Series · Les Circuits Longs
Legibility Kills What It Measures
What happens when AI makes everything legible? The things that worked because they couldn't be seen clearly may stop working once they can.
Federico Carrone
I grew up in Argentina, where you learn early that money breaks, institutions fail, and the systems people depend on are more fragile than anyone admits. That shaped everything I build now.
Through LambdaClass I build Ethrex, one of the fastest Ethereum clients, a new programming language called Concrete designed around a formally verified kernel, and Lambdaworks, a cryptographic proof library used in production. I built the underwriting engine for Levenue, Europe's largest revenue-based financing platform. I'm helping develop a bank and a payments platform replacing broken financial rails in Latin America. Through Ergodic Group I hold companies across distributed systems, AI, gaming, wine, and culture. This site is where I write about what compounds over time rather than what trends today.
Series · Les Circuits Longs
Dissolution Without Construction
Every previous coordination technology that dissolved a form of selfhood also cultivated the next one. Current algorithmic systems only dissolve. The problem is the speed mismatch.
Start here
- Notes on permanence, time, and ergodicity (the philosophical foundation behind everything else)
- The missing institution of the Internet (why Ethereum matters as infrastructure, not speculation)
- Transforming the Future with ZKPs (the cryptography that makes trustless systems possible)
- The Tail Hedge Debate: Spitznagel Is Right, AQR Is Answering the Wrong Question (the practical portfolio case for convexity)
- At the Core of Finance Lies Geometry. In the End, It’s All Jensen’s Inequality. (the mathematical capstone: compounding, Kelly, Jensen, and survival)
- The Death of the Inner Self (on consciousness, identity, and what technology dissolves)
- Friction as Luxury (why scarcity and difficulty create value)
Latest
Series · Leptokurtic
At the Core of Finance Lies Geometry. In the End, It’s All Jensen’s Inequality.
A 400-year journey through logarithms, Kelly, ergodicity, and tail risk to show why geometry sits at the core of finance and why Jensen's inequality ties the wh…
Series · Leptokurtic
The Tail Hedge Debate: Spitznagel Is Right, AQR Is Answering the Wrong Question
We tested Spitznagel's tail hedging strategy and AQR's critique with 17 years of real SPY options data. AQR's published tests use near-ATM puts in a no-leverage…
Series · Leptokurtic
Detecting Crashes with Fat-Tail Statistics
We built fatcrash, a Rust+Python toolkit with 15 crash detection methods: LPPLS, DFA, EVT, Hill, Kappa, Hurst, GSADF, momentum/reversal, price velocity, and mor…
Series · Leptokurtic
Twenty Centuries of Financial Data: What 240 Countries and 2,000 Years Reveal
We assembled forex-centuries, an open dataset of exchange rates, gold, silver, interest rates, commodity prices, GDP, sovereign debt, and more — 27 sources span…
Series · Les Circuits Longs
Friction as Luxury: What We Lose When AI Gives Us What We Want
The scarcity that matters most in a post AGI world won't be compute or energy. It will be desire itself.
Article
China is trying to commoditize the complement
What happens to the West's services advantage when strong AI models are free, portable, and running on every laptop?
Article
Building a SaaS with Elixir/Phoenix and React
Our stack and practices for building SaaS applications: Elixir on the backend, React on the frontend, Nix for everything else. No Docker. No Kubernetes.
Series · Les Circuits Longs
Unprepared for What’s Coming
Humanity is completely unprepared for what's coming. The pace of AI advancement might give people months to adapt, not decades.
Article
Type Systems: From Generics to Dependent Types
A practical guide through the landscape of type systems, from everyday generics to dependent types that prove correctness, with examples in Rust, Scala, and Idr…
Series · Concrete
The Concrete Programming Language: Systems Programming for Formal Reasoning
Concrete is a systems language proposal built for machine reasoning, aiming to combine low-level performance with formal verification, safety, and expressive de…
Series · Les Circuits Longs
The Death of the Inner Self
Individuality is a coordination technology. It emerged under specific historical conditions, and those conditions are weakening as computation, capital, and aut…
Series · Les Circuits Longs
Notes on permanence, time, and ergodicity
A framework for building institutions that compound under pressure: treat time as information, preserve loop integrity, and focus on domains where repetition im…
Series · Ethereum
The new financial backend of the world
Ethereum is emerging as a neutral financial backend, lowering the cost of global financial services by encoding ownership and obligations in shared infrastructu…
Series · Ethereum
The missing institution of the Internet
The internet scaled information but not ownership institutions; Ethereum addresses this gap by embedding rights, records, and enforcement into programmable econ…
Talk
Ethereum’s Native Rollup Roadmap with Justin Drake
Discussion about Ethereum's native rollup roadmap
Article
Crypto doctrine
Crypto found product-market fit where trust is weakest: inflationary or censored economies, and internet-native communities that need programmable coordination …
Article
Transforming the Future with Zero-Knowledge Proofs, Fully Homomorphic Encryption and new Distributed Systems algorithms
The proving-verification asymmetry in zero-knowledge proofs is what makes them economically meaningful: proving is expensive, verification is cheap, and that ga…