Joined June 2021
1,280 Photos and videos
Pinned Tweet
14 Feb 2025
OK I'm redoing the substack. This time I'll write it a bit like I would write a textbook on strategy and operations. (except I'll be less obsessive about finding the right references every time since it's just a substack and very much "take it or leave it" kind of advice)
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idk a bit too on the nose if Trump got elected to "drain the swamp" and then he creates an actual swamp this season's writers have no subtlety
This is from a MAGA livestream today. The Reflecting Pool is VERY green and VERY disgusting 🤮🤮 Even on the worst days, I never saw it look this bad before.
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Fun fact: the first billionaire was John D Rockefeller in 1916.
Buy Bitcoin.
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Friendly reminder that we have all been in the permanent underclass forever What does change is the "priesthood"; the fairly-wealthy people who do something the society or its elite consider important (bible studies, legal doctrine, trade, finance, computer science, etc)
I often think about this
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wait Nordic people are aliens now?? cool
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DAVID ZED MORRIS LADIES AND GENTLEMEN BE AFRAID
Four years ago, before SBF's arrest, I wrote a megaviral column concluding that the collapse of #FTX was the result of criminal fraud. Two weeks later, he was arrested. Sam has now exhausted all of his legal options. You're welcome. Buy the book. amazon.com/Stealing-Future-B…
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Guard retweeted
Jun 12
bro, it’s called price discovery
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In light of today’s SpaceX IPO, a story from inside Jane Street on the day of the 2012 Facebook IPO:
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btw, @extendedapp , the revolut team that split off and are building an everything-exchange, literally cannot freeze you
Canary Wharf, London, yesterday - giant ice cubes packed with frozen ÂŁ notes, planted right next to Revolut offices, read: "Your Money. Your Choice." A campaign by @StandWCrypto_UK highlights that banks still freeze accounts and block crypto transfers in 2026. They call it "it's anti-competitive". Image @weareblockchain
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Hyperliquid had $200M TVL before the airdrop. Almost nobody cared. Extended has $200M TVL today. Almost nobody cares. Do you see the pattern? I’m not telling you this 10x happens. I don’t know the TGE. I don’t know the FDV. Nobody does. What I do know: 1.2M points are distributed every single week. Someone is collecting them. That someone isn’t waiting for confirmation. Ex-Revolut. Ex-McKinsey. Ex-Deutsche Bank. $6.5M raised. $100B cumulative volume. $2.6B peak daily volume. And now the game is evolving: Multi-asset collateral coming (wBTC, ETH, USDT, EURC). 25 TradFi markets live and expanding. Institutional-grade trading rails (MPC wallets, sub-accounts, API flow). App-chain sequencing in progress with tokenomics tied to execution and revenue flow. This isn’t a narrative anymore. It’s infrastructure quietly preparing for institutional scale while CT still frames it as “just another perp DEX”. There’s one detail that separates smart farmers from fee donors: Taker fee: 0.05% Hyperliquid: 0.02% If you farm as taker, you’re paying Extended. If you farm as maker, Extended is paying you. One line. All the difference. Most people won’t miss this because they didn’t understand it. They’ll miss it because they waited for certainty. And certainty usually shows up after the opportunity is already priced in. I’m farming the points. The market will decide the valuation later. How many points are you stacking? 👇 NFA. Perps liquidate. Farms fail. Think first.
