GC, @Ethena_Labs | Principal, Rosehill Legal | Not your lawyer, unless I am | Tweets are not legal advice
Joined December 2017
- Tweets 17,097
- Following 654
- Followers 9,766
- Likes 30,622
2,363 Photos and videos
Jun 10
Most people don't want to hear there is no magic to it. Find what works for you and do it, consistently. It's unbelievably simple.
Simple doesn't mean easy, though. Few things worth doing are.
Jun 9
Unfortunately, Building muscle really is this simple.
The whole ‘lift 3x a week, 10k steps a day, eat a real food diet, get sunlight, sleep 7 hours, stay hydrated, and be consistent’ thing actually works.
The fitness industry just doesn’t want you to believe it’s that simple.
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Jun 10
Reflexivity on the way up will be especially vicious on the way down.
I don't love the impact gacha platforms have on collectibles. This is not price discovery, it's artificial inflation driven by gambling.
It will be a net negative for collectibles in the mid to long term.
Jun 9
lmao, have been watching one piece tcg grails on ebay go absolutely fucking mental the last week.
literally everything is up, especially the mid tier cards from around $2-5k and was trying to figure out what the catalyst has been and then i remembered this post from the collector crypt discord announcments which coincidentally was posted a week ago.
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Jun 9
Tried everything else, only one option left to end the bear market
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Jun 9
Smoked to 110 internal, forgot my son has a party for his soccer team so will be finishing this on the grill later
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Zach Rosenberg (🥩,🥩) retweeted
I disagree strongly with Max on this.
I think it's far funnier.
I think IL *did*, in fact, just subject all bank transfers (incl. moving your own money between a checking and savings account), securities transactions, and more to a 0.2% tax.
The language is: “Digital asset” means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not fiat currency, whether or not denominated in fiat currency.
Bank deposits are not fiat, and all banking is digital. Banks are explicitly NOT issuers of US currency nor are they performing transactions in physical money. They are very definitely a digital representation of value that is used as a medium of exchange, and they are not fiat currency themselves, though they are denominated in it.
So, Max, this does capture all electronic money, because the drafters don't understand banks are private money, just like stablecoins, not literally issuers of US currency themselves.
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Jun 2
Periodic reminder that Gary Gensler is not a lawyer.
Jun 2
Gary Gensler said the law was clear–“virtually every crypto asset is a security”–and drove the crypto industry offshore. Now, he says the law is clear–“event contracts are not derivatives”–and seeks to push the prediction markets offshore. He has a poor track record reading the law.
Event contracts, whether on sports, politics, or any commodity, are within the @CFTC’s remit. We’ll regulate these markets accordingly.
📺 More this morning on @SquawkCNBC 👇
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Zach Rosenberg (🥩,🥩) retweeted
Jun 2
Excited to partner with Coinbase for the first time to support their dollar savings products. The upcoming integration next week will be the first time Ethena products are available for their 100m user base.
Given the evolving nature of the Clarity Act, we expect further potential tailwinds for onchain native products like USDe from idle balances on exchanges, and Ethena is well positioned to support this transition.
Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m userbase, with the first growth initiative launching next week.
Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.
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Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m userbase, with the first growth initiative launching next week.
Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.
Coinbase Ventures is proud to back @Ethena through an open market purchase of ENA.
Ethena is a critical player in onchain finance, and we are excited for the closer partnership with Coinbase and USDC.
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Zach Rosenberg (🥩,🥩) retweeted
May 26
Calling all crypto lawyers (and the crypto-curious.)
We're 1 week out from PLI's annual full-day crypto program on June 3rd. A lot has changed this year, and this is the room you'll want to hear it from.... 🧵
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May 20
Shoutout to those who only knew me as "Meat" for years while I was pseudonymous. Some of my oldest friends in the industry and first batch of clients when I went out on my own.
discord friendships be weird as hell because you’ll be friends with someone called “loaf” for 5 years and still not know their real name
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May 11
Few riffing thoughts on these points:
1) 35% retention of rips maps about 10% under the typical ~25% "win" rate for most of these platforms - i.e., for Gachas and claws, you'll "lose" by pulling a card worth less than the cost 75-80% of the time. Would make sense that people will immediately cut losses for the most part to recoup some cost, maybe keeping cards close to the rip cost in the hopes of appreciation to fully cover it. It's also true that you'd expect many people who "win" to sell pretty quickly to lock in the gain, but speculators love to hold winners to see if they win harder, so it feels difficult to generalize observations here.
2) Really depends on the consumer. In many cases, yes, I would consider it gambling. Most dealers in the industry won't rip wax for prop purposes and instead sell break spots or hold sealed to sell to speculators later. The chances of ROI on sealed are quite low. Most people who buy to rip are gambling, some are doing it to collect - but most collectors nowadays simply just buy the cards they want because it's more cost effective.
My view generally on these: x.com/MeatEsq/status/2052034…
3) Agree. Being able to buy and sell tokens with minimal friction is a great use case and I'd love to see this take off more. There are non-blockchain-related platforms doing this now using vaults and accounts (e.g., COMC, which has done this for years) but those haven't reached massive scale for one reason or another. Platforms with smartphone apps will have the edge here.
I will say it's somewhat difficult to cover counterfeiting unless and until there is some implementation at the authenticator/grader level so that you have the entire provenance chain and/or there is a universal authentication standard that is interoperable across these markets.
4) As it stands, existing platforms are not serious competitors to eBay and Goldin. This is especially true as collectors can now buy and sell without ever handling the cards. Users can send purchases from either to their PSA or other vaults, and can then list the item for sale directly on eBay, or send the items to Goldin, Heritage, or wherever else directly. The more vertically integrated the legacy players become, the harder it will be to compete. Blockchain use cases need to provide a true differentiator.
May 11
Claiming that Gacha platforms are nothing but repackaged gambling is wrong.
I get why you’d think that. I had the same feeling in the beginning too. But when I understood it actually wasn’t, that was the moment I tripled down on liquid $CARDS and doubled down on @Beezie privately.
1) Onchain user behavior tells the opposite story, see @Blockworks data attached. If everyone was just using these platforms for the gamble, the percentage of users keeping their cards should be close to 0%. Instead, it’s around 35% for Collector, and private Beezie data I’ve reviewed suggests it’s even higher. This clearly shows there are real collectors on these platforms chasing specific cards they actually want to keep. The other 65% are likely just lower tier cards nobody wants.
2) Gachas and claws are essentially nothing but the digital, higher priced version of physical packs. Would you say opening physical packs is gambling? While it obviously gives you those dopamine hits, most people wouldn’t consider it gambling but rather gamification. The same applies to platforms like Collector and Beezie. Collectors want to collect, and they want to have fun doing it. The numbers speak for themselves on how much fun they’re having.
3) Thinking beyond their digital pack experiences, the tokenization infrastructure of these platforms and their marketplaces are the perfect example of how blockchain rails can disrupt traditional markets and improve them by one to two orders of magnitude. Every collector knows the pain of high fees, slow shipping, unnecessary customs taxes, painful counterfeiting and a market that is clearly limited by borders and global inaccessibility. Onchain alternatives solve all of this.
4) The only reason onchain alternatives haven’t replaced their broken competitors like eBay and Goldin yet is distribution and liquidity. As we all know, this takes time, and the Gacha and claw mechanic is the perfect catalyst to accelerate the migration of card supply onchain. This will create a reflexive positive feedback loop: as more supply moves onchain, traditional collectors will eventually be forced to follow, simply because that’s where the better selection and better deals will be.
Could talk about this all day, but I think the message is clear. Don’t be the midcurver putting onchain collectible platforms in the wrong bucket just because you feel like the train has already left the station.
It hasn’t. Not even close.
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May 6
Primary observation from the onchain TCG rush in progress right now is it's startlingly similar to the NFT cycle in so many ways.
It's not about owning or trading the cards themselves, per se. It's the Gachas, pack rips, and similar - the thrill of "minting" / ripping wax, but onchain. It's not necessarily the outcome people are buying, but the experience.
I don't know that most actually care what it is they're ripping. It's fun, it's a gamble, and it's dopamine. The subsequent trading volume is probably largely driven by users selling their rips, whether at a gain or loss.
In that business, you will almost never ROI on a rip, and certainly won't over time. It's also not something that creates a sustainable or healthy market for the underlying in the long term.
As a lover of cardboard, it's fun that these onchain use cases are driving tons of interest (and value) to the market, but would love to see less gamification focus and more building towards platforms actual hobbyists are drawn to.
May 5
Summary of TCG projects on web3 (IMO)
1. @Collector_Crypt - No.1 in on-chain volume and revenue. Runs on Solana. Already has a token, price has pumped more than 4x from the bottom. (Team said they will use profits to buy back the token, but haven’t executed yet.)
2. @phygitals – No.2 on-chain, runs on Solana. Has a points system, focuses on opening grail packs. Suitable for high-capital players. Cheap packs are quite hard to profit from, based on my experience.
3. @renaissxyz – Runs on BNB Chain. Has a Badge system and limited packs with very high profit potential (probably the highest among all projects I’ve tried).
Token is confirmed. CEO is very hardworking. I’m very bullish.
4. @ripdotfun – Runs on Base. Has a points system, and the Base ecosystem seems to support it.
Also appears to have some form of partnership with Phygitals.
5. @gacha_game_ – Runs on Abstract. Has a points system. Team is from Sosleek, and I’m quite confident they have strong funding and connections.
6. @shinylabs – Runs on Abstract. Has a points system. Seems like the Abstract team is supporting it.
7. @packflipNFT – Runs on Sonerium. No comment.
8. @onemoarchance – Recently raised $3.2M, backed by Arbitrum. Still in beta, not much to do yet, but has a points system and quests.
9. @Rosentica – Not directly building a TCG machine, but will launch a game called One Arena, where various on-chain cards can be used in gameplay. Likely coming soon.
10. @reverse_tcg – On Monad, supported by the Monad team. From my research, possibly the same team as Lootgo. They mentioned being based in Japan and are preparing to launch a beta app soon.
11. @Slabzapp – Initially allowed free card competitions, but now shifted to earning points from opening cards to compete for cards instead. Not sure who is behind the team, I couldn’t find information.
12. @pulldotfun – Supported by @BasedOneX . Has a points system and confirmed token distribution for those who stake Based and their users
Currently in beta. I got a waitlist spot but couldn’t access it for some reason.
If anyone knows other projects I didn’t mention, feel free to share
p.s. I didn't count Courtyard 😁
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May 6
Journalist Discovers Corporate Structuring
story at 11
May 5
We looked into Polymarket's presence in Panama, obtained its government paperwork and visited its headquarters in Panama City.
There was no sign of Polymarket. Nobody had heard of Polymarket there.
After more digging, we found that more than a dozen other crypto companies were not just incorporated there but also claim the address as their HQ.
Turns out, SBF even did business with the the office listed as Polymarket's HQ, which is a law firm that ignored all of our requests for comment.
npr.org/2026/05/05/nx-s1-580…
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Apr 29
We're at a point in this saga where the only rational explanation left for the lottery existing at all is the NBA needing a lever to direct where future stars land
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Zach Rosenberg (🥩,🥩) retweeted
Apr 25
In the 1st pic, KD & Steph were in high school. LeBron's head coach was in college. SGA was 8 years old. Cooper Flagg wasn't even born.
LeBron averaged 31-7-7 for a 50 win team with Zydrunas Ilgauskas, Drew Gooden & Donyell Marshall as his 3 best teammates. Was MVP runner-up & 1 game from the Conference Finals.
Nobody else compares.
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