Where are we in the Cycle? w/ Darryl Wang

Summary

In episode 21 of the Crypto Market Wizards podcast, Garen returns to discuss the current crypto market cycle, sharing insights on market sentiment, investment strategies, and the impact of political events like Trump's assassination attempt. He also delves into the future of crypto, touching on topics like the potential of Solana, the role of DeFi, and the importance of narrative trading in the evolving landscape.

Takeaways

• 📈 The guest, Daryl, discusses his current market views, noting a shift from a bearish stance to a more aggressive position following recent events, such as the Trump assassination attempt, which he believes has bullish implications for the market.
• 🐻 Daryl explains the different levels of market positioning, ranging from 'Omega bearish' to 'aggressive', and how Tangent has been operating within these bands, adjusting their net beta based on market conditions.
• 🔄 Daryl highlights the challenges of the last three months in the crypto market, describing it as the most difficult period since he started in crypto, due to the market's volatility and the unexpected downturn.
• 💰 He discusses the importance of not being fully invested in Bitcoin (BTC) and Ethereum (ETH), suggesting that to outperform the market, one needs to take bets on altcoins that are not part of the consensus.
• 🌐 Daryl shares his views on Solana (SOL), stating that it is currently their main beta position and that they hold no BTC or ETH, indicating a strategic shift in their portfolio composition.
• 🏦 The conversation touches on the potential impact of a BlackRock ETF on the market, with Daryl suggesting that it might not deliver the expected supernormal performance due to increased competition and market saturation.
• 💡 Daryl emphasizes the importance of narrative trading in crypto, arguing that traditional value investing frameworks do not apply as effectively in the crypto space, where narratives and market sentiment play a significant role.
• 🚀 Daryl expresses his long-term aspirations beyond crypto, including contributing to humanity's progression towards becoming an interstellar species and his personal goal to go to space.
• 🤔 The discussion includes advice for new crypto participants, suggesting that they focus on preserving capital, understanding market cycles, and being prepared for the challenges of a brutal PVP (Player vs. Player) environment.
• 🌐 Daryl shares his thoughts on the current state of crypto Twitter, noting its decline in providing valuable alpha and the importance of building an online presence and social capital in the crypto community.

Q & A

What is the current stance of Tangent on the crypto market?

Tangent has been operating within bands one and two, which indicates a very bearish to cautiously defensive stance. Their net beta has never been more than 50% long at any point in time, and they have been focusing on tight validations on a low time frame trading setup.

How has the market been performing in the last three months according to the podcast?

The last three months of the market have been the most challenging since the start of crypto, with significant drawdowns and volatility. The market has seen wild swings, including a double bottom formation and a quick reclamation of range on the back of a political event.

What was the impact of the Trump event on Tangent's market position?

The Trump event was a pivot for Tangent. They were 15% long going into Sunday but after the event, they closed their shorts and went long, operating within the most aggressive band again, which is the 75 to 120% range.

What is Tangent's current long position in the crypto market?

Tangent is currently about 78% long, with a significant portion of their positions in Solana (SOL) and other altcoins. They do not hold any Bitcoin (BTC) or Ethereum (ETH) at the moment.

What is the significance of the ETF in the context of the crypto market?

The ETF (Exchange Traded Fund) is seen as a potential outflow for traditional capital to invest in crypto, specifically Ethereum. However, expectations for the ETF are not overly high, and it might not deliver the supernormal performance that some investors anticipate.

What is the current sentiment on DeFi in the crypto market?

DeFi is currently seen as undervalued by some, but the general sentiment is that it may not be the best bet for E beta. The market is not necessarily looking for undervalued assets but rather narratives that can drive prices up.

How does Tangent view the potential of Solana in the current market?

Tangent views Solana as a potential proxy coin for speculating on Republican wins in the US elections. If Republicans win, the probability of the ETF goes up, which could positively impact Solana's price.

What are the main factors influencing Tangent's market positioning?

Tangent's market positioning is influenced by two main factors: a Republican win in the US elections and easing liquidity conditions. These factors help them determine whether to be conservative, optimistic, defensive, or aggressive in their market approach.

What is the current cycle phase of the crypto market according to the podcast?

The crypto market cycle is currently seen as tricky, with some arguing that it is in the mid-cycle phase. The dispersion between altcoins and Bitcoin suggests that the market is still in a PVP (Player vs. Player) environment, with potential for a shift to PVE (Player vs. Environment) when conditions change.

What advice does the podcast offer for new crypto investors?

New crypto investors are advised to focus on gaining experience in the market, understanding the cycles, and balancing on-chain and centralized exchange trading. They should also be prepared to navigate the challenges of a PVP environment until the market shifts to a PVE environment.

Outlines

00:00

📈 Crypto Market Wizards Podcast Recap

In this episode of the Crypto Market Wizards podcast, host TIY welcomes back Wigaren for the third time. They discuss the recent market events, including the significant drop in altcoin bags by 50%. The conversation delves into market strategies, with Wigaren sharing insights on the current bearish market view and how his firm, Tangent, has been positioning their investments. The discussion covers different levels of risk exposure, from Omega bearish to aggressive, and how these strategies have been adjusted in response to market movements. Wigaren also touches on the impact of political events, such as Trump's shooting incident, on the crypto market.

05:01

📉 Market Positioning and Strategy Adjustments

The conversation continues with a detailed discussion on market positioning, focusing on the aggressive band of 75 to 120% long positions. Wigaren explains that Tangent is currently about 78% long, with a focus on major cryptocurrencies like Bitcoin and Ethereum, but also highlights their significant positions in Solana. The discussion explores the nuances of portfolio variance and the importance of denominating in the right assets. Wigaren also shares his thoughts on the upcoming ETF and its potential impact on market dynamics, emphasizing the need for non-consensus bets for superior performance.

10:03

🔍 Analyzing the Market Cycle and Narrative Trading

Wigaren and TIY delve into the complexities of the current market cycle, discussing the challenges of navigating through different market phases. They explore the concept of narrative trading, where market movements are driven by stories and associations rather than fundamental value. The conversation touches on the potential for social finance and AI to become dominant narratives in the future. Wigaren also shares his views on the importance of recognizing and adapting to the prevailing market conditions, whether they are PVP (player versus player) or PVE (player versus environment).

15:04

🚀 The Impact of Political Events on Crypto Markets

The discussion highlights the significant influence of political events on the crypto market, particularly the attempted assassination of Trump and its impact on market sentiment. Wigaren explains how such events can lead to sudden shifts in market positioning and the importance of being agile in response to these changes. The conversation also touches on the potential for a Republican win in the upcoming elections and its implications for the market, with a focus on how these events can create new investment opportunities.

