TexasHedge
@0xTexasHedge
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Credit derivatives trader, cryptography brother, mental gymnast
Joined July 2010
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WE LOVE YOU YOONGI
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sabrina
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Kennedy
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Democratic Party
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روما
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CONGRATULATIONS SUGA
• 115216 Tweets
CONGRATULATIONS AGUST D
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No Face
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RFK Jr
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Sofía
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Leverkusen
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Porto
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Anita
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Barcola
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#murderdrones
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Trump and RFK
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Keith
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Sevilla
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Montpellier
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#Solingen
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Topher
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Make America Healthy Again
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INAI
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YOU SING
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Cemal Enginyurt Tutuklansın
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Lenglet
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男性看護師
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Welcome to MAGA
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Täter
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@DrEliDavid
There is great irony in the fact that he's holding onto the American flag to support himself as he does this
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More than four years after buying my first coins, I'm finally running an Ethereum node!
Here's how I did it, and how you can too 🧵
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Writing this quickly so forgive typos -- but I think a lot of people on this site are completely lost in the sauce: fretting about selling local tops, praying for better entries, and overall acting like prisoners of the moment without stepping back and appreciating the magnitude
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most people seem to be ok with the idea that real estate is up only, that each successive generation is the takeout for the generation that came before
they rationalize this because housing is useful, real estate is cash flow-generating, it's a tangible asset, etc.
but the
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@KeyboardMonkey3
For those unfamiliar: The 2yr Treasury yield is up ~11bps while the 10yr and 30yr Treasury yields are up 1-2bps. Yield curve inversion (when shorter Tsy yields are higher than longer Tsy yields) are viewed as recession harbingers, since it suggests that investors view the near...
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The Nasdaq hit an all-time high today! Congratulations to those who celebrate.
In honor of the occasion, let's check in on how Nasdaq constituents from 2000 are doing today.
(Spoiler: The punchline is a lesson in dispersion, inspired by
@CryptoCred
's excellent post from
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The view that ETH ETF inflows will be underwhelming doesn't make sense to me
Cash/synthetic basis trades (i.e., long spot, short futures) are a bread and butter trade for institutional money managers, especially market neutral hedge funds.
Cash/synthetic basis (what we call
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1/ WHY RUN AN ETHEREUM NODE?
1) Contribute to network decentralization (for your own benefit and others')
2) Learn something cool
3) Feel like this guy
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I don't know what the correct answer to this is.
But it does seem to me that BTC is playing a different game (and succeeding at that game).
Digital gold has a $1.19tn market cap. Its trad comp (gold) has a $16.59tn market cap. The narrative and upside are easy to understand.
If/when crypto gets to $10T market cap, what will BTC dominance be?
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THE RETAIL INVESTOR'S EDGE
(alternatively titled: why not to hedge)
Retail investors under-appreciate what a massive edge they have in financial markets. It's counterintuitive to think that a dude sitting in his pajamas in front of Robinhood/Coinbase has any kind of an edge over
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Welcome home, Anticyclone
#455
by
@williamapan
, now in the Texas Hedge vault.
After eyeing it for 4 months, I finally pulled the trigger on my favorite output in the set -the first Graphite sale since
@seedphrase
's.
Thank you
@bh_cofounder
for the trade.
(Full royalties paid)
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The best risk-takers are the best risk-takers because risk-taking is their craft, and not simply a means to an end
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I have really enjoyed digging into
@_Dave__White_
and
@SBF_Alameda
's fascinating Everlasting Options paper () over the past few days.
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@0xfoobar
This is pretty troubling. I would be extremely surprised if liquidators were moving funds at 10pm on a Friday night, the day of the bankruptcy filing.
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a special gm to my new Azuki homies. genuinely a great community
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@KeyboardMonkey3
-term outlook as riskier than the long-term outlook. Under "normal" circumstances, investors demand a higher yield for longer duration Treasury securities.
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The best is to pay attention before anyone else is.
The second best is to pay attention long after everyone else has moved on.
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@punk9059
@gangnam_eth
The purchasing wallet was funded by a wallet that has been pulling money out of Tornado Cash
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A thread on liquidity fragmentation and Nash equilibria in a world of zk-rollups on Ethereum, prompted by this fascinating conversation between
@alive_eth
,
@gluk64
,
@shamatar
, and
@danboneh
🧵🧵🧵
0/
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@NAChristakis
Hilarious what is considered an unreasonable amount of reading. 200 pages per week is 29 pages per night, or about 30 minutes of reading per class per evening...
