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Jason Choi Profile picture
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5 Jul, 8 tweets, 2 min read
A lot of my threads are commentary on the latest projects and events in crypto.

Pinning this meta-thread to keep track of more "timeless" threads in case they're helpful to anyone.
Why "fully diluted valuation" is not a meme.

Taking advantage of illiquidity and mispricings.

Using multiples to value DeFi protocols.

Emerging yield protocols in DeFi.

Personal story of how @theBlockcrunch started.

Not really a thread, but a breakdown of China’s crypto regulatory landscape
My approach to analyzing investments

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More from @mrjasonchoi

Jason Choi Profile picture
5 Jul
Wanted to share my own investment process to document how I'm thinking now.

A thread, not advice of any kind 👇
1/ When it comes to liquidly traded cryptoassets, my investment strategy can be summed up as follows:
2/ First, some background:

When I first started investing in crypto, I focused on making thesis-driven bets with a multi-month to year time frame.

There wasn't any real process besides finding what seems like a good project and buying it.
Read 21 tweets
Jason Choi Profile picture
29 Jun
Will regulations end up killing DeFi?

A thread 👇
1/ As someone not based in US, keeping track of the alphabet soup of regulators (SEC, CFTC, IRS, FinCEN) can be daunting.

That's because unlike China, there's no comprehensive, unifying stance issued by one entity.

insights.deribit.com/market-researc…
2/ Over the past 12-24 months, individuals within different regulatory bodies in the US have offered various comments and draft regulations on DeFi.

Following is my rough summary of notable comments.
Read 8 tweets
Jason Choi Profile picture
24 Jun
Some of my favorite @theBlockcrunch episodes from past 6 months.

Insights from some of the biggest brains in crypto and DeFi to help you level up.
1/ For the traders out there...

@SplitCapital discusses his strategy, what he looks at when trading, and how the pros consistently take your money.

2/ Missed the NFT wave?

@richardchen39 was one of the earliest/ biggest NFT bulls. He shares why it's just the beginning for NFTs, and specific things he looked at to identify his early winners

Read 5 tweets
Jason Choi Profile picture
23 Jun
Fixed income: the next big opportunity in DeFi?

A thread 👇
1/ While a nascent vertical in DeFi, fixed income is a *massive* market in legacy finance.

The estimated size of global fixed income instruments today is more than $120 TRILLION.
2/ Fixed income is a broad term referring to everything from treasury bills and corporate bonds.

The basic idea is financial instruments that generate a fixed interest to holders.

Contrast this with lending on @AaveAave, where your interest is variable.
Read 9 tweets
Jason Choi Profile picture
22 Jun
A thread on @theBlockcrunch's backstory.

Figured there may be a lesson for young people without highly differentiable skills trying to get their start in crypto.

For anyone interested...
1/ I grew up in local schools in Hong Kong - that means everyone wanted to be a doctor or lawyer.

There was 0 startup culture, no one talks about tech, no one's building the next unicorn.
2/ So when I got to the US for college, I was completely blown away by the startup fever.

Everyone was trying to become the next Zuck, and virtually everyone had a startup idea lol
Read 20 tweets
Jason Choi Profile picture
20 May
Are whales cashing out of $BTC?

What about $ETH?

Let's take a look at the data.
1/ From the run up from $17K - $60K, addresses with more than 10K $BTC have been falling.

From January to April when $BTC almost doubled in price, there was a roughly 10% reduction in mega whales.

Because the number is so low and may contain exchange addresses it's a bit fuzzy.
2/ Addresses with >1K $BTC ($40M currently) is likely more representative of "whale"/ long term believers.

This was a sharper bunch and basically started selling around $38K, all the way to the top.
Read 13 tweets

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