olaf @zxocw Twitter profile

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olaf

@zxocw

3 years

when people say bitcoin is a pyramid scheme, in reality it is their first step in realizing that all forms of property ownership are pyramid schemes

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olaf

@zxocw

3 years

most criticisms of crypto are actually criticisms of property, money, and markets. people just never thought about how it all works before

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olaf

@zxocw

2 years

i was pitched many times each time sam’s strategy was “we need to know by tomorrow” which is code for “no diligence” first pass was 2018 seed, i thought alameda seemed bad r/r conflict of alameda and FTX, and 4x low float nothing-coins, were massive red flags in later rounds

Jesse Powell

@jespow

2 years

I would love to hear from VCs that did look at @FTX_Official and passed. What did you see (or not see)?

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olaf

@zxocw

3 years

anon you are in the middle of the largest wealth transfer since the invention of property and the development of the most hardcore software ever written we’re not all going to make it but if you do it right, you can make it

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olaf

@zxocw

2 years

aptos token distribution scheme is among the worst designs i’ve ever seen, and i’ve seen a lot foundation 67.5% team 19% investors 13.5% the only way coins get into “the community” (lol) is through arbitrary foundation distributions.

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@zxocw

3 years

crypto is our last chance to rugpull the boomer scams

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olaf

@zxocw

3 years

financial markets are becoming multiplayer video games

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olaf

@zxocw

2 years

anon meritocracy with zero regard for legacy institutional certificates, genetics, or lifestyle, is what i signed up for. if you don’t believe it or don’t get it, i don’t have time to explain it to you, sorry

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olaf

@zxocw

2 years

polychain was not invested in FTX or FTT, and had no assets on the FTX exchange my heart goes out to all affected by this catastrophe

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olaf

@zxocw

3 years

searching for anons, protocol designers, etherscan lurkers, deep crypto schizos, game theorists, dao builders, fanatics and degens to join the polychain investment team DMs are open

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olaf

@zxocw

2 years

if we are relatively rapidly moving toward ~all online content being AI-generated, interestingly internet content 1995-2025 is the seed for all content forever, as training on data from post-2025 will be mostly recursively training on output generated from data from 1995-2025

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olaf

@zxocw

2 years

interestingly a *core* pillar of the entire banking crisis is a simple accounting trick where held-to-maturity (HTM) debt is not marked based on the liquid trading price, and is instead held on the books as if it hasn’t lost value this basic trick is hiding billions in losses

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olaf

@zxocw

2 years

anon there is a lot of noise, a lot of people talking without saying much faster and faster “news” cycles don’t lose the plot we are replacing the global financial system with software that nobody controls

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olaf

@zxocw

2 years

the irony of crypto investing is that get-rich-quick almost always fails and get-rich-slow almost always works

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olaf

@zxocw

2 years

the technological solution to prevent another FTX… is crypto it’s very hard to explain this if you don’t already get it

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olaf

@zxocw

9 months

would you rather invest in the usa, china, or the internet? dollars, yuan, or bitcoin? yes it’s this easy

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olaf

@zxocw

2 years

if it works, eigenlayer will absorb the majority of ETH in existence

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olaf

@zxocw

2 years

haters claim the crypto ideology is caused by financial incentive due to bitcoin holdings eg @balajis has been hardcore in his worldview since i became friends with him ten years ago people’s beliefs don’t stem from their investments; their investments stem from their beliefs

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olaf

@zxocw

2 years

place your bet with gigabrain algorithmic-money coders who invented the fastest growth assets of all time… or with unelected bureaucrats creating the largest debt bubble in human history your choice anon

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olaf

@zxocw

2 years

“crypto protocols are a way to organize huge, huge masses of people through basic incentive systems that are grassroots and bottom up rather than top down. it’s way bigger and heavier and more complicated than people think.” (cont.)

