Nick Tomaino
@NTmoney
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@1confirmation . low extraversion, high conviction
Joined March 2009
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Never been more proud to work in crypto. CT exposed the biggest fraud since Madoff and charlatans are getting flushed out left & right. Meanwhile NFTs continue to permeate culture, DeFi use cases are more clear than ever and DAOs and decentralized social networks are emerging
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The Biden Administration’s crypto timeline:
- Sam Bankman-Fried is the second largest donor to Biden’s presidential campaign
- Biden appoints Gary Gensler as chairman of the SEC
- Gary Gensler hosts friendly meeting with Bankman-Fried and FTX execs, no action letter…
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SBF stole over a billion dollars from over a million people and he’s still lounging in his Bahamas penthouse and being praised by the mainstream media
How can we ever trust them again?
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Under Gary Gensler's leadership, the SEC:
- Missed biggest fraud since Madoff (FTX) 🫤
- Attacked good actors (Coinbase & Kraken) 😠
- Pushed many great entrepreneurs offshore 😢
- Botched the Bitcoin ETF approval announcement 😂
You really can't make this shit up.
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In January BAYC & MAYC did more in sales on Opensea ($495M) than the global movie industry did at the box office ($482M)
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Federal prosecutors dropped the campaign finance case against Sam Bankman-Fried on the last business day of 2023, a Friday afternoon. The politicians that took hundreds of millions of stolen funds from him keep their money and keep their grift going.
Anyone who doesn’t see that…
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Bitcoin's market cap ($927B) surpassed Facebook's ($919B) today. Feels significant
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Popular cryptocurrencies by % of the token allocated to team and investors:
Bitcoin: 0%
Ethereum: 9.9%
Worldcoin: 25%
Binance Coin: 50%
Solana: 62%
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When the last 4 major crypto bubbles popped ('11, '12, '14, '18) people cashed out to USD. What's different now is when this bubble pops, the cash out will be into BTC and ETH
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This week the attention is on Wall Street accepting Coinbase into its club, but Ethereum is the key to growing the pie for all people in the world
I’m giving 5 random people that retweet this 1 ETH each
@mrbeast
style. Follow me so I can DM if you win. Will show proof
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A bank run on the centralized exchange that was trying to curb the growth of transparent, non-custodial financial applications is beautiful if we’re being real
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“The computer can be used as a tool to liberate and protect people rather than control them” Hal Finney (1992)
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OpenSea volume grew from $28M in 2020 to $14.4B+ this year. NFT adoption isn’t slowing down in 2022
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Bitcoiners have been patiently waiting for over a decade for two things:
1) an ETF
2) BTC to act as a flight of safety in times of economic and geopolitical uncertainty
They’re now both happening at the same time
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SBF was one of largest political donors to Biden, who appointed Gary Gensler as SEC chair. Crony capitalism isn’t notable sadly but what is notable is Gensler being responsible for “consumer protection” while involved in back door dealings w/ biggest fraud crypto has ever seen
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It's beautiful that Bitcoin ETF approval day may be the same as Running Bitcoin day.
On January 10th, 2009, Hal Finney tweeted "Running bitcoin." Hal was the first person to download and receive bitcoin and his curious, positive spirit was essential to the growth of Bitcoin in…
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FTX was created by grifters who successfully co-opted narratives without contributing to progress. You may disagree bc it goes against your bags, but truth reveals itself in time
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Tornado Cash developer Alexey Pertsev sits in jail while
FTX fraudster Sam Bankman-Fried is out on bail
Not right
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Cosmos is the strongest crypto ecosystem outside of Ethereum right now and it's not close
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Beautiful post from a Reddit user in Lebanon
"Bitcoin is freedom! Bitcoin is our only way out!"
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The SEC cozied up to one of the biggest financial frauds in history (FTX) and is now elevating a fake company with no product and Chinese Communist Party ties (Prometheum)
Does anyone still believe the SEC acts in the best interest of the people?
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Ethereum is the bleeding edge of finance, art, music, gaming and sports culture
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EIP 1559 is coming in July, making ETH more scarce than BTC
The PoW - PoS merge is coming by Q1 2022, making ETH more energy efficient than BTC
It will look obvious in retrospect
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If cryptocurrency prices declined by 90%, would this person still be doing what they are doing?
