180 - Top 5 Bear Market Bets with Avichal Garg & Sanjay Shah of Electric Capital
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 17 July 2023
⏱️ 87 minutes
🧾️ Download transcript
Summary
Nothing tests your conviction like a bear market. This is an opportunity to test what you think you know, refine your thesis, and make your bets for the next leg up.
Avichal and Sanjay are long time crypto investors and at VC fund electric capital. What are they betting on during the bear market?
We discuss 5 of the most pressing questions facing crypto investors during the bear market including…
1) L2 tokens - Are L2 tokens they worth something or they just worthless governance tokens?
2) AltL1s…Will the ETH killers make a comeback?
3) Multichain world - Millions of L2 chains or a few big winners?
4) Restaking - big deal or overhyped?
5) What Avichal things are this cycle’s alt-coins.
Episodes like this are an opportunity to sharpen your insights as a crypto investor. Don’t take these ideas as gospel. Wrestle with them. Test them. Make them your own. We’ll have other Bear Market Bets episodes with other perspectives, so this isn’t the last.
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Timestamps
0:00 Intro
8:00 L2 Value Capture
15:12 How Rollups Make Money
20:20 Harmful vs. Good MEV
25:00 Transactions Fees & L2s
38:05 Are L2s Valueable?
40:00 Multichain L2s or Few Winners?
43:05 Multichain Applications
49:09 Multichain Friction
59:02 Are NFTs Dead?
1:06:45 Investing in NFTs
1:10:00 RSA’s Worst Fear
1:15:10 Ethereum Killers & Modular/Monolithic Chains
1:19:22 L1s Playing the Monetary Premium Game
1:22:00 RSA vs. Avichal Moneyness Debate
1:24:30 Is Restaking Overhyped? Risky?
1:29:35 Crypto’s Antifragileness & Are We Lost?
1:33:40 Closing & Disclosures
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Resources
Avichal Garg
Sanjay Shah
https://twitter.com/sanjaypshah
Read
https://mirror.xyz/electriccap.eth/SD0wT7qSSfis9gLT_Ki1gY6_oTYEqgwcGE0hDw7kMDY
https://www.developerreport.com/developer-report
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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
Transcript
Click on a timestamp to play from that location
| 0:00.6 | You can only really generate value as an investor |
| 0:04.4 | if you have a deeper understanding of what's happening |
| 0:06.8 | than anybody else. |
| 0:07.6 | Like effectively, alpha in a market comes |
| 0:09.6 | from depth of understanding. |
| 0:10.6 | If you can see the actual value of the thing |
| 0:13.2 | and there's a disconnect between perception and reality, right? |
| 0:16.1 | So if the world thinks something is worth x |
| 0:19.1 | but it turns out to be worth 2x, |
| 0:20.8 | that's a delta between perception and reality. |
| 0:23.2 | And so what you really have to do as an investor |
| 0:25.2 | across all of the categories that you mentioned, |
| 0:27.0 | picks and shovels if you're an early stage equity investor, |
| 0:29.8 | you know, NFTs themselves if you're more like an art curator, |
| 0:33.0 | what you really have to do is understand the thing |
| 0:35.1 | better than anybody else. |
| 0:36.1 | You have to have some perspective on it |
| 0:37.9 | that says actually reality is different than perception |
| 0:40.4 | and that's fundamentally where you're betting on. |
| 0:43.6 | Welcome to Bankless, where we explore the frontier |
| 0:45.7 | of internet money and internet finance. |
| 0:47.8 | This is how to get started, how to get better, |
... |
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