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olaf

@zxocw

1 year

crypto is not about “payments” like paypal/venmo/zelle are crypto is about “money”: the socially constructed imaginary opt-in system we use to define and legitimize who owns what crypto is not about splitting a dinner bill it redefines the logic of global resource distribution

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olaf

@zxocw

2 years

crypto is genuinely subversive because of its technical properties it cannot be neatly captured by existing establishment interests if it truly works, it will alter the *core* global systems of money and power it was always going to be a fight

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olaf

@zxocw

3 years

truly one of the great mysteries of our time who made bitcoin? how absolutely mind-boggling it is that we still do not know thank you satoshi

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olaf

@zxocw

3 years

many “tech” people don’t understand crypto because they use an old lens crypto is a financial renaissance, not a mobile app even more than a technology, it’s a new social reality crypto is not about Daily Active Users “no use case” yet $1T+ value and 100m+ holders

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olaf

@zxocw

3 years

companies like polychain will be replaced by daos and crowdfunding

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olaf

@zxocw

2 years

think of the best you ever felt, in your entire life using chemical, neuro, and genomic technology, that could be your default state. there is no physical reason it’s not possible there should be 1000x more people working on this

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olaf

@zxocw

2 years

in the collective public imagination, crypto oscillates between the future technologically unified global financial system and the largest scam in human history how can the narrative seemingly alternate between these two extremes, and do it every 2 years?

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olaf

@zxocw

1 year

friend tech is the most fun crypto app i’ve used in 2023 it’s only possible with infrastructure that’s ~1 year old

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olaf

@zxocw

2 years

in the next year the investment of the decade will emerge it will be in crypto anon, will you have the courage to bid? legends are made in the shadowlands

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olaf

@zxocw

3 years

if you squint you can see the intersection of programmable money and video games becoming the future of most labor done on computers

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olaf

@zxocw

2 years

things like school, church, news, teach you how to think and what to think about most of us have been subject to a way deeper brainwash than we realize there is massive alpha in opting out of thought control and creating your own reality

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olaf

@zxocw

1 year

private key management started as a bitcoin investment toy and ends with sovereign internet-based identity, reputation & credit systems, and universal login. all with ecommerce payments built in

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olaf

@zxocw

2 years

financial nihilism: money isn’t real “instrinsic value” is a boomer scam if a watch can be worth $1m so can my picture of a monkey, unironically work has nothing to do with value capitalism is jungle-level survival of the fittest with extra steps

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olaf

@zxocw

5 months

we are rapidly entering a world of infinite algorithmically-generated and hyper-personalized music/television/books/videogames/pornography/doomscroll will be very hard for “real life” experiences to compete with this feedback loop the real lesson of the matrix is dont unplug

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olaf

@zxocw

3 years

way too much pragmatism propaganda on this site “play it safe to secure your future” in your one life, risk everything to live your dreams

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olaf

@zxocw

1 year

we can acquire more crypto users by converting them ideologically. this was the primary method for the first decade but now to 10x the userbase again, we need to build products that appeal to pragmatists that have no interest in ideology…

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olaf

@zxocw

2 years

video game designers will design the future global economy

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olaf

@zxocw

2 years

i think the % of content we consume generated by AI will increase from ~1% today to over 50% in the next 10 years

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olaf

@zxocw

2 years

in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests value capture in AI technologies will be primarily by incumbants. there will be valuable startups, but for example even openai realized they needed to align with legacy tech

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olaf

@zxocw

3 years

crypto is a vortex for the world’s capital i’ve watched it happen at the very front lines for over 10 years at this point i’m not sure anything could change my mind… it is simply inevitable

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olaf

@zxocw

2 years

just like we went from copy-paste altcoins to sophisticated general use code execution platforms we will go from 10k pfp bubbles to sophisticated cross-platform portable internet identities

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olaf

@zxocw

2 years

i think in 5 years none of these will be the most used self-custody wallet i also think long term people will think of these products more like portals/browsers/appstores/identities than “wallets”

Yano 🟪

@JasonYanowitz

2 years

So many MetaMask competitors. Rainbow, Coinbase Wallet, Phantom, Argent, Exodus, Guarda, Backpack, Status, Brave, ZenGo, OKX Wallet, Trust, Family, Easy, and more. What's the best?

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olaf

@zxocw

2 years

western film peaked around the year 2000. since then it’s remixes, parody, ironic references, endless sequels and obviously-corporate soulless bullshit we need a renaissance of outsider art with independent funding

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olaf

@zxocw

1 year

in a post-AI post-solidity world, complex and iterative software can be monetized directly with its own code. no need for human operators, legal entities, or bank accounts this will play out in unpredictable ways with bigger consequences than anyone understands today

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olaf

@zxocw

1 year

crypto long game redefines property ownership from patchwork geographically-specific heterogeneous databases, to a globally unified software system the nation state loses its ability to control money supply and interest rates, and is replaced with market-based competing monies..

