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Jeff Dorman, CFA Profile picture
@jdorman81
Sep 21, 2020 • 5 tweets • 3 min read • Read on X
Tons of great content from the @arca team today, crossing a variety of topics including:

1) , and - a great week for digital assets
2) the melding of CeFi & #DeFi
3) Fighting for tokenholder rights
4) Is a security? (answer, no)

Thread 👇 with all 4 pieces
In this week's "That's Our Two Satoshis", we discuss why the offering from @UniswapProtocol was so groundbreaking, & how can be valued as a sum-of-the-parts between "utility" & "security". We also discuss and its price bifurcation.

ar.ca/blog/crypto-ma…
On the Arca Labs side, our team discusses how CeFi and #DeFi converge, using an example with our own ArCoin’s path towards becoming collateral.

arcoin.arcalabs.com/news/thought-l…
@CoinDesk published our thoughts regarding tokenholder rights, and why tokenholders have a voice in this industry. It's our job as stewards to push companies and projects to be responsible.

coindesk.com/activist-inves…
Finally, the main event. Arca co-founder @PhilipLiu & his 25+ yrs of experience as a securities lawyer tackles @UniswapProtocol and their innovative token. He believes they cracked the code to a fair decentralized launch.

ar.ca/blog/are-uni-t…

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More from @jdorman81

Jeff Dorman, CFA Profile picture
Sep 13, 2023
Been tweeting / replying a lot today about the FTX court approved sale of crypto assets, so if you missed key points, here's a summary with a few updates:

1) Galaxy Asset Mgmt, not their trading desk, won the bid. They must act as a fiduciary & sell gradually & opportunistically
2) Galaxy is receiving massive amounts of reverse inquiry already (some from real funds, some fishing expeditions). But OTC sales will dominate the buying. Less likely to see a lot of selling on exchange or via TWAPs. As good bids come in, they will engage.
3) The $100mm max per week is really not relevant. They can ask for court approval if they get a bigger block bid, and they don't have to sell anything in any given week. The $100mm was just a guideline to prevent dumping and destroying value for the estate.
Read 9 tweets
Jeff Dorman, CFA Profile picture
Jun 5, 2023
My 2 sats on SEC vs Binance

Mostly irrelevant since no one operates in the US anymore and a bunch of non-criminal charges for past wrongdoings don’t really matter.

I see 2 actual negatives from this: ⬇️
1) SEC explicitly defining certain tokens randomly as securities could lead to delistings on Kraken & coinbase or any other US exchange

2) negative sentiment effect if CZ is out and people loved him

That’s about all I see. Pretty benign otherwise.
From a market standpoint... how many times can you rally on the same news over and over again (2020 - corporates buying BTC) or sell off on the same news (2023 - SEC hates crypto)

It just doesn't have much impact any more
Read 4 tweets
Jeff Dorman, CFA Profile picture
Jan 24, 2023
1) The $DYDX tokenomics model is broken, with several key issues:

- Revenues flow to dYdX Trading instead of to tokenholders
- High Inflation & Large upcoming unlocks
- V4 Shipping delays

A thread on the problems & suggestions 👇

h/t @Crypto_Alex17 @MattHepler8
2) Over the past 6 months we observed other $DYDX stakeholders highlight these same issues on DYDX’s public channels. We expect significant improvements to the value & sustainability if the tokenomics are fixed, especially as users move from CeFi to DeFi derivatives post-FTX
3) Arca has engaged the @dydxfoundation , DYDX Trading & major stakeholders to address some of these issues but have been met with resistance and apathy.

With product delays ahead of a major bear market unlock, it is time to make this discussion public.

Let’s dig in:
Read 23 tweets
Jeff Dorman, CFA Profile picture
Jan 23, 2023
Last week, Genesis filed for Chapter 11 bankruptcy protection bringing restructuring negotiations to the public. While we cannot predict how negotiations will end, we pored through filings to synthesize lessons learned and where we might be headed.

Here are 4 key conclusions:
#1: The Genesis bankruptcy represents the end of the forced selling of assets—especially the Grayscale trusts. Gemeni liquidated about 5% of GBTC shares in November that was being used as collateral from Gemeni causing an artificial widening of spreads of GBTC to record levels.
#2: DeFi again proves to be superior to CeFi for risk management. We’ve written about this theme several times and now the Genesis bankruptcy is a prime example of the relative failure of CeFi.
Read 7 tweets
Jeff Dorman, CFA Profile picture
Dec 15, 2022
The SBF saga / theatre at this point has no bearing on the market.

Here are 10 much more relevant digital assets stories to follow: 👇
1) Audits

Have you ever gone thru a crypto audit? The auditors are still learning themselves. It's one thing to prove you have assets in the wallet; it's quite another LONG ordeal to prove you have access to all of them.
1b) And auditors do not like to take risks (see the fallout of Arthur Anderson after Enron).

So if your base case is that "no audit = bad actor"... you may want to consider that "no audit may = auditors are scared of being wrong"
Read 19 tweets
Jeff Dorman, CFA Profile picture
Nov 2, 2022
FOMC meeting --- yawn. Here's how it should have gone:

Q1: How did all 12 Fed governors vote unanimously for 75 bps when there are hundreds of possible permutations that affect trillions of dollars?

A1: Group think - we let markets decide for us then we appease them
Q2: How will you get inflation down to 2% when you have missed every inflation target the Fed has ever set? Literally everyone one. You've never successfully caused inflation when you wanted it nor brought it down when needed?
A2: We have no clue what we're doing when it comes to inflation. But we DO know that we can make stocks go higher when we need to by spending a ton of money. That always works.

So hang tight, keep gambling & shorting, but if we screw up, which we will, we'll save you again.
Read 4 tweets

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