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The enormous hidden cost of easy monetary policy is a generation of young people who believe they are one asset allocation decision away from achieving their dreams, and who dedicate all their time, energy, and labor toward finding it.
I can’t explain to my family where all my savings went and what happened to my cattle farm dream.
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@punk6529
@ACthecollector
I don’t know if I could ever recover from selling something down 92% and then seeing it on the wall of
@6529Museum
for all eternity.
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2/ STEPS
1) Buy some hardware to run your node on (5min)
2) Install an operating system (1hr)
3) Download a node client, and sync your node (1hr setup, 1 day sync)
Total time ~2hrs
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Yp11.31 by
@Nahiiko
, in collaboration with
@KalenIwamoto
and
@mikestjean
, is aesthetically stunning, technologically ingenious, and conceptually profound.
A thread about how I came to collect this masterpiece earlier today, and what the art means to me. 🧵 🎨
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@chriscantino
Unless it's a business I'm interested in running and growing, definitely B. Your liquidity on 100% of a company is a lot lower than your liquidity on 10% of a company.
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LDO holders who used FTX must be stoked that they’ll get the Nov 2022 USD value of their coins
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you've got to be careful who you listen to
consider this sequence:
person is decent trader, builds a track record (whether an actual PNL track record, or by publicly nailing calls that they may or may not have had on)
person uses that track record to raise money for a fund
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3/ HARDWARE//
Here's the device I'm using for my node. It's called a NUC.
You'll also want a mouse, keyboard, and monitor to plug into your node to set it up. I used what I had lying around at home.
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@AutismCapital
As you can see, in a particularly generous act of Effective Altruism, SBF used FTX customer funds to house meth addicts in the Bahamas
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Have a friend who was trading when LTCM blew up.
His fund was wrong way on some basis trades, and was frantically shopping around for financing to meet margin calls.
His fund approached Buffett and offered him some insane interest rate to recapitalize them so they’d avoid
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Everyone laughs at the guy who spent 10,000 BTC on two pizzas
Nobody laughs at everyone else who also spent $41 on two pizzas when BTC was $0.0041
Lessons in there
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Honored to have my very own
@PunkScape
Twitter banner thanks to the legend himself,
@jalil_eth
!
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I really do believe this
“BTC beta” is over-owned relative to BTC
“ETH beta” is over-owned relative to ETH
“Crypto beta” is over-owned relative to both
Timeline vs price action tells me people are underexposed to majors.
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An NFT noob's reflections on
@SolanaMBS
,
@MonkeDAO
/
@Monke_DAO
and why NFT DAOs may well be the guilds of the future. 🧵
1/
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the biggest scam in the history of crypto was perpetrated by an outsider who stood on stage with former heads of state and was in bed with regulators as he lined the pockets of politicians
remember that next time someone cites this as an indictment of crypto
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The NY Times piece on SBF is, as you’d expect, an absolute embarrassment. The establishment appears intent on protecting him. Perhaps it’s time we recognize 8-figure political donations as the bribes that they are.
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To be fair
@ZAGABOND
is def not the right example here. He’s actually a class act in my interaction with him, and throwing him in there detracts from the core point.
The teams behind NFT collections that collect royalties are long volatility in the price of their tokens.
For them, bad news and good news are both good news.
How much do you think
@ZAGABOND
cashed out after his “learning” missive?
Their incentives are not aligned with yours.
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There is no battle. Only differences in media.
I encourage every NFT holder to collect a piece of physical art.
As
@punk6529
advises budding NFT collectors: start with something affordable, view it as a consumption purchase, see how you feel afterwards, etc.
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The story arc of:
--Bank buys long duration Treasuries.
--Bank explodes.
--Government bails out bank, absorbing the loss of long duration Treasury purchases.
is just the scenic route to QE.
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The teams behind NFT collections that collect royalties are long volatility in the price of their tokens.
For them, bad news and good news are both good news.
How much do you think
@ZAGABOND
cashed out after his “learning” missive?
Their incentives are not aligned with yours.
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Ziggurats (by
@mikeshinoda
) x Synesthesia
I created this background by feeding the waveform of the Ziggurats audio file into an abstract generative algorithm.
