# ![@jdorman81 Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::230186350.png) @jdorman81 Jeff Dorman

Jeff Dorman, a prominent figure in the crypto space, has been vocal about his concerns regarding Coinbase, criticizing the company's business model, leadership, and actions. He argues that Coinbase's focus on listing low-quality assets and catering to uninformed retail traders is damaging the industry's reputation. Dorman also praises other companies, such as Securitize, that are working to tokenize better assets and promote a more mature understanding of crypto.

### Engagements: [-----] [#](/creator/twitter::230186350/interactions)
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### Mentions: [--] [#](/creator/twitter::230186350/posts_active)
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### Followers: [------] [#](/creator/twitter::230186350/followers)
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### CreatorRank: [---------] [#](/creator/twitter::230186350/influencer_rank)
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### Social Influence

**Social category influence**
[finance](/list/finance)  47.92% [cryptocurrencies](/list/cryptocurrencies)  35.42% [stocks](/list/stocks)  22.92% [exchanges](/list/exchanges)  19.44% [technology brands](/list/technology-brands)  14.58% [countries](/list/countries)  0.69% [social networks](/list/social-networks)  0.69% [automotive brands](/list/automotive-brands)  0.69%

**Social topic influence**
[$hype](/topic/$hype) #401, [crypto](/topic/crypto) 11.81%, [token](/topic/token) #2524, [$pump](/topic/$pump) #74, [coinbase](/topic/coinbase) #2028, [stocks](/topic/stocks) 8.33%, [sol](/topic/sol) 8.33%, [money](/topic/money) 7.64%, [$coin](/topic/$coin) #702, [defi](/topic/defi) #1697

**Top accounts mentioned or mentioned by**
[@evanbfish](/creator/undefined) [@zachlight16](/creator/undefined) [@arca](/creator/undefined) [@0xbriann](/creator/undefined) [@nicolasflamelx](/creator/undefined) [@hvst](/creator/undefined) [@chainlink77777](/creator/undefined) [@toptickresearch](/creator/undefined) [@schroomdart](/creator/undefined) [@ggmxbt](/creator/undefined) [@bluegwei](/creator/undefined) [@baggerwalmart](/creator/undefined) [@badenglishtea](/creator/undefined) [@kamalmokeddem](/creator/undefined) [@vivekventures](/creator/undefined) [@circle](/creator/undefined) [@yuvalrooz](/creator/undefined) [@rasterfinance](/creator/undefined) [@tiborcitadel](/creator/undefined) [@brianarmstrong](/creator/undefined)

**Top assets mentioned**
[Hyperliquid (HYPE)](/topic/$hype) [PumpBTC (Governance token) (PUMP)](/topic/$pump) [Coinbase Global Inc. (COIN)](/topic/coinbase) [Mario Coin (COIN)](/topic/$coin) [Circle Internet Group, Inc. (CRCL)](/topic/$crcl) [Raydium (RAY)](/topic/$ray) [Solana (SOL)](/topic/$sol) [Aerodrome (AERO)](/topic/$aero) [Bitcoin (BTC)](/topic/$btc) [Ethereum (ETH)](/topic/$eth) [Robinhood Markets, Inc.  (HOOD)](/topic/$hood) [USDC (USDC)](/topic/usdc) [Jupiter (JUP)](/topic/$jup) [BNB (BNB)](/topic/$bnb) [Iris Energy Limited (IREN)](/topic/$iren) [Aave (AAVE)](/topic/$aave) [Bullish (BLSH)](/topic/$blsh) [Ethena (ENA)](/topic/$ena) [Litecoin (LTC)](/topic/$ltc) [Bitcoin Cash (BCH)](/topic/$bch) [BlackRock Inc (BLK)](/topic/blackrock) [Tesla, Inc. (TSLA)](/topic/$tsla) [MARA Holdings, Inc. (MARA)](/topic/$mara) [CLEANSPARK INC (CLSK)](/topic/$clsk)
### Top Social Posts
Top posts by engagements in the last [--] hours

"$COIN: $6.6bn rev / $74bn MC (11.2x) $HOOD: $3 bn rev / $56bn MC (18.6x) Neither is growing as fast as DeFi. Neither is buying back their own stock ( $RAY $JUP $HYPE $AERO all doing buybacks) This is why were still early. Easiest trade on the planet being overlooked. Make Fundamentals Great Again https://t.co/jFCQNCjwne Make Fundamentals Great Again https://t.co/jFCQNCjwne"  
[X Link](https://x.com/anyuser/status/1890187253873537419)  2025-02-13T23:52Z 47K followers, 149.8K engagements


"http://x.com/i/article/2021306667556855808 http://x.com/i/article/2021306667556855808"  
[X Link](https://x.com/jdorman81/status/2021308021792702465)  2026-02-10T19:39Z 47K followers, [----] engagements


"@ggmxbt would love to see a list of other tokens trading at 4x revenue that use nearly 100% of FCF to buyback the token"  
[X Link](https://x.com/jdorman81/status/2021296825777402231)  2026-02-10T18:54Z 47K followers, [--] engagements


"A bit hypocritical if you ask me Coinbase: We'll hold an entire industry hostage over our lone opinion on stablecoin yields to preserve the $1bn of revenue we get from Circle even though none of our customers even care about the yield since you can earn the same yield in any DeFi protocol. We know stablecoin yield shouldnt even be part of the market structure bill (that's what GENIUS act was for) but we're going to argue anyway We have strong opinions dammit" Also Coinbase: Were just an exchange we cant possibly have an opinion on the tokens we list. We want to be neutral. We have no control"  
[X Link](https://x.com/jdorman81/status/2021319999546356047)  2026-02-10T20:26Z 47K followers, 19.6K engagements


"@TopTickResearch @Securitize good point. It's not investable for the majority of the world yet and the SPAC isn't closed yet right Just haven't done the work on it yet"  
[X Link](https://x.com/jdorman81/status/2021580819148456166)  2026-02-11T13:43Z 47K followers, [--] engagements


"Crypto really in an existential crisis now. Everything we thought would happen on blockchain is now happening but little if any of the value accrues to any stocks or tokens in our ecosystem. Fat protocol thesis is long dead BTC has nothing to do with ANY of the actual blockchain growth engines (no exposure to growth of stablecoins DeFi or RWA tokenization). Continue to think a handful of DeFi tokens token launchpad companies and GLXY stock are the only clear winners from this trend when all assets are on onchain DeFi goes from niche experiment to the full financial plumbing engine"  
[X Link](https://x.com/jdorman81/status/2013273153544323438)  2026-01-19T15:31Z 47K followers, 318.8K engagements


"The market is completely underestimating the impact of token buybacks. e.g.: $PUMP is buying back 14% of total supply every year at current prices. In [---] years they will buyback the entire supply if prices don't go up. $HYPE is buying back 5% of outstanding supply per year (20 years to fully amortize). This doesn't take into account any future revenue growth which increases buyback yield and decreases years to full amortization. Meanwhile some people still think inflationary assets like $BTC $LINK $XRP $SOL and other L1s/L2s can outperform even though these assets have constant sell pressure"  
[X Link](https://x.com/jdorman81/status/2015905560483463343)  2026-01-26T21:51Z 47K followers, 47.7K engagements


"http://x.com/i/article/2016191893575761924 http://x.com/i/article/2016191893575761924"  
[X Link](https://x.com/jdorman81/status/2016192609702805969)  2026-01-27T16:52Z 47K followers, 13.2K engagements


"4/ The irony is that crypto has never been more complex. Tokens now represent: currencies protocols quasi-equities asset-backed instruments infrastructure Yet for some baffling reason we (the industry) still call everything crypto"  
[X Link](https://x.com/jdorman81/status/2016209441495122042)  2026-01-27T17:59Z 47K followers, [---] engagements


"5/ Thats like using "ETF" to describe Apple stock the S&P [---] Treasury bonds and private equity. It's not the same asset class just because you can buy it using the same wrapper. Wrappers arent assets. Structures arent fundamentals"  
[X Link](https://x.com/jdorman81/status/2016209443428716619)  2026-01-27T17:59Z 47K followers, [---] engagements


"Yep. I agree to some extent. But also lawyers in this space often misinterpreted (and overinterpreted) securities law. Simply categorizing and understanding the nuances of different crypto assets would have gone a long way and is different than underwriting or issuing an illegal security token. https://twitter.com/i/web/status/2016282485999702470 https://twitter.com/i/web/status/2016282485999702470"  
[X Link](https://x.com/jdorman81/status/2016282485999702470)  2026-01-27T22:49Z 47K followers, [---] engagements