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olaf

@zxocw

2 years

so the entire supply is controlled by a bureaucracy which will grant the coins one-by-one. it’s also proof of stake so new coins cannot be earned by actors outside this distribution method i would love to hear an explanation from any person who thinks this design is good

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olaf

@zxocw

2 years

when we make video game items (1) cross-platform, and (2) traded on open non-proprietary secondary markets, the amount of money people will spend directly in primary markets on digital items will increase by 100x at least …

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olaf

@zxocw

1 year

in the same way that content discovery is moving from search (google) to AI curation (tiktok), so will ecommerce. amazon is search. over the next couple years ecommerce will transition to AI curation if you are working on this DM me

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olaf

@zxocw

2 years

whats the difference between the metaverse and the internet

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olaf

@zxocw

1 year

neurotech wave is coming conversational AI abstracts away the need for a traditional hardware interface surgical implants & headsets both having research breakthroughs culture is moving towards accepting altered states of consciousness and literally living online

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olaf

@zxocw

1 year

society is slowly realizing psychadelic chemical technology should be placed in a completely separate category than simple “drugs” like antidepressants, opiates, benzos, and amphetamines we should be giving independent chemists & psychonauts millions to explore novel compounds

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olaf

@zxocw

3 years

a world of 25 chains needs 300 bridges this is why we need generalizable bridge protocols, not more bespoke 1-to-1 bridges long term, cross-chain protocols like @axelarcore and @anomanetwork could be even more important than underlying chains

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olaf

@zxocw

3 years

every decentralized chain derives its security solely from its market cap to get people to hold the coin, they must believe it will go up in value designing coins that are good for speculators is not some scam. it is at the very core of designing a scalable blockchain

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olaf

@zxocw

2 years

it is wild that with autonomous incentive protocols, once you release it into the wild, it is genuinely impossible to predict or control long term outcomes this is because these systems control humans, not machines still struggle to wrap my head around this

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olaf

@zxocw

1 year

i am extremely excited about focused ultrasound’s potential, particularly for deep brain stimulation

Steve Jurvetson

@FutureJurvetson

1 year

They called it Medicine’s Best Kept Secret — at UCSF today. You have probably seen ultrasound images of babies, but if you arrange an array of ultrasound transducers to focus to a point, they can manipulate cells and membranes like a magnifying glass focusing sunlight to a

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olaf

@zxocw

2 years

most modern dopamine is “fake” dopamine human-designed synthetic reward mechanisms hijack our evolutionary hardware and convince us our behavior is supporting our reproductive function but they are generally misaligned with reproductive fitness

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olaf

@zxocw

2 years

feels like most people believe what their peer group believes, and what the news says, more than they believe their own lived experience multiply this effect to civilization scale and it’s clear why it’s relatively easy to brainwash huge groups of people

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olaf

@zxocw

3 years

long term, this “fun & maybe profit” business model will replace the advertising business model for many online platforms. replace ads with cryptofinancial incentives and games

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olaf

@zxocw

1 year

i believe within my lifetime human drivers will be banned

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olaf

@zxocw

2 years

over time, “play-to-earn” cryptoeconomics will generalize to replace many labor structures scale a workforce with a software protocol instead of HR scale a society with a software protocol instead of a state

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olaf

@zxocw

3 years

2014 altcoins w/ premine 2017 icos 2021 nft mints the financial mechanics behind these are all the same

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olaf

@zxocw

3 years

every L2 will launch a coin, and eventually expand to support multiple L1s basically L2s are really good bridge UX to launch… a new L1

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olaf

@zxocw

5 months

@danielpsegundo most people are already in some mix of videogame/“likes”/chemtech/sugar/egirl/netflix replacing the neurochemical feedback loop that is designed for successful reproduction algorithmically-generated & personalized takes it to a sort of singularity solution to fermi paradox

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olaf

@zxocw

2 years

the feeling that crypto is all sort of “fake” or made-up or based solely on collective delusion, is really a reflection of the feeling that our current systems are equally made-up and fake. this collective make-believe is core to humanity’s ability to function at global scale

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olaf

@zxocw

2 years

i want to learn more about state-of-the-art-tech-enabled longevity, well-being, and nootropics. what is your stack, what do you swear by? dm if you prefer

