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The only edge in markets that never gets arbitraged away — from a crypto quant running Sharpe ~4: Leigh Drogen (Leigh Drogen), CIO of Starkiller Capital. Sharpe ~4. Started his career as a quant at a NY equity hedge fund. Drogen: "If the only thing you ever did was...

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Ethan Kho

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A 4-Sharpe crypto fund. 27 of 28 months positive. Leigh Drogen (Leigh Drogen) is CIO of Starkiller Capital, a crypto quant fund running momentum and market-neutral crypto strategies. His edge is diligence — and a "never lose more than 1%" position rule. We cover: - Why block space is worthless — and the fiber-optics-in-1999 analogy that explains every L1 collapse since blobs launched on Ethereum - Starkiller's "never lose more than 1%" position sizing rule (how it compounds into 27 of 28 positive months) - The Ripple / RLUSD / USCC trade — borrowing at 2.5% against a 5-8% yielding tokenized basis fund, hidden in plain sight on Aave Horizon - How Starkiller dodged the Kelp DAO hack, lending USDC at 17-18% APR while the rest of DeFi was on fire - Why momentum is the only actual persistent alpha (it's the only persistent behavioral characteristic of humans) - "F*ckery risk" on the short book — why Drogen runs a more diversified short book than long book, even when his thesis screams short - Why "sales is way overcompensated" relative to the difficulty of the job — and what that means for ambitious young quants - The 2019 DM from a 21-year-old that became Drogen's biggest career miss — and how Polymarket's Shane Coplin (Shayne Coplan 🦅) actually solved the SEC problem ("USDC and VPNs") Highlights: 00:00 Intro 01:09 Mechanics of a 4 Sharpe market neutral DeFi strategy 03:24 Quantifying protocol risk and code provenance 06:40 Case study: Exploiting incentivized spreads in carry trades 10:53 Three primary sources of alpha in liquid crypto markets 14:28 Capacity constraints and institutional yield compression 18:54 Position sizing via the 1% max loss rule 21:38 Pro-cyclical returns and the risk modulation framework 26:44 Compounding capital through trend following and cross-sectional momentum 33:35 Why momentum is the only persistent behavioral alpha 48:39 Extracting alpha from token unlock schedules and market structure 51:20 Lessons from building Estimize and the SEC/ForceRank fight 55:00 The Polymarket origin story: Arbitraging regulatory hurdles 01:01:45 Career risk premia and the value of "eating sh*t" 01:05:34 Table selection: Positioning your career on the right macro curve
1:09:20

A 4-Sharpe crypto fund. 27 of 28 months positive. Leigh Drogen (Leigh Drogen) is CIO of Starkiller Capital, a crypto quant fund running momentum and market-neutral crypto strategies. His edge is diligence — and a "never lose more than 1%" position rule. We cover: - Why block space is worthless — and the fiber-optics-in-1999 analogy that explains every L1 collapse since blobs launched on Ethereum - Starkiller's "never lose more than 1%" position sizing rule (how it compounds into 27 of 28 positive months) - The Ripple / RLUSD / USCC trade — borrowing at 2.5% against a 5-8% yielding tokenized basis fund, hidden in plain sight on Aave Horizon - How Starkiller dodged the Kelp DAO hack, lending USDC at 17-18% APR while the rest of DeFi was on fire - Why momentum is the only actual persistent alpha (it's the only persistent behavioral characteristic of humans) - "F*ckery risk" on the short book — why Drogen runs a more diversified short book than long book, even when his thesis screams short - Why "sales is way overcompensated" relative to the difficulty of the job — and what that means for ambitious young quants - The 2019 DM from a 21-year-old that became Drogen's biggest career miss — and how Polymarket's Shane Coplin (Shayne Coplan 🦅) actually solved the SEC problem ("USDC and VPNs") Highlights: 00:00 Intro 01:09 Mechanics of a 4 Sharpe market neutral DeFi strategy 03:24 Quantifying protocol risk and code provenance 06:40 Case study: Exploiting incentivized spreads in carry trades 10:53 Three primary sources of alpha in liquid crypto markets 14:28 Capacity constraints and institutional yield compression 18:54 Position sizing via the 1% max loss rule 21:38 Pro-cyclical returns and the risk modulation framework 26:44 Compounding capital through trend following and cross-sectional momentum 33:35 Why momentum is the only persistent behavioral alpha 48:39 Extracting alpha from token unlock schedules and market structure 51:20 Lessons from building Estimize and the SEC/ForceRank fight 55:00 The Polymarket origin story: Arbitraging regulatory hurdles 01:01:45 Career risk premia and the value of "eating sh*t" 01:05:34 Table selection: Positioning your career on the right macro curve