Extended end of Q1 update [TLDR] - Multi-asset collateral launching soon - TradFi expansion accelerating (>25 markets live, partnership coming, focused on distribution via TradFi brokers) - Becoming more institutional-ready (pricing methodology, trading workflows) - Building decentralised, high-throughput sequencing [Product] The team has completed development of multi-asset collateral margin. It is now in the testing phase on testnet and undergoing smart contract audits. We expect to launch at the end of April or early May, with support for wBTC, ETH, USDT and potentially EURC as collateral, subject to underlying liquidity. In Q1, we also doubled down on our TradFi offering, expanding to 25 equities, indices, FX markets and commodities with competitive liquidity. We are currently finalising an agreement with a major TradFi broker, which will both broaden our offering and help bring in flow. The other priority for the team is making Extended more institutional-friendly across both product and trading: - Improving the definition and transparency of fair reference pricing for TradFi markets, with a consistent and clear methodology: spot-based references for equities and FX, and futures-derived pricing for commodities and energy - Introducing and better communicating institutional-grade features such as MPC wallet workflows, API key-only trading, and our sub-account architecture In addition: - With multi-asset collateral, we have built native spot markets (required to process liquidations of non-USDC balances). These will be released shortly after the cross-asset rollout. - The team is progressing towards decentralising sequencing via an application-specific chain built on a high-throughput implementation of full BFT consensus (targeting ~50ms block times and hundreds of thousands of transactions per second). This architecture introduces an app-chain layered on top of our existing zk-enabled stack, enabling decentralised matching and related services while preserving existing security guarantees. More details and timelines will be shared soon. Importantly, this design enables Extended tokenomics and revenue accrual to the token. [Growth and community] Our strategy remains consistent: - Stay open to feedback - Continuously iterate on the product - Encourage organic usage - Do not do paid marketing or paid deals - Focus on long-term sustainability and value creation Over the past quarter, we have gained stronger conviction that demand for perpetuals is increasing among traditional players, driven by 24/7 trading, higher leverage and deeper liquidity. As a result, we are doubling down on business development with TradFi brokers (fintechs and trading platforms). This is a long-term effort, but we believe it will be a key driver of sustainable growth. We also have several important integrations with trading terminals coming up, both retail and institutional. [Team] Over the past quarter, we hired 3 new team members and are now a team of 14. As we move towards decentralising sequencing, we expect to grow to 18-20 people in the coming months. [Market and exchange metrics] Nothing unexpected: January saw all-time highs across key metrics, followed by a broader market slowdown in February and March. All Extended metrics are public: dune.com/extended/extended From our perspective, short-term market conditions are less important than long-term trends. What matters is that the market we are building in continues to grow and there is room for new players. We strongly believe this is the case: - price discovery for TradFi assets is likely to increasingly shift towards perpetuals. More on this here: x.com/rf_extended/status/203… - DeFi continues to gain share versus CeFi - Regulatory clarity is improving across both the US and Europe
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I’ve wanted to tell this story for years. Never had the courage. Here it is. I turned a presale allocation into $80 million on $OHM. Today I have $500k left. In 2021, I got a presale allocation in OlympusDAO, then aped heavily myself on top of it. The allocation got me in the door. My own conviction made me go all in. Staked everything. Watched it compound daily. By the peak I was sitting on $80 million. Then I started spending like the money printed itself. Private jets to Dubai because commercial felt beneath me. $40k weekends in Monaco. A garage full of cars I drove twice. Watches I never wore. I tipped $5k at dinners just to feel something. Every purchase was a flex for an audience that didn’t care. The casino was worse. High limit rooms in Vegas and Macau. I’d lose $2 million in a night and laugh it off because the portfolio would make it back by morning. Until it didn’t. When $OHM unwound, I didn’t sell. I doubled down. Then I leveraged. 5x, then 10x, trying to trade my way back to the peak. Every liquidation felt like a personal insult, so I’d open a bigger position. I wasn’t trading anymore. I was gambling with a different interface. $80 million became $20 million. $20 million became $4 million. I told myself $4 million was still life changing money. Then I levered that too. $500k. That’s what’s left. Here’s what I learned the expensive way: Unrealized gains are not money. I never had $80 million. I had a number on a screen and the arrogance to believe it was permanent. Getting in early is a gift. I treated it like a skill. The allocation didn’t make me a genius. It made me lucky. I confused the two for three years. Lifestyle inflation is a leak you don’t notice until the ship is underwater. The jets and cars didn’t kill me. The identity did. I became someone who needed to spend to feel like a winner. Leverage doesn’t get you back to even. It gets you to zero faster. Revenge trading is just grief with a chart open. Nobody at the table in Monaco remembers my name. I’ve carried this story alone for years. Too embarrassed to say it out loud. But $500k is more than most people will ever hold at once, and I’m done pretending the past didn’t happen. The next decade is about building slow and keeping what I make. If you’re up big right now, screenshot this. You’ll need it.
