Matt O'Connor

evolving private markets @legiondotcc | former Bridgewater, Techstars, Stacks

[Matt O'Connor @matty_]

https://t.co/EULr2DzryO

[Matt O'Connor @matty_]

@FloraLuzz_ Yes.

[Matt O'Connor @matty_]

@Arn_Wintermute @proofoftalk @CantonNetwork modern art

[Matt O'Connor @matty_]

There are maybe three crypto conferences left worth attending and @proofoftalk is one of them.

Some observations from day 1:

- @CantonNetwork is the place to build or migrate. They have aspirations to dominate retail payments as well, not just institutional. The main retail perk is privacy, main institutional perks are liquidity, strong existing partnerships, and the technical ability to control which nodes can see or run your deployments. To watch here: @tryMinted @Noves_fi

- AI cybersecurity threats break the assumptions that monolithic centralized systems have scaled on over the past 20+ years. Decentralized networks, identity verification, and key management all play a role in the solution. A surprising number of family offices investing in Bittensor $TAO

- Adjacent to this, turning AI usage into “useful proof of work” to secure a chain is gaining traction and solving a problem as old as Bitcoin itself @prlnet

- Everyone is trying to OTC sell $LAB. No bids at 80% discount.

- Also saw more people in suits than any other crypto native conference I’ve been to, not counting “digital asset class” style events. The institutions are not going anywhere.

Overall my second time to a crypto event in Paris. Generally tend to be smaller events, but higher signal. A lot of activity and energy.

Photo borrowed from @proofoftalk since I once again walked out without taking one.

[Matt O'Connor @matty_]

@pavelprata @murphcapital @fabrizio_builds Legendary. Excited to change the game together

[Matt O'Connor @matty_]

SpaceX, OpenAI, and Anthropic's private valuations exceed the val of every dot com bubble IPO combined, even after adjusting for inflation.

No wonder private markets secondary activity is at all time highs. Wealth is created pre IPO.

[Matt O'Connor @matty_]

@MLChristiansen People being afraid your side will kill them for being a registered voter on the other side is not the flex you think it is.

[Matt O'Connor @matty_]

@EndWokeness It was her choice not to be stoned to death.

[Matt O'Connor @matty_]

@TRobinsonNewEra @GaryLineker Sounds like time to do the police’s job for them.

[Matt O'Connor @matty_]

@wedtm yeah but no pun

[Matt O'Connor @matty_]

Incredible tech. Solves more of a problem than 99% of crypto projects

[sudox @kmcnam1]

jfc....

[Dan Hightower @Danhightower]

How to ragebait a VC

- Which podcast gave you that opinion?
- How would you add value if you found a way to be valuable?
- You look like you make all of the 2 but none of the 20.
- Sorry, we aren't raising from you right now.
- Which AI model did you use to vibe code your firm's website?
- What startup role would you take if they'd have you?

[Matt O'Connor @matty_]

@RupertLowe10 Half the hit pieces just state things like "Restore wants to deport all foreign violent criminals" as if it's a bad thing.

Free advertisement

[Matt O'Connor @matty_]

@Mike_nike7 good point. I guess that was always the case with traditional machine learning too.

The alpha is in doing the boring data prep well

[Matt O'Connor @matty_]

It's crazy that even modern LLMs abide by classic machine learning principles.

Define a loss function. Iterate. Don't overfit.

[Alok Bishoyi @alokbishoyi97]

https://t.co/domNWDD6GA

[Matt O'Connor @matty_]

Transparency is the most critical pre-requisite for efficient capital markets, and precisely the one most tokenized assets lack.

Happy to support this initiative and be a member of the Transparency Alliance at @legiondotcc

[Blockworks @Blockworks]

Introducing the Transparency Alliance.

An industry-led alliance establishing the Token Transparency Framework as the standard for token market disclosures.

[Matt O'Connor @matty_]

What to do with the leverage:

• Co-invest sleeves at zero fee on the deal
• Bigger GP commits in new fund LPAs
• Fee offsets that wouldn't have flown in 2021
• DPI receipts to go with the TVPI marks

GPs will say yes right now. Be loud.

[Matt O'Connor @matty_]

LPs hold the cards right now - this is the moment to be picky.

Every GP raising capital right now needs your check more than you need theirs.

GPs used to sell you an IRR story. Now they have to sell you cash back. If they can't, they can't raise. That shift is LP's leverage 🧵

[Matt O'Connor @matty_]

91.7% of every PE fund that closed in Q1 raised more than its predecessor. Median step-up: 50.9%, up from 46.3% in 2025.

You're writing bigger checks to fewer GPs. That's what price-setting power looks like when LPs hold it.

[Matt O'Connor @matty_]

@jasonrope Marriage is a private arrangement involving two individuals. Men in women’s restrooms is not, moron.