated to intrinsic value has resulted in the chart having only resolution direction left, generating massive retail investor fatigue.
The new shiny assets about to enter the market are running the same playbook but at an order of magnitude higher valuation starting point.
Index will capture some of the bag, but they work both ways.
Sovereignty; from financial to energy and biological.
From The Individual, Collective, up to Nation State.
It is a multi trillion TAM; with an increasing premium.
@oviohq will continue to invest in each of its frontiers as they open..
Announcing Fund II .. 🔜
@VerdaVentures Stablecoins are the financial primitive of the internet, and are by default political — they encode whose monetary sovereignty travels across the network.
Expect further fragmentation as polities, whether nation-states or network states, accept or reject US monetary hegemony.
Good news for the space.
This is largely picking winners late stage institutionalisation. Very little will directly go to new startups IMHO.
But that’s ok, it will allow early VCs some liquidity finally, and trickle down eventually to earlier stage fund managers who we need to activate again.
Crypto’s most successful protocols have already been captured into one orbit.
The American one.
The cypherpunk dream of escaping politics through cryptography didn’t fail. It was a category error from the start.
Time to pick a politics & build 🏴☠️
https://t.co/4sut9MZ9VF
The Sovereignty Ladder: From Bitcoin to Civilisation-in-a-Box.
The Westphalian state is collapsing — and AI is accelerating it. Bitcoin solved financial sovereignty fifteen years ago.
Now four more rungs are being claimed and contested at the same time: cognitive, manufacturing, biological, associative.
Both individuals (claiming personal sovereignty) and states (claiming national sovereignty) are climbing the same ladder... on an arc that leads to new frontiers and the cis-lunar deployment of Civilisation-in-a-Box.
https://t.co/kKQDkisPF7
10 Open Problems Builders of the Agentic Internet Need to Solve
🧩No 3: Trust without institutions
No employer. No performance review. No credential.
How does a builder's track record follow them across projects? How does an agent's output history become a credential?
Reputation needs a new foundation, one that's verifiable and portable.
Does it resonate or not? Is trust without institutions even possible? Tell us more.
Will those consulting firms own the outcome and turn into AI/agent consulting firms? or will they make bank on this implementation phase and then become obsolete as consultants?
If you read this and don’t understand why it’s happening it’s an opportunity to reset your understanding of how the real world works.
The real world will need a ton of help actually getting agents going in the enterprise. Companies have legacy tech stacks they need to modernize, data in tons of fragmented tools, knowledge that isn’t captured or digitized, and change management needed to actually utilize agents effectively. And they have to do all this while still running their business day-to-day, unlike startups.
This is why there is so much opportunity for companies (software or services) to actually deploy agents in specific domains and workflows. This remains a big opportunity for both existing services providers but also tons of new startups as well. Every new technology wave produces a new era of consulting firms that can deliver on that technology.
It’s also why the FDE model is going to be alive and well for a long time because companies will want to have their vendor actually help drive the change management and implementation for their new workflows.
The people aren’t going away. Far from it.
10 Open Problems Builders of the Agentic Internet Need to Solve
🧩 No 1: Funding without equity
You can build a product in a weekend. You still can't fund it without a lawyer, a cap table, and a decade-long commitment.
The investor wants exposure. The builder wants funding. Neither fits inside a ten-year equity structure for something that might live four months.
Something has to replace this.
This is an open invite to a conversation - Do you agree? Do you disagree? Why?
We've been sitting on this for months. Today we're going public with it.
10 open problems no one's solved yet for the agentic internet. Funding, ownership, coordination, moats. All broken when teams are hybrid human+AI.
If you're building anything adjacent, share your repo!
Today, you can build a product in a weekend. You still can't fund it without a lawyer, a cap table, and a decade-long commitment.
🧩We've identified 10 open problems builders of the agentic internet need to solve.
We've set aside capital against this thesis and we're opening a Request for Builders today.
The cypherpunk dream has nowhere to go, except maybe Ethereum
Our CEO @EvgenyGaevoy on why @ethereumfndn is ahead of the curve for the first time, and why @ethereum might be the only blockchain still publicly committing to its cypherpunk origins
His opinions with @_choppingblock ↓
For 50 years, the scarce resource in software was 'writing code'. The entire industry, the hiring, the salaries, the bootcamps, the 'learn to code' movement, all of it was organized around one assumption: turning human intent into working software is hard and slow.
That assumption died. Not theoretically.
Practically. Right now. A non-coder built a 4X strategy game with AI diplomacy that went viral in two days. That's not a demo. That's proof the bottleneck moved.
Shotgunning capital at agentified solo founders won’t yield good returns for VCs.
Firstly, even ones with runaway PMF and revenue out of the gate will be overvalued and likely be quickly disrupted because they have no moat.
Zero to One orthodoxy doesn’t apply..
AI agents are already reverse-engineering institutions from their public surfaces.
The question is not whether your institution will be decomposed into machine-readable primitives. It is whether you control the terms..
Pathways to the Post Web ~ ebook
‘A transition framework for startups and the firm’.
https://t.co/gWWWOPj7QI
All in on the Post Web.
'Decomposing The Firm' ~ starting with @oviohq
AI agents are already reverse-engineering institutions from their public surfaces.
The question is not whether your institution will be decomposed into machine-readable primitives. It is whether you control the terms..
https://t.co/EIchn2PGnv
Startup equity can't coordinate fluid contributors, agents, or global problem stacks.
Tokens were the first mechanism to financially incentivise open source collaboration at scale. But without design constraints on speculation, the incentive inverted.
We need new, open and permissionless market mechanisms native to the internet, that optimise for conviction at machine speed.
Not zero-sum. But where founders, contributors, and agents — collaborating and competing on the same problem stack, each earning proportionate to risk and contribution.
I summarise a recent paper we published today on the potential of conviction markets.
https://t.co/Oy3f47xsmR