Jason Choi @mrjasonchoi Twitter profile | Pikagi

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Jason Choi

@mrjasonchoi

149,171

Followers

2,541

Following

2,336

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19,731

Statuses

Angel @Tangent_xyz , host @theBlockcrunch . Ex GP @TheSpartanGroup . Trying to navigate time frames well. Thoughts:

Hong Kong

https://t.co/Vgi1TT8fjP

Joined August 2010

Don't wanna be here? Send us removal request.

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@mrjasonchoi

Jason Choi

5 months

2023 was a wild year for @tangent_xyz 🔥 A few highlights... In late 2022, after years of building our networks and know-how, @0xWangarian and I started Tangent to invest our own capital as angels under a collective brand. Our mission was simple: to be the "most value add per

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@mrjasonchoi

Jason Choi

2 years

The Definitive Thread on FTX I met SBF before FTX started, and witnessed their rise and fall. I can't stand @nytimes 's puff piece. If anyone wants to know what happened, send them this.

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Jason Choi

2 years

I was today years old when I found out Cloudflare has a wall full of lava lamps they feed into a camera as a way to generate randomness to create cryptographic keys

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Jason Choi

3 years

How to Get Rich in Crypto (without getting lucky):

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Jason Choi

3 years

Imagine losing 6% of your wealth a year to inflation when you can do that in an hour with $BTC

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Jason Choi

2 years

Why is @FTX_Official sending Alameda $10M in USD while freezing withdrawals for users?

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Jason Choi

2 years

We spoke to 50+ Web 3 metaverse companies in the past year. My takeaways, summarized.

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Jason Choi

5 years

"Bitcoin is not tied to anything" "Neither is US dollars and how big is your cash position?" - @APompliano 😎

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Jason Choi

2 years

0/ The story of Alameda and FTX can best be summarized by @SBF_FTX 's philosophy of betting big. Every major decision they have made is related to acquiring more leverage - via deceptive fundraises, financial engineering, and ultimately, outright fraud, as we will see below.

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Jason Choi

2 years

1/ In Nov 2018 - Jan 2019, a small hedge fund called Alameda Research was raising debt from investors, promising "HIGH RETURNS WITH NO RISK".

@zhusu

朱溯 🐂

5 years

🤔

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@mrjasonchoi

Jason Choi

3 years

“Slow success builds character, fast success builds ego” explains most of the people you’ll meet in crypto

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@mrjasonchoi

Jason Choi

2 years

. @SBF_FTX gets longtime collaborator @yaffebellany to write a puff piece for him to salvage his public image as he deletes incriminating tweets Nice journalism @nytimes

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@mrjasonchoi

Jason Choi

2 years

Thinking out loud: What the next crypto bear market might look like. A short thread 👇

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@mrjasonchoi

Jason Choi

2 years

stories of people who came back from devastating financial losses in case you need it today:

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@mrjasonchoi

Jason Choi

2 years

Lord please give me the confidence of a VC who just discovered crypto 6 months ago

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@mrjasonchoi

Jason Choi

2 years

If you ever feel lonely just write Metamask in a tweet

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@mrjasonchoi

Jason Choi

3 years

The richest person in the world probably has a better idea about managing money than you do and he's bought Bitcoin

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@mrjasonchoi

Jason Choi

2 years

@yaffebellany Spoke for an hour and you didn’t manage to even ask about the financial fraud, the backdoors, the lies? Did you ask for a head pat after too?

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@mrjasonchoi

Jason Choi

2 years

In 2022 we stop using $BTC as a barometer for crypto market

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@mrjasonchoi

Jason Choi

2 years

No this is not a joke

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Lavarand - Wikipedia

en.wikipedia.org

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@mrjasonchoi

Jason Choi

2 years

A reminder that at one point, someone fell for the Twitter hype and thought this bunch of text was worth $620,000. It is now being bid at $1,070.

