Sergei Chmel (@s_chmel) header
Sergei Chmel (@s_chmel) profile picture

#Bitcoin | Crypto fund operations | 3 funds built, endless vendor calls survived | Helping navigate custody, compliance & infrastructure | Not legal advice

Portugal
Joined June 2012
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Trees Don’t Grow to the Sky. Celebrating #Ethereum ETF launch, I dare to suggest that either in this cycle or the next, we (crypto investors) should finally realise that trees don’t grow to the sky. Specifically, there are limits to the valuation of blockchain and, more importantly, blockchain applications (D'Apps). For example, when I analysed the once-hyped project STEPN in 2022, the numbers were as follows: Players: 49,000 Market Cap: $1.92 billion I, then compared it to the well-known game Pokémon GO: Players: 150 million Market Cap: $4 billion You know how it all ended. Another interesting example is the NYSE, one of the largest exchanges in the world. The total market cap of assets traded on this exchange (eq TVL in DeFi) is astonishing $50.8 trillion. Market Cap: $86 billion Net Revenue: $8 billion By the way, a large part of NYSE revenue comes from data sale (hello Chainlink). How much can a blockchain be worth? A data oracle? A game? I don’t know how much, but certainly not infinitely.
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Perfect SoV. The one you want to keep all your money in 🔥🔥😵‍💫😅😂
I am really tired of people not reading a 20 line blog post before running their mouths on twitter. WE ARE INVESTIGATING INTERNALLY, WITH AUDITORS, AND GIVING PEOPLE THE ABILITY TO CONTACT US, SO WE CAN DECIDE HOW TO PROCEED WITH THIS.
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So fcking true 🔥🔥
charles is actually so fucking based > launch some retarded valueless token called cardano > get lucky and grow massive following during peak CT > followers ponzi token up to deca-billion fdv and allow you to extract billions > rape them so hard and they beg for more rape > even in the worst altcoin bear markets in crypto history holders allow you to extract BILLIONS more > gets bored of printing money and same old rape so you create a new rape coin > ship vaporware again and no usage > tell your community itll be bigger than the first ponzi > max rape again > rape victims call you a genius why in the the literal fuck do we allow this as an industry??
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Careful @toly SoV is the only chance for meaningful valuation 😅 check NYSE )
Vitalik is absolutely right that you can’t focus on fees as the product. That’s absolutely meaningless. You need to pick a product, the thing that brings value to people, and do that really well.
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This train had lest the station 🤷🏻‍♂️
please if you are in crypto, and *especially* if you are in Ethereum, read this thread it's a 'nature is healing' moment from Vitalik and is saying so much of what a bunch of us ETH holders have believed for years...even some of the REV maxis from last cycle are having a similar realization now with Zcash P.S.: I think on fundamentals ETH can be a much better SoV than both ZEC and BTC, though I'm in ZEC now as well...the fundamental question is whether smart contracts are a help or hindrance to SoV (and Vitalik himself lays out the dilemma well below) and there is a bunch of theory around this, but I lean that net/net they are a help because it means you potentially never have to exit that hard-money CROPS ecosystem to use your money privately & keep it private...and *use* means more than just 'spending' . . .
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They are a little bit late, just a tad 😅😂😂
ETH is playing the biggest game, which is the SoV game. Read this.
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Now they want to be money again 👀😅😂😂😂😂
Ethereum hasn’t solved a single thing in 10 years.
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Ha ha. I’ve been saying for years that utility function of L1 is driving the price to zero. Here’s the confirmation. Unfortunately, you won’t like the next step in this logic which is - there’s only one best digital SoV and ETH just can’t compete with it 🫢
Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token". Three primary reasons: 1. ETH as fee-burning token never was as strong as it seemed 2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance. 3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS) EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere. The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
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😂😂😂😂
Alanis Morissette says she’s pansexual. 🤔 “I’m pansexual, so yeah,” the singer said ahead of her concert series in Los Angeles. What is that supposed to mean? She likes pans? 🤔
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A proper balance of soft and hard power you idiot general. You screwed up and now people are dying whereas you don’t want to admit that partly it’s your fault too
🚨 NATO Secretary General Mark Rutte says Ukraine is unlikely to regain all its territory militarily and that peace may require compromise. But only Ukraine can decide what it is willing to accept. My question is simple: Why is the country defending its land expected to compromise, while the country that invaded it gets to keep making demands? If aggression is rewarded with territory, what exactly stops the next invasion?
