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Ari Paul

24 Podcast Episodes

Latest 30 Sep 2022 | Updated Daily

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EP30 - MV#12 為加密貨幣設置估值 Ari Paul [BC-3]

未來.不打烊 - 只會不斷.加速.的.湧現! ~~WeDAO 媒體頻道

歡迎來到 WeDAO - 我們的DAO; 一個由一群在全球的  創投,諮詢,科技, 財經, 設計 趨勢政策,,以及跨界的實業家發起的 DAO,  關注 MetaVerse [元宇宙] 的未來大小事, 特別是鏈上/Web3 的 生活 及工作 的現在進行式.. Hi 我是 Keke, Hi 我是 Bibi,  Bi-CAFE 的當家花旦, 圍繞著 『金融篇, 貨幣篇, 元宇宙經濟篇』來和大家趕上趨勢, 創建自己在元宇宙中 [安身立命]之道! Keke | 長期生活/工作在美洲/大洋洲 的前企業高管, 五大諮詢公司顧問. 現今@venture studio, 共享空間. 社群主理人. 私董會領教等角色中交錯. 狂熱的活在與 人文X科技X未來的交會點. Twitter @kekequei Bibi | 曾是闖蕩世界的空服,現在地面做稅務規劃/金融服務,虛實結合闖蕩元宇宙,擁抱鏈上資產和交易的變化萬千!  Bibi Wu @standstop1 本集的話題是分享 Ari Paul@@AriDavidPaul,BlockTower 的聯合創始人兼 CIO 首席投資官, BlockTower 是創立於2017 年的最早的加密基金之一.對於加密貨幣的估值的討論. 1.第一性原則 first principle & 基本投資 101 經濟思維,不同的加密資產在經濟上是非常不同的東西。 2. ETF 是一個 wrapper - ETF 的估值 = 標的資產的估值....- NFT 是一個 wrapper - NFT 的估值 = 標的資產的估值. 3. Ari 最好的類比是 - 離岸銀行系統 [off-shore-Banking] ,目前它的規模非常粗略地稱為 30 兆; 推估比特币的70兆.... 4. Cathie Wood - ARK Investment指出,由於投資者仍關注BTC的長期價值,料於2030或前,其價值會超過100萬美元?? 以太币则是 17至18萬美元?? 5. 培养自己的估值思考模型? Ref: - 睿.空間:  crypto start up 的社創基地, https://www.thespace.cc/ keke@thespace.cc - 🎵片頭| 片尾:Music from https://icons8.com/music/author/Ilya Truhanov


28 Mar 2022

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Ari Paul on Valuing Bitcoin, Ethereum Killers and Metaverse Bubbles

Macro Hive Conversations With Bilal Hafeez

Ari Paul is co-founder and CIO of BlockTower Capital. BlockTower is a crypto and blockchain investment firm, applying professional trading, investing and portfolio management to this digital asset class. It is funded by well-known investors such as A16z and Union Square Ventures. Before BlockTower, Ari was a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group (SIG). In this podcast we discuss: How to value bitcoin Understanding drivers of crypto markets What flows have driven crypto in recent years? Business for exchanges like UniSwap The real benefit of crypto is co-ordination power Trends in layer one protocols like Ethereum and Solana Will switch to Proof of Stake make a difference? What stage of hype cycle are Metaverse and DeFi tokens? Risk is about sizing positions Books/articles that influenced Ari: Money, blockchains, and social scalability (Nick Szabo), Shelling Out: The Origin Of Money (Szabo), Debt: The First 5000 Years (Graeber)


17 Dec 2021

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Ari Paul of Blocktower on maximilism, decentralization, and investing

