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

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

Yah good point. Have long thought MM call loans were the single greatest culprit — changes everything

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.