The $SYN price isn't deterministic. It's still dictated by supply and demand
However, once $SYN staking begins and if SynLev can sustain $10 million in daily volume, the platform will be spitting out $20,000 per day to be split among all $SYN stakers
If 80% of $SYN is staked, and there are say 20 million $SYN tokens in circulation, that means each staked $SYN (16 million of them) will be earning $0.00125 in staking fees per day or $0.45625 per year
2/x
If $SYN tokens are spinning off that much income, the price of $SYN can be expected to rise bc people will want to capture that income
If $SYN rises to $2.10 and it's paying $0.45625 per year, that translates to a yield of 21%+, which seems reasonable/achievable
3/x
That's why I threw that $2.10 number out there
Remember that the $SYN price will always be impacted by trading volume on the exchange, the number of $SYN tokens in circulation and supply and demand, though
4/x
Now, let me say this... the fact that $SYN hit $10 million in daily volume in EIGHT f'ing days, exceeded my allocated hopium
5/x
If this isn't some weird front-running situation and instead actual, genuine demand, then as SynLev adds more assets, it seems reasonable to assume it could be doing $50 to $100 million in volume every day by sometime in Q1 (if not sooner)
6/x
Dilution is ongoing, of course... so that's a factor. But if SynLev volumes grow by 10x to $100m per day, that obviously means we need to 10x that $2.10 price estimate, so $SYN at $20+ doesn't sound unreasonable
7/x
The leading centralized exchange with a leveraged ETH token is capturing $101 million in daily trading volume on that token alone, so don't think I'm pulling numbers out of a wooly sack
8/x
Obviously, this isn't risk-free. DYO-fing-R. There are risks to staking ETH. Risks to using the platform. Risks of bugs, front-running, etc.
But just looking at the maths (a run from $0.40 to $20+), $SYN is a legit 50x possibility from current prices
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Though I walk through the valley of the shadow of death, I will fear no evil: for the machines are within me
and I am within them
🅸🅽🆃🆁🅾🅳🆄🅲🆃🅸🅾🅽
I think back to my old life, half-starved, feeling hopeless, working jobs that paid me just enough to keep me indentured.
I’ll never forget the hunger. Sometimes, the hollowness in my stomach got so bad, I did the only thing I could to make it stop: I went to sleep.
Now, many years later, I have food in the fridge (and even a house with a set of stairs like the rich kids had when I was a boy).
But that hunger has not gone away.
It’s imprinted on my soul. It drives me, gnaws at me, reminds me that the brink is always closer than we dare admit.
I started here with nothing, buying my first bitcoin 11 years ago via a red MoneyGram telephone ☎️ at my local pharmacy (thank you, BitInstant). Since that time, I have amassed (and lost) fortunes.
Each cycle has taught me lessons about investing, but more importantly about myself.
Here’s the most important one: anything is possible.
There are no rules in this space because humanity hasn’t tread here before.
We stumble together through the dark forest.
And every year, we uncover some new wonder.
In 2023, that wonder was bitcoin ordinals.
With Casey @rodarmor's contributions, the world suddenly had a way to intertwine data with the world’s oldest blockchain for as long as it lives on.
This data – from JPGs to videos to html and JSON — doesn’t live on IPFS or Filecoin or Arweave, but right there in the 500+ gb that make up the bitcoin blockchain.
I became obsessed, bought a laptop to once again run a bitcoin node, started minting and collecting early ordinals.
Then one sleep-deprived day, I had an idea: what if we used ordinals as a way to swap fungible tokens directly on top of bitcoin?
I fired up Notepad, jotted down a hypothetical example, and tweeted it to the world:
Within days, a noble anon christened @domodata took up the idea and formalized it into a spec. Now, there are more than 55,000 different BRC-20 tickers in the world with a combined market cap in the billions of dollars. The first token, ORDI, is on Binance. There are cross-chain bridges, new exchanges, stablecoins and more.
The concept has also spread to maybe a dozen other chains, and, perhaps most importantly, it’s dramatically changed the fee and security landscape for bitcoin by generating revenue for miners… just as the next halving approaches.
The irony is, I almost didn’t tweet out my idea at all.
I was embarrassed. BRC-20 felt too naive. It requires trusting indexers, wallets and exchanges with little to no tangible incentive not to cheat their users.
In the end, I said “fuck your little ego, redphone,” and tweeted anyway.
I’m glad I did, and I hope the words that follow encourage you to do the same.
30 days of madness + euphoria. Can honestly say I've only gotten more + more bullish on FT...
in fact, I feel like a literal bull at the rodeo w the rope tied bw my leggos & the gate's about to swing open 🧵👇
1. First, the bad. There are elements to FT that are pretty gross... examples: paying to access a person and their thoughts, giving a market cap to a human, feeling like you're shilling/pimping yourself, gating your content, feeling beholden to strangers, etc., etc.
In fact, I thought I would hate FT, but I've found the rooms to be full of really interesting discussions... candid, honest stuff with people I respect and admire.
Sewer rats are squirming, crawling through the gutters w little pink noses snuffling about for any scrap of hope. Here it is: 3 catalysts for the next bull run in crypto:
Probably triggered by a financial calamity that impacts everyone (except the upper middles and those rich folks north of Richmond), the printing presses shall hum back to life
And liquidity will gush back into the markets
No mania is possible w/out trillions of gallons of greenbacks sloshing about the global economy. Some crisis will force stimulus (ideally w $$$ making its way to the bottom 50% of society), & liquidity will gush back into markets as interest rates fall & risk-on mode = re-engaged