"None of these Wall Street hires or initiatives accrue any value to anything currently in crypto. All of the growth in crypto comes from DeFi Stablecoins and RWA-tokenization. $BTC gets no benefit from any of the Wall Street stuff. $COIN and $CRCL go straight down every day because they are being replaced. All the L1s go down every day b/c Wall Street and Fintech giants are building their own chains. The only assets that benefit are perp-dexes (because they are chain agnostic and can quickly list RWAs) and maybe eventually lend/borrow platforms."  
[X Link](https://x.com/jdorman81/status/2016638618690113989)  2026-01-28T22:24Z 47K followers, [----] engagements


"And it's no big deal. Same thing happened in [----] and [----] in Europe. The PIIGS (Portugal Ireland Italy Greece Spain) yields went from 1-8% all the banks who held the PIIGS debt and corporate debt in those countries were insolvent and every distressed hedge fund tried to buy this debt at [--] cents on the dollar. BUT. Banks don't have to mark-to-market so these losses were never realized. And since global governments bailed out the banks from a liquidity standpoint everything was fine and these banks never had to sell. Same thing is happening in Japan and the U.S. now. Interest rates are higher"  
[X Link](https://x.com/jdorman81/status/2016654781880947152)  2026-01-28T23:29Z 47K followers, [----] engagements


"My conspiracy theory spidey sense says that Binance's move to prop up $BTC with their SAFU announcement was not because Binance is in trouble but rather because their friends and partners are in trouble and begging them to do something. Most of this industry was built on a completely unsubstantiated "BTC is digital gold" narrative and a lot of big players who tied their reputations and fortunes to this narrative are now eating crow. I think the cabal will manually (manipulatively) start the "rotation into BTC" narrative themselves now that Gold and Silver are getting torched. Miners exchanges"  
[X Link](https://x.com/jdorman81/status/2017313401182318934)  2026-01-30T19:06Z 47K followers, 178.9K engagements


"@AutismCapital Why would you expect a made up currency and [--] L1s that accrue no economic value from the apps built on them to be safe Revenue producing applications like $PUMP $HYPE and other DeFi apps are more likely to be safe havens than these 3"  
[X Link](https://x.com/jdorman81/status/2017652711437832657)  2026-01-31T17:34Z 47K followers, [----] engagements


"The crypto stink is hard to remove but there are some companies that have (or are) pivoting away from the reliance on $BTC $ETH and $SOL trading volumes. Pure play crypto stocks/tokens are getting killed --- $COIN $MARA $CRCL $BTGO $BTC $ETH $SOL etc . but some ex-crypto companies that properly pivoted away from crypto are doing great $IREN $CIFR $WULF $CLSK Which companies are still in crypto but have a chance to pivot away from the reliance on BTC ETH and SOL $GLXY - Will have to spin off Helios to get rid of the crypto stink from the brokerage/banking biz and then can be properly valued as"  
[X Link](https://x.com/jdorman81/status/2018756280211689771)  2026-02-03T18:39Z 47K followers, 12.6K engagements


"http://x.com/i/article/2018800022406782976 http://x.com/i/article/2018800022406782976"  
[X Link](https://x.com/jdorman81/status/2018800912735834548)  2026-02-03T21:36Z 47K followers, 12.7K engagements


"@jack_anorak I've spoken with a lot of the Index providers about this and they are all convinced that the customers only want market-weighted indexes. It obviously makes no sense intuitively and logically but that is what they claim"  
[X Link](https://x.com/jdorman81/status/2018830523062484996)  2026-02-03T23:34Z 47K followers, [---] engagements


"Ondo Summit highlights the crypto investor paradox. These companies are not investing in crypto. They are all focused on using / structuring products of their own to extract money as a middle man. This is why all crypto stocks and tokens are going down. Everyone wants to build / launch new products. No one wants to buy / use existing products. The biggest players in finance are gathering to shape how trillions move onchain. Ondo Summit. February [--]. NYC. https://t.co/8Auu72gd4O The biggest players in finance are gathering to shape how trillions move onchain. Ondo Summit. February [--]. NYC."  
[X Link](https://x.com/jdorman81/status/2019246863665516931)  2026-02-05T03:09Z 47K followers, 49.4K engagements


"@evanbfish Agreed. I didnt say the tech wasnt useful. I said its not investable. It accrues no value from small intermittent usage"  
[X Link](https://x.com/jdorman81/status/2019411797594575076)  2026-02-05T14:04Z 47K followers, [---] engagements


"Name one Circle is being replaced by the same inv banks who underwrote their IPO they saw how easy and profitable of a business it was so they are all launching their own stables. RWA tokenization accrues value MAYBE to AAVE and hype liquid since more assets on chain is good for DeFi but does nothing for any of the L1s or infrastructure companies. https://twitter.com/i/web/status/2019413306608648543 https://twitter.com/i/web/status/2019413306608648543"  
[X Link](https://x.com/jdorman81/status/2019413306608648543)  2026-02-05T14:10Z 47K followers, [--] engagements


"@evanbfish Arc tempo CC etc tons of new blockchains. Infinite blockspace; not enough demand. The underlying blockchain accrues no value from this. See polymarket and Polygon"  
[X Link](https://x.com/jdorman81/status/2019416532854665429)  2026-02-05T14:23Z 47K followers, [--] engagements


"A note on future growth (an excerpt from my January investor letter to LPs): The U.S. ISM Manufacturing PMI came in at [----] in January vs. the expected [----] signaling that the U.S. economy has entered the expansion phase. Why does this matter Because every single crypto bull run (2013 [----] and 2021) happened when the ISM moved above [--]. And since [----] the ISM has been below [--] with only tiny short-term bursts above the [--] line. So January's move higher to [----] is by far the largest move higher since [----]. Why does this matter Because President Trump Treasury Secretary Scott Bessent and the"  
[X Link](https://x.com/jdorman81/status/2019864233081729073)  2026-02-06T20:02Z 47K followers, [----] engagements


"@ZachLight16 I know we've disagreed on $COIN but I've always respected your analysis. What else do you like here for 3-5 year plays"  
[X Link](https://x.com/jdorman81/status/2020181957318180922)  2026-02-07T17:04Z 47K followers, 12.3K engagements


"Or maybe educate some people about crypto for once instead of always going for shock value & treating your customers like idiots. At least Coinbase is consistent. Not one department in this company cares about user education. Long live macro research memecoins & songs Our marketing team did it again. Genius. If were going to show up were going to do it our way: Bold engaging and unapologetically Coinbase. This is how we cut through and make new people aware of the opportunity of crypto. Our marketing team did it again. Genius. If were going to show up were going to do it our way: Bold"  
[X Link](https://x.com/jdorman81/status/2020677594895843631)  2026-02-09T01:54Z 47K followers, 11.5K engagements


"Arca invested in the ex-Rune founders years ago. We felt that they had the dev skills & unique shared experiences of battle tested OG DeFi founders that is required to make next-gen crypto products. Very impressed with the robust security features Vultisig provides. $VULT #NFA #DYOR Website: Documentation: It looks like they are gaining a lot of mindshare pre-TGE. Hope to see it continue. https://docs.vultisig.com/ https://vultisig.com/ https://docs.vultisig.com/ https://vultisig.com/"  
[X Link](https://x.com/jdorman81/status/1982805234738163794)  2025-10-27T13:43Z 47K followers, [----] engagements


"Crypto market participants getting very good at blaming whatever happened most recently for poor performance. No the nomination of Warsh as Fed Chair is not the reason for a 20% weekend decline. He's still a dove & mature markets know this. Equities up. Rates stable. Ho-hum in TradFi. The reality is most digital assets are just terribly constructed tokens. The exchanges VCs & token issuers have killed the customer base. And the narratives around what makes BTC ETH and SOL valuable or "safe" have just been flat out wrong. Can't fix the core problem if we keep trying to obfuscate the problem."  
[X Link](https://x.com/jdorman81/status/2018340077328625902)  2026-02-02T15:05Z 47K followers, 14.1K engagements


"Imagine calling yourself an investor and not knowing about a company that is less than [--] years old that run-rates $1 bn of PROFITS and has a liquid investable asset that captures this growth. $HYPE Shows how 1-dimensional TradFi investors are due to existing workflow limitations and hubris. While not the majority there are a few fast growing insanely profitable companies in crypto like Hyperliquid that the majority of investors have never even heard of and won't bother to learn unless they IPO. Calling all crypto exchanges brokers and media members. You have to point out and celebrate the"  
[X Link](https://x.com/jdorman81/status/2018465763397611551)  2026-02-02T23:25Z 47K followers, 37.4K engagements


