RespectTheMarkets

Decades long multi-asset book runner across asset classes, derivatives, styles and frequencies. Deep insights into tradfi and crypto. Ask me anything.

[RespectTheMarkets @RespectTheMkts]

One thing that makes people disregard or dismiss crypto or other high risk investments (take $ARKK type stocks) is that they are “too volatile”. But there are big flaws with this argument.

[RespectTheMarkets @RespectTheMkts]

@CryptoHayes did you mean $wild? @CryptoHayes

[RespectTheMarkets @RespectTheMkts]

@CryptoHayes I think you meant $WILD not $WLD right @CryptoHayes @real_n3o ?

[RespectTheMarkets @RespectTheMkts]

@realfrankwilder SHOTS!

[RespectTheMarkets @RespectTheMkts]

Wise words although people will not realize it right now. The most important point in all this is to dyor and own your conviction and not rent it. If you do that you will see these deleveraging crashes as opportunities, not nightmares.

And in the process of dyor you will invariably come up with variables that your thesis is based on - and tracking that you can form your own opinion if you should 1) add 2) risk reduce. Have the plan ahead of time and if you dont know - size appropriately as a speculative investment, not something you have deep conviction on.

@RaoulGMI

[Raoul Pal @RaoulGMI]

https://t.co/Nvc3dKn8Y7

[bild @canbildik]

GATHER UP i’m explaining this in simple terms

They bullied Vitalik into a price-first stance, and it took $ETH lead a year to admit that their only idea is to deprioritize rollups

Meanwhile, $TIA is pushing forward with 1000x what ETH offers to rollups

The future is sovereign

[RespectTheMarkets @RespectTheMkts]

@bitget $WILD - feels like extremely naive to delist them now.

[RespectTheMarkets @RespectTheMkts]

@WilderWorld @davidgokhshtein seriously overlooked….

[RespectTheMarkets @RespectTheMkts]

@davidgokhshtein legitimately $WILD @WilderWorld @real_n3o @realfrankwilder - don’t let the chart mislead u.

[RespectTheMarkets @RespectTheMkts]

@CryptoHayes Nice! More PnL for both of us to use to DCA into $WILD!

[RespectTheMarkets @RespectTheMkts]

Tough to phrase it any better than this. Absolutely hits the nail on the head.

#holdassetswithnocounterpartyrisk

[zerohedge @zerohedge]

No Way Out https://t.co/rYYQT49Zss

[Treasury Secretary Scott Bessent @SecScottBessent]

17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down.

@SenateDems could learn something from that.

[RespectTheMarkets @RespectTheMkts]

Agreed. Cycles will always exist because of the reflexivity of the asset class - but perfect 4 year cycle clockwork behavior will definitely be different - particularly as now $BTC halvings mathematically have a much smaller impact than the past many halvings. Also the asset class is slowly maturing which will over time reduce the reliance on $BTC moves to determine pricing on everything else.

[antiprosynthesis.eth ⟠ @antiprosynth]

There is no 4-year crypto cycle.

Macro liquidity cycles just so happened to align to ~4 years in the past 10-15y.

Bear markets were consistently triggered by macro liquidity turning negative.

For the first time ever, macro liquidity is about to turn *positive* instead.

So, who will win? 4-year crypto cycle believers or macro liquidity? 🤔

[RespectTheMarkets @RespectTheMkts]

@opensea @WilderWorld @real_n3o @zen_wilder @realfrankwilder

[RespectTheMarkets @RespectTheMkts]

@BelsheBits @WilderWorld @zero_app @illuviumio @staratlas @playoffthegrid just fyi - https://t.co/sXDCgKP6AH

[Nikita Bier @nikitabier]

If you want to get rich on X, it isn't going to be through creator revenue or meme coins.

Instead, think about one subject matter that you know more about than anyone else in the world. It can be anything: plumbing, menswear, Indian food, furniture, social apps, whatever.

Post one unexpected insight you picked from your experience in that area. Keep it under 5 sentences. Do this every day for 6 months.

If you stick to it, we will promote your account to others.

By the end, you will be recognized as the world's leading expert in that subject area and you can charge whatever you want for endorsements, your time, or whatever. And no one will be able to take that way from you.

[RespectTheMarkets @RespectTheMkts]

@AviFelman what do u project ur optimistic terminal and podcast revenue to be per year? at $4mn and a 20 p/e we r talking $200k per year at current valuations 😀

[Goldy @Golldyck]

@funghibull thanks for the warning and helpful advice

[RespectTheMarkets @RespectTheMkts]

Great debate - super interesting.

[path.eth 🛡️ @Cryptopathic]

Today I sold my V2 punk to purchase more V1s.

It's becoming clear that the V1/V2 punk argument rests solely on the latter group's ability to brand themselves as "real" through their social network.

If the story of the flawed V1 contract were to play out today, duplicating and then airdropping the new collection would be an unacceptable solution. This made all punks 1 of 2s, with V1 punks as the “first editions” of these assets. In all other collectible classes, the earlier editions of something are more sought after. This is also generally true of the scarcer misprint variants of assets - there are far fewer V1s still in circulation.

The solution was accepted at the time of the V1 exploit because there were minimal options with which to view onchain assets - what Larva Labs platformed was what everyone got to interact with. With the introduction of third party marketplaces and the V1 wrapping contract, this ceased to be the case. Very few people in the community back in the day had enough foresight to realise that all LL had done was sweep the originals under the rug.

The narrative that V2s are in some way superior is defended largely by the snobbish type of collector who judges art only by its price, and has an emotional attachment to the status that owning this asset gives them. They see attempts to discuss the onchain truth of the story as an attack on their gated social group and the sunk cost of their investment. This is ignorance of the provenance uniquely available through the blockchain, and an elitist rejection of another community as a way of preserving capital; they are neither ‘crypto’ nor ‘punk’.

Any newcomer to onchain collecting, being exposed to the publicly verifiable and immutable information available surrounding these collections, would judge V1s - at less than 10% the price of the V2s - as the more grounded choice.

There are a handful of common counterarguments. V1s are unable to use their original in-contract marketplace because of the exploit, but this experience has been abstracted into existence. The chains of ownership are different as they fork after the V2 airdrop, meaning they have different social networks, but V1s have a nascent community capturing the more historically minded. V1s do not receive the same IP rights as V2s, although onchain PfP IP has proven to be rarely utilized.

There are 20,000 punks. The V1 punks are the original cryptopunks that were claimed on June 9th, 2017. The later V2 punks have the backing of their creators and are more well known, benefitting disproportionately from this publicity. This is a fascinating case of art undergoing a literal schism - one collection to serve the will of the artist, and the other becoming inseparable from its foundations, the machine it was built to showcase. This machine will outlive us, and with it, the story of how a failure of imagination led to the burying of the truth of its icons.

[RespectTheMarkets @RespectTheMkts]

The irony of this argument is to me it seems like v2s are $BCH (better tech for both, early relevant investor ), and v1s are $BTC (the OG, the 1st, and still works fine - with the wrapper addition being like taproot addition later), but the market doesn’t realize this yet because the wrapper came out in 2022 when NFTs started becoming a cursed word (so who cares which one is worth more or less when all NFTs were going to zero). Great debate on v1 punks vs v2 punks! @cryptopathic