UpOnly: Chats with Crypto Experts

LinksTwitterShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesIntroduction– Ari bought first Bitcoin in 2014– Really dove into crypto 2016– Friend emailed him in 2011 asking to check out crypto, Ari said it won’t retain value, not backed by guns like fiat– Ari: “For crypto you kinda gotta know a little bit about a lot of things”– Got involved with crypto through crypto twitter– Cunningham’s Law – “The fastest way to get an answer on the internet is not to ask a question, but to state something wrong”Ari’s Headspace– Long term mostly thinking about the future of crypto– BlockTower bets on where the world will be in 1-3 years, not 10-20 years– Fascinated by the big picture– Huge believer in giving people defensive tools for overbearing statesVC Stuff– BlockTower is a trading firm by nature, so they invest in projects that they can actually be power users in– Ari: “Evaluating seed stage teams is its own skillsets, very different from evaluating something like Microsoft”– Cobie skeptical of a16z’s success in crypto, followed like 4 deals they did and got crushed– A lot of the time, timing is much more important than vetting skill– Ari: “If you were trading NFTs 2 years ago, it almost doesn’t matter if you were good it just matters that you were doing it”Privacy– Ari: “There’s a whole tech stack for privacy that’s missing”– Countries can control the internet very easily– People think the internet is super hard to control – there is literally a bundle of wires that delivers the internet to an entire country– Ari: “zk-rollup chains where you can shield the mempool… there is some super cool math we’re building into the system now that could change everything”– You could fork Ethereum and add it as a rollup chain to Bitcoin– Ledger: “Is there really a market for that?”– Ari: “It seems likely in the next 2 years that we’ll get a soft fork to implement this”– Ari: “There are bitcoiners who are pitching this as humanitarian technology but against adding privacy technology that exists…borderline unethical”Making ETH Maxis Mad– Ethereum is a risky startup competing on tech– The odds it is a market leader in 10 years is under 20%– Facebook didn’t need a single Friendster user or dev– If you have an industry that’s going to 20x, you don’t need to take existing users– Ari: “Solana has something like more than 10,000 active developers now”– Ethereum does not have much of a moat, it has a little bit of brand recognition, a little bit of regulatory head start, some dev moat, but largely the moat is very small– Ethereum cannot move as fast, cannot take as much risk. It’s hard to maintain its lead– Cobie: “Do you think Ethereum should have a canary network, kind of like Kusama?”– Ari: “(pause) I actually haven’t thought about that”– Seems to be a real, good ideaSolana– Ari has been recommending Solana for the last 2 years– Well intentioned team, real project, very cool innovation at the communication layer– *Ari still has a long Solana position to be clear*– It’s quite centralized, depends on the team to stay up, has a real path to decentralization– It’s a highly speculative early stage betBNB– Exchange coins are basically sold as equities– There are tons of regulatory actions which could likely be negative for $BNB– Would not hold the coinCardano– Ari: “Cardano I actually know very little about”– The only thing he really believed would stick around for 5 years was Bitcoin, DeFi and NFTs– Ari: “I worry that in 5-10 years the winning metaverse will be Facebook or Fortnite, some centralized entity, which scares me because I want a decentralized world”– Ledger: “so Cardano” lol– Ari: “I am deeply skeptical of Cardano”– Ledger: “Dump it”2017 Bull Market– Ari bought $50k calls in 2017– Did it to maintain upside exposure while not keeping material risk on– Went onto CNBC to talk about it, they mid-curved his thinking– Ari: “Options are a bet on volatility, not the direction, because you can always hedge the direction with the underlying”– Ari: “If you can’t define skew and kurtosis then you probably shouldn’t be trading options”Crypto Investing– Ari: “If you’re investing with a lot of small bets in alts, it almost acts as a call option”– Ari thinks vol is about fair today– Basically every time Bitcoin vol gets below 60, Ari buys it– Ari: “The crazier the bull market the crazier the retrace”– Ari: “My basic thesis now is DeFi 5-10x’s here and then retraces 80-90%”– Ari: “The biggest value add from crypto over the next 12-18 months is connecting DeFi to real world lending”FINAL ALPHA– Ari: “It doesn’t matter how much money you make, if you don’t keep yourself healthy you won’t enjoy it”– Focus on your health!Notes by KevinMusic by GiovanniPickle