"I should clarify further. This is why very little related to existing stablecoins or layer 1s or RWA tokenization is investable including SOL ETH and other L1s and L2s. Everyone wants to build their own chain no one wants to invest in someone elses chain or even use someone elses product. There is tremendous interest and growth in stablecoins/payments and RWA tokenization but none of that growth is accruing value to any of the existing infrastructure. The new players want to own the stack not use the stack. BUT that doesnt make crypto uninvestable. It just means youre being steered in the"  
[X Link](https://x.com/jdorman81/status/2019256370655293623)  2026-02-05T03:46Z 47K followers, 24.6K engagements


"@evanbfish You still havent named anything that is investable. Im all ears"  
[X Link](https://x.com/jdorman81/status/2019418100182196733)  2026-02-05T14:29Z 47K followers, [--] engagements


"It's happening https://x.com/artemis/status/2020965276234154248s=20 $COIN: $6.6bn rev / $74bn MC (11.2x) $HOOD: $3 bn rev / $56bn MC (18.6x) Neither is growing as fast as DeFi. Neither is buying back their own stock ( $RAY $JUP $HYPE $AERO all doing buybacks) This is why were still early. Easiest trade on the planet being overlooked. https://x.com/artemis/status/2020965276234154248s=20 $COIN: $6.6bn rev / $74bn MC (11.2x) $HOOD: $3 bn rev / $56bn MC (18.6x) Neither is growing as fast as DeFi. Neither is buying back their own stock ( $RAY $JUP $HYPE $AERO all doing buybacks) This is why were"  
[X Link](https://x.com/jdorman81/status/2020981517573669098)  2026-02-09T22:01Z 47K followers, 27.4K engagements


"@bluegwei Thats a lot of overthinking. You can think whatever you want but the numbers are right in front of you. Thats what a blockchain explorer is for to see the data for yourself"  
[X Link](https://x.com/jdorman81/status/2021237505186537851)  2026-02-10T14:59Z 47K followers, [---] engagements


"Pump's revenue could fall by 80% and PUMP would still be a better token than anything in the market other than $HYPE Majority of crypto investors don't understand how amortizing (buyback) tokens work. Last token holder standing can demand whatever price they want once marginal sellers stop"  
[X Link](https://x.com/jdorman81/status/2021280582299451751)  2026-02-10T17:50Z 47K followers, [----] engagements


"@BaggerWalmart Nearly every day"  
[X Link](https://x.com/jdorman81/status/2021282755511013809)  2026-02-10T17:58Z 47K followers, [--] engagements


"@1n5734d0fu I'd imagine 99.99% of companies in crypto would kill for "revenues flat-lining at $1-1.5mm per day" in a bear market"  
[X Link](https://x.com/jdorman81/status/2021318027900600518)  2026-02-10T20:19Z 47K followers, [--] engagements


"@Schroomdart The whole relationship with Circle is built on the ability to pass on the yield to Coinbase's customers to help USDC grow. Without that Circle has no incentive to partner with Coinbase. It costs a ton of money for Circle for distribution that will end"  
[X Link](https://x.com/jdorman81/status/2021332655778955736)  2026-02-10T21:17Z 47K followers, [---] engagements


"@badenglishtea Hate to break it to you but the users still carry risk even if the yield is passed directly to you from the stablecoin provider. Just a different counterparty. Either youre taking circle and tether counterparty risk or DeFi cparty risk"  
[X Link](https://x.com/jdorman81/status/2021347010117501333)  2026-02-10T22:14Z 47K followers, [---] engagements


"Perhaps. But stablecoins are currently $300 bn and growing with no yield. Are you hearing any complaints from stablecoin users / holders Im not. I do hear a ton of complaints about market structure though. Coinbase is fighting their own fight. This is not about their customers. https://twitter.com/i/web/status/2021347458647982417 https://twitter.com/i/web/status/2021347458647982417"  
[X Link](https://x.com/jdorman81/status/2021347458647982417)  2026-02-10T22:16Z 47K followers, [---] engagements


"From my most recent investor letter: Our investment thesis remains simple but it will require certain areas to break out from the group-think market-maker-driven highly correlated asset movements. Blockchain technology has proven to work incredibly well for asset movement and transfer but the majority of the worlds most popular assets (stocks bonds real estate) are not available yet on blockchain rails (largely due to regulatory and workflow issues). As these barriers between crypto-native assets and TradFi assets break down which is clearly and unequivocally happening for the first time ever"  
[X Link](https://x.com/jdorman81/status/2021417791518376234)  2026-02-11T02:55Z 47K followers, [---] engagements


"Crypto isnt homogeneous. Tokens with real revenue & aligned incentives can act as defensive positions in market downturns. Its time to rethink how we categorize and invest in digital assets. Lazily calling "Majors" safe is outdated. Read the full piece below https://t.co/wSMBUEncz6 https://t.co/wSMBUEncz6"  
[X Link](https://x.com/jdorman81/status/2018816950080803005)  2026-02-03T22:40Z 47K followers, [----] engagements


"The jokers that run this industry will keep telling you that BTC ETH and SOL are the "safe haven majors" -- meanwhile the only things that make any money in downturns are $HYPE $PUMP $AAVE $AERO and some other DeFi protocols. [--] day trailing revenue table for crypto businesses https://t.co/bAD59gUyVG [--] day trailing revenue table for crypto businesses https://t.co/bAD59gUyVG"  
[X Link](https://x.com/jdorman81/status/2018113466381586832)  2026-02-02T00:05Z 47K followers, 25.4K engagements


"The moral compass folks wont buy this because its bad for the ecosystem. Theyll back [----] new L1s and L2s that no one needs and that go straight down on TGE but theyll sleep at night knowing they are backing fake decentralization and great tech for the good of the industry. Meanwhile real Investors still buy Phillip Morris stock because it makes money Real Investors still buy Ricks Cabaret stock because it makes money You dont have to like it to recognize success. The whole crypto world is waking up to the fact that tokens are worthless unless the issuer makes money and buys back their tokens"  
[X Link](https://x.com/jdorman81/status/2021226540097470567)  2026-02-10T14:15Z 47K followers, [----] engagements


"@KamalMokeddem @masonnystrom Hope you're right but fear this is a bigger problem. TL/DR -- we no longer have an industry problem we have an asset problem https://x.com/jdorman81/status/2021392694761881946s=20 @hosseeb I feel the opposite. In [----] the industry collapsed amid heavy regulatory pressure fraud deleveraging and numerous service providers filing for bankruptcy. But the assets themselves were fine and in some cases better than ever. That was one of the most obvious buy periods https://x.com/jdorman81/status/2021392694761881946s=20 @hosseeb I feel the opposite. In [----] the industry"  
[X Link](https://x.com/jdorman81/status/2021644903412117699)  2026-02-11T17:57Z 47K followers, [---] engagements


"@Flowslikeosmo Why do you think market cap / TVL matters Seems like a pretty irrelevant metric to me but maybe I'm missing something"  
[X Link](https://x.com/jdorman81/status/2022324513959211491)  2026-02-13T14:58Z 47K followers, [---] engagements


"this is how free markets should work. No lockups. Sell whenever you want. Price doesnt artificially skyrocket and then dump. But if you get tagged as a flipper (always selling new deals right away) then you stop getting allocations over time The two top funds who invested $100M and $50M into $PUMP have sold a total of 16B PUMP ($86.4M) over the last [--] days which equals 1.6% of the total supply and 4.6% of the current circulating supply. They are still holding 16B PUMP ($84M) and 3B PUMP ($15.8M) respectively. The two top funds who invested $100M and $50M into $PUMP have sold a total of 16B"  
[X Link](https://x.com/jdorman81/status/1945702329510133989)  2025-07-17T04:29Z 44.5K followers, 16.6K engagements


"Joined crypto in [----] & have always thought revenue matters most. It always has it always will. A tokens value has always been at least partially based on fundamentals it took [---] yrs for investors to figure that out with stocks. Only took a decade in a crypto. You can instantly identify somebody who joined crypto after [----] - because they think chains are companies with revenue and token value arising from extracting a take rate. You can easily tell somebody who joined crypto before [----] - because they think protocols are open You can instantly identify somebody who joined crypto after 2021"  
[X Link](https://x.com/jdorman81/status/1945834483233730687)  2025-07-17T13:14Z 44.5K followers, [----] engagements


