During a live session at TOKEN2049 in Singapore, crypto experts Haseeb Qureshi, Tom Schmidt, and Tarun Chitra discussed key industry topics with guests Balaji Srinivasan and Arthur Hayes. Balaji explained why Network School relocated its headquarters to Kazakhstan, describing it as a land of opportunity with 21 million people, strong ties to China and India, and abundant uranium resources. He also highlighted how courting smaller countries for business resembles enterprise sales, given that half of all nations have populations under 10 million.
The conversation shifted to OpenAI’s release of 700 AI-written math papers, which prompted Justin Drake to advocate for 'crypto bunker mode.' The panel debated theoretical versus practical cryptographic attacks, with Balaji proposing a social smart contract to allow chains to rewind after a cryptographic break. Arthur Hayes introduced the idea of the Flop Network as a resource for AI agents.
The discussion also covered the shutdowns of Blast and Abstract, raising questions about whether the crypto industry overbuilt its Layer 2 solutions. Arthur reported that Marquee, a venue fully booked last year, had no bookings this year, suggesting a shift in the industry's dynamics. The panel debated whether the failed L2s were a necessary part of the crypto ecosystem's evolution or if they resembled Chinese ghost cities.