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Zhu Su 🔺 Profile picture
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13 Jan, 4 tweets, 1 min read
1hr ago, @tranchess launched its BNB Fund enhanced with BSC Validator rewards

This combines the earning of income for securing the BSC network with the existing & successful asset-tracking protocol using stable twap feeds from chainlink
Following the success of the prev BTC & ETH products, this BNB Fund represents a major upgrade to $CHESS tokenomics-from a pure token emission model to a hybrid liquid staking one offering alpha returns
Put simply, BNB stakers would be able to earn alpha returns on top of CHESS emissions, while long-term CHESS lockers would be able to earn higher returns on protocol income
In the coming months, this could theoretically be done on any PoS chain with validator rewards, thereby combining DeFi with liquid staking and unlocking a new paradigm of sustainable yield for users

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More from @zhusu

Zhu Su 🔺 Profile picture
9 Jan
This is too harsh, I like Arthur as a person

We benefited from trading on their platform, and no one forced anyone to do so

W that said, it is healthy better stewards of the space have surfaced, as otherwise today this insurance fund would have hundreds of thousands of btc
Fun thought experiment: what odds could you have gotten to bet that bitmex insurance fund would be DOWN after mar2020? Prob 100 to 1?
For context: this insurance fund grew bc Bitmex had the most aggressive full liquidation methodology possible, which frequently led to large wicks and cascades. Since then, exchange like FTX and Deribit use a softer partial liquidation methodology

insights.deribit.com/market-researc…
Read 4 tweets
Zhu Su 🔺 Profile picture
7 Jan
One path-dependent fact of history is that the covid mar 2020 dump regrettably flushed out a lot of true believers, cryptonatives, who were long for halving. On the way up, crypto caught a bid from macro funds looking for a higher beta play to monetary conditions.
I'm in the camp that with or without covid crypto was gonna go up anyway--the covid flush-out simply changed the makeup of the participants. The BTC/SPX correlation increased substantially.

What we're seeing now is an unraveling of macro fund positions as taper comes closer.
This is healthy, and much needed for the market. One of the biggest reasons I was bearish in Nov was bc I could sense that this type of participant would be taking profit every 5k higher on BTC anyway. Would be too facile for market to give them a cozy exit.
Read 6 tweets
Zhu Su 🔺 Profile picture
7 Jan
Takes a lot of bravery to write a thread like this looking at mistakes when most of CT hates showing weakness

3ac (including pre-crypto) mistake list by year

2012: made first $1m, spent too much time feeling rich vs grinding

2013: should've hired faster, esp a cto, to scale
2014: allocated resources poorly, built up excessive corp bloat

2015: didn't recognize alpha decay / FX market structure change after CHF de-peg

2016: began entering other asset classes without focus, leaned in on commodities instead of crypto, despite getting alpha signals
2017: should've shut entire fx business to just do crypto, instead beat a dead horse all yr

2018: didn't maximize opportunities given knowledge, thought they'd last longer

2019: didn't size high vs low conviction ideas accordingly
Read 4 tweets
Zhu Su 🔺 Profile picture
2 Jan
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
Read 11 tweets
Zhu Su 🔺 Profile picture
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
Zhu Su 🔺 Profile picture
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

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