"Even cheaper when you realize FDV is a pointless metric for an amortizing (buyback) token The right O/S supply is closer to 606mm tokens which puts adjusted mkt cap at $27 bn (@ $45 $HYPE) = 13.5x P/E Silly szn making people forget that good assets w/ strong CFs go up forever $HYPE is starting to look a little undervalued even when you use FDV (even though full supply will never be circulating) $2B annualized revenue at $45B FDV is a [----] P/E The NASDAQ P/E average is [--] Fair value using these conservative metrics would be $70 $HYPE is starting to look a little undervalued even when you use"  
[X Link](https://x.com/jdorman81/status/1946251308958388604)  2025-07-18T16:50Z 44.5K followers, 24.6K engagements


"@Verhollj Our methodology is laid out here We add anything that is known and fully defined regardless of when it happens (as long as it is high confidence that it will happen). Similar to BTC supply. But yes there are always gray areas. https://www.ar.ca/blog/fixing-token-valuations-arca-proposes-adjusted-market-cap-standard https://www.ar.ca/blog/fixing-token-valuations-arca-proposes-adjusted-market-cap-standard"  
[X Link](https://x.com/jdorman81/status/1946262527241060488)  2025-07-18T17:35Z 44.5K followers, [---] engagements


"Crypto investors will learn that as price goes down (P) & revenues go up (E) valuation gets cheaper (P/E down). Stocks always go up b/c earnings always go up. CF-producing apps like $HYPE $PUMP $RAY $AERO etc are more like stocks & will trade differently than L1 "cycles""  
[X Link](https://x.com/jdorman81/status/1946269745675964554)  2025-07-18T18:04Z 44.5K followers, [----] engagements


"fun fact about @AmericanAir If you check a golf bag standard $35 If you check a clothes bag standard $35 If you put some clothes IN your golf bag to protect the equipment they call you back from the gate & hold you hostage for $200 extra with no explanation Illogical"  
[X Link](https://x.com/jdorman81/status/1946939654793752728)  2025-07-20T14:26Z 44.5K followers, [----] engagements


"Me: I have my sons baseball bats helmets and gear in there Aubrey: thats fine Me: so I can put up to [--] lbs of bats in there and thats no charge Aubrey: correct Me: but if I add [--] lbs of clothes thats $200 Aubrey: I dont make the rules Me: what are the rules Aubrey: I told you the rules"  
[X Link](https://x.com/jdorman81/status/1946941677836570714)  2025-07-20T14:34Z 44.5K followers, [----] engagements


"$PUMP below new issue price is another example of crypto issuers ignoring capital markets. Underwriters short new issues so they can bid & ensure the stock trades up. the team should have set $100-200mm of bids at .039 to ensure it doesnt trade down http://pump.fun http://pump.fun"  
[X Link](https://x.com/jdorman81/status/1947858890089238989)  2025-07-23T03:18Z 44.5K followers, [----] engagements


"Since there is no underwriter they are effectively their own underwriter. So if they sold $1.3 bn they should have used 10% of that cash to bid for the token to ensure it trades up. I learned this in week [--] on Wall Street. Stop ignoring processes that work"  
[X Link](https://x.com/jdorman81/status/1947860228797542807)  2025-07-23T03:24Z 44.5K followers, [----] engagements


"@OjoOluwani18095 Well the investors should expect that. After years of Coinbase $ other exchanges purposefully & negligently screwing up token launches its going to take years of good launches now to build back trust"  
[X Link](https://x.com/jdorman81/status/1948022740184703184)  2025-07-23T14:09Z 44.5K followers, [---] engagements


"Every day that token price is flat for revenue producing apps w/ buybacks ( ie $HYPE $RAY $PUMP etc) the token gets cheaper to own (P/E lower). Opposite is true for inflationary tokens (ie layer 1s/2s Dino coins memes)"  
[X Link](https://x.com/jdorman81/status/1948797737040023942)  2025-07-25T17:29Z 45.3K followers, 26.6K engagements


"@BTCjoedirtay I cant mention them all. Isnt $GP better than $BONK Way cheaper and gets a portion of all revenues"  
[X Link](https://x.com/jdorman81/status/1948829663217717361)  2025-07-25T19:36Z 44.5K followers, [---] engagements


"The SEC announcement for Project Crypto which will facilitate the flow of every asset onchain and will allow broker dealers to trade ALL assets in one place solidifies my crypto investment thesis. We know its coming -- who benefits https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125 We have a simple investment thesis for the next [--] years. Blockchain has proven to work great for asset movement but the majority of the worlds assets (stocks bonds real-estate) are not available yet on blockchain rails (due to regulatory hurdles that are going away)."  
[X Link](https://x.com/jdorman81/status/1950962883082297819)  2025-07-31T16:52Z 44.5K followers, 36.2K engagements


"Layer-1 protocols ( $ETH $SOL etc.) are the backbone of crypto but are they worth their massive market caps Lets talk about why these tokens might be overhyped misunderstood or maybe even both. 🧵"  
[X Link](https://x.com/jdorman81/status/1952838828265488421)  2025-08-05T21:07Z 44.5K followers, 29.4K engagements


"Recall for something to have value it must have financial utility or social value https://x.com/jdorman81/status/1895215446850445379 2a) A token's value is derived from [--] of [--] places 1) Financial: FCF 2) Utility: usage (Gas fees collateral) 3) Social: "cool factor" If you can't define these it does not have value and if it only has #3 good luck https://t.co/Ja3mT2gZik https://x.com/jdorman81/status/1895215446850445379 2a) A token's value is derived from [--] of [--] places 1) Financial: FCF 2) Utility: usage (Gas fees collateral) 3) Social: "cool factor" If you can't define these it does not have"  
[X Link](https://x.com/jdorman81/status/1952838830534607005)  2025-08-05T21:07Z 44.5K followers, [----] engagements


"The historical P/E ratio of the S&P [---] is 16x whereas it is currently closer to 24x. Layer [--] protocols trade closer to 100-200x fees earned"  
[X Link](https://x.com/jdorman81/status/1952838836134002836)  2025-08-05T21:07Z 44.5K followers, [----] engagements


"ETH and SOL are definitely useful but so is aluminum which is not very valuable. The usefulness of both does not add up to a lot of value"  
[X Link](https://x.com/jdorman81/status/1952838840256983125)  2025-08-05T21:07Z 44.5K followers, [----] engagements


"Same story for $SOL: $750M in annualized fees = $19B financial value $340M in gas buffer usage - But market cap is $90B So 77% of SOLs valuation is from social value too"  
[X Link](https://x.com/jdorman81/status/1952838882837282861)  2025-08-05T21:07Z 44.5K followers, [---] engagements


"Could ETH or SOL be worth more in a future where it secures a $4T stablecoin economy Maybe. But then were betting on security not fat protocol value extraction. It flips the old thesis on its head"  
[X Link](https://x.com/jdorman81/status/1952838885194489878)  2025-08-05T21:07Z 44.5K followers, [----] engagements


"Blockchains arent worthless. But objective analysis shows most L1 tokens are priced more like memes than infrastructure. The real value Still TBD. Full article here: https://www.ar.ca/blog/layer-1-protocols-overhyped-or-misunderstood https://www.ar.ca/blog/layer-1-protocols-overhyped-or-misunderstood"  
[X Link](https://x.com/jdorman81/status/1952838887342260484)  2025-08-05T21:07Z 44.5K followers, [----] engagements


"@Arthur_0x Always respect your thoughts. How do you come up with a valuation for ETH other than relative to other protocols or 2021s price https://www.ar.ca/blog/layer-1-protocols-overhyped-or-misunderstood https://www.ar.ca/blog/layer-1-protocols-overhyped-or-misunderstood"  
[X Link](https://x.com/jdorman81/status/1953824182371786797)  2025-08-08T14:22Z 44.5K followers, [----] engagements


"Happy $ETH $4k But can someone tell me what ETH (or any L1) is actually worth Ive been on a quest for over [--] years to find someone who can put a price target on an L1 that isnt pure gobbledygook nonsense. Layer-1 protocols ( $ETH $SOL etc.) are the backbone of crypto but are they worth their massive market caps Lets talk about why these tokens might be overhyped misunderstood or maybe even both. 🧵 Layer-1 protocols ( $ETH $SOL etc.) are the backbone of crypto but are they worth their massive market caps Lets talk about why these tokens might be overhyped misunderstood or maybe even both. 🧵"  
[X Link](https://x.com/jdorman81/status/1953844656456053114)  2025-08-08T15:44Z 44.5K followers, 16.5K engagements


"@0xCH1MPER5 @the_worden Give me a number based on that"  
[X Link](https://x.com/jdorman81/status/1953876550652146065)  2025-08-08T17:50Z 44.5K followers, [--] engagements