20:04

🤔 Navigating the Market: Strategies and Predictions

Wigaren shares his insights on the current state of the crypto market, discussing the challenges of predicting market movements and the importance of being prepared for various scenarios. He outlines the factors that he believes will influence the market, including the outcome of the US elections and changes in liquidity conditions. The conversation also covers the potential for a breakout above $74k and the conditions that would need to be met for such a move to occur. Wigaren emphasizes the need for a balanced approach to investing, combining both on-chain and centralized exchange strategies.

25:06

💡 The Role of OTC Markets in Crypto Trading

The conversation turns to the role of over-the-counter (OTC) markets in crypto trading, with Wigaren sharing his views on the implications of OTC trades for market dynamics. He discusses the potential impact of large OTC trades on market sentiment and the importance of understanding the motivations behind these trades. Wigaren also shares his personal approach to trading, emphasizing the importance of avoiding OTC trades for risk management and ethical reasons.

30:07

🌐 The Future of Crypto: Interstellar Ambitions

Wigaren reveals his long-term goals and aspirations, which extend beyond the crypto market to include contributing to humanity's progress towards becoming an interstellar species. He shares his dream of going to space and his desire to support endeavors that accelerate humanity's exploration of the cosmos. The conversation also touches on the importance of maintaining one's morals and ethics in the pursuit of wealth and success in the crypto industry.

35:08

💼 Building a Legacy in Crypto: Ethics and Relationships

The discussion concludes with a reflection on the importance of building a legacy in the crypto industry, with a focus on maintaining strong personal relationships and adhering to ethical standards. Wigaren shares his belief in the value of long-term relationships and the role they play in achieving success in the crypto market. He also emphasizes the importance of not losing oneself in the pursuit of wealth, highlighting the need for integrity and authenticity in all endeavors.

Keywords

💡Crypto Market Wizards

Crypto Market Wizards is likely the name of the podcast in which this conversation is taking place. It suggests a focus on discussing strategies, insights, and experiences related to cryptocurrency trading and investment. The podcast likely features interviews with experts or prominent figures in the crypto space, aiming to provide valuable content for its audience interested in the crypto market.

💡Bearish

In the context of financial markets, being 'bearish' means having a negative outlook or expecting that the market or a particular asset will decline in value. In the script, the term is used to describe the general sentiment or strategy of the speakers during a period of market downturn, indicating they were cautious and potentially reducing their exposure to risk.

💡Beta

Beta in finance refers to a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A beta greater than 1 indicates greater volatility than the market, while a beta less than 1 indicates less volatility. In the script, the term is used to describe different levels of market exposure, with 'net beta' indicating the overall market exposure of a portfolio.

💡Altcoin

Altcoin is a term used to describe any cryptocurrency other than Bitcoin. It is short for 'alternative coin.' In the script, the term is used to discuss the performance and investment in various cryptocurrencies besides Bitcoin, highlighting the risks and strategies involved in altcoin trading.

💡Portfolio

A portfolio in finance refers to a collection of financial assets such as stocks, bonds, commodities, cash, and cash equivalents, as well as real estate investments. In the script, the term is used to discuss the composition and management of the speakers' investment holdings, including their strategies for adjusting exposure to different assets.

💡Tangent

In the context of the script, 'Tangent' seems to refer to a specific entity or group involved in the crypto market, possibly a trading firm or investment group. The term is used to discuss the market views and strategies of this entity at the current point in the market cycle.

💡DeFi

DeFi stands for Decentralized Finance, which is a financial system built on blockchain technologies that aims to recreate traditional financial products and services without centralized intermediaries. In the script, DeFi is discussed in relation to its potential as an investment opportunity and its current market conditions.

💡ETF

ETF stands for Exchange-Traded Fund, which is a type of investment fund and exchange-traded product. In the context of the script, an 'ETF' is mentioned in relation to Bitcoin, suggesting a discussion about the potential impact of a Bitcoin ETF on the market, including its effect on liquidity and investor behavior.

💡Liquidity

Liquidity in finance refers to the ability of an asset or security to be readily bought or sold in the market without affecting its price. In the script, the term is used to discuss the conditions in the crypto market, particularly the ease with which assets can be traded and the potential impact of liquidity on market movements.

💡Social Capital

Social capital refers to the resources and benefits that individuals derive from their social networks. In the script, the term is used to discuss the importance of having an online presence and building relationships in the crypto community, which can be as valuable as financial capital in influencing market outcomes.

💡Leverage

Leverage in finance is the use of borrowed money to increase the potential return of an investment. In the script, the term is used to discuss the strategies of traders in the crypto market, highlighting the risks associated with using high leverage and the current cautious approach to leverage in the market.

💡Airdrop

An airdrop is a marketing strategy used by blockchain-based projects to distribute a portion of their tokens to a large number of wallet addresses, often for free. In the script, the term is used to discuss the practice of 'airdrop farming,' which involves participating in airdrops with the aim of profiting from the distributed tokens.

💡OTC Markets

OTC stands for Over-The-Counter, referring to a decentralized marketplace where transactions are made directly between two parties without the need for a centralized exchange. In the script, OTC markets are discussed in relation to the trading of cryptocurrencies, particularly the impact of large transactions on market prices and the behavior of institutional investors.

Highlights

Garen from Tangent returns for the third time to discuss crypto market views and strategies.

Market sentiment was bearish over the last six weeks, with Tangent taking a cautious approach to risk.

Tangent's net beta was never more than 50% long, indicating a very bearish to cautiously defensive stance.

The last three months have been the most challenging in the crypto market since the last cycle.

Tangent's positions were tightly validated on a low time frame trading setup to minimize losses.

The Trump event was a pivotal moment that led Tangent to become more aggressive in their positions.

Tangent is now operating within the most aggressive band, being 75 to 120% long.

Major positions are primarily in Solana (SOL), indicating a strategic focus on this cryptocurrency.

Tangent does not hold Bitcoin (BTC) or Ethereum (ETH) currently, showing a shift in investment strategy.

The potential for a Republican win in the US elections is seen as bullish for markets and crypto.

Tangent's fund is denominating in Solana, viewing it as a better bet than Ethereum for the current cycle.

The thesis for Solana has evolved, now including its potential as a proxy coin for speculating on Republican election wins.

Defi is not seen as the best proxy for Ethereum beta, with Tangent taking a cautious approach to Defi investments.

