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wassielawyer （哇西律师） Profile picture
@wassielawyer
Nov 2 • 3 tweets • 1 min read • Read on X
I feel gaslit by the US elections.

The party that:
- is in power
- is pro-war
- pro-censorship
- pro-judicial lawmaking
- controls media
- uses state apparatus against political enemies
- opposes secure elections

is running on the basis that their opponent threatens democracy?
You don’t have to like Trump to realise that this is fully retarded.
But somehow every journalist, every celebrity and every academic (shown on media) is repeating the exact same talking points that he is evil?

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More from @wassielawyer

wassielawyer （哇西律师） Profile picture
Oct 27
1/ Foundations for Web3 projects - what they are, what they are not and why you even use them.

In crypto law, the 'foundation' is one of the least understood and most expensive products sold to founders.

Oftentimes, it feels like most lawyers themselves do not understand it.
2/ Firstly, why are foundations a thing in Web3? What are we actually solving for by having them around?

The main reason is to solve for the problem of token issuance. But to understand why this is a problem, we must first briefly explain the structure of most Web3 projects.
3/ Presently, most Web3 projects incorporate what is known as a 'LabsCo' or 'DevCo', oftentimes in jurisdictions like Delaware or Singapore.

These jurisdictions are conductive to running a company that develops tech. There are Y-combinator model SAFEs for these jurisdictions...
Read 38 tweets
wassielawyer （哇西律师） Profile picture
Aug 21
1/ Lawyers in Web3 are a mixed bunch and one of the most confusing things for founders is when different lawyers provide different types of advice.

Here's a handy breakdown (each starting with the letter 'P' because I enjoy alliteration) of the types of lawyers in Web3.
2/ Firstly, the Purists.

These are deep thinkers and enjoy participating in think-tanks, consultation papers, committees and arguments with other lawyers.

They approach Web3 legal issues from an incredibly technical perspective, and spend a lot of time engineering solutions...
3/ for the vast deficiencies in the Web3 legal space. Whether it actually works in practice is a question but the theory checks out!

May be good to have when you are operating a leading protocol and flush with cash.

Otherwise you can't afford them overengineering everything.
Read 17 tweets
wassielawyer （哇西律师） Profile picture
Jun 30
1/ Some thoughts on 'first cycle VCs' and why the best business in Web3 now is selling to teams that launch tokens.

While altcoin performances have left much to be desired, the venture market remains frothy. As an advisor and investor, it is clear there is still ample capital.
2/ An interesting phenomenon over the last couple weeks has been an upturn in fundraising appetite.

Despite the fact that the big TGEs of June 2024 have done poorly, and that many teams still have their TGEs targeted for Q3 this year, the venture market is still frothy.
3/ It is still relatively easy for seed stage businesses to raise at reasonably high valuations, albeit much is being given up in terms of cliff and investor unlock schedules.

Despite it being incredibly clear that nobody is buying the VC bags, many participants are still...
Read 21 tweets
wassielawyer （哇西律师） Profile picture
Apr 22
1/ Some thoughts from a Wassie in a suit regarding the state of the market founded purely on anecdotal evidence gleaned from being a founder, advisor and investor that isn't completely out of touch with reality.

The altcoin / venture market feels incredibly uncomfortable.
2/ Obviously none of these is legal or financial advice, especially because this take is probably mid-curve af.

But these views are formed from having a front-row seat to dozens of fundraisings as an advisor and service provider, as well as being a founder and angel.
3/ The headline point is this - who the fuck will buy my venture bags at 10-11 figure valuations when (a) the institutional bid is only on majors, (b) 'dumb money' is purely aping memecoins and (c) the only 'smart retail' that would buy those bags are already in private rounds?
Read 21 tweets
wassielawyer （哇西律师） Profile picture
Jan 31
1/ A decision relating to @DeFianceCapital's lawsuit against 3AC in Singapore has just been made public and contains some interesting points around the treatment of cryptoassets and trust relationships.

For context, I have been working with @Arthur_0x on this for the past year.
2/ I don't normally post about court decisions or comment publicly on the litigation of clients I work with but given the fact that this fairly significant judgment has been made public (and circulating in the legal space), I thought I'd break from the usual rule.
3/ To understand the points that arise from this judgment (linked at the end), one must first appreciate the relationship between 3AC and DeFiance Capital (DC).

DC was founded by @Arthur_0x and in fact pre-dates 3AC. It took a form similar to that of most prop funds set up...
Read 30 tweets
wassielawyer （哇西律师） Profile picture
Jan 20
1/ Longer thread on the 'private placement' mode of fundraising, why it is a net negative for the space and why in an ideal world we should make ICOs great again.

The problem isn't the identity of the participants in these private placements.

Its the model itself thats broken.
2/ Disclaimer: this thread spawns from pure ideology.

I advise VCs, syndicates and projects that conduct investments via private placements and syndication.

I co-founded a legaltech company that builds tech to facilitate this, funded by VCs and angels in a private placement.
3/ I even write angel cheques.

So it not only reeks of hypocrisy but is also commercially inadvisable for me to be publicly ranting about the metaphorical whore of Babylon as I suckle from its teat.

But perhaps one can live in a broken world and dream of a better one.
Read 23 tweets

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