Field Notes · 21 Jul 2026
Best explained
Witness encryption could bring covenants and native ZK verification to Bitcoin without requiring a soft fork, by applying a category of advanced cryptography currently considered theoretical.
By the numbers
Token count processed per day projected to increase 20x to 100x by end of next year, per Lin Qiao.
New today — Evidence added
Jonathan Thomas explains how NeoCloud companies create a circular AI financing loop, with Nvidia financially backstopping GPU purchases by firms whose backing capital may itself be contingent or sourced indirectly from Nvidia.
Jonathan ThomasNew today — Sharp calls
Fred Turner on Curative's internal vibe-coded CRM replacing Salesforce at $600k per year.
Fred TurnerAlex Hormozi on scalability advice given to broke early-stage founders.
Alex HormoziApollo's insurance entities have a real capital of only $4-6 billion, far below the stated statutory capital of $20-30 billion.
Nick NemethLin Qiao on AI startups scaling into bankruptcy despite having paying customers.
Lin QiaoNew today — Useful context
Luis Laboy on why every market is now an emerging market.
Luis LaboyTool watch
Fireworks AI is pursuing at least a doubling of ARR by end of 2026 and is building around a zero-KLD quality standard for inference, positioning it as a production-grade inference platform for enterprise AI.
Worth quoting
“We're spending half a trillion dollars more than we're taking in.”Rory O'Driscoll
“I would say something like 70% chance that this goes horribly wrong like human extinction.”Dario Amodei
“We've not been able to discover a single psychiatric condition in which sleep is normal.”Matt Walker
“Every good AI is good in the same way. Every rogue AI is rogue in its own way.”David Dalrymple
“From Bitcoin's code perspective, it didn't bend the knee. The institutions bent the knee to bring Bitcoin into it.”Dan Held
“We were the fastest robot from zero to launch in three years and we've only spent about 15 million total.”Nick Damiano