On the VC private vs. public market arbitrage in crypto

Even if nobody trades their community service NFTs publicly, the possibility of private sale reduces the signaling value. And in a fully liquid market for such tokens, the signaling value washes out completely.

I use the word arbitrage because we're not talking about different markets in different geographies. We're talking about different markets that exist in different people's minds. If I can fundamentally understand, and believe in, a market more clearly than any other investors then my equation can change in ways that give me an advantage.

If you see a big difference between the market cap and FDV, that means there are a lot of tokens locked up waiting to come on the market, and you should investigate how they’re going to enter the market (3 & 4) to see if you think the current price is justified.

long as a token is exposed to markets, there will always be noise in its valuation. So why not just make it impossible to trade the token then?

The biggest risk to making it in crypto is short term burnout leading to long term exit. In a world where all value seems reducible to price on a Uniswap pool, it seems only natural to believe that tokens without prices have zero value. Yet I believe that the best projects will encourage ownership while deemphasizing the short-termism that liquid m... See more

What happens in the public markets is highly likely to filter back to the private markets because the ultimate exit of these companies is either an IPO or an acquisition.

Public Robinhood - a wacky part of investing in crypto is it's public. So there could be a consumer experience built around that. It's like Robinhood for crypto where it's a consumer experience to buy/sell crypto. But it's also public and social and you compete against your friends and have a public profile. Maybe it starts with collectibles tradin... See more

As opposed to traditional finance, where, for instance, Robinhood trading and Wisdom Tree mutual fund cant combine with each other