blocksherpa.eth

[blocksherpa.eth @blocksherpa1]

Gm

[maxxTFSA @maxxTFSA]

$GLXY | Public Offering

There are some companies that will file offerings to raise cash for purposes that make 0 sense.

There is only 1 that has Helios coupled with a massive contract with CoreWeave.

In the HPC/AI space, speed & execution seem critical.

If you did any research, you knew an equity raise was coming. $11M-$13M per MW is a significant cost. Not to mention, it was stated 80% will be debt financed with the remaining 20% to be equity.

There’s never a “right time.” Nothings changed, still a great long term hold.

[Mike Novogratz @novogratz]

We’re excited to be joining forces with @StateStreetGA to offer investors access to the $2.4 trillion digital asset ecosystem through manager-directed strategies. Expanding investment options beyond pure spot Bitcoin is where we see the next level of growth for the ecosystem.

[Mike Novogratz @novogratz]

The @galaxyhq team is honored to stand alongside @NavySEALfnd for this year's @MurphChallenge. Teaming up with @coinbase and @Figment_io over Memorial Day Weekend to honor Lt. Michael Murphy and his SEAL team's legacy.

Support Crypto Murph 2024: https://t.co/QYPkE36x0q

[Christine D. Kim @christine_dkim]

January was quite a busy month for the @glxyresearch team. ICYMI, here's a thread of all the content we put out in Jan and a sneak peak on what you can expect from us in Feb! 🧵

[Christine D. Kim @christine_dkim]

A few thoughts on the launch of @PayPal's $PYUSD stablecoin:

1) The launch of $PYUSD is a major boon for the adoption of stablecoins in the U.S. because of the high-profile and wide reach of @PayPal, a payments platform that services more than 435mn accounts worldwide.

[Mike Novogratz @novogratz]

Would you rather own: A stablecoin backed by US govt securities paying as much as 5% interest or a deposit at a bank that looks a lot like a hedge fund paying 2%? The answer is clear. I hope US lawmakers support the development of well-regulated stablecoins rather than fight it.

[Austin Campbell @austincampbell]

Yesterday, I was fortunate enough to attend the @galaxyhq solstice event with a number of excellent folks from the industry.

I wanted to share a few of the key takeaways:

1 - Despite another crypto winter, there remains incredible conviction by the folks in this space. The grifters, the scammers, and the opportunists all appear to have moved on (to AI?); everyone left is hardcore. I met friends who run some of the best, smartest, and most environmentally aware miners out there (@rftylerpage), some of the VCs in the space who are truly responsible actors and are using their market power not just to invest, but to shape a future where the long-term space is healthy and not filled with pump-and-dump behaviors (@riabhutoria @MattWalshInBos @perkinscr97), builders who are working on real-world connections for these assets and products that increase financial inclusion or ability to own and invest safely (@ramahluwalia), data ownership, and sovereignty, and lastly, a ton of motivated regulatory and legal folks trying to fight the battle so we walk the middle road of fostering both innovation and consumer protection. The good people are still here.

2 - Custody remains a very confusing issue. I think the requirements around it remain a point of both contention and misunderstanding. I'm going to write something longer-form about this after the discussion yesterday, but just planting a flag here that I think all sides have a lot of work to do (customers, custodians, and government) in order to make this work. There's no silver bullet for this problem. It's going to take a lot of lead bullets.

3 - Huge amounts of activity are leaving the US. Most of the people who remain are in spaces where there is no nexus to securities (e.g. mining); overall, I would say that the economic boon for the rest of the world is even bigger than I thought, and I already thought it was pretty damned big.

4 - Mining is absolutely fascinating. You're combining a high-tech business with a very infrastructure picks & shovels dudes running giant electric grid operations & financial modeling. It's a multi-disciplinary thing and the implications of how to do it well are incredible. Had two insanely great discussions about this, and just learning some of the ins and outs of how much work it is to set up mining machines to wind up and wind down in response to power grid utilization to make sure the operation is stabilizing vs. draining the grid is mind-blowing. Much respect to the industrial-scale mining crowd.