Ethan Kho

261,657 Aufrufe • vor 3 Monaten

A quant fund running Sharpe ~4 on why most L1 governance tokens are headed to zero: Leigh Drogen, CIO of Starkiller Capital. Founded Estimize. Has been positive 27 of the last 28 months in crypto. Drogen: "Our general belief is that block space is worthless." "Nobody was betting on the actual cash flow of any L1. They were betting on which one would win the ecosystem." "The second block space got cheap, abundant, and fast, the value of it went to zero." "Just like fiber optics in the late 1990s — when fiber became cheap, all those companies fell apart. It was the same thing here." "I'm not talking about shitcoins or memecoins. I'm talking about the L1 governance tokens themselves." "None of those ecosystems is ever going to be the big winner. They're all basically just R&D for Ethereum."
3:12

A quant fund running Sharpe ~4 on why most L1 governance tokens are headed to zero: Leigh Drogen, CIO of Starkiller Capital. Founded Estimize. Has been positive 27 of the last 28 months in crypto. Drogen: "Our general belief is that block space is worthless." "Nobody was betting on the actual cash flow of any L1. They were betting on which one would win the ecosystem." "The second block space got cheap, abundant, and fast, the value of it went to zero." "Just like fiber optics in the late 1990s — when fiber became cheap, all those companies fell apart. It was the same thing here." "I'm not talking about shitcoins or memecoins. I'm talking about the L1 governance tokens themselves." "None of those ecosystems is ever going to be the big winner. They're all basically just R&D for Ethereum."

Ethan Kho

99,165 Aufrufe • vor 3 Monaten

"If you're not getting a Sharpe of 2 in crypto, you're not very good." Scott Phillips (Temu Robot James) runs HyperTrend, a mid-frequency crypto fund trading $20M of his own capital. Scott on why the edge still exists: "There's no second-best counterparties than crypto." "Crypto is riskier than stocks. Bitcoin has regular 80% drawdowns. Most people aren't willing to put up with that. Most people aren't stupid like me." "Quant finance is a known thing. You're not reinventing the wheel. You do exactly the same thing as everyone does." "At small scales, you can realistically achieve Sharpe ratios above 3." "A retail Joe Schmo, no automation, can realistically target Sharpe 1.5 in crypto." "I can give you rule sets a 5-year-old could execute." "Top 20 cryptos. Hold anything within 5 days of a 20-day high. Equal weighted, no portfolio magic. Sharpe 1.3 through bull and bear markets." "Carry works about Sharpe 1.6. Momentum 1.4 to 1.7. Trend 1.3 to 1.4. Throw them together equal-weighted — Sharpe 2 on daily execution." "You could execute it from a spreadsheet."
4:31

"If you're not getting a Sharpe of 2 in crypto, you're not very good." Scott Phillips (Temu Robot James) runs HyperTrend, a mid-frequency crypto fund trading $20M of his own capital. Scott on why the edge still exists: "There's no second-best counterparties than crypto." "Crypto is riskier than stocks. Bitcoin has regular 80% drawdowns. Most people aren't willing to put up with that. Most people aren't stupid like me." "Quant finance is a known thing. You're not reinventing the wheel. You do exactly the same thing as everyone does." "At small scales, you can realistically achieve Sharpe ratios above 3." "A retail Joe Schmo, no automation, can realistically target Sharpe 1.5 in crypto." "I can give you rule sets a 5-year-old could execute." "Top 20 cryptos. Hold anything within 5 days of a 20-day high. Equal weighted, no portfolio magic. Sharpe 1.3 through bull and bear markets." "Carry works about Sharpe 1.6. Momentum 1.4 to 1.7. Trend 1.3 to 1.4. Throw them together equal-weighted — Sharpe 2 on daily execution." "You could execute it from a spreadsheet."

Ethan Kho

113,593 Aufrufe • vor 4 Monaten

Usually when there was a correction in the market all of the alt coins and there are thousands of them, would have a large correction but they would bounce back. This time, they're not bouncing back and the reason that is occurring is very simple. Investors have figured out you only need to own two positions to capture 97.5% of all the alpha of all crypto. That's Bitcoin itself and Ethereum. If you own those two, it doesn't matter what happens anywhere else because everything else is moving with a much higher vol to the downside and not recovering anymore because they have no use case.
3:39

Usually when there was a correction in the market all of the alt coins and there are thousands of them, would have a large correction but they would bounce back. This time, they're not bouncing back and the reason that is occurring is very simple. Investors have figured out you only need to own two positions to capture 97.5% of all the alpha of all crypto. That's Bitcoin itself and Ethereum. If you own those two, it doesn't matter what happens anywhere else because everything else is moving with a much higher vol to the downside and not recovering anymore because they have no use case.

