alexander good

AI may accelerate surveillance state onset, causing capital to flee to privacy-preserving assets. Zcash benefits from this 'doom thesis' — EU failed to kill Monero, Tornado Cash rulings gave regulatory clarity to privacy tech like Railgun (used by Vitalik). Privacy coins are the hedge against AI-enabled financial surveillance.

Bitcoin lacks privacy; privacy coins (Monero, Zcash, Railgun) gaining adoption after Tornado Cash rulings provided clarity. Michael Saylor's convertible instruments have concentrated Bitcoin ownership and liquidity, and MicroStrategy's equity situation plus STRC drop are structurally driving Bitcoin down. Hard to see reversal.

Pearl (backed by Thrive, Israeli team, Together AI partnership) uses deterministic GPU computing (SG Lang paper) for 'useful proof of work' — miners subsidize inference (Gemma on Together AI at 25% discount). Architecture-level shift from stake-based networks (Render, Bittensor) to GPU-secured proof-of-work. Ambient (a16z-backed) doing similar verified inference.

Coinbase facing substantial sequential revenue deceleration while market rotates into AI infrastructure names (HPE) instead of crypto assets (Solana). NYSE's 2013 Series A investment validated Coinbase but thesis of institutional programmable finance was wrong — retail adopted first.

Thesis that AI would make game creation easier and boost Roblox has failed — stock down 50% in six months. Generative AI gaming not yet affordable at scale ($6/session cost), but will improve as AI costs decline. Take-Two and Nintendo also down despite new game cycles.

AI tools (Claude Opus 4.8) engage deeply with complex earnings calls (ASML, HPE) that humans find boring, surfacing esoteric bottlenecks. This drives retail interest in previously ignored infrastructure stocks (HPE, Micron, SanDisk, Intel) — market composition shifting from consumer/meme stocks to complex B2B AI infrastructure plays.