Recent Posts
Social•Dec 3, 2025
Data Beats Narrative: L1s Are Overvalued
You can only throw so many narrative jabs. The data hits harder. L1s are overvalued 🥊 https://t.co/iVsejrbhLB
By Santiago Santos
Social•Dec 2, 2025
Most L1/L2 Overvalued; Few DeFi/DePIN Undervalued
I can’t think of a single L1 or L2 fairly priced Definitely some DeFi and DePIN projects Wrote about it here: https://t.co/7sLvK4vfco And here: https://t.co/8zhnsYr96z Will be publishing a dashboard with this fundamental analysis soon expanding to more protocols
By Santiago Santos
Social•Dec 2, 2025
Seeking On‑Chain User Retention Analysis
Has anyone done an analysis of user retention onchain?
By Santiago Santos
Social•Dec 1, 2025
Live Debate: Are L1 Tokens Overvalued?
We’re live-sparring for the sake of the market and your bags Wednesday, 1:30PM PT / 4:30PM ET @hosseeb and I will debate whether L1s are overvalued moderated by @notthreadguy Tune in and fire up the Polymarket: https://t.co/Cs9DXXKpHM
By Santiago Santos
Social•Dec 1, 2025
Bitcoin Mirrors Gold; Other Tokens Are Infrastructure Platforms
Dan @DTAPCAP, you’re a great macro thinker, but tech platforms and gold are not the same asset class Bitcoin absolutely has monetary network effects. I’m not out here comparing BTC to social apps. BTC is a monetary commodity, a social construct...
By Santiago Santos
Social•Dec 1, 2025
Monetizable Fees, Not Theory, Define Crypto Moats
Crypto industry is struggling to define what a "moat" is for open-source systems. It’s really hard It reminds me of when I was investing in open source back in the day. Most VCs didn’t believe you could monetize it until IBM...
By Santiago Santos
Social•Nov 30, 2025
Crypto Becomes Last‑Resort Lender for High‑Risk Real Assets
Crypto consistently ends up as the lender of last resort for RWAs. Why? Demand: Prime borrowers stay in TradFi. It’s cheaper, deeper, and frictionless. Supply: Crypto investors yawn at sub-10% yields So the only borrowers left are the bottom of the pile who...
By Santiago Santos
Social•Nov 30, 2025
Patience Beats Impulse in Today’s Momentum‑Driven Crypto Casino
Markets today are increasingly short-term and momentum-driven. Everything moves fast, everyone’s online, and you don’t need a banker anymore when you can try to be Soros from your phone. Investors (institutions and retail) care more about growth than value Crypto is...
By Santiago Santos
Social•Nov 29, 2025
Amazon Was Profitable Early; Crypto Analogies Must Use Reality
Amazon wasn’t a 22-year science experiment — it was profitable in 1998 and profitable in 22 of the last 28 years. If we’re going to use Amazon as the analogy for crypto, we should at least use the real company, not...
By Santiago Santos
Social•Nov 27, 2025
Crypto's Real Divide: Insiders Chase Charts, Outsiders Seek Tech
The biggest disconnect in crypto today isn’t price vs fundamentals. It’s insiders vs outsiders. Outsiders want to use the tech. Insiders only stare at the chart Full convo w/ @ProfGPod: https://t.co/dDOcf7Lixk
By Santiago Santos
Social•Nov 24, 2025
Data Shows Crypto Valuation Defies Network Effect Theory
Interviewed @RaoulGMI, who says crypto should be valued on network effects. Fair point - so I tested it. The numbers tell a very different story. 🔗 https://t.co/XHKAeMxtl5
By Santiago Santos
Social•Nov 24, 2025
Crypto Users Overvalued 5‑50× versus Meta
Crypto's users are valued 5×–50× higher than Meta’s with none of the monetization, retention, or network effects that would justify it. New post: 🔗 https://t.co/XHKAeMwVvx 📉🧮 https://t.co/15ZpuZqZdc
By Santiago Santos
Social•Nov 19, 2025
Distribution Matters More than Product for Seasoned Founders
First time founders focus on product Second time founders focus on distribution If an exchange is your distribution then don’t be surprised when your “users” walk away when they claim and dump the airdrop
By Santiago Santos
Social•Nov 19, 2025
Hype Promises Gains, Reality Leaves Everyone Losing
Bull: "We’re gonna be x% of Ethereum - send it 🚀" Bear: "We relatively outperformed our benchmark" Reality: Everyone lost money and the moon-math was never math
By Santiago Santos
Social•Nov 18, 2025
Crypto Valuations Ignore Lack of Recurring Revenue Streams
You don’t value casino flow like recurring software revenue. Haven’t heard a single case why crypto projects should be worth >30x P/S when the best tech companies are valued less than that and they have recurring revenue, unlike the casino
By Santiago Santos
Social•Nov 17, 2025
Crypto Overvalued: Utility ≠ Value, Market Complacency Prevails
Reading the replies to my post only makes me more certain: we’re deep in the Complacency phase of the cycle. And yes - we can go much lower. I still haven’t seen a credible argument for why crypto networks - Ethereum,...