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@mrjasonchoi

Jason Choi

2 years

How to make $19,999,700 in P2E today: > Buy custom Unreal demo for $300 > Say it's P2E in the deck > Raise $20M at $100M pre-product from VCs > "Oversubscribed by 5x" > "Need answer in 24 hours" > Profit

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Jason Choi

2 years

The average crypto investor drastically underestimates how hard it is to build + maintain a popular game and overestimates how long the game remains popular

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@mrjasonchoi

Jason Choi

2 years

5/ In the early days, Alameda being a heavy portion of @FTX_Official 's volumes was an open secret. Employees told me Alameda has an exclusive API key that allows faster access than any user - offering a systematic way to profit off clients. A message I sent to a FTX investor:

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@mrjasonchoi

Jason Choi

3 years

Some of you weren’t around in the 2018 crypto bear market. Here’s what it felt like to me.

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Jason Choi

6 years

. @Cointelegraph ‘s ads are superb. Never thought I’d see “nocoiner” projected in Times Square for 330,000 people to see daily.

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Jason Choi

2 years

6/ Around September 2019, Alameda allegedly attempted to manipulate futures on @binance , which was thwarted by the latter. However, this would likely mark the beginning of the bad blood between Binance and FTX that spelled the end for FTX.

@cz_binance

CZ 🔶 BNB

5 years

A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that.

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Jason Choi

2 years

Excited to announce my next venture: @Tangent_xyz , a unique angel syndicate of crypto founders, for founders. Our principles: small checks, big impact, high conviction.

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www.tangent.ventures

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Jason Choi

2 years

15/ As markets are thin, Alameda can prop up prices using a few million dollars to create a "fake" fully diluted valuation of say $1B. Suddenly, $2M is $200M on *paper*. This is an open secret for what industry insiders call "Sam coins". Note the circulating supply across them:

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Jason Choi

3 years

Bloomberg at local top and local bottom

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Jason Choi

3 years

Half of getting rich is staying rich. Don't upgrade your lifestyle to match your paper wealth after a historic bull market.

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@mrjasonchoi

Jason Choi

2 years

61/ This will (hopefully) be the last development, short of prosecution and paying out of creditors, for the FTX saga. I've also recorded an abridged, 20-min version of this on my podcast @theBlockcrunch , which you can find below

@mrjasonchoi

Jason Choi

2 years

Full 20 minute episode: Spotify: Apple: YouTube:

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@mrjasonchoi

Jason Choi

1 year

Before 3AC and FTX filed for bankruptcy and attempted to pay back angry creditors they returned their DeFi loans first

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@mrjasonchoi

Jason Choi

2 years

Calendly reached $70M in revenue on a $550k seed round Crypto projects do the same thing but with the numbers flipped

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@mrjasonchoi

Jason Choi

2 years

Is investing just a constant struggle between the regret of buying too much and the regret of not buying enough

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Jason Choi

3 years

I’ve waited 3 years to retweet this

@officialmcafee

John McAfee

@officialmcafee

6 years

Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else

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Jason Choi

2 years

Who is still actively investing in crypto *now*?

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Jason Choi

2 years

3/ Later that year, @FTX_Official planned a launch for July 2019 and closed a $8M seed from several funds, announced in August 2019. In one investor's memo, "Alameda & FTX" is cited as a risk, as well as concerns around @SBF_FTX 's personal split commitment between the two.

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Jason Choi

2 years

4/ From my primary sources (who will remain undisclosed), @FTX_Official was allegedly started as an easy way to access capital by Alameda due to difficulties in raising for the latter. This is unprovable short of leaking internal chats, so we'll leave that for the courts.

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Jason Choi

3 years

Never dismiss anything right away. Let young people change your mind.

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Jason Choi

9 days

I read some of the VC blogs about memecoins. There are some interesting takes and genuine respect to all writers. But imho the existence of these blog posts is EXACTLY why people trade meme coins. No, memecoins are not a trojan horse for culture (yet), and I would argue they

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Jason Choi

3 years

How NOT to raise money in crypto A thread for founders.

