My buddy asked me to explain selling puts to him like he's 5…
I used his truck as an example.
"You've been eyeing a $30K truck. You'd happily buy it at $25K.
Now imagine the dealer paid YOU $500 today, just for promising to buy the truck for $25K if the price ever dropped there.
Truck never drops? You keep the $500.
Nothing owed.
Truck drops to $25K?
You buy the truck you wanted anyway, at your price, and you keep the $500."
He said:
"That sounds too easy. Where's the catch?"
There isn't one.
That's selling puts.
Everyone else gambles on which way the market moves.
I just get paid to make promises I was happy to keep anyway.
Dear Ricky,
It’s been 5 years since you lost everything.
The girl that offered to pay your bills until you got back on your feet is now your fiance. You retired her but she loves building.
It takes you a few years to make it back, but you learn so much along the way (you make 10x it btw)
You just bought a jet. Bit off a bit more than you can chew, but you’ll figure it out. You always do.
You’re 28 years old now, and it’s better than how you envisioned it would be.
I took over the baseapp a few days ago yeah (as well as trading products in Coinbase - the Coinbase app, Advanced trading, etc). I don’t run Base chain.
I think that typically CB has been a little bit in an ivory tower and a little bit distant from users, particularly crypto natives. I don’t think I will be able to fix that in a week, or maybe even a month. I can try and capture the voice of ppl onchain more and try and align ppl building things more closely w users. Obviously CB/Base has burned a lot of user goodwill w those users thru some unforced errors, including today.
Obviously I could simply not do any of these things and have a nice life instead. Lots of ppl, including og base supporters/trenchers, rly hate base rn - throwing myself into the middle of a hatred pile-on is clearly not the most optimal life choice. I am aware I am setting myself up to be blamed by association. So, I wouldn’t be doing this if I thought it were impossible.
I’m going to try and ship stuff that ppl like to use. Maybe ppl will hate what I do w the baseapp too, we will see how it goes.
Everyday I wake up and want a drink or drugs
Some days I feel so disconnected, bored and empty and the thought of a beer or a little weed just to ground me, make me present is so justifiable in my mind....
But I know where that road leads. Just say no and endure.
Guys, I just want you to know that even if you are in unrealized loss, I still love you. I dont' care if you have 3 figures or 9, if you're reading this message, you are a real person, with real value. You matter. Never give up!
the most dangerous place to be when you're losing money is a group chat full of people losing the exact same money.
in 2018 i was in 10+ telegram rooms for a coin i was completely underwater on.
everyone in there was down. everyone in there was bullish.
every red candle got a new explanation from the founder. every piece of bad news got reframed. the founder would post an update and we'd all talk each other into believing it.
felt like community at the time. looking back it was just a cope machine.
nobody in that group had an incentive to tell the truth. we all just needed the price to go up.
the people most likely to give you honest feedback on a position are the ones who aren't in it.
I started a product doing multi 7 figures a year.
With ~90% gross margins.
And if I scrolled X before committing to it, I prob never woulda built it.
A lot of dumb asses here giving advice.
Just build stuff.
Ignore the Idiots on the timeline telling you to pivot and waste your time optimizing for be wrong things.
Pisses me off knowing people are taking advice from some of these people.
Today’s Bear of the Day is Bear 747 from Katmai National Park!
747 is one of the largest and most dominant bears found near Brooks Falls, estimated to weigh over 1400 pounds! Due to his size and ID number, he is often known as Bear Force One! #beartwt#katmai