5 - A huge amount of mindshare in the United States is currently being consumed by our regulatory quagmire. This relates to point 3, but what it means is that the core innovation of streamlining financial services, eliminating counterparty credit risk, and building more resilient systems is falling by the wayside in favor of just burning money with lawyers. No insult to the lawyers, but this is not long-term productive for the economy. A lot of misallocated capital as we fight ourselves.

6 - There's a lot of grappling with the core questions of the space now as opposed to narratives flying past without questioning the underpinning (@malekanoms was early on some of this). I would describe crypto as having moved from the teenage years into adulthood in this regard; it's not all dreams and hopes and pretending tradeoffs or bad behavior can't or don't exist now. It's grappling with hard questions about decentralization in a more mature way and just having lower tolerance for idealistic or, bluntly, ignorant answers.

7 - There's still a lot of work to be done understanding where things fit. I think the single most important skill anyone in crypto can have is understanding how it fits onto the real world. We've missed a lot of (to me, at least) obvious things to build or built them in totally backwards ways because people over-solved the tech and under-solved the actual business and user concerns. I think this ship is also turning.

Overall great event, and thanks to all my friends at Galaxy for hosting. This space is still alive and we still have faith.

@intangiblecoins

[Galaxy @galaxyhq]

We’re pleased with the court’s decision to dismiss BitGo’s claims. Now is the time for all of us to work together and focus on the task at hand: Upgrading the global financial system in a manner that promotes innovation and protects investors and consumers alike.

[Mike Novogratz @novogratz]

Before you believe that ‘crypto is dying’ look at the facts! This chart does not include $BTC.

[stevekurz @SteveKurz]

Less than 5 days and $5K to go!
Pumped by the crypto community’s support as we honor the fallen heroes from Operation Red Wings on Memorial Day. With your help, our $50K #cryptomurph fundraising goal is in reach!🔥

@CoinbaseInsto @Figment_io @galaxyhq

https://t.co/9CuxHLoWHo

[Mike Novogratz @novogratz]

Preach @AriDavidPaul

[Galaxy @galaxyhq]

Our latest research report is a must-read that covers 10 essential topics to watch including macro crypto trends and up-and-coming innovation. Download the report to stay up to date on the crypto developments that matter most. https://t.co/Xa0cVS83EN #WatchthisSpace #macrocrypto

[Galaxy @galaxyhq]

We’re proud to support the @NavySEALfnd in collaboration with our friends at @coinbase + @figment_io as we participate in this year’s @MurphyChallenge. #cryptomurph23 #murphchallenge

Not ready to #takethechallenge? Here’s how you can show your support: https://t.co/2FVKmL29U4

[Alex Thorn @intangiblecoins]

this is what the street is seeing today 🧐

[Alex Thorn @intangiblecoins]

gm. #bitcoin is ripping and is at its highest level since june 2022.

i went on @OnTheBrinkCIV w/ @nic_carter and @MattWalshInBos this morning to explain why https://t.co/ORzzLd66Ms

[Mike Novogratz @novogratz]

Thanks It’s time we all dig in and fight !!!

[Odysseus | phylax.systems @odysseas_eth]

Seneca on the shortness of life:

"[...] Expectancy is the greatest obstacle to living, which hangs upon tomorrow and loses today. You are arranging what lies in Fortune’s control, and abandoning what lies in yours. What are you looking at? To what goal are you straining? The whole future lies in uncertainty: live immediately."

[blocksherpa.eth @blocksherpa1]

@nic_carter @intangiblecoins

[Charles Yu @FullNodeChuck]

Part 1 of the Glass Half Full report series on Optimism & Arbitrum is out! I dive into the growth & adoption of the leading optimistic rollups, which have both seen active addresses 10x since the start of 2022.