Obviously, like all of crypto, it is extremely risky and can go to 0. That said, given the magnitude of potential outcomes, it just doesn't have to succeed that often to make it a massively +EV bet
While my time investing in crypto and previously playing poker has gotten me used to experiencing large daily personal net worth volatility, it's never a pleasant experience
Short thread (by my standards...) with some ramblings that help me get through it 👇
Obviously, like all of crypto, it is extremely risky and can go to 0. That said, given the magnitude of potential outcomes, it just doesn't have to succeed that often to make it a massively +EV bet
Unlike early stage tech, crypto investors will have liquidity, i.e. the possibility, and thus the temptation, to sell
This is both a blessing and a curse
Crypto, as early stage tech, is much riskier than established public companies and thus even higher vol too
However, one should not let the liquidity take advantage of us
However, the fundamentals themselves rarely change that much in such short periods of time and so neither should one's investments
Occasionally they may prompt a reevaluation of the thesis, but if one is investing based on fundamentals this should imo be rare
Beware of the rationalisations for selling that spring up during downturns
If anything, it should happen more during upturns as the investment becomes more expensive and therefore riskier
For most of us working + investing in the space, our net worths are already extremely correlated to crypto prices
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1/ ERC-20 token standard approve() has caused an unnecessary cost of $53.8M for #Ethereum and #DeFi users
This is bad. Continue reading why and how to avoid this in the future.
👇👇👇
2/ Before you go all rage on the flaws of my analysis, please read the whole Twitter thread for disclaimers and caveats.
3/ approve() is an unnecessary step of ERC-20 tokens when they interact with smart contracts.
You know this because when you do a Uniswap trade you need press two transaction buttons instead of one.
4/ Why there is approve() - you can read the history in this Twitter
5/ I queried all approve() transactions on Google BigQuery public dataset and calculated their ETH cost and then converted this to the USD with the current ETH price.
This is bad. Continue reading why and how to avoid this in the future.
👇👇👇

2/ Before you go all rage on the flaws of my analysis, please read the whole Twitter thread for disclaimers and caveats.

3/ approve() is an unnecessary step of ERC-20 tokens when they interact with smart contracts.
You know this because when you do a Uniswap trade you need press two transaction buttons instead of one.

4/ Why there is approve() - you can read the history in this Twitter
1/ I just spend my Saturday morning on a call with a crypto fund explaining to them how #Ethereum ERC-20 token approve() function works
— \U0001f42e Mikko Ohtamaa (@moo9000) August 29, 2020
I am too old for this shit. pic.twitter.com/7EYfOaRP5L
5/ I queried all approve() transactions on Google BigQuery public dataset and calculated their ETH cost and then converted this to the USD with the current ETH price.
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Great article from @AsheSchow. I lived thru the 'Satanic Panic' of the 1980's/early 1990's asking myself "Has eveyrbody lost their GODDAMN MINDS?!"
The 3 big things that made the 1980's/early 1990's surreal for me.
1) Satanic Panic - satanism in the day cares ahhhh!
2) "Repressed memory" syndrome
3) Facilitated Communication [FC]
All 3 led to massive abuse.
"Therapists" -and I use the term to describe these quacks loosely - would hypnotize people & convince they they were 'reliving' past memories of Mom & Dad killing babies in Satanic rituals in the basement while they were growing up.
Other 'therapists' would badger kids until they invented stories about watching alligators eat babies dropped into a lake from a hot air balloon. Kids would deny anything happened for hours until the therapist 'broke through' and 'found' the 'truth'.
FC was a movement that started with the claim severely handicapped individuals were able to 'type' legible sentences & communicate if a 'helper' guided their hands over a keyboard.
For three years I have wanted to write an article on moral panics. I have collected anecdotes and similarities between today\u2019s moral panic and those of the past - particularly the Satanic Panic of the 80s.
— Ashe Schow (@AsheSchow) September 29, 2018
This is my finished product: https://t.co/otcM1uuUDk
The 3 big things that made the 1980's/early 1990's surreal for me.
1) Satanic Panic - satanism in the day cares ahhhh!
2) "Repressed memory" syndrome
3) Facilitated Communication [FC]
All 3 led to massive abuse.
"Therapists" -and I use the term to describe these quacks loosely - would hypnotize people & convince they they were 'reliving' past memories of Mom & Dad killing babies in Satanic rituals in the basement while they were growing up.
Other 'therapists' would badger kids until they invented stories about watching alligators eat babies dropped into a lake from a hot air balloon. Kids would deny anything happened for hours until the therapist 'broke through' and 'found' the 'truth'.
FC was a movement that started with the claim severely handicapped individuals were able to 'type' legible sentences & communicate if a 'helper' guided their hands over a keyboard.