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Jason Choi Profile picture
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31 Dec 21, 5 tweets, 1 min read
Despite billions raised for crypto funds in the past 12 months, I don’t see it as particularly bullish $BTC

Short 4 am brain dump 🤔
1/ Managers in crypto are not paid to trade / long $BTC.

$BTC liquidity is high, accessibility to tradfi infra is massively improved since ‘17 - most allocators don’t need their GPs to charge 2/20 just to long corn
2/ Second 99.9% of new projects are building on $ETH, L1s, L2s - which can survive and thrive with or without the increasingly insular Bitcoin community.

$ETH functions better as beta for crypto funds thematically
3/ The “without $BTC bull market to create wealth alts can’t run” crowd is overindexing on a single data point from ‘17 - ‘18

Decoupling between Web 3/ DeFi / NFTs and $BTC can and imho will intensify
4/ This is not a bearish $BTC tweet - just a “all the headlines about insto raising billions for crypto is not necessarily bullish $BTC” tweet

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More from @mrjasonchoi

Jason Choi Profile picture
29 Dec 21
🚨 Last thread of 2021! 🚨

Why @TheOfficialA7X, a global chart-topping metal band, is going all in with NFTs.

bit.ly/blockcrunch_sy… Image
1/ For those uninitiated, @TheOfficialA7X is...pretty big

8M albums sold, 6M streams monthly, Grammy nom...

Even if you're not into the genre, if you're one of the 30M people who played @CallofDuty you've likely heard their music

2/ Interestingly, the metal community is similar to crypto:

> Niche sub-culture
> Ardent fans
> Anti-establishment

But like crypto maxis, the genre also has purists, which makes it hard for innovation to be accepted.

Read 11 tweets
Jason Choi Profile picture
13 Dec 21
Interesting thread, though I suspect most of these are already consensus

Agree with some…

But if I had to be contrarian…
1/ Alt L1s underperform $ETH

Alt L1s had a 10,000% year. Development will continue and LT bullish, but profits being distributed year end by funds means large overhang.

ZKR impact on ETH also seems overlooked, wouldn’t write off ETH/altL1 trade yet.
2/ DeFi catalysts

DeFi has already been through a full bear market, with most names down 70-80% against ETH. Who’s left to sell?

L2 proliferation, outside capital being onboarded via projects like @goldfinch_fi, sustainable yield products like @ribbonfinance hard to write off
Read 5 tweets
Jason Choi Profile picture
2 Dec 21
Opsec tips for those with meaningful crypto holdings but self-custody…

1. Separate device just for smart contract interactions (VMs for the more tech savvy)

2. Hardware wallets ONLY

3. Back up your seed offline, can shamir secret share it and secure in diff locations
4. Separate phone number(s) for all accounts tied to crypto, including PW manager

5. Separate email(s) and passwords for each exchange

6. Authy and Yubikeys - never text based SMS

7. Practice safe aping: revoke contract approval post aping with @DeBankDeFi
8. Don’t wear crypto merch to avoid dollar wrench attack. The comfy @Not3Lau_Capital hoodies stay at home!

9. Use multiple addresses (rip degen score), and multiple wallets

10. No cash deals in person
Read 5 tweets
Jason Choi Profile picture
25 Nov 21
Thinking out loud:

What the next crypto bear market might look like.

A short thread 👇
1/ Last cycle (2017 ICO boom) was characterized by vaporware and retail money that left as quickly as it came.

It took a year of false recovery and lower lows to dry up all the remaining capital.
2/ Within the year, $BTC lost over 80% of its value.

Unlike the short corrections we're conditioned for this entire bull run, it trended down for a year then stayed in the lows for 4 months.

For alts, most that were down 90%+ went down *another* 90%, many never recovered.
Read 19 tweets
Jason Choi Profile picture
9 Nov 21
Thoughts on $FEI: the stablecoin for DAOs.

Why I'm excited about Liquidity-as-a-Service and protocol-controlled value as a $TRIBE holder

👇
1/ The most important thing about a stablecoin is its peg. The second is liquidity.

$FEI is not just a stablecoin - it's the *most* liquid stablecoin on Uniswap v2.
2/ It's so liquid because it uses Protocol Controlled Value (PCV): i.e. the protocols *owns* its TVL - to provide liquidity for itself.

This is a concept @feiprotocol championed around the time that @OlympusDAO $OHM also came up with a similar idea.
Read 19 tweets
Jason Choi Profile picture
3 Nov 21
How to Get Rich in Crypto (without getting lucky):
Inspired by @naval's timeless thread, here are some lessons from 100s of convos I had as an investor and as an interviewer on @theBlockcrunch speaking to people in crypto who "made it".
Whether you're a founder, investor, trader, operator, developer - most people in crypto get rich by the same thing: owning assets that appreciate in value over time.
Read 32 tweets

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