Founder & GP @ Orca Capital ๐ณ - Portfolio Manager for our 4 core long-biased crypto hedge funds. Est April 2019. Stock/Option trader turned crypto in 2017
More than a dozen teams are earning > $1M "mining" (aka making open source AI models) on the Bittensor network. Subnet 9 is incentivizes the production of pre-training outputs. The top miner there is earning > $12 million a year.. Seriously, folks. What are you waiting for? https://t.co/L2GoVawDww
Today @Uniswap Labs received a Wells notice from the SEC.
Iโm not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But itโs been clear for a while that rather than working to create clear, informed rules, the SEC has decided to focus on attacking long-time good actors like Uniswap and Coinbase. All while letting bad actors like FTX slip by.
When I first set out to build Uniswap, the goal wasnโt to reimagine finance.
It was an experiment in radically decentralized, fully automated onchain markets. I didnโt know if it would work or if anyone would use it.
Fast forward to today, the Uniswap Protocol has processed over $2 trillion in volume. Many thousands of teams and developers have forked our code or built on top of it. We built entirely new financial infrastructure that is transparent, fair, secure, and accessible powering an entire industry.
The team at @Uniswap did all of this in the US from our office in New York City.
People often ask me why we stay in the US and my answer is simple: I believe that blockchain is incredibly powerful technology. Like the Internet, itโs here to stay. So someone needs to figure it out, and it might as well be us.
And that when you build technology that improves peopleโs lives โ you donโt need to hide.
The @SECโs mission is โprotecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.โ This is a noble mission. I would argue @Uniswap does a far better job of this today than the SEC.
Yes, I'm frustrated that the SEC seems to be more concerned with protecting opaque systems than protecting consumers. And that we'll have to fight a US government agency to protect our company and our industry.
This fight will take years, may go all the way to the Supreme Court, and the future of financial technology and our industry hangs in the balance. If we stand together we can win.
I think freedom is worth fighting for. I think DeFi is worth fighting for.
And of course, we wonโt stop shipping. Stay tuned
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Remember, starting next week, institutional investment managers will file their 13F forms with the SEC. This means we'll start to get a look at who's been buying the Bitcoin ETFs. A few points:
1. These filings will start with a trickle next week, then pick up after that and run well into May.
2. The most interesting names could come later in the filing process, since some funds like to wait as long as possible in order to not show their hand before the mid-May deadline.
3. If you're a fund whose ownership of the ETF will make headlines and potentially impact price, you're probably going to want to top off your position before filing your 13F.
Again, I expect some surprises. Watch this space for names.
Hey @Spotify - can we please get more options for playback speeds? 1.2x is too slow and often times 1.5x is too fast depending on the speaker. @audible_com offers many more options. Iโve always been impressed with your teams ux/ui, Iโm sure this canโt be too hard to add
Being wealthy (to me) means
You can live where you want
You can do what you want
You can help whoever you want
You can be free
A person living in a tax haven just to avoid taxes isn't free to me, they're restricting themselves, therefore aren't wealthy
@NorthRockLP Is this due to MEV bots like Jaredfromsubway.eth ? How is this sustainable economically? It doesnt make sense to make L1 tx's the past 3 days with gas so high