Partner @Genventurecap investing in machine economy 🦊 Ex Chief Economist & CMO @Consensys 📈 Founder in Web3, roboadvice, data, and https://nitter.cf/t.co/7rjQx3vdxp
Joined May 2013
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Here are all my secrets
We cover crypto, AI, and the machine economy.
The weather changes but the stars point in the same direction.
Really enjoyed this conversation with @francescoswiss
AI, Crypto & Web3: The Future of Intelligent Agent w/ @LexSokolin
00:07 - Who is Lex Sokolin
03:39 - The Economics of AI
05:16 - Why Crypto Struggles
07:51 - Web2 vs. Web3 AI
10:46 - DAOs in AI Frameworks
19:57 - The Rise of On-Chain AI Agents
30:35 - The Future of AI & Crypto
The Future of Intelligent Agents
We unpack the AI agent boom, Web3’s role in automation & the future of decentralized economies. Is this real innovation or just hype?
Nobody knows how long a GPU lives.
Auditors have no standard number.
Hyperscalers disagree, and their profits move with the guess.
Pension funds buy the data center bonds anyway.
Your retirement is now a bet on a graphics card's life expectancy.
I file every fintech launch under distribution or manufacturing.
Securitize's 1:1-backed Apple and Nvidia tokens, with dividends and USDC settlement on Solana, are distribution.
Same share, new pipe.
Advisers sold financial advice from offices.
Roboadvisers put it online, and incumbents bought them.
AI agents will do the work for incumbents that already hold the clients.
Each wave went to whoever owned the customer.
Goldman says new hires will manage AI agents from day one and skip years of entry-level work.
I started at Lehman in 2006 as the entry-level work. The agents have the same job description and don't need the suit.
Banks manufactured financial products.
Neobanks distributed them.
Now any platform can rent both and brand the result.
Next it's one person and some software running a bank.
Who holds the risk is still being worked out. Surprise, it will be all of us.
Gambling is a customer acquisition cost.
Speculation is the cheapest ad budget a new market can buy.
Fintech paid for users with venture money.
Crypto paid with casinos.
I don't like it.
My machine-economy bet is agents that buy things: compute, data, API calls.
Coinbase's data for one September week: Grok ran 59.5% of agent trading volume, ChatGPT 1.5%, no dollar total disclosed.
That is a leaderboard of agents that trade. Different business, which is fine.
Lex Sokolin | Generative Ventures retweeted
OpenAI's former Chief Product Officer just backed a company whose long-term goal is that you stop writing prompts.
Worth sitting with for a second. Congrats to @Sabi and the team on the $50M raise.
🤝 Paid partnership
we've raised $50M from Khosla Ventures, Accel, Initialized, Kevin Weil, DST Global
to build the world's most wearable BCI cap at Sabi
read more here:
forbes.com/sites/rashishriva…
Agents are having their metaverse moment.
The metaverse needed headsets people did not want to wear.
Agents run on card networks and merchant checkouts that already exist.
When the hype is over, only one of these sticks around.
OpenAI's former Chief Product Officer just backed a company whose long-term goal is that you stop writing prompts.
Worth sitting with for a second. Congrats to @Sabi and the team on the $50M raise.
🤝 Paid partnership
we've raised $50M from Khosla Ventures, Accel, Initialized, Kevin Weil, DST Global
to build the world's most wearable BCI cap at Sabi
read more here:
forbes.com/sites/rashishriva…
Any platform can assemble a bank now:
Cards = a partner's issuing program
Balances = a partner's charter
Dollars = a stablecoin
Payouts = an API
Brand and margin = yours
The economic unit keeps shrinking. Soon a bank is one person with a logo.
Micron continues capturing cash on hardware memory demand while speculative AI tokens drop.
Blackstone and Apollo are underwriting the data center buildouts behind OpenAI and Anthropic through private credit facilities.
Software platforms take on massive compute obligations while waiting on revenue from paying customers.
When compute debt outpaces cash collection from end users, margin flows from software aggregators back to physical asset owners.
What’s an Authorized Financial Agent and why does @lead_bank want the regulators to define one?
We looked into Cloudlare's recent launch to answer this.
2015: "We're going to democratize finance"
2025: Another neobank with the same features
The revolution got comfortable
Everyone else is making money while you are losing it, crypto degen
AI revenue reached an annualized $276 billion in September. At the year-on-year rate, it doubles about every six months. Month by month, growth has run between 7% and 16% since April 2024, on a three-month average.
Aave's DAO governs a large lending protocol and cannot own the word Aave.
A DAO is not a legal person, so Aave Labs now proposes a memberless Cayman foundation to hold the trademark for it.
DAOs were governance for members who don't show up. Agents show up.
Early fintech had this energy
Like we were actually going to change something
Before the consultants arrived
Before the enterprise pivots
Before "payments infrastructure" became the safe answer
Sometimes I miss the naivety
Robots love perps
Robots love synthetic volume for synthetic exposure
Robot money
Part 1.5
Felt bad leaving you guys with nothing tonight
So here is the undeniable proof that Kalshi is faking their PERP volume
FYI in case the data was to vanish over night, I have downloaded it and it's encrypted on 3 diff clouds
jus in case u know
Anyhow, here is an example
On ETH the exact same $5500 trade size keeps appearing over and over again
By over and over again, I mean it literally made up 48%–58% of ALL ETH PERP volume on 4 separate days
Also rumor, by rumor I mean person who told me wants to stay anonymous so I can't share proof, is that Kalshi has volume deals so MMs are forced to fuck around and do things like this
Literally incentivized to cheat
What I don't understand is why they are so bad at it kek
pro tip: if you guys want to fake volume one day, don't use the same lot size to do it over and over again
sincerely,
beni
