1/ what grinds my gears - boomer bankers saying “oh bitcoin is a fad because my teenage son / cab driver / housekeeper was talking about it” like it’s 1929

it’s 2021

we have supercomputers in our pockets

high quality research is freely and readily available
2/ anyone with a smart phone, a little bit of cash in their checking account, and a desire to learn can start investing and can get exposure to a wide range of asset classes

they don’t need a dude in a suit to do it

they don’t need a 60/40 portfolio
3/ people are watching the dollar get obliterated and their portfolios get rekt

they’re tired of getting 0.1% interest while subsidizing the lifestyles of the people who laugh in their faces while robbing them

they’re taking charge of their portfolio to get out of the rat race
4/ do people make bad decisions? absolutely. but can you really sit here and say they’re better off doing nothing? absolutely not.

instead of judging people for wanting to invest and achieve financial security, let’s educate and provide accessible, easy to understand resources
5/ respectfully, your cabbie buying bitcoin isn’t a sign of the top for the market

it’s a sign that your time is coming to an end. a new era in personal finance and investing is beginning, and no suits will be needed thank you very much.


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More from @Melt_Dem

17 Feb
1/ #Bitcoin FUD-busting time!

claim: bitcoin ownership is heavily concentrated.

@business published an article claiming "2% of accounts control 95% of all Bitcoin" 🤣

truth: the facts, my friends, simple don't line up. let's dive in!
2/ interrogating on-chain addresses is tricky.

address =/ account.

one person can control multiple addresses.

one address can hold bitcoin belonging to multiple ppl.

exchanges and trading firms will have addresses with large balances that represent client funds.
3/ the fine folks @glassnode published an excellent analysis of on-chain address balances in January

the ownership distribution of bitcoin among wallets is actually much more diverse than one might expect.

full piece here:
Read 10 tweets
17 Feb
1/ "the first structure that stood taller than the Great Pyramid of Giza was erected nearly four thousand years later.

it was a cathedral."
2/ "religion is not always about God.

someday scholars will study Federal Reserve papers with the academic detachment with which we study ancient papal bull.

at the time, it meant something.

but in hindsight, it was arrogant gibberish."
3/ "the fact that we keep thinking and talking in terms of the rational (economics) to explain the irrational (the divine) reflects the inability of our society to experience a reality exists between these two poles."
Read 5 tweets
7 Feb
1/ how to manage your investors - a short thread

i am always talking to my portfolio company founders about how to work with investors.

remember, founders, investors work for you!

a great place to start - @briannekimmel's piece

2/ at a minimum, send out investor updates. they're as much for you to track your progress as they are for investors.

here's a simple template i use @CoinSharesCo Ventures and my angel portfolio.

quarterly is a must, but monthly helps in the early days.

3/ you cannot lead if you are unwell! manage your mental state.

get sleep. get sunlight. create space to do the things that nourish you.

DMs are always open. a coach, therapist, or mental health pro is a great resource!

kudos to @alexisohanian for leading the way w 776 VC.
Read 6 tweets
25 Jan
1/ outlook for bitcoin: positive 🚀

in this thread, i'll quickly outline key data points on #bitcoin sentiment, demand, market structure, and macro conditions

disclosure: i own BTC, obvi. this is not investment advice. DYOR. further disclosures at coinshares.com
2/ let's start w sentiment ☺️

first, investor sentiment:
@blackrock filed to add BTC to 2 funds, CIO has 400k price target
@RayDalio's Bridgewater reportedly issuing BTC research report
✅JPM, Goldman, and other bulge brackets initiated research coverage
3/ next, trader sentiment:

🚨 most important indicator is the forward curve

normally BTC futures trade in backwardation after a price drop.

this time, the curve stayed in contango following drop, meaning market makers are bullish 🐂📈 despite funding rate increase!
Read 9 tweets
24 Jan
1/ let me give an example of how deals are going down in crypto VC - i’ll do a sample equity deal and token deal

deal 1: early stage company raising equity w/ ~$0 revenue in nov 2020

deal 2: token project bootstrapped by anon founders in oct 2020

let’s go 🧠🪐
2/ let’s start w the equity deal. early stage co that was just getting started w monetizing in november. will obfuscate all detail ofc - this is directional.

we negotiated terms to raise $2-3M at a sub $15M valuation w expected revs of $2-3M in 2021.
3/ in Dec, the co did over $1M. Jan to date, the co has beaten its entire 2021 revenue and profit goals.

they cut the round to strategic investors only + raised way less b/c they don’t need money, just help. firms got cut entirely or allocation dropped to $25k (too small!)
Read 11 tweets
24 Jan
1/ crypto VC is going through an explosive 🧨 phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

i’ve done 15 deals in the last 3 months as an angel + small fund @CoinSharesCo VC.

observations + implications... 👇🏾
2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there aren’t enough companies raising series B / C / D rounds!!!

every deal i’ve done lately is under $50M valuation
3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, it’s highly competitive
Read 11 tweets

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