Kevin O'Leary aka Mr. Wonderful

278,157 Aufrufe • vor 9 Monaten

If you do anything today, please listen to this 3-min clip on what Co-CEO Joseph Chalom refers to as The ETH Opportunity... FYI, Joe is the former Head of Digital Assets Strategy at BlackRock, who drove the creation of IBIT, ETHA, and BUIDL. "The more assets and transactions that are secured on the Ethereum network, have been proven to increase the value of ETH..." "If you look at the last 5 years, for each $2 secured on the network, on Ethereum and the L2s, it's driven about $1 of market cap value of Ethereum [ETH]..." "And if you take a step back and say stablecoins are at this size today, but Treasury Secretary Scott Bessent says it's gonna grow to a trillion over the next 3 years, if you look at the adoption of RWAs, which is in the first inning and can literally go j-curve, the value of tokenized assets which could be measured in the trillions or tens of trillions... they are gonna be secured by a decentralized network. We believe the vast majority is gonna be Ethereum. That is a bull case for ETH..." "If more assets are secured on the Ethereum network, the value of ETH will go up, and the value of it being a trust commodity, the highest value of money, is gonna be critically important if you believe we are at a paradigm shift, and that's what I call the ETH opportunity. It's not a trade, it's an ETH opportunity." "And for all of those who feel like they missed the early days of crypto, you are at still a very early entry point in the adoption of Ethereum and that is the long term ETH opportunity, not the ETH trade." ACCELERATE 🚀
3:10

If you do anything today, please listen to this 3-min clip on what Co-CEO Joseph Chalom refers to as The ETH Opportunity... FYI, Joe is the former Head of Digital Assets Strategy at BlackRock, who drove the creation of IBIT, ETHA, and BUIDL. "The more assets and transactions that are secured on the Ethereum network, have been proven to increase the value of ETH..." "If you look at the last 5 years, for each $2 secured on the network, on Ethereum and the L2s, it's driven about $1 of market cap value of Ethereum [ETH]..." "And if you take a step back and say stablecoins are at this size today, but Treasury Secretary Scott Bessent says it's gonna grow to a trillion over the next 3 years, if you look at the adoption of RWAs, which is in the first inning and can literally go j-curve, the value of tokenized assets which could be measured in the trillions or tens of trillions... they are gonna be secured by a decentralized network. We believe the vast majority is gonna be Ethereum. That is a bull case for ETH..." "If more assets are secured on the Ethereum network, the value of ETH will go up, and the value of it being a trust commodity, the highest value of money, is gonna be critically important if you believe we are at a paradigm shift, and that's what I call the ETH opportunity. It's not a trade, it's an ETH opportunity." "And for all of those who feel like they missed the early days of crypto, you are at still a very early entry point in the adoption of Ethereum and that is the long term ETH opportunity, not the ETH trade." ACCELERATE 🚀

DeFi Dad ⟠ defidad.eth

259,949 Aufrufe • vor 1 Jahr

"When you deviate from owning everything you're making an active bet, and if you get it wrong you get fired" Bitwise CIO Matt Hougan on why zero crypto allocation is now the risky bet for institutions "The base case for institutional investors is to own everything. When you deviate from owning everything you're making an active bet, and if you get it wrong you get fired. What Ryan was saying is now crypto is part of everything" "So the default case is you have a little bit of crypto, and if you're at zero you're deviating from that. If David Solomon, Larry Fink and Vlad Tenev are right, you get fired because you missed out on this huge growth thing. That's been a huge shift. For a while crypto was off piste, outside of consideration, now it's part of the capital stack" "That means the default is a couple percent, and when you multiply that by $30 trillion, you get a lot of money that has to come into the space over the next couple of years"
0:46

"When you deviate from owning everything you're making an active bet, and if you get it wrong you get fired" Bitwise CIO Matt Hougan on why zero crypto allocation is now the risky bet for institutions "The base case for institutional investors is to own everything. When you deviate from owning everything you're making an active bet, and if you get it wrong you get fired. What Ryan was saying is now crypto is part of everything" "So the default case is you have a little bit of crypto, and if you're at zero you're deviating from that. If David Solomon, Larry Fink and Vlad Tenev are right, you get fired because you missed out on this huge growth thing. That's been a huge shift. For a while crypto was off piste, outside of consideration, now it's part of the capital stack" "That means the default is a couple percent, and when you multiply that by $30 trillion, you get a lot of money that has to come into the space over the next couple of years"