Narrative trading is favored over value investing in the crypto space, focusing on market narratives rather than undervalued assets.

Tangent is looking into social finance (SoFi) and AI as potential areas of interest for the next market cycle.

The market is currently in a PVP (Player vs. Player) environment, with a lack of retail participation.

Tangent's long-term thesis includes a Republican win in the US elections and easing liquidity conditions as key factors for a market breakout.

Crypto Twitter is seen as having deteriorated over the cycle, with a focus on price action and meme coins rather than significant tech improvements.

Advice for new crypto participants includes focusing on gaining experience and building an online presence for social capital.

Long-term goals for Tangent include building the best prop fund in crypto and contributing to humanity's progression towards becoming an interstellar species.

Transcripts

what's up everyone TIY here welcome to

episode 21 of the crypto Market Wizards

podcast today I have here with me wi

Garen for the third time welcome back

how are you doing

today it's good it's been a long day

it's been a very eventful day after

yesterday's Monumental event but that be

here so last time you were on this show

Daryl uh you know you said you know what

this is your second cycle you don't want

to be mid curve right you need to

believe in something um and I was like

you know what Daryl's right I do need to

believe in my bags and ever since this

video my bags my altcoin bags they're

down 50% so like what happened darl and

now your co-founder uh you know Jason

Choy for tangent now he's posting these

bear takes like welcome to bear toown

like what is tangents market views at

this current point and where where do

you think we are in the cycle so yeah so

you know depends on the how F uh Pang

has uh positions taken on multiple

different time phrases and sometimes

they may not concur with what we

necessarily say public

um the General High Time view over the

last call it 6 weeks uh was that we were

pretty bearish where markets were going

um we were de risk or had the risk the

majority of our current positions I

think um during the majority of the draw

down our Sense

on how we positioned uh is split between

four different re

uh the first one is Omega bearish uh

this basically means that you are

anywhere between minus 10% to 25% more

this is basically when you think it's

over uh and you're really only hold into

your highest conviction POS positions or

sometimes you may even be next short we

try not go more than minus 10% which

which means 10% Direction on the entire

portfolio uh the pores of conserva

gr um is a net net beta between 25 to

50% a cautiously optimistic approach is

beta between 50 to

75% and a aggressive approach is

anything between 75 to call

it% so uh for the part of the last two

months uh tangent was mainly operating

within bands one and two which was you

know very bearish to cautiously

defensive so our net beta is never we

were never more than I I would say 50%

long at any point in time but uh the

positions that we had long were running

very tight in validations on a low time

frame trading setup and so when you know

certain levels were lost we could be inv

validated and we didn't lose too much on

them um I would say that the last three

months of the market have been probably

the most challenging uh it has been over

the last cycle um it's probably the most

challenging has been since I started

crypto uh given where I guess markets

topped uh given where expectations were

and you know I guess how it has bottomed

that 54k uh given where we are today

right you you basically Edge everyone uh

thinking that you've just broken past L

side all their highs thinking that 100K

is on the table uh even we were buying

CLS at 74k which highight looks

absolutely um but uh and then

breaking the four month range below 56k

only the bottom 5% lower than that

forming a double bottom in a ban of G

and then quickly reclaiming range on the

back of a 30-year political event only

in crypto do you have such wild swings

sh

one yeah and I guess you're referring to

you know just Trump getting shot right

and corre yeah and I guess after that

event I think his odds of winning just

shot up um I think 10 to 20% I think

some of his name coins went up as well

and I think Trump is vocally proc crypto

so I guess you know we don't have to get

into Political argument but um

objectively I guess Trump winning is

bullish markets bullish crypto is that

how you're doing it yes so actually um

the Trump event was the pivot for me

because we we were actually uh 15% long

um going into Sunday uh it was my time

Sunday morning uh we had a couple all

Longs open but we were hedging it with a

couple of BDC shorts at

59k uh I woke up for some reason early

in the morning on Sunday saw my feet saw

that thing instantly close my shots and

then basically just land long um because

multiple multiple different assets uh

now you know we are operating within the

most aggressive uh band again which is

the 75 to 120% uh range uh we're now

about 78% long uh not you know full full

long but you know we'll probably buy

retest of 60k with the rest of our car

nice and when you say you're you know

let's say 80% long is it mostly in the

majors uh like ahead of the e e ETF or

are you also just sprinkling in some I

guess beta plays uh col like all coin

like how how do you position long right

like how do you define aggressive is it

just Majors or just you just you know

slam the alt as well so when you see

major are referring to BBC e let's say

BTC e and soul I think Soul has made it

uh as like the top three yeah so I think

primarily uh we were putting on pretty

lot Soul positions um and uh we hold no

BTC and E right now interesting

interesting so so I think I'll have to

make an extra note under Nuance of data

as well uh because I think what you own

conses would you know dramatically

affect the variance of your portfolio as

well so for example I think being 50%

long o meaning not be C for so is

probably more volatile than if you were

to be 100% on BDC So within that range

uh when I say that we were agressively

low um I would say that if you're 100%

long BDC you're definitely low you're

definitely pretty aggressively long but

you're not really pushing it that much

right you can really be 100% long

absolute coin just like like just

wait for those fast then and B us so uh

right now we're about 80% long uh say

the Marg position we have a salana uh

and then a Smacker of all the alls that

we can discuss yeah and for the audience

we're recording this of at July 15th um

so obviously you know depending on when

you're watching this these numbers might

change and I think

last time we had you on uh you said that

you're going to denominate in salana

this cycle or at least your fund your

liquid fund um you still view this to be

the case um we have the ETF coming it

doesn't make sense to be you know

allocated to eat as well or do you think

that if eat goes up the Sal going to go

up even more so might as well just long

the fastest

horse yeah so we've given a lot of

thought about this um I still think

that in order to achieve our performance

you're probably going to need to take

bets on andet that are not consensus LS

and I think with the EV tier um it

probably will give you comfortable

returns uh as long as fls don't

disappoint and I think right now they

are about barely price in terms of

expectations but I don't think you're

really going to be outperforming the

market versing the market if you're

denominated in E BDC for example

uh and and it's quite funny because the

majority of H fans out there I don't

they have alform BDC so maybe that may

actually betic you uh but as always we

try and attend up on BDC and um I just

don't think you're going to be able to

do that with BDC e as the primary beta

in your portfolio and who still within

uh that soul is the

main B position that we will have for a

varying am the reasons I think for now

the thesis has changed quite a bit

slightly the thes are originally shared

is the y s is going to be the best

playable speakers number one it was the

easiest you actually use it was the

cheapest it was the fastest uh at the

