@TraderNoah

@jerallaire your move

Crypto is dead. Crypto remains dead. And we have killed it. How shall we comfort ourselves, the murderers of all murderers?

I think JLP supply is going to continue to materially unwind from here. The yield is <10%, open interest as a % of tvl is at lows, turnover on tvl is at lows, and the product charges higher fees than other venues. Just a question of how quickly depositors act rationally imo https://t.co/ZxlE9HVJUW

In the current meta of tokens getting rugged via m&a (perfectly legal, just unethical) there are few investment styles that have +ev. Even if I think the founder I invest in is ethical, I have to price a larger left tail risk that is accentuated during drawdowns. This creates reflexively negative conditions for teams with liquid tokens that aren't experiencing fundamental momentum. I essentially need to bet on teams that have IP that would be impaired by rugging the token and healthy enough valuation/fundamental momentum to keep the team motivated.

The secular trend is for people to stop holding cash, but simultaneously there's probably a sinusoidal wave based on risk asset pricing. Seems more likely that cash balances increase than decrease over the next 12 months (pure finger in the air guess) https://t.co/bqX5Ggovv9