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SBF
@SBF_FTX
Replying to
@SBF_FTX
16) We also can't control macro: trump got COVID, stimulus was canceled, and DeFi bubble burst. So SRM, and FTT, and others, went down. But we're still there, and when things are good, they go up. Like today.
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SBF
@SBF_FTX
17) And we also feel some weak sense of duty towards partners, independent of anything else. One was in a bad position recently. We talked through it, and adjusted our lockup, and did what we could.
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SBF
@SBF_FTX
18) Another thing worth mentioning: We try to find partnerships. We look for places where a Serum integration would be mutually beneficial, or other ways to work together. In the end our goal isn't just buy low-sell high. If possible, it's to leave both sides better off.
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SBF
@SBF_FTX
19) What are examples? HNT: cool project, huge upside, good partial progress, good price. But -- less certain on tokenomics and community. AVAX: legit chain, has a chance to get huge. SUSHI: high token revenue / market cap, building cool stuff. But, terrible sentiment.
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SBF
@SBF_FTX
20) And many more: ALPHA, TOMO, UBXT, CREAM, COMP, LEND, BAL, SXP, SUSHI, BTMX, BNB, HT, OKB, LEO... So should you go buy these? IDK! Maybe not. But why not, if we did? THERE ARE REALLY GOOD REASONS NOT TO.
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SBF
@SBF_FTX
21) First, we liked the price *we* bought at. But that might not be the current price! You don't know when we bought. Second, sometimes great projects don't go up. Sushiswap did lots of impressive things, and SUSHI kept going down.
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SBF
@SBF_FTX
22) Maybe it's strategic, or maybe it's longer timescale, or maybe it's huge upside/low probability. Or maybe it got unlucky. Or maybe we were just wrong.
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SBF
@SBF_FTX
23) But in general, the patterns are: a) huge upside b) really cool project c) great team d) partnership potential We do a lot of judgement calls. Like: [A] $1b of burns, $5b daily volume [B] 0 revenue, $300m incentivized daily volume B has > mkt cap than A.
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SBF
@SBF_FTX
24) If you are in the US, this might feel uncomfortable or wrong. If you're elsewhere, you might be thinking 'obviously'. But we're all one world. Anyway I wrote that, reflected, and started getting longer [A].
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SBF
@SBF_FTX
25) FTT, SRM, and SOL are in their own category. There are projects we invest in. Projects we support. And then projects we'll fight like hell for. We don't believe in them because we're long. We're long because we believe in them. When we have conviction -- we buy.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
27) LIKE SERIOUSLY THIS IS NOT INVESTMENT ADVICE. I said that a few times but that's not enough. This is not investment advice. I don't know what will go up or down. I *really* don't know short term. That depends on what you all do: whether you buy or sell.
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SBF
@SBF_FTX
28) for NOT TRADING ADVICE, see here:
Quote Tweet
Sam Trabucco
@AlamedaTrabucco
Given that Alameda is a *trading* company first and foremost, I thought I’d share some thoughts on how we think about trading (in contrast to Sam’s thread about how we think about investing longer-term). twitter.com/SBF_FTX/status…
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