Many of you probably don't know this, but I didn't even have a Twitter account until late 2020.

I've been operating/growing as an anon for almost a year now and thought it would be a good time to reflect on anon life.

Here are 6 lessons from 1 year as an anon.
1. It is harder to *succeed* as an anon, but it is less painful to fail.

If you are 100% anon, you start at zero. No title, status or achievements from meatspace carry over, and no anon achievements can be carried back.

What you put out will determine your growth and network.
On the flipside, your downside is less. If you make a big mistake, you can still walk away and not have it hang over your name for the rest of your life.

To me that means if you're anon, you should be going balls to the wall to succeed.

ZERO reason to be risk averse as anon.
2. You won't be famous. This is a good thing.

Once you're famous, you can't go back. Not easily at least.

And imagine being famous for *crypto* of all things.. Have. Fun. Being. Kidnapped. ("HFBK" - @bowtiedbull)
3. You have to be more trusting than usual.

The level of trust required to operate as an anon team is much higher than doxxed. Why? If there is a bad apple, you can't exactly chase after people you don't know.
So far I've been lucky that all the anons I've really gotten to know have been solid ppl.

Much of this has been luck - I had no idea what I was getting into when I started working w/ BTB. I *like* to think I made a rly good judgment call but in hindsight I didn't have a clue.
4. Privacy.

My whole perspective on digital privacy has changed.

Once I became anon, I became increasingly uncomfortable interacting online using my real name, address etc.

I think I may be overthinking it in my mind tbh, but it's the truth on how my perspective has changed.
5. Real ones know.

You'll find it easier to connect with other winners, grinders, builders, traders etc if you are a high quality producer yourself.

Something about top people makes them good judges of character, even if you're anon. Hard to describe - iykyk.
6. Mavericks have an edge.

There is no "path" to anon success. What works for one doesn't work for another.

If you're conditioned to rote learning, you're at a disadvantage even if you're smart and hard working.

Digital anon life is best for independent thinkers and operators.
If you enjoyed this thread, give it a RT to support anonymous owls (a rare breed).

If you don't I'll be outside your door like

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More from @BowTiedNightOwl

Mar 4
Those of you who follow me/read our substack know I’m all about fundamental research.

What you don’t know is my favorite type of investment isn't actually the long-term HODL.. it's the event-driven trade.

In this thread, I’ll go over how to spot them and give 3 examples. 🧵
Event-driven trades are near-term plays surrounding events aka "catalysts".

I view them as an application of fundamental research, but with a near-term payout.

Event-driven trades are the most exhilarating type of market profiteering.

You just have to look for 'em.
Event-driven trades come about a few ways:
1. You are closely monitoring an investment (discord, governance, spaces, etc)
2. You have a deep understanding of a topic (e.g. DeFi, ohm forks, veTokens, AMMs, etc) & can act fast
3. Dumb luck - you stumbled across a nugget of info
Read 16 tweets
Feb 27
Institutional investors vs. Retail investors

Inst’l investors approach markets completely differently from retail.

As an inst’l investor by day and crypto retail degen by night, here are 4 lessons from inst'l investing and how you can use them to improve your approach. 🧵
1. Time Horizon

🏛️Inst'l: long-term time horizons. Typically 5-10+ years.

The best funds are built to last decades, not a 3-6 month bull run.

🦧Retail: thinks this is their one chance to make it.

“Need to make it now before the bear!”
This mentality makes retail easy to manipulate and is why so much of crypto runs on hopes and dreams that never come to fruition.

Pipe dreams are an easy sell if people desperately want to believe them.

Lesson: have a multi-year plan. Keep your job so you can invest new $.
Read 12 tweets
Feb 26
Ok, at risk of sounding like an idiot.. How do you pronounce TzTok?
hit me with a ">he doesn't know" and I will end you 😤
tizzy tok

tiz tok

zzz tok

teez tok
Read 4 tweets
Feb 17
When VC funds and hedge funds release their market commentary remember that they are first and foremost addressing their current and future investors (their LPs), not you Mr. Retail Investor.
Realize that investment funds are a *product* and they must sell that product to investors who then provide them with capital to continue to invest.

Not saying this is good or bad, just is what it is.
Your goal as a fund is to get investors to allocate their money to you and *keep* them allocated.

Hence you always have to frame the market in a way that is beneficial for your fund’s strategy.
Read 5 tweets
Feb 16
TOften discussed, rarely understood. Tokens serve many purposes, but there's no widely accepted definition of “good tokenomics.”

I’ve spent the better part of the last year in the nitty gritty of DeFi token models.

Here's a 🧵on how to analyze tokenomics.
Before we can understand crypto tokens, we need to first understand the OG “tokens” that drive the entire global market’s economic wealth.. equity and debt.

Equity is ownership of an asset, and debt is money owed attached to that asset.
Equity represents ownership of a company. If it's sold, you get a chunk. If it issues a dividend, you get a chunk. Don’t like the board or CEO? You can vote with other owners to get rid of ‘em.

In the case of debt, you’re a lender and expect to be repaid the loan + interest.
Read 32 tweets
Feb 15
Most DeFi protocols are not set up to win because they have no sustainable moat.

This thought has been at the back of my mind for months.

Here’s a thread on why most things in DeFi probably won't last and 5 examples of moats that do exist even in an open source world.
First off, what is the #1 thing a DeFi protocol needs to grow?

Your money, either in the form of transactions or as deposits (Total Value Locked – hate the term but lets use it for now).

People deposit money in DeFi because they expect a protocol will help them earn a return.
That return could be via yield farming, trading fees, lending and borrowing, etc.

Typically the DeFi protocol will charge some fee for their service.

More TVL = more money being used to generate a return = more fees for the service provider.
Read 20 tweets

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