Alex
@unclesendit
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Co-founder & CEO @Breakoutprop | General Partner @AscensiveAsset
Joined December 2020
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You didn’t think Aptos was going to acquire users organically, did you anon?
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Check out whats on the docket for December in terms of macro economic announcements, conferences, and other crypto related events.
We're going to start doing this monthly and will provide a link to a pdf download starting in Jan.
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When I sold my last company in 2020, I honestly never thought that I would find myself back in the founder seat at a future point in my career. The long hours, stress, and constant emotional rollercoaster had taken its toll after 12 years and I vowed that I was done. After that
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Can Crypto Save Evaluation-Based Prop Firms?
Breakout launched in late Q4 ‘23, and since then, I’ve been behind the scenes buried in the day to day running of the company and preparing the foundation upon which we plan to scale long term.
Prior to Breakout, I spent over a
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There’s been a massive shift from SAFTs (tokens) to SAFEs (equity) over the past 12 months in the fundraising world of crypto. What does this mean for investors? It means you should lengthen your time horizon and underwrite lower return multiples. More below 👇
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@Tradermayne
Sir, 90% + 99% would be -189%. That would mean I would have to pay someone to take my tokens! LOL!
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The goal is 10k followers without posting a single piece of valuable content
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Breakout is now the first crypto-only prop firm.
Since launch, over 90% of our user base has been crypto traders. From a business perspective, removing FX and narrowing in on the product that has the highest demand makes a lot of sense. Doing so will allow us to accelerate new
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Find yourself a modest co-founder and you'll never work another day in your life.
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Excited and proud to join
@KanpaiPandas
as a strategic advisor. You haven’t seen anything yet 👀
We’re excited to announce that Alex Miningham (
@unclesendit
), a General Partner at Ascensive Assets & serial entrepreneur, is joining Kanpai Pandas as an Advisor!
With 12 years experience, 5 acquisitions, and an impressive web3 background, Alex will be a valuable addition to
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Record traffic on Breakout’s website today.
So much so that you guys exploded our server.
Working on an upgrade but site is back up.
Funds are SAFU.
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@0xTherapyHour
In January I bought my first Bored Ape and subsequently ordered a custom $45k gold chain with the ape as the pendant. 4 days later my ape was stolen. 10 days after that my chain arrived.
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Seed valuations are usually one of the last metrics to fall in a bear market since most first-time founders remain in denial well beyond the initial stages of a private market liquidity crunch (1/4)
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Over the past 3.5 months, we've reviewed 463 pre-seed and seed stage deals at
@AscensiveAsset
across every vertical in crypto.
How do valuations stack up? See below 👇
For reference, the median valuation for seed stage web2 startups in Q3 was approximately $10M...🤔
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@ThinkingBitmex
Betting your entire reputation on such a thin call? GL sir. I’ll be counter trading you to Valhalla 🤝
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So what does this mean? The market will soon reward founders that are building products that actually deserve their valuations vs. ones that understand tokenomics and "the game" in order to artificially pump their FDV.
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On the other side of the coin, if this deal does blow up, the fallout and contagion will be catastrophic.
The sheer number of projects who had their treasuries on FTX, let alone those who were using Alameda for market making, will set this industry back years.
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I'm several months late with this, but I'm excited to announce that I joined
@AscensiveAsset
earlier this year as a General Partner!
Moving forward, I'll be focusing the majority of my time investing in seed-stage projects building the next generation of blockchain tech 👇
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It's Nov '21 and you just came up for water after furiously flipping NFT's downstairs in the casino for the past 6 months.
You're sitting on the most liquid ETH you've ever had.
You also now have a ton of NFT's. Cool.
You're feeling fat and happy.
Over the next 4 weeks...
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CT used to be a comfy place to seek alpha, meet likeminded friends, and stay updated on news within the ecosystem.
Recently, its turned into a bunch of armchair theorists, chart larpers, and toxic factions fighting with one another.
Enough is enough and it's time for a change.
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Bookmark the page below and check back every month for an updated web3 and macro economic event calendar.
We're also going to start adding alpha to to these updates to keep everyone busy during the bear market.
RT for awareness!
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CZs carefully defined game theory strategy would all be for not if he didn’t plan on making customers whole via this deal. Its a customer acquisition / market share play and there’s a very low probability he wasn’t aware of FTX’s max potential exposure prior to strategy execution
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Find me another prop firm that hasn't:
1. Denied a single payout
2. Manually breached a funded account
3. Botted their social media engagement
4. Farmed fake positive reviews
I'll wait.
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Speculative narratives and new metas reward those who are early and punish those who are late.
Those who are still memecoining should brush up on the law of diminishing returns.
It’s time to pack it up and save your liquidity for the next opportunity
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Over the last 7 months at
@AscensiveAsset
we’ve reviewed almost 1,000 unique early stage deals. Here’s an update on how everything is shaking out during the bear market 👇
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You decide to gamble the rest of your liquid stack on new NFT mints to try and make it all back. You fail.
Now you have zero liquidity and nothing to do every day.
Have we learned our lesson?
Liquidity is KING and always leave yourself an out.
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@CryptoCred
Most of the controversy originates from VCs that are sour about the liquidity vacuum that memes have created (I’m not a VC trust me bro). Memes have played an increasingly important part of the last few cycles and I expect their dominance to only increase in the future.
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But why is this happening? Risk aversion and bear market things. Smart money realizes that the old playbook won’t work in future cycles and comfortable taking a more conservative approach. And unfortunately, projects who are raising dont have a choice in the matter if they want $
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I personally think this reversion to the mean from a fundraising standpoint is healthy for the space and will help weed out the majority of get-rich-quick founders and grifters.
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With equity however, liquidity *only* happens when there’s a qualified liquidation event such as an acquisition or IPO (mostly good) or wind-down (bad). We’ll ignore secondary trading markets for illiquid stock because demand is usually way too thin unless you’re super late-stage
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I think i'm going to start posting more insights from the early stage fundraising world in crypto so feel free to follow me and
@AscensiveAsset
and share this post if this sort of stuff interests you.
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I'm avoiding all copycat deal flow right now (i.e. the 100th p2e game leveraging Unreal Engine) and focusing my time searching for projects that fit my narrative predictions for the next bull cycle (AI/ML, data aggregation, interoperable metaverse/omniverse, infrastructure) (3/4)
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@AriDavidPaul
Sure but have you been to a nightclub that’s also a strip club and serves food? We call it the trifecta, also known as E11even.
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Once a token is liquid, everyone involved (founders, investors et al) are incentivized to maximize FDV by jamming $ into low float. And because crypto is 24/7 and unregulated, it creates a casino’esque environment that perpetuates huge booms (ie 100x returns and unicorns galore).
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There should be an IQ test before you're allowed to speak in a community Discord.
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If you're patient, picky, and stick to your thesis during this bear market, you're likely to be handsomely rewarded. After all, bear markets are typically when innovation spikes since there's less distraction around those that are building (4/4)
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So basically, with equity, you’re left holding your bag until an accretive acquisition (~7% hit rate) or an IPO (<1% hit rate) vs. a token that will give you exit liquidity MOST of the time. Equity also has a much lower chance of becoming a unicorn (2.5%).
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Historically, tokens have provided a much quicker path to liquidity (1+ yrs) compared to equity (5-7+ yrs), and thanks to the advent of
#defi
, it’s easy to setup an active market on a dex for your token once its liquid so long as you have some funds to seed your pool.
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Prominent funds will also blow up and you’ll likely never see the majority of your trading idols on CT ever again. Truly sad days.
Expecting the most optimal outcome but planning for the worst. 🫡
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It's now 6 months later and most of your ETH is either tied up in illiquid NFT's, illiquid ponzi's or illiquid private deals.
The market has soured and you wish you had all that liquidity you had back in November.
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@AltcoinPsycho
Hate to say it but most VCs in crypto are people who got lucky being early in this space and thought that being a “VC” would get them better deal flow.
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you deploy the majority of your liquid ETH into illiquid dogshit, most of which you decide to lockup for 6+ months in various ponzis.
Some newly acquired friends also got you into your first seed deal. Also cool. You cant remember the name of the project let alone what it does.
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Very thoughtful article from some of the brightest builders in the space. If you're RPC curious, this is definitely worth the read.
Are we building web3 wrong? Examining the current state of infrastructure and how Stateless aims to change developer standards:
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If you’re a founder building cool shit in crypto and are looking for a value-add fund to add to your cap table, hit us up 🫡
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All this “peak inflation” talk is max cope by investors and traders that have not yet come to grips with the fact that the annoying tropical depression will soon become a catastrophic hurricane.
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Grandpa probably told you to diversify, which is why he’s still pushing wood through the moulder at the local door factory.
Grow some balls, build conviction, and make larger and more highly concentrated bets.
No gamble, no future. 🤝
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Spun up a quick landing page to host the pdf on the
@AscensiveAsset
website. Will build this into something better for next month.
Let me know if you guys have suggestions to improve the content for January.
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@joshdcaplan
Asset inflation can be argued >10%. Hoarding cash earning little to no yield is exactly what you don't want to do in this scenario...
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After a decade of raising venture myself as a founder and angel investing on my own, this was a natural evolution for me made easier by the fact that I couldn’t have found a better fit with the boys at Ascensive whom I've known for many years.
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That said, if you’ve been patient and shrewd enough to have kept dry powder on the sidelines, there will soon be amazing deals to be had that should begin to mature during the next mania phase / bull cycle (2/4)
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@JonnyBones
@OverDogsPodcast
Do you think Bagz could knock you out if you only fought with 1 arm?
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Tune in to the live stream on Thursday October 27th to see if one of us from
@AscensiveAsset
can defend our
@stormxio
Invitational title from last year 💪
The
@stormxio
Invitational is just around the corner, returning on Oct. 27th!
The $5,000 buy-in, the invite-only tournament will showcase a star-studded field with the likes of
@RealKidPoker
,
@MariaHo
, and
@DougPolkVids
confirmed to play!
🔗 - More Info:
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Customer service in the evaluation-based prop industry, generally speaking, leaves a lot to be desired.
Why?
Unbeknownst to most, a surprisingly large number of firms outsource most, if not all of their customer service to a very limited set of third party firms.
Why does
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I am once again reminding everyone that
@Tradermayne
is the best trader on CT
$BTC
They can steal my money but they can't steal the skills.
Let's go lads!
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@KanpaiPandas
@Espinosa1776
Good stuff
@DaRealMilkBagz
and rest of KP team. Keep building while everyone else is asleep at the wheel. 🔥
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Please turn the simulation off now I can’t take it anymore
Alameda Research CEO Caroline Ellison is a math whiz who loves Harry Potter and taking big risks. She is also one of the supporting players in Sam Bankman-Fried's FTX catastrophe — and a new darling of the alt-right.
Read more:
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The only sensible trade in the market is one of liquidity. Doesn’t matter what your asset class or numerator of choice is.
If/when QE and/or fiscal stimmy resumes, we go up. Until then, take a couple laps and chill.
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If you’re a first time founder and you want help with deck construction, slide into my DMs. I’m happy to lend a (pro bono) hand and help you build a pitch that will catch an investors eye.
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Point being, I don’t see a world where he went into discussions with Sam without knowing roughly how much Binance would need to come out of pocket.
I’m placing a high probability this deal goes through.
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No real standouts here (ie infra should command highest valuations) outside of the social category which includes stuff like chat/comms, creator apps, networks, etc. Seems way overpriced.
Once we have data for Q4, I'll do a comparison qtr/qtr to see how valuations rise or fall.
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@gainzxbt
Eat 1 hard boiled egg, 1 stalk of celery and one green juice per day for 14 days and you’ll be able to see your vertebrae through your tummy
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I spent over a decade raising private equity and venture capital to scale a variety of tech companies and wrote well over 100 decks.
Although Im glad Im not writing decks myself anymore, Im having a blast sitting on the other side of the table these days picking them apart (1/2)
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If you have to ask if we’ve capitulated, you’ve clearly never seen capitulation before. You’ll know it when it comes and you better have dry powder at the ready. Until then, it’s capital preservation szn.
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@beaniemaxi
Thoughts on Tokenframe? The price reminds me of how expensive Plasma TV's were when they first came out.
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