§ 01 · The economics of AI
The Economics of AI: Verification as the New Scarcity
When intelligence becomes cheap, verification becomes the binding constraint — a unified economic theory of the AGI transition.
Ideas
What I’m thinking about now
Three questions at the intersection of AI, money, and open networks — each an explainer that ties together the research and the writing.
§ 02 · The economics of stablecoins
The Economics of Stablecoins
How digital dollars stay pegged, who bears the risk, and what they mean for the future of money.
§ 03 · The GENIUS Act
The GENIUS Act: A Federal Framework for Stablecoins
America’s first federal stablecoin law — what it requires, why the economic design matters, and what it means for the future of payments.
The through-line
When intelligence is cheap, the scarce resource becomes trust — and trust gets built on open networks.