aaaaAAAA

[Brandon Salim @brandonsalim]

Life if i never understood stocks and crypto

[kuno @kunoo]

This is still one of my favorite posts in Crypto 😂

[bong @bon_g]

My money was losing 7% per year due to inflation so I decided to invest into crypto

Now I’m losing 30% per month

[penguincola @penguincola99]

finding back some of @DegenSpartan tweets

[mert @mert]

Obama: "If we can't break encryption (if we don't have a backdoor), then everyone is walking around with a Swiss bank account in their pocket."

you are goddamn right Barrack

Zcash

[Muneeb @muneeb]

Some thoughts on the market:

- For a lot of people who’ve been in bitcoin & crypto for 10+ years, this cycle feels very different and unfamiliar. We’re not seeing new ATHs at the magnitude you’d expect, and many alternative digital assets are at 2022 FTX crash levels.

Two theories resonate with me to explain the current market:

(1) First is the “bitcoin is having its IPO momentum” argument by @jvisserlabs. he argues that as assets mature, they see a consolidation period where the old guard carefully, slowly exits to make room for new players. The risk profiles of early adopters and more mature-stage buyers are fundamentally different; bitcoin is going through a phase of maturation and a change of guard.

The counterpoint here is that many bitcoin OGs are die-hard fans who won’t sell, but even in circles around me, I’ve seen OGs take some profits off the table. So I broadly buy this theory to have merit.

(2) @CryptoHayes recently pointed out how dollar liquidity is drying up until at least the US government opens up again. Even though it might feel like we’re heading towards a bear market, many macro indicators point to more money printing, an increase in M2 supply, and further rate cuts.

The consensus on CT has shifted towards “this cycle is over,” and @cburniske was the first to call this. I’m personally more optimistic. I think the bitcoin “IPO consolidation” will happen faster than tech stocks (like the phases Amazon and Google went through post-IPO), and projects with strong fundamentals that are currently at FTX crash 2022 levels will start picking up some momentum, primarily because there are not many sellers left.

I’m an engineer and not a trader, so take these views with a grain of salt. I’m long BTC and STX (99% of holdings), and am also long SOL and ZEC (Solana is a better Ethereum, and privacy is fundamental).

Markets will do their thing, building long-term value and usage is what matters 🟧🦾

[Haseeb Qureshi ＞|＜ @hosseeb]

What's the crypto one-liner that lives in your head rent-free?

For me it's "the price is the product."

[Minty @DeFiMinty]

My Favorite Quotes on CT

@thiccyth0t: Playing a game that wasn’t meant for you is a common tragedy in this industry.

@0xLTR: Optimism isn’t naivety. It's a strategic and necessary response to techno nihilism.

@0xaporia: It's less about outsmarting everyone and more about having the risk tolerance to step in where others won't.

@LomahCrypto: Concede unfavorable situations.

@gammichan: Happiness is relative, a man in a jail cell is joyous to just see sunshine for 5 minutes.

@herxbt: Self-confidence is the most important quality to becoming a successful trader.

@apewoodx: There's alpha in doing things others cant and wont do

@Trader_XO: The waiting game is what many screw up.

@0xkyle__: I have become an infinitely better trader trying to be less smart, top blasting, and feeling the vibes.

@dawnnitee: Money compounds quickly when continually making the correct choices instead of hyper-gambling chasing making it all in one play.

@tulipking: Writing is thinking made visible. Every incoherent trade thesis you have seems brilliant until you try to explain it in writing.

@Stoiiic: Grit is a prerequisite.

@ferbsol: Not losing is winning.

@CryptoCred: Survival is an actual edge in crypto, but you need to stick around long enough to make the most of it.

@redphone: Risk isn't the Enemy. Servitude is.

@howdymerry: Your tech is worthless if no one cares.

@EmperorBTC: Trade everyday like it's a new market cycle, needing new reading and forget all opinions.

@mellometrics: The best trades usually feel uncomfortable, that’s why most people miss them.

@crypticd22: The market is always right.

@Grantblocmates: If something’s polarising, it’s worth paying attention to. whether it makes sense or not.

