How Claude Found Zcash's Counterfeiting Bug

The other thing that's been weighing on crypto that we probably should be talking about is this idiosyncratic challenge around security. So we saw it with Zcash, and we've heard about it with Quantum and Bitcoin. And the fact of the matter is, is that right now, as AI tools from, to your point, are coming online, they're discovering vulnerabilities, like really terrible vulnerabilities. We saw that with Zcash.
But here's the good news, is that this idea of vulnerabilities existing in code is going to be relegated to history at some point, because as we fix them, they're going to get solved. The foundation will be much, much stronger than it ever was. I think AI is actually going to help security, more than hurt security through that vector of attack. Now, we have another problem. It's called social engineering. And I think social engineers actually get much, much tougher because deepfakes, social graphing. And so I think that's going to be the bigger challenge. But the good news for deep eyes, I think we're going to be much stronger as we go through it, I think. But we're in this max uncertainty point for the next few months. As issues are being discovered, vulnerabilities being discovered, they're getting patched. There's just like cat and mouse game. Generally feeling pretty good about the medium term. Now, on the social graphing vulnerability, how do you deal with that?
We're old, we've been in the Internet for a while. I think at some point, we're going to have to just turn over the keys, not the crypto keys, don't do that, but the proverbial keys to the car to these agents. Any of the agents are going to be probably a lot more thoughtful about fighting off this social graphing. I'm sorry, this social engineering that our administrators are very good at. That's also really contributing to some of the challenges that we're seeing in crypto. It also helps with the emergence of intermediaries more, and intermediaries who are saying, guys, DeFi is a little dangerous right now. Leave it over to me. I'll take care of all of your vulnerabilities. I'm the throat you can choke. That's another reason why maybe ETFs versus going native DeFi right now is having a moment. Again, medium term, I think those DeFi issues are going to be in a much better spot. Yes, sir. Question for you both. So let's say there's a tactical opportunity around Bitcoin for all the reasons we've discussed above. Despite that, why wouldn't someone position around Hyperliquid anyway? By the dip in a high momentum asset in a momentum asset class?
I was going to say you're kind of getting to something we've been chatting sort of circles around for a while, which is a sectoral rotation in crypto overall. Because let me actually take that two different ways here. One, I agree with you, Hyperliquid is probably one of the most investible tokens out there right now. If we're leaving like Bitcoin, you have a project that's generating fees. The team uses them for buybacks. It's grabbing significant headlines. We've talked about it on here repeatedly. Like Hyperliquid for some definition of business is a very real business, right? And there's a lot going on there. On the other hand, at the same time, we have like Cardano, which has very few users. The founder is basically giving up on a live stream and like bouncing out of the thing. And everybody is now exiting stage left. I think we're hitting this scissor moment with crypto, where you've been around long enough. The regulators are no longer constantly attacking you. If you're not building things or delivering, what is your purpose for existing? And I think what we're really seeing is the scissoring away of many things that need to be left for dead and where we can move onwards and away from ideas or ecosystems that didn't work. But reinforcement, as Chris said, in a bear market, you get builders who start doing things of projects that might actually bring value forward. And so to me, it's part of a rotation story. Complicated situations are like Zcash, which we could get into a little more in a minute. But like Chris, what was your point? As you say, as you say rotation, are we talking alt season, fellas? Is that what we're talking about? We see a ton of Bitcoin dominance for the last months. But is that what you're talking about, Austin?
Yeah, I am specifically saying, I do not think there is a uniform alt season anymore. I think there will be significant dispersion within alts. File an agreement there. It's about fundamentals. What are the themes that are really emerging right now? Intersection of crypto and AI. One may be founded by Ram's favorite founder. We could talk about later. I'm sure he'll bring it up. You mean Cathie Wood or someone?