Redphone
@redphone
Announcing Legion đȘœ
Legion emerges from stealth with a promise: we will democratize access to early-stage investments.
Hereâs how ICOs were dethroned and how weâll even the playing field for all investors đ§”đ
đ 1/ In 2014, a visionary young programmer named @vitalik.eth announced an ambitious ICO: Ethereum.
Anyone, anywhere in the world, could participate, he said, by sending in a small amount of #bitcoin.
đ 2/ Orange coin flowed, Ethereum went live, and this ICO possibly became the fairest, most open, and most successful community-based fundraising model in history.
In a word, ICOs freed early-stage capital markets from the Silicon Valley Citadel.
đ 3/ Suddenly, baristas, Uber drivers, and mechanics found themselves on equal footing with turtle-neck-wearing VCs.
This revolution in early-stage funding had an unforeseen side effect, too⊠6 replies
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34. The madness of 2024/25 will be the madness of the suits and of the heads that bear the chafing crowns.
35. Yes. This cycle will be very different than the rest. For its participants come with different minds (and coffers of quite different size).
36. $BTC, $ETH, $SOL will be targets of their obsession. But so will other coins⊠especially those which speak to their steel-trap logic. Coins like $MKR, $ENA, $UNI, $LINK⊠RWAs, AI and depin.
37. The midnight tokers are woefully underexposed to these crown jewels. But theyâll perpetuate their own manias. Theyâll buy memecoins, politifi tokens, gaming, NFTs, inscriptions and other gleaming baubles (for theirs are the minds of the fringes⊠often earlier and ahead of the suits, cigars and doddering dukes). 1 reply
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23. If tradfi is to play this game, they do not come with cookies, hot toddies and a quilt. They come with smiles hiding knives.
24. For if this game is real and true, and bitcoin is to become a genuine, global currency one day, it is not mere gains they seek. It is their very lives. They come for survival, for their reputations, for their second homes, for their wives with nips and tucks (smelling of sweet buttercups).
25. They come to protect the wealth theyâve worked every day of their lives to amass.
26. This is the worldâs most dangerous game of âwho goes first?â. Banks, pension funds, investment advisors, governments, corporate treasurers⊠all of them eye that tiny, glittering mound of orange coins. 1 reply
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18. Again, the madness came in 2021. This time, a few tradfi elites joined the ranks, but their numbers were small. And their voices were muted by their reputations for depravity.
19. And now⊠now, how that sweet bell (rung on January 11) resounds. And a similar madness begins to grip the tradfi mind.
20. For the stamp of government approval has been granted. The seal bears the eagle, arrows clutched in talons glinting gold.
21. Under the weight of this great change, Iâm not sure we stand on the verge of a âbull market.â But rather, we stand on the verge of a tectonic repricing⊠a societal awakening, a realization, an acceptance, a hat that must be eaten by the Buffetts, the Dimons, the Blackrockers and all the rest.
22. I thought, once, quite recently indeed, that this cycle could take cryptoâs global market cap to $10 trillion. (Currently, we stand at 2.5t). Now, I wonder how cautious that prediction is. Perhaps, itâs only the halfway point⊠or a quarter of the truth. 1 reply
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13. The door â made of stone â forever closed, suddenly cracked open.
14. Here. There. Everywhere. The worldâs keenest financial minds were forced to look at bitcoin with brand new eyes.
15. The crust and mucus flaked away. (And the old man bent over rows of sorghum singing soulfully: âI once was lost, but now am found; Was blind, but now I see.â)
16. A wise woman told me once that Japan is 10 to 20 years behind the US when it comes to social change. It stuck with me because itâs a reminder that cultural transformation is not binary. Instead, itâs chaotic and unevenly distributed. Change works angrily, like oil and water mixing, wending its way through ever-higher pockets and strata of society (or sometimes in the opposite direction).
17. In 2017, we saw a madness, you and I. Crypto onboarded its first truly gargantuan wave of new believers. Few tradfi souls were among them. Instead, this was a madness that infected the smokers⊠the jokers, the midnight drunken tokers. 1 reply
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7. Thatâs because for the first 15 years of cryptoâs existence, it required the mad and fevered minds of the fringes⊠those who inhabit not just the world as it is today, but the world as it may be in the future.
8. Before 2024, crypto believers saw the walls around the industry not as the stopping point, but as the marker for how far the current financial system could take humanity.
9. No one else bothered to gaze beyond the wall. And itâs hard to blame themâŠ
10. How could we possibly expect politicians, bankers, fund managers and government employees to see beyond the very structures upon which their livelihoods relied?
11. Itâs a ludicrous, unfair request. (sorry, Charlie) (sorry, Warren)
12. And yet, the walls about the centralized garden trembled on January 11, 2024. For that was when the bell was rung. And the first bitcoin ETFs went live. 1 reply
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