entrepreneur & angel investor | previously @crownyio @solana @tokenbridgeapp
Time to grow
Joined August 2019
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Quincy retweeted
Once you sustain $5-10m net worth, you've made it. Almost. Rich enough to be comfortable, poor enough for one bad bet to send you back. Here's what actually changes at this tier, and how to get to $25m π
-Self-funding, barely. A 3% draw on $7.5m is $225k/yr pre-tax, ~$150k after. You can quit but probably shouldn't. Earned income is still the cheapest capital you'll ever get plus itβs more reliable.β¨-Risk capacity is real but finite. A venture bet going to zero is a bad year. Size so the worst case costs you a year or two, not a tier demotion.β¨-Borrow, carefully. SBLOCs work here, just at worse spreads than the private bank crowd gets. Keep LTV under 20% so a drawdown doesnβt become a margin call.β¨-Skip the fancy structures. Estate exemption is $15m per person. You don't have an estate tax problem, you have an income tax problem. QSBS, solo 401k, tax-loss harvesting, no state tax residency or Puerto Rico if extreme/mobile. Boring, cheap, compounding.β¨-Claude Max is 0.03% of your net worth. Fading the singularity at this tier is a choice.
How to get to the next tier: π
Once you sustain above $25m net worth, a lot changes:
-Self-funding at a conservative withdrawal rate. A 3% draw is $750k/yr pre-tax, and still about $450k after 40% tax. You never have to sell illiquid/venture positions at the bottom.
-Risk capacity. Girthy or illiquid bets that could go to zero become sizing questions rather than survival questions
-Borrowing > selling. Securities-backed credit at private-bank spreads pays for life and new deals while gains stay deferred. If you hold until death, the basis step-up erases those gains ("buy, borrow, die")
-Structures that pay for themselves. PPLI, exchange funds, CRTs and dynasty trusts carry fixed setup and administration costs that are only worth it around this level
-afford Claude Max/ChatGPT Pro with no sweat. Not stuck being a Luddite fading the singularity for 4 straight years
Lmk if any other questions π
Quincy retweeted
most people might not realize it, but this is going to be the most secure and user friendly way to hold ANY asset in self-custody, including bitcoin
number 8 is coming soon:
decentralized mpc with @ikadotxyz + multisig policy on @solana + open source diy airgapped hardware wallet called [redacted]
Quincy retweeted
cool story
fun fact, dWallets on @ikadotxyz can sign ecdsa signatures on the secp256r1 curve, so you can enforce policies in a decentralized way without losing self-custody of the keys!
HOLY SHIT.
For crypto, this is one of the most insane posts of the year, but I'm guessing most people don't understand it.
Let me explain...
Bitcoin's accounts, and subsequently Ethereum's (and therefore every other EVM chain's), are built on a specific elliptic curve called secp256k1.
secp256k1 is a different elliptic curve from the one used across nearly every modern hardware device, including iPhones.
Modern devices mostly use a different curve called secp256r1, which is usually referred to as P-256 - one of the curves investigated in the article.
This mismatch has made it sooo difficult in the past to integrate crypto accounts natively into the security systems of modern hardware.
For example, Apple's Secure Enclave natively supports P-256, not secp256k1.
This has prevented crypto accounts from being able to use the same hardware protection as things like Apple Pay.
Same goes for the web with passkeys - WebAuthn uses P-256 signatures, which means Ethereum accounts using secp256k1 can't use them natively either.
But why did Satoshi do this?
The main theory for choosing secp256k1 was distrust of the P-256 curve - i.e. he thought there was an NSA backdoor.
A "backdoor" here basically means a secret, intentional weakness in the curve that would allow the NSA to exploit it and access private keys.
This was because P-256 was created with involvement from the NSA...
And the NSA provided a mysterious "seed" used to generate one of the curve's parameters without explaining where that seed came from.
This eventually transformed into a ~25-year-old mystery with a 5-figure reward for finding where this seed came from.
Claude figured it out in less than 30 mins.
And the best part is its internal thinking was: "Hmm wait... is it suspicious that such an obvious thing wasnβt discovered in 25 years?"
The solution was stupidly simple - just the time the curve was created, put into a specific random number generator function.
This doesn't 100% prove there's no backdoor yet, but it provides strong evidence that this seed wasn't secretly engineered by the NSA.
And Claude did this with "just a simple prompt" in under 30 minutes.
Quincy retweeted
number 8 is coming soon:
decentralized mpc with @ikadotxyz + multisig policy on @solana + open source diy airgapped hardware wallet called [redacted]
Ranking crypto security setups, weakest β strongest:
1. Hot wallets (Phantom, MetaMask)
2. Exchanges
3. Hardware wallets (Ledger, Trezor)
4. Dedicated crypto phones
5. Wallet cards (Tangem)
6. Air-gapped wallets
7. Hardware-backed multisig
My rule: hot wallet for daily use, hardware for savings, multisig for big bags. Setup matters more than the devices. DYOR. NFA
Quincy retweeted
these are my fav moments because 90% of CT defaults to panic vs thought
which is your edge
- this is on a bridge to near, it is not near itself
- 3M is tiny for a bridge exploit + was made whole & patched in only 1h
- if vulns were everlasting, then ETH & BTC would be 0 td
Earlier today NEAR Intents services were stopped after a security incident was detected. The incident was caused by a bug in the Omni deposit and withdrawal infrastructure interaction with NEAR Intents smart contract.