"@VivekVentures will read thanks"  
[X Link](https://x.com/jdorman81/status/1953916015706087786)  2025-08-08T20:27Z 44.5K followers, [---] engagements


"@obvs___ @VivekVentures The bull targets are based on nothing. Someone show some damn math"  
[X Link](https://x.com/jdorman81/status/1953996752258007439)  2025-08-09T01:48Z 44.5K followers, [---] engagements


"@0x_Uizado Different funds have different mandates and use different techniques not to mention there is a difference between long term fundamental investments versus short term trades / events"  
[X Link](https://x.com/jdorman81/status/1954249059533005213)  2025-08-09T18:30Z 44.5K followers, [--] engagements


"@nomad_sbr @arca That's not true. We publish monthly performance and monthly investor letters and host monthly investor calls and have done this every month since inception [--] years ago. They are private funds and only available to our LPs. Reach out to our IR team if you'd like it"  
[X Link](https://x.com/jdorman81/status/1955000350681002150)  2025-08-11T20:16Z 44.5K followers, [---] engagements


"Internet Capital Markets (ICM fixes real problems for entrepreneurs and tokenholders. Founders no longer need to rely on venture capita. Through ICM tokenholders get to invest in innovative startups on an even playing field. Quick thread 👇"  
[X Link](https://x.com/jdorman81/status/1955642038139183513)  2025-08-13T14:46Z 44.5K followers, [----] engagements


"We have now officially left the dot-crypto phase of blockchain. All of the existing use cases of crypto are from crypto-native companies but going forward the whole world will come up with creative ways to issue and use tokens. https://x.com/jdorman81/status/1895215466202964007 11) We are on the cusp of leaving the "dot-crypto" phase of blockchain We are about to enter the new phase where regular 100-year old companies use blockchain No one is a "dot-com" anymore because every company is. Same thing will be true for crypto. https://t.co/xcT5OmZaT1"  
[X Link](https://x.com/jdorman81/status/1955642039456108712)  2025-08-13T14:46Z 44.5K followers, [---] engagements


"The most interesting thing about $BLSH is it's the first hybrid -- DAT + "real" business. almost all of the DATs to date have failed when coupled with a real business under them. Most investors have just wanted clean shells"  
[X Link](https://x.com/jdorman81/status/1955697698730074583)  2025-08-13T18:27Z 44.6K followers, [----] engagements


"Why investment banks matter $CRCL $BLSH - wildy overvalued but the story was sold so stocks up 3-5x post IPO $GLXY - wildly undervalued but conversion from TSX to Nasdaq wasn't sold to new investors by an inv bank $COIN - direct listing no one cared about it for years So $BLSH is valued at $5bn for the part of the business that for $GLXY is valued at zero. Then $GLXY has a ton of crypto on the balance sheet plus investments in every corner of crypto and one of the biggest AI data centre businesses and is valued at $10bn. Make it make sense So $BLSH is valued at $5bn for the part of the"  
[X Link](https://x.com/jdorman81/status/1955743157972500498)  2025-08-13T21:27Z 44.6K followers, 23.6K engagements


"Same is true in crypto. [----] PTSD ruined so many of you. Markets generally go up for [--] years and go down for [--] and many anchor to the [--] down year. Dumb tokens will still go down. "Alt season" isn't a thing. But good projects with good tokenomics don't have to retrace The Big Short ruined more traders than it inspired. Everyones chasing their [----] moment but in reality theyre just missing a great bull market. The Big Short ruined more traders than it inspired. Everyones chasing their [----] moment but in reality theyre just missing a great bull market"  
[X Link](https://x.com/jdorman81/status/1956450840677630114)  2025-08-15T20:20Z 44.6K followers, 20.8K engagements


"Good chart showing the craziness of $HYPE. token price down while revenues reach all-time-highs As @MarkYusko says --- "alligator jaws always close" So unless you think revenue is going to fall price will have to rise Every day that token price is flat for revenue producing apps w/ buybacks ( ie $HYPE $RAY $PUMP etc) the token gets cheaper to own (P/E lower). Opposite is true for inflationary tokens (ie layer 1s/2s Dino coins memes) Every day that token price is flat for revenue producing apps w/ buybacks ( ie $HYPE $RAY $PUMP etc) the token gets cheaper to own (P/E lower). Opposite is true"  
[X Link](https://x.com/jdorman81/status/1957827669317546481)  2025-08-19T15:31Z 44.6K followers, 24.5K engagements


"@skewga_hyper Yep -- here's an even better chart showing how much buybacks $PUMP and $HYPE are doing relative to every other company/protocol in crypto"  
[X Link](https://x.com/jdorman81/status/1957869361064181897)  2025-08-19T18:16Z 44.6K followers, [----] engagements


"Reminder to hypocritical TradFi folks when you speak ill of crypto. You also occasionally: -have frauds -get seduced by awful investments -derive equity value based on speculation not intrinsic value One-off examples don't invalidate an asset class https://www.ar.ca/blog/crypto-market-recap-07-29-19 Beyond Meat Net Income. [----] YTD: -$82 million 2024: -$160m 2023: -$338m 2022: -$366m 2021: -$182m 2020: -$53m 2019: -$12m 2018: -$30m 2017: -$30m 2016: -$25m IPO Price (May 2019): $25/share All-Time High Price (July 2019): $239/share Price Today: $2/share $BYND"  
[X Link](https://x.com/jdorman81/status/1957914531851629048)  2025-08-19T21:16Z 44.6K followers, [----] engagements


"Haha. that may be the single worst investment advice ever offered unless they are only taking 80+ year olds as clients now. Vanguard suggests a 70% bond and 30% stock portfolio for the next decade per BI Vanguard suggests a 70% bond and 30% stock portfolio for the next decade per BI"  
[X Link](https://x.com/jdorman81/status/1958237784117825614)  2025-08-20T18:40Z 44.6K followers, [----] engagements


"@ZachLight16 Coinbase peaked at $8 bn of EBITDA in [----] and haven't come close to that since (and may never). The market didn't take $COIN seriously back when it was actually growing. why should it now https://x.com/jdorman81/status/1910401513207558370 Honestly don't know how $COIN survives - $HOOD & bulge brackets will win trading biz - Custody has no moat - Stablecoin int income going to $0 - Their customers hate them (look at the comments) - Acquisitions have been flops - Mgmt makes baffling decisions (buying back 0% debt) https://x.com/jdorman81/status/1910401513207558370 Honestly don't"  
[X Link](https://x.com/jdorman81/status/1958238461259108748)  2025-08-20T18:43Z 44.6K followers, [---] engagements


"@cozenom @ZachLight16 I absolutely do not understand that thesis. You're right. The whole point of stablecoins is peer-to-peer transactions and there are a billion wallet providers (and more coming). Why is Coinbase going to become Wechatpay"  
[X Link](https://x.com/jdorman81/status/1958251771526263034)  2025-08-20T19:36Z 44.6K followers, [---] engagements


"nearly every institutional investor I speak to understands $HYPE (simple biz trackable revenue massive growth buybacks) and $TAO (incentivizing behavior and simple subnet examples). FWIW - DePIN is also easy to pitch as a concept but the tokens are bad investments The first token outside of $BTC & $ETH you'd pitch to an institutional investor is ____ The first token outside of $BTC & $ETH you'd pitch to an institutional investor is ____"  
[X Link](https://x.com/jdorman81/status/1958279361909706852)  2025-08-20T21:25Z 44.6K followers, 65.7K engagements


"@robustus @TraderDegen @ZachLight16 @QwQiao More likely that the banks and brokers figure out how to do what Coinbase does and leave them out. Its not a coincidence that both JPM and Citi announced stablecoin projects after underwriting the CRCL IPO. They saw how easy it was and said yeah well do this too"  
[X Link](https://x.com/jdorman81/status/1958361301853610324)  2025-08-21T02:51Z 44.6K followers, [---] engagements


"@AvgJoesCrypto I never said use 100%. Skim some off the top for opex and growth but the majority should be used for buybacks. It's the only way to create sustainable value unless you successfully become a true all-encompassing app store and create utility value https://x.com/jdorman81/status/1895215446850445379 2a) A token's value is derived from [--] of [--] places 1) Financial: FCF 2) Utility: usage (Gas fees collateral) 3) Social: "cool factor" If you can't define these it does not have value and if it only has #3 good luck https://t.co/Ja3mT2gZik"  
[X Link](https://x.com/jdorman81/status/1963700804206092308)  2025-09-04T20:28Z 44.6K followers, [---] engagements


