An interesting thread. The one thing I'd disagree with: the cool stuff that comes with being rich doesn't all happen automatically. If you don't consciously build a network of the right service providers, you're likely to just get taken advantage of. /1
2/ it requires a little skill and work (or at least a a bit of effort) to convert money into the things mentioned in that thread. An example in my personal life was when I was recently stuck in a costa rican jungle in the middle of the night.
3/ I was able to hike to get cell reception, but had no obvious way to convert even an infinite amount of money into a fast rescue. It took some elbow grease, negotiation, and $1k in gratuities. But $100m wouldn't have sped things up by itself.
4/ a lot of crypto people likely to learn this the hard way soon. Suggestion: start building the service provider network today. Find trusted lawyers, accountants, and depending on your needs, possibly IT and physical security. Maybe even bespoke extraction services on retainer

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More from @AriDavidPaul

26 Apr
What's the best place to go for practical discussions of PoS game theory (particularly through lens of ethereum's upcoming transition)? I'm a bit out of date on the topic. Tell me why this is wrong: the cost of attack is likely marginally higher than prevailing lending rates /1
2/ an attacker needs to borrow x% of eth for y amount of time. The interest cost of that borrow over that period of time is the cost of attack. The one "bottleneck" is locating sufficient loans.
3/ if this is correct, than the interest rate probably doesn't matter. Unlike with buying (where you'd drive the price up tremendously acquiring a large stack), loan rates are more homogenous such that you likely wouldn't have to drive rates up all that much to attract nearly all
Read 5 tweets
26 Apr
ESG in practice is similar to when companies brand products as green, or add a cure cancer symbol and donate some trivial % of sales. It’s marketing with very little substance. Both consumers and investors want to feel good about themselves without sacrificing price or returns.
2/ Why so much marketing effort (and sales success) around such little substance? I think it's a chain effect of an "intolerant minority", and shows both the strength and weakness of that "intolerance." A small % of investors (and consumers) care about these topics enough to
3/ at least somewhat affect their behavior. They go to their pension, endowment, fund manager, or favorite retailer, and demand that action to be taken. But they don't care enough to accept meaningfully lower returns or higher prices as long as the concerns are paid lip service.
Read 6 tweets
20 Apr
Was asked an interesting question by an old crypto friend: he noted that I seem to assess some projects like mobilecoin very differently than others (in this case, Dash). In some cases I seem to care about the concentration of token ownership, but not in others. /1
2/ I assess companies and cryptocurrencies very differently depending on what they're trying to be and their target use case. For example, if you're valuing a local restaurant, you probably won't spend much time on their software or global brand.
3/ for a proof of stake network, the distribution of coin ownership is paramount, since that's what is literally securing the network. Ownership distribution is important but far less so for a PoW network.
Read 6 tweets
19 Apr
Bayes theorem is the heart of a great deal of practical probability. Imo, it should be taught in late middle school, and statistics/probability should replace calculus as basic math education after arithmetic. /1
2/ I probably use calculus once a quarter in my work (which includes a good ideal of applied math, derivatives modeling, quantitative portfolio management and risk assessment etc.). I use Bayes theorem *daily* both in work and in day to day life.
3/ Bayes theorem comes up constantly. I use it when I’m evaluating which vaccine to get, what hospital and medications to trust, interpreting political polls and policies, and even whether to take an umbrella to work.
Read 5 tweets
12 Apr
"Every musician wants to be a comedian." <- a profound recruiting insight that I've learned the hard way. A thread. /1
2/ the quote references the idea that many musicians enjoy chatting up an audience in between sets. For some, it's not enough to be great at what they do (musician), they want to be involved in many things (general entertainment). It's the generalist vs specialist dilemma.
3/ Founders are often generalists, and generalists play a critical role in many organizations helping to synthesize and "see the forest for the trees." But an organization of nothing but generalists inevitably fails. Excellence in most areas requires specialization.
Read 6 tweets
6 Apr
Crypto currently offers basically no economies of scale. I.e. with the same skills, a professional trader/investor will earn a far, far higher ROI running a smaller amount of their own money than launching a fund. /1
2/ fund management also brings it with expenses and headaches on the operational, legal, compliance, accounting, HR etc side of things. Join a fund if you want to learn, gain access to tools/platform, and moderately diversify economic exposure.
3/ launch a fund if you have the team/skills necessary (not just investing but ops, marketing etc), and want to spend 5+ years in an entrepreneurial grind to build a company.
Read 4 tweets

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