same time it also had a blossoming mean

ecosystem around it right this was

before your whiffs your bong uh your lck

and popcats were really consens logs and

I think right now they pretty good as

logs uh that thesis is I think quite

well understood by the market now I see

a number of inor reactions saying if you

want to put on lws you can put it on

salana I am LS for a slightly different

reason now um I think I'm not sure

whether you saw a couple weeks ago there

was this Lana UTF that was

F and uh I think while the probability

of it being

accepted is CL to zero day that may not

be the case if

Republicans are in

control of American regulatory

forces

and because of how the US election up I

think salana is actually going to be the

proxy coin that people may Ben me

gravitate towards uh if they're trying

to speculate on Republicans uh winning

the election simply because if they win

the probability of the EF goes up

tremendously and I don't think Solana is

anywhere close to properly priced for a

black rock Sala obviously we still quite

some ways away from that happened but I

think leading up to the elections this

sentiment is something that I think it's

pretty

on and nobody's really talking about it

yet so this is one of the main reasons

why we're lost all uh but I think moving

into the elections and maybe poost the

elections will reevaluate that view uh

but I think as long from now till

November it's probably going to be the

best bement for me that the nominator

got it that's very interesting and I

think that logic makes a lot of sense um

and I guess going back to um the first

interview we did um at least for theer

wizards we talked about how you know eat

is cucked eat is cooked uh when does eat

ever get uncooked you know like does

does the ETF help right is the ETF the

answer to all the eat holders like

prayers or do you just think that

holding eeve is just going to be one of

those things where yeah you're G to make

money but you know it's not going to be

like crazy right uh I guess what's your

view on E uh with the ETF

I guess you have to realize that he

started as an Ico at like 10 cents so

one can make the argument that the

superior out performance for e in its

existence is past this right it now

become embraced as a very comfortable

beta asset by most and whenever you have

by the majority of Market of this you're

probably not going to have super normal

performance by that asset I think the

last cycle was the proper cycle in which

the E ecosystem was recognized as being

significantly different from Bitcoin

could offer significantly different

value positions in terms of smart

contracts and that re rating was I think

e going from you march 202 of $60 to a

higher

4,000 this

cycle you have

significantly more

competitors which offer very similar us

pce or perhaps Superior r pce as well

for that reason I think without the e it

is unlikely that

e delivers that kind of super normal

performance relative to the rest of the

market it can still go on a r but I

think if it does other access will

better uh but with the E ETF I think

it's an out

for traditional Capital to stop buying

it I typically trying to refrain from

predicting what the flows is to look

like mainly

because after doing quite a bit of work

there are too many

conflicting pieces of evidence such that

we don't have a proper conclusion com to

my head I would say that the frows for

the ETF will probably be a

disappointment to most but it's always

relative the expectations and right now

I think expectations for the EF are not

anywhere near overly so it could be

meeting current expectations it could

even be underpricing them a little bit

and then least can have a move to B

again and maybe you know even retest

Highs but in that in that situation I

would think You' been much better off

only all because that General we uptick

off uh I guess that Baseline uh just

makes everything go so much higher

anyway got it and I guess you know on

Twitter there's always disc this

discussion around eat beta like what is

eat beta um people tried longing L2

tokens but it just keeps going down um

and you mentioned salana and I think

that makes sense but what are your

thoughts on defi um of course I think

when we connected three or four years

ago um it's because you were

specializing in defi I was specializing

in Defi and you know it was new and

exciting um and unfortunately it's 2024

and you know

there has been some improvements but

nothing too groundbreaking um you

mentioned a lot of things around you

know like betting against consensus

expectations versus reality it seems

like sentiment for diva is in the

absolute gutters um but you know like

some of these coins like a is like 1.5

billion market cap maker sub three

billion can't you make a case that defi

can finally be eat beta or do you think

that there's too much hopium and copium

from my side um but like what are your

general thoughts on defi

I think there two aspects there that

need to be dissected I think the first

one is uh the concept of def5 doing e

beta I don't actually think def5 is the

best boxy for E beta because beta

basically means 11 b or something else

uh the thesis points that you're raising

about how D5 could be a law those are

these points independent of right and so

they shouldn't be classified as you you

shouldn't be using these these argument

to say this is a good be it can be a

good law as an independent thesis but

not it's really got nothing to do with

East beta I think right now um East beta

is this concept is very freaking uh the

market you know hazly decides what is e

beta today and what's E better tomorrow

and they're not necessarily the same

thing I think trying to play the East

beta game is of WS Aon uh

there's not that much money to be made

in my opinion and the risk of being

wrong means you're just left on the SEL

we too often uh so but I mean it like

there are some I guess consensus inators

uh you happy for example which is the me

e beta uh you have Pendle which is the

def5 E beta uh you have your OG Optimus

and arbitrum which your L2 e bet really

depends on the flavor of the of the day

or of the week but the market decide

what pump

um but I once again go back to the

thesis

of when there are too many

betas none of them will deliver you

Alpha so that is my base case uh on the

second part about defi getting

potentially at levels where you know it

may be attractive again the people

arguing for defi law because defi is

undervalued

are probably not longing it for the

right reason like we do not long things

in crypto because they're under

value maybe in 10 years time when this

Bas is completely on a steady state

basis maybe that thesis works when

capital is much more accustomed to

traditional markets and crypto mes been

locked that with existing equities that

does not happen today which means that I

will not use equity Frameworks to try

and value crypto tokens I still believe

that narrative trading is and will

continue to be the

best uh form of our performance uh on

mods so I don't toy like thesises that

say long are because of XYZ reason which

makes it under value or the cash flows

are too attractive like if you are

longing Ary for the cash shows my friend

there are a huge array of traditional

bands so you can go and investigate so

you can go long that is not the reason

why get uh I will change that thesis uh

if I see something material that happens

in def5 I haven't seen it yet uh I do

admit that with this lens I missed pendo

from this uh cyclos run it had a

fantastic run uh and I was just I didn't

I overlooked the the pendal thesis and

by myself working and it was too late uh

so I with this sort of approach you're

definitely going to miss some things uh

but in general it served me pretty well

to not fall into the value traps that is

defi maybe like I would give you one

example of something I think is

interesting today and I you know a

number of people are already capturing

on to it it is Mak getting that black

rock

Association uh with uh it's I believe

black Ro's investing in its new funnel

some variation yeah M maker is going to

do you know collect a billion dollars

from all these you know Ono Black Rock

um correct so so m is getting a bit now

not because people realize that the cash