The Wolf Of All Streets

34,105 Aufrufe • vor 1 Monat

Electric Capital co-founder Avichal Garg: Ethereum is a programmable store of value “I think the right frame is that Bitcoin is an existence proof. Ethereum is perhaps the second example of an internet-native store of value. It just has different properties and is useful in its own way.” “The fact that you can actually build on top of Ethereum — it’s a programmable store of value — is I think what’s really fascinating. In theory Bitcoin is programmable but it wasn’t really designed for that, and in many ways it’s sort of antithetical to the base layer: you don’t actually want it to change. That’s sort of the superpower of Bitcoin: you know what you’re getting. And that stability is really important.” “But with Ethereum you have stablecoins on it, and that’s where all the stablecoin volume is. And ultimately, if you look at where the global financial system will be built, I think it’s going to be built in the non-sovereign space. It will likely be built on top of Ethereum.”
1:01

Electric Capital co-founder Avichal Garg: Ethereum is a programmable store of value “I think the right frame is that Bitcoin is an existence proof. Ethereum is perhaps the second example of an internet-native store of value. It just has different properties and is useful in its own way.” “The fact that you can actually build on top of Ethereum — it’s a programmable store of value — is I think what’s really fascinating. In theory Bitcoin is programmable but it wasn’t really designed for that, and in many ways it’s sort of antithetical to the base layer: you don’t actually want it to change. That’s sort of the superpower of Bitcoin: you know what you’re getting. And that stability is really important.” “But with Ethereum you have stablecoins on it, and that’s where all the stablecoin volume is. And ultimately, if you look at where the global financial system will be built, I think it’s going to be built in the non-sovereign space. It will likely be built on top of Ethereum.”

Etherealize

14,845 Aufrufe • vor 1 Monat

Strategy can never sell its Bitcoin, so the $55 billion is worth nothing, so the dividends fail, so the credit is zero, so the equity is zero. Michael Saylor walked through that argument on Diary of a CEO and then took it apart. His math on the show: Bitcoin trades about $20 billion a day, and meeting all of Strategy's obligations would be 0.01% of that market. Then Strategy sold some anyway. "We sold some Bitcoin a few weeks ago because there was a narrative that we could never sell." "No one believed us. If you want people to believe that you can do a thing, you have to do the thing." His close: "We're commercializing the market in digital credit." $MSTR bitcoin:native
2:08

Strategy can never sell its Bitcoin, so the $55 billion is worth nothing, so the dividends fail, so the credit is zero, so the equity is zero. Michael Saylor walked through that argument on Diary of a CEO and then took it apart. His math on the show: Bitcoin trades about $20 billion a day, and meeting all of Strategy's obligations would be 0.01% of that market. Then Strategy sold some anyway. "We sold some Bitcoin a few weeks ago because there was a narrative that we could never sell." "No one believed us. If you want people to believe that you can do a thing, you have to do the thing." His close: "We're commercializing the market in digital credit." $MSTR bitcoin:native

True North

37,014 Aufrufe • vor 28 Tagen

Ben on why AI broke the old laws of company building: "If you'd ever built a software company, you knew you could not just throw money at the problem. If somebody built a great product and it took them three years and did it with a small team, Google's not going to hire 2,000 engineers and catch them. That was a law of physics. Now, if you have the data and enough GPUs, you can solve damn near anything. We've seen that with Elon catching the big models in no time. He just took a lot of money, a really good data center design and some smart engineers. And he got in the game very fast. That would have never happened in the past. The markets also much, much bigger than anything we've ever seen. It would cause you to think about valuations and long-term value. On the one hand, when you calculate the long-term value, what if this market wasn't $50 billion, what if it was $5 trillion? On the other hand, what if somebody could catch you? These are concepts we've not dealt with."
1:23

Ben on why AI broke the old laws of company building: "If you'd ever built a software company, you knew you could not just throw money at the problem. If somebody built a great product and it took them three years and did it with a small team, Google's not going to hire 2,000 engineers and catch them. That was a law of physics. Now, if you have the data and enough GPUs, you can solve damn near anything. We've seen that with Elon catching the big models in no time. He just took a lot of money, a really good data center design and some smart engineers. And he got in the game very fast. That would have never happened in the past. The markets also much, much bigger than anything we've ever seen. It would cause you to think about valuations and long-term value. On the one hand, when you calculate the long-term value, what if this market wasn't $50 billion, what if it was $5 trillion? On the other hand, what if somebody could catch you? These are concepts we've not dealt with."

