Only the paranoid survive

Always fascinating to see how the startup/venture market works in a stepwise manner (rather than linear) Long periods of plateau in productivity, followed by briefer periods of intense activity Crypto is very obviously in the latter period now

Based on anecdotal conversations, many teams are trying to revive their token by using revenue to do buybacks/dividends In and of itself, this won't do much. At the end of the day, investors want to see organic revenue growth/traction more than just value giveback

For better or worse, one key lesson bitcoin taught people is if you can convince enough people of something, it becomes real and self-perpetuating Doubly so if people have an economic interest in it Not a fan of financial zealotry, but can’t deny it sometimes works

Corporate taste is about sweating the little things

JPM's tightening of customer data API's at a time when many fintechs are already exploring stablecoins certainly feels like a strategy debit

Having markets be front and center in crypto social apps leads to clunky UX, ultimately bottlenecking growth Would be much more interested if the market priced and ranked content, but for that to be hidden away in a separate UX for speculators People want chocolate bars, not

Helpful to think of auction mechanisms as a political battle between buyers, sellers, and market intermediaries

you can simply not build hypergambling products and instead build positive-sum products crazy how some people in crypto simply accept hypergambling as the defining secular trend of the decade

The best founders know the difference between a good idea and a bull market

Expect we will see a lot more token for token M&A Single product protocols will want go multi-product to grow revenue and offer multiple products under one brand

Interesting how fast Solana lost the mindshare lead in the last few months. If you had to pinpoint a few reasons for why it happened, what would you say?

Extrapolating long-term trends based on a crypto bet made by a large company in a risk-on market that temporarily rewards those bets can get you in trouble

Seeing projects starting to build out a proper investor relations function Tokenholder calls, improved reporting, clear articulation of strategy/roadmap/economics Soon this will all be tablestakes, and the game on the field will be doing it better than everyone else

Nice to pair some easy reads with more difficult ones on vacation (the Stalin bio is very not easy). Especially enjoyed the House of Morgan, which gives a slice of life view into global banking from the 1800s to almost the modern day

Thrilled to announce that I’m joining Reverie as part of their investment team. Super excited to work alongside Larry Sukernik, Derek Hsue and Federico! Wanted to thank the amazing team Sorella Labs for showing me what the best of the best in crypto looks like. Excited now

Everyone wants to do payments/stablecoins, but nobody wants to spend extreme amounts of activation energy, boots on the ground style, in small, often unsexy, local markets The success of Tether is a story of doing the hard thing and sticking to it