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@AviFelman
Idk about max long, but off the top of my head:
(i) May ETF approval no longer in the price
(ii) SEC FUD in the price
(iii) Base emerging as an alternative casino to Solana; Solana txn failure rate provides a narrative tailwind for an alternative candidate for premier on-chain
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BTC ETF buyers aren't "just basis traders."
CME BTC Open Interest has grown by ~36k BTC since spot ETF approval.
Spot ETFs have experienced ~250k BTC of net inflows during that time.
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@punk9059
The dude who cheekily put up the 71st highest bid on BAYC to farm the airdrop is in for a surprise when he wakes up.
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@TheBlock__
@loomdart
In addition to being “crypto trader
@cobie
,”he also co-founded the original and largest Ethereum liquid staking protocol, Lido
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it’s bullish when an asset is hated by those who don’t own it
it’s not bullish when an asset is hated by those who do own it
hope this helps
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No-coiners were euphoric in 2022, arguing that crypto's selloff in a year in which inflation was the hot-button issue proves that crypto is a poor inflation hedge.
A thread on how inflation hedges actually work, and why crypto fits the bill 🧵
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Beautiful pair of Anticyclones by
@williamapan
: one Night, the other Guide 1
Congratulations
@BobLoukas
on the pick ups!
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4/ This device might be overkill, but my plan is to run validators as well, so I wanted to future proof my setup as much as I could.
Alternatively, this device is also a great option:
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I increasingly believe that polarizing regulation (crypto, abortion, privacy, etc) will lead to more and more single-issue voters.
I also think these single issues will organically give rise to
@balajis
-style One Commandments around which startup societies might coalesce.
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Digital art created through a combination of man, machine, and cryptography is an incredible reflection of our time.
But it’s a mistake to think there isn’t just as much innovation taking place in the world of physical art.
gm
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Incredible to see how well $ENS has performed since the Nov 8 airdrop, particularly in comparison to other crypto assets.
Well done
@BrantlyMillegan
,
@nicksdjohnson
, and the rest of the
@ensdomains
team.
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@Pentosh1
Great point. People will be euphoric when it hits $50 on the way up and dejected when it hits $50 on the way down. Happiness is path dependent by default
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@sassal0x
You are panic shaving your beard for job interviews.
Sassal is growing out his facial flow as he prepares for the Merge to carry us to Valhalla.
We are not insane.
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@iamDCinvestor
@paulkrugman
Economists seem blissfully unaware that most people care about absolute prices and not the second derivative of price
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Ross Ulbricht is in jail.
Alexey Pertsev is in jail.
SBF is the subject of a puff piece about how he got a wee bit over his skis as he tried to save the world.
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Otherside drop showed that Ethereum blockspace is the most valuable metaverse land of all
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@BenDiFrancesco
Unless we can hold this range, I think we either breakout to the upside or the downside.
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5/ I also ordered a flash drive, which you'll use to install an operating system on your NUC.
This one was very reasonable, and I love that it supports USB and USB-C:
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@cobie
They come out with this a full 2 days after FTX's tweet? Blows my mind that any FTX insiders were allowed within a mile of an internet connection after that. Last night's rugging of funds was so clearly an inside job, and a preventable one at that.
1) Per our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.
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So many land mines this past year:
Luna, 3AC, Genesis, FTX, Ryan Carson’s NFT fund, now SVB
Congrats if you managed to dodge them all
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@punk6529
’s guide to buying your first NFT, whose principles apply equally to buying your first piece of physical art.
1/ On buying your first NFT
6529 has a lot of new followers and (so far) has DMs open and receives a lot of DMs asking "Hi 6529, I am new, which NFT should I buy"
So rather than trying to answer this 1-on-1, I am posting this for future reference
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Mapan Monday!
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@iamDCinvestor
Centralized crypto entities are learning what real estate owners have sworn by for a long time: “A dollar borrowed is a dollar earned.”
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@punk6529
Agreed, otherwise we end up with a scenario in which "the best lack all conviction, while the worst are full of passionate intensity" (Yeats, The Second Coming).
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"Trump is a lock" has flipped to "The election is a toss-up"
"Cool eco data is a welcome sign of disinflation" has flipped to "Growth scare and potential recession"
Narrative follows price. Crowded positioning + poor liquidity leads to price volatility leads to narrative
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Some people object to digital scarcity on the basis that it is utterly contrived.
Wait until they hear about diamonds.
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