Patrick OShaughnessy

67,368 Aufrufe • vor 7 Monaten

ONE OF THE WORLD GREATEST INVESTORS ON WHY BITCOIN $BTC IS ANTISOCIAL, STUPID AND IMMORAL! Charlie Munger gave this interview not long before his death, here are his key thoughts on $BTC: - "The Computer Science that is behind Bitcoin is a great triumph for the human mind" - "They've actually created a product that is hard to create more of, but not impossible" - "A lot of the Computer Science people love it just because its such an extreme achievement of Computer Science" - "I see an artificial speculative medium, that people are buying just because they think they can sell it to somebody else at a higher price, even though it inherently has no intrinsic value" - "I regard the whole business as anti-social, stupid and immoral" In summary: 1. Munger’s issue wasn’t the tech - it was the economics. He admired the innovation but saw no cash flow or intrinsic value behind the asset. 2. His critique reflects classic value-investing logic: if you can’t price it, you’re not investing..you’re speculating. 3. He viewed Bitcoin’s rise as a product of FOMO and gambler psychology, not productive economic activity. I agree with him, Bitcoin is not a store of value it's dropped 30% in just the last few weeks. BITCOIN IS NOT THE NEW GOLD!
0:55

ONE OF THE WORLD GREATEST INVESTORS ON WHY BITCOIN $BTC IS ANTISOCIAL, STUPID AND IMMORAL! Charlie Munger gave this interview not long before his death, here are his key thoughts on $BTC: - "The Computer Science that is behind Bitcoin is a great triumph for the human mind" - "They've actually created a product that is hard to create more of, but not impossible" - "A lot of the Computer Science people love it just because its such an extreme achievement of Computer Science" - "I see an artificial speculative medium, that people are buying just because they think they can sell it to somebody else at a higher price, even though it inherently has no intrinsic value" - "I regard the whole business as anti-social, stupid and immoral" In summary: 1. Munger’s issue wasn’t the tech - it was the economics. He admired the innovation but saw no cash flow or intrinsic value behind the asset. 2. His critique reflects classic value-investing logic: if you can’t price it, you’re not investing..you’re speculating. 3. He viewed Bitcoin’s rise as a product of FOMO and gambler psychology, not productive economic activity. I agree with him, Bitcoin is not a store of value it's dropped 30% in just the last few weeks. BITCOIN IS NOT THE NEW GOLD!

Common Sense Investor (CSI)

195,356 Aufrufe • vor 9 Monaten

Jack Mallers’ appearance on Bloomberg is NO EXAGGERATION one of the sharpest 9-minute Bitcoin segments you’ll find this year. Here’s what stuck with me: – Performance in dollars is a distraction. “The only metric that matters: Bitcoin per share.” – Scarcity isn’t a narrative device. If you want more Bitcoin, you PAY UP. – Altcoins? Tech stocks at best. Bitcoin is gunning for the world’s $400T store of value market. – “I’ll never own another asset outside of Bitcoin.” Not diversification but CONVICTION. – The real use case: You create value, you want to keep it. Bitcoin is the answer. Mallers doesn’t hype. He just points at the inevitable.
9:08

Jack Mallers’ appearance on Bloomberg is NO EXAGGERATION one of the sharpest 9-minute Bitcoin segments you’ll find this year. Here’s what stuck with me: – Performance in dollars is a distraction. “The only metric that matters: Bitcoin per share.” – Scarcity isn’t a narrative device. If you want more Bitcoin, you PAY UP. – Altcoins? Tech stocks at best. Bitcoin is gunning for the world’s $400T store of value market. – “I’ll never own another asset outside of Bitcoin.” Not diversification but CONVICTION. – The real use case: You create value, you want to keep it. Bitcoin is the answer. Mallers doesn’t hype. He just points at the inevitable.

Fernando Nikolić 🇦🇷 🟠

261,576 Aufrufe • vor 1 Jahr

“What I think SPX is, is a wake-up call. And I think for the normie, the average person, it literally is best described as being the next Bitcoin, because that's literally what it is. Bitcoin was a wake-up call to show people that value is subjective. And SPX is the next iteration of that. And once you get enough people to understand that the value of the dollar is subjective. It only has value because people believe in it. Bitcoin only has value because people believe in it. SPX has value because people believe in it. And the next step is Well, it's not just money that is subjective in value. It is literally everything is subjective. The entire universe is this subjective entity that is created from our own consciousness. And that's what Like, the purpose of this vehicle, yes, it's going to make a lot of people a lot of money, but the point of that is to wake people up to the fact that the entire universe is this subjective entity. It is not just this, like, empirical machine with interlocking gears and like this orderly machine that proceeds from just like the sum of its parts like no like we are literally the universe creating the universe and that's what spx is meant to wake people up to.” — Crypto Maxi 💹🧲
1:36

