Ideas — what I’m thinking about now
Three questions at the intersection of AI, money, and open networks
The economics of AI
When AI can do more than we can check
The price of producing a plausible answer is collapsing. The price of knowing whether it is right is not. That gap will reshape careers, companies, investment, and policy.
Read the explainer →
The economics of stablecoins
The trillion-dollar battle for money's operating system
Stablecoins are a platform war over the rails of the global economy. The technology matters less than the strategy: issuance is commoditizing, distribution decides the winners, and the endgame is an open standard the whole ecosystem shares.
Read the explainer →
The GENIUS Act
Stablecoins grew up — and agents are the next users
Issuance is becoming a commodity; the advantage is distribution. With the GENIUS Act setting reserve and redemption guardrails, the open question shifts to infrastructure for AI agents: portable identity, programmable payments, verifiable trust.
Read the explainer →
The through-line
When intelligence is cheap, the scarce resource becomes verification.