Dovey "Rug the fiat" Wan (hiring)
@DoveyWan
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🇨🇳🇺🇸🇸🇬🇯🇵 Founder of @primitivecrypto Thesis: Long substance, short status; Long freedom, short coercion. @DoveyWanCN for 中文 @DoveyAgeX for max health
Decentralized
Joined October 2011
In this decade people will be chasing: . The hardest money . The cheapest dopamine . The fastest info stream . The slowest aging . Trends, narratives, values and cultures will be created from above fundamental drives.
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RT @openmind_agi: American dynamism builds—railroads, rockets, and now, machines. OpenMind is laying the rails for what’s next. https://t.….
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on the same note, smaller mcap crypto strat stock will also be very struggling. this cycle will create meme stocks that likely gonna trade substantially under nav, largely underperform the underlying coin . the staying power of these will be even less so than Greyscale trust
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Smaller market crypto strat plays often break down, not because of bad ideas, but due to structural limits. imagine a coin trades on Gate/Mecx vs coin trades on Binance. Those on Hkex or even smaller ones are facing . - Much longer approval time.- No liquidity premium.- No.
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Soon we will have: . - Robinhood starts 24/7 stock trading .- Hyperliquid flipping Binance on most long-tail OI.- PreIPO perp market .- Fx onchain. Hyperfinancialization follows the second law of thermodynamics: capital flows where friction is lowest.
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"Uhhh 😬 well . 🤔… I… I don’t know 🤷 I. I would, I would . emmm" 🫣
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half of AI startups now. but ngl early stage tech investing in sf has been vibe investing since transformer anyway
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RT @circle: USDC and CCTP V2 are coming soon to @codex_pbc!. Codex is a new EVM blockchain designed for B2B stablecoin transactions and str….
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Public equity market will always pay a massive premium for thematic trades, from HIMS to MSTR, from RKLB to CIRCLE, and the newly minted 10x NAV Ethereum SPAC.
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For those who are obsessed with yield, just fyi Bridgewater China All Weather returned 37% in 2024, massively outperformed Pure Alpha (11.6%) and Global All Weather (7.2%), and this isn’t even a directional puncher, it’s a risk-parity style portfolio. One of the most.
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0DTE took over 60% of mkt share in just less then 3 yrs … imagine robhinhood starts 24/7 stock trading . and on top of that offers crypto spot, perps and 0DTE 👀 the biggest casino (aks US public equity market) is forcing the convergence to happen, very soon
What can lure and retain retail investors? Wealth effect and volatility. This cycle, crypto has been double killed by tech/AI stocks in spot and zero-day options. The former creates a massive wealth effect that retail investors can easily relate to and justify their investments.
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Circle IPO imminent, last inning . What plays out but out of my expectation .- newly minted $10b meme coin (peak at $70b+) .- hundreds of coin wrappers PIPEs .- $PUMP tge serving us into the one last pump.
waiting for a few events pan out this cycle . - ETH ETF.- Circle IPO.- Random L1 announces big flashy "eco fund" .- First time non crypto native GP giga raise .- Crypto AI project raises at 10bn private round.
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RT @pythianism: We plan to launch a few markets on @HyperliquidX once HIP-3 is live with help of some friends . The CEX listing process is….
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Singapore lacks of nature, diversities in art & aesthetics is a big drawback, makes it feel like simcity sometimes.
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Have lived in mega cities like Singapore, Shanghai, SF, NYC, none of these (maybe SF, but the food quality and dynamism as a city tho . ) you can leave a meeting in downtown, hit the airport, or be on a trail with this view - within 30 minutes.
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Only in Hong Kong: 30 minutes from skyscrapers to sea breeze, airport to mountaintop like this . A megacity that never makes you choose between hustle and nature. GM
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another big learning on the ground this time - pretty much all tier1 IBD are cutting staff as IPO pipelines dry up, which they are expecting to continue for years to come. Most of the hcs go to private banking and wealth mgmt, JP morgan 2024 alone AUM has grown ~30% in Asia .
Hang out with other FOs in HK these days, from capital allocators' lens, the opportunity cost of capital has remained high making vc, as a product, structurally less attractive. As a prop fund we are constantly seeing 1. very prime private credits offers 15%+ yield (within TSMC.
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Hang out with other FOs in HK these days, from capital allocators' lens, the opportunity cost of capital has remained high making vc, as a product, structurally less attractive. As a prop fund we are constantly seeing 1. very prime private credits offers 15%+ yield (within TSMC.
Caught up w/ some professional LP allocator friends 👀 Sequoia’s new growth fund just cut mgmt fees to 1.75% is a big signal for how VC is doing as a financial product. many brand names are not even shipping positive IRR for their latest funds. VC is in a weird spot:
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dont think these coin public wrappers will end up like GBTC/other greyscale trusts from last cycle cuz 1/ majority of the wrappers are not qualified to print cb can only atm 2/ cant be used as collat. ETF is still not being accepted as collat in most primes so the de-leverage.
Bankers running the PIPE carry, politicians running the narrative. While we’re out here degen looping and memeing…They’re the ones who actually made it. GG this cycle, I guess (last bearish post of May i promise).
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