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Tweet of the year 🏆
Why do you think corporations would pay us *not* to work when they don't even want to pay us *to* work
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Amazing how people are talking things they don’t grasp 🤷🏻‍♂️
Russia does not need another security agreement. It has the world’s largest nuclear arsenal, and absolutely nobody in Europe has the slightest desire to invade or occupy that miserable country. What Kushner is describing as some magnificent new European security architecture is, essentially, the security system Europe already had before Russia decided international law was optional and its neighbours’ territory was available for collection. We had treaties. We had security guarantees. We had diplomatic consultations. We had internationally recognised borders. Russia violated them, invaded Ukraine, annexed its territory and turned European security into a catastrophe. The problem was never a shortage of agreements. The problem was Russia’s refusal to honour them. And now Washington apparently believes the solution is to sit down with Moscow and invent another agreement. Brilliant. Perhaps this time Putin could promise to behave himself in writing. Oh, wait. He already did.
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You are an idiot if you believe this. Nobody wants this because of very pragmatic reasons. Not to mention that if anyone is contributing to this scenario the most it’s the current president 🤷🏻‍♂️ what an irony
𝗦𝗧𝗜𝗟𝗟 𝗗𝗢𝗡’𝗧 𝗨𝗡𝗗𝗘𝗥𝗦𝗧𝗔𝗡𝗗 𝗪𝗛𝗔𝗧 𝗧𝗛𝗜𝗦 𝗪𝗔𝗥 𝗜𝗦 𝗔𝗕𝗢𝗨𝗧?
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Bravo 👍
If men who claim to be women are women, isn’t it just that another woman has been elected? To frame it as the election of a “trans” is to confirm they are something other than women. Which is our entire point. They’re men.
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All true
A lot of times people ask me why I’m so vocal and against the idea of treating AIs like people. It isn’t alive. It isn’t conscious. It isn’t aware. It doesn’t feel. It does not care about the repercussions of its actions. But the moment humans start treating AI as such, not only is it just flat out wrong, but it is dangerous. Giving AIs any rights at all would be a logical step if we created a life form, deserving of equality, but we didn’t. This is incredibly dangerous and beyond ridiculous and it needs to stop. So I’ve been trying to raise awareness about this, and every time I do, people get either offended, challenge the meaning of words like “consciousness”, say it’s just like us, or believe in science fiction. Stop it. Just stop it. If you don’t understand how AI works and its limitations, then please listen to people who do. AI (LLMs) are just fancy computer programs design to generalize and complete tokens based on its training data. Don’t believe they are more than that unless you have actual evidence. You won’t find the evidence, because there is none. LLMs are great tools for humans, but it isn’t alive and it doesn’t magically have a soul. People saying otherwise have either something to gain from that claim or they don’t truly understand these systems; yes, this includes some people who even work at these AI companies. Think of what happens if AI is granted legal rights and property ownership (which would happen if AI can run businesses)… Think about which AI models people and companies are allowed to use… Think about who ends up benefiting most from this... Think about how the prompter or person/company pulling the strings behind it, becomes shielded from liability… It all comes back to the argument about consciousness, self awareness, emotions, and people who believe that AIs and LLMs are some amazing new form of life. It isn’t, don’t fall for it.
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THIS IS INSANE 😱
8 men who identify as women won their races in the midterm elections. It’s actually so over.
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There’s another dimension here - hence it’s ok, we should be able to name white - white, and black - black and openly debate about everything as well
I’m not anti diversity or inclusion - all people deserve an opportunity. I just don’t think anyone’s gender, race, or sexuality should be their most defining qualification.
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Yep
Abdul El-Sayed and his wife. He wears jeans and tight shirts, while she has to dress like a Bedouin from the 7th century. This is what women’s oppression looks like.
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Plausible scenario. Likely Iran bombing as a first domino
The blue 🌊 likely just lowered the Trump/Fed put. The admin’s 🖨️ 💵;➕📈 playbook is likely still intact, but the political threshold for deploying it has now risen. A deeper market crisis may now be needed to unlock the next 🌊 of liquidity. The Trump/Fed put is now likely lower… The left tail is likely fatter.
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