“What I think SPX is, is a wake-up call. And I think for the normie, the average person, it literally is best described as being the next Bitcoin, because that's literally what it is. Bitcoin was a wake-up call to show people that value is subjective. And SPX is the next iteration of that. And once you get enough people to understand that the value of the dollar is subjective. It only has value because people believe in it. Bitcoin only has value because people believe in it. SPX has value because people believe in it. And the next step is Well, it's not just money that is subjective in value. It is literally everything is subjective. The entire universe is this subjective entity that is created from our own consciousness. And that's what Like, the purpose of this vehicle, yes, it's going to make a lot of people a lot of money, but the point of that is to wake people up to the fact that the entire universe is this subjective entity. It is not just this, like, empirical machine with interlocking gears and like this orderly machine that proceeds from just like the sum of its parts like no like we are literally the universe creating the universe and that's what spx is meant to wake people up to.” — Crypto Maxi 💹🧲

Tanz Cho 💹🧲

12,294 Aufrufe • vor 1 Monat

Qullamaggie shows Why Market Crashes Never Happen Above the 10 and 20 Day Moving Averages “There's no reason for a crash. Like guys, crashes don't happen at the highs, okay? If you study every market crash in history, they usually start below the 200-day moving average, below the 50-day moving average. I've never seen, if you go back and look at the market indices the past 50 or 100 years for the Dow Jones, no market crash started when the index was above the 10, 20 day moving averages. Could this be the start of a bigger pullback? Yes, but if you're like looking for a free fall type of a market crash, it's not gonna happen above the rising moving averages. There’s just too much dip buying. So don't worry about it. Go and study market action. Market behavior. You'll see it for yourself. Then you don't have to listen, you can turn off the TV, not listen to all these idiots calling for this and that. Because you know that that's not how markets work.”
1:32

Qullamaggie shows Why Market Crashes Never Happen Above the 10 and 20 Day Moving Averages “There's no reason for a crash. Like guys, crashes don't happen at the highs, okay? If you study every market crash in history, they usually start below the 200-day moving average, below the 50-day moving average. I've never seen, if you go back and look at the market indices the past 50 or 100 years for the Dow Jones, no market crash started when the index was above the 10, 20 day moving averages. Could this be the start of a bigger pullback? Yes, but if you're like looking for a free fall type of a market crash, it's not gonna happen above the rising moving averages. There’s just too much dip buying. So don't worry about it. Go and study market action. Market behavior. You'll see it for yourself. Then you don't have to listen, you can turn off the TV, not listen to all these idiots calling for this and that. Because you know that that's not how markets work.”

Lone

28,179 Aufrufe • vor 1 Jahr

Back in late 2020, I spoke with Michael Saylor and asked him why Bitcoin destroys every other store of value. His answer will change how you think about money forever: There is $250 trillion in global assets and every single one of them has the same fundamental problem when you look closely enough. Your real estate is immobile, illiquid, and taxed annually without exception and half of all commercial real estate is structurally impaired from COVID with at least a decade of uncertainty still ahead. Your bonds only work when interest rates keep falling and that game has a mathematical floor because the moment rates go negative everyone pulls their money out simultaneously and the entire mechanism that made bonds attractive for four decades inverts overnight. Your equities get taxed at every single layer of existence: > revenue gets taxed as sales tax > cash flows get taxed as income tax > expenses get taxed as payroll tax > trade gets taxed as tariffs (plus regulatory risk sits on top of all of it) And when the price rises by a factor of ten it does not become safer, it becomes more dangerous because it is delaminating from its fundamentals and any disappointment from that point causes catastrophic volatility. Here is what most people never understand about money: Every traditional store of value you own is a vertebrate and if you are a vertebrate you can be killed with a needle because there is a headquarters, a jurisdiction, a regulator, a court that can reach in and end it. Bitcoin is a swarm of hornets with no headquarters to raid, no jurisdiction to exploit, no CEO to arrest, and no regulatory throat to cut because there is no throat. Your money should be a single celled organism, the base layer of the ecosystem, not a vertebrate with a backbone that can be decapitated the moment it becomes inconvenient to the wrong government. Bitcoin is the only asset that structurally solves the problem every other asset you own creates:
7:55