This is a fundamental question to ask yourself when doing business with people in the industry. Unfortunately, the majority of the time the clear answer is no.
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Tech no one is paying attention to now that will be mainstream this decade:
Zero-knowledge proofs
Smart contract wallets
Decentralized file storage
Prediction markets
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Most in Silicon Valley and on Wall Street still do not understand the scale and efficiency benefits on-chain DeFi products have vs off-chain fintech products, but they will soon
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The P/E ratio of Ethereum is ~20. It was over 100 during the 2017/18 bubble
By comparison Tesla P/E today is over 500
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Venture capital is the fakest industry on the planet. In what other industry can you be objectively bad at your job but create narratives that make you appear great to the outside world for years?
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The 3AC debacle is a good reminder of how fake the crypto twitter echo chamber can be
CT thought 3AC was the best fund on the planet & then it disappeared in days. Kayfabe and investing don’t mix well together 👇🏽
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A month ago FTX was glorified by the press. Then citizen journalism did its thing, the crypto community rallied & exposed the fraud
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There’s a lot to learn from the stoicism and long-term focus of Coinbase founder Brian Armstrong.
Binance came on the scene in 2017 and captured lots of volume and attention from Coinbase. It appeared that Binance was overtaking Coinbase in the battle for crypto natives and many…
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YouTube launched Bieber, SoundCloud launched Billie Eilish
Ethereum will launch the next cultural icons in music
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We recently launched the 1confirmation NFT Fund, a $100M fund to support creators on the bleeding edge of culture 👇🏽
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5 months ago the FTX debacle gave the ruling class a chance to destroy crypto. The New York Times, Gary Gensler, Elizabeth Warren and many others have done their best, but its not working. BTC up 92% and ETH up 75% since
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Remember: if not for crypto twitter, the msm would still be helping FTX lure unsuspecting consumers into the fraud of the century
Crypto twitter bankrupted the company, exposed the scam and clearly will not rest until the justice system acts or the truth is uncovered
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At this point no one in their right mind can believe the SEC is acting in the best interest of the American people by forcing Kraken to shutdown its staking offering
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Since genesis in 2015 Ethereum has led every bull market:
2017 - ICOs
2020 - DeFi
2021 - NFTs
2022 - Merge
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We’ve closed
@1confirmation
fund III, a new $125M venture fund to invest in early stage companies, cryptocurrencies and NFTs
Today there’s ~100M ppl using crypto. Our goal is to help get that number over 1B ASAP 🚀🌚
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Blackrock is cutting 600 employees from its ESG division while launching a Bitcoin ETF. The woke capital to crypto capital pivot has started.
ESG funds have ~$20T in AUM.
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Every consumer brand in the world will take note of what Tiffany & Co. is doing with NFTs
4156 pendant incoming
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Sam Bankman-Fried used stolen money from working class people to pay off corporate media and politicians, who portrayed him as a visionary entrepreneur. This fake portrayal was then used to raise hundreds of millions of dollars from institutional investors which was used to…
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Just sent out the latest cash distributions to
@1confirmation
LPs.
1confirmation Fund I (2017) has now distributed 5.13x net cash to investors and Fund II (2019) is at 1.78x net DPI.
We’ve done this by taking a long view and backing authentic founders building useful products…
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ETH is the world’s first deflationary asset that yields holders ~7% APY without a third party custodian
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1/ I haven't sold a share of Coinbase but will sell all my shares if the company doesn't make a strong move in NFTs in the next year. The current NFT product is not it...
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It’s useful to make a good faith assumption that SBF & team are trying their best, but the hypocrisy (which prob won’t be addressed by PR speak) is hard to deny
Here’s context on why many who care about crypto and freedom were triggered by the recent FTX post on the DCCPA bill:
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ETH added to circulation per yr today: ~4,950,000
ETH added to circulation per yr after Merge: ~650,000
~$7.8B less sell pressure per yr at today's price
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The most underrated cryptocurrency teams, delivering useful products to passionate userbases with little hype around them:
1.
@LedgerHQ
2.
@ShapeShift_io
3.
@krakenfx
4.
@MakerDAO
5.
@Bitbonds
6.