draws from it operating that is all the

Stu undervalue people are buying it

because the Black Rock Association and

why are they doing that because they've

seen Ono run a ridiculous amount on that

same FES so prices are moving because of

Association specific things that the

market has learned will drive prices out

you got it right so to me that's thetive

tra you're making maker ative tra and

that work that's fine um but not do on

value interesting so it seems like you

know you favor narrative trading over

getting into these value traps and I

guess you know value investors even the

stock market has gotten destroyed uh

relatively growth investing um and

there's always this element of pattern

recognition um oh like Bon went up when

Sola went up there for when e goes up

Pepe goes up with goes up or whatever uh

what are your thoughts on the next

narrative because me coins obviously has

been crazy the past year um recently

they've kind of you know felt came back

to Earth um do you think they're going

to come back like stronger than ever or

do you think that a new narrative going

to form what are your thoughts on like

the next

narratives I think as long as you're not

see proper technological innovation in

cryp mean Parts they home and I really

still have not seen anything that

excites me the

most interesting thing that excit me

this cycle is like

parter which is why I

think there will be some form of social

fireing that comes out I don't know when

it's going to come out and we've seen

small instances of it already um but a

narrative

that I probably look

into play when it it makes itself not is

the social fin uh I think it a fresh

game um it the least understood by

people it's very difficult to bought I

believe um

so that is something that offers also

the most interesting dream of this side

um it's obviously that and the Evergreen

one for this sidey is also AI which I'm

surprised it's not c a bit yet yeah I'm

surprised too it's like bit like bit

tensor down a lot like all these AI

coins are just down a lot uh I mean I

think everyone in crypto understands

that these AI coins don't really do

anything but people were bidding it

because it's oh it's like an AI coin and

videoid is going up so this will also go

up but I guess that hasn't happened I

guess do you think that's just because

we're still relatively in PvP conditions

where maybe if retail was coming back

you know if it was relatively PVE then

all these coins would just like you know

go up in tandem um but there's been a

significant dispersion in asset

performance in crypto

um and do you think that's just because

there's not enough money in crypto to

support all these all these so there's

so many tokens right um the one you

think PVE comes back and how do you

navigate like PVP meta like where we are

now yeah I mean we we've been navigating

it I mean everyone has been navigating

it uh for the last basically four month

right um I think you've been in the most

brutal PVP environment right now uh

stable coin I think I think I believe

it's beginning to start going up again

uh which is a very good sign that the

PVE is lightening um but I think we're

more so than is still a PVP we will

continue to be here until we break po

out I think 7 4K if that breaks then you

really get I think tve enironment

because number one the capital do need

to push it up um it's a lot more than

what we have today uh and I think that

four month break oh

or how however long it Tak to break out

that consolidation view within this

range uh will have conditioned so many

traders to be in a PVP mindset that when

PVE comes in they won't recognize it and

that's how we get explosive moved on so

uh I believe that can only happen uh

well we had a longterm thesis for what

do we need to see before we have

credible reasons to believe 74k can

break up and there were two main things

that were highlighted the first one is a

republican wig in the US elections uh

which is one of the reasons why we flip

so drastically uh on the assassination

attemp yesterday um I think now it's all

but certain that Trump is going to win

and I think the markets are beginning to

reprice that uh in today uh there will

definitely be some volatility between

now and then um but I think more or less

the outcome is reasonable you you are

reasonable so needed outcomes already uh

in front of us the second point is on

easing liquidity commisions and this is

up to all de friends the power I do

think you're going to need General

Global easing liquidity and uh

conditions in order for crypto to

experience the kind of run in

2021 uh we I believe in two weeks time

we will have the

first FC meeting where I cut this

potentially on the demo and we're

expecting a couple more Cuts uh shortly

after

so this cisti is not perfect but I think

it's needed in order to break

74k I don't know when it's going to

happen May it could come 3 months after

Cuts have happened it could

come 3 days after Cuts have happened uh

I have no Clarity there but I think

these are the two main things I'm

looking at to determine how to position

basically which should band I in my

position I sort of conserva to be

optimistic defensive very bearish or

aggressive it's really up to these two

factors and so far we've got one one of

them down uh a month ago we had n them

right so we were waiting until we saw

further confirmation these to fce before

we decided to put on risk again got it

so where do you think we are in the

cycle uh it feels like we're somewhere

midcycle

um and I guess to our audience you know

we're all trying to make it um if

someone you know trying to run it up

right now like what do you think is like

the best way um to I guess you know get

to someone's whatever financial

goals oh that's okay that's very let's

go for the first part of the question

where we are in B uh this is very very

tricky um we at in kind we typically

split the CYO into four quadrants q1

q24 uh q1 is basically

the bottom of you know everybody under

positioned all P this lost uh and then

you slowly start start grinding up on a

wall wor Q2 is when the acceleration of

the open coming to full swe uh people

begin to realize Monumental levels of

wealth

uh and you start getting the top signals

to come up as you approach2 Q3 is when

the top signals are in full force prices

we getting

consolidating you feel like you things

should keep going on but prices are

really not moving that much and Q4 is

when basically you start losing ranges

Marco structure starts breaking down uh

and doens R levels and then never that

and you start that's so one by one

people get killed what yeah um this

cycle has been really tricky because we

seems like we saw antire cycle meaning

each of those quadrants already happen

uh but for different path of the market

right for alts for example you can make

the argument that you saw all levels of

q1 Q2 Q3 and Q4 happened already the

some of that and you can even make the

argument where the next for results um

for Bitcoin it seems like we are like

maybe three maybe Q true but we don't

really know uh because if this is the

car then if let's say we are unable to

break s 4K then this is still this is

probably in Q3 where probably just

supposed to sell everything um it's so

it's the trickiest because of the dispos

between Al and

BDC I tend to think with the amount of

with the OS syntic flows of the

ETF um Bitcoin is sort of distancing

itself

away from conventional crypto cycle I

think that too many latent biders that

will step into defend prices uh and also

uh one thing you know Credit in our

industry has really not come back in any

form since 2021 you don't see any lever

entities really pushing credit limits uh

both seen and unseen I would say that

like if you really want to look at

credit limit the only anything

that like aena is not even like a credit

risk it's more so like an in liquidity

background risk but there's nothing

really you know borrowing money or like

there's no uh uncollected LS out there

you know waiting togethera I think all

your on loans as well and if you look at

how many loans have taken Ona I don't

think they are anywhere near levels

where you

at

so Bitcoin I think and

lightly become or start creating like

