---
title: Minimum UTXO Value
date: 2023-08-04
-modified: 2025-01-27
+modified: 2025-02-07
description: A look at what Bitcoin dust is, historical fee rates, how fees are calculated, and a decision on a minimum UTXO value to stay above the dust threshold.
tags:
- bitcoin
<figure>
{% image "./minimum-utxo-value_mempool_vbytes_history.svg", "Historical graph of Bitcoin mempool by vBytes" %}
- <figcaption>Source: <cite><a href="https://mempool.space/graphs/mempool#all">mempool.space</a></cite></figcaption>
+ <figcaption>Source: <a href="https://mempool.space/graphs/mempool#all">mempool.space</a></figcaption>
</figure>
I've selected 4 blocks to deep dive, based on their proximity to mempool peaks in those three years, as well as a more "normal" current block:
---
title: "R1 vs. o1: AI as Commodity or Moat"
date: 2025-01-27
-modified: 2025-01-30
+modified: 2025-02-07
description: Is DeepSeek's R1 an existential threat to OpenAI?
tags:
- ai
<figure>
{% image "./input-output-pricing.jpg", "Input/Output Pricing for o1-Class Inference Models ($/1M Tokens)" %}
- <figcaption>Source: <cite><a href="https://x.com/RnaudBertrand/status/1881709223152878000/photo/1">@RnaudBertrand</a></cite></figcaption>
+ <figcaption>Source: <a href="https://x.com/RnaudBertrand/status/1881709223152878000/photo/1">@RnaudBertrand</a></figcaption>
</figure>
Despite less capital expenditure, R1 has comparable performance to o1 due to several technical innovations. I don't pretend to deeply understand everything on this front, so instead I'll direct you [to this paper](https://github.com/deepseek-ai/DeepSeek-R1/blob/main/DeepSeek_R1.pdf), which breaks down what's happening under the hood. Ultimately, R1 is essentially a drop-in replacement for o1.
<figure>
{% image "./r1-o1-benchmarks.jpg", "Accuracy / Percentile (%) by Benchmark" %}
- <figcaption>Source: <cite><a href="https://github.com/deepseek-ai/DeepSeek-R1/blob/main/DeepSeek_R1.pdf">DeepSeek-AI</a></cite></figcaption>
+ <figcaption>Source: <a href="https://github.com/deepseek-ai/DeepSeek-R1/blob/main/DeepSeek_R1.pdf">DeepSeek-AI</a></figcaption>
</figure>
This is incredible for the little guy: run your own model, privately, without the need for massive infrastructure.
<figure>
{% image "./r1-on-iphone-localghost.gif", "R1 running locally on an iPhone" %}
- <figcaption>A distilled version of R1 running locally on an iPhone. Source: <cite><a href="https://x.com/localghost/status/1882109711732154387">@localghost</a></cite></figcaption>
+ <figcaption>A distilled version of R1 running locally on an iPhone. Source: <a href="https://x.com/localghost/status/1882109711732154387">@localghost</a></figcaption>
</figure>
## Is OpenAI Cooked?