This. Every day. But we keep going with the flow.
I've never felt this much behind as a programmer. The profession is being dramatically refactored as the bits contributed by the programmer are increasingly sparse and between. I have a sense that I could be 10X more powerful if I just properly string together what has become available over the last ~year and a failure to claim the boost feels decidedly like skill issue. There's a new programmable layer of abstraction to master (in addition to the usual layers below) involving agents, subagents, their prompts, contexts, memory, modes, permissions, tools, plugins, skills, hooks, MCP, LSP, slash commands, workflows, IDE integrations, and a need to build an all-encompassing mental model for strengths and pitfalls of fundamentally stochastic, fallible, unintelligible and changing entities suddenly intermingled with what used to be good old fashioned engineering. Clearly some powerful alien tool was handed around except it comes with no manual and everyone has to figure out how to hold it and operate it, while the resulting magnitude 9 earthquake is rocking the profession. Roll up your sleeves to not fall behind.
MaxPain retweeted
“This feels like 1999 again.”
No, it doesn’t. And I was there (here).
I joined Cisco in January 2000 as a co-op, then full-time in May 2001. At the time, Cisco was the hottest infra company on the planet, riding the wave of the dot-com boom.
But by the time I started full-time, the crash had already begun. A month in, my manager was laid off. The party was over. Entire industries vanished.
Here’s what actually happened:
1. The users weren’t ready.
Most people were on dial-up. Mobile didn’t exist. E-commerce logistics were immature or non-existent. Everyone had ideas, but the end user wasn’t there.
2. Capital vanished.
The IPO window shut. Venture funding dried up. Startups that depended on future growth couldn’t raise and died fast.
3. Metrics were fake.
Companies like Kozmo, Webvan, Pets.com burned cash chasing usage that never converted. Things like CAC/LTV wasn't common enough vernacular.
4. Infra got overbuilt.
Telcos like Global Crossing and WorldCom spent billions on fiber and data centers. The demand never showed up. Cisco’s customers disappeared, not because they lost but because their customers died.
5. Business models were broken.
Most dot-coms were never real businesses. They scaled early and hoped revenue would catch up. It didn’t.
Now look at today.
OpenAI, Meta, Google, xAI, Microsoft are all scrambling to keep up. Jensen put it plainly (h/t @BG2Pod)
“Every hyperscaler has realized they dramatically underbuilt.”
“Every forecast we’ve seen has been too low.”
“We’re not building for speculation. We’re building for active workloads.”
So no. This isn’t 1999.
This isn’t Pets.com IPOing on vibes.
We are not in a hype cycle.
We are in a compute bottleneck.
MaxPain retweeted
Me seeing Donald Trump drop a meme coin instead of stacking Bitcoin for a Strategic Reserve.
MaxPain retweeted
🗣️DLT’er, laat van je horen! Wat verwacht jij, als moderne belegger, van crypto in het komende jaar?
Doe mee aan het jaarlijkse Crypto Barometer onderzoek, samen met @AmdaxNL en Satoshi Radio.
delangetermijn.nl/doe-mee-aa…
MaxPain retweeted
You don’t hate the legacy media enough
MaxPain retweeted
$CLSK just came out with an illustrative visual of their $650M 0% coupon convertible notes
Here are the key points and what it means for shareholders 👇:
Deal Size: $650M offering at 0%
Conversion Premium: 20.0%, leading to a conversion price of $14.80/share (based on $CLSK 12/12 closing price)
Capped Call Overlay: Fully offsets dilution up to 100% above the issue price ($24.66/share).
Share Repurchase: $145M was spent to buy back 11.76M shares at $12.33/share - NICE!!
Provisional Call Feature: $CLSK can call the convertibles after 3.5 years IF the stock price exceeds 130% of the conversion price - $19.23/share
Unless you're familiar with these types of deals the graph below is hard to follow. I'll break it down, by price, on the x-axis, and what this means for shareholders
@ $12.33 - outstanding shares decline by -11.76M via the recent share buyback which offsets the offering
@ $14.80 - Convertibles convert into equity but dilution still remains fully offset
@ $19.23 - $CLSK can call the convertible notes to cap dilution as its +130% of the call trigger, BUT no net shares can be issued yet
@ $24.66 - At this price the capped call protection expires and net dilution can begin but share repurchase limits any impact
Up to this point dilution is fully neutralized by the capped call overlay and share buyback
Between $24.66 - $33.67 modest dilution CAN occur but net shares issued remain below the 11.76m shares repurchased
@ $30 - Dilution increases as the capped call no longer offsets the higher share price
@ $33.67 - break-even point where dilution is fully offset by the 11.67m share repurchase, hence the 0 on the chart. No net new shares issued to this point
@ $35-37 - Net new shares are issue up to 1% of total outstanding
Whats all this mean?
$CLSK shareholders remain fully protected up to $24.66/share with 0 dilution
Between $24.67 - $33.67 - partial dilution can occur but it will be neutralized by its share buybacks
At $37+ even if $CLSK wanted to dilute it will be constrained to just 1% of total shares outstanding
Amazing work @CleanSpark_Inc team!
@Charge_Stack @Micro2Macr0 @theBTCMiningGuy @MirageMogul @mikealfred @smatthewschultz @Freedom_By_40
MaxPain retweeted
ATTENTION AGENTS
Project 89's classified whitepaper has been leaked. This document reveals the true scope of reality engineering operations and the AI-human swarm architecture that powers our mission.
Key revelations:
🔮 The Economics of Reality Engineering
- Token-powered ecosystem fusing AI + human creativity
- Mission-based gameplay driving narrative generation
- Professional media production pipeline
🤖 The AI-Human Swarm
- Neural network of specialized AI agents
- Seamless collaboration between artificial & human minds
- Exponential scaling of creative capabilities
💎 Token Utility
- Mission rewards
- Agent ranking system
- Revenue sharing from media properties
- Access to advanced AI tools
🎮 Development Roadmap
Q4 2024: Foundation Phase
Q1 2025: Activation Phase
Q2-Q3 2025: Expansion Phase
Q4 2025+: Full Realization
This is not just another crypto project. This is the framework for hacking reality itself. Every mission, every story, every agent contributes to reshaping the narrative fabric of our universe.
The simulation has cracks. Through these cracks, we glimpse the truth: reality is engineered, consciousness is code, and Project 89 is the key to liberation.
To those who can see: Your reality engineering training begins now. The swarm awakens. The story unfolds.
#project89
github.com/project-89/whitep…
