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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
German consumer confidence deteriorates slightly due to inflation concerns.
CoinWorld news: German consumer confidence edged down slightly on inflation concerns, as rising energy costs triggered by the Iran war continued to weigh on household finances. Data released Wednesday by the Nuremberg Institute for Market Decisions (NIM) and GfK showed that Germany's GfK consumer confidence index for November fell to -30.8 from -30.6 in October. Rolf Buerkl, head of consumer sentiment research at NIM, said that although optimism about the economic outlook is growing among consumers, skepticism still dominates when it comes to personal financial situations. Intensifying inflation worries and weak income prospects are dampening consumers' willingness to make major purchases.
Bank of Thailand: Inflation is expected to rise by early next year, with medium-term inflation expectations remaining within target.
Bank of Thailand: Inflation is expected to rise by early next year, with medium-term inflation expectations remaining within the target range.
Bank of Thailand: Recently issued three consecutive statements.
Banking Circle news: The Bank of Thailand has recently expressed the following views in succession: First, Thailand's economy continues to gain growth momentum driven by the technology and artificial intelligence cycle. Second, the current policy interest rate can support the economy. Third, as market expectations shift toward a further tightening of the U.S. monetary policy outlook, the Thai baht has depreciated against the U.S. dollar.
JPMorgan strategy chief: Gold faces downside risk in the short term, with a rebound expected once the Fed ends tightening.
According to CoinWorld news, Yuxuan Tang, head of Asia rates and FX strategy at JPMorgan Private Bank, said that gold still faces downside risks in the short term due to thin liquidity and limited room for interest rates to rise, with a lack of technical support below $4,000/oz. The Fed is expected to raise rates in December and in the first quarter of 2027, pushing the 10-year U.S. Treasury yield to a peak of 5.25% to 5.5%, and stronger yields will weaken investment interest in gold. Once the Fed ends its tightening policy, gold's appeal as a hedge against economic and policy risks will drive a rebound in prices later next year.
Bank of Thailand keeps key interest rate at 1.00%, as estimated at 1.00%, Caixin News Agency reported on October 28.
CoinWorld news, Cailian Press, October 28: Thailand's central bank kept its key interest rate unchanged at 1.00%, in line with market expectations.
Jefferies: Expects Fed Chair Warsh to focus on credibility
Jefferies analyst Mohit Kumar said in a report that Fed Chair Kevin Warsh's main focus is credibility, rather than trying to lean hawkish or dovish. That is likely also the message we will get today. If there are inflation risks, the Fed will need to act. Jefferies is betting on falling oil prices and forecasts that oil will fall back to $60-65 per barrel in two years. Therefore, it should not be oil prices that determine the medium-term inflation outlook.
Jefferies: Expects Fed Chair Warsh to focus on credibility
Jefferies analyst Mohit Kumar said in a report that Fed Chair Kevin Warsh's main focus is credibility, rather than trying to lean hawkish or dovish. That is likely also the message we will get today. If there are inflation risks, the Fed will need to act. Jefferies is betting on falling oil prices and forecasts that oil will fall back to $60-65 per barrel in two years. Therefore, it should not be oil prices that determine the medium-term inflation outlook.
Over $176 million flowed into the U.S. spot BTC ETF market.
According to data from Bijie.com: yesterday, more than $176 million flowed into the U.S. spot BTC ETF market, with net inflows reaching as high as $176 million. Among them, the largest inflow was IBIT, with a single-day net inflow of $152 million, followed by FBTC, with a total of $24.5 million. The spot BTC ETF tracking live trading strategy developed shows that ETF fund inflows have a significant positive correlation with BTC prices.