jon_charb

its really quite funny how CT finally starts to value tokens on fundamentals/revenue then at the same time tradfi just sends $CRCL equity to the moon with absolutely no regard for underlying financials

im not sure if its better or worse that crypto people have started getting into fundamental analysis lately while most of them dont actually understand basic financials yet

projects with live tokens should be building out proper investor relations functions

have had convos with some existing projects recently about this, it's coming

this alongside more standardized disclosures & reporting will be a great development for the space

idt we fully appreciate yet how big of an unlock real-time open data is for crypto

the world is moving faster & accelerating

the suits wait 3 months to find anything out

will become clearer as data infra & reporting standards improve so that we can interpret it better

whats sbet nav?

So many Ethereum debates really do just come down to concave vs convex dispositions

Ethereum caters to concave - well-rounded with lack of extreme weaknesses

Venture style investing naturally lends itself more towards convex - invest in extreme strengths > lack of weaknesses

If you want to make an effective argument for Ethereum, you should remove words such as “decentralized” and “credibly neutral” from your vocabulary then form your argument

This will force you to think critically, describe real tangible properties, and not handwave away

I always love the maxi reply guys who’ll say you must be acting in bad faith if you don’t wanna own ETH at $330bn

Coincidentally, they also all think Mert, Toly, Samani, Max, etc are all acting in bad faith

Luckily all the people who agree with them are acting in good faith

A few weeks ago, the at the time completely absurd (and indeed fake) CT rumor was that Ripple was offering $20bn to buy Circle

$CRCL closed today at $21.6bn MCAP

Incredible

truly hysterical how most crypto people will say they love free markets, then unironically call both of these "extraction":

1) building a product which users pay to use because they like it
2) raising money to further grow this highly profitable business via a public sale

It’s funny how most people hate high insider ownership and unlocks, when in reality it would be great if more tokens had 100% team/investor ownership at TGE then minimal/no vesting

Would eliminate so many market distortions and conflicts

crypto if everyone was required to take one intro to finance class

investing isnt black & white, you need to accept both of these especially in crypto:

1) many assets dont trade on strict fundamentals today, & many never will

2) trend ahead is most big cryptoassets will trade more on fundamentals, not less, vs today

its all a timing question

there are people saying with a straight face:

1) the burn is what makes ETH special🦇🔊
2) REV is a bad metric

without realizing ETH burn = base fees today + they're all excited to add MEV burn = REV

A few years ago even I assessed a higher probability than today that the “ETH is money” stuff could work

But it’s clear the world is increasingly picking BTC as the dominant crypto SoV as seen by fundamentals (see SBR) & price (see ETH/BTC)

You need to be able to update views

Would increasing Ethereum REV be good for ETH price

Both ETH & SOL:

- Were running at ATH REV at the same time as their ATH prices

- Traded at the same multiple on annualized REV at those times (~26.5x)

Internet capital markets is the endgame

Also the stuff people people are calling ICM right now is just sparkling memecoins

Routine reminder these are all different things:

- I think ETH is expensive and prefer to own good Ethereum apps + other L1 tokens (BTC, SOL, etc)

- I hate Ethereum twitter

- I love Ethereum and most of the people actually working on it

Ethereum would avoid many pitfalls by realizing they’re simply not Bitcoin

You can’t expect to win by just having maxi clowns screech that you’re money then asking everyone to come build the tech for you

Only BTC can do that, everyone else needs to ship and compete or die