I attended the Bitcoin Cash Satoshi Vision conference in Spring 2018 in Tokyo w an open mind, to see what was happening. This was pre-BSV split

The energy was earnest, the talks were technical, ppl were admitting they lost the network effect
I left w the takeaway that they were likely right that crypto is much more than about just storing value, but skeptical that BCH was the answer to that. It got me quite interested in ETH bc I felt BCH/ETH epistemology was similar but the ETH community was more growth-oriented
I think there's a world where BCH was a friendly fork (maybe branded as an airdrop or canary network like ksm:dot) and history would be v different today

Also think the fighting hurt BTC culture a lot too by radicalizing the views of those who won

No winners in prolonged war
There's prob also a world where this fork happened in 2015, and many of the crypto ppl who went to Ethereum wouldve stayed on Bitcoin, and what we currently think of as Bitcoin today is then very different in a ship of Theseus sense
Another irony that strikes me today is I think BCH/AVAX/Solana diverge from the BTC/ETH philosophy that it matters whether users can run nodes on hobbyist hardware or not
Prob one of the healthiest things that could happen to BTC today would be a friendly airdrop that got Bitcoiners more excited about doing things onchain again. They will have to drive it themselves bc rest of crypto has not been interested in airdropping them anything since 2017
I am extremely high conviction that crypto cultures which define themselves as the negation of something else are inherently signalling their own weakness through negativity

Less than 0.1% of anyone who entered crypto 2020 onward even knows about the Bitcoin scaling wars
The mega irony of BSV ofc is that in a way it can only possibly succeed in a world where ppl actually care what Satoshi's vision was, and that can only be in a world where BTC itself is held in high regard
I mentioned in Tokyo that BCH would prob do better if it didn't have Bitcoin in the name, and that was an incredibly controversial thought. Interesting to see eCash do well now (BCH hard fork)
As an heuristic, in many cases in debates, both sides are right in different ways. The belief in the possibility of decisive clarity through warfare assumes that conflict rather than synthesis is the source of true value
Bitcoin itself is the synthesis of decades of cypherpunk research

It was not born from a single guy's brain and it does not matter what his vision was. The future depends on the developments of the present as much as the prestige of the past

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More from @zhusu

31 Dec 21
Bitcoin's raison d'etre is a decentralized network whose rules are difficult to change. What it sacrifices in utility, it gains in provenance and the security of knowing that all others who partake are similarly aligned.

This appeals to families+ppl valuing sovereignty.
It solves the question of "what would an asset that I can buy and hold for 30yrs w a large % of net worth look like." Leaning on utility as value prop weakens this solution. Many companies thought of as indispensable one decade ago are worthless now.
Crypto VCs do not buy Bitcoin in their vehicles mainly bc their LPs do not want them to, since paying 2/20 on BTC is gross. In turn, VCs posit that what they're doing will generate excess returns. This is natural.

Web3 + Bitcoin are synergistic technologies in a new world order.
Read 5 tweets
29 Nov 21
This bull v bear CT drama is cringe

@lightcrypto is one of the legends, we would not have made it in 2018/2019 if not for his sagacity

We were born in the darkness, you are summer children

Bearish whales still own 10x more coins than you, they save the entire mkt during bear
He is also the only guy (maybe also @GiganticRebirth ) sounding any kind of alarm over tremendous froth in certain sectors

Spot longs w money you can afford to lose are fine; do not put yourself in a position to get wiped out as things continue, make sure you stay in your seat
90% of my top signal list that I wrote down in q1 2019 while it was still fresh in my memory are now hit

No interest in calling tops for clout or having you sell bottoms for psyops, enough wealth for many lifetimes already

Make sure you own things you believe in and wagmi
Read 4 tweets
21 Nov 21
Want to soften this and say abandon is the wrong word. Was heat of the moment. I'm sorry.

There are great teams working on scaling Eth on L2.

Would've preferred to see eth1x roadmap. Also would've preferred focusing on users rather than holders welfare in upgrades.
I'll always be grateful to the Ethereum ecosystem for the opportunities its granted us since we started. I was getting triggered by a small subset of ppl, and need to respect that they do not represent the larger community.
Do want to remind ppl that in 2019 the pt of DeFi was to bank the unbanked. And that in 2016 many Ethereans criticized Bitcoin for $0.05 fees. Fast fwd to now and huge amts of users are shut out, their funds stuck onchain, etc. Monthly user count similar to 2017.
Read 7 tweets
1 Nov 21
For me the biggest counterpoint to "everything bubble" is we are in secular K-shape recovery. What they don't teach in school is DCF analysis has some assumptions about the structure of businesses themselves; that they grow in initial phase and then stop at a terminal growth rate
If you think about it, DCF analysis will force you into buying every value trap bc its cash flows look cheap. Conversely it forces you to miss every good network effect asset, bc its growth rate eclipses all reasonable estimates by reasonable analysts, including bulls
We are entering the golden era of investing in network effects, of which sound money / smart contract protocols + applications / mimetic revolutions (NFT, metaverse, memes) are the most clear opportunities
Read 7 tweets
22 Jul 21
1/n

Introducing Tranchess tranchess.com today, a Tokenized Asset Management & Derivatives Trading protocol in which 3ac is one of the seed investors, along w/ @binance, @TheSpartanGroup @LongHashVC
The Tranchess team are intellectual powerhouses w/ strong tech+finance backgrounds, and located across several continents. @DcKingT Danny Chong, co-founder resides in Singapore currently
Rather than farming in a dual-asset (BTCB-USDC) pool, users can choose to stake one or both of the single-asset pools - avoiding impermanent loss. If you are holding BTC, create the Queen token. If you are holding USDC, create the Bishop token
Read 7 tweets
17 May 19
Bitmex wicked down to 6.4k.

2k BTC+ sell wall on bitstamp absorbed.

Looks like a mark price exploit by placing a large sell on stamp (1 of 2 oracles for mark on mex) to trigger liquidations on mex.

You would've been fine on lvg long on bitfinex which didn't go below 7k.
Even more egregious on ETHUSD. Mex wicked to 190, while low elsewhere was ~235.
Interestingly, kraken was added as a third weight a while ago and later removed.
Read 4 tweets

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