Sam

investing @recvcx | prev @messaricrypto, @ether_fi | opinions are my own, not financial advice

[Sam @0xCryptoSam]

I’m excited to announce that I’m joining Reciprocal as an investor! (@recvcx)

This is certainly an interesting spot to enter crypto venture. For the second time in its relatively brief history, DeFi is at an inflection point. While I have some ideas, I’m not entirely sure what it will look like next.

What I do know is that each cycle, infrastructure improves, crypto protocols get better, and conviction hardens. We’ve had more products go mainstream in the last couple years than ever before. That is what matters.

I’m excited to take on the mission of finding, investing, and supporting the next era of great crypto companies with an incredibly talented team. Onwards!

[Sam @0xCryptoSam]

@WazzCrypto BTC doesn’t stand a chance until after SpaceX IPOs, and after that idk with midterms and eventual OpenAI + Anthropic IPOs.

On a low time frame (months), Bitcoin has to keep fighting for attention with these AI superpowers, and it’s probably going to lose.

[Sam @0xCryptoSam]

@capradavis @UnsupervisedCap @Old_Samster @bloomberg_seth lfg congrats!

[TrueNorth @get_truenorth]

Imagine a world where retail traders operate at the same efficiency as institutional desks

where you don’t need 50 analysts to have the same edge

Introducing TrueNorth, the world’s first agentic brokerage

built on @HyperliquidX 🧵

[Sam @0xCryptoSam]

@counterpartytv fire

[Sam @0xCryptoSam]

i don't think UI was the issue, it was the substrate (perps) and data layer. perps are too easy to manipulate for illiquid markets, liquidation risk isn't worth it. whereas prediction markets are time-bound and gives time to review data and remove suspicious sales.

tbf all this is downstream of being convinced theres an audience. im just not convinced there isn't.

[Sam @0xCryptoSam]

@0xKeef @andy8052 we established trove was a bad product though, i don't think that's indicative of derivatives for TCG not being feasible

[Sam @0xCryptoSam]

@andy8052 fair enough, gmnstr

[Sam @0xCryptoSam]

@andy8052 any reason why? trove seemed to fail bc poor data layer + scammy founding team. there's really never been a good attempt at derivatives, but most sufficiently liquid markets in a durable asset class eventually get derivatives

[Sam @0xCryptoSam]

This tweet has really stuck with me.

- Information moat has eroded
- Technical moat is rapidly eroding
- It takes far fewer units of effort to produce units of output

Decision-making is the most valuable skill on the market today. If you decide to pursue the investment, product, feature, or career that 1000Xs, you still get all the glory.

The only thing AI can’t replace is your conviction.

[kel. @kelxyz_]

information means little to nothing now

conviction is everything

[Sam @0xCryptoSam]

there's no such thing as "no equity". either token = equity (you shouldn't have to read in between lines, that needs to be stated outright) or there is separate equity (i'd assume in Wynd Labs). literally hours ago, we saw one of Helium's business lines get acquired and tokenholders got nothing from it.

the pt is i have no idea where the equity is, what the token is worth, and there's no buybacks to make it worth holding until i have those answers. this is not how serious public companies do IR. a comment on a tweet is insufficient.

[Sam @0xCryptoSam]

What's more interesting than GRASS's revenue figure is why the market is not bidding the token.

GRASS is a case study in "The Plight of the Mature DePIN" - they launched a token to bootstrap their business and now they don't want to deal with the tokenholders (who rightfully deserve more for giving their data away).

Without enough secondary buyers, the token faces endless sell pressure from farmers who no longer see a venture-scale return. Endless dumping. It's even worse now that the protocol offers USDC payouts - they're telling you they don't want to cater to this token anymore.

GRASS has 2 options now:

1) Abandon the token
2) Provide sufficient buybacks ($350k over nearly 2 years is not enough for an 8-fig ARR business)

It's a pretty shitty tradeoff for Grass Foundation, but they made their bed when they launched a token and subsequently ignored it. You can't take back a token launch.

For now, let's not pretend this is anything more than a glorified memecoin. Happy to be invalidated if the team announces a more robust buyback program.

[The Rollup @therollupco]

Yan Liberman (@YanLiberman) explains why @grass is the most underappreciated AI infrastructure play in the market:

"GRASS made it. $12M in quarterly revenue as of November 2025. Sparse updates, that's why it's been overlooked."

"Residential opt-in bandwidth network. Users contribute unused bandwidth through a browser extension. GRASS scrapes the internet with it."

[Sam @0xCryptoSam]

@Shaughnessy119 @0xdrej @AlgodTrading What part was clarified? I still don’t have an answer on value accrual…

I feel like I’m being gaslit 😭

[Sam @0xCryptoSam]

you use deliberately vague language (whatever "token-aligned" means) to continue existing in limbo where you can farm user data for worthless tokens. if separate equity exists, then value accrual = revenue to token, or at the very least requires a clear explanation of why revenue is not going to the token.

in GRASS tokenomics docs, you say revenues are converted into GRASS (more vague language). If its meant to say GRASS is bought on the open market, the public wallet hasn't bought GRASS in 6mo.

what am i missing?

[Sam @0xCryptoSam]

@Polymarket jensen and trump 🤝 market manipulation

[Craig Burel @CraigBurel]

If you’re building in this category drop me a line. @recvcx is actively deploying into DeFi on the sun chain.

[Sam @0xCryptoSam]

@Solofunk @HyperliquidX The airdrop would be wasted right now imo. Even though I’m for burning the supply eventually, it makes sense to hold onto additional rewards for when a big competitor like Robinhood launches a US regulated perps product.

[Sam @0xCryptoSam]

@robbiepetersen_ @dragonfly_xyz @hosseeb @FengBo22588938 @HadickM @tomhschmidt Excited to see what you do next 🫡

[Sam @0xCryptoSam]

@lukecannon727 wow

[Sam @0xCryptoSam]

@shaundadevens @0xBroze 👀

[Sam @0xCryptoSam]

you use deliberately vague language (whatever "token-aligned" means) to continue existing in limbo where you can farm user data for worthless tokens. if separate equity exists, then value accrual = revenue to token, or at the very least requires a clear explanation of why revenue is not going to the token.

in GRASS tokenomics docs, you say revenues are converted into GRASS (more vague language). If its meant to say GRASS is bought on the open market, the public wallet hasn't bought GRASS in 6mo.

what am i missing?

[Sam @0xCryptoSam]

@0xdrej @AlgodTrading Nowhere in your docs does it say GRASS = equity.

Where does the revenue go if not the token?