You will buy what we say and you will like it https://www.theblockcrypto.com/post/110377/china-digital-yuan-test-programmable-chengdu
JS - hedge fund founder/CIO SY - quant trader ES - crypto trader (super sharp) FT - crypto trader (sharp) MM - rich crypto OG (BTC maxi for most part) CN - sharp, but green ——— JS: My criteria for investing in a defi coin: 1) Holders are entitled to directly participate in the economics of a protocol today. 2) Activity on the protocol is not driven by giving away more of this coin. 3) Fully diluted “market” cap is reasonable. My portfolio: only MKR… FT: Not enough do 1) The value needs to be driven by the economics, not by governance rights. JS: Exactly SY: Ren protocol certainly fits 1 & 2, 3 a bit of a judgement call. How do you think about valuing “token holders can vote in 1”? JS: Can’t token holders always vote? I think if the protocol isn’t built around a token that is getting economics on day 1 it’s gonna be hard for it later to get economics. Uni is close to all 3 except for 1). I’ll check out ren. ES: lol I read 2) and thought “welp, only MKR” JS: Am I missing any? ES: Yearn maybe has a case? (am bearish onchain strats / aggregators tho) FT: pretty sure yearn doesn’t do 1 ES: I haven’t followed yearn in a while— do the earnings go towards buybacks? Can’t governance decide what to do with them regardless of where they go currently? FT: A portion of earnings should go directly back to YFI holders, rather than to a treasury which governance can then decide what to do with. MM: CREAM CN: boys any opinion on arbitrum resulting in big boy crypto players allowing basically zero slippage on huge size on uni 3 rendering the rest of the defi coins obsolete unless exotic pairs? ive been chirping a lot about it this month and no real feedback MM: It's hard for me to put myself in the shoes of someone who doesn't already think most are useless. I think the people who view these tokens as useful won't change those views. Most volume is arb with or without arbitrum ES: I’m not sure what you mean. As a MMer (generally) you can’t allow someone to trade huge size against you with no slippage CN: i'm operating under assumption that arbitrum results in much lower gas -> big MMs can post huge size near market and move it around with the market -> broadly speaking anyone wanting to trade prob gets best rates/slippage thru uni (?) ES: Not sure how this impacts other coins though Also, MEV strats >> doing this sort of market making CN: re other coins, people are gonna shop for the best rate trading coin to coin. im assuming uni v3 is always gonna get the best rate if MM strats evolve to this. and yeah havent gone too deep into MEV beyond hasu's stuff but that makes a lot of sense. MM: But the best rate trading will just be paying high fee/high slippage against the price-insensitive AMM that is sushi or pancake lps CN: I was operating under the assumption that in my described scenario uni v3 traders would get best fees and slippage from the new MM environment. Entire hypothesis falls apart if this isn’t the case. And best rate etc etc … just assuming in environment where MM piles big near market and pulls/reinstates if it falls outside range or gets IL -> traders get best everything and most of the fees go to the huge MM player. Also falls apart if they focus on MEV instead. ES: I mean it *always* devolves to MEV, DUCY? You’re trying to pull your arb-able liq, the arber is trying to trade before you do. Higher bribe wins MM: If a widget costs X and price elsewhere moves to X+1 someone gets to go make the profit off of arbing waffleswap up to X+1. And that's most of the usage pre or post arbitrum. Better to pay X with high fees than X+1 with low fees
Quarter mil. Another institution buying. Although their client letter doesn’t indicate that they have much of an understanding of the space.
Most of them. The majority of them. The revenue they generate goes to liquidity reserves, yield payouts in the form of secondary tokens, etc. The value of the protocol’s primary token should go up based on profits/revenue, like a stock, but very few do.
Just the way he said “allows you to directly participate” threw me off. Agree there are few designed like that.
Have never once dealt with bitcoin in any way - question for the board: I have a client that wants to invest in a restaurant concept and asked if he can do so through tether. How do I go about this without any negative tax implications for either party? It's a lot of money and I can't say I feel completely competent after my brief self-lead due diligence period. Any input appreciated.
Like he wants to send you tether? Its not any different than him just paying you in dollars, I would have him include some for transaction fees. You would just need to be on an exchange that lets to take Tether to USD if you don't want to keep it in crypto
Yes - he wants to send me tether. (Brag post incoming) - so for $550,000 as the investment how much should I be tacking on for transaction fees? And I'm not having to pay any withdrawal fees/taxes to move this to cash or a cashier's check? Edit: Which exchange would you recommend?
Really depends on whether Tether is pegged at the time high or low....if he can send you USDC, you can do a 1:1 swap, no fees, on Coinbase. I'd ask if he can do USDC instead
I would also talk to your bank about it, because they are going to be like where in the fuck is this amount of money coming from if you try to withdraw it. FTX/Blockfolio is a big/reputable one. Here is there deposit/withdrawal policies and fees https://help.ftx.com/hc/en-us/articles/360043023772-Depositing-Withdrawing-Fiat-
Agreed, if it wasn't for the amount of money he's down to invest I would definitely not be doing the legwork on my end.
I’m not computer science smart enough to sort all this out, but an awful lot of negative talk related to Eth and MEV popping up on my Twitter timeline recently. thread: responses:
I honestly don't understand it either....doesn't seem to be affecting price so not too worried about it. Are you on Stacks or looking into Stacks?
The coin STX? No. I only hold btc. I think there’s plenty of money to be made in others, but it’s not for me.
Lol. Now do like literally any other time period in its existence. Joe knows exactly what he's doing here with this sensationalist nonsense.
It's just a sharpe ratio. BTC has been the highest sharpe ratio asset for years. If you'd like to compare it to most any asset class, have at it: https://www.microstrategy.com/en/hyperintelligence/asset-vs-btc
It does seem odd that this bull could be over given how much cash is floating out there right now. Like - feels like stonks are in euphoria, Crypto ought to mimic that as a risk on investment. The above analysis is also why people don't have me manage their finances