A lot of my "realist" takes are met with understandable backlash, but I think this is one even ardent cryptobros will agree with

A lot of my "realist" takes are met with understandable backlash, but I think this is one even ardent cryptobros will agree with

https://polynya.mirror.xyz/OXfL6yiNu7wxiLlcoKX3d6EIsVoiB1a7k9MkDIthBAA

Posted this and got lots of DMs abt it -- also agreed with point a few liquid assets are grossly undervalued at same time 

When older funds de-vest we will see bottoms

VC @ cyber.fund 
| go nuggets
https://waltjsmith.xyz/

Thanks for your feedback, and the unique market structure is certainly a factor, as are some others. Of course, as you can tell, this post featured zero nuance and was aimed directly for impact. Also, the insanity predates both 2014-17 pre-VC ICOs w/ high float and 2018- post-VCs w/ vesting & low float, in diff forms.

Posted this and got lots of DMs abt it -- also agreed with point a few liquid assets are grossly undervalued at same time 

When older funds de-vest we will see bottoms 
https://x.com/waltjsmith/status/1750193528951447976?s=20

Agree w/ broader take + that some liquid things are really undervalued but this misses the broader point

tokens are downstream of mostly uniformed participants + a dysfunctional LP - VC cycle --> illiquidity + MM loans is the biggest culprit

I love your realist takes, but yes I strongly agree with this also

great piece

though I agree I also think there's more to it, something along the line with the price of a can of coke on airports...

Thanks for the reality check! 

What do think are the productive assets that are currently undervalued in crypto?

Totally agree that the monetary premium plays a fundamental role in these assets. However, I believe it is also relevant to be able to value the economic activity that takes place on these blockchains, which seems to be replacing traditional cloud services by adding a value of legal security based on capital.