I hate to rain on everyone’s parade, because I really do believe in tokenizing financial securities on general purpose blockchains. But these stats everyone keeps posting about massive onchain stock volume deserve context. The *vast* majority of onchain stock volume is coming from a handful of AMM pools with swap fees essentially set to zero. That makes it dirt cheap to trade, despite these pools having <$1mn of liquidity. Within these pools, 95%+ of the volume is coming from around 10 bots that just flip a small position back and forth again and again Again, not trying to say onchain equities aren’t a very important development. But any time you see a chart like this for any sort of metric in crypto you should drill down into the data. Almost all crypto stats don’t mean what you think they mean at first glance

Basically the attacker created a bunch of “fake wrapper” that mint-wrapped real tokens like WETH/USDC/USDT. Jared was boiled like a frog. Juicy arbitrages on real pools with the fake wrappers. Jared started small to test the waters, made money, things looked safe, then scaled up

Like we have 50+ years of science on how human children, and how their parents and caregivers teach them. We know humans are way more “sample efficient” than current LLMs. E.g. children seem to acquire language and basic facts with orders of magnitude less data than what goes into large model pretraining. I’m not saying that everything will carry over. But I do think AI researchers should pay more attention to how toddlers actually learn

1/ Very rough and speculative sketch of what I increasingly think happened at FTX as more info comes out… The central question is where did the money go? Yes malfeasance and fraud is necessary, but at one point in the cycle cash actually has to go out the door