Thread by @classicmacro

has been getting Creamed. Recent underperformance relative to other cryptos has been notable. One could argue it is the chart. But it is not. One can find plenty equally poor charts across crypto. This IMO is the marketplace punishing by removing the Cronje premium.

Great thread. Yields matter. However, the main reason IMO was Yearn's blatant negligence around the launch, and how poorly the aftermath was handled. Said so when it happened, not in hindsight later. Many exited/reduced positions because of it.

https://twitter.com/mrjasonchoi/status/1312814143552987136?s=20

The bigger picture bull case remains unchanged. Odds are high this whole ordeal is short term noise. But in the meantime price crashed a very meaningful 45% in six days.

The event and how it was handled should remind speculators of how high Founder Risk is with .

Founder Risk is real and very high. Yearn is not mature enough for Cronje to walk away or mess around.

Recall for example the Cronje interview that crashed price. Smart money was then talking about how Cronje departing would tank as low as 1K.

https://twitter.com/classicmacro/status/1291873270728450049?s=20

I'm long by the way. And as a long time crypto speculator, I'm long used to rug pulls and crashes.

Back to the @mrjasonchoi point, true that "pikers will always try to find someone to blame when prices go down". It's also true non-traders will always try to find some fundamental reason to explain why prices go down, when in fact in the short-term *sentiment > fundamentals*.

High odds crypto takes off again after the elections, and Defi pushes even further as the ultra high beta it is. Macro matters now. So it makes sense to play from the long side. But if crypto crashes, would get smoked, and no fundamental analysis would stop that.