more conventional assets especially with

the ETF I think alts will still have its

own uh its own sort of Cycles um and

alts will basically function

as derivatives all Bitcoin meaning if

Bitcoin begins to go up alss will start

double charging up Bitcoin bitcoin's

momentum begins to uh begins to SP B

will start coming down Bitcoin

starts even just turning down slightly

BS are basically going to start cing and

that's what we saw um in the last four

months so it's very challenging uh we're

still forming our own Frameworks how to

think about this but it's no longer the

truth that you know you can have simple

systems like Capital GES goes into BC

then it goes into e then it goes into

all then it goes the sh coin and it goes

back to BDC like I don't think that that

was like in 2017 2018 maybe in 2020 for

it that's

longer uh to your second Point what to

do if you're joining cpto today I'm like

oh my God why would you cry even it's so

hard it's so hard it's so hard like I I

was telling I was telling Jason if I saw

crypto today from the outside there's no

way I Joy like it's so much more

difficult than just aing equities like

you can just be aing QQQ and you

probably be out performing my 80% of

people in yeah so but you really wanted

to try um I would

say two things uh number one Goan that's

I've always said gain because that's

where the best reflective assets are and

the best

upsite but onchain does not last

wherever if you notice you have very

specific onchain season where there with

um happens and then you will have DOS of

just basically ghost TOS so I think you

need to also be able to trade uh the

centralized exchange PS and so I think a

balance of running long short trades on

centralized exchanges as well as on

chain ability is prefer in order to make

it the cycle

but obv be honest with

you unless you

are running very sophisticated

strategies on Meme coins

or yeah basically that or you use a

T of

liary I just I just don't see how you

were to make like 508 in this

Mar I don't see anyone do it yeah I

would say that this is the time that

you're still basically supposed to

preserve your Capital try and slowly

grow it then when you get that eat and

you go e the condition then you really

go to tow I don't think we' back that

yet yeah like even for me like I I run a

fairly not not really but some

sophisticated air drop farming strategy

um and paid pretty well at the beginning

of the year maybe late last year but

like nowadays you know we Farm these

things to dump them everyone's doing

that and then when the token comes out

it just goes down like 80% yeah like

even blast like I was very surprised to

see it below like two billion um I guess

in hindsight it kind of makes sense um

but I guess like my question to you is

what do you think about I guess this air

draw farming like VC you know low flow

High FDB beta or low flow High FDB meta

um and do like are these alts just a

tool for you to like just get in and out

right just like make a few bucks on a

trade get out don't want to touch them

don't want to hold them um it seems like

a lot of people are coming this type of

mentality some form of jeness with

crypto this cycle um yeah like what are

your thoughts on yeah I I think there's

generally consensus and I I I'm gr to

disagree with it um for a couple of

reasons uh I

think uh but think a St back away with

it uh I I don't really commend on air

drop farming because I've never already

done it uh I don't know the strategies I

think

it's it was the unsolved game two years

ago today it's pretty much Dan all in

general when you're playing soft games

you don't you win a lot of money uh that

that's in though I will say that for

speculators in today cycle think that

the three different types of alts that I

think people have begun to come back to

again and again uh the first type are

new Point new points meaning just this

the fresh floats you know 5% floats 10%

floats uh maybe you got the added off a

lot uh but other than that for the next

3 to six months you have to be meaning

whatever F that is there not going to

change these coins are ones where you

can bu new narrative where the Cs are F

meaning there are no resistances no

support slow ranges uh and basically

you're free uh to work with them in part

your

imagination uh as you move on and you

start nearing the unlock this I think

this is where things get very dangerous

because a lot of people begin to hit

their unlocks uh and if done

incorrectly uh you will see a number of

different short setups or short squeezes

that made punish hes and then one

example this is something like Celestia

right now where even though unlock it's

coming in few months time 3 months is an

eternity in cryor right if you're Hing

your unlock as a function of you say oh

okay I just to wait three more months

and then I'll be able to you that my

gone uh if that becomes too consensus

you may have to content with a squeeze

in your hands and I think these squeezes

we haven't really seen anything really

powerful yet um I think I'm not sure

whether you recall last I bu B stay

called the wi squeeze on Wi-Fi it wasn't

exactly the same thing

uh but it shows you the power of short

squeezes that we haven't really seen

this we have that in the making for some

of these alts in the future um and then

once you start hitting that right I call

this the death of speculation you have

this value where it's a no touch and you

basically don't touch it you're not

allowed to touch it if you want the make

money um until the float is at least if

50% of the total FTD so basically once

you hit the cliff you have like 10% of

10% of float and then your Sloat start

going out maybe on the 8 go to 15% and

then as time unlocks your team investors

and every wants to unlock

on you dump on

you uh your foot goes up and then charts

like arbitrum she charts like Li CHS

like dydx and this is the no Zone

because you just get eight if you TR

uh until until I think it gets to about

50% float uh that's when I think the

majority of The Dumping is done you

still have to condem some of it but rela

to to the flo it's okay uh and then you

move on to the other end right that the

all the coins where the float is close

to 100%

And the majority of these coins are debt

coins they're GH coin that you can St

just being a de disc car unless you're

hoping it becomes a coin but you know in

this day it's probably not um but the

coins that survive meaning the coins are

still relevant

today uh but have fully 100% circulating

flow or maybe close to 100% think those

coins are also very interesting to BU um

because you have no more unlock pressure

nobody is going to dump on you right and

so I think a lot of the new narratives

can be championed by some of these old

coins that will have a rediscovery of uh

some of them area we haven't seen them

all that much yet but I when I see them

I'm going to be betting pretty heavily

on um and obviously the last type coin

is your from day one 100% C Supply and

those are most might be your main coins

because they just drop everything into

the community they don't require any

form of funding um

I think that in terms of preference of

coins right the best ones as the high

through all coins with rediscovery

access the number one in terms of profit

potential the second one would be the

mean coins where you have 100% of float

but the token doesn't actually do

anything uh the third one is the new

coins where you have you know fresh

charts mainly because they're on some

form of timer um but it depends if the

if s the vertical is really hot and they

like the Shing point in the mar fine by

me um so I ranked it like that uh and

that's really hard we probably find uh

new

rosp uh on the longer D book yeah I

guess on the high float tokens like that

that's one of the reasons why I think

def5 coins can come back um maybe I'm

just falling into this the valy Trap

mentality um and maybe I want like maybe

subconsciously I want them to come come

back right so you know I'm thinking that

you maybe I should buy them um but the

problem is that you know all these coins

like a maker they have opportunity cost

you know if you have e you can air drop

Farm earn 10 20 30% API you hold a it's

like not doing anything I guess you can

stake it but it's like a 20-day cool