"@thedukekim @AndrewSteinwold Haha. yes. Buybacks are the only reason any token has value. It is the mechanism for terminal value. https://x.com/jdorman81/status/1903527781167968578 This recent notion that token buybacks are a bad use of capital is misguided. Token buybacks are by far the best use of capital for protocols full stop. Recent discussion against buybacks completely misses the biggest difference between tokens & equities as I'll explain 👇 https://x.com/jdorman81/status/1903527781167968578 This recent notion that token buybacks are a bad use of capital is misguided. Token buybacks"  
[X Link](https://x.com/jdorman81/status/1965803013924368474)  2025-09-10T15:42Z 44.6K followers, [--] engagements


"The bull market Only 25% of tokens in our coverage universe are positive YTD more than 1/2 are down -50% YTD and only 55% are higher since April 1st (when macro/tariff fears subsided) And some of the YTD winners are complete nonsense Dino coins or utter crap Hard indeed this is the hardest bull market of all time but it is still a bull market even if youre not in the coins going up missed wld ip wlfi this is the hardest bull market of all time but it is still a bull market even if youre not in the coins going up missed wld ip wlfi"  
[X Link](https://x.com/jdorman81/status/1965961465501987177)  2025-09-11T02:11Z 45.3K followers, 16.7K engagements


"@Axel_Mnvn @stacy_muur @MessariCrypto @helium Its a good start. Ive always said depin tokens are horrible investments because it takes so long to bootstrap the network and during that time the tokens go straight down. But HNT is an example of where it could eventually become investable"  
[X Link](https://x.com/jdorman81/status/1966160474963370094)  2025-09-11T15:22Z 44.6K followers, [--] engagements


"amazing financial engineering $ENA - Locked ENA trades at a discount - The same locked ENA inside of a public company equity shell will trade at a premium Yet equity investors call crypto people dumb. Ha https://www.businesswire.com/news/home/20250905713395/en/TLGY-Acquisition-Corp.-and-StablecoinX-Assets-Inc.-Announce-Additional-%24530-Million-in-PIPE-Financing-and-Creation-of-New-Strategic-Advisory-Board"  
[X Link](https://x.com/jdorman81/status/1966270375156916672)  2025-09-11T22:39Z 44.9K followers, [----] engagements


"6 months later and this wasnt a bad list. With new tokens added probably should now be the #BARHEAPs $BNB $AERO $RAY $HYPE $ENA $AAVE $PUMP Or if you absolutely must include $ETH and $SOL then its ironically the #BEARPHASE Crypto needs an acronym for good revenue producing amortizing value tokens (no crap inflationary L1s or memes). Like the FANGs & the BRICs We introduce the BACHELORS $BNB $AERO $CAKE $HYPE $ENA $LEO $OKB $RAY $SKY (MKR) (sorry $JUP - J's are hard; consider a rebrand) Crypto needs an acronym for good revenue producing amortizing value tokens (no crap inflationary L1s or"  
[X Link](https://x.com/jdorman81/status/1967237665432252885)  2025-09-14T14:43Z 45.1K followers, 12.1K engagements


"This has to be Coinbase mgmt interfering trying to find a way to goose the value of $COIN (which has lagged all other crypto stocks). I doubt there is another category in crypto with less interest or value than L2 tokens but let's launch it anyway to try to salvage the stock. base is exploring a network token its still day one and the best part of being early is that the story is ours to write base is exploring a network token its still day one and the best part of being early is that the story is ours to write"  
[X Link](https://x.com/jdorman81/status/1967615531143557603)  2025-09-15T15:44Z 45.1K followers, [----] engagements


"@torvaman_ Congrats. you've underperformed literally everything in crypto by owning $COIN stock"  
[X Link](https://x.com/jdorman81/status/1967618372042203230)  2025-09-15T15:55Z 44.9K followers, [----] engagements


"$IREN was at $10 on Jun 25th. now at $38 Stocks are no different than crypto they just don't have [------] people calling the top every hour when a good company grows"  
[X Link](https://x.com/jdorman81/status/1967677272317628846)  2025-09-15T19:49Z 45K followers, [----] engagements


"Those who doubt what $PUMP is doing should study history. See Facebook IPO $META. You wouldn't notice looking at the since inception chart but the IPO was botched by underwriters (immediately fell from $40 IPO to $20) and investors couldn't understand the model at first"  
[X Link](https://x.com/jdorman81/status/1967743864435003800)  2025-09-16T00:14Z 45.1K followers, 12.2K engagements


"Many have said this crypto bull market is harder to invest in than any previous bull market. The reason this has been a hard bull market is because its barely even a good year for crypto let alone a bull market. We explain. Thread 👇"  
[X Link](https://x.com/jdorman81/status/1967988776585863564)  2025-09-16T16:27Z 45.1K followers, 45.2K engagements


"More than 75% of tokens in our coverage universe are negative YTD and more than 50% of tokens are down -40% or more YTD. Worse some of this years winners are complete nonsense coins and memecoins that no serious investor would even look at (looking your way $LTC and $BCH)"  
[X Link](https://x.com/jdorman81/status/1967988778754331117)  2025-09-16T16:27Z 45.1K followers, 18.2K engagements


"The only reason some even refer to this as a bull market is because the handful of well-known large-cap tokens are higher YTD BTC ETH SOL BNB & XRP are all +20-40% YTD. This is the TradFi equivalent of the DJIA and $GME having a good year while IWM (small caps) are -40%"  
[X Link](https://x.com/jdorman81/status/1967988781820358765)  2025-09-16T16:27Z 44.9K followers, [----] engagements


"This dispersion is a good thing and is precisely what needs to happen to increase investor education. Nothing good comes from an everything rally because no one learns anything. But when others kick your ass you start to ask questions like how are you doing this"  
[X Link](https://x.com/jdorman81/status/1967988783246348474)  2025-09-16T16:27Z 44.9K followers, [----] engagements


"Unlike previous crypto bull markets you actually have to use common sense this year to make money. Own stocks and tokens that actually make money & buy back their own tokens with the profits. The days of throwing darts to make a fortune are over (i.e. Alt Season isn't a thing)"  
[X Link](https://x.com/jdorman81/status/1967988784622080168)  2025-09-16T16:27Z 45.1K followers, [----] engagements


"What's done well YTD - Tokens w/ ETFs or DATs (BTC ETH SOL) - Crypto stocks (CRCL GLXY COIN IREN WULF HOOD) - US gov't coins (XRP LINK) - Companies that are making a ton of money & giving money back to token holders (HYPE PUMP SYRUP MPL/SKY) https://x.com/jdorman81/status/1903527781167968578 This recent notion that token buybacks are a bad use of capital is misguided. Token buybacks are by far the best use of capital for protocols full stop. Recent discussion against buybacks completely misses the biggest difference between tokens & equities as I'll explain 👇"  
[X Link](https://x.com/jdorman81/status/1967988786165584165)  2025-09-16T16:27Z 45.1K followers, 33.2K engagements


"@ayyyeandy Awesome Please ask him why he screwed over ALL crypto folks by allocating all $CRCL shares in the IPO to TradFi mutual funds and none to any crypto native funds or individuals who were solely responsible for making $USDC & @circle successful https://www.ar.ca/blog/circle-ipo-is-the-antithesis-of-crypto-ethos https://www.ar.ca/blog/circle-ipo-is-the-antithesis-of-crypto-ethos"  
[X Link](https://x.com/jdorman81/status/1967995780758900853)  2025-09-16T16:55Z 45.1K followers, [---] engagements


"Looking forward to seeing [----] overreactions to the most transparent Fed in history which has already laid out exactly what the go forward plan is"  
[X Link](https://x.com/jdorman81/status/1968316596256145555)  2025-09-17T14:10Z 44.9K followers, [----] engagements


"@krugermacro Every FOMC press conference is irrelevant. The whole world is anchoring to the Greenspan / Bernanke Fed where every time they talked or met there was new information. The Powell Fed is the most transparent in history and they leak everything to Nick at the WSJ. Never knew info"  
[X Link](https://x.com/jdorman81/status/1968397898770792778)  2025-09-17T19:33Z 44.9K followers, [----] engagements


"$CRCL is trading at 15x revenue. It's annual revenue falls by $200mm per [--] bps rate cut. The market is pricing in [--] more rate cuts by EOY [----] (150 bps total). That's $1.2 bn in lost revenue for $CRCL At 15x - $18 billion in lost market cap (Current $32 bn) Yikes"  
[X Link](https://x.com/jdorman81/status/1968708040124678474)  2025-09-18T16:05Z 45.1K followers, 26K engagements