2hr 7mins

14 Oct 2021

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Bitcoin is better than Gold with Ari Paul, CIO of BlockTower Capital

The Wolf Of All Streets

One of crypto’s most trusted voices of reason, Ari Paul, is gifted with the ability to stay neutral and logical while many others swing wildly between euphoria and depression. Although Paul remains optimistic towards Bitcoin, he understands that it fundamentally, and existentially, still has some growing to do as it morphs into the ultra-secure network many believe it will become. Furthermore, he knows that if grandma can't easily navigate and trust the system, it isn't truly ready for the masses. The truth isn't always easy to hear, but in this episode, Paul offers one of the most holistic and logical views regarding Bitcoin and the crypto space.Follow Ari Paul: https://twitter.com/AriDavidPaulIn this episode, Melker and Paul discuss a range of topics including:The Coinbase listing breakdownExposure to exchange tokensBitcoin’s existential riskBillion-dollar slippageBull market phenomenaTrusting grandma with cryptoCoordinated Bitcoin attacksFragmented crypto liquidityUniswap rug pullsThe natural trend towards consolidationLedgers in a safety deposit box----NEXOTry Nexo’s full-suite, instant crypto banking service, featuring: Savings accounts with up to 12% interest on crypto, stablecoins & fiat, Flexible crypto-backed credit lines at just 5.9% APR, An exchange with 75+ crypto and fiat pairs and best-price guarantee, All this and more wrapped up in a single Nexo Wallet. Start banking at https://thewolfofallstreets.link/nexo or download the app on Google Play or the App Store.----Legacy of DeadThis episode was brought to you by Bitcasino. The worlds leading Bitcoin-led online casino and crypto-centric gaming destination. Wager your way into a world of opportunity, with the ultimate Fun, Fast and Fair crypto-casino experience.Deposit, wager, and withdraw in real-time with a host of top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), LiteCoin (LTC), Tether (USDT), TRON (TRX), Ripple (XRP), and more!Use the promo link https://thewolfofallstreets.link/Bitcasino, to unlock your 200 FREE SPINS in the Legacy of Dead Promotion.––––COSMOSVisit https://thewolfofallstreets.link/cosmos to learn about the Cosmos Hub and how the $ATOM can connect every blockchain. Cosmos is the port city connecting chains like Bitcoin and Ethereum to ensure your liquidity on any chain can be used anywhere. Find new staking opportunities, applications, or build your own parachain at cosmos.network.https://thewolfofallstreets.link/cosmos---If you enjoyed this conversation, share it with your colleagues & friends, rate, review, and subscribe. This podcast is presented by Blockworks. For exclusive content and events that provide insights into the crypto and blockchain space, visit them at: https://www.blockworks.co----Join the Wolf Den newsletter:►►https://www.getrevue.co/profile/TheWolfDen/members

1hr 7mins

22 Apr 2021

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The Potential DeFi Collapse, Bull & Bear Markets, and MobileCoin with Ari Paul

Modern Finance

BlockTower Capital Founder and CIO Ari Paul joins Kevin to discuss the crypto cycles of bull and bear markets, the potential for a DeFi collapse, why you should avoid a crypto index fund or ETF, and a new cryptocurrency called MobileCoin, which aims to power all mobile payments.BIOAri Paul (@aridavidpaul) is the Co-Founder and CIO of crypto-asset investment firm BlockTower Capital, and author of The Cryptocurrency Investor blog, where he has published papers on cryptocurrency lending, the history of money, and applying investment concepts to cryptocurrency.LINKS & SHOW NOTESAll links and detailed show notes can be found here.

1hr 13mins

20 Apr 2021

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[Crypto Series 3] - How to Trade Bitcoin with Ari Paul

Trends with Benefits

I continue our special crypto podcast series by welcoming Ari Paul, CIO of BlockTower Capital to the show to discuss how bitcoin is traded and the market outlook for the cryptocurrency amidst its growing acceptance and long awaited legitimization by the government, financial services industry and most importantly, investors.


