Writing

Essays and notes on the commercial side of AI, Bitcoin, and frontier technology.

The catalog isn't the market

Registries indexed 100,000+ agents. Developers still use Google to find MCP servers. The catalog problem got solved. The discovery problem didn't.

The limit isn't reasoning. It's reach.

Agent connections are still hand-built. The pieces to fix that exist—but nobody's assembled them yet.

The CLI is the new API

SaaS companies are shipping CLIs built for agents, not developers. The CLI is the new line between connected and irrelevant.

The real tokenomics

The seat was both the pricing unit and the moat. When agents do the work, both collapse. Companies that haven't moved are watching their multiples compress.

Too big to fail, again

AI concentration risk mirrors too big to fail banking. When OpenAI or Anthropic go down, companies that replaced staff with AI pipelines lose all capacity.

Agents need computers, not compute

AI agents need persistent environments, not ephemeral compute. The cloud abstracted away the machine—agents are buying it back.

Agent-era infrastructure

Every layer of internet infrastructure assumed a human user. Agents break that assumption across compute, discovery, identity, and payments.