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Dovey
@DoveyWan
Feb 2, 2020 • 3 tweets • 2 min read • Read on X
🤯🤯🤯

LATEST update on #Cornoavirus

Huanggang (a city right next to Wuhan) and Wenzhou (epicenter in ZheJiang Province) are now imposing quarantine at the HOUSEHOLD level ...

Every household can only designate one person every two days to go out shopping life necessities..
Google translation of the full announcement

This is martial law equivalent I suppose? ImageImage
Source from Wenzhou gov’s wechat account. You can find it published all over chinese social media too, like this one from CCTV Weibo

Stuff on wechat and Weibo is not indexed by Google (even if you can search in Chinese) that maybe why it’s hard to get first hand Chinese info ImageImage

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More from @DoveyWan

Dovey
Jul 21, 2023
Simple math for next cycle founders:

CB+Binance = 200m accounts;
MetaMask = 20m addresses;
Active onchain users = 200k

It’s a 10% to 0.1% ratio from top of the funnel. Every new cycle top of the funnel will grow organically as price action (fomo and greed) is the best acquisition.

Solid work that can drive 10% to 20% or more, or 0.1% to 1% will be next cycle’s trend setter
The data structure above at first glance is a pyramid, but from user intent/profile perspective is more like a barbell: ❚·══·❚

onchain experience serves best for either the MARGINAL users (no good access to cex or financial infra) or POWER users (self-custody, whales who want to trade with transparency, heavy yield farmers, additive hamster degen) at current phase. The large middle distribution are either indifferent or not enough incentive/too high of mental switch cost to move onchain.

When competing with offchain experience on cost, speed, usability, or content quality & accessibility we are far from there. imo is not the right battle to fight: Twitter will not be decentralized by a Twitter form factor thing, onchain STEAM needs to have its own Counter Strike level hit first before it can be a distribution channel.

It’s just unrealistic to expect “better onchain content delivery to beat web2” recommendation, targeting, curation all these are too costly to do it in crypto native way. retro fitting NGMI, we need to reimagine in the native and creative way.

Simply have tokenomics on top of apps will not magically lower down the CAC or fix the broken retention rate, which are the two main causes death of consumer facing apps

So my thesis for funding next gen products/protocols are

1. How to serve the two sides of barbell better
2. How to enlarge the barbell coverage (ask the q: why mid distribution will care and what’s the trigger to move them onchain)
Some prior examples of barbell adoption path

Defi (permissionless access to financial instrument)

- Uniswap started from marginal users and assets later broadened the barbell to average spot traders. Uniswap saw adoption from marginal long tail asset issuers and spot traders, the first surge of utility was for algo stable coins as liquidity of rebasing asset was hard for CEX. Uniwap users is now roughly 5-10% of CEX

- Etherdelta back in the days was for power crypto natives users, DAU peak at ~30k back in 2017; GMX, most of the value driven by high lev whales alson power users. nowadays the size of traders on perp dex was at most 1% of CEX, I'm expecting to see the barbell being broadened for tradfi and deriv soon.

Stablecoin is the same path of adoption

- USDT is a good example that's built for offshore traders outside US or folks without access to US dollar, both powerful and marginal users, and serves lots of global trade settlement in massive grey markets where local currency is not a preferable form of payment

- widening the barbell is the play on distribution: USDC with Coinbase as distribution partner& all the banking relationship makes on/off-ramp easy; Binance props up BUSD with its distribution engine before it gets shut down
Read 4 tweets
Dovey
Jun 16, 2023
I get we need something positive, but the imaginary China narrative is pretty dumb considering how predatory mainland situation is for crypto founders

There is a on going retroactive witch hunt, ie ICO founders from the 2017-18 will be harassed even if they already quit the… twitter.com/i/web/status/1…
the underlying motivation for many cases is less abt "regulatory suppression" is more about economic exploitation, typical case during bad time surveillance state abuse its law enforcement power to overstep in private sectors, confiscate asset, fine the riches

Local… twitter.com/i/web/status/1… Image
盐城 (Yancheng) has made a great case for all other tier 3 china cities back in the day with their confiscation of PlusToken's

some numbers from that case -

310,000 BTC alone was sent to the national treasury, it is worth $17.4 billion, equivalent to 112 billion yuan, the… twitter.com/i/web/status/1…
Read 5 tweets
Dovey
Apr 22, 2023
On “Bio Hacking”

Always got friends ask “how to bio hack”

I don’t like the term “bio hack” as it makes us think there is magical quick fix in achieving bio vitality

but in reality most of us are not even getting the basic right: good sleep, food, mood and moves

1/ Image
The most effective approach to “hack” our bio is simply back to a more primitive form of life. I.e if you go camping for a week, you naturally fix your circadian clock

Our biological evolution is so lagging behind technological evolution and change of life style. Modern urban… twitter.com/i/web/status/1…
So simply plan the day following the sun angle: enough sun exposure and activities in the day, dim the indoor light in the night, stop accessing artificial light after 10pm

This is the best “hack” I figured for good sleep

Nothing feels better after an optimal sleep

3/ Image
Read 8 tweets
Dovey
Apr 12, 2023
Will be on the panel of Cefi vs Defi in the afternoon as the only Defi rep😅

HK is largely a Cefi hub as the gateway for China so not everything is "politically right " on the stage

I posted what's really on my mind about this topic here, with HK context

A thread -
1/ At the macro level, most countries (except China and Russia and a few handful others ) in the world have no monetary sovereignty, including HK here unfortunately. HKD is a synthetic US dollar. The slow rug from the Fed has been extremely costly for HK to maintain the peg
2/ duration mismatch has rekt the commercial banks, the synthetic peg will rekt central banks

similar to "don't fight the fed" and for years traders have been "don't fight the HKMA" as it ALWAYS pegs at all cost, with help from sugar daddy PBOC

peg is a confident play
Read 10 tweets
Dovey
Mar 24, 2023
Aftermath of #SVB on Chinese outflow and Singapore inflow

1/ My private bankers in SG said they have seen massive Chinese wealth outflow from US after SVB crisis into Singapore

SVB is not just a Sandhill VC bank but also bank to offshore GPs and Chinese tech firm under VIE
2/ just anecdotally one of my Chinese tech investment (a series B company) had $10m in SVB

It’s a bank to global tech money and HNW tech persons

Most Chinese HNW post 2000 (age between 35-60) are made under tech, who used to considered US bank as ironclad not anymore
3/Chinese wealthy can’t trust both Chinese and American financial systems, Singapore is making the real killing in between (western common laws and market structure+ eastern doctrines) and has become 1st choice for capital out flow

The viral meme 👇🏻 is quite a explanatory
Read 7 tweets
Dovey
Mar 12, 2023
Just read the @circle announcement on USDC circle.com/blog/an-update…

last year I ask @jerallaire their repo experience and how it's time to stress test it. They are well aware of all risks and should have rehearsed the liquidity ops for an extreme situation like this ...
I believe Circle and the team will go through this and might have to raise an equity cushion (or bridge loan) to buy time while FDIC process their uninsured claims

this should be an easy ie to collateralize their bond interest for the raise
after all these this will accelerate related stablecoin policy making hopefully, to eventually get Circle a full Fed account just like Alipay

and if that's the case, using USDC will be like a quasi CBDC and Circle will become the digital reserve bank sit on top of Fed
Read 4 tweets

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