20 Apr 2021

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Mike Novogratz & Ari Paul: The Future of Crypto | SALT Talks #144

SALT Talks

Mike Novogratz is the CEO of Galaxy Investment Partners, a cryptocurrency investment firm. Ari Paul is the co-founder and chief investment officer of BlockTower Capital, an investment firm that manages a portfolio of crypto assets.In the early stages around 2013, Bitcoin was a speculative asset that appealed mainly to libertarians and those with frustrations surrounding recent economic crises. The passion behind the decentralized finance community was unmatched and served as an early indicator of its eventual rise. Before recognizing Bitcoin as the answer, it was clear that the rapid expansion of the money supply would call for a response. With concerns around inflation, Bitcoin serves as the guard against that. "The bet of a lifetime is going to be betting on currency depreciation… it didn't click for me that Bitcoin could be that asset until 2014."Until recently, the majority of Bitcoin purchases happened at the retail level. That is partly responsible for its initial volatility. As major financial institutions become more involved and put it on their balance sheets, expect Bitcoin to stabilize and grow in value. —————————————————————————To learn more about this episode, including podcast transcripts and show notes, visit salt.org/talksModerated by Anthony Scaramucci. 


31 Mar 2021

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#032 Ari Paul - Bitcoin Energy Consumption EXPLAINED

The Layah Heilpern Show

The founder and CIO of BlockTower Capital, Ari Paul talks his journey and change of heart with bitcoin. He delves into the bitcoin energy problem and the value in non-fungible tokens. Ari also talks on entrepreneurship and going full time into crypto.   Sponsored by @blockfi get up $250 when you join: https://www.blockfi.com/layah


19 Mar 2021

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Crypto for Institutions 4: Ari Paul – Exploiting Inefficiencies in Crypto Trading (Capital Allocators, EP.183)

Capital Allocators – Inside the Institutional Investment Industry

Ari Paul is the co-founder and chief investment officer of BlockTower Capital, a crypto and blockchain investment firm he started alongside Matthew Goetz in 2017 with backing from Andreesen Horowitz and Union Square Ventures. He started his career as a trader at Susquehanna International Group, and later found his way to the University of Chicago endowment as a portfolio manager, overseeing an internal hedge fund portfolio and assessing risk for the university’s $8 billion endowment.   Our conversation covers Ari’s early lessons in trading, discovery of crypto while at University of Chicago endowment, obstacles for institutional participation, and launch of BlockTower in 2017 as a result.  We discuss active management in the crypto markets, research and trading, portfolio construction, opportunities in NFTs and gaming, risks, and the exciting landscape over the coming years.   While this episode concludes our current mini-series, we’ve just scratched the surface on crypto, blockchain protocols, and institutional engagement in the space. In the coming months, we’ll dive deeper into the evolving ecosystem with more key participants and ideas. Learn More Subscribe: Apple | Spotify | Google Follow Ted on twitter at @tseides or LinkedIn Subscribe Monthly Mailing List Read the Transcript


18 Mar 2021

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Behind The Markets Podcast: Ari Paul

Behind the Markets Podcast

Show from 2/12/21Wharton Finance Professor Jeremy Siegel delivers his market update discussing the lingering threat of inflation and bitcoin. Then Host Jeremy Schwartz and Guest Host Will Peck, Head of Strategy and Emerging Technology at WisdomTree, talk cryptoassets with an expert in the space. Find out how to navigate the bitcoin bull market, invest in cryptocurrency, and measure the value of emerging technology.Guests:Ari Paul - Co-Founder and Chief Investment Officer at BlockTower CapitalFollow BlockTower Capital on Twitter: @BlockTowerCheck out BlockTower Capital's website: https://www.blocktower.com/ Follow Jeremy Schwartz on Twitter: @JeremyDSchwartzAsk Siegel: If you have a pressing finance question we invite you to email us: asksiegel@wisdomtree.com See acast.com/privacy for privacy and opt-out information.


12 Feb 2021