ALPHA MAIL #50

ThisisNuse, Ethereum, Photography NFTs, TradingView and Haven Giveaways

Nov 28, 2022

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INTERVIEW: THISISNUSE

ThisIsNuse talks about his decade of experience trading crypto, stocks and forex, and shares his thoughts about family, degeneracy and persistence.

Read the full interview >>

JIM TALBOT: IS ETH THE NEXT DOMINO?

What if everyone is so focused on contagion everywhere else that people forget about ETH and the potential for a large spill out if it were to lose this 1k psychological level?

There is almost an inevitability, in my opinion, that ETH will trade significantly lower over the next months.

Products like Lido look incredibly high risk/low reward to me for a 4 to 5% APR. Liquidity is drying up. The cost of running delta-neutral strategies is becoming expensive, with futures in backwardation and downside protection on options becoming expensive. It just seems like a terrible trade to me.

One funny nuance of crypto participants is their inability to hedge. People in this space seem to take on more long exposure to defend a price instead of neutralising exposure by taking short coverage.

Open interest on Binance Futures alone is up 600k ETH roughly, with CVD up around 6 billion, which indicates that there are more longs offside in this range since