1/ @compoundfinance is the only lending protocol discussed without immediate plans for token fee capture, which leaves room for a value unlock event.
$COMP is underpricing its annualized interest by a factor of 10x relative to $AAVE!
2/ Sure, @compoundfinance is the only protocol with liquidity mining, so volumes are incentivized.
But...
Even if we assume 90% of the volumes will go poof without LM (aggressive assumption), it is still cheaper than its main competitor on a per dollar volume basis.
2/ Later in 2018, I was connected with @SpartanBlack_1 when he was just setting up @TheSpartanGroup's first fund, and it marked my full time transition to crypto.
🚨 @RayDalio finally releases the Daily Observation on Bitcoin.
Here's your about what the largest hedge fund in the world thinks about $BTC.
1/ First - what you came here for, the investment view.
RD likens Bitcoin to a long-duration option - the type where you wouldn't mind losing ~80% of your principal. Scenario analysis suggests 160% is conservative upside pending a few things.
That's a good start!
2/ Is Bridgwater invested?
Nope, but there is a alt-cash fund being worked on that offers alternative storeholds of wealth as part of BW's "cash is trash" outlook.
1/ The discount you offer to strategic investors is both to account for the risk of an unlaunched product, but also as compensation for continued value add and support.
So make sure you know the investor will support you and not leave you on read once the docs are signed!
2/ Having someone on your cap table/ token allocation is as important as hiring.
You wouldn't hire someone just because they are influencers on Twitter- you do your reference checks and find evidence of value add from other companies the investor has invested in.