Wrote on memes and memecoins.
Expecting a golden era of memetic-value-oriented crypto hedge funds embracing the inherent reflexive value of memetic (digital) assets.
Short memecoins and long memes with substance.
Noticed lots of smart new blood in crypto missing out on the good ol’ wisdom.
Below you can find a weekend reading of what I think are the “post-2016 crypto classics”:
Don’t look for comfort in the tweets and convictions of others.
All you need to know is that voices of CT have led you absolutely nowhere if you didn’t have your own convictions.
Wrote tips and “howtos” to psyops VCs into investing in your BS Web3 idea.
It’s very easy to follow and it should not take long to put a solid deck together.
Lead guaranteed in 7 days or less.
Wrote a piece on "Online Tribes" and "Boomers" describing it as a clash of world orders, framing Web 3 in terms of the socioeconomic phenomena it represents.
Summary below:
Great timing to share this:
For every projection of a global cryptoparadise there is an equivalent where crypto is crushed by regulators or revealed as the ultimate ponzi. Inevitably, the future is found between these extremes.
TLDR 👇
I noticed crypto people are desperate for fitness tips. I figured, since winter is here already, it's time to get the devs jacked so we're all a lean mean money-making machine when the next summer comes around!
Human has not been able to upgrade and biologically optimize to live in the world of abundance.
Whereas in the past “following the dopamine” was an optimal strategy for survival, today it leads to decay of one’s body and soul.
Willpower becomes the ultimate scarce resource.
3/7 Think about how you can help like-minded people in the space and surround yourself with people who can also help you.
If you cannot meet people in the meatspace, CT is where people hang out. The right exposure is critical.
This is my biased list of “the seed accounts”.
OHMies are a cross-breed between LINK marines and bitcoiners.
They are able to meme OHM to success while holding a genuinely deep conviction.
@OlympusDAO
is the most advanced online tribe I have seen to date. They are the creators, sales team, owners, operators and users.
This is a thesis that many will not like. Crypto pump is not inevitable but the narrowness of the path set in front of us is clear.
Reflexive casino is a perfect PMF for a world where confines of reality are shrinking amid a stream of uniformed desires.
Thinking a lot about DeFi and whatnot. The cycle of self-referential feedback loop of yields is over.
We have to connect to real commerce to make it useful. Apps as an interface to e.g. Anchor were dead end.
Imo we need “DeFi” tied to commerce and production economy.
0/ The Great Crypto Reversal
Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.
Today everyone apes 3AC wanting to be the next Degen.
'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*
5/5 Crypto is our optimistic thought experiment. It is our hedge against the dystopian or apocalyptic future. We are doubling down because we cannot derisk. Therefore, by our metrics, the poison becomes the cure.
Driving engagement to zero, we have decided to push out holiday reading for the last 6 people of CT.
The Fappening is referring to the flippening of value accrual from protocols to apps or, as we call them, the superapp(s).
This "podcast" is more like a conversation we would have in private (minus swearing). We do not plan to become podcasters just wanted to share our thoughts and ideas with you.
Not long ago a crypto fund of funds approached us. They asked about our thesis/strategy.
This is what we proudly showed them. They were not impressed.
"Institutionals (serious people)" ain't ready for memesters running the show.
If you want to go much deeper then these are the links for you:
I probably left out some amazing articles. Please feel free to chip in and add some readings that would benefit the newcomers.
We’re stuck in an inadequate equilibria of short-term narratives.
Let’s explore possibilities beyond the current discourse and beyond layers.
It all starts with blockspace.
It is ironic that we laugh at fundamentals when times are good but beg for the market to recognize them when times are bad.
In the coming years crypto needs to find new narratives that will price in these "fundamentals".
This was a long time coming.
1/5
@ZeePrimeCap
believes the money legos should be powered by the infrastructure legos.
Web3 will not be built top-down nor bottom-up, but it will emerge connected from the middle.
This guy
@GregusJakub
is a poor man’s SBF.
Srsly do not underestimate him. What he lacks in eloquence he makes up for in foresight and cutting-edge ideas.
We’re currently in the cleansing part of the cycle.
Community blaming ponzis and macro, half of anons turned geopolitical analysts, macro trade only profitable for whales and no new micro narratives in sight.
1/5 One would think that the most successful projects are those with ironclad narratives.
BTC and ETH tell the opposite story: flexibility of narratives is key.
*Adaptive tribalism* to form a community and *adaptive narratives* are essential for a crypto project to survive.
0/6 I am tempted to write a movie script titled “The Supercycle”.
In an ideal world it would star Hollywood actors.
It would be a mockumentary of five independent but intertwined storylines.
It's not too outrageous to claim that
@OlympusDAO
is a sovereign (de)central bank governed by an online tribe.
It'd be cool if one day this online entity would buy some land to found a settlement. Online decentralized banking tribe founding a country. One day maybe.
I don’t want to be a party pooper but imo the most important societal battle ground is the world of atoms and not the metaverse.
That is to leverage the connection of the digital and physical and not to increase the divide.
Optimists should reclaim the world and not retreat.
This feels like a dotcom bubble moment for crypto.
Many will say it’s over. Many will lose conviction. Likely we’ll be facing the strongest backlash ever.
We are pushed to rethink and reinvent - but will be back stronger. I believe the greatest of opportunities lie ahead.
