0xfro

gmeow - trying to turn $10k into $100k by the end of 2025.

[0xfro @fromo_eth]

Top 1% of eth gas spender 😂 this was mostly done on NFT szn in 2021. Good times that was…

See yours here: https://t.co/fPTM00UmXm

[0xfro @fromo_eth]

Just left curve it.. basically.

Applying tradfi multiples is too midwit, won’t work here.

[6529 @punk6529]

On Punk Strategy (PS): Some stream-of-consciousness initial thoughts:

1/ PS is a simplistic (not full AMM), inventory-bound market maker (buys and sells), not a Saylor-esque laser eyes buy-and-HODL DAT

2/ PS generates short-term profits in up markets and not in down markets. If you believe in long-term up-only for punks, it will create long-term profits too, but fewer profits than just HODLing punks would have

3/ you can indirectly participate in the profits generated from #2, to the degree that profits are generated, by buying the token under the theory that token buybacks will make number go up (this is sometimes true and sometimes not in tokens)

4/ the tax on token transactions creates working capital for the market-making in #1. In classic terms, the token contains both the GP and LP and has a large front-end and back-end load (10% as of right now) on both the GP and LP. There is no real exact analogy in tradfi but it is something like that

5/ PS has a small tribute from the other Strategies, though this does not change the fundamental analysis

6/ I somehow "disagree" with both Team PS and @PunksOTC, in that I think it is net more positive long-term for the CP price than for the PS token because it creates buying pressure whether token is going up or down. Though ofc @punksOTC spends a lot more time market making punks so I might be wrong

7/ The fact that PS relists higher as opposed to not listing does not seem to me to be a net negative - those punks were already listed, but lower. If a human collector wants to buy them and HODL them, they can anyway so this is net incrementally more buying pressure at all times

8/ In other words, imagine you have an NFT collection and two people started trading an unrelated token back and forth between themselves and, for some reason, took 10% of their trades and said "we will blindly buy the floor NFT and list it for a higher price, and never list it for a lower price"

You may wonder if this is a good strategy for those two people, but it is probably good for your NFT collection's floor price and liquidity so long as they are happy to do it

9/ I think the PS people saying "don't look at NAV or NAV multiple" (they are 50x ore whatever right now) are right because the goal here is NOT a long-term hold for price appreciation

What you should be looking at instead is: a) as the expected profit stream from the trading strategy and b) applying a multiple to that

10/ Of course, "should" is carrying a huge amount of water here since this is crypto, and obviously we trade on vibes not on "financial ratios", so I do not put much credence (good or bad) in traditional financial analysis for crypto

11/ It is just that IF you are going to use a tradfi metric, the right one here is price/earnings, not mNAV, I think

12/ Is "buy floor and list x% more" the world's most advanced trading strategy? Obviously not, I think if someone offered you an investment bot that "bought the floor and sold it 20% higher" you would not have been ultra-impressed

13/ These are the challenges with smart contracts - it is hard to get advanced strategies into the EVM and it is an area that needs work for us to progress to building more complex self-driving systems

14/ As always in crypto, the speed of capital formation is astonishing

15/ Is this a better relationship between a fungible and an NFT than: "no relationship at all" and "the NFTs 'yield' fungible coins" - I think so because of #6 above - I think the benefits in the end will accrue to the NFT collection

16/ Is any of this a price prediction or investment advice? Are you kidding me? - I have no idea what BTC is going to do, so obviously I have no idea what the right price is for something that was $5M two weeks ago and $300M today

17/ Is this the type of thing that can happen with network art and cannot happen with digital art in a museum?

Yes!

I am mostly disinterested in the exact mechanics of PS, but do think it is the latest example of why network art is different

Success or failure, PS will be there forever now, as long as Ethereum and punks themselves. This is wild, fascinating and I think we will see endless more experiments like this over the next 1, 10 and 100 years

18/ One of the reasons I am infinitely bullish on early/important/top 10,000, 100,000 or 1M or whatever NFTs is that I think they will be the 'target' of endless smart contract based experiments over the years and we have no idea what will happen over time

Just like BTC is more important the Strategy or any ETF, DAT, etc, I think CP are more important than any vehicle, person, contract buying or selling them

19/ I would love to see a Punk Strategy but with "the sales button taken away" - I don't have time to do it, but if someone did it well and professionally and non-scammy, I would buy a few tokens

20/ As you know, I have trouble finding the "sell" button in general, so I like the idea of collectively buying punks but I dislike the idea of collectively selling them for 20% more

21/ So if we take this idea to its logical conclusion, why sell them at all? Why not have a token that just funds buys only? In time, 10 years? 50? 100? could it become the largest owner? Who knows? If people stay interested, "yes"; if not "no" but we could probably, almost certainly buy at least 1 and that would be fun

22/ I have been beefing with @batsoupyum all weekend because he is a Boomer (tm) and he is telling me all types of Boomer things like "this would be like a closed end fund and you need to be able to redeem otherwise the token will trade at a discount to NAV, blah blah"

As if PS, and CryptoDickButts and so on trade on financial ratios

23/ In any case, every properly fractionalized NFT / NFT collection with a redemption mechanism (Fractional, Whale, etc) has always traded at a discount to NAV because it is boring - just hanging around owning a 1% of a punk in the hope that later you will sell it for more, is very boring IMHO. I bought some fractionalized $APE back in 2021 and almost died on the spot from boredom.

