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Qiao Wang Profile picture
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21 Feb, 4 tweets, 1 min read
Max pain is to do all the hard engineering and evangelism work for a decade just to watch Wall Street reap 95% of the upside in 5% of the time.
Second max pain is expecting an 80% decline after the parabola breaks at $1M and it only falls 30% (right below your marginal tax rate).
Third max pain is thinking 1 YFI = 1 BTC until you capitulate at 1 YFI = 0.01 BTC.
Sorry, too much negativity. We'll all make it.

Even if you are a ZEC bagholder.

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Qiao Wang Profile picture
21 Feb
Too much shitposting today, but here's a bit of sub-70-IQ alpha. DeFi continues to look shit against BTC. But if I had to hold one DeFi token now, it'd be ZRX. For a long-term I thought SUSHI was the most undervalued DeFi asset. ZRX is about to take over that position for me.
The Coinbase re-rating trade may or may not have played out. I don't know. But if it hasn't, ZRX has this nice tail wind.
Anyways, not investment advice. You'll lose all your money on these valueless governance tokens.
Read 10 tweets
Qiao Wang Profile picture
21 Feb
Between a founder who’s ideologically married to Ethereum and a founder who’s deploying on an EVM-compatible fast chain as a quick bandaid, I will back the latter 10 time out of 10. It’s a sign of pragmatism and user obsession.
Oldie but goodie:
Both Bitcoin and Ethereum and virtually every crypto project starts off as being highly centralized. But that’s not a good reason to dismiss them. The vision has always been decentralization. But sacrifices need to be made along the way.
Read 4 tweets
Qiao Wang Profile picture
19 Feb
Remember there are at least four exchanges that trade more than Coinbase and have an exchange coin valued well below $100B.
Short-term, stop overthinking the equity vs. utility argument. Accept the 70 IQ way of thinking into your life.
These things matter for long-term value accrual though IMO.
Read 4 tweets
Qiao Wang Profile picture
19 Feb
Over the years I’ve given many harsh criticisms against Ethereum. Notably:

1) Fucked up monetary policy early on.

2) Fucked up the scaling war.

But I criticize it because I care about it. Ethereum is my first love. I don’t care enough about EKs to criticize them.
Ethereum couldn’t figure out the monetary policy in the early days and really let it ossify. If you want numba go up, you need to prioritize monpol over everything else. If you’re at “in it for the tech”, then screw monpol. (I think Lord Vitalik was genuinely in it for the tech.)
Ethereum couldn’t ship scaling solutions for years. It could’ve killed the window of opportunity for EKs to emerge many years ago. I don’t think it’s because of the lack of technical ability, but rather a problem with the governance. Teams aren’t incentivized enough.
Read 5 tweets
Qiao Wang Profile picture
19 Feb
Ethereum could very well be the front runner for years to come, but the multi-chain world is here. And it’s here to stay. Polkadot, Cosmos, Solana, Binance, etc.

Accept this into your life or HFSP.
The most obvious reason why we’ll have multiple chains is communities. Not the tech. Products that have been built on Ethereum *will* be copied elsewhere, and more importantly *localized*. Users from different cultures have different habits and preferences.
Why can’t they be localized on Ethereum, you asked? Because the developers don’t feel they belong to the Ethereum. They don’t feel they are owners of Ethereum. They need a different chain where they can create a sense of belonging and ownership for themselves.
Read 5 tweets
Qiao Wang Profile picture
5 Feb
This is not meant to be hopium, but basing entirely off of the dotcom bubble, I wouldn’t be surprised that top DeFi assets will each be worth $100B+ at the peak of the current crypto cycle.
I mean UNI is already 1/5 of the target. Even if valuation multiples don’t expand, it’s not hard to picture DeFi grow 5x from here until the end of the cycle.
And obviously valuation multiples *will* expand because of hype.
Read 6 tweets

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