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Jeff Dorman, CFA Profile picture
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15 Sep, 10 tweets, 4 min read
Quick thoughts on the OpenSea "insider NFT front-running scandal"

1) Prior to regulatory clarity, the onus is on the community to adopt best practices, voluntarily, & to self-police. We continue to call on all companies, projects & investors to increase transparency.
2) Unpaid, volunteer, passionate community members are amazing at uncovering data. The OpenSea front-running is another example of a bad actor being caught by the community via the transparency of the blockchain, rather than by "cops on the beat".

3) This is great to see... community members uncovering potential wrongdoings, and forcing immediate change via public pressure.

We've been advocates for increased transparency many times, and will continue to be vocal advocates.

From self-policing....

ar.ca/blog/the-beaut…
4) ... to constructive public governance debates ar.ca/blog/sushiswap…
5) ... to demanding more transparency from institutions, especially those handling customer deposits and investments

ar.ca/blog/crypto-ma…
6) ... to calling out bad actors and forcing real positive change

ar.ca/blog/understan…

ar.ca/blog/investor-…
7) These actions put the "S & G" in ESG... there is a reason @arca has pioneered the #GSEnotESG campaign. We believe digital assets are one of the greatest, and most fair, systems ever created from a societal and governance standpoint.

f.hubspotusercontent00.net/hubfs/4536350/…
8) There is now a new way to regulate - it’s not just from gov't bodies but from within the community itself.

Working with regulators to come up with a new set of rules that include community self-regulation will lead to a better, fairer, & safer financial ecosystem.
9) As a result, we become our own checks & balances system.

We can be in both lanes simultaneously 👇

10) Each misstep validates the power of blockchain technology to create transparency. As our ecosystem evolves & matures, we applaud the efforts of @ZuwuTV & others for making our industry stronger. I’m very excited to be building the #futureoffinance

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More from @jdorman81

Jeff Dorman, CFA Profile picture
23 Jul
Following the proposed changes to the $SUSHI raise, below is an update for the Sushi community on Arca’s involvement, and our interpretation of the new proposed deal, as discussed yesterday on the community call with @OmakaseBar, @amytongwu
@0xChu & @Crypto_Alex17

Thread 👇
2/ As mentioned previously, Arca is one of the largest holders of xSushi. Our ownership of $SUSHI was the same as everyone else’s - we bought on the open market, and we ride or die with the success of the project and the community.

3/ Originally we had no intention of participating in this raise. Our only objective was to help protect the community by blocking a bad deal. We thought the original proposal hurt the long-term value of $Sushi by disenfranchising the community.

Read 32 tweets
Jeff Dorman, CFA Profile picture
17 Jul
Arca is vehemently against the value-destroying Phantom Trope proposal for $SUSHI.

Arca will backstop a new proposal with a first tranche bid price 31% above current TWAP price.

We have posted our proposal in the Sushi forum, and a summary is below 👇

forum.sushi.com/t/sushi-phanto…
1) Arca is one of the largest xSUSHI holders w/ 7.51% of the circulating supply. We bought all tokens in the secondary market, without lockups or discounts. We are customers, we stake, & and we have been very outspoken publicly, supporting the ecosystem.
2) Sushiswap does not need money, as indicated by @0xMaki himself. We agree that there is merit to diversifying the Treasury, but not at current depressed prices, and there is no justification for the size of a $60mm raise.

forum.sushi.com/t/sushi-phanto…
Read 14 tweets
Jeff Dorman, CFA Profile picture
15 Jul
There are many projects just like $AXS, w/ high user/revenue growth & favorable tokenomics. Most information is publicly available, & it has nothing to do with "the tech".

Axie was achieving success long before the token went parabolic.
Places to get this info? @tokenterminal & @DuneAnalytics to start

It's not rocket science why $BNB, $FTT, $AAVE, $SUSHI, $HXRO, $CHZ, $AXS, $UNI, $MKR, $NXM, $CAKE, $PERP, $MATIC & other revenue generating entities have been amongst the best performing tokens.
This industry glamorizes early stage VCs that find the "diamond in the rough" before the company actually achieves success.... meanwhile, there are tons of companies doing great things today staring you right in the face.

It's far easier to buy "what is" versus "what could be".
Read 4 tweets
Jeff Dorman, CFA Profile picture
28 Jun
Everyone is convinced that we've entered a digital assets bear market!

But we asked industry leaders, funds & traders what the bear thesis is, and there isn't a lot of substance.

In this week's "That's our Two Satoshis" via @arca, we debunk each one:

ar.ca/blog/crypto-ma…
Bear theses that we refute include (1-5):
1) CCP regime change is intent on killing digital assets
2)Massive regulatory pressure from the US
3) The Fed will be tapering soon and that is bad for risk assets
4) Retail momentum and interest is dead
5) Lack of institutional interest
Bear theses that we refute include (6-10)
6) ESG concerns
7) Tether, Celsius, BlockFi, Binance risk
8) Microstrategy is going to be a forced seller of Bitcoin
9) Grayscale (GBTC) unlocks are going to crush the market
10) Digital asset fundamentals are deteriorating
Read 4 tweets
Jeff Dorman, CFA Profile picture
15 Jun
Transparency update: We have periodically released public thoughts about select investments at @arca.

In the spirit of improving #transparency in this asset class, here is an update on these positions, and Arca's current involvement

$HXRO $CHZ $WNXM $EOS $SUSHI $LEO $GNO
1) $SUSHI

We loved it at $18.; we love it even more at $9. We have been large buyers over the past month, tripling our position with buys between $6 and $13, & we'll keep buying at depressed levels. We believe this is the cheapest asset in the market.

2) $WNXM / $NXM

We have not sold any -- and continue to add. At 1.07x book value, WNXM is basically a free call option on Nexus' growth, which we think will be massive. There's a reason 3 Wall Street firms have written on Nexus recently - it works.

Read 9 tweets
Jeff Dorman, CFA Profile picture
10 Jun
Hearing manymisconceptions about the $MSTR secured bond deal, what it means for $BTC, and many completely false narratives about "Will Saylor be forced to liquidate his BTC?"

Here's our interpretation of the bond covenants from the prospectus (h/t @MikeDershewitz )

Thread 👇
1) Collateral
Even though $MSTR says they intend to buy #Bitcoin, there is no promise or requirement to buy $BTC. This bond is a standard secured bond ($500MM) which is secured by all corp assets other than the first 92K BTC ($3.4bn @$37K) already purchased - that was carved out
The $500MM raised MAY be used to buy $BTC (which $MSTR said they will do), but the investing public should hold them to it if they don't. They are under no obligation to buy #Bitcoin.
Read 12 tweets

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