kain.hl (real) Profile picture
Aug 26, 2020 7 tweets 2 min read Read on X
If you have a fragile ego crypto is probably not the place for you. No matter what you do and no matter what your intentions the market and its friendly participants are going to pillory you. The gold standard of not giving a fuck imo is @tayvano_.
Despite catching shit constantly for trying to save us from ourselves, including from me at times, she keeps running into burning buildings. You can’t do that if you are petrified of what people will say or think about you. It takes a lot of self-belief.
Communications for crypto projects is a hugely undervalued skill. You need to cultivate this and defensiveness is literally the worst thing you can do. My strong recommendation is to accept that everyone, including you, has no fucking clue what is going on, be humble, work hard.
If you start a project you immediately occupy a privileged position you arguably do not deserve. If you abuse this position you put the entire project at risk, communications may seem trivial at times but small things add up and can undermine confidence.
Communities hold their leaders to high standards because they intuitively feel this tension. Experiments like YFI are rapidly highlighting that having leaders, even temporarily, may be a false economy. You can cede almost all power and things still work, maybe more efficiently.
All authority should be challenged and at best should be a transitory and necessary evil on the path to decentralised governance. Thus any abuse of this power is rightly examined closely and can undermine the legitimacy of the entire project.
This is why open, clear and transparent communication is so important if you want to cultivate a community that is prepared and eager to take control of a project.

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More from @kaiynne

May 15
Derive X Synthetix, a thread.
Those of you who have been following me for a while know that @derivexyz is one of my favourite projects, and definitely in my top three favourite portfolio companies (though not by PnL 😬).
The reason I like them so much is not just because they are Synthetix OGs but because they have relentlessly pursued one goal across multiple cycles and multiple product iterations - create the best derivatives exchange in DeFi - so many teams have crashed out on this journey.
Read 28 tweets
Apr 1
I have a weekly call with @hjmomtazi to discuss the market. We spent almost the entire call this week debating whether ETH is doomed.
While I used to be an ETH maxi, I pivoted to chain agnosticism due to contractual obligations (@infinex_app). I'm still deeply wedded to my ETH bags though and think of them often.
With that context, here is my thesis on what is causing so much pain in Ethereum land.
Read 29 tweets
Mar 26
Let’s have a little chat about market makers. 🥶👇
I’ve had the misfortune of dealing with a lot of bad market makers over the years. But also a few good ones.
Back in the ICO era it was practically impossible to raise without having a deal in place with several “market makers”. The cost was $50k-$300k+ per month.
Read 24 tweets
Mar 3
Synthetix is reinventing itself.
Last year I published a post describing a new Synthetix staking and collateral engine. This year I formalised it in SIP-420
mirror.xyz/kain.eth/UIxxq…
sips.synthetix.io/sips/sip-420/
Read 17 tweets
Feb 18
This feels like ICOs again. What is absolutely clear from every conversation rn is that something needs to change. I’m a fan of markets and I think we can shift the incentives, people are now realising there are negative reputational externalities.
Memecoins are great, they exploded this cycle as a response to the VC fuckerly of last cycle, low float high FDV games. But low barriers to entry mean you are going to get scams. This is ICOs all over again.
With ICOs the market was starting to correct but regulators came in and nuked everyone. That’s not going to happen with memecoins this time around for reasons. So we have an opportunity to prove we can coordinate ourselves.
Read 20 tweets
Jan 19
My unvarnished experience trading $TRUMP yesterday. Possibly the best opportunity we will see this decade but it was not an easy trade. 🧵
I was playing basketball with my kids Saturday afternoon (lucky Timezone overlap). I finally tired them out and picked up TG and opened the big brain collective echo chat.
Luckily I had caught up with messages that morning so the second message I read was 1:23pm (9:23pm EST). “Uh Trump launched a memecoin?”
Read 26 tweets

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