Some threads reflective of the current climate in crypto.

On becoming a closed PvP system vs PvE

https://x.com/jtriley_eth/status/1833898793135452452?s=46&t=FkUP6WZfEjMkbcsVeZ1C1w

On crypto not amounting to much

https://x.com/based16z/status/1833032174112583846?s=46&t=FkUP6WZfEjMkbcsVeZ1C1w

How to Get Rich in Crypto (Without Getting Lucky) - Part II 3 years ago, I wrote a thread about how people got rich in crypto based on 100s of convos with founders + investors on @theBlockcrunch.

This thread is a follow up providing principles for speculators + builders, based on my new learnings as an investor.

https://x.com/mrjasonchoi/status/1455888139927515137

Few thoughts on $MNT and why I'm long

TLDR 🧵 1/ Yesterday, @BitDAO_Official successfully migrated its token to @0xMantle, a new Layer 2.

Mid-curvers saw this as a "sell the news" event but objectively the migration represented a significant event that is now derisked.

After my interview with @ArkhamIntel released today on @theblockcrunch, I dug into some of the claims made on the show.

Here's a short follow-up thread to address one of the comments made.

https://twitter.com/mrjasonchoi/status/1680049739855962113?s=20

1/ On the episode, I asked @RealMiguelMorel why it took so long for @ArkhamIntel to rectify the issues regarding user's emails being publicized. Specifically, I brought up @NFTherder's claim about being able to tie emails to wallet addresses.

https://twitter.com/NFTherder/status/1678774877606776836?s=20

After months of work...

Finally dropping our 30-page report on $FIL on @theBlockcrunch, commissioned by @protocollabs!

This is the one read you need to be completely caught up with @Filecoin's past traction and future plans.

A few highlights: 1/ Over the past 2 years, @Filecoin has quietly exploded in growth since the launch of its FIL+ campaign

Year over year, this represents a 1800% growth in usage - in a time when most charts in crypto went the opposite way.

bit.ly/3LYteO5

DVTs is one of the most overlooked narratives for $ETH.

One of the leading projects just raised $12.5M from VCs.

Only one token is tradable today (see below) 👇 1/ Now that the Merge + Shapella are completed, Ethereum's vision as a PoS network is realized.

To recap, there's 4 main ways holders can stake their $ETH today:

How one of the first NFT trading funds makes money 👇

- via @theBlockcrunch 1/ Most NFT funds in crypto focus on picks-and-shovels (@opensea), exchanges (@blur_io) and companies (@yugalabs).

@sgsand1 raised a $4.5M fund to ONLY do NFTs

Here are the highlights in a 50-min interview on @theBlockcrunch where I tried to pick his brain

Starting a thread to keep track of books I read in 2023 and the main takeaways in one sentence.

Feel free to suggest books in the comments 👇 1/ Jan 2023: Hope is the most potent force in adversity

🚨 Web 3 is hiring! 🚨

Some of the most promising opportunities from @tangent_xyz's portfolio + friends I've seen.

Share this with a friend who's eligible! 1/ Founding engineer at @PocketUniverseZ

Why you should join:
- 6x traction than biggest VC funded competitor...before raising
- 80% retention for users month over month
- Highest growing app in consumer/ security vertical
- Ex Facebook/Mastercard team

link.pocketuniverse.app/founding-engin…

Some notes on navigating inflection points in crypto markets 1/ First off - @tangent_xyz is predominantly an angel fund.

We don't accept outside investors, and write angel checks to early stage founders + work like hell to help them succeed every day, because our own money is on the line!

This week I chatted with @NorthRockLP on @balajis's $1M $BTC on @theBlockcrunch !

A few more insights into the recent market chaos... 1/ Hal thinks the recent bank collapse helped crypto prove its use case once more, explaining the demand for $BTC recently.

However, the key question is whether crypto can decouple from long tail secular assets in a weakened economy, which Hal believes we will see soon.

🤔 (How) can we trust our stablecoins?

Just dropped a massive report on @theBlockcrunch by @michael_lwy on all DeFi stablecoins!

Some key insights 👇

blockcrunch.substack.com/p/the-definiti… 1/ With $USDC depegging (even if temporarily), the call for a truly trustless, DeFi-native stablecoin has never been stronger.

Some of the major stablecoin players in DeFi today are below, but there are a few more coming...

Just as the US is cracking down on crypto, Asia is starting to open up.

Here's the latest on crypto in Hong Kong: 1/ Hong Kong was an OG crypto hub - (former) home to Bitmex, Amber, and pre-Bahamas FTX.

The city has long been the entrepôt between the West and Greater China, so when China implemented its crypto ban the general perception was that HK's days as a crypto hub were numbered.

ETH Denver, besides being occasionally a great advert for deodorant, was an amazing event!

Here are my high level takeaways: 1/ Muted DeFi presence

It’s been a while since we had true 0-to-1 moments in DeFi, and the relative interest in DeFi from builders was quite low. The main presence was Uniswap and Aave …

The most preventable way I've seen crypto BD teams fumble the bag ... is ignoring the Korean market

Here's why:

https://twitter.com/mrjasonchoi/status/1618510424596688899?s=20

1/ Pop quiz - without looking it up, which was the most important and liquid exchange + pair asset that contributed to @Aptos_Network 's re-rating into a Tier 1 L1 (by valuation)?

👋 Fat Apps Thesis

Why the most popular thesis in crypto will soon be invalidated 1/ In 2016, @jmonegro wrote a blog post that would go on to become one of the most successful investment theses of all time:

Fat Protocols (referred to as FP below)

Below, I present 3 reasons why I believe this will be invalidated within the next 5 yrs

usv.com/writing/2016/0…

Roughly 50% of BD talent in crypto I've met just want a salary while they day trade their PA + wait for their tokens to vest

The other half drove most of the growth you've seen in crypto over the years One tip for crypto founders in a tough market:

Find out whether you accidentally hired professional conference after-party attendees and fire them today

A few years ago, when I first started in crypto, we set up a meeting with a Silicon Valley big shot crypto VC

A funny anecdote… 1/ Wide-eyed, impressionable me was beyond excited!

But the VC ghosted the meeting and didn’t give any notice before or after.

They were a big shot and probably had something come up, it happens

Why now?

My favorite question for crypto founders. 1/ Unlike Web 2 consumer founders, crypto founders often tackle pain points that don’t exist yet (or are v small/ abstract).

eg no one can say if social, DAOs, exotic DeFi, metaverse will take 3 … or 10 yrs to play out

Ask yourself: can your patience + runway last that long?

Found myself re-listening to this sobering part of my conversation with @Galois_Capital, on why people don't call things out earlier when they see smoke.

1/ I don't think this is a uniquely crypto problem

I remember a guy who left and whisteblew on Luna way before anything happened. Everyone thought he was
just a disgruntled employee.

He wasn't anon; I'm sure that's hurt his own job prospects

Last week, @RachelEnsignWSJ reached out for comments on a piece she was working on for @WSJ

After I released my thread on FTX, she ghosted the scheduled call Today, I woke up to this 🥲