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Besides allowing users to trade with ETH, wBTC and USDT as margin, multi-asset collateral on @extendedapp also unlocks simple cash-and-carry strategies: long spot, short perp and gain exposure to funding payments. As always, returns depend on funding rates, which are variable and change over time.
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These perp dex valuations are quite interesting when you realize Extended has the largest treasury ready for bbs
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West Ham
Jun 9
Replying to @m4rio_eth
mate i found it by hand in 2022 and even tricked bloomberg to write about it x.com/banteg/status/15970307…
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...good god
Jun 9
$175m sounds a lot until you realise this is only 1.23x berachain's total raise
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I can't wait for that one *to end*
Can’t wait for this one
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Most honest work done in the Valley
Escorts are charging as much as $6k per hour thanks to Silicon Valley's AI boom trib.al/EY38Nuz
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I've never done German UHNW personal wealth / corporate tax advisory work, but this certainly looks like it gets the gist of it right I see this tax structure slop all the time for jurisdictions I know something about and it is *routinely*, *disastrously* wrong on basic issues
If you fall for this "Germany wanted 55 percent so I moved to Paraguay and now I pay zero" shit you deserve the Betriebsprüfung that is coming for you No one who has actually structured real wealth talks about it this way No one running a real Familienstiftung is posting about it No one with a serious Steuerberater is announcing the structure on Twitter The entire post is slop I am not a tax advisor (so take my words with cautions and maybe @bowtiedbrazil can call out when I say something wrong) I have one and I pay him well What I am is someone who has actually insights of real German structures and hear a lot stuff of people get destroyed for exactly the kind of advice this post is selling So let me walk through why everything in it is wrong Start with the math 1.2 million euro revenue is not 1.2 million euro of personal tax exposure The founder pays Körperschaftsteuer plus Gewerbesteuer plus Solidaritätszuschlag at the company level which lands around 30 percent on profit not revenue He then pays personal income tax only on what he actually distributes to himself If he was paying 660 thousand euro of personal tax on this business he was either drawing the entire revenue as salary which no German founder does because the structure is moronic, or you do not understand the difference between revenue and taxable income Either way the 55 percent number is the kind of figure that sounds correct to people who have never seen a German tax return Anyone who has actually run a GmbH knows the effective combined rate on retained earnings is closer to 30 percent and on distributed dividends is closer to 47 percent after Teileinkünfteverfahren The 55 percent on 1.2 million headline is the first tell that the author is selling a fantasy to people who do not know the numbers Now to the structure US LLC for operations The German Finanzamt does not care that the LLC is in Delaware If the founder is tax resident in Germany the LLC profits are attributed back to him under the Außensteuergesetz Hinzurechnungsbesteuerung if the LLC is passive If the LLC is active and he is managing it from Germany he has just created a German tax-resident permanent establishment for the LLC because management substance follows the founder He has not avoided German tax He has created an additional German tax filing obligation in a foreign legal wrapper Panama company for IP holding Panama is on every relevant grey list and several black lists depending on the year Royalty payments from a German operating entity to a Panamanian IP holding company trigger automatic disallowance of the deduction under the Lizenzschranke since 2018 The German tax code specifically targets exactly this structure The author either does not know the Lizenzschranke exists or is hoping the reader does not Panama foundation for asset protection Panamanian foundations are reportable under CRS Germany has full information exchange with Panama since 2018 The Finanzamt sees the foundation the same year it is created Asset protection through a Panamanian foundation while remaining tax resident in Germany is reportable as a controlled foreign structure under paragraph 138 AO Failure to report is a separate criminal offense beyond the underlying tax fraud Paraguay tax residency This is where the fantasy completely falls apart You do not become a non-resident of Germany by filing paperwork in Paraguay You become a non-resident of Germany by physically leaving Germany and severing your center of life That means giving up your German apartment, deregistering at the Einwohnermeldeamt, moving your family if you have one, moving your bank accounts, moving your phone number, moving the operational substance of the business, and spending fewer than 183 days per year in Germany A founder running a 1.2 million euro German ecommerce business is generating revenue