Hot Ball of Money

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[00:02:22] - [First question] - Dan’s early years and his first steps into crypto 

[00:06:17] - Whether or not he was accumulating Bitcoin and saw the long-term utility of cryptocurrencies out of the gate 

[00:07:41] - How traders would get money in and out of old crypto wallets and exchanges

[00:10:16] - Having moments of doubt and why he stuck with crypto amidst it’s shortcomings

[00:11:02] - What he was hired at Kraken to do and becoming an active crypto trader

[00:13:41] - The ICO coin boom and what it was like trading the order flow in 2017

[00:15:20] - Thoughts on what it looked like during the ICO boom as a trading desk

[00:16:07] - Where stablecoins came from and why they were so necessary to invent

[00:17:59] - Tether’s negative reputation and his views of Tether outside of bad press

[00:21:14] - How stablecoins make money and how Circle makes money on USDC

[00:21:43] - Thoughts on leverage in the crypto space and how borrow rates affect investment decisions 

[00:23:48] - Arriving at a risk-free rate and how CMS’ liquidity is structured 

[00:24:27] - Capital allocation and the size and scope of CMS today 

[00:25:10] - Differences between running a fund with your own money versus investors

[00:26:42] - How megafunds will impact the market

[00:27:18] - Getting into exotic collectibles and buying a Triceratops fossil  

[00:29:10] - The impacts of the war in Ukraine, inflation and current events on crypto

[00:30:01] - The role and impact of leverage in a market selloff 

[00:31:20] - Coming regulatory oversight and the path ahead 

[00:32:19] - Why crypto investors and traders prefer the CFTC

[00:32:50] - Thoughts on NFTs as an asset class and how his mind has changed on them

[00:33:37] - What running a farming operation means and strategies that he runs

[00:35:06] - Ways for the average person can get involved in crypto and get exposure 

[00:35:55] - His information flow and where he sources his signals

[00:36:44] - How helpful it is to have a liquid token side and venture capital arm

[00:37:05] - What he’s most excited to see in the next six months and six years