"Good question but the old model of needing a token to secure a network has been replaced by properly using a token as a quasi-equity / rewards hybrid vehicle to grow your audience & revenues. $BNB pioneered it. $HYPE and $PUMP improved upon it. Soon everyone will do it. ok ill bite why do wallets need a token ok ill bite why do wallets need a token"  
[X Link](https://x.com/jdorman81/status/1969097099443646499)  2025-09-19T17:51Z 45.2K followers, 11.9K engagements


"@nazarius_amb SUI is 100% not even close to the same"  
[X Link](https://x.com/jdorman81/status/1969098838611820594)  2025-09-19T17:58Z 44.9K followers, [---] engagements


"Also why market cap is a horribly misleading metric. If you use adjusted market cap then the massive SOL investor unlocks wouldnt have increased the market cap because they would have already been included years ago (and investors might have stayed away). 15) Adding on to (3) above a broader methodology needs to be adopted that uses "adjusted market cap" -- a metric that falls in between Float (circulating supply) and FDV (max supply) https://t.co/UtMtnx13NO 15) Adding on to (3) above a broader methodology needs to be adopted that uses "adjusted market cap" -- a metric that falls in between"  
[X Link](https://x.com/jdorman81/status/1969233665809961218)  2025-09-20T02:54Z 45.1K followers, [----] engagements


"@fastforgeexpand Is that TIA"  
[X Link](https://x.com/jdorman81/status/1969238144731029681)  2025-09-20T03:12Z 45K followers, [---] engagements


"Its a nice proposal but also embarrassing that investors have to make proposals simply b/c exchanges & data providers ( @CoinMarketCap & @coingecko ) have been putting out inaccurate supply numbers for years. Lets fix supply because the service providers are incompetent https://t.co/IFVcvsalLd https://t.co/IFVcvsalLd"  
[X Link](https://x.com/jdorman81/status/1970159858449338741)  2025-09-22T16:14Z 45.1K followers, [----] engagements


"5 random crypto thoughts from a busy week in crypto land A thread 👇 (but read the full blog at the end if you want more details)"  
[X Link](https://x.com/jdorman81/status/1970516060995727541)  2025-09-23T15:50Z 45.1K followers, [----] engagements


"1) $CRCL is in trouble - CRCL trades at 15x sales - 100% of CRCLs rev comes from int income on USDC - Annual rev falls by $187 mm per [--] bps rate cut - That's $1.13 bn of lost revenue over the next [---] years (150 bps). At 15x sales thats $17 bn in lost market cap (-50%)"  
[X Link](https://x.com/jdorman81/status/1970516062396699032)  2025-09-23T15:50Z 45.1K followers, [----] engagements


"3)Layer-1 protocol inflation is a killer Solana market cap has now doubled from the '21 highs Unfortunately $SOL has gone nowhere over the same time period. Mkt cap growth (2x) w/out SOL price growth (flat) is a function of insane inflation & mkt cap being a misleading metric"  
[X Link](https://x.com/jdorman81/status/1970516065156506014)  2025-09-23T15:50Z 45.1K followers, [---] engagements


"@0xGeeGee Tether makes money. Circle gives all of its money to Coinbase and blackrock. Its a way more profitable business than circle"  
[X Link](https://x.com/jdorman81/status/1970648381707166077)  2025-09-24T00:36Z 45.1K followers, [---] engagements


"@dampedspring Because circle makes no money. They pay it all to blackrock and Coinbase for distribution. Also 1) $CRCL is in trouble - CRCL trades at 15x sales - 100% of CRCLs rev comes from int income on USDC - Annual rev falls by $187 mm per [--] bps rate cut - That's $1.13 bn of lost revenue over the next [---] years (150 bps). At 15x sales thats $17 bn in lost market cap (-50%) 1) $CRCL is in trouble - CRCL trades at 15x sales - 100% of CRCLs rev comes from int income on USDC - Annual rev falls by $187 mm per [--] bps rate cut - That's $1.13 bn of lost revenue over the next [---] years (150 bps)."  
[X Link](https://x.com/jdorman81/status/1970661334481351133)  2025-09-24T01:27Z 45.1K followers, [----] engagements


"Ive seen [---] people call the crypto top today. Ive never once seen anyone successfully call a top let alone it be consensus. Not to mention top of what exactly 75% of the market is down YTD. More than 75% of tokens in our coverage universe are negative YTD and more than 50% of tokens are down -40% or more YTD. Worse some of this years winners are complete nonsense coins and memecoins that no serious investor would even look at (looking your way $LTC and $BCH). https://t.co/EgAGipeYm1 More than 75% of tokens in our coverage universe are negative YTD and more than 50% of tokens are down -40% or"  
[X Link](https://x.com/jdorman81/status/1970663690736411055)  2025-09-24T01:36Z 45.1K followers, [---] engagements


"The path to L1 blockchain success is vertical integration Own the chain DEX & Stable coin If you don't own all [--] your chain is not worth much 1) DEX's make $ 2) Stablecoin issuers make $ 3) L1s make little to no $ but can support the growth of [--] and [--] above $BNB $HYPE"  
[X Link](https://x.com/jdorman81/status/1970895979386896837)  2025-09-24T16:59Z 45.1K followers, 17.9K engagements


"Wars are good. People spend money to win wars. $ASTER volume (regardless of authenticity) up 2.5x $HYPE volume also up 2-3% Yesterday was by far the largest perp DEX volume day ever Here's a fun fact: You aren't legally required to go long/short. you can just go long/long Aster 24hr volume: $29504864364 Hyperliquid 24hr volume: $10093839390 Is CZ winning the war against Jeff https://t.co/xaQaTEaekL Aster 24hr volume: $29504864364 Hyperliquid 24hr volume: $10093839390 Is CZ winning the war against Jeff https://t.co/xaQaTEaekL"  
[X Link](https://x.com/jdorman81/status/1970962303647662300)  2025-09-24T21:23Z 45.1K followers, 15.2K engagements


"There's only one question I ask when people interview at Arca: "How may wallets do you control and can you send to me so we can see your activity" If you aren't using crypto you ain't working in crypto"  
[X Link](https://x.com/jdorman81/status/1971246333274313062)  2025-09-25T16:12Z 45.1K followers, [--] engagements


"FWIW: Asset mgmt stocks trade at 1% of AUM; not 139% of AUM TVL is a pointless metric. If I have [--] chairs in a room & there are only [--] people how does depositing more chairs into the room help Focus on how assets on chain are being utilized not the total amount of assets Ethereum trades at 1.39x ecosystem TVL. Ecosystem TVL: sum of funds deposited into the applications on the chain. Top [--] apps by TVL: @Tether_to @aave @circle @LidoFinance @eigenlayer @SkyEcosystem @ethena_labs @ether_fi @pendle_fi and @sparkdotfi. https://t.co/mSNHYZPFK1 Ethereum trades at 1.39x ecosystem TVL. Ecosystem"  
[X Link](https://x.com/jdorman81/status/1971319857644966121)  2025-09-25T21:04Z 45.1K followers, [----] engagements


"We think Perp dexes are all killing it and it's not about which one do you choose it's about how much of your total portfolio should be allocated to the entire sector. Not everything has to be a long/short. some things can just be long/long/long chat what do we think https://t.co/1CfXonAjYt chat what do we think https://t.co/1CfXonAjYt"  
[X Link](https://x.com/jdorman81/status/1971668668112306359)  2025-09-26T20:10Z 45.1K followers, 17K engagements


"@j0hnwang We were talking about it before it happened. Because it was obviously going to happen. Honestly don't know how $COIN survives - $HOOD & bulge brackets will win trading biz - Custody has no moat - Stablecoin int income going to $0 - Their customers hate them (look at the comments) - Acquisitions have been flops - Mgmt makes baffling decisions (buying back 0% debt) Honestly don't know how $COIN survives - $HOOD & bulge brackets will win trading biz - Custody has no moat - Stablecoin int income going to $0 - Their customers hate them (look at the comments) - Acquisitions have been"  
[X Link](https://x.com/jdorman81/status/1972881167813939384)  2025-09-30T04:28Z 45.1K followers, [----] engagements


"The only time I buy BTC is when society loses faith in governments and local banks. $BTC likely a good buy here ahead of yet another U.S. government shutdown"  
[X Link](https://x.com/jdorman81/status/1973103511178256459)  2025-09-30T19:11Z 45.1K followers, [----] engagements


"Watching playoff baseball from a plane is fun. I just let out an audible cheer. People are confused. I can assure you Im the only person on an LA to DC flight watching tigers / guardians Go @CleGuardians"  
[X Link](https://x.com/jdorman81/status/1973480668211585500)  2025-10-01T20:10Z 45.1K followers, [----] engagements