from German customers, fulfilling from German warehouses or German fulfillment partners, advertising on German platforms, and dealing with German suppliers His center of life and the business's center of management are both in Germany regardless of what stamp Paraguay put in his passport The German Finanzamt does not recognize a paper residency in Paraguay when the actual life and business operations remain in Germany This is called Scheinwohnsitz and it is the most common attack vector the Finanzamt uses on people who try exactly this structure The penalty is back taxes plus interest plus a fine plus potential criminal liability under paragraph 370 AO for Steuerhinterziehung The author claims the tax bill went from 660 thousand to zero What actually happens when this structure gets reviewed and it will get reviewed because the German Finanzamt has been specifically targeting this exact pattern for the last six years The founder gets a Betriebsprüfung The Betriebsprüfung discovers that the German operating substance never left Germany The Finanzamt reassesses six years of back taxes at full German rates They add Hinterziehungszinsen at 6 percent per year on the unpaid amount They add a fine that scales with the severity of the evasion They refer the case to the Staatsanwaltschaft for criminal proceedings The founder is now paying 660 thousand euro of original tax plus six years of interest plus penalties plus criminal defense costs and potentially serving a sentence The accountant the author claims called him to ask how the structure works did not call him The accountant in the story is a fictional device Real German Steuerberater do not call random Twitter accounts to ask how someone evaded 660 thousand euro of tax Real German Steuerberater would refuse to sign the books for a structure like this because they would lose their license under paragraph 70 StBerG for participating in obvious tax evasion The author then claims he sent the accountant an invoice This is the giveaway The entire post is a lead gen funnel for the author's own services He is selling the dream of zero tax to founders who do not know enough to recognize that the structure he is describing is textbook Steuerhinterziehung wrapped in legitimate sounding entity names The people who buy his service get the structure The structure gets discovered within 3-5 years through CRS reporting or a Betriebsprüfung The customer becomes the defendant The author moves to the next country and posts the same thread with different entity names This is the exact pattern that played out with hundreds of German YouTubers and dropshippers who set up Dubai entities in 2019-2021 and are now in active proceedings with the Finanzamt for back taxes plus criminal charges The Cum Ex prosecutions taught the Finanzamt that aggressive structures can yield criminal convictions They are no longer settling these cases quietly They are prosecuting them as Steuerhinterziehung in besonders schwerem Fall which carries up to 10 years imprisonment The author of this post is offering a fast track to that prosecution and charging the founder for the privilege You can only legally pay less tax than your peers if you understand the German tax code at a depth most accountants do not reach A real understanding of Außensteuergesetz, Lizenzschranke, paragraph 138 AO disclosure requirements, the Erbersatzsteuer cycle on Familienstiftungen, the 95 percent exemption inside a Holding GmbH That is the definition of structural intelligence in this domain Achieved only by going deep on the actual legal code and grasping it from first principles so you can build structures that survive a 6 year Betriebsprüfung and three generations of family succession There is nothing admirable about a guy claiming he reduced 660 thousand euro of tax to zero by stamping his passport in Paraguay People posting this nonsense are either dishonest and making the structure sound effortless so you will like them and buy whatever consultation package they are selling because the product cannot move without manipulating your perception of them Or they are genuinely operating this structure and will be in active proceedings with the Finanzamt within five years which means they have not actually achieved anything that should warrant your attention Either way you lose if you take the bait
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you know, I had already almost forgotten Chris Blec
Jun 9
humanity hacker sent an onchain message to chris blec: "i was stressing out about needing to social engineer four different devs across three different timezones. then you drop a revelation that it's actually just one guy with six signer keys in his metamask. thank you king."
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[DOOMER] CLAUDE OPUS 4.8 DISCOVERS LONG-RUNNING ETHEREUM EXPLOIT CAUSING LOSSES FOR USERS WHO CONTINUE TO HOLD THE ASSET FROM 2021: FORTUNE
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many such cases; check your house for mold
apologies for the erratic health issues and continual exhaustion i’ve been suffering from over the past few months my friends… i deep-cleaned my closet for the first time since january and found this had somehow grown all over the wall behind my storage cubes
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