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Jeff Dorman
44,183 Twitter followers
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CIO @arca - digital assets investing | Former COO of Harvest Exchange | Former Lehman, Merrill, Citadel | Huge Cleveland Sports Fan | CFA charterholder
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Jeff Dorman
02-05
“Hey — I know back in 2020 and 2021, no one who traded crypto even knew what jobless claims or FOMC meetings were. But, what if all we do is write macro research going forward, and we start exclusively catering to the smallest, dumbest, most irrelevant investor group on the planet who only understands momentum trading —- and we completely ignore all of the assets with cash flows and buybacks that real investors might actually care about? Who’s with me?” —- actual transcript from a secret meeting between all crypto exchanges, brokers and asset managers in 2022. Consider me shocked that this strategy isn’t working. Can’t believe no one is stepping into buy …. We spent 5 years telling a bunch of momentum monkeys that all digital assets trade the same based on macro factors. Surely someone will go against the trend right? twitter.com/jdorman81/status/2...
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Jeff Dorman
02-05
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I should clarify further. This is why very little related to existing stablecoins or layer 1s or RWA tokenization is investable, including SOL, ETH and other L1s and L2s. Everyone wants to build their own chain, no one wants to invest in someone else’s chain or even use someone else’s product. There is tremendous interest and growth in stablecoins/payments and RWA tokenization, but none of that growth is accruing value to any of the existing infrastructure. The new players want to own the stack, not use the stack. BUT — that doesn’t make crypto uninvestable. It just means you’re being steered in the wrong direction by exchanges and indexes and influencers. Stop investing in infrastructure that is either being passed over, or doesn’t benefit at all from usage. Instead, invest in apps. There are a few applications built on blockchain rails that are successful. And that is where the value accrues. Fat protocol thesis is dead. Fat apps are where the value lies. This includes (but not limited to) - prediction markets - Perp and spot dexes ($HYPE $AERO etc, but value depends on tokenomics) - token launchpads (ie $PUMP) - lend / borrow platforms (ie $SYRUP, $AAVE) - a few DePIN projects (don’t love these but very long term could work). Crypto isn’t dead. It’s actually a free for all of new entrants with no moat for incumbents and low barriers to entry for new entrants.
Jeff Dorman
@jdorman81
02-05
Ondo Summit highlights the crypto investor paradox. These companies are not investing in crypto. They are all focused on using / structuring products of their own to extract money as a middle man. This is why all crypto stocks and tokens are going down. Everyone wants to x.com/ondofinance/st…
PUMP
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Jeff Dorman
02-03
Imagine calling yourself an investor and not knowing about a company that is less than 5 years old that run-rates $1 bn of PROFITS, and has a liquid investable asset that captures this growth. $HYPE Shows how 1-dimensional TradFi investors are due to existing workflow limitations and hubris. While not the majority, there are a few fast growing, insanely profitable companies in crypto like Hyperliquid that the majority of investors have never even heard of, and won't bother to learn, unless they IPO. Calling all crypto exchanges, brokers and media members. You have to point out and celebrate the good assets if you want anyone to invest seriously in this space. Don't be surprised that your customers are leaving if you only focus on macro, dying L1s, XRP, DOGE and other nonsense. twitter.com/jdorman81/status/2...
HYPE
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