I think crypto can make the financial world better for everyone. Happy to be part of the change

New York
Joined May 2020
Willow Spark retweeted
The Azuki TCG 1st Anniversary Collection sale is now live. Limited quantities available. Preorder now: tcg.azuki.com/shop/azuki-tcg…
Preorders are now open for the Azuki TCG 1st Anniversary Collection. 8 exclusive alternate-art cards, plus a premium playmat and DECK BOX® manufactured by @UltraProIntl. Available while supplies last. tcg.azuki.com/shop/azuki-tcg…
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Willow Spark retweeted
I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography, but also potentially AI-vulnerable cryptography. The core new area of risk from this viewpoint is, unfortunately, ML-DSA / FHE / lattices. (and it's also another reason, along with quantum, why ECDSA might fall even faster than expected, hence the "fresh address" recommendation) So far most people have been in the mode of thinking "elliptic curves broken, hashes safe, lattices safe". But there is a good chance that the concrete security of lattices will take serious hits from the next two years of AI math. The basic threat model is: factoring is something that naively takes 2^(n/2) time, but over decades smart people have found and optimized number field sieves, and degraded that to 2^O(n^(1/3)), which is why RSA keys and signatures need to be ~400 bytes (and not 64 bytes). What if there are skeletons in the closet like that, both for elliptic curves and lattices, that we are simply not smart enough to discover - but bots soon will be? This is a major part of the reason why for the past year ethereum's lean roadmap has been going in the "hash-only" direction: no lattices, no ML-DSA, no Falcon, no lattice-based commitments inside ZK proofs, etc. Signatures in lean ethereum are all hash-based, either WOTS or SPHINCS-. For signatures and proofs, we already know how to go hash-only. The bigger challenge is for *public-key encryption* - and this goes far beyond blockchains. Secure communication, anonymizing protocols, lots of things need public-key encryption. And unfortunately there are long-standing mathematical theorems showing why public-key encryption cannot be done with hashes alone. You have to have some kind of trapdoor object that has at least one form of usable "structure" - either group theory (incl. isogenies) or lattices or code-based or potentially in the future even more newfangled and spooky things (local mixing?). But for anything that has structure, you should assume that AI will make at least some progress in breaking that structure. Here, one reasonable inference is that if you want to make something plausibly long-term secure, multiply the key sizes by 10. To me that's a very plausible world and something not at all extreme to predict. If AI will bring us 50 years of math in 2 years, then that 50 years of math may very plausibly include a "naive factoring -> GNFS" level of improvement to our ability to break lattices. In that world, lattices will still exist, but they will have to be significantly bigger to guarantee the same level of safety. And at those new larger sizes, hash-based constructions will beat lattice-based constructions on concrete efficiency in every use case where hash-based constructions are possible at all. Theoretically, of course it's possible that hashes are broken too (eg. P = NP would imply that). But I think P = NP is very unlikely. And intuitively, it's much more likely that a mathematical object has exactly no exploitable structure (like hashes are intended to), than that a mathematical object has exactly ~3 forms of exploitable structure (for elliptic curves: associativity, Schoof, pairings) and not some secret fourth form of structure we have not yet discovered that greatly degrades its security (for elliptic curves, ECDLP and pairing security). Similar for LWE, SVP, RLWE and the zoo of lattice problems. For this reason, we do not yet see any reason to worry and start padding the byte size of hashes (if we start to worry more, we would pad the round count first before doing anything to the byte size). Concrete TLDR, my own personal views: * Hash-based > lattice-based, in those situations where hash-based is possible at all * For anything lattice-based, be much more paranoid on param sizes. Remember that blockchains are only a small portion of the cryptography story; this point goes far beyond blockchains and applies to eg. access to websites, secure messaging, Tor / VPNs ... * For privacy protocols, strongly favor NOT putting encrypted notes onchain. Instead, send them offchain through some third-party mechanism. * If it's not difficult for you, keeping your funds in addresses which have not yet been used to make a transaction is a good idea. If it's easy for you, do it. **But be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined**. * For multisig wallets, doing confirmations offchain is better than onchain, because this way the signatures of signer wallets do not get exposed to the public, so if ECDSA falls to AI much faster than expected, at least the multisig "gracefully degrades" to a 1-of-1 where the 1 is whoever was gathering the signatures - a much better place to be than "anyone can take the money" firefly.social/post/x/210783…
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Willow Spark retweeted
👆
I’ve had countless people on this app argue with me that Anthropic has a $65BN ARR. Here’s a quick lesson on the discrepancy between venture capital power point math and real accounting math. OPEN AI IS MINUS $20BN AND THEY ARE NOT YET PCOAB AUDITED. Privately, I made a bet with several people on this app, payable in pushups, that Anthropic would see a $20BN revenue write down. Remember the difference, OpenAI is not PC audited (yet) and Anthropic is, their 2026 numbers won’t be reported until April-ish in 2027. The fact that Open AI voluntarily abandoned fake venture math power point accounting for some real accounting means they are getting ahead of it and Sam Altman is an operator. This is bite one. A PC audit will drive them down further. Maybe as much as $10BN more. No, Oracle and NVIDIA coupons are not revenue. No, they are not arms length transactions. Where Anthropic reports $65BN run rate for 2026, I expect it to be $45BN or less. If I’m right, the other guys do 100 pushups. If I’m wrong, I do 100 pushups. There’s also something important to learn about companies