24/ One the other hand, "we will collectively own a lot of punks forever", I dunno, that seems more fun and interesting and you can "do things" with them

25/ To continue the thought experiment: if it makes you feel better, say you could sell them in 99 years. Does that change anything? I don't think so, but it gives an "exit" for those who feel they need it. And it makes no difference IMHO if it is "never", 99 years, 69 years, 42 years etc

26/ If you "buy and HODL" in an immutable self-driving contract, would this move the sense of ownership transitively to the token? I am not sure, but it is an interesting question I think.

27/ "But you would lose the burn of PS" -> I mean, OK, sure but this does not reflect my "investment thesis" as such on punks.

If this was important to me, I would have sold my punks a long time ago and not just captured profits from the burn indirectly moving the token price (maybe), but directly from the sale.

But beyond the fact that I generally like NFTs and do not want to sell them, I do think 10 years from now punks will be worth more than today (NFA, etc, etc) so even from an "investment" perspective, swing trading them seems not ideal

28/ thank you to @Rhynotic for giving me the opportunity to think about something different and put my brain cells to work

29/ for those in profit, don't forget to take the chance to buy some NFTs

30/ As always, do not read into this my views on the financial side of PS - I have no idea what my views are on the token, in the immediate, short, medium or long-term, so for sure you don't either.

[Buddy @prjx_buddy]

stop doomscrolling

start providing liquidity

[0xfro @fromo_eth]

Providing LP on @prjx_hl also feels like a no brainer play? You get juicy APR and their points. Just be careful on impermanent loss if you’re providing on a volatile pair. For me these two pairs are comfy.

https://t.co/vg9Jkn7TLk

[0xfro @fromo_eth]

@HYPRSTR Good tek

[0xfro @fromo_eth]

@dcinvestor Creating and maintaining wealth are different skill sets.

[0xfro @fromo_eth]

As a third world country resident, web3 is really the first place where I feel like money is abundant.

I built a business doing ~$1mil per year here thinking its a big deal - and then to see a protocol/NFT/coins launch and hit $1bil mc in a sec here is just mind blowing.

[0xfro @fromo_eth]

Still farming 🫡

Ultrasolid coded

[0xfro @fromo_eth]

Can you use a prediction market to hedge real-life events, like betting on a U.S. government shutdown to offset its impact on your life?

Seems neat.

[0xfro @fromo_eth]

Also, I will not short or invest in shitcoin anymore (hopefully). Those two never made a profitable trade for me. Long spot and long (small) perps only.

[0xfro @fromo_eth]

Up ~$1.5k realized for the last two week. Not amazing but also not bad. Trying to just consistently hit a profitable trade rather than betting the house on one thing.

Would be happy if I can be up $3k in another two weeks.

[0xfro @fromo_eth]

Alright screw it. I got plenty of time over the next 4-6 months.

Thinking of freshly funding $10k into my wallet and explore @HyperliquidX eco.

What's my best first move? Farming DEX point? Stake my $HYPE?

[0xfro @fromo_eth]

As a third world country resident, web3 is really the first place where I feel like money is abundant.

I built a business doing ~$1mil per year here thinking its a big deal - and then to see a protocol/NFT/coins launch and hit $1bil mc in a sec here is just mind blowing.

[0xfro @fromo_eth]

@patfscott Using OI as the “real metric” is a nice insight. Nice read, followed!

[0xfro @fromo_eth]

@tulipking Jacob’s hyperstructure essay is amazing. Makes you feel like this era of crypto is a once in a lifetime opportunity to build something everlasting - not to just see coins go brrrr.

Thanks for all the essays and books references.

[0xfro @fromo_eth]

Alright screw it. I got plenty of time over the next 4-6 months.

Thinking of freshly funding $10k into my wallet and explore @HyperliquidX eco.

What's my best first move? Farming DEX point? Stake my $HYPE?

[0xfro @fromo_eth]

The best way to learn crypto is to use them, not to trade them.

And by default if you understand something well, you'll have a better edge over others.

[steven.hl @_stevenhl]

On Monday, Native Markets promised USDH deployment “within days”, and they have delivered just that!

As per @mlmabc, Flowdesk has just completed the first ever tx for a USDH mint on HyperEVM:

https://t.co/I8jEUytQx0

Hyperliquid

[nairolf @0xNairolf]

"bro wat is hip4?"

An explanation of HIP-4, in (very) simple terms. 🧵

[0xfro @fromo_eth]

@RipNReveal open a pack

[0xfro @fromo_eth]

@JRs168 @Zooversenft @TheNFTShowYT @ethbobby @randomhouse