9) But the truth is:
I don't know if markets will go up or down. I'm just guessing.
We all are.
And I can't control it: none of us can.
I'm just doing the best I can to pick the projects I think have huge potential.
10) And, to hedge, shorting things with less upside.
I'm not bullish on ETH-based DeFi as it exists: it just doesn't scale, and that's fatal.
But that doesn't mean future DeFi won't be huge!
And maybe even on ETH (2.0).
11) Anyway: how about when we _do_ invest?
Usually, we look for projects with huge upside:
--teams we think are great
--ideas that are new and important
--might actually build it well
--price seems too low
Sometimes we don't get all (4), and that's OK--sometimes 2-3 is enough.
12) There's another type too -- great tokenomics but everything else is meh. Sometimes we buy, but with less conviction.
But when we _do_ have conviction:
we will sometimes fight like hell for the projects we really believe in.
13) So what happens when things crash?
IDK for marginal investments.
But for the most exciting ones: we don't panic sell.
We buy, from panic sellers. Sometime we buy a lot.
14) We:
--provide liquidity
--help with listings
--give lots of advice
--provide buy-side support
--reach out to potential partners
--pinch hit when needed
And whatever else is useful.
15) There are some things we can't do:
--we can't build for the team
--we can't stop people from selling
sometimes those happen, even in exciting projects, and things are bad.
That sucks.
It is what it is.
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.
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.
