bread.mega

@megaeth | @modernmarket_

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@HighTrustCrypto Que?

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Still very much of the belief that frontier labs are the same trade as L1s and that without building an actual product atop their offering (blockspace/intelligence) which captures fees that they're going to experience the same over-priced charts.

The one key difference is that labs are sprinting towards AGI, which if achieved wipes out all "bad business" conversations because you've unlocked god mode.

[Luke Martin @VentureCoinist]

New revenue numbers from Anthropic last week caused investors to lower IPO expectations from $2T to 1.5T based on much slower growth.

@CryptoHayes makes the case that Ai labs are simply bad businesses and a waste of money:

"Anthropic in the leak of their S-1, for every $1 of revenue there's $2 of costs. That's a bad business."

"Anthropic, OpenAi, and Spacex - not one of those companies makes money."

"Now that pretty much everyone has recognized this, now we are trading on how big is the bailout going to be?"

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Tldr freemium model

I'm generally of the same belief, and know there are whole hosts of SaaS founders who are waiting for their lunch to be eaten by labs, but an still semi-skeptical that the frontier labs can actually own and manage a huge array of user applications that nullify the competition which is solely focused on their verticals.

Maybe there are a handful of obvious apps with bloated teams and outdated builds, but replacing those won't be worth trillions and I don't subscribe to labs swallowing the application world in it's entirety.

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@mdudas @mhdempsey @JasonYanowitz Really was great. Again think Jason is one of the better interviewers in this space, both for locating guests and extracting a quality conversation

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@nnnnicholas GoogleFi. Haven't had to think about it for years and have circumnavigated the world a few times.

Only becomes an issue is you're out of the country for > 90d

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My counter is that despite having higher demand their moat is lesser.

All incentives points towards the commodity of intelligence being distilled, cheapened and pulled internal whereas with blockspace that deletes its value prop.

An private, internal blockchain is DoA because it's benefit is being shared amongst the world in a permissionless fashion.

For intelligence, it's expressly the opposite. It is BETTER as an offering if it's private and internal (cheaper, fewer leaked secrets, can have params tweaked, etc)

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I think it's the opposite for the "good enough" intelligence.

The vast majority of tasks needing AI can be handled by OS models and/or free-tier frontier labs. Like the Google search result returns.

and it'll only get more abundant / models more efficient at producing intelligence for every unit of compute.

The edge blockchains have going for them is that they benefit from being public/permissionless, so there is a draw to these open/common systems whereas intelligence is expressly the opposite. Everyone benefits even more from bringing the models in-house. Cheaper, private, etc

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@aaalex @izebel_eth It's just raw capacity. HyperEVM can't handle the literal processing throughput

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@0xCardiE @papertrade_xyz They use the oracle data from hypercore. Not a true restrictor because it's ~same as using any other oracle imo but it has a good story element.

It could exist feasibly on most chains

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@CryptoKaleo Can confirm KALEO practices what he preaches. Is decent human.

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Interesting design.

Both equity and tokens exist transparently, with the ability to convert tokens for equity over time (where enterprise value is driven).

Token value prop is a liquid vehicle for trading on enterprise value (at least until ipo) and by my read implies a ~3x enterprise value against token FDV. Also as incentive mechanism for using the actual platform.

"Users become owners"

So $BP trading at ~$1B implies a ~$3B Backpack equity value based on conversion.

One question Armani: when the tokens are given to foundation on conversion are there plans to just removed from supply?

If I understand that the conversion pool is used up then the token becomes something of a drag as both the stock will be liquid and tokens can no longer convert

[Armani Ferrante @armaniferrante]

This is all public information.

- All investors are stuck in equity until a traditional equity event (e.g. IPO).
- Tokens are held by the company for use by management one year after such an event.
- Not a single token warrant has been given to any person on the planet.
- There's no foundation or other such side channel.
- The token simply goes to users that use the product.
- As a result, the only people that can sell on the market are people that a) earned tokens through using the product or b) people that previously bought the token.

I know you don't like me Evan and have some pre-existing narrative in your mind about me that's probably not going to change, but it's really that simple.

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@zeroxkyle Larp. He's saying JEV replied with words, which is actually the exact opposite of what JEV does.

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@Mawuko Why did I write like I was having a stroke?

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@grandfromage It was the year after friendtech, so 2022? 23?

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As someone who has lost funds to scammers, I can say definitively that this is not how this works at all for US persons.

Those lost funds are still classified as "sold/swapped" and you're obligated to any capital gains the wallet experiences.

Not awesome.

[him @gajria]

Without discrediting the $4m hack, it’s one hell of a way to exit all your positions while avoiding taxes and still maintain your reputation for not dumping on people with borrowed conviction.

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We don't have enough quality blockspace.

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It's funny because 6mo ago everyone would see this type of post from David and dunk on him, but then he largely nailed all the assets ~everyone has since rotated into and now everyone has to do this:

[David Hoffman @TrustlessState]

When I was dropping every penny I had into ETH in 2018, it's market cap was $22B

pic related

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@StarPlatinum_ @Carlitoswa_y @phantom It's "Fitness First" near the Amaya (Amara?) hotel.

It's dope - but you have to buy in packets of 5+ starting at $99.

Commercial gym, steam room, showers, towels and clothes given on entry. Pretty sick

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I've introduced my non-CT group to the Jaw-dinz Leprechaun