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olaf

@zxocw

2 years

“so is crypto just a huge scam?” “or is it the *only thing* that’s NOT a scam??” we rip back and forth between these two versions of reality over and over and it’s why this is the most volatile asset class in human history

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olaf

@zxocw

3 years

stockholm syndrome for the legacy system implicit in every anti-crypto thesis is the belief that fiat money and traditional market structures are efficient, fair, and benefit regular people

Cory Doctorow NONCONSENSUAL BLUE TICK

@doctorow

3 years

I've just read one of the most lucid, wide-ranging, cross-disciplinary critiques of cryptocurrency and blockchain I've yet to encounter. 1/

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olaf

@zxocw

2 years

anyone working on a formal system for a “shill-to-earn” protocol? this seems like a potentially dangerous yet fascinating area

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olaf

@zxocw

3 years

instead of either paying for a product, or investing for a return, many good models in crypto are a combination users come both for the product/experience, and a chance they’ll make money. this is how eg constitution dao can raise money so quickly. it’s both.

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olaf

@zxocw

2 years

software has facilitated unimaginable human coordination. it has replaced brokers & distributors with marketplaces & networks now AI will replace many other types of human labor & business eventually many will wrongly turn against sam dont lose the plot. this is all inevitable

Sam Altman

@sama

2 years

there will be scary moments as we move towards AGI-level systems, and significant disruptions, but the upsides can be so amazing that it’s well worth overcoming the great challenges to get there.

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olaf

@zxocw

1 year

following my conference talk today on synthetic consciousness and paradise engineering, if you want to travel down a deep rabbit hole on transhumanism, here’s the master list of @webmasterdave essays. have fun :)

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olaf

@zxocw

2 years

generalizable bridge protocols are the future. excited to announce our partnership with the @nomadxyz_ team who are making this future a reality

Nomad (⤭⛓🏛)

@nomadxyz_

2 years

gm! We’re excited to announce that we’ve closed our $22M seed round led by @polychain , and with participation from @1kxnetwork , @etherealvc , @hack_vc , and many other amazing funds and angels!

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olaf

@zxocw

2 years

ppl sometimes say crypto feels PvP “wealth transfer to hackers” “dump on followers” you think the tradfi global economy is fair, we all work together, and only good guys win? crypto is also net positive sum game since it’s growing. but everything on earth is PvP (h/t @niraj )

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olaf

@zxocw

2 years

many will say “happiness is relative” meaning no matter how positive/negative our brain state, it eventually becomes normalized. i disagree people have nerve damage or crippling depression which never becomes normal anecdotally we all know ppl permanently above/below the mean

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olaf

@zxocw

3 years

amped to see my long time friend tekin launch @daofive . we will finally see the fund-as-dao experiment run in a principled way that shares profit with not solely LPs, but founders too

tekin

@tekinsalimi

3 years

Very proud to announce the launch of dao5 ( @daofive ); an experimental seed stage crypto fund that will convert into a founder-owned DAO.

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olaf

@zxocw

3 years

space is not the final frontier imo the mind is

Interview Magazine

@InterviewMag

3 years

From our March Issue: #OlafCarlsonWee , founder of @polychaincap , talks to his fellow transhumanist @webmasterdave about the future of finance and the end of all suffering.

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olaf

@zxocw

2 years

stumbled across a 2019 presentation i gave at @danboneh ’s cryptocurrency course. interesting to see a time capsule of that era, and that most of the foundational ideas still apply:

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olaf

@zxocw

2 years

property ownership, legal contracts, governments, and money are all human-created social concepts they are sociological, not scientific crypto technologies disrupt these foundational social constructs, and replace them with equally “imagined” constructs

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olaf

@zxocw

2 years

i am thinking hard about designing new systems to create original cinema and support independent artists. i am hopeful that others with crypto wealth will work on this with me

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olaf

@zxocw

2 years

“once you stick around a little bit, you realize you're part of this insanely complicated machine that nobody is in charge of, and software that nobody controls is governing everyone's incentives. it's this unstoppable vortex that you've been sucked into.”