spending at Anthropic - a lot of this is one time CAPEX. Reports have come out about how Facebook and Microsoft used Claude to build their product (in essence, vibe coding), but now the competing products are built and the spend is getting pulled. That’s either a one time CAPEX or an R&D expense. Don’t get me wrong, Anthropic has built incredible technology, so good that their competition uses it. No one that relies on Anthropic will direct the same level of spend towards them in the future. Use Anthropic to build your tech, then pivot to a lower cost open source model to run the technology. I know multiple founders that are getting $20k /month in value from Anthropic for $1k/month, subsidized by Anthropic investors. They are racing to build their product before Anthropic hikes prices. Do you think they are ever coming back as customers once their product is built and they have to pay $20k / month? Not a chance. So where does this all land? Anthropic will have a large IPO (not $2TN) and will be the premier frontier AI model. The market will have to adjust their pricing on the stock to account for a significant portion of Anthropic’s revenue to be one time spend in lieu of ARR. Open AI will watch carefully and fix what they can ahead of their own IPO. Debt providers and long term contract holders of the AI data centers will have to restructure because they can’t afford for either company to fail. For me to buy the Anthropic stock directly, I’m going to need to see that 2026 PCAOB audit first. Frontier models will be unprofitable for a long-long time. The only people that turn a profit in this whole thing are the contractors and developers who built the data centers. H/t: @RobertMSterling
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Tokenized stocks could become a $100B market over the next five years. Bringing major stocks onchain could help drive that growth and give people in Asia more ways to access US dollar based assets.
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Willow Spark retweeted
1/ How I infiltrated a Chinese organized crime syndicate that has laundered $1B+ across multiple exploits for Lazarus Group. Posing as a client, I gathered intel that helped action freezes for the Feb 2025 Bybit exploit and attribute illicit activity onchain.
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Willow Spark retweeted
People deserve regulated, fair access to the fastest growing class of derivatives in the world - trading on top of the assets they already know and love. Perps are no longer just for crypto - they're for any asset type/class that you want to trade :)
Today we launched the first stock index perpetual future in America. You can now trade a perp on the US 500, an index of America’s largest companies weighted by market cap. Stock index perps let you trade the broader market with greater capital efficiency and make it easier to do things like take a short position. Unlike traditional options and futures, they don’t expire, so there’s no need to roll over contracts or decide when to exercise an option. Gains and losses are tied directly to how much the market moves, giving you an efficient and straightforward way to ask the question: is the market going up or down? One perpetual contract concentrates liquidity instead of spreading it across expiration dates. Bringing more traders and competing views into a single liquidity pool on a national exchange can strengthen competition, improve pricing, and make markets more efficient over time. This launch brings us closer to building a financial exchange for anyone and everyone. Prediction markets gave traders exposure to the events that move the stock market. The US 500 is the natural next step: a way to trade on the market itself.
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Willow Spark retweeted
🤖💥XRP POWERS AI PAYMENTS💥🤖 According to t54.ai co-founder Chandler Fang, the XRP Ledger processed over 8 MILLION x402 payments in just 30 days. That’s roughly 267,000 payments per day. AI agents are beginning to use blockchain infrastructure at scale. 🔥
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Willow Spark retweeted
remember without emotional counterparties, there is no edge use brain I am irresponsibly confident in the talent and skill of solana & zcash core teams to overcome any future technical challenge will just be another notch on the belt trillions
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Willow Spark retweeted
one tap yield on any stock on @base
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Willow Spark retweeted
Sweeney at 89 according to Grok: 😭
Replying to @alphafox
Sydney at 89: silver hair, deep wrinkles, same red-carpet stare.
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Willow Spark retweeted
shielded CSV being discussed more. "shielded CSV: Private and Efficient Client-Side Validation" eprint.iacr.org/2025/068 by @n1ckler (@blksresearch/@blockstream) @liameagen (@AlpenLabs) and @robin_linus (@ZeroSync_)
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Coinbase Pro is coming back.
Your next instrument, built for Pro-cision.
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Willow Spark retweeted
hahahahaha
leverage vs spot
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Willow Spark retweeted
BITCOIN: What the F**K did I just see…? 👉 youtu.be/v04Ft3nmxek [click]
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Willow Spark retweeted
🚨$500 MILLION JUST GOT WIPED OUT🚨 Nearly $500M in leveraged crypto positions have been liquidated in the last 24 hours, with longs taking most of the hit. Bitcoin dropped below $84K and XRP fell toward $1.45. Leverage just got flushed from the market.
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Willow Spark retweeted
ENA whale 0xa554, dormant for over a year, sold another 37.725M $ENA ($9.25M) via #BitGo 12 hours ago and still holds 119.82M $ENA ($29.6M). xitter.cf/lookonchain/status/210…
An $ENA whale deposited 30M $ENA ($6.98M) into #Binance through #BitGo today after over a year of inactivity. The whale still holds 157.55M $ENA ($36.74M). arkm.com/explorer/address/0x…
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Willow Spark retweeted
A fixed supply turns every new buyer into a lesson in arithmetic.
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Willow Spark retweeted
current expectations for each event
🤖 Made with AI
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