By Santiago Santos
Social•Nov 17, 2025
Crypto Valuations Demand 1000× User and Fee Growth
We need 1000x growth in users and fees to support the valuation of crypto projects
By Santiago Santos
Social•Nov 17, 2025
Crypto Gains Legitimacy, yet Funds Still Bleed Heavily
Crypto got everything it wanted - ETFs, adoption, legitimacy - and prices are still down. We valued casino flow like recurring software revenue. “Dear LPs, we outperformed ETH… and still lost 80% of the fund.” Full post: https://t.co/7sLvK4uHmQ https://t.co/DYnC4YHq0w
By Santiago Santos
Social•Nov 13, 2025
Crypto-Enabled LBOs Reveal Massive Undervalued Profit Potential
Perhaps the greatest financial anomaly-spotting story of the next 50 years is the leveraged buyout…a small group of pioneers realized that they could borrow money, buy those companies, align incentives, and utilize crypto to make those businesses vastly more efficient,...
By Santiago Santos
Social•Nov 13, 2025
Billions Built, Deployment Ignored; PE Ready to Cash In
We’ve poured $100B+ into crypto infrastructure Almost $0 into deploying it PE will walk in and say: “Thanks, I’ll take it from here.”
By Santiago Santos
Social•Nov 11, 2025
Hiring Protocol Engineer for Avalanche L1, $25k Referral
Building the Inversion Chain and looking for a cracked Protocol Engineer You’ll own our Avalanche L1 from 0 → 1: config, test, deploy Apply here: https://t.co/tEBVr7bV5V Know someone perfect for this? $25k for any referral that leads to a hire
By Santiago Santos
Social•Nov 10, 2025
People Rationalize, Not Reason: Why Behaviors Seem Irrational
“People are not rational. They are rationalizing. Once you understand this simple fact, all the oddest human behavior will suddenly make way more sense.” - Co-Creator of Dogecoin (Billy Markus)
By Santiago Santos
Social•Nov 10, 2025
Tokenizing Receivables Could Have Stopped First Brands Fraud
If First Brands had tokenized its receivables, it would have been much harder to double-pledge assets and defraud lenders One of the biggest advantages of tokenization is the increased transparency it brings to corporate activity Tokenize everything, and we gain the ability...
By Santiago Santos
Social•Nov 6, 2025
Why Crypto-Enabled Businesses Are the Next Big Opportunity
Portal has been an investor and supporter of @inversion_cap since the early days. I sat down with @dotcuriouscat at @ThetaInvest to discuss the thesis and opportunities I see for crypto-enabled businesses Tune in below
By Santiago Santos
Social•Nov 4, 2025
Timing Defines Perception of Bitcoin Success
2025: “You were just lucky to discover Bitcoin when it was only $100k” 2015: “You were just lucky to discover Bitcoin when it was only $315”
By Santiago Santos
Social•Nov 2, 2025
Inversion & Topology Host Practical Crypto Office Hours
Inversion x Topology Office Hours When I first got started in crypto, I still remember the small gatherings - no booths, no pitches. Just curious, like-minded people coming together to share ideas, learn, and collaborate. I met some of the best...
By Santiago Santos