Eric Turner

Something new

[Alex Thorn @intangiblecoins]

still at it on day 4. please do reach out if you are a victim. i can provide tracing info that can help with your own reports to authorities, but also any genuinely new attacker helps us protect others too

i know how sickening it feels. hang in there and try to stay positive 🧡

[Eric Turner @ericturnr]

Never become the main character

[tae kim @firstadopter]

Citadel got a more than 10% discount on Situational Awareness stock book. Sick. Many of the stocks soared 20%+ the next day.

WSJ: “For every $1 of capital, Situational would upsize its positions by borrowing an additional $3 to $4, or sometimes more, people familiar with the matter said”

“Over the past week, traders at major hedge funds and other firms began sharing information about Situational’s exposure, with some placing short bets against its top holdings, hoping to profit as Aschenbrenner sold his positions to raise cash"

“Citadel received a discount of more than 10% to the market value of those shares, according to someone close to the matter.”

[Eric Turner @ericturnr]

@theklineventure Let’s goooo Tegan!

[Eric Turner @ericturnr]

Whoever decided to sell a bunch of AI autocallers to small business recently please fix

I do not own a home in Idaho, I do not own a home in PA, I do not need five calls a day from service providers

[Eric Turner @ericturnr]

@jeffjohnroberts I hope they use it for good

https://t.co/3jKHAuduW4

[Eric Turner @ericturnr]

Seems like another end of an era on "blockchain"

IBM was one of the most involved ~2017 but I feel like the closest they ever got to real onchain was hyperledger

Also great get for @circle just don't become patent trolls @jerallaire 😉

[Eric Turner @ericturnr]

Seems like another end of an era on "blockchain"

IBM was one of the most involved ~2017 but I feel like the closest they ever got to real onchain was hyperledger

Also great get for @circle just don't become patent trolls @jerallaire 😉

[CoinDesk @CoinDesk]

NEW: @Circle acquires nearly 1,000 blockchain patents from @IBM, making it the largest holder of blockchain patents in the U.S.

The portfolio spans blockchain, banking, insurance, and cloud security.

[Eric Turner @ericturnr]

I'm sure you've heard this plenty but @brian_armstrong plase stop giving me full screen FIFA betting and sports betting alerts

I own crypto to invest, and sometimes to speculate, but not to gamble

[Eric Turner @ericturnr]

@MarkYusko Follow you and haven’t seen anything on either feed the past six months so welcome back (to all of us)

[Eric Turner @ericturnr]

We need a DAO to buy X because CT is clearly the only thing that moves markets

[Eric Turner @ericturnr]

Everytime I touch a memecoin

[Eric Turner @ericturnr]

@austincampbell Give the mayor $750k - NYC has a bigger GDP than many countries

[Eric Turner @ericturnr]

Let’s goooo!

[Claude @claudeai]

We're extending access to Claude Fable 5 on all paid plans through July 12.

[Eric Turner @ericturnr]

My grandfather recently passed away and I was given a detailed family history he put together

Can’t think of a better way to celebrate americas birthday than by reading this

Happy 4th 🇺🇸

[MONK @defi_monk]

We now have the foundation pretty set for a new cycle.

Hyperliquid for perps, Solana for spot experimentation, fomo to onboard retail, corpo chains and services incoming to onboard institutions and more resilient DeFi ecosystems around the board.

Stablecoin issuers will be fighting for distribution and we’ll likely get some great neobank products that offer decent yield as a result.

Lenders like Morpho also have real BD pitches now with case studies like Robinhood and Coinbase.

We’ve abstracted away a lot of the friction and UX fragmentation for all types of participants.

Crypto related verticals are now constantly being shilled and discussed during presentations from SP500 companies.

Friendliest regulatory regime we’ve ever seen, and new leadership at places like the SEC and CFTC have needed some time to familiarize themselves with the talking points.

Really think a lot of stuff has been bubbling and all we’re missing is the vibes.

[Eric Turner @ericturnr]

@defi_monk What a lot of people miss is the corpo chains are using public blockchains or have some easy bridge

Huge change vs 2017 and closer to everyone having a crypto wallet

[Eric Turner @ericturnr]

Point three is the most alpha

Not only do you get all that but you’re networking backstage with 2-4 high profile people

I’ll always moderate vs be on a panel and only keynote when it makes sense

[JV 🪂 @John_Vance]

stop buying conference sponsorships.

i've sold $5m worth of them. i know exactly what you get - a banner, a booth, and leads that don't close.

the people closing deals at every conference you attend are doing something completely different.

here's what it is.