@TraderMercury: Remind yourself that opportunity is abundant.

[Santiago R Santos @santiagoroel]

pitched crypto to one of the largest asset managers and instead of leading with ideology, I led with business logic:

- imagine if you didn't need to reconcile trades manually?
- what would that do to your back office cost center?
- imagine if you could settle trades instantly?
- imagine if you could assess positions, solvency and liquidity at micro and system wide level? wouldn't that be nice to assess counter-party risk in real time 24/7/365? (vs manual reported solvency ratios and hoping they don't have off balance sheet items)
- imagine if you could offer global payments settling instantly without going through wire transfers?

this has been the thesis for DeFi since day 1, and the pitch since my days at ParaFi where we were investing in the OG DeFi protocols.

The difference today is that the tech has been built. It's been battle tested and ready to scale. And we have way more regulatory clarity - and more to come soon.

We find ourselves at an interesting juncture in the evolution of crypto where traditional business executives are more excited about the tech than crypto people refreshing prices waiting for moon.

Anyone that uses crypto and understands business pain points dealing with systemic friction appreciate how impactful crypto will be to their industries...

...but they still need help understanding how to implement it.

Time to accelerate. Invert.

[0xLouisT @0xLouisT]

Quick mental framework for looking at DATs

You can think of them as PE-style closed-end funds with perpetual life, a broad mandate, and liquid LP shares, which just happen to denominate most (or all) of their AUM in a single asset: the underlying token.

Why managers like running them:

- Easy asset raising: raising massive size is unusually easy because of the current bubble.

- No redemptions: no LPs knocking at the door to get their money back (the DAT can just trade at a discount).

- No fixed lifecycle: unlike VC or PE funds, these vehicles can run forever.

- No liquidity constraints: you can take all the liquidity risk you want, do OTC or locked deals, park funds anywhere. This is very bullish for DeFi (which happily will take all that collateral).

- Regulatory grey zone: all those laws and compliance for traditional funds? Forget them. Here, you can pretty much do whatever you want.

Are DATs some kind of dark magic? Absolutely not.
They're just a huge bubble for capital providers and some managers are seizing the opportunity...

[mert @mert]

you have a fundamental misunderstanding of how this trade works, like most of CT

The trade is about the MNAV and the SOL per share

It is a lightly levered long on the asset on a long time horizon

purchasing locked tokens is:

i) not the full strategy, it's *part* of it

it is incorrect to claim that there is no buying pressure on the market — there's not even enough locked SOL to absorb it all! you're focusing on 10% of the picture and extrapolating it to the extreme

ii) removes sell pressure regardless

iii) increases SOL per share

and again, the DAT **will** buy from the open market as well

finally, I'm not involved with this DAT in any way but it's silly to claim this is an "exit scheme"

why would the most visible people, who've been loudly and visibly championing the asset for 7 years now, take immense regulatory and public company litigation risk just to unload a few tokens that they could have unloaded privately anyway? what?

focus on the trade itself, not your incorrectly perceived morality of incomplete details

[Chris Burniske @cburniske]

Still laughing that TradFi is gonna repeat the same mistakes we made as an industry last cycle.

[camel @camelagainagain]

TLDR:

never trust hedge fund managers/VCs that are on a lot of podcasts

they have great PR teams to put them on every single podcast where they come and larp as thought leaders

all of these are just ways for them to build clout and raise funds from listeners

most are losing

[thiccy @thiccyth0t]

third interview in the crypto market series with legendary trader @Galois_Capital

[mert @mert]

me after bags are up 7% on the day after being down 90% YTD

[Jameson Lopp @lopp]

Bitcoin HODL stages:
1. Your friends & family are annoyed you won't stop evangelizing Bitcoin.
2. Your friends & family are glad they didn't listen to you b/c Bitcoin crashed.
3. Your friends and family are upset that you didn't do a better job convincing them to adopt Bitcoin.

[Alistair Milne @alistairmilne]

LFG

[Vydamo @vydamo_]

UP ONLY FOREVER NOTHING CAN EVER HURT US