Kevin Simback 🍷
@KSimback
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COO @delphi_labs - building + investing in crypto and AI. Ex @IBM, @McKinsey, @CarnegieMellon, reformed CFA
Puerto Rico
Joined March 2015
When I wanted to learn about crypto, I often turned to Delphi’s research reports and podcasts Then I joined Delphi over 4 years ago and still look forward to reading the reports, and the Year Ahead series are some of the best!
The best time to get ahead is before everyone catches on. Get all three of our 2026 Year Ahead Reports (Markets, Apps, Infra) plus 2 free months of Delphi Pro. All for $89.
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My perspective here
Reality check - crypto fundraise valuations are too high In the last few years you may have been able to get away with a "2 on 20" pre-seed with not much more than a pitch deck and wireframes, then follow that up 6-12 months later with a "5 on 50" seed round well before any true
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I am once again going to stir the pot on valuations This is nothing against Fogo, it’s just these valuations… are too high I’ve written on this recently and linked to it in the comments For these tokens to do well post-TGE, there needs to be liquid demand, and when starting
Quick ICO comparison for anyone looking at the Fogo presale: Monad: → $187M raised → $2.5B FDV Fogo (Dec 17): → $20M presale → $1B FDV That’s ~9.4x less capital raised by Fogo at ~40x of Monad’s valuation. Both are live L1’s today with real TPS that you can also compare.
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I agree with the perspective that crypto markets are structurally damaged from 10/10 That means it will take some time to heal and patience is required But don’t let that discourage you on the industry itself - crypto has never had more tailwinds
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The plan was clean. The escape? Not so much. Midway City doesn’t play fair. Wishlist this 4-player coop heist FPS on Steam today.
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Back in the gym today for first time in 3 weeks after recovering from surgery Not gunna lie it’s tough going easy, but feels great to be back at it! 💪💪💪
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Surf $15m fundraise:
Surf has powered 1M+ research reports for 80,000+ users as they trade generic LLMs for specialized AI they can trust. Today we’re excited to announce we’ve raised $15M to scale the first AI model built for crypto markets. (1/6)
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TrueNorth $3m pre-seed fundraise announcement:
TrueNorth raises USD 3M pre-seed to put the world's best traders in your pocket We're building AI agents modeled after professional traders, backed by @cyberFund_, @delphi_labs, @GSR_io, @snzholding and @ocularvc Here's what we're fixing 🧵
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In the past week since publishing this article @get_truenorth announced a $3m pre-seed fundraise and @SurfAI announced a $15m raise (announcement posts for each in the comments) The era of specialized crypto intelligence is here, not using one of these tools is negative edge
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AI agents aren’t failing for lack of IQ—they’re failing for lack of context. The winners will nail the context layer: clear objectives, permission-aware access to the right content, and workflow-specific tools. Build agents that know your business, not just the internet.
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Perfect example of what I posted yesterday Octra, a privacy chain no one has heard of, is planning a public raise at $200m val A little over a year ago they raised a $4m pre-seed, at which I presume was at a $40m val at most But yeah let’s go for the 5x+ up round and then TGE
Reality check - crypto fundraise valuations are too high In the last few years you may have been able to get away with a "2 on 20" pre-seed with not much more than a pitch deck and wireframes, then follow that up 6-12 months later with a "5 on 50" seed round well before any true
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Apparently Gen Z is not thinking big enough, otherwise they’d be romanticizing being a Gen X in the early 90s Queue the grainy VHS camcorder footage: - kids hanging out in empty parking lots after dark drinking beers - walking the aisles at Blockbuster and the joy of finding
Apparently there is now a Gen Z TikTok trend where they are romanticizing being a millennial in 2012
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Reality check - crypto fundraise valuations are too high In the last few years you may have been able to get away with a "2 on 20" pre-seed with not much more than a pitch deck and wireframes, then follow that up 6-12 months later with a "5 on 50" seed round well before any true
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We've now routed $1B+, seen 2,000+ strategies built, $170M in TVL. As we're headed into this big @almanak week, it seemed like a good time to tell the story of how we got here - and where we're going. You might not know this, but Almanak has been around for a while. We started
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Stopping QT won’t be enough, but it’s a good start “This [multi-year] QT unwound 51% of the $4.81 trillion added during pandemic-era QE”
BREAKING: The Federal Reserve’s balance sheet fell -$37 billion in November, to $6.53 trillion, to its lowest level since April 2020. The Fed has reduced its assets by -$2.43 trillion, or -27%, during its quantitative tightening (QT) program, which ended on December 1st after
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Not knowing about @get_truenorth is the crypto equivalent of not knowing that ChatGPT exists I’ve been an early user and can say with 💯 confidence that it helps me in crypto just as ChatGPT does for everything else Proud to back this amazing team! Invite code: EF2D58
TrueNorth raises USD 3M pre-seed to put the world's best traders in your pocket We're building AI agents modeled after professional traders, backed by @cyberFund_, @delphi_labs, @GSR_io, @snzholding and @ocularvc Here's what we're fixing 🧵
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Perps will not be a winner-take-all market Just like TradFi brokerages, the market is large enough to support many players across regions and product specialities It’s a fast growing pie so Hyperliquid can still crush it while others also do well
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Manifesting bullish vibes ahead of next week's visit to Abu Dhabi
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I love seeing early pitch videos from firms that have made it big The common denominator is always a relentless focus on storytelling - emphasizing the key messages, cutting out excess, practicing til you get it perfect Lesson in there
Brian Armstrong's original Coinbase pitch (2012) Listen closely and you can hear Paul Graham giving pointers on the storytelling
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Scrolling for alpha was so 2024 Now we have tools like @get_truenorth and @SurfAI that deliver crypto intelligence and should be part of your daily routine I did a deep dive on both and highlighted how I use them to avoid getting chopped up or dumped on
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