Jose Macedo of Delphi Digital and Ari Paul of BlockTower Capital talk about why a crypto asset can have wildly different prices in the public and private markets, and how they try to figure out what it’s really worth.
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The problem of low float, high fully diluted valuation (FDV) coins is one that is frequently discussed in crypto. But there’s another wrinkle: investors need to understand the unrealized gains of these coins to really understand the price.
In this episode, Jose Macedo of Delphi Digital and Ari Paul of BlockTower Capital explain the various metrics that reveal what a coin is really worth, why a wave of token unlocks that will be hitting the crypto markets in the next few years are not bullish, and whether there is a better way to design token unlocks for teams and insiders.
Plus, they cover whether venture capitalists are extractive to crypto, whether these games with circulating supply and FDV have caused investors to turn to memecoins, and why they believe the ICO era was better for retail investors.
Show highlights:
- Why upcoming token unlocks are creating market jitters
- How the ratio of unrealized gains to market cap influences token price movements
- How some token projects manipulate their reported circulating supply
- Whether and how everyday investors can uncover the truth about token projects
- What secondary market trading says about the potential impact of upcoming token unlocks
- Why Jose believes that the current token launch strategy, despite its flaws, is still favored by insiders and unlikely to change soon
- Why some projects favor decisions that are more likely to result in short-term gains over long-term success
- Why Jose believes that simple time-based token unlocks often work better than complex metrics, and how projects can balance funding with realistic success metrics
- Why Ari believes the SEC's investigations into VCs for acting as securities dealers might be justified, and how these practices resemble pump-and-dump schemes
- With numerous token unlocks looming, why the outlook is bearish for many projects, and what challenges they face in mitigating potential sell-offs
- Why many crypto investors might end up holding the bag in the current cycle, despite plans to sell early and avoid losses
- What the future role of VCs is in crypto, and how the influx of token unlocks and the rise of memecoins could shape the bull cycle
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