Conversation

SBF
@SBF_FTX
12) (It's not the only one with some fundamentals -- if you read @bluekirbyfi's twitter you'll probably have a guess at another one. Few. Am I doing this right?)
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SBF
@SBF_FTX
13) And one of the great things about coins with good fundamentals, is that you can stare at tokenomics and hype in the face and say "so fucking what". At some point nothing else matters.
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SBF
@SBF_FTX
14) In an extreme case, if USDC is trading at $0.75 and the redemption process still works, you can buy it, and that's a good trade, because you can redeem it for $1. Few coins are that clear. But you can try.
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SBF
@SBF_FTX
15) Now this only matters if you can hold long enough to get to the long term, or if enough people realize this that the long term is realized in the short term. And be careful: if you disagree with the market, are you sure it's the market that's wrong?
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SBF
@SBF_FTX
16) But anyway, I see a lot of people talking about how to value things longer term, and by and large they say reasonable things. But sometimes they say things that seem to miss the point a bit.
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SBF
@SBF_FTX
17) If something really is going to be revolutionary, and that's not priced in yet, maybe it's tokenomics are besides the point. If something has tons of hype and no circulating supply, maybe its fundamentals don't really matter short term.
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SBF
@SBF_FTX
18) I've felt that way a few times about tokens. FTT and SRM, obviously; also BTMX, HT, SXP, and RUNE at various times, along with a few equity investments. And maybe a few more, but those I'm not quite done buying yet.
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SBF
@SBF_FTX
19) But when I have conviction on something, I've learned to buy. I guess it's kind of a stupid lesson that shouldn't be necessary, but sometimes it is.
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Sinsecato
@Sinsecato
Replying to
@SBF_FTX
and
@SBF_Alameda
Agreed. For many the extent of their rationale is "it's going to be listed on Binance/Coinbase/FTX". If that's the entirety of one's thesis then ultimately they're just playing the greater fool game
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