Very, very excited for @RobinhoodCrypto . Send me a DM to partner with us for the launch whitelist. For those that missed it, @ButtonDeFi offers permissionless "mortgages" for purchasing trillion-dollar company equities.

Just getting into SF -- any friends or mutuals around for the next two weeks?

Why build DeFi Microstrategy? - MSTR increases BTC-per-share -> MSTR price >> underlying BTC - with convertible debt, share upside w/lenders -> low debt/assets - DeFi protocol open-sources this financial toolkit - TreasuryDAOs tokenize the whole strategy. This began with a question--why can I not yet own a DeFi "MSRT" for HYPE, BTC, or any other token and redeem it for the underlying collateral? Frankly, it's amazing this "winning strategy" wasn't invented on-chain! Convertible borrowing should be available permissionlessly since it is all secured, in the case of @ButtonDeFi , by crypto collateral--at first just HYPE and BTC, but later other tokens. In 2017 I would have told you that *obviously* a tokenized, compounding BTC would be invented on-chain and only later copied by TradFi, not the other way around! Anyhow, we started building this idea last summer, before treasury companies got really hot, and the general concept had been sketched out in internal memos since 2022. h/t @jusanothermfer

Deciding to count UP rather than down, today is day 21 of @ButtonDeFi‘s 90-day build-down. Smart contracts will be done in two days, front-end at 80%, done by Friday. Ideal case is testnet by end of the week. We will begin sharing more documentation and information then

we have an intern over at @ButtonDeFi and he’s done a really cute side project we’ll share with you soon good intern

I'm at DevCon! More than happy to meet if you're interested in a mortgage-based, AfterPay DeFi protocol for the average crypto user. Here with @SocksNFlops and @0xYissey, building @ButtonDeFi . We'll be live in the next month or two--hit us up if you're interested in building or partnering with us. Why build Buttonwood? For young people crypto is as important as real estate; 94% of crypto users are 18-40 yrs old. However, the average 12-month purchase amount is $6,000-10,000. Most users are not whales. Average users thus struggle to gain exposure. They're caught between DCA and margin. DCA is suboptimal because you're buying an asset with higher average returns over long duration, thus driving up your cost basis. Yet with margin you get liquidated, even at low levels like 50%--something like 30% of the time with BTC! The solution is obvious--a peer-to-peer protocol for "mortgage-like" crypto purchases. Boomers didn't buy their houses all up-front. Why would we expect GenZ and Millenials to buy half a BTC all at once? Decentralized AfterPay. The better way to buy crypto. Users pay 50% now in USDC, and pay the remainder over 3-5 years. Originators receive a fungible, yield-bearing credit. It's not fool-proof, but vastly superior to anything else out there. After 3 years, duration washes out most of Bitcoin's volatility, for example. We've built some other cool things before--Tranches, a liquidation-free leverage protocol, a web3 bond market. But we think that mortgages of this sort are the superior evolution of P2P credit for the average user. Come build with us. P.S. I've also been lucky enough to contribute to @AmpleforthOrg and the flatcoin @SPOTprotocol --go check out some futuristic, inflation-proof money! Give them a follow and a look.

DCA is bad advice The number one piece of Bitcoin advice is hodl–or hold on for dear life. Most well-meaning influencers advise newcomers and rookies to buy BTC (and ETH) in the spot market and to resist trading the market. The number two piece of advice is to dollar-cost average–or DCA for short. The idea is to commit a specific dollar amount–say $100 per week–to buy BTC at whatever price it is at, thus buying BTC at an averaged price over a period of time. It turns out that for long-term hodlers, DCA is terrible advice. Users are better off just buying their BTC all at once. Income rich, asset poor Users without enough dollars on hand today really only have two options–DCA and margin leverage. Margin tends to outperform DCA because you’re able to purchase your entire position at once, except for those moments when you get liquidated. Users are caught between a rock and a hard place. As can be seen since 2013, purchasing BTC on any one day using margin produces higher returns than DCA 80% of the time… but carries a 27% chance of liquidation. In contrast, purchasing BTC and holding for 3 years produces a loss just 1% of the time. What to do? Noncallable secured credit The alternative is a BTC mortgage: Noun. Mortgage (plural mortgages) (finance) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be seizable property. Once the loan is fully repaid, the lender loses the right of seizure and the assets are deemed to be unencumbered. Who wins? Let us compare equivalent positions held for 3 years, let’s say positions of 2 BTC purchased when BTC is at $100. - Mortgage: user pays $100 for a 50% downpayment, borrows $100, and thus acquires 2 BTC. He pays off his $100 debt over 3 years. This is a 2x leverage position. - Margin: user buys 1 BTC for $100. At a 2x leverage protocol he then borrows $50 to buy another 0.5 BTC, against which he borrows $25 to buy another 0.25 BTC, etc. This sum converges at 2 BTC owned, and $100 of debt that must be paid off to realize any profits.. - DCA: The user spends $200 over 3 years, buying whatever amount of BTC is possible at BTC’s 3yr average price. Margin outperforms DCA, but mortgages outperforms margin. Even better, mortgages don’t carry the same risk of loss as margin, in fact generating a loss only 1% of the time over 3 yrs, and 0% over 5 yrs. Conclusion In a world of high volatility and high returns, HODLing is for winners. DCA not so much. Depending on your risk tolerance and the specific liquidation engine, users might be better off using margin leverage (in the case of BTC, using partial liquidations makes margin an even better choice over DCA). Using mortgage debt is the dominant strategy–users receive all the benefits of buying on margin, without any of the losses from liquidations.

I’m at Consensus until Thursday Ping me if you want to talk about @ButtonDeFi , stablecoins, or history

Looking for intern to work with @0xYissey, the @VermillionFi and @Poolside_Party head of community. You: young, energetic, creative, maybe terminally online. Remote or can help you relocate Launching new points and new protocol Join the Vermin pack. Drop a dm

Collateral redemptions have been achieved internally. @ButtonDeFi

Run-resistance has been achieved internally. @ButtonDeFi

Since I have a couple more eyeballs now after the Heroglyphs launch, I am looking for help both for a history+crypto project and for @ButtonDeFi on: - operations - onchain data analysis DM here or on TG if this rings a bell!

It began like this