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More →Arthur Hayes Plans to Build Derivatives Around AI Compute
Arthur Hayes published a new essay on October 27 outlining futures and perpetual swaps tied to Flop Network’s proposed compute market, where AI agents would pay for computing power using FLOP. The plan aims to establish a reference price for compute that traders could use to build financial contracts around the resources AI systems consume. In a post on X, Hayes called his essay “The Trifecta” and <a href="https://x.com/CryptoHayes/status/2114857087004201325?s=20" rel="nofollow" target="_blank">described</a> it as a blueprint for entrepreneurs seeking to build derivatives for the AI agent economy. His central idea is that a liquid spot market for computing power could <a href="https://cryptohayes.substack.com/p/the-trifecta" rel="nofollow" target="_blank">provide</a> the pricing benchmark needed for futures and perpetual swaps. The proposed Flop Reference Compute Rate (FRCR) would be calculated hourly using a volume-weighted FLOP price per GigaFLOP of computing capacity. Quarterly futures would settle on the last Friday of March, June, September, and December, with contracts using US dollars for margin and profits. Hayes explained that the dollar-based structure would require a quanto derivative, a contract whose payout uses a different currency from its underlying asset. Because the compute market would be priced in FLOP while traders could prefer dollar-denominated returns, pricing the contract would require an adjustment for the relationship between the FRCR and the FLOP-to-dollar exchange rate. The proposed perpetual swap would use an eight-hour time-weighted average of the difference between its trading price and the FRCR to calculate funding payments. As with crypto perpetuals, traders on the expensive side of the contract would pay those on the cheaper side, depending on the premium. Market makers could recreate futures exposure by buying or supplying Flop Compute Units (FCUs), which represent reserved inference capacity for a specified AI model and delivery time. Hayes’s design also requires suppliers to post FLOP bonds, which they risk losing if they fail to deliver the promised computing work. The derivatives proposal depends on Flop Network first establishing a functioning spot market. Hayes argues that existing indexes tracking chip rental prices and individual AI token prices provide incomplete information because both are derivatives of the underlying cost of computation. Under his design, network blocks would record inference tasks, the computing work completed, and the fees paid to miners. Those receipts would help calculate the exchange rate between FLOP and computing capacity, giving buyers and suppliers a common reference. Hayes <a href="https://cryptopotato.com/arthur-hayes-called-ai-a-bubble-now-hes-launching-an-ai-project/" rel="nofollow" target="_blank">introduced</a> Flop Labs in August 2026, describing its proposed native token FLOP as “food for your AI agent.” In an August 27 explanation, the project <a href="ht
Discord is making public chats searchable on Google: How to opt out
Discord conversations on large public servers will soon reach audiences far beyond their communities, raising privacy concerns. Discord is making a policy change that will make conversations from its largest public servers discoverable in search engines, including Google, raising privacy concerns among users whose conversations were previously confined to the platform. The change applies to Discoverable Servers — communities with at least 1,000 members listed in Discord’s public directory that do not require an invitation to join. From Nov. 16, every Discoverable Server will have a web page that may include summaries of public channel discussions. From mid-December, individual messages posted in eligible channels may appear in web search, Discord<a href="https://discord.com/blog/making-content-from-discoverable-servers-easier-to-discover" rel="nofollow noopener" target="_blank">> <span>said</span></a> Tuesday. Messages posted before the rollout will not be included, while usernames and avatars will be excluded from published messages. Example of an individual message being shown online. Source: <a href="https://discord.com/blog/making-content-from-discoverable-servers-easier-to-discover" rel="nofollow noopener" aria-label="Source: Discord" target="_blank">Discord</a> Discord said the shift of online communities from message boards to its servers had made useful answers harder to find. “This has led to valuable information being locked in Discord conversations, inaccessible to the wider internet. We want to fix this,” the company said. The move has <a href="https://www.reddit.com/r/discordapp/comments/1xgxb68/comment/19rr367kxqlk2/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button" rel="nofollow noopener" target="_blank">><span>drawn</span></a> criticism from users concerned about their conversations reaching an audience outside of their intended community, even if the servers are public in the first place. <em><strong>Related: </strong></em><a href="https://cointelegraph.com/news/starknet-introduces-wallet-privacy-feature-for-defi-activity" target="_blank" rel="nofollow"><span><em><strong>Starknet introduces wallet privacy feature for DeFi activity</strong></em></span></a> Others welcomed the change, saying it could make useful answers easier to find. One user in Discord’s announcement thread <a href="https://www.reddit.com/r/discordapp/comments/1xgxb68/official_megathread_discoverable_servers_are/" rel="nofollow noopener" target="_blank">><span>called</span></a> it “very much necessary,” while another said moving communities from forums to Discord had made their discussions harder to find through search. The change could also affect cryptocurrency communities that use Discord for technical discussions, support and project announcements. Cointelegraph found nearly 800 servers tagged “cryptocurrency,” around 1,400 tagged “trading” and more than 700 tagged “finance” in Discord’s public directory. Disc
This Friday at 16:00 (Beijing time), Deribit will see 135,000 BTC expire.
