Ani ty nejpochybnější projekty vám nikdy neřeknou, odkud pochází výnos. Vy jste výnos

stačí použít @cove_fi h/t @lemiscate

Neobtěžuj ho, je neverbální rn, zamčený v tf.

Pokračoval Galaxy Brains pod w @intangiblecoins brzy 👀 klesne

Vzhledem k tomu, jak hluboce technicky je mnoho nápadů v kryptoměnách, lze provést jen málo pivotingu a místo toho je nejlepší cestou pro většinu tlačit vpřed, ale to vytváří řetězce a produkty, které jsou prostě DOA. To se zásadně liší od tradičních startupů.

Odsouzení Storma je v "hlavním městě kryptoměn světa" nepřijatelné. Zde jsou nezbytné kroky k nápravě této chyby a ochraně vývojářů softwaru: 1) Ministerstvo spravedlnosti musí akceptovat odmítnutí poroty odsoudit za praní špinavých peněz a sankce a nesmí případ znovu projednávat 2) Ministerstvo spravedlnosti musí zamítnout obvinění podle § 1960, jinak musí být Roman omilostněn 3) Kongres musí změnit oddíl 1960 tak, aby bylo jasné, že převod peněz vyžaduje kontrolu finančních prostředků a nevztahuje se na vývojáře softwaru, který není v úschově Neexistuje větší hrozba pro kryptoměny než pomýlená válka ministerstva spravedlnosti proti vývojářům, která začala za Bidena a musí skončit za Trumpa. Tato bitva může být prohraná, ale válka bude vyhrána.

.@elonmusk: "X je místo, kam lidé chodí DĚLAT oznámení..."

Pro nejlepší onchain chady Wintermute Alpha Challenge 2025 ⛓️ Registrace jsou nyní otevřeny:

Často znovu čtu osobní webové stránky @natfriedman (bývalý generální ředitel Githubu)