The preliminary report indicates the total loss of approximately $3.8M. These funds will be compensated in full.
The contract-side vulnerability has been patched. The operations of the NEAR Intents and near(.)com are expected to resume within 1h.
Deposits and withdrawals on the following networks will remain unavailable for an additional ~12 hours while fixes to the Omni infrastructure are completed: BSC, Polygon, TON, Optimism, Avalanche, Stellar, Monad, LayerX, Adi, Scroll and Plasma.
In case users hold any assets from these chains inside NEAR Intents (for example, in HOT wallet or on near(.)com), they will be able to swap them into other assets once NEAR Intents is back up (in ~1h).
The incident has been reported to law enforcement, and we are working with security and blockchain analytics partners to trace the funds and pursue recovery. A detailed report will be shared publicly in the following days.
Quincy retweeted
The Bitwise NEAR ETF ($NRR), the first spot $NEAR ETP in the US, is now trading on NYSE Arca.
It gives institutions straightforward access to the protocol powering universal markets, the privacy renaissance, and user-owned AI.
The future is NEAR.
Introducing $NRRβthe Bitwise NEAR ETFβgiving investors exposure to the emerging agentic economy.
$NRR is the first spot $NEAR ETP in the U.S. and offers in-house staking to maximize NEAR's ~5% staking rewards.*
Why @NEARprotocol?
β³ Built at the intersection of AI x crypto by foundational AI researchers: The team helped shape modern AI, and now they're building its transaction layer.
β³ Growing quickly: NEAR Intents has processed $32B+ in volume, up from under $1B a year ago.
β³ Designed for security: NEAR Intents settle cross-chain transactions through smart contracts to avoid the potential risks of centralized bridges.
β³ Made for scale: Transactions finalize in ~1.2 seconds and cost a fraction of a cent.
β³ Smart tokenomics: With a ~$6B market cap, NEAR's supply is fully unlocked, inflation was recently halved to 2.5% per year, and fees now fund buybacks.
Why in-house staking?
Staking in-house brings Bitwise's institutional expertise directly to NRR investing with transparency, security, and oversight.
As AI and crypto converge, the Bitwise NEAR ETF ($NRR) gives investors straightforward exposure to the network leading the charge.
Learn more at nrretf.com
Quincy retweeted
interesting
in some sense, NEAR could execute what ETH aspired to years ago
i.e., it scaled via sharding & is now acting as the hub between many chains
perhaps with a few tokenomics changes, you could bring back the programmable money dream
monitoring
*mute tweet*
Quincy retweeted
For those who just (re)discovered $NEAR:
- Mission is all people own their assets, data and power of choice
- Vision is AI is the frontend, markets/blockchain is the backend
- Privacy is fundamental and enables the mission
- NEAR Intents is universal, private markets routed already $30B, integrated across all of onchain ecosystem from Ledger to ZODL to Metamask to Trust to Brave
- NEAR AI is private AI powering end to end encrypted inference in Brave, Venice, and more
- More products across ecosystem are developing to leverage AI x markets
- Apps in Web3 that donβt want to limit themself to one chainβs users use Intents to enable seamless connect by users of any chain
- near(.)com brings this whole vision together into a consumer product making private unstoppable liquidity and (soon) AI seamless
If you are using onchain and private products you are probably using NEAR.
And if you are struggling onchain - try near(.)com for seamless experience.
Quincy retweeted
.@Backpack's two-way conversion between tokens and stocks matters even more when paired with @solanaβs scalable, continually improving execution stack.
In our Aug 27 to Sep 9 SPCX sample, $100β$1k trades averaged 2.7 bps in measured all-in costs for Backpack on Solana versus 34.7 bps on Robinhood Chain, including embedded DEX fees and network charges.
For $1β$100 trades, the gap was even more dramatic: 0.11% on Solana versus 4.29% on Robinhood Chain.
The bigger opportunity is making onchain finance economical for retail users worldwide and institutional flows at scale. Building that infrastructure and liquidity takes time, and Solana has a multiyear head start.
Quincy retweeted
When Raydium launched in 2021, we became one of the first platforms to implement buybacks at scale.
We donβt have an equity structure, because that didnβt exist at the time.
The goal has always been build a platform, grow revenue, drive value to $RAY.
Flash forward to today.
The Protocol has spent $200m to buyback 30% of the circulating supply (85M $RAY). The adjusted circulating supply is ~187M $RAY, when you account for bought back tokens.
Raydium holds ~$62 million on its balance sheet in SOL and USDC, publicly verifiable onchain. Our net dilution is a rounding error (some small liquidity incentives). Team and investor unlocks ended in Feb 2024.
My view as an operator is simple:
- grow revenue
- spend responsibly
- decrease supply
Quincy retweeted
I just posted a proposal on the NEAR Governance Forum. I'm proposing a new type of protocol fund to pay for public goods and make token economics more sustainable for the long-term.
@NEARProtocol @NEARGovernance community members, please check it out and engage with the idea! I look forward to discussing with many of you in the coming weeks.
gov.near.org/t/near-governanβ¦
