Digital & Product Marketer. Open to new opportunities | Likes tech, blockchain, digital assets, (auto)biographies, design, sci-fi, potatoes, and gaming.
@yo_itsmatt 😅 No fun answer is that I like working and city so no quit. But if I ruffle up an answer, a mil is enough as long as it’s all not sitting in FIAT.
NEW: Do Kwon / Terra vs. SEC off to a hot start in Manhattan court today
We already got a jury selected along with opening statements from both the SEC and defense teams (plus’s some pretty hilarious material from Judge Rakoff)
Here’s everything from Day 1 🧵
Well said. Many people are still healing from FTX, 3 Arrows, Terra Luna, Genesis, and others. Be cautious and DYOR. It was one of the hardest year of my life. Every 45 days or so there's one incident.
Hey y'all,
We all ignored the huge red flags associated with SBF because "he looked smart" and "he made a lot of money." Then it turned out that he was dumb as rocks, was a sociopath, and was just stealing our money.
The next cycle is going to be even more noisy, with even worse behavior. It has become really easy to launch a trash L2, and it's fairly easy to do that trick, perfected by a certain chain that reorgs every other day, where you find someone who is actually doing real work and you parrot what they say, while angling for a photo op with Vitalik. So we need to be extra vigilant about the red flags that characterize trash L2s:
* Project narrative does not match project tech. E.g. centralized sequencers and layer-2s that lack fraud proofs are trash that is at odds with crypto.
* Projects that sell tokens now in order to raise money to do the work that will lead to some other technology later. Third prong of the Howey test has something to say about this, and it starts with S and continues with ecurity Offering.
* Founders dumping personal tokens pre-launch. Teams should be locked up. 8-figure sales pre-launch in order to "thank the staff" are about as OK as SBF stealing everyone's money because he's an "effective altruist."
* Very low float tokens. SBF played this game of manipulating low-float token valuations and borrowing against them. Enough said.
* Founders complaining that they are running out of cocaine. I'm no moral police, but come on.
So how does one cut through the noise? There is a simple test. Crypto has just a few real blockers at any given time. For instance, in the last cycle, scalability and performance were the outstanding problems and Avalanche and Solana provided two approaches to tackle them. These days, I believe the blockers have to do with supporting multiple use cases on the same platform and integrating with TradFi -- but I might be wrong and others might have their own ideas of what blocks adoption by the next billion people.
Whatever these blockers are, say them out loud and ask: "Does this person bring something truly game changing to the table to address the biggest issues facing crypto right now? Would I invite this person to my family dinner and would they be able to explain why they are uniquely positioned to solve it?"
For the trash L2 game is trivially easy, and we just might be looking at a bunch of new sociopaths lining up to fill the void SBF left behind.
@el33th4xor Well said. Many people are still healing from FTX, 3 Arrows, Terra Luna, Genesis, and others. Be cautious and DYOR. It was one of the hardest year of my life. Every 45 days or so there's one incident.