"Amazing so many people are still listening to 2018s influencers pitching worthless L1s L2s memecoins & Dino coins when the most profitable companies in crypto history with the best tokenomics fly under the radar Over the last *90 days* $HYPE spent $243M in buys $PUMP spent $112M in buys Why the f would you own any other alt coins https://t.co/2ZFt4YqKdt Over the last *90 days* $HYPE spent $243M in buys $PUMP spent $112M in buys Why the f would you own any other alt coins https://t.co/2ZFt4YqKdt"  
[X Link](https://x.com/jdorman81/status/1973835763491242142)  2025-10-02T19:41Z 45.3K followers, 14.2K engagements


"wrote about the inevitable rise of Perp DEXs (2 years after the rise in Spot DEXs) and the $XPL launch with a hit tip to @joeyreinberg_ Hint: bet on the sector "That's Our Two Sats" --weekly blog https://www.ar.ca/blog/the-perp-dex-wars-begin https://www.ar.ca/blog/the-perp-dex-wars-begin"  
[X Link](https://x.com/jdorman81/status/1974104268476199085)  2025-10-03T13:28Z 45.3K followers, [----] engagements


"I'd rewrite this as "Obviously revenue has been & always will be the most important metric for investing. It's criminal that exchanges VCs influencers OTC desks & the media purposefully obfuscated the truth for so long with made up metrics to pump their bags & volumes." More and more investors asking about revenue as a metric for evaluating different crypto assets. The space is maturing. More and more investors asking about revenue as a metric for evaluating different crypto assets. The space is maturing"  
[X Link](https://x.com/jdorman81/status/1974112260307214439)  2025-10-03T14:00Z 45.1K followers, [----] engagements


"@casperBGD Bitcoin is the biggest anomaly / smoke screen in the history of investing. Its success is miraculous one-of-a-kind and should not be studied or applied to literally anything else"  
[X Link](https://x.com/jdorman81/status/1974113367481856414)  2025-10-03T14:04Z 45.1K followers, [--] engagements


"@azi_d20 Would be happy to chat. Your DMs aren't open but your team knows how to find me via email or TG. The last time I had a discussion with your team about listings I get accused of trying to front-run them (which I can assure you no one cares about since they all go straight down)"  
[X Link](https://x.com/jdorman81/status/1974189391393534282)  2025-10-03T19:06Z 45.1K followers, [---] engagements


"@jvb_xyz Yeah. Problem with all of these is the valuations make no sense. Which is why everyone has to keep making up reasons for them to trade higher https://www.ar.ca/blog/layer-1-protocols-overhyped-or-misunderstood https://www.ar.ca/blog/layer-1-protocols-overhyped-or-misunderstood"  
[X Link](https://x.com/jdorman81/status/1975243848554328412)  2025-10-06T16:56Z 45.3K followers, [---] engagements


"@tomlombardi Don't think so -- no way you could list AERO UNI PUMP and other assets like that and not also list JUP RAY BNB TRX HYPE LEO This is purposeful"  
[X Link](https://x.com/jdorman81/status/1976004804263690453)  2025-10-08T19:20Z 45.1K followers, [---] engagements


"Agree. This crash was more technical than fundamental. Fundamental crashes like ftx Luna [----] mortgage crisis tend to involve bankruptcies or fraud or massive exodus of investors Technical crashes like May [----] flash crash and yesterday tend to have little follow thru My thoughts on yesterdays crypto crash: TLDR: Well be fine. We always are. Ive been in this industry for [--] years now and Id say Ive really seen it all. The COVID crash the $LUNA meltdown the FTX collapse you name it. But what we witnessed yesterday felt very different My thoughts on yesterdays crypto crash: TLDR: Well be fine."  
[X Link](https://x.com/jdorman81/status/1977026991783395497)  2025-10-11T15:02Z 45.3K followers, 39.7K engagements


"@0xBriann @NicolasFlamelX No it wasnt. Rate hikes at the end of [----] and into [----] were the reason things broke"  
[X Link](https://x.com/jdorman81/status/1977044097887346924)  2025-10-11T16:10Z 45.3K followers, [---] engagements


"@0xBriann @NicolasFlamelX They didnt become insolvent because of a flash crash. They became insolvent because rates rose and lending dried up combined with horrible asset/liability mismatches (everyone lended BTC but borrowed other assets)"  
[X Link](https://x.com/jdorman81/status/1977056435839418587)  2025-10-11T16:59Z 45.3K followers, [---] engagements


"@Skydropltd So A few blowups happen every year in every market. It does not become systemic unless one of the entities is so intertwined with everything else (like ftx MF global Archegos)"  
[X Link](https://x.com/jdorman81/status/1977057205632614789)  2025-10-11T17:02Z 45.3K followers, [---] engagements


"@0xBriann @NicolasFlamelX You have your dates wrong. FTX blew up [--] months later in Nov [----]. Not Nov 2021"  
[X Link](https://x.com/jdorman81/status/1977060131763634686)  2025-10-11T17:14Z 45.3K followers, [---] engagements


"@0xBriann @NicolasFlamelX Yes but the Luna and broad market crash was not caused by the May [----] flash crash. That was a blip and largely irrelevant"  
[X Link](https://x.com/jdorman81/status/1977062001366176183)  2025-10-11T17:21Z 45.3K followers, [---] engagements


"@osurx2003 @RaoulGMI @Ledger Will write my [--] sats blog about the high yield market parallels this weekend. Sign up for the blog at http://ar.ca http://ar.ca"  
[X Link](https://x.com/jdorman81/status/1977067040033943986)  2025-10-11T17:41Z 45.3K followers, [---] engagements


"@techsportsmark @QuantKris Happens all the time in corp bonds. Which is why no one can lever those positions. Equity market is bigger and deeper and less fragmented liquidity (fewer exchanges) @techsportsmark Lots of reasons. 1) better MMs with deeper pockets 2) fed swap likes into banks 3) circuit breakers 4) not even close to as much leverage and certainly not on higher beta assets Also it does happen in corp bonds all the time @techsportsmark Lots of reasons. 1) better MMs with deeper pockets 2) fed swap likes into banks 3) circuit breakers 4) not even close to as much leverage and"  
[X Link](https://x.com/jdorman81/status/1977228610726719917)  2025-10-12T04:23Z 45.3K followers, [--] engagements


"Worth repeating: If you list everything with fair transparent rules that anyone can adhere to -- you're an exchange If you selectively list assets treat clients differently and your clients are constantly losing money you're a broker (and probably not a good broker) If you list everything you're an exchange If you selectively offer good assets only you're a good broker If you purposefully do NOT offer good assets but list all absurdly crappy assets AND list the assets at prices that go straight down you're a bad broker (i.e. Coinbase) If you list everything you're an exchange If you"  
[X Link](https://x.com/jdorman81/status/1978445751312163273)  2025-10-15T12:59Z 45.3K followers, [----] engagements


"Tesla Has Lots of Room to Run http://t.co/dMNcJnMZ1o via @hvst Smart update on $TSLA http://hvst.co/1oq2HVB http://hvst.co/1oq2HVB"  
[X Link](https://x.com/jdorman81/status/516599337703317504)  2014-09-29T14:44Z 36.3K followers, [--] engagements


"Learning a lot about $TSLA via @hvst Bull & Bear cases: http://t.co/rlHhvTnfou & http://t.co/Cdgq6xqIap http://hvst.co/YSF4yn http://hvst.co/1BBqeJ0 http://hvst.co/YSF4yn http://hvst.co/1BBqeJ0"  
[X Link](https://x.com/jdorman81/status/517656978865541121)  2014-10-02T12:46Z 36.3K followers, [--] engagements


"Love @HVST filters. Currently on #activist posts (#danloeb $DOW campaign). Later #investorletters. #finance http://t.co/2PjaAMTUG6"  
[X Link](https://x.com/jdorman81/status/533247926571909120)  2014-11-14T13:19Z 36.3K followers, [--] engagements


"Can't help but to toot my own horn here. Check out myportfolio and create your own with @HVST $LNG $GPRO $ILMN https://www.hvst.com/36-jeff-dorman/portfolio https://www.hvst.com/36-jeff-dorman/portfolio"  
[X Link](https://x.com/jdorman81/status/545644571812585472)  2014-12-18T18:19Z 36.3K followers, [--] engagements


"Has private equity finally embraced AI and blockchain #wallstreet #blockchain http://hvst.co/2n6Vpi0 http://hvst.co/2n6Vpi0"  
[X Link](https://x.com/jdorman81/status/956237521003958272)  2018-01-24T18:49Z 36.3K followers, [--] engagements

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