"The Flat Earth Theory of Crypto": Evgeny Gaevoy on Market Myths, Trading Truths, and Mars In this episode of When Shift Happens, I sit down with Evgeny Gaevoy, founder and CEO of @wintermute_t, to unpack some of the most persistent myths in crypto, from market manipulation to token pricing conspiracies. We also trace his journey growing up in 1990s Russia, building one of the largest algorithmic trading firms in the space, and his ultimate dream: colonising Mars. From Soviet Roots to Crypto @EvgenyGaevoy's story begins in post-Soviet Russia, a time he describes as chaotic yet filled with opportunity. “It was kind of like crypto,” he says. “Very free, but also very risky. You could make it, but you could also die.” That contrast shaped his drive: first into high-frequency trading at Optiver, then a pivot into crypto after disillusionment with the legacy system. Interestingly, Evgeny never planned to return to trading. After leaving Optiver in 2017, he applied to consulting jobs, even reaching the final round at McKinsey. But the rigid storytelling and performative polish of that world didn’t sit right. “You spend like hours and hours preparing to like give this perfect answer. At some point, you lose track of what you came up with, and what actually happened in the past, and that was kind of scary… I didn't enjoy lying and making things up” Crypto, as chaotic, transparent, and unforgiving as it was, felt exactly right. Winning, Leaderboards, and the Game of Business Evgeny sees business as a game, and he’s playing to win. “I don’t care about having a billion dollars. I care about being on top of a leaderboard. And once I get there, I just shift the leaderboard to include someone better, so I can compete again.” But it’s not a game without rules. “There are easy ways and hard ways to make money in crypto,” he says. “We’ve chosen the harder, long-term path almost every time.” That’s because Wintermute plays what is called “long-term greedy.” It’s not about making a quick 30% on a token; it’s about building relationships, reputation, and recurring business over the years. Market Making, Explained Simply One of the clearest parts of the conversation is Evgeny’s analogy for market making. Think of it like a currency exchange kiosk: the price you pay to buy a currency is slightly higher than the price you’d receive if you were selling it. That difference, known as the spread, is where the profit lies for the kiosk. Wintermute applies the same principle, but programmatically and across every major crypto exchange, executing thousands of these transactions at scale. At the core of their trading strategy is a delta-neutral approach, meaning they aim to avoid directional exposure to price moves. If they buy a token on one exchange, e.g, Binance, they immediately look for an opportunity to sell it on another platform, such as Coinbase or Uniswap, to stay hedged. The goal is to capture small, low-risk gains repeatedly throughout the day while keeping overall exposure to market volatility close to zero. The Market Manipulation Myth Evgeny doesn’t hold back when addressing crypto’s most persistent conspiracy theory — that firms like Wintermute deliberately crash markets to liquidate retail traders. He calls it a “flat-earth level” misunderstanding of how market making works. At the heart of this myth is a failure to grasp basic risk-reward dynamics. Evgeny explains that shorting low-liquidity altcoins (the type often at the centre of liquidation rumours) is one of the most dangerous positions a trading firm can take. The upside is capped: if the asset goes to zero, the most you can gain is 100%. But the downside is virtually unlimited. Illiquid tokens can spike 10x or 100x in a matter of hours, leaving short positions exposed to catastrophic losses. “No serious firm,” he emphasises, “would ever build a strategy around such an asymmetric risk profile.” Beyond the math, it’s also bad business. Retail traders, often accused of being the target of such manipulation, are actually the most valuable counterparties for market makers. Their activity provides the kind of consistent, uninformed flow that makes trading profitable. The real challenge isn’t retail at all. Instead, according to Evgeny, “It’s other market makers and informed funds who can move markets. That’s where we get run over.” Inside Token Launches: The Anatomy of Price Discovery Wintermute often helps protocols launch their tokens, a process that’s frequently criticised for sudden price spikes or artificially inflated valuations. But Evgeny walks through the mechanics with striking transparency. Typically, a project provides a loan to multiple market makers, who deposit portions of that loan across different exchanges ahead of the launch. From there, market makers begin showing bids and offers to enable trading, but predicting the correct price is far from straightforward. Evgeny explains that they look at comparable protocols, previous funding rounds, and pre-launch market signals to estimate fair value. “We try to do as much comparative analysis as possible… but ultimately we don't know,” he says. “And if we're wrong in this estimation, we'll again get run over.” The goal, according to Evgeny, isn’t to pump or dump but to ensure markets function smoothly. If Wintermute believes a token is significantly overvalued, they may sell into that market. But this, he argues, isn’t manipulation; it’s part of efficient price discovery. “We’re making markets more efficient because the prices go to the more natural equilibrium state.” What some interpret as malicious, he views as a necessary corrective to irrational valuations. Wash Trading, Fake Volume, and Transparency On the topic of fake volume and wash trading, Evgeny is both realistic and cautious. “It’s still a huge problem, especially in DeFi. You have protocols creating fake volume using bots trading against themselves in low-fee pools.” His advice to retail users? “Stick to major venues. If some random exchange shows 10x the volume of Binance, it’s wash trading, full stop.” Wintermute, for its part, avoids these practices, partly out of principle, and partly out of self-preservation. “We want to stay in business. Long-term trust matters more than short-term games.” Venture Capital, Conflicts, and Playing Clean Wintermute goes beyond being a trading firm into owning a venture arm. But Evgeny is clear about keeping walls between the two. “Our investment team is totally separate from trading. They invest for 10x returns, not market access.” He criticises firms that demand both VC allocations and market-making deals in tandem. “It creates massive conflicts. We’ve worked hard to avoid that.” Still, he admits the potential for abuse exists, and regulation hasn’t fully caught up. For now, much of crypto still runs on self-policing and community trust. Why Evgeny Would Die Happy on Mars In a rare personal moment, Evgeny reveals his dream: to colonise Mars. “If I could get a one-way ticket to Mars tomorrow, I’d take it. That would be the crowning achievement of my life.” He buttresses it by saying, “There are very few things that truly move humanity forward. Colonising another planet is one of them. That’s what I’d spend my fortune on, if I could.” Final Thoughts Evgeny Gaevoy’s voice in crypto is unusually down-to-earth while remaining sharp, competitive, and brutally honest. Whether you agree with him or not, it’s hard to dismiss his depth of understanding and long-term vision. Wintermute might be misunderstood on crypto Twitter, but in this conversation, Gaevoy makes a strong case for what fair market making actually looks like, and why playing the long game still matters in an industry obsessed with short-term moves. “Everyone likes to be liked,” he says. “But what matters is who trusts you. And for us, that’s the builders. That’s who we care about.” 👉If you enjoyed reading the summary, head over to When Shift Happens on YouTube or your favourite podcast platform to access the full convo.