The reason DeepSeek is better is because it's trained on Chinese where a single character can have 6+ meanings. "Better" language is more efficient. Massive drop in demand for H100/200s in comparison to 4090/5090s the past 30 days

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Have been in a bubble most of my life and have for the first time made it an active effort to understand other cultures at a deeper level. A few open and honest conversations with Russians, Israelis, Palestinians, and more and you start to realize how elitist we are as Americans.

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Dropped into Preface for a few meetings in HK yesterday. Started as an edtech platform for enteprise, they have built a 20m usd/y business that combines coffee, project based blockchain coding camps for children, and an app for courses (they already have a full course on deepseek within a week) Partnered with LVMH, Google, Samsung, and others. Gave me similar feels to when I first saw speedrun ethereum on github. Good luck on the financing!

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New liquidity coming in from interesting* places. First harvest and new crops growing up. Large real estate plays, more AAA games studios, lot of waning industries moving 9fig+ capital onchain.

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Small thesis for sports the past two years that has become an SEC compliant ATS system for onchain securities launching next month. Earnings are capped by the odds for traditional sports betting, but certain sports allow for your to own a portion of the market. For instance, consider a horse valued at 300k with 10k shares available at an initial price of $7.50 a share. We own 20% of the total horse and 20% of the shares for the purse of that horse. If that horse races for a Grade 2 and wins, that's 400k, ownership group earns roughly 192k and the 20% ownership cut ends up being 38.4k or $3.07 a share. Winning two of these purses essentially covers my ownership of the horse. In contrast, if I bet on the same horse at 2:1 odds, I'd have to wager 49.6k to earn 19.2k and have the same potential return. Investing in the horse has provided me a long term asset appreciation that has lower risk than betting on the horse. Studding is where the long term value lies and selling the weenlings. Here's Love Tempo.

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Health is wealth, back online

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On the eve of going back stateside, some thoughts of China 1. Excited to see China willing to work with SMEs and to see how much they've built domestically. There are blockchain apps doing 20m revenue that I've never even heard of 2. I believe Chinese studios with western tokenomics will win the onchain gaming market. Hard to compete with hundreds of devs and government stipends 3. Tiktok/Douyin is a cancer but maybe necessary as AI destroys a lot of roles over the next decade. 4. Mobile forward is so important. Wallet tech needs to feel like alipay before major adoption. Not just a wallet, a door into everything else. 5. Speculation is a feature but not a necessary feature. 6. IP is becoming tribal, memecoins are going to be very interesting over the next decade. Modern day cults.

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Impact investment can happen in AI too. Caught up with https://www.curie.co/ today who has had an allstar run after being mentioned by StockX and Tim Cook at WWDC and they focus on one thing, turning images into 3D models using high accuracy. Before them, 3d product rendering was a manual process that was outdated. In numbers -> 1B products x manual effort = $20T in cost to bring to 3D They've been building their systems and on year three have reduced the cost of rendering from $200 in Year 0 to $0.20 with an ultimate goal of $0.002 per product by Year 5. What is the impact of this in numbers? Early data through partners like StockX, Walmart, and Meta show that at scale (3B products), reducing the return rate with better 3D showrooms could reduce up to 2 Billion pounds of waste. Investors have the potential of an exit (acquisition most likely in this case by an ecom giant) but can also feel good knowing this could have a significant impact on the negatives that fast fashion brought in.

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Fully off memes for the near future outside of my own launches the next month. Learned a lot this year through Sam for base and Peter for solana. Market shifting and innovations in stables is more exciting and less risk. Esports needs a few products to funnel money for my dream of owning a league team.

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Slippage on tokens makes me not want to buy them most of the time. Personal note: Went to swap $1000 to $NOUNS and hit a 14% slippage Swapping to $100 brought it to 3% Swapping to $80 brought it to 2% I spent $80 instead of $1000 on the token because of the slippage. I think we should look at adding a bit of liquidity too before we see the next rush of $nouns users cc @noun40 @sams

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NounsTown feels like early ETHDenver to me, an event that has produced a unicorn startup each year. I still remember my first one where I started out learning how to bridge to L2, hiked with random people up redrocks (all Nouns holders too now!), and every dinner was filled with optimism. One special one for me was getting to spend time with these two who have moved on to create monopoly go, the biggest roblox dev firm, and friend. I think we will see a few businesses come from Nouns that will stand the test of time. I'm hoping some of those end up as nouns.gg and meetquack.

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Interesting question for another day, was a big believer in proof of humanity ala gitcoin in 2022 but have wildly changed my views after seeing humans ruin the concept over and over. Quadratic funding is a great concept that was abused by capitalism Like the "non-GMO" take in comments

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Have found renewed interest in exploration of UPS (uninterruptable power supply) After 2 hours (thank you Fidelity team and Rosewawr management for putting up with my dumb questions) I have come to the conclusion that someone could be the Palmer Luckey of energy very shortly. Strong return on investment, needed by everyone, and the math of figuring out the profitability is quite easy. important: 1. Battery lifetime (10y lithium before 80% efficiency) 2. Cost of installation 3. Max energy usage 4. Whether you want to sell back to grid (home renewable energy is a scam to en extent in relation to UPS)

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Very interesting call with @aesopsolo exploring a possible physical space concept for Nouns. I was inspired after seeing what Drew and team have been up to over the past year I am bringing one of Seattle's up and coming pastry chefs onto Warpcast next week. I think it would be a neat experiment to bring some of the concepts together of onchain transactions + seasonal popups. I see the future of this as maybe a physical location / events space, themed under Nouns, but also with an existing franchise such as a HeyTea or a 3CAT that provide an entryway into Nouns for normal customers. I think small grants should be brought back to bring in people who are already talented / have existing revenue streams to try and create nounish communities out of their audiences.

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China launched the testnet of their blockchain and I'm taking a small dive into the first blockchain game. Bullet Party is a UGC focused FPS game where users can create assets and upload them (akin to Roblox or Minecraft) and users can purchase them or mint them for free (depending on the creator)

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