The only RWA I’m bullish on are Real Wacky Assets.
Old models don’t work in the new world where new user roles emerge.
The invention of a brand is a re-invention of a reflexive mass illusion.
Tokens are brands and (!) a product.
@kyled116
Most people don’t see that crypto is not going to be just bitcoin or just eth, as those are but mere fractals of a giant kaleidoscope of an infinite wealth
If you think ZK is boring and complicated then you are right. But luckily
@luffistotle
put a lot of images in his extensive research to make it fun again.
Also, now you can subscribe on our website to get fresh research pieces into your inbox.
The most useful piece of writing we have put out there imo. Few aim to create new markets and think about the wedge, some of those who do might not think of it this way.
Hopefully
@long_solitude
article becomes a classic for crypto founders.
@Fiskantes
Olympus is a multidecade project and it should be "investible" for a long time imo. OHM today is maybe BTC in 2011.
I imagined Olympus reserve to be in low two digit bns before we start consolidation.
A lot to prove, a lot to be built indeed. We're still in "The Dark Age" tbh
5/7 I have created a a simple sheet categorizing interesting readings & pods in the space.
Please note that it may include ideas that are already outdated or invalidated but this does not make them less valuable.
My grandma, socialism-hardened workingwoman approaching 80, has an extreme scarcity mindset. She gets a handbag as a gift but does not plan to use it as she intends to “preserve it for later”.
She’s diamond handing it.
Pity I will never be able to explain crypto to her.
1/7 The first rule is to survive. Don’t go broke, meaning do not go all in and do not be liquidated.
Don’t chase astronomical gains as you’ll force yourself to believe in things that you do not believe in. Wishful thinking does not help you survive.
I do think
@THORChain
was the first team who managed to build something meaningful in that regard. The way they thought about cross-chain liquidity was ahead of its time.
2/5 Markets are never wrong. Markets are mirrors. They are Wittgenstein’s Ruler, meaning they tell us more about our desires than what is actually happening. They also show us a collective belief about the future.
5/ Whether we like to admit it or not, crypto is the greatest leverage ever.
Solving the problems of "the little people" is but a pipe dream.
Crypto will not help to solve inequality. It will create generational wealth for people with particular set of skills.
We wanted to drop a holiday gift but the postproduction took a while so consider
@ZeePrimeCap
10xMAS podcast a late gift that we'll release on December 29th.
@Fiskantes
,
@GregusJakub
and me talking about the crazy year we had and what we think 2022 will bring.
4/5 We have come up with an economic game, making up metrics that serve as coordination points.
Today, the absurdity of old rules are made evident, so we bend them - reinventing new rules on the go. The most important rule:
"If it memes it means."
The infinite optionality makes money more valuable than anything you could do with it.
The more capital is committed to an idea, the more competition around that idea coalesces to a narrower vision.
At the end we lose optionality without even noticing.
I was originally looking for an answer to how social media became asocial and how Web3 fits into the future of asocial media.
Along the way, I realized that Web3 is the present and future of the new era of online social and commercial interaction.
My personal crypto mantra:
1. Never underestimate the predictability of stupidity.
2. Things are bound to play out differently than you have originally imagined.
3. Be flexible in your convictions.
4. Pick your battles.
5. Fight with
@Fiskantes
as much as you can
Thinking about doing a powerlifting meet for crypto friends late 2023 in Lisbon.
Providing a motivation for people to get in shape physically & mentally during the bear.
Less time on CT more time in the gym. Will call it “Lift Off”.
Squat - Bench - Deadlift
Any takers?
8/ There is nothing wrong with such reversal.
Morality has never bought prosperity anyways. Greed has some positive externalities.
Those emerging super-wealthy from the roaring 20s will be freed to pursue grand and exciting goals on behalf of the civilization.
@DegenSpartan
heard that in 2017/18 and the opportunity got even bigger.
usually the big opportunity is not where everyone is competing. our best investments were not the "oversubscribed" rounds
there is always "another time", just in another place requiring somewhat different skills & ideas
The most profitable investments theses are those that understand the subtle difference between the wisdom of crowds and the madness of crowds.
This why the profit is a result of “differential stupidity”.
5/5 I’m excited and proud that
@zeeprimecap
is once again backing something truly outrageous as carbon asset backed currency falls into that category.
Stoked even more that
@KlimaDAO
dupes us into potentially improving the meatspace - using humans to bridge bits and atoms.
OHM is a much better meme coin than any doggie coin because it’s a meme coin for a reason.
There are things happening beyond actual memetic “price discovery”. Memes are just means, not the end itself.
While everyone talks about "bald", we bought into the thesis that hair is money.
Disclaimer: It's not hair on Base and you should never buy any token anyways especially if an evil VC is publicly bullish.
Recorded Zee Prime Pod episode
#2
with the aesthetic alchemist
@thegostep
Talking mostly metaphysics and geopolitics until
@Fiskantes
had to ruin the day with crypto topics.
In 2018 I was convinced that we're going places. Seeing abundance of talent and determination meant that the surface area for new things to emerge was vast.
I was not bullish enough tbh. Will double down but imo in 2026 I will come here and say:
"I was not bullish enough."
This whole Musk crypto drama has revealed there is so much insecurity within the crypto space. Many have shown signs of weakness.
They NGMI. Young hungry wolves are coming for your tendies.
You can’t keep the alpha when you behave like a beta.