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olaf

@zxocw

2 years

the mt gox bitcoins have been trapped in a kafka-esque japanese bankrupcy procedure for so long that i dont even remember how many coins i had on there anymore

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olaf

@zxocw

2 years

we often understand programmable incentive protocols abstractly, but it’s wild to think about its effect narrowly on your own life. you are one of the actors being manipulated by the software system quote is from a recent podcast:

Crypto for Institutions 2: The Future of Crypto - Capital Allocators with Ted Seides

Podcast div]:overflow-hidden group-[.filter-results-wrapper.list-view]:grid-rows-[0fr] [&>div>div]:p-[20px]”> Crypto for Institutions 2: The Future of Crypto With: Olaf Carlson-Wee Crypto Manager...

www.capitalallocators.com

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olaf

@zxocw

2 years

even bad venture investors made a lot of money on crypto if they timed it approximately right i don’t think that will be the case in the AI landscape

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@zxocw

2 years

“that’s when you start to realize that protocol incentives are guiding your *personal* behavior. it’s sort of like, wow, how did i really get here? and you realize that a protocol that's running autonomous software is creating incentives that lead to *you* being here.”

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olaf

@zxocw

2 years

data is the primary asset to make a good AI model. big tech companies have a natural oligopoly on data plus these companies already have distribution. AI models can be seamlessly integrated into existing legacy tech products that already have a billion+ users

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olaf

@zxocw

2 years

“you're part of this unstoppable machine that is way bigger, and heavier, and more unpredictable and complex than anyone on Earth can comprehend.”

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olaf

@zxocw

2 years

feels like a product that is google search augmented by AI-based “I Feel Lucky” to take you straight to the exact content you’re looking for, could genuinely be meaningfully better, and end up replacing google search

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@zxocw

2 years

we need a dozen iterations of “lobby dao” that crowdfunds government education of crypto does anyone have a mechanism for this where contributors could end up making money on their contribution? for example constitutionDAO did this well through the $people token

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olaf

@zxocw

1 year

yes 👍

William Shatner

@WilliamShatner

1 year

Hello @zxocw I know you are speaking early afternoon on Thursday at Consensus. Would you be around after for a quick hello?

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olaf

@zxocw

2 years

@rleshner really good acid and fasting

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@zxocw

1 year

what is the difference between playing a crypto-embedded video game and working a job? these lines blur over time

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@zxocw

2 years

@RaymondDurk launch FTT, SRM, OXY and MAPS with low float, keep vast majority on balance sheet, do the market making to set their price, then mark-to-market internal books. eazy money

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@zxocw

2 years

independent stakers must commit to sacrificing USDC, tether, and exchange listings to protect ethereum neutrality

Mutual assured destruction - Wikipedia

en.m.wikipedia.org

Eric Wall | BIP-420😺

@ercwl

2 years

it’s impossible to reach distributed global consensus in a system if validators can only attest to OFAC-compliant chaintips in the US and only CCP-compliant chaintips in China Wake up, Neo. neutrality is the only option one of these chains has a future. the other, does not

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@zxocw

3 years

this is also why people will pay so much more for a casino experience than a themepark experience. both are fun, but one might make you money

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olaf

@zxocw

2 years

@ngolo_v i have many good investments i dont stress over those i miss

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@zxocw

1 year

this may take a couple generations but long term, customers will choose the better wealth preservation product are you ready for it anon?

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olaf

@zxocw

2 years

@ercwl the irony is that the stated goal of SEC regs is to protect investors, but as a result of compliance we have significantly worse designs for retail investors than we did 5 years ago (eg ethereum, cosmos, tezos)

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@zxocw

2 years

posted this a few weeks before chatgpt launched and it has already replaced google search for me in most cases

olaf

@zxocw

2 years

feels like a product that is google search augmented by AI-based “I Feel Lucky” to take you straight to the exact content you’re looking for, could genuinely be meaningfully better, and end up replacing google search

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@zxocw

3 years

in the long run the L1s launched separate from an existing chain, and L2s launched around one specific chain, converge to both being sovereign chains which compete for application developers, app users, and speculators the difference is mostly bridge UX

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olaf

@zxocw

3 years

majority in either PoS or PoW can arbitrarily freeze funds only difference is majority is defined by stake instead of hashrate (both of which can be bought) does he know how PoW works?

nic carter

@nic__carter

3 years

(reading swift headlines) so shareholder governed financial cooperatives can just delete member funds arbitrarily, based on the desires of the largest stakeholders? incredible. my tokenholder governed Proof of Stake system will fix this

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