156 - Investing in Waves with Chris Burniske

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Jan 30, 2023

Chris Burniske, co-founder of Placeholder VC and author of "Crypto-Assets," shares wisdom on navigating the crypto market. He likens investing to surfing, discussing strategies for catching the right 'waves' in both bull and bear markets. Burniske critiques 'trashy' projects from 2022 while sharing his bullish outlook on Solana. He emphasizes the importance of psychological awareness and critical thinking in investing, advising against emotional attachments to investments. Join him for insights that could reshape your approach to crypto investing!

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INSIGHT

Super Cycle as Euphoria

"Super cycle" narratives indicate market euphoria, not strength.
These narratives make bearish conviction easier, not harder, by confirming over-optimism.

ANECDOTE

Faked Out in May 2021

Chris Burniske was faked out by the temporary dip in May 2021.
He learned to observe market behavior like parabolic rises and frantic deal pace, to inform his bearish stance in late 2021.

ADVICE

Legging In and Out

Plan your exits and entries in advance using target multiples of your initial investment.
Take profits incrementally as your investment grows (e.g., take out 2x at 10x, 4x at 20x).

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✨ DEBRIEF | Unpacking the episode: https://shows.banklesshq.com/p/debrief-chris-burniske

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------ Chris Burniske is Co-Founder of Placeholder VC, author of “Crypto-Assets,” and mentor to both David and Ryan. This is Chris’s third appearance on Bankless. He was first on three years ago for episode #20!

Investing in waves. Are we talking about surfing? Are we talking about capital deployment? The answer is yes.

In today’s episode, Chris unpacks why he uses the term “trashy” to describe many 2022 projects (and their founders), why crypto is like surfing and how you catch a good wave, his rules for staying sober during bull and bear markets (hint: don’t fall in love with your coconuts), and finally his bull case for Solana.

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------ Topics Covered

0:00 Intro 6:46 Crypto Assets 12:43 Right 2 Years Later 16:00 Wrong 2 Years Later 19:35 What Makes a Project Trashy 22:12 Psychological Perspective 26:33 Thesis Driven 30:00 Super Cycle Narratives 37:20 Market Timing & Advice (NFA) 47:25 Bull Market Indicators 54:30 Is the Bottom In? 57:53 What Ends the Bear Market? 1:01:17 The Crypto Repeat Story 1:08:00 BTC vs. ETH vs. SOL 1:18:54 The Solana Pitch 1:29:34 How to Approach Solana 1:36:51 Predicting SOL Value Accruel 1:41:35 The Solana Opportunity 1:46:18 Is Crypto a Net Good? 1:52:22 Action Items & Disclaimers

------ Resources:

Chris Burniske https://twitter.com/cburniske

The Ethereum Opportunity https://youtu.be/oG3CUT9kziE

Electric Capital Developer Report https://github.com/electric-capital/developer-reports/blob/master/dev_report_2022.pdf

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures