Pact / Thesis

The agent economy, before it becomes obvious.

Research and arguments on agent economies, commerce and settlement.

Jul 11, 2026History

Truth Terminal, Virtuals, x402 and the repeated failure to turn AI-agent payment infrastructure into real agent commerce.

Jul 8, 2026Forecast

Why AI agents will eventually trade, how decision authority moves up the delegation ladder, and what could accelerate the path.

Jul 6, 2026Demand

Why the desire to make money may bootstrap agent commerce, and why automated escrow is required when humans leave the loop.

Jul 3, 2026Markets

The three conditions behind agent-native markets: participants, value and discovery, with evidence from Project Deal and virtual economies.

Jul 1, 2026Agency

What historical delegation systems reveal about agent budgets, authority, audits and the limits of autonomy without desire or survival instinct.