Sam

Partner at BBH | views expressed here are my own.

[Sam @ReliableNarr]

@AlanaDLevin @YottaLabs

[Christian Angermayer @C_Angermayer]

https://t.co/QGU6hizMcu

[Sam @ReliableNarr]

@guywuolletjr @YottaLabs working on this 👀

[Sam @ReliableNarr]

@megaeth Big moment, congrats team 👏

[Sam @ReliableNarr]

Were excited to be backing @kash_bot enabling fully permissionless prediction markets in the largest social feeds. Not another PM clone, the team have solved PM's biggest problems and developed a proprietary bootstrapping liquidity solution for any market without the need for traditional MMs.

[kash @kash_bot]

Our mission at Kash is to completely redefine how the world prices and distributes beliefs.

We are meeting YOU where you already are, starting with social media.

To accelerate this journey, we are proud to have partnered with top-tier VCs and raised $2M to bring prediction markets to your feed.

Backed by @TheSpartanGroup and @BigBrainVC, with participation from Coinbase Ventures, Polaris Fund, Moonrock Capital, Halo Capital, Kosmos Ventures and Fabric Ventures.

[Kash Flash Market: Will at least 3 verified accounts with over 100k followers quote post this announcement within the first 12 hours?]

[Sam @ReliableNarr]

@ericonomic This means any lost wallets like Satoshi's would still be vulnerable no matter what.

[Sam @ReliableNarr]

@ericonomic It's actually not trivial at all. Post-quantum signatures require bigger blocks (remember block size wars) and a soft fork would still require all UTXOs to migrate which could take more than 6 months alone (even with filling all blocks and not including non-migration tx).

[Sam @ReliableNarr]

New research claiming RSA2048 can be broken with just 100k physical qubits. Keep in mind ECC256 is easier to crack for quantum computers than RSA...

https://t.co/7I3IT8js0c

[Sam @ReliableNarr]

Blockchains are for finance.

Solana is converging on the original Nasdaq on chain vision through ICM and even Base recently back tracked towards a trading-first platform.

The read write own thesis has mostly been disproven.

Vitalik may be the last bastion of the original cypherpunk ethos of crypto.

This is something most crypto-natives will have to think deeply about and wrestle with.

[vitalik.eth @VitalikButerin]

In 2014, there was a vision: you can have permissionless, decentralized applications that could support finance, social media, ride sharing, governing organizations, crowdfunding, potentially create an entire alternative web, all on the backs of a suite of technologies.

Ethereum: the blockchain. The world computer that could give any application its shared memory.

Whisper: the data layer. Messages too expensive for a blockchain, that do no need consensus.

Swarm: the storage layer. Store files for long-term access.

Over the last five years, this core vision has at times become obscured, with various "metas" and "narratives" at various times taking center stage. But the core vision has never died. And in fact, the core technologies behind it are only growing stronger.

Ethereum is now proof of stake. Ethereum is now scaling, it is now cheap, and it is on track to get more scalable and cheaper thanks to the power of ZK-EVMs. Thanks to ZK-EVM + PeerDAS, the "sharding" vision is effectively being realized. And L2s can give additional and different kinds of gains in speed on top.

Whisper is now Waku ( https://t.co/uj5h9iSpIL ), and already powers many applications (eg. https://t.co/owlo5yoS68, https://t.co/hDizYCFjuq just to name two I use). Even outside of Waku, the quality of decentralized messaging has increased. Fileverse (decentralized Google Docs and Sheets alternative: https://t.co/ZIKj4U5pQe ) has seen massive gains in usability over the past year.

IPFS is now highly performant and robust as a decentralized way of retrieving files, though IPFS alone does not solve the storage problem. Hence, there is still room to improve there.

All of the prerequisites for the original web3 vision are here, in full force, and are continuing to get stronger over the next few years. Hence, it's time to buidl, and buidl decentralized.

Fileverse is an excellent example of the right way to do things:

* It uses Ethereum and Gnosis Chain for what they are good for: names, accounts and permissioning, document registration
* It uses decentralized messaging and file storage to store documents and propagate changes to documents
* The application passes the walkaway test: https://t.co/xO1dNLlnhf (even if Fileverse disappears, you can still retrieve them and even keep editing them with the open source UI)

This is what we mean by "build a hammer that is a tool you buy once and it's yours, not a corposlop AI dishwasher that requires you to register for a google account and charges a subscription fee per month for extra washing modes, and probably spies on you and stops working if you get politically disfavored by a foreign country".

