Adam Cochran Profile picture
Partner@Cinneamhain Ventures,Adj. Professor Info Sci/Biz Analysis@ConestogaC, Professional Analyst, https://t.co/CD9jz6mx89, #LeXpunK, Prev: Growth@DuckDuckGo
otaria123 Profile picture Tough Trader Profile picture Chris Wheeler🦇🔊 Profile picture 👉 Ben 💭 competitors can't copy communities Profile picture Chris Payan Profile picture 28 added to My Authors
17 Oct
1/31

I think Ethereum is set to dramatically change the way we think about payments.

Not just in terms of capturing a component of the $2T in payments revenue that is generated each year, but in entirely new market concepts.
2/31

As it stands right now, Ethereum isn't *yet* a strong way to process simple payments. It can be slow and costly.

While that gets resolved as ETH 2.0 resolves capacity issues, there are new payment structures that ETH does really well.
3/31

Ethereum can enable us to improve:

-The liveness of money.

-The auditability of money.

While these may be overkill for small payments, they actually really begin to matter for large payments.

But, let's come back to that.
Read 31 tweets
14 Oct
1/25

DAOs need to take a growth funnel approach to onboarding contributors, as I think there is a 5x-10x output opportunity here.

There is a huge gap in the ability of new users to onboard to contributing to DAOs and I think there is low-hanging fruit to fix that.
2/25

I think a great example here is @iearnfinance who is probably ahead of the curve in terms of having documentation and still if you aren't engrained in that community there are a lot of open questions you can't easily find answers to.
3/25

-What are the core components a strategy needs?
-Can partners launch their own compatible vault?
-Who gets paid, who doesn't?
-What is the process for proposing and voting on new features/strategies/vaults?
-Where is the list of work needing done?
-Are the docs up to date?
Read 25 tweets
13 Oct
1/12

I think if we wanted to have a clear intelligent definition of where you would put a dividing line between what a "DeFi 1.0" & "DeFi 2.0" would be it's:

DeFi 1.0 - tradfi concepts in trustless protocols.

DeFi 2.0 - Novel concepts enabled exclusively by trustless protocols
2/12

I think a lot of people are using it to just refer to the latest wave of defi products, which are having their day in the sun.

I think some of them are great and will be around long term, and some others, well... won't.
3/12

But, we're kidding ourselves if we think we can label it 2.0

When we talk about web 1.0 vs web 2.0 it was about a major fundamental change in the ownership of the voice.

It wasn't just media companies making sites anymore. You had a voice.
Read 12 tweets
9 Oct
1/12

Part of the reason this space has so many shitty "VCs" willing to use people as instant exit liquidity is this space feverously worships anyone who makes money, and thinks VCs are just for dry powder.
2/12

If the only way you vet investors is by assuming they have no value-add and seeing who gets simped the most on Twitter, then of course you're going to have a cap table filled with people happy to nickel and dime you.
3/12

Like lets face it, CZ could turn around, mint $10M in new BNB, blatantly dump it on the market and half of his followers would just say its for the good of the project.
Read 12 tweets
9 Oct
1/7

I honestly believe much of CT would happily cut of their nose to spite their face.

Look if investors had a heads up about the details of the airdrop and misused insider info, that is shitty.
2/7

But this is the only industry where teams give you basically free money and people are somehow pissed off if someone else got more than them.
3/7

Ribbon made a great product, with vaults of a great return, that gave you a massive airdrop.

That airdrop was flawed and may have been manipulated, but we all won out.

Did some people win out more? Yeah.

But does that mean you should hate and attack that team? No.
Read 9 tweets
8 Oct
1/2

Bloomberg (TV) reporting that a draft executive order has been circulating around the white house requiring federal agencies to study and come up with proposed regulation for crypto.

No specific text yet and no regulation, just a requirement for proposals.
2/2

According to Bloomberg it is contested even in the White House if it should move forward or not.

A really odd approach to this and something to keep our eyes on.
3/2

I wonder if these politicians know that they could earn more from retroactive airdrops than from the donations they get from banking companies?
Read 4 tweets
6 Oct
1/5

I was excited to hear Microsoft 11's event would include NFTs, but the NFTs are just coupon codes to buy Windows 11.

