Joined February 2018
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It's been a long time coming but I'm relieved to announce that I'm joining a new home @ledger_prime. I'll be joining as a Portfolio Manager, leading liquid strategies + supporting private investments, helping both public and private protocols achieve their full potential.
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Lots of Bitcoin and Ethereum chatter lately. Would argue that the single biggest shift in favor of Ethereum and blow to Bitcoin has been the dollarization of crypto through stablecoins. Ethereum isn’t bitcoin’s biggest enemy, it’s stablecoins.
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If you're scratching your head and wondering why, ask when the last time you used the Bitcoin blockchain multiple times in a week.
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People are scrambling, looking for signs of what's to come. Coin volume does a pretty job of showing what's already occurred. Derivatives volume (in BTC) greater than any period in over a year.
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What's even more impressive is that in terms of size, China leaving crypto and those derivatives volumes drying up are very close to the size of LUNA's contagion. I never thought we'd get another event that large.
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I don't mind sharing this now because most everyone is already dead. We went from altcoin open interest nearly flipping BTC open interest to now ETH almost flipping altcoin open interest. Today's breakdown: + BTC: 45% + ETH: 26% + Alts: 29%
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What do you mean you’re not buying? The devs are literally starving bro.
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Zaheer retweeted
now that I don’t game as much it’s motivating to see what I’ve done and will do once my time and mind space allocation is healthier
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We've effectively killed two of the largest markets in crypto in just around a years' time. China first and now Korea.
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Crypto is increasingly becoming a purely American market. Other countries need to shape up, mostly the crypto folks within them...
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Never seen a graphic image on the right side of the terminal this squarely positioned... They REALLY want everyone know @business.
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Everyday lah
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What a world where I agree w Pat Bev...
“CP can’t guard nobody man. Everybody in the NBA know that. ... He’s a cone. ... Give him the Ben Simmons slander.” 👀 @patbev21 (via @GetUpESPN)
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It's "astonishing" to me that people still don't realize where the "yield" in crypto comes from. Even on 3pool and even outside of $CRV rewards, it's a function of onchain economic activity. OF COURSE it drops in a bear market. This is the reflexivity of stable rates.
This is astonishing - Rising interest rate in USD environment VS yield dropping in crypto environment due to the bear market (token prices down, TVL dropping) leading to a reverse in relative yields of US 1 year treasury bill VS Curve 3pool yield (data source: FRED & Curve)
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I've written about this at length and you can even use the older barometer of crypto rates (futures curve). Go look at what happens to the yield on cash and carry when the market isn't bullish (surprise surprise, you get close to backwardation).
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Does any of this matter? Almost definitively not. I find it hard to believe that the average person with dollars in crypto will suddenly turn around and punt them on 10y or 1y treasuries.. ..and even if they do, stable rates will come back up if there's contraction.
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Also be very careful, I am not a lawyer but this is almost certainly a security (with a larger target on their back theoretically dealing directly in tradfi lending markets)
Replying to @ScarletSijia
And due to a lucky set of coincidence, cytus.finance is well positioned to capture this, as this is exactly what we're building - a protocol that allows crypto investors to park stablecoin for sustainable yield supported by collateralized loans in real world finance
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The worst part about bear markets is the cringiest people finally get airtime as news outlooks look to interview the people that made the most extreme calls, regardless of the fact that they spent 1-2 years offsides calling them.
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Asian hours are depressing because you're just waiting for your burger friends to wake up.
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Also this was like 80% consensus that they didn't have any $BTC but the confirmation is even more bullish. Market took a beating and that $2.5bn in $BTC didn't help.
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