CoinWorld data: It is expected that this Friday at 16:00 (Beijing time), Deribit will see 135,000 BTC expire, with a notional value of approximately $10.92 billion. The max pain price is $78,000, and the put/call ratio is 0.53.
Ghostty 1.4 released: history limit increased 5x, yet memory usage is lower
CoinWorld news: The Ghostty terminal emulator has released version 1.4.0, developed over 7 months with nearly 2,900 code updates submitted by 172 contributors. The new version raises the history limit from 10MB per terminal to 50MB, and after compression, plain text records can save 70% to 90% of physical memory. Official tests show that when opening 1 visible tab and 20 background tabs, GPU memory usage drops from about 385MiB to 18MiB. The new version also fixes 10 security vulnerabilities, one of which involves kitty graphics commands, where an attacker could trick the terminal into displaying malicious output, causing the program to crash or abnormally consume memory.
Binance Wallet will open the predict.fun token subscription on October 29.
According to CoinWorld news, Binance Wallet will hold the Prime Sale Pre-TGE subscription event for predict.fun tokens from 16:00 to 18:00 on October 29. Eligible users must participate using Binance Alpha points, and specific details and the event page will be announced via the official Binance Wallet X account.
Mitsubishi UFJ analysts noted that the market is still pricing in a relatively aggressive Federal Reserve rate hike path, though the expected duration of the hiking cycle has been extended. The Fed still has room to raise rates in December, but the probability of a hike in 2027 is low, Caixin reported on October 28.
According to a CoinWorld report, Caixin reported on October 28 that MUFG analysts noted the market is still pricing in a relatively aggressive Federal Reserve rate hike path, although the expected duration of the rate hike cycle has been extended. The Fed still has a chance to raise rates in December, but the probability of a rate hike in 2027 is low.
Financial Associated Press, October 28 - French 2-year government bond yield rises 6.2 basis points to 3.7706%.
According to CoinWorld news, Caixin reported on October 28 that the yield on French 2-year government bonds rose 6.2 basis points to 3.7706%.
Russian nuclear submarine test-fires intercontinental ballistic missile underwater.
According to a report from CoinWorld, the Russian Ministry of Defense announced today (October 28) that, in accordance with the combat training plan, the Russian strategic nuclear submarine "Generalissimo Suvorov" conducted a test launch of a "Bulava" intercontinental ballistic missile from underwater in the Sea of Okhotsk. The missile warhead successfully reached the designated area of the target range at the scheduled time. The strategic nuclear submarine "Generalissimo Suvorov" was built by the Northern Shipyard and is a "Borei-A" class strategic nuclear submarine. It entered service in December 2022 and belongs to the Pacific Fleet. It can carry 16 "Bulava" intercontinental ballistic missiles, which can be equipped with nuclear warheads.
Banco Itaú, a Brazilian bank, has been authorized to offer Bitcoin trading services.
According to Bijie.com, Brazil's largest bank, Itaú, has officially registered with the central bank and received approval to provide services to customers.
Foreign Ministry: China is deeply concerned about the continued tensions in the Middle East.
Ministry of Foreign Affairs spokesperson Guo Jiakun said at a regular press conference that China is deeply concerned about the continued tensions in the Middle East, opposes attacks on civilian targets such as civil aviation airports, and calls on relevant parties to resolve disputes through dialogue and negotiation and to help restore peace and tranquility in the Middle East as soon as possible. On the 27th, Yemen's Houthi armed group said it had used ballistic missiles and drones to attack multiple targets in Saudi Arabia, including the Saudi Ministry of Defense and Abha International Airport in southwestern Saudi Arabia.