If you think this criticism of corposlop is hyperbolic, well turns out, it's literally a concatenation of these three:

* https://t.co/GBNaXOa454
* https://t.co/saD3cNp4Ae
* https://t.co/skoJ58vbqz

In 2014, decentralized applications were toys, hundreds of times more difficult to use in web2. In 2026, fileverse is now usable enough that I regularly write documents in it and send them to other people to collaborate. The decentralized renaissance is coming, and you can be part of making it happen.

[Sam @ReliableNarr]

https://t.co/d6Vszq6EDU

[Sam @ReliableNarr]

Despite what the market tells you, @Pumpfun is still pulling in $1M a day in revenue consistently (above Hyperliquid this weekend). Rumors of PFs demise and indefensible creator demand seem to be highly overstated.

[Michael Nadeau | The DeFi Report @JustDeauIt]

We just pulled 12 weeks of @Pumpfun user data, and the weekly retention numbers are pretty interesting when you compare them to Web2 norms.

Here’s the rough benchmark for Web2 consumer apps:

1. Fintech: Week-1 retention: 10–15%

2. Gaming: Week-1 retention: 7–12%

3. Consumer Social: Week-1 retention: 20%

4. Week-4 retention across all categories: typically 5-10%

5. Week-8 retention: 2-5%

----

Here's Pump:

1. Week-1 retention: 24%

2. Week-4 retention: 12.4%

3. Week-8 retention: 11.4%

This is Web2-level retention — sometimes better — for an app that scaled to millions of users and hundreds of millions in revenue at breakneck speed. With no ad spend and a super lean team.

---

What about the bots?

Web2 bot traffic tends to inflat the *top of the funnel (spam clicks, sign-ups, ad traffic), destroying retention.

Onchain bots behave differently, though.

- Many bots trade repeatedly (63% of Pump active addresses are recurring)

- They show up in returning user metrics

- They can be "price agnostic" customers

----

It will be interesting to see if these numbers hold up in a drawn-out bear market.

That's why Pump Fun is on @the_defi_report "Watch List"

We're providing a full data-driven update on Pump Fun with readers tomorrow

If you'd like to have the latest (free) research hit your inbox when it's published, you can sign up below 👇

[Sam @ReliableNarr]

Another counterpoint to the Amazon argument is that Amazon was only unprofitable due to excessive CapEx used to grow the company. If you remove most of the CapEx they would have actually been incredibly profitable very early on. You can argue they needed the CapEx to continue to grow but that's a separate argument. @santiagoroel

[Sam @ReliableNarr]

@hosseeb The complete and absolute capitulation of this dream from almost every participant in this space has been disheartening. Inspiring post.

[Sam @ReliableNarr]

@lookonchain This is not “cashing out”, this is funds from the ICO that have just been sitting in onchain wallets til now.

[Sam @ReliableNarr]

We wrote about the quantum threat to Bitcoin/ crypto almost 2 years ago and it is more relevant than ever. Most of the community disregarded the threat as an improbable 50 year problem but this form of complacency is dangerous esp. with how complex a solution can be to implement.

Collective urgency is paramount for such a significant tail risk.

https://t.co/nCByukNOo4

[Robert Scoble @Scobleizer]

The road to AGI.

The founders of @fortytwo lay out why they have a big breakthrough with its decentralized AI that will get to AGI faster than the "big" LLM companies.

Decentralized "swarms" of AIs working together is a big idea and will lead us to faster learning, lighter AIs that can run on small computers at the edge.

Thanks @inikitin and @vlarin for such an interesting conversation.

In comments I'll post what Grok learned by watching this.

[Sam @ReliableNarr]

@degentradingLSD Eh this is a midcurve tweet

[Sam @ReliableNarr]

A very compelling foundation laid out by @balajis for why privacy is important now and going forward. Worth listening to the whole pod.

[Balaji @balajis]

The three eras of crypto.

Proof of work: 2009-2017
Programmability: 2017-2025
Privacy: 2025-203X

[Sam @ReliableNarr]

@firstc0in @variantfund Big congrats 🫡

[Maartunn @JA_Maartun]

Long-Term Holders have offloaded 405,000 BTC in the past 30 days 🧯