It also uses a weird corporate EVM deployed by "Eluvio" which claims to be a blockchain alternative to a CDN.
2/5

But, it doesn't seem to be something you can run a node for, so its really just a 'blockchain' running on private servers likely owned by the corp.

Claims its going to revolutionize how artists share content by requiring NFT tokens to access content.
3/5

But its not like the content itself is streaming from an EVM blockchain so...
Read 5 tweets
6 Oct
1/16

I think $DYDX has dramatically changed the market behavior.

It puts some critical new strategies on the table, and has a huge impact on the actions many market makers and bots seem to be taking. 👇
2/16

First, what's important to note is that DyDx has a different funding rate structure than a lot of the futures products in the market.

It's a more aggressive, but in turn much safer for the system, kind of calculation.
3/16

But, this makes for a huge delta in the rates, as can be seen in the 30 day avg chart below from Defi Rate.

Over 30 days, longing $ETH on DyDX 29x the FTX rate.
Read 16 tweets
1 Oct
1/7

A lot of crypto people delivering a bad take here saying this wasn't a hack.

It wasn't a hack where someone gained direct access to Coinbase's cold wallet but it was still a hack, because a piece of code Coinbase was running seems to have been the point of fault.
2/7

Notably the hackers had to have the email and password for the account, and an associated phone number to perform the exploit.

What people forget is many other crypto exchanges have had hacks where their database was dumped including KYC and 2FA information
3/7

So identifying that information is not nearly as hard as people might think, and sadly many users don't use unique passwords or rotate emails/user names between exchanges.
Read 7 tweets
30 Sep
1/11

If you don't follow US politics, let me just say that this debt ceiling stand-off is an utter shitshow right now.
2/11

Political games are being played all over the spectrum and there is a signifgant level of disarray and divide here.
3/11

Do I think the US government will default on its debt?

No.

That would be the most catastrophic thing to ever happen in modern finance and would impact the global economy for a century.

I think we'll avoid that.
Read 11 tweets
29 Sep
1/4

It really annoys me, how nearly every G7 central bank chief thinks that consumer price inflation is transitory and pricing will restore once supply chains resolve.

Really?

When is the last time a business *lowered* a price you were already paying?
2/4

If a business had customers at a higher price, they won't lower it even if their costs go down.

Our financial policy is made by people who don't even remember what it is like to operate in the real world any more.
3/4

Its political games and ivory tower policy that is playing with the livelihood of everyday people.

Their decisions impact our mortgages. They impact the cost to put food on your families tables or the ever rising cost of that first home.
Read 4 tweets
29 Sep
1/16

I'll take the opposite side in this debate, somewhat.

I think most DAO's today are nonsense larps not because of decentralization but because their participants don't have a clue about business, and the teams have no idea how to set up strong governance systems.
2/16

That said I believe DAO's are absolutely the future of this space and many projects are decentralized, but they've decentralized without the right systems in place to manage that and without the right knowledge.
3/16

Many large companies still think you can't work remotely nevermind in a decentralized fashion, but that simply isn't true.

I spent the last decade working for remote companies many of whom are some of the most effective operators in the space.
Read 19 tweets
27 Sep
1/22

I love DyDx as a product, it shows the huge value that onchain perps are going to have. But, I think its overvalued compare to the upside potential of others in the space.

China's push on CEXs was a huge gift to the space, that while up large, I think is just starting.
2/22

Unlike a lot of projects DyDx's token is strictly governance. There will be no fee capture, no use case, no buy backs.

All the trade fees actually go to equity holders, and unlike some other systems these aren't variables in the contract that the DAO can vote to change
3/22

The $20B FDV puts it on par with FTX, which if it can continue to grow its volume and maintain this level of liquidity depth, may actually be only minimally over priced.
Read 23 tweets
25 Sep
1/21

Feels like MKR, once a defi darling, has kind of had its days behind it.