down period um and also one thing you

mentioned earlier that that was good um

playing solved game is not good right um

and I immedately thought of like poker

where I got into poker 2020 or like

professionally in 2020 I was like

running Pio Sims every single day like

game the solvers and I made some money

but like I was like you know I was like

poor basically so you know you have to

find unsolved games and of course it's a

lot easier said than done right a lot

easier to look for something that's

pumped and they okay like time to play

that again but maybe that's too late um

it maybe the next meta the cycle is

something that hasn't even been

discovered yet right uh so maybe the

goal is to survive now just keep looking

for opportuni and you know whenever you

see something that's like a brain dead

long just go for it um and you know not

touch these high float Sor low float FTV

stuff um until the float is fairly

decent um and speaking around like this

topic um salience uh asked this question

so I'm sure you have some visibility on

the OTC markets with Team hedging

investors hedging or just Traders Shing

the these tokens um does this give you

any color um into I guess your trading

book um what do you see in the OTC

markets for all these VC coins um and

how do you think they'll trade I guess

maybe you expect some short squeezes um

but I guess you know can you give us

more color like on what you see I guess

in these OT

markets I typically don't try well

number one it doesn't inform our own uh

position on our Venture our Venture ball

uh we have a very simple rule we will

never ODC out any sack we will never hit

any any Venture value uh on on PS um

mainly number one mainly on principle

because I think it's not the best if you

get caught doing it uh and I don't think

is correct and number two it can

actually hurt you finally quite a bit if

the thing that you're hedging CL par

parabolic run because you have no uh you

have unlimited downside on on anything

that you're aging so I as a rule we

don't do it um whether in

forms okay so

any all these OTC deals are

basically hands that are being changed a

marginal buyer sing to a marinal seller

uh does this mean that the person buying

it has a stronger view or a more darh

handed view of the token it can be but

not necessarily I don't try and look too

much into this Dynamic I would say that

there are exceptions to which some coins

are very heavly traded and by the time

it comes to open market uh all the I

guess we hands are out and then it

starts going on a run I think the most

popular example of this was salana back

in 2021 but by and large these or the is

don't necessarily but um for the market

um I think you would have some

situations in which markets understand

where vs are buying or selling this and

for that reason use it some form of

support it's and best a cans

relationship because number one the

people who are buying these bags likely

will not be buying it on the Open Market

at the same time like the reason why

they're buying it and that they cannot

buy open market a lot of BTS have

mandates that they cannot purchase opens

so it's not really like okay if you know

let's say TI is being traded at $3 a ton

of the ODC markets it means that $3 is a

support but you can M it to be a support

enough people believe it it can be a

support but there's no actual like

relationship as to like why this should

be a support you know what I mean um so

I wouldn't really too much into the odcs

I would say that this cycle that have

been significantly more uh in terms of

St being traded mainly because I think

uh well number one there are a lot more

predatory BCS that have

understood that to win they need to sell

there were a lot of people of holders in

two21 that just never saw their s and

some benefit that very very well then

but then the Vintage of those who try to

do that it everyone die right so what

happened now as that has been in greened

a venture ecosystem and for the more cap

the more opportunistic Venture investor

uh they're going to take the

first opportunity to to unload these on

this on

the so you see a lot more turn I don't

think you make that much hope so yeah I

guess people trying to trade these

unlocks maybe it's a form of fancy play

Syndrome where you there's probably

better markets for you to look at but

maybe people love the gamble they're

like oh like you know like I'm going to

Long the unlock because I'm so smart and

I'm right and then they can tweet about

it and get engagement uh maybe that's

more of the utility of these like

trading unlocks there's like no Edge to

be had but it's more for attention right

like because whenever there's an unlock

there's more attention so maybe there's

more volatility uh I something I've seen

every bullish unlock there is there are

like 10 bearish unlock there's probably

like 100 bearish unlocks

honestly we just don't hear about it

because they're all going correct so uh

not really my cup of tea yeah no I 100%

agree and you know you mentioned earlier

um near the beginning that you don't

really see leverage coming back to the

system in the form of under catalized

loans and VCS understand that they need

to sell in order to locking gains and I

guess that's one difference that I've

noticed the cycle from last cycle last

cycle there was a lot of greed lots of

Leverage lots of just you know money

flying around everywhere but this cycle

you know of course there is greed right

you can see that in the M coin sector uh

but people are still relatively careful

um and for that reason maybe we

shouldn't expected that much downside um

but maybe the upside is going to be less

muted um and maybe crypto just trade

like other markets you know like

eventually and maybe this SU recycle

thesis finally comes into effect yeah I

think that's the eventuality and um I

hope we you know I think that I you

probably wared that the way that you're

investing in crypto would be

significantly different what you're

doing today right uh and I think it's a

very good reason why there are there

isn't that much greed in the market

anymore because

anyone has exhibited those traits have

lost all their money like those guys the

reason why you don't those 10x long

uh guys in MOS all die they've been

think

maer species yeah basically right not

endanger you just don't see them anymore

um so so so now now you're you're seeing

guys um I guess the more prent traders

that you know take on much lower

leverage uh and you know up for more you

know Capital preservation riskmanagement

because those are the guys that survive

the Cycles right so uh it's a it's just

basically another sign of PVP I mean

when easy liquid uh easy liquidity

conditions come

back the greed will come back the

retards with the ten leverage will come

back and you know that that's a sign

that you know you're in for a pretty

good run run for a

while yeah I guess you know going back

to this original um Audi question

I feel like crypto Twitter has really

deteriorated the cycle um maybe because

there are no significant Tech

improvements so the only thing to talk

about are like price action and meme

coins and maybe that attract the wrong

type of people um but how do you use

Twitter like how how do you yeah how how

do you differentiate between signal and

so much noise into space and like where

do you get the most valuable information

nowadays I don't really use to the or

Val word anymore it's more so so my news

feed keep up the breath with what

happening in the space but not so much

as Alpha you know I think the long ago

uh the alpha mov to

Goodra

so uh it's tough uh there are still some

good accounts out there uh maybe I'll

put together a list um to share uh but

off the top make it I just in general

don't think TR is that useful for Alpha

but you need it uh and think what's

important is for people who use Twitter

uh be a content creator I think it's

very important uh to make fit that your

voice heard so that you slowly build

some sort of online presence and I think

this day and age of this generation

being having an online presence is as

important uh as having capital I think

it's a it's a different kind of capital

social capital and it is very

unappreciated and who knows someday it