1/ the conference business model is simple: sell sponsorships, sell tickets, everything else is secondary.

they'll promise you visibility to high-status people. what you actually get is bd people waiting for you to get off stage to pitch you.

there is no ROI. i've seen it from the inside.

2/ if you're showing up day one with no meetings booked, you've already lost the week.

three weeks out: identify the 10-15 people you actually need to see. not want to see. need.

know their business. know their problems. when you get in front of them, you're not a stranger with a pitch.

be the sniper, not the machine gunner.

3/ everybody wants the keynote slot. almost nobody thinks about the moderator seat.

pitch yourself to moderate early. you get the speaker badge, the VIP access, and you don't have to buy a ticket.

what you also get: your name on the agenda, a reason to reach out to every panelist in advance, and 45 minutes of guaranteed face time with the highest-status people in the room.

free of charge, baby.

4/ if you're working a booth, you're paying money to position yourself as low status to the exact person you're trying to sell. booths resemble a transactional counter style sale - not a good vibe for a long term relationship.

booths attract tire kickers, competitors, and people who want free swag.

the real deals happen at the dinner the night before. at the hotel bar at 6pm. in the lobby of the nicest hotel within walking distance of the venue.

that's where the 1% of your industry is having the conversations that matter.

5/ the salespeople who kill it at conferences are not the ones who pitch the hardest.

they're the ones who make the other person feel like the most important person in the room.

first conversation: purely relational. ask about their business. find a way to add value before you ever mention what you do.

6/ where you stand physically is a strategy.

registration - first contact before the day pulls people away. hallway outside main stage - people want to talk about what they just heard. hotel lobby bar at 6pm - highest foot traffic, zero social obligation.

also: get to know the event staff, email them before the event. sweet-talk the right person and you might get your hands on the attendee list. worth more than anything on the agenda.

7/ socially awkward? same. all good. find your most gifted bd/ social friend and attach to them.

let them open rooms, carry conversations, pull people in. your job is to swim in their wake.

when the conversation is warm, you step in and go deep. they're the spark. you're the fuel. together you outperform a room full of solo operators trying to do both at once.

8/ three days of conferences is a marathon. two drinks max. no 3am nightlife.

the people you're trying to reach are getting invited to everything. the ones who show up sharp every morning stand out because almost nobody else does.

manage your energy like an athlete managing game minutes. exit dead conversations immediately. it's not rude. it's professional.

9/ the follow-up window is 24 hours. not 72. not next week.

the conference high fades fast. after a week you're basically a cold outreach.

same night or next morning: one specific reference to the actual conversation. one clear next step. no fluff.

this is where most conference value gets lost. and where the deals actually start.

10/ first conference: you're new. third conference: people recognize you. fifth conference: people are coming to find you.

show up consistently. host things. moderate things. make introductions with no agenda.

after enough cycles, the conference works for you instead of the other way around.

conferences are not networking events. they're compressed relationship-building opportunities with a timer on them.

come prepared. add value before you ask for anything. follow up like your pipeline depends on it, because it does.

dm me if you want to apply any of this to your situation - happy to trauma bond / share tactics / save you money on your anti-sponsorship journey.

[Eric Turner @ericturnr]

Congrats to @carlosdomingo and team. Many tried the same and died along the way.

Huge milestone for onchain assets.

[Securitize @Securitize]

Securitize is now officially a public company, listed on the @NYSE under the ticker SECZ.

Our focus is unchanged: building the regulated infrastructure for the next generation of capital markets.

To everyone who helped us get here, thank you.

Tokenize the World.

[Eric Turner @ericturnr]

This is the best post I’ve seen about OUSD and deserves more attention

- Circle and Coinbase agreement is likely to end
- Stripe distribution makes it a real competitor
- Consortiums suck and they move slow
- Too many stablecoins (bad now but gets better with tech)

[Rob Hadick ＞|＜ @HadickM]

I believe that the correct takeaway from OUSD is actually quite nuanced, both specifically to what it means for Circle / Tether / Paxos and more broadly about what it means for adoption and the likelihood of being successful (warning, very long post).

First, on CRCL, I wonder if it was more than a coincidence that Jeremy was on stage at the largest (and most hyped) Goldman Digital Assets conference in history at the exact time that the announcement occurred. He, Goldman, and many in the audience knew it was coming pre market open and that it would have a negative impact on the stock - that’s neither here nor there but did find it interesting as people in the audience were talking about it as he was being interviewed and the stock opened down 6% in the midst of the talk.

In terms of impact on business, it’s been clear for awhile that revenue share %s were going to continue to go up and that for payments use cases redemption fees would need to go away. Circle was already responding to those points by striking deals with payment companies on mint/redeem and with distribution partners on yield sharing. The potential impending breakup with COIN, which has been signaled for awhile, actually near doubles their net revenue immediately, which is incredibly positive for them. That said, within a reasonable period of time that yield will likely end up in the hands of new distribution partners as they compete - but CRCL will be unshackled to compete here aggressively in a way they have not been able to with the COIN deal, so I think this specifically may end up being a net positive, if the deal is restructured or cancelled, even with further downward pressure on how much net revenue they keep. They also have deep liquidity that is hard to replicate and integrate, and that shouldn’t be forgotten or pushed aside as trivial.

But it’s clear that for many Stripe partners, customers and ecosystem participants specifically, OUSD will likely become default use instead of USDC, which was previously preferred, as long as OUSD can bootstrap deep enough liquidity. And it’s inarguably true that Stripe is simply a better engineering and product organization and will likely ship better ancillary products and tooling needed for easy stablecoin use and distribution. Then again, CRCL has a clear head start and existing integrations that shouldn’t be ignored. Switching costs might not be high, but if you’ve built your product on top of CRCL’s APIs, you will need to be incentivized to switch which is a harder prospect than people realize and won’t simply come down to yield sharing - but of course the greenfield opportunity set is much larger than the market that is already well served. That said, for non payments use cases or for payments companies that compete with or have different incentives than Stripe, it’s not clear that this will be in anyway preferred vs existing (or net new) options.

Lastly, if this ends up being issued by a Bridge entity, it doesn’t solve one of the main problems USDC has had in deeply penetrating enterprises - and that’s the fact that these tokens are still, today, essentially credit to the issuing organization and CRCL (and Bridge) is not investment grade credit. Bridge is also not, today, ready to be genius compliant (though they are working on that). If there is a parental guarantee at Stripe or some of the other members, that changes the calculus, but both are at risk of having the large banks/AMs swoop in and take the most profitable and largest opportunity use cases. And there is still a lot of wood to chop in terms of global licensing. So I don’t see this announcement as changing that competitive risk that already existed.

Overall, I told someone before the announcement yesterday I thought CRCL stock would be down 15-20% on the day and it landed right in the middle of that. I do think the market reaction is justified but I don’t see this as some type of death knell many commentators are framing it as. CRCL does need to accelerate their payment and fintech product development, however, and I believe they need to be acquisitive. That time may have passed, now with the stock trading down, but there are a number of interesting options that they could explore that would still be accretive. This isn’t the end of the new entrants, so some defensive posturing will be key.

For Tether, this is not their core market anyways and they will continue to focus on distribution in channels that neither Stripe nor CRCL will prioritize - they will be fine, but as Paolo said on stage at Token 2049 a couple years ago, Tether’s market share is likely to keep declining over time (but in a market that should grow a lot). Paxos, OTOH, will lose the upper hand on their main selling point of USDG and will, at some point, lose their regulatory upper hand as well. I see this as far more existential for them than the others but that’s also why they’ve refocused on the brokerage as a service business this past year.

[Eric Turner @ericturnr]

The base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf debate I see on my feed comes at a bad time

I personally believe you need to have either a token or equity and for a lot of reasons (cold start and regulation mostly) we haven’t seen that for almost a decade.

But with Venice the token has real value for usage and from everything I know about @ErikVoorhees and our limited interactions he is one of the most crypto aligned people on earth.

[Eric Turner @ericturnr]

No one will underwrite risk capital with no rights at size

@MikeIppolito_ nailed it

[Mippo 🟪 @MikeIppolito_]

Tokens with equity do not work