We're seeing a pretty big shift that I think highlights really interesting lessons for defi projects.
2/21

$DAI won out by being novel, innovative and most importantly defining for the ecosystem. The $MKR team created the foundation tooling and standards for many of the practices we have in defi today.
3/21

But, as they've grown and further decentralized they've built great procedures for managing the existing DAO operations within a framework, but not for fostering innovation.

Which is a classic startup problem only amplified by unstructured systems.
Read 21 tweets
22 Sep
1/4

Just save your money like its 1965, just don't buy coffee away from home and you'll totally be able to buy a house and live the American dream.

"Save $5 a week and get 8% interest"

....
2/4

...crazy high interest for equities in normal years, and would result in $130k at retirement.

Given the 380% inflation in the last 40 years, that'd be worth around $34k in same year buying power.
3/4

So lets assume you live 20 years past retirement, basically you get the equivalent of an extra $1700.

Thank god you gave up that coffee and pulled up your bootstraps...
Read 4 tweets
17 Sep
1/7

So we don't know the exact details yet, but apparently the Treasury Department is expected to put up specific sanctions targeting crypto related to ransom payments...

BUT, it seems like its good news 👇

engadget.com/us-treasury-de…
2/7

Based on the snippets below the sanctions are expected to be focused, aimed at specific malpractice rather than something that is against the entire industry/asset class.
3/7

We don't know what those specific restrictions are, or who/what/why they are targeting, but the fact that they are specific and targeted, specifically to not cast a wide net is a HUGE improvement from the last kind of action we saw alluded to from the treasury.
Read 8 tweets
16 Sep
1/2

This is why employees need more upside. Nate was super early in OpenSea, but probably had sub 0.75% equity.

A key player that helped them level up, was left out of upside so took to poor taste actions.

Now he resigns leaving them even less competitor to coming challenges
2/2

OpenSea is a talented early engineering team, that I don’t think has scaled well on the BD, community and product side, in part because their growth was simply too fast for them to scale.

Losing anyone who engaged with community and had them heard is a big blow.
3/

Since some people don't seem to grasp the message here or read comments, lets make this express.

His actions were dumb.

They were immoral.

He should not have done them.
Read 10 tweets
16 Sep
1/21

At this point I'm convinced that the SEC's current regulatory stance on crypto is more someone's personal political agenda.

Highly technical, educated people, informed on this space cannot reach the conclusion that defi platforms can simply 'come in and register'
2/21

First take @brian_armstrong's post about the SEC blocking Coinbase aggressively, something the entirely doesn't align with a department that should be acting in good faith to support innovation while protecting consumers.
3/21

Then we factor in Gensler's history at MIT where he spent so much time looking into crypto and decentralized systems.

Yet the statements he makes in hearings don't align with his knowledge.

Read 21 tweets
14 Sep
1/

Tuning in late to the banking committee hearing but will dump anything interesting here.
2/

Sen Warner specifically notes that he has *never* seen a community so well organized and in strong communication as the crypto community.
3/

Gensler suggested that crypto is a problem for subverting AML laws and references some matter of intelligence debriefings that aren't public.

Seems a stretch.
Read 14 tweets
14 Sep
1/24

One thing really stands out about @GaryGensler's written testimony that he submitted before his banking committee hearing later today.

His continued use of the phrase: "stable value coins"

Why is that relevant?
2/24

Gensler is well informed of the industry and likely knows the jargon we use around 'stablecoins' choosing to repetitively name them something else signals either:

1) He is trying to frame a difference between name expectation and reality.
3/24

2) He is trying to make stablecoins seem closer to something else that he already has clear jurisdiction and guidance on.

or

3) He is trying to widen the definition to catch more things under existing regulation.
Read 24 tweets
14 Sep
1/9

Part of the problem Evergrande is in their balance sheet.

They've listed properties *under development* as an asset and not a liability.

That means empty, unfinished or unrented buildings were used to help them secure loans.
2/9

These buildings could range from completed and operating, nearly complete but empty, right up to being only land or concrete shells of a building.

Using this they became extremely overleveraged.
3/9

The whole predicament kicked off when their subsidiaries in electric vehicles and financial products failed to meet payment obligations, which lead to questions about cash flow in the company.
Read 9 tweets