Back in late 2020, I spoke with Michael Saylor and asked him why Bitcoin destroys every other store of value. His answer will change how you think about money forever: There is $250 trillion in global assets and every single one of them has the same fundamental problem when you look closely enough. Your real estate is immobile, illiquid, and taxed annually without exception and half of all commercial real estate is structurally impaired from COVID with at least a decade of uncertainty still ahead. Your bonds only work when interest rates keep falling and that game has a mathematical floor because the moment rates go negative everyone pulls their money out simultaneously and the entire mechanism that made bonds attractive for four decades inverts overnight. Your equities get taxed at every single layer of existence: > revenue gets taxed as sales tax > cash flows get taxed as income tax > expenses get taxed as payroll tax > trade gets taxed as tariffs (plus regulatory risk sits on top of all of it) And when the price rises by a factor of ten it does not become safer, it becomes more dangerous because it is delaminating from its fundamentals and any disappointment from that point causes catastrophic volatility. Here is what most people never understand about money: Every traditional store of value you own is a vertebrate and if you are a vertebrate you can be killed with a needle because there is a headquarters, a jurisdiction, a regulator, a court that can reach in and end it. Bitcoin is a swarm of hornets with no headquarters to raid, no jurisdiction to exploit, no CEO to arrest, and no regulatory throat to cut because there is no throat. Your money should be a single celled organism, the base layer of the ecosystem, not a vertebrate with a backbone that can be decapitated the moment it becomes inconvenient to the wrong government. Bitcoin is the only asset that structurally solves the problem every other asset you own creates:

Robert ₿reedlove

49,965 Aufrufe • vor 3 Monaten

"Polygon as a blockchain, gets the same value if you move $1 or a billion. It's a fraction of a cent. No one cares." Wallets, ramps, and every other layer in the payments stack were compressing toward the same thing. Polygon | POL bundles all of it. "You can transact on a couple of chains that work extremely well. You can use a couple of wallets that give you the level of service or product that you need. You can use different ramps, and they will be quite similar. But when you put all of that together on the same infrastructure, the same product, that's where we see the value." mechanove.eth (※,※) on the show today.
1:15

"Polygon as a blockchain, gets the same value if you move $1 or a billion. It's a fraction of a cent. No one cares." Wallets, ramps, and every other layer in the payments stack were compressing toward the same thing. Polygon | POL bundles all of it. "You can transact on a couple of chains that work extremely well. You can use a couple of wallets that give you the level of service or product that you need. You can use different ramps, and they will be quite similar. But when you put all of that together on the same infrastructure, the same product, that's where we see the value." mechanove.eth (※,※) on the show today.

Stabledash

12,066 Aufrufe • vor 2 Monaten

Here's how top quantitative trading firms actually find edge: Scott Phillips — runs Hypertrend, $20M crypto quant fund — explains: "The platonic ideal of a trading system is what Jane Street would do. Anyone who knows what they're doing takes a bunch of signals." "You don't want to build a system like: when it's Monday and the S&P is above the 200 SMA and stocks have been down five days in a row. That's fragile. That's curve fitting." "You want a bunch of independent predictors." "An EMA of market buys divided by an EMA of market sells. Positive, you go long. Negative, you go short. That's the building block of momentum." "The better your execution, the more edges open up." "Aggression features are well known. They're Sharpe 2.5 in crypto."
1:38

Here's how top quantitative trading firms actually find edge: Scott Phillips — runs Hypertrend, $20M crypto quant fund — explains: "The platonic ideal of a trading system is what Jane Street would do. Anyone who knows what they're doing takes a bunch of signals." "You don't want to build a system like: when it's Monday and the S&P is above the 200 SMA and stocks have been down five days in a row. That's fragile. That's curve fitting." "You want a bunch of independent predictors." "An EMA of market buys divided by an EMA of market sells. Positive, you go long. Negative, you go short. That's the building block of momentum." "The better your execution, the more edges open up." "Aggression features are well known. They're Sharpe 2.5 in crypto."

Ethan Kho

64,286 Aufrufe • vor 4 Monaten

Etherealize CEO Vivek Raman on the case for ETH as money "When we look at ETH the asset, we should be comparing it to the TAM of money and not a software stock that's trading at a multiple of earnings. Ethereum is not a technology stock or a technology company -- it is the infrastructure platform where the world's assets are being digitized." "What is ETH? ETH is the money that's used across the entire Ethereum ecosystem and outside of the Ethereum ecosystem as a reserve asset." "BlackRock's second biggest digital asset ETF after Bitcoin is ETH. They just launched a staked ETH ETF -- that's for institutions to get exposure to this asset as a money and a store of value. You're seeing players like Tom Lee, Joe Lubin, and Joe Chalom hold ETH as an institutional treasury asset. They're not playing for a growth/earnings, company-style return. They're playing for a repricing of when ETH gets rated as a monetary asset." "What is the TAM of money? I would almost say it's conservative just saying it's gold and bitcoin. You also have the M2 of the US dollar. High end real estate is also viewed as a store of value." "But let's take the most tangible ones where ETH has superior properties -- gold and bitcoin -- and we think ETH should start to eat away at that monetary premium and capture some of that itself." Source: Roxom TV Read our full Productive Money report below 👇
1:20