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Jason Choi

3 years

Crypto runs on narratives. Narratives are crafted by people. People always have an agenda. If you can't find the fish at the table, you are the fish.

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Jason Choi

3 years

If you explore what people complain consistently about enough times you will stumble across a billion dollar opportunity.

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@mrjasonchoi

Jason Choi

3 years

Wanted to share my own investment process to document how I'm thinking now. A thread, not advice of any kind 👇

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@mrjasonchoi

Jason Choi

2 years

After 3.5 phenomenal years, today is my last day as General Partner @TheSpartanGroup . I'll be focusing on advising and angel investing in crypto founders, and transition to a Venture Partner role within Spartan. A few words of gratitude.

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Jason Choi

23 days

Founders should be aware of the VC ponzi scheme. This is widely known in Web 2, but more egregious in Web 3 imo. It happens like this: - VC sprays $1m checks in $20m seed rounds - Pressures founders to raise at $100m prematurely - Puts in $1m in the follow ons - On paper, the

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Jason Choi

2 years

How to size bets Some personal principles 👇

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Jason Choi

2 years

12/ Namely, Alameda moved AWAY from delta-neutral strategies as their edge eroded and began to assume massive directional risks in crypto. They did so on massive amounts of leverage as well. A detailed, subjective account here for you to bookmark:

Milky Eggs

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Jason Choi

3 years

If you are helpful to enough people over time, you will have access to wealth creation opportunities. You don't need to be a coder to add value: content, network, thoughtful feedback are some other ways.

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@mrjasonchoi

Jason Choi

2 years

Past 7 day stablecoin flows: Binance: $411.5M FTX: -$451.5M Source: @nansen_ai

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@mrjasonchoi

Jason Choi

2 years

26/ The above is important as the family is known to have strong ties to the Democrats in the US. A more detailed thread on SBF's familial relationships and *deep* political ties can be found here. You can bookmark this for later.

@JagoeUnchained

J//G0Ξ

@JagoeUnchained

2 years

@SBF_FTX @MIT @carolinecapital @Stanford Here's more information on the shady "Mind the Gap" bundler operation founded by @SBF_FTX 's mother, Barbara Fried, and led by @Stanford faculty, funneling millions of dollars from Silicon Valley to the Democrat Party:

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Jason Choi

2 years

$BTC dominance just broke its 2021 bottom

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@mrjasonchoi

Jason Choi

2 years

FTX hacked: delete the app, delete browser cookies. Sorry creditors, there’s no hope now. Didn’t even think to have opsec and lock down in emergency mode against your own employees after begrudging them. There is NO just world where @SBF_FTX does not receive a life sentence

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Jason Choi

6 years

“One bitcoin is always worth one bitcoin, it’s the fiat that’s fluctuating.” - @TimDraper 😂

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@mrjasonchoi

Jason Choi

3 years

Starting a fund vs. being an angel investor A thread 👇

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Jason Choi

2 years

Last tweet for a while now on FTX. Personal post-mortem of how I dealt with the event as an investor. Not sure who wants to read this lol, but hopefully helpful.

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Jason Choi

3 years

People didn’t even know how to price in a concept as simple as halving...and you think EIP-1559 and layer 2s are priced in?

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Jason Choi

2 years

Did we get to enjoy the golden years of our youth outdoors free of COVID? No. But did we make lifechanging money gambling on shitcoins? Also no.

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Jason Choi

2 years

28 principles for Web 3 founders. Insights distilled from 100s of conversations & investments in crypto in the past 4 years.

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Jason Choi

3 years

Almost every retail friend I know has sold or is selling, and almost every fund I speak to is bidding, albeit slowly.

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Jason Choi

1 year

Just as the US is cracking down on crypto, Asia is starting to open up. Here's the latest on crypto in Hong Kong:

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Jason Choi

2 years

23/ To do this, FTX increased their marketing. The most dramatic examples: a $135M deal to rename the Miami Heats Stadium, being the second biggest donor to @JoeBiden , and a failed attempt to join @elonmusk 's Twitter bid (happened post recent raise).

