potatoš„| upcoming #1 web3 operator | angel investor
Dubai/Digital Nomad
Joined November 2021
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OH: There are a lot of P = NP doomers out there.. but personally, I am more comfortable about not fully understanding why transformers work if P = NP
e.g. Transformers learn poly-time reductions on the fly ā makes more sense than the Kolmogorov complexity slop I've seen lately
@web3_lord retweeted
I used to be the person companies called after they got hacked.
And I noticed something early on.
The hack almost never sank them. The cover-up did.
Every time, the teamās instinct was the same: wait until we know more, wait until we're sure, wait until we have the perfect statement, etc.
And some of the biggest companies in the world have learned what that waiting costs.
In 2016, Uber got hacked. Instead of telling anyone, it paid the hackers $100K to delete the data and stay quiet, and labeled it a bug bounty. The truth came out a year later. Uber paid $148M to settle with all 50 states, and its former security chief was criminally convicted.
That same year, Yahoo revealed that a 2014 breach had exposed 500M accounts. The news landed in the middle of Verizon buying the company. Verizon cut $350M off the price.
And in 2017, Equifax discovered a breach affecting over 140M Americans, then waited 40 days to tell the public. During that window, an executive who'd figured out what happened sold nearly $1M in stock. He went to prison for insider trading.
Meanwhile, hackers don't wait. They post your data. They email your customers directly. And when customers hear it from a stranger first, that trust is gone for good.
Telling customers early doesn't mean admitting fault. It can be as simple as: "We found suspicious activity. We're investigating. Here's what you should do right now. We'll update you as we learn more."
On Tuesday, I'm sharing the exact framework I'd use to write that email if I were in your shoes. Follow and turn on notifications so it's there when you need it.
Customers will forgive you for getting hacked. Most of them expect it by now.
What they won't forgive is finding out you knew and said nothing.
potato was forced to buy Yubikey to access OpenAIās Trusted Access for Cyber (TAC) program, lol.
potato is very bullish on Yubico AB from first principle, which has a market cap of just $1 billion USD. [listed on Nasdaq Stockholm]
^good coherent investment thesis:
xitter.gq/mert/status/2114328697ā¦
@web3_lord retweeted
āmarkets contain multiple equilibriaā is the most timeless insight in finance
yet thinkbois insist their strategy is the one true strategy, to shill their book or cope
soros wrote the alchemy of finance in 1987, yet his philosophy remains contrarian nearly 40 years later
Duquesne and PointState alumnus on the biggest lesson he learned:
"The biggest lesson I have learned is there are a million ways to make money in the market. Our careers are going to be 40 or 50-year periods. Munger once said, 'you only need to get rich once.'
Just pick a thing ā it could be a style of investing, it could be a market, it could be a sector, it could be anything. And just more or less devote your life to it.
And I will promise you that in that 50-year career, there's going to be multiple moments where the market and the thing you have become an expert in align."
Beeneet Kothari, Founder, Tekne Capital Management
To learn the story of the Soros / Duquesne coaching tree: newsletter.richardtoad.com/tā¦
@web3_lord retweeted
look the foundational problem with ethereum protocol design is that most of the people designing the protocol don't actually use ethereum themselves. you can't fix the right things if you don't use your own fucking product. you don't have enough skin in the game if you don't personally depend on the system you're designing & stand to lose money when it breaks. i understand, everything looks great from an ivory tower lol. things look very different when you're actually on the ground dealing with the consequences. if you don't use ethereum yourself but still think you're qualified to design its protocol, you're playing god with a system you don't have to live with and whose consequences you don't have to suffer.
@web3_lord retweeted
most people are too overwhelmed with information to actually build something
@web3_lord retweeted
Coinbase ālostā $25m of my firmās a couple years ago. Turned out they were actually covering up massive and repeated hacks. Still wouldnāt return our money. We traced this to at least a dozen other affected firms and over $1b covered up. Thatās all I can say for now as multiple legal processes still ongoing.
@web3_lord retweeted
This blew up more than I expected, since Iāve written about this vaguely before.
I canāt share proof yet since multiple legal processes still unfolding and Coinbase already tried to sue me into silence (unsuccessfully, but I need to be smart about how I fight the 800 pound legal bully.)
Every word Iāve written is true, I have no ulterior motive, nor position long nor short Coinbase or related equity. Iām still heavily long crypto, so if anything, Iād be incentivized to help Coinbase cover this up as many industry leading firms have āfor the good of the industryā, but I wonāt do that. I also think of coinbase as one of the better companies in the industry and have many friends there. No vendetta here. But when the ābestā companies in crypto are funneling billions in customer assets to Lazarus group and lying about it to investors, customers, regulators, and the secret service?
Coinbase has represented to investors and customers (including pensions doing official due diligence) that they were never hacked (at least as of 2 years ago, last I checked). Not only is that radically false, coinbase has shockingly extensive internal documentation of them knowingly āmisleadingā customers and investors about this, deliberately, over time.
I used the word āmisleadingā, but Iām beingā¦gentle. @grok what is the legal term for a financial company inducing customers and investors to give them capital on the basis of deliberately false material financial representations?
For coinbaseā legal team. Iām not going to dare you to sue me again, but Iāll say this. It would be in the interest of the industry and the worldā¦but not your executives for us to go through discovery and air all this out. I encourage you to assert this as libel so we can go through discovery and see if a single word of my writing is untruthful.
just uninstall instagram, tiktok, reddit & youtube anon
chat, is this real? š
asking as an anon who plans to stay single forever to focus on other aspects of life.