Etherealize CEO Vivek Raman on the case for ETH as money "When we look at ETH the asset, we should be comparing it to the TAM of money and not a software stock that's trading at a multiple of earnings. Ethereum is not a technology stock or a technology company -- it is the infrastructure platform where the world's assets are being digitized." "What is ETH? ETH is the money that's used across the entire Ethereum ecosystem and outside of the Ethereum ecosystem as a reserve asset." "BlackRock's second biggest digital asset ETF after Bitcoin is ETH. They just launched a staked ETH ETF -- that's for institutions to get exposure to this asset as a money and a store of value. You're seeing players like Tom Lee, Joe Lubin, and Joe Chalom hold ETH as an institutional treasury asset. They're not playing for a growth/earnings, company-style return. They're playing for a repricing of when ETH gets rated as a monetary asset." "What is the TAM of money? I would almost say it's conservative just saying it's gold and bitcoin. You also have the M2 of the US dollar. High end real estate is also viewed as a store of value." "But let's take the most tangible ones where ETH has superior properties -- gold and bitcoin -- and we think ETH should start to eat away at that monetary premium and capture some of that itself." Source: Roxom TV Read our full Productive Money report below 👇

Etherealize

91,247 Aufrufe • vor 4 Monaten

🔥WE NEED BITCOIN MORE THAN EVER - I AM STACKING MORE NOW🔥 We're down 50% from the all-time high, sentiment is the worst in recorded history, and your cousin who bought the top has stopped returning your texts. Which means it's the perfect time to remember why any of us are here in the first place. In this one I make the case that nothing which made Bitcoin necessary got fixed while you were busy staring at a red candle. The money printer is still warm. The deficit is still projected at $1.9 trillion. The starter home is still a luxury asset owned by a hedge fund. WE NEED BITCOIN MORE THAN EVER:
18:08

🔥WE NEED BITCOIN MORE THAN EVER - I AM STACKING MORE NOW🔥 We're down 50% from the all-time high, sentiment is the worst in recorded history, and your cousin who bought the top has stopped returning your texts. Which means it's the perfect time to remember why any of us are here in the first place. In this one I make the case that nothing which made Bitcoin necessary got fixed while you were busy staring at a red candle. The money printer is still warm. The deficit is still projected at $1.9 trillion. The starter home is still a luxury asset owned by a hedge fund. WE NEED BITCOIN MORE THAN EVER:

Adam Livingston

14,809 Aufrufe • vor 2 Monaten

Francis Schaeffer speaking words that our culture needs just as desperately now as it did when he gave this speech in 1982: "Increasingly, we find on every side, the medical profession has changed its views. The view now is, Is this life worth saving? I look at you. You're an older congregation than I'm usually used to speaking to. You better think, because this means you. It does not stop with abortion and infanticide. It stops with the question, What about the old person? Is he worth hanging on to? Is he worth hanging on to? Should we, as they're doing in England, in this awful, awful organization, Exit, teach older people to commit suicide? Should we help them get rid of them because they're an economic burden, a nuisance? I want to tell you, once you begin chipping away in the medical profession at the intrinsic value of human life founded upon the Judeo-Christian concept that man is unique because he is made in the image of God, and his value is not because he's well, strong, a consumer, a sex object, or any other thing. His value is intrinsic because he is unique in the universe as made in the image of God! That is where whatever compassion this country has, and certainly it's far from perfect, and it's never been perfect, nor out of the Reformation has there been a golden age, but whatever compassion there's ever been, it's rooted in the fact that our culture knows that man is unique as made in the image of God. Take it away, and I just say gently, the stopper is out of the bathtub for all human life."
1:44

Francis Schaeffer speaking words that our culture needs just as desperately now as it did when he gave this speech in 1982: "Increasingly, we find on every side, the medical profession has changed its views. The view now is, Is this life worth saving? I look at you. You're an older congregation than I'm usually used to speaking to. You better think, because this means you. It does not stop with abortion and infanticide. It stops with the question, What about the old person? Is he worth hanging on to? Is he worth hanging on to? Should we, as they're doing in England, in this awful, awful organization, Exit, teach older people to commit suicide? Should we help them get rid of them because they're an economic burden, a nuisance? I want to tell you, once you begin chipping away in the medical profession at the intrinsic value of human life founded upon the Judeo-Christian concept that man is unique because he is made in the image of God, and his value is not because he's well, strong, a consumer, a sex object, or any other thing. His value is intrinsic because he is unique in the universe as made in the image of God! That is where whatever compassion this country has, and certainly it's far from perfect, and it's never been perfect, nor out of the Reformation has there been a golden age, but whatever compassion there's ever been, it's rooted in the fact that our culture knows that man is unique as made in the image of God. Take it away, and I just say gently, the stopper is out of the bathtub for all human life."

Melissa the Hopeful🏠Homemaker

19,623 Aufrufe • vor 4 Monaten