@elonmusk

Elon Musk

2 years

@TechEmails Accurate. He set off my bs detector, which is why I did not think he had $3B.

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Jason Choi

3 years

Son: Dad, what happened on the Great Crypto Crash on May 19th, 2021? Dad: It all started in a small town called Bedford...

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@mrjasonchoi

Jason Choi

1 year

Why I think @Ronin_Network makes a comeback this year Disclosure: long $RON Personal view and not any form of advice

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Jason Choi

3 years

An update: here's what major L1 protocols look like if we use TVL as a proxy for usage

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Jason Choi

3 years

Whether you're a founder, investor, trader, operator, developer - most people in crypto get rich by the same thing: owning assets that appreciate in value over time.

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Jason Choi

3 years

Beware of Dunning–Kruger effect. Just because someone "made it" by being early in crypto does not mean they are equipped to opine on cryptography, macroeconomics, politics etc.

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@mrjasonchoi

Jason Choi

2 years

10/ According to my sources, much of Serum was operated by full-time @FTX_Official employees. Some Serum ecosystem projects were made to seen as third party projects but were in fact internally incubated/ operated.

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Jason Choi

3 years

Do not mistake leverage for genius. You hear stories of people brag about making 8-9 figures within a year. They tend to be quiet when they lose it all in 1 day.

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@mrjasonchoi

Jason Choi

6 years

Maybe the real moon was the friends we made along the way.

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Jason Choi

2 years

1/ "Web 3 metaverse" refers to digital virtual worlds, often with some element of user-ownership via tokens or NFTs. Every project we came across fell into one of 3 categories: - Infrastructure - Experience layer (in-world) - Value-add layer (out-world)

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Jason Choi

3 years

I love how anti-credentialism crypto is. Self-aggrandizing bios with Ivy League/ Forbes 30u30/ex-(insert big bank/big Tech) mean fuck all compared to your degen score and github repo A generation of box checkers left wondering how they got out-earned and outsmarted by misfits.

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Jason Choi

2 years

30/ Why would FTX bid for Voyager when it itself is in a cash crunch? This is purely conjecture - but the likely explanation is that FTX was likely bailing out entities with large $FTT holdings to prevent forced selling, as much of its own leverage is backed against $FTT.

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Jason Choi

2 years

16/ By doing this, Alameda creates the illusion of a large + diversified balance sheet, which it could then borrow against to fund directional bets. @FTX_Official also lists swaps contracts for "Sam coins", which means Alameda can short to lock in profits on unvested tokens.

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Jason Choi

2 years

I’m bullish Bitcoin But face the facts 300+ teams we’ve spoken to past 12 months 2 talked about building with Bitcoin FAANG defectors, coding vets, artists, musicians, game devs, Ivy dropouts, quant savants They don’t want to dedicate their lives to making whales richer

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Jason Choi

3 years

Be careful with confusing narratives with traction. The faster unearned value is accrued, the faster it will disappear.

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Jason Choi

2 years

7/ As FTX continued to grow, its appetite for capital seems insatiable. In the midst of the so-called "DeFi Summer", FTX capitalized on the DeFi hype by creating @ProjectSerum , a decentralized exchange on @solana

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@mrjasonchoi

Jason Choi

3 years

Ledger hackers keep messaging me my home address saying they’ll visit Jokes on them I’ve been socially distancing for so long I kinda look forward to it tbh

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Jason Choi

3 years

Saying “most cryptocurrencies are garbage” is almost as insightful as saying “most startups will fail”.

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Jason Choi

3 years

Those who “made it” during this crypto bull run I wish you one more thing that most will never attain: enough.

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@mrjasonchoi

Jason Choi

3 years

Don't avoid volatility. Volatility is the price you pay for outsized, compounded returns.

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Jason Choi

3 years

Crypto is the greatest test for integrity due to the allure of quick money. Don't work with people who fail the test. You may make money in the short term, but you will lose everything else.