may come back in the form of social fire

to help

you right yeah and you know we we tried

with frch but I think that thing is like

down

95% um oh dear old friend that going to

be one of the lotes in this

fight wait wait what do you mean like

did you bu friend

or oh yeah was H I'm almost embarrassed

to tell you how how much BR we own so we

shall move on okay we will move on and

it's okay the next the next social

flight bet will pay off and yeah I

totally agree like I like I'm naturally

like an introverted person but I still

put myself out there know the bu Market

in the bare Market um and you know I

think people recognize that and even

with like the whole celebrity qu meta

right it's like someone with a 500,000

followers like some celebrity tweets to

mcoin it doesn't move and then some

someone like 50k followers who have a

lot of Engagement that can send the

price up like you know 10 20 x right so

there's a lot of Social Capital um and

because crypto is so terminally online

um so like so much narratives get formed

on Twitter um so that there just having

an account to make friends um to keep up

with narratives I think is really

important because like you said I I I

agree a lot of the alpha has moved off

Twitter and into group chats discords

Etc um so you you really want to be part

of that right because otherwise we're

all performing where we're all I guess

participating at like a Negative Edge

because this industry is so Insider

driven if you're not cor going away from

the majors

cor yeah anyways this was a good

conversation um I guess a few more

questions um I'm curious like what are

your life goals like when do you like

retire from crypto do you think crypto

is just a means to an end right like to

run up numbers on a screen at some point

you hit a certain number you go away um

like how do you see yourself I guess in

to 10 years like where do you want to be

what are your goals

Etc yeah I think it's very simple uh

well number one I love the game I love

the game of

competing uh

with uh the best and brightest Traders

and investors in the world I think the

is the fairest and best platform of plan

uh to achieve super normal wealth

um the goal for me in the next 10 years

is very Che to build the best prop Fund

in crypto globally uh that is very true

to to me and I think so far you know the

ti two of tangent I think with on prank

uh was still you know in the baby sages

but eventually we'll get uh

hopefully I think looking past that my

life goal is basically to I've always

I've always dreamed about the stars and

going basically accelerating Humanity's

progression towards being an inter

Interstellar species oh one

day uh if I would leave a legacy on my

contribution I would like to try and you

know support that endeavor in any way I

can um so one of the things on my bucket

list is basically I want to go to space

before I die I it's PR cool um so the

yeah I think that's a pretty it's a big

enough life goal such that I don't think

I ever get

bored yeah I guess know we're

all you know

going we're like not really on a

traditional career path right like we're

all just degenerates at heart um and

though we're focused on survival and

being a cockroach we all want to Deen

you know we all want to just pun you you

want to punch coin up the leverage

steal something but I guess right now

maybe time to

lay low stay calm and let the markets

dictate um how much action um we Chase

yeah and I mean I enjoy every day what

I'm doing right it's not like I don't

enjoy there be stressful days that be

days you lose money that we days you win

money um so but it's the act of just

staying in the game and just battling it

out uh grinding it out versus your

competitors and eventually

winning yeah I guess we talked about

your future hopefully you know you just

go to space and you know help Humanity

go to Mars or something but uh if you

can give advice let's say to your

younger self let's say in 2020 because I

think that's when you joined right um

crypto like what would it be in order to

be a successful Trader investor Mark

participant actually um it would

be never

lose your morals and always keep your

ethics because I think I didn't after

four years in this P I've seen a lot of

yeah there's so much man

not so nice um some close

to me some further away me uh so

and I've definitely been tempted to do

things that are on the greater side of

things but I like the belief that I've

stayed the right C uh but I think that

is probably the most important thing

never lose yourself in pursuit of your

goals I would say that's pretty

important because if you if you give up

who you are or your your Purity as a

person before you join

crypto to achieve you know whatever

dollar value that you want to achieve

then I think you've sort of lost your

way in the pursuit of wealth um so yeah

I think that's that's something to keep

in

mind yeah

I definitely agree you I tend to have

this Mantra of just trying to play

long-term games with long-term people um

because there's always opportunities

right it's like oh like we have

followers you have followers you know

like I get DMS all the time like you

know show this coin show that coin but

it's like no like that's it's a

vaporware so so of course you know I

would I have a lot less money than I

would have if I took all these deals in

the past four years but I do think that

you know the personal relationships yeah

yeah yeah I I I like like you said I do

want to leave some form of legacy on

crypto um hopefully it's good right

hopefully I don't blow up um hopefully

I'm not like beging for fruit Dan or

something

but you know I I do think that having

morals having ethics has helped me build

good relationships in crypto and that's

everything right like I think Su said

this where someone said this like it's

not enough for you to be rich like you

want to be rich with your friends right

like you want to make it with friends

and then you can just have these

lifetime like lifelong relationships um

and hopefully you know we have that

right we'll hopefully see each other in

Singapore yes yeah and you know we can I

guess yeah like you know meet all these

people go Singapore um but yeah I really

like that advice Never Lose Yourself um

really tempting to take the shortterm I

guess gains right like you know to do

immoral stuff um but I think you want to

life you you want to live life with no

regret

um you want to

minimiz the thing as well about being

crypto is that like if you say right now

uh say don't don't do stuff that is

Shady like when you first hear it like

yeah of course I won't do that right but

the thing is I think as a young person

when you haven't really seen the world

you haven't already seen what the world

can be um I guess you don't expect

things and I think after four years

being in crypto I see a lot of stuff and

and it's not always so simp right but I

think if you follow that I guess that

Guiding Light of not losing yourself and

reserving you know your mors here I

think you come out

okay yeah well this is a great

conversation darl um do you have any

final words of wisdom uh final Alpha I

guess how to make it this cycle um

everyone loves this

section I always say um basically it's

my it's my instagam

uh bio B laughing long live laugh long

it's l laughing long so you live meaning

you try and enjoy yourself uh try and

enjoy life all you can when you're

young uh you take care of your body you

take care of your health you take care

of the people around you you l meaning

yeah you you have a good time you

appreciate where you are uh and you're L

because as an investor

longing allows you to allocate the

resources when you think deserves to be

and you have the power to determine

which vertical should be worth higher

which vertical deserves more resources

and that's how you contribute the

society so live laughing long live laugh

long I like that I'm definitely living

and laughing and I'm definitely long so

I definitely love that

advice all right yeah all right right

thanks Daryl hope everyone enjoyed

episode 21 of crypto Market Wizard and

we'll see you again maybe in a couple

months again byebye bye God thanks for

watching and I hope you enjoy the

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bye-bye