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0xHamZ Profile picture
0xHamZ
@0xHamz
Non natationes, sed notions
15 subscribers
Apr 18, 2023 • 16 tweets • 3 min read
Crypto: Reflections on A Loser's Game There are 2 games played in tennis

One is played by pros --- another by amateurs

They share the same court but couldn't be more different
Apr 10, 2023 • 31 tweets • 11 min read
The coming collapse of bank margins & its implications for mkts Banks have a simple business model

Lend to a company at x%

Borrow from a depositor at y%

(x% - y%) * volume of loans = gross profit
Mar 27, 2023 • 21 tweets • 5 min read
The financial system is unable to earn the basic interest rate

Interest earnings on M2 is below 1% today

Blockchains create the ability for all money to become interest bearing

What's the size of the prize? Money consists of interest bearing and non interest bearing forms

Cash is non interest bearing

Savings accounts are interest bearing

All non-cash money can be interest bearing
Mar 19, 2023 • 14 tweets • 3 min read
A framework for Arbitrum's token Rollups have a simple business model

Process txns off chain at cheaper fees than at the L1 level

Every 3-7 mins txns are batched and logged into the L1 blockchain
Feb 26, 2023 • 8 tweets • 3 min read
Have gotten a few DMs on how the mechanics work

Here's a walk through for the dynamics in leveraged loans: Leveraged loans has $1.4trn of paper

It's roughly the same size as the HY bond mkt

Typical profile = company is private / LBO target
Jan 29, 2023 • 5 tweets • 1 min read
Investor perspectives can be divided into:

- Past
- Present
- Present-Future
- Future-Future People investing based on the past lose out on progress made in institutional design and learned behavior

People investing in the present end up chasing their own tail w/ news

Present future investors are looking ahead but mostly reading sell side research that’s been priced in
Nov 22, 2022 • 10 tweets • 2 min read
1/ On July 18th 1963 JFK proposed the interest equilization tax

This taxed the purchase/holding of foreign securities

Stocks were taxed at 15%

Bonds had a 2% - 15% initial tax

Foreign loans had a recurring 1% annual tax

The tax was expected to raise $30mm on a $2.5bn deficit 2/ The tax was designed to discourage foreign investment and outflows of dollars

This meant more gold would stay in the US and create less pressure on the dollar/gold peg via fiscal consolidation