@metamask_io
7.
@brave
8.
@infura_io
Thoughts?
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You can see a rivalry intensifying between the ruling class. Elites who prioritize money like Fink are now fighting for crypto & elites who prioritize control like Warren and Gensler are fighting against it.
Satoshi’s master plan is working.
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Bear markets for crypto prices always coincide with bull markets for new crypto products
Ten worth checking out👇🏽
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The total market cap of cryptoart is now ~$126M
This new wave of creative empowerment is just getting started. Follow along:
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Our institutions fail us often.
FTX put the nail in the coffin.
NYT writes glowingly.
We now rely on citizen journalism & self custody.
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Single issue crypto voters could determine the 2024 U.S. presidential election
Not possible, you say?
~20% of the population owns cryptocurrency today (~66M people). All of them are not single issue voters of course, but if even 10% are that's enough to swing an election
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The Cosmos ecosystem is on fire lately
- dYdX chain launched, $2B+ in trading volume (top 10 DEX already)
- Osmosis chain top 20 DEX, smart accounts coming
- Stride chain $75M in TVL, liquid staking growing
- Cosmos Hub forking, AtomOne chain coming
- Airdrop szn (Celestia,…
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Conversely, the most overrated cryptocurrency teams, delivering no useful products to speak of (yet) with lots of hype and billions in market value:
1.
@EOS_io
2.
@Cardano_
3.
@IoTa2016
4.
@Tronfoundation
5.
@NEO_Blockchain
6.
@NEMofficial
7.
@QtumOfficial
8.
@helloiconworld
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$33M+ in crypto funds raised by Ukraine so far and anyone in the world who contributes by tomorrow will receive an airdrop from the Ukrainian government
Funding national defense via a global cryptocurrency crowdfund & airdrop is the modern day “war bond” 👇🏼
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BSC, Solana and Cardano look similar to Ethereum, Cosmos and Polkadot to the average observer
The truth is teams co-opting a movement with hype is very different than authentic communities pushing the space forward with 0 to 1 innovations
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Visa recognizing the significance of NFTs before most of Silicon Valley and Wall Street is impressive
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Not having a web strategy killed a lot of brick and mortar busineses. Not having a decentralization strategy will kill many web businesses
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It is not easy to be working on a crypto project right now, especially if you started in the last bull market when expectations from team, investors and friends were sky high. The establishment media and government is against us and most of the world population still wonders what…
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~1M people own an NFT
When engagement is high but total userbase is low and UX is bad, the future is bright 💎
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The creativity Ethereum is unleashing is still not appreciated by the masses
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Surviving multiple crypto cycles and showing loyalty to people over a long period of time is underrated. Most come and go quickly and show no loyalty to anything but money
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Popular cryptocurrencies by % of the token allocated to team and investors:
Bitcoin: 0%
Ethereum: 9.9%
Binance Coin: 50%
Solana: 62%
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ENS is the most widely owned NFT collection and the leading decentralized name system but still feels under the radar. Excited to help the
@ensvision
team bring decentralized name systems to the masses ❤️
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NFTs will be widely used as keys to unlock IRL access
Coming soon: tokengatedgym.eth
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New movements anyone with curiosity and an internet connection could participate in to become financially independent in the past 12 yrs:
2009: Bitcoin
2010: Mining
2011: Altcoins
2015: Ethereum
2017: ICOs
2019: DeFi
2020: Yield farming
2021: NFTs
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ENS is the perfect NFT collection:
- Widely accessible minting that offers creative freedom to anyone who wants in
- Exclusive collections (10k club) within that command a big premium
- Useful beyond speculation (can be a wallet addy or website)
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The Ethereum PoW -> PoS merge next month is big:
- $7.5B+ in annual supply pressure lifted
- Transaction fees get burned, ETH becomes deflationary
- Energy consumption decreases by ~99.9%
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FTX was a sophisticated criminal enterprise that intended to maximize damage to consumers, crypto companies & the mainstream perception of the crypto industry
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Our thesis for keeping
@1confirmation
funds small was big VC is antithetical to crypto. Crypto is about user ownership, not institutional ownership. There’s still a need for capital and support early, but too much capital can be extractive and detrimental long-term. That is…
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