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@mrjasonchoi

Jason Choi

4 years

Is yield farming over? Is $YFI dead? A brain dump.

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Jason Choi

3 years

Do not confuse owning with trading. While some get rich by trading, know that you are still renting out your time for money.

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@mrjasonchoi

Jason Choi

2 years

17/ Insiders who questioned the legitimacy of these schemes were personally bullied and threatened by @SBF_FTX into silence. One of many accounts:

@211lp

Ezra | 鼎轩

2 years

My story working under SBF Main points: -Tyranny of SBF -Projects like OXY, MAPS, and LQID were 100% sus and not bussin. Fresh with a business diploma and a horrible GPA, I sent Sam a cold DM on Twitter looking to get *any* job in Crypto.

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Jason Choi

2 years

20/ This is likely how Alameda/FTX incurred the multi-billion dollar hole: Alameda pledging illiquid collateral to borrow money to finance bets, which get margin called as markets went down this year, leading to theft of FTX user funds to put out fires.

@VentureCoinist

Luke Martin

@VentureCoinist

2 years

6/ Last step? Getting too aggressive on the VC side & stealing customer funds to make the payments. Just insane...what a mess.

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Jason Choi

2 years

8/ The raise was conducted in a way to encourage speed and not diligence - the faster investors committed, the lower the price. Below is a screenshot of their fundraising tranches for @ProjectSerum , with some investors getting a 50% higher price for committing a few hours later

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@mrjasonchoi

Jason Choi

3 years

20 Crypto Hot Takes for 2022 + Beyond:

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Jason Choi

2 years

Crypto markets in most fearful state since September, which was followed by a ~60% increase in $ETH price

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@mrjasonchoi

Jason Choi

2 years

Every $ manager who is fully confident that FTX is not going under is also withdrawing their assets for risk management purposes Only way this resolves is if FTX puts out an official statement with full audit

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Jason Choi

3 years

How exactly does Coinbase choose assets to list? Because it certainly has nothing to do with usage or volume. I’ve done this full time for 3 years and I’ve never heard of JASMY

@coinbase

Coinbase 🛡️

3 years

JASMY is launching on & in the iOS & Android apps within the next 15 mins. You may need to update your app to buy, sell, convert, send, receive or store JASMY. We will update when all are fully live.

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Jason Choi

6 years

@BingChen @RobertDowneyJr @Russo_Brothers Turns out the soul stone was inside the audience all along.

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Jason Choi

3 years

What if?

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@Darrenlautf

Darren Lau

3 years

"What if" h/t @ivangbi_

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@mrjasonchoi

Jason Choi

11 months

Clients of HSBC can now buy $BTC and $ETH ETF directly in their mobile banking app 👀 Meaningful step for a bank known to be tight on crypto

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@mrjasonchoi

Jason Choi

2 years

First post on my personal blog. "Web 3 & The Curse of Solutionism" or "How to avoid building bullshit in crypto"

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Web 3 & The Curse of Solutionism

How to avoid building bullshit products in crypto

jasonchoi.substack.com

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@mrjasonchoi

Jason Choi

2 years

Just top of my head from recent books/ podcasts I've consumed. There are so many more examples Crypto has a toxic culture of basing one's self worth on one's net worth. When the money evaporates, it feels like years of work invalidated. It wasn't. You are your enterprise.

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Jason Choi

3 years

IRL NFT exhibition in Hong Kong First crypto-related event in HK I’ve been to where I don’t recognize >80% of the people. This is what going mainstream feels like.

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@mrjasonchoi

Jason Choi

1 year

The year is 2030. We have 5,000 L1s and 15,000 L2s, and a grand total of 3 crypto apps

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@mrjasonchoi

Jason Choi

3 years

They say the real alpha in conferences is in side events where you meet people. Here’s what people were talking to me about at the side events, over cocktails and dinners at Mainnet @MessariCrypto 🧵

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@mrjasonchoi

Jason Choi

3 years

If you're asked to recall one day that defined your life, which day was it and what happened on that day?

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