Fat Panda

胖熊猫 全球币圈大玩家。A global player that literally knows everything about crypto.

[Maria 🐸 @MariaShen]

Quick thoughts around why I recently changed my mind about RWAs:

Long term:
RWAs will exist on-chain long term. I have always believed this. Question is how they get on chain.

Why I wasn't bullish RWAs in 2018:
In 2018, many projects were putting real estate on chain, price tracking US equities for investors in other countries (e.g. giving the rest of the world access to the S&P 500, Apple stock, etc), or creating debt markets for real-world borrowers.

But there were many obstacles:

-- Institutions and high-net worth individuals make up the bulk of the demand, but did not want these products on-chain because they did not lack access. Institutional players & HNWI could already access real estate, bonds, and US equities, so they would not change their processes. Putting these assets on-chain was only incrementally beneficial and most of the real benefits (access to defi, composability, etc) couldn’t be realized because there wasn’t infra for it yet.

--Supply was sporadic & had negative self selection. Supply of real estate for example was usually a single building or small cluster of buildings. Few people with real supply were putting it on chain. Usually, the type of assets that came on-chain were those that could not get demand in the real world, and so there was a negative self selection of assets that were available on-chain. This further made it harder to generate demand.

-- Legal issues / enforcement issues.

-- UX & custody issues. Most of demand was coming from non-crypto natives. Crypto UX and custody were a big blockers. Few had the capability to safely self-custody millions in assets.

Why now:
-- The US interest rate environment changed from 0% to 5%. This means (1) dollars on chain want access to real-world yield and (2) there is now demand off-chain for low APR loans.

-- Defi matured. We now have stablecoins, lending markets, exchanges on-chain. The “theoretical” benefits of putting real world assets from 2018 can now be realized.

-- Not all RWAs will “make it” this cycle. Simple, fungible assets like t-bills will make it first. Bonds are in the middle. Real estate will still lag and may not happen in the next few years.

-- UX and custody are no longer huge issues. Crypto-natives want real world yield. Orgs who are already familiar with operating on-chain want access to cheaper dollars. Both parties have familiarity with crypto and also custody and UX have improved a lot since 2018.

Crypto will be the backbone to our global financial system. It taking its first steps toward real world assets today.

[Fat Panda @FatPanda_999]

@thejustinwelsh That's very true. I did the math and realized it would take me 25 years if I worked for a company to make the same fortune from my own business. That means I just got 22 years for free. Amazing.

[Fat Panda @FatPanda_999]

@thejustinwelsh That's very true. I did the math and realized it would take me 25 years if I worked for a company to make the same fortune from my own business. That means I just got 22 years for free. Amazing.

[Fat Panda @FatPanda_999]

Crazy big difference, and that's only for a house as cheap as $500K. What if it's 2mm..

[unusual_whales @unusual_whales]

At the start of 2022, with 3% mortgage rate, a $500,000 home with 20% down payment could expect to pay $207,000 interest on their mortgage loan over 30 years, per WSJ.

At the current 6.42% at the end of 2022, they would pay $503,000.

[Fat Panda @FatPanda_999]

@mikealfred This is why people say American suck at math lol

[Historic Vids @historyinmemes]

A woman completely disappearing behind Scarlett Johansson on the red carpet

[Fat Panda @FatPanda_999]

还是那片海，但是冬天很难钓到鱼。

[Justin Welsh @thejustinwelsh]

Virtual Assistant System:

Last year, I brought on VA to help reduce noise during my weekday.

She was absolutely amazing and saved me nearly 40 hours per month.

(She left Zirtual in 2022 unfortunately - will hire anew in 2023)

Here was our system for working together:

[Jon Brosio @jonbrosio]

Marketing is an insanely high ROI skill.

The 1% who truly understand it will transform their lives.

Here are 9 TED Talks to help you become a world-class marketer:

[Ari Paul @AriDavidPaul]

A nice summary of the binance situation. Basically, no one knows anything (location, who the top executives are, balance sheet, policies), including strangely Binance's CFO and at times CZ claims, himself. https://t.co/jt5C2rJJSX Most people are asking the wrong question. /1

[gojo @143gojo]

sbf/alameda: 11 figs -> 0
do kwon: 10/11 figs -> 0
3ac: 10 figs -> 0
hundreds of other funds: 9/10 figs -> 0

where did the money go man

[Heidi @blockchainchick]

I couldn’t imagine still having to pay taxes to the US government. Now I get to sit back and relax while my US friends scramble to sell off their coins and find good accountants.

Renouncing my US citizenship was one of the best decisions of my life. Freedom is underrated.

[Cameron Winklevoss @cameron]

Earn Update: Houlihan Lokey, the Financial Advisor of the Creditor Committee, has begun advocating for a plan to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of funds.
https://t.co/PoRA7WsY4S

[Fat Panda @FatPanda_999]

Some things never change: the use of Swiss banks by crooks - Tax Justice Network https://t.co/uhM4Bw70jf

[Fat Panda @FatPanda_999]

@MarioNawfal Wire fraud for making users deposit into Alameda's bank account. So..see what's Binance doing?

[Brian Brackeen @BrianBrackeen]

LinkedIn CEO Ryan Roslansky
"Pre-pandemic,~1% of all jobs posted on LinkedIn were remote. As of today, that number is ~14%...but that's not the fascinating part. What's fascinating is north of 50% of all job applications on a daily basis on LinkedIn go to that 14% of remote jobs"

[Fat Panda @FatPanda_999]

SBF感觉还是有很重的理想主义色彩，即使在现在的情况下，仍然觉得自己能发挥很大价值，重启FTX 会是最佳方案，用户利益也最大化，可以最短时间拿回尽可能多的资产。客观地说这是对的。但很遗憾的是，执法者认定你是罪犯，就不会给你这个机会，他们的目标是维护社会公平，惩恶扬善。

[Fat Panda @FatPanda_999]

FTX 创始人 SBF 被指控犯有电汇欺诈、电汇欺诈共谋、证券欺诈、证券欺诈共谋和洗钱罪。 币安CZ将来被告的罪名，大致这会是这几个。还要加一个无牌照汇款，因为早期在美国有些州没有MTL支付牌照，但处理了很多法币充值。

[John Reed Stark @JohnReedStark]

Binance’s “proof of reserve” report doesn’t address effectiveness of internal financial controls, doesn’t express an opinion or assurance conclusion and doesn’t vouch for the numbers. I worked at SEC Enforcement for 18+ yrs. This is how I define “red flag. https://t.co/6oEqmArjS9