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Ansem 🧸💸· 2025-11-28 00:19
Market Sentiment & Valuation - The crypto market has shifted from financial nihilism to financial cynicism, with concerns about overvaluation and potential corrections [4][5] - Applying P/E ratios to smart contract chains is seen as limiting the industry to linear growth, rather than embracing its exponential potential [35] - The market prices new challenger chains based on their probability of success relative to established chains like Ethereum (ETH) and Solana (SOL) [14] Exponential Growth & Long-Term Vision - The author argues for a long-term belief in the crypto exponential, drawing parallels to the early days of e-commerce and the internet [24][36] - Crypto is transforming financial assets into easily transferable digital formats, enabling 24/7 global interconnectedness and openness [31] - The author believes that open, interconnected systems will ultimately win, similar to how the internet disrupted other industries [31][32] Chain Valuation & Metrics - The author defends the valuation of Ethereum (ETH) and Solana (SOL), suggesting that their value underpins the potential of other chains [21] - The author argues that focusing on exchange-like profit margins for L1s misses the point of why people invest in them [9] - The author believes that even if new chains win, there's a perception that the contest is not worth winning because valuations are considered inflated [18] Industry Dynamics & Challenges - The author acknowledges the greed of various participants in the crypto market but argues that it's not a new phenomenon and doesn't invalidate the potential of the technology [12] - Crypto growth is more volatile than e-commerce due to its ties to macro forces and regulatory pressures [30] - The author suggests that the crypto industry's center of gravity has shifted from Silicon Valley to Wall Street, potentially impacting its understanding of exponential growth [29]
X @Ansem
Ansem 🧸💸· 2025-11-27 23:24
The crypto trade is mostly over. Value accrual will primarily go to stablecoins and tradfi companies using their own blockchains (Stripe, Coinbase, Robinhood), not 95% of this dogshitOpportunities will mainly be in BTC, Privacy, Hype/DEX. Maybe AI/robotics x Blockchain in 2027+ ...
X @Ansem
Ansem 🧸💸· 2025-11-27 23:20
RT Lukas (computer) 🔺 (@SCHIZO_FREQ)My best friend is somehow transitioning without realizing itHe’s always worn women’s jewelry but he wears their clothes now too, he won’t stop painting his nails and the punchline to all his jokes now is either “cuz I’m gay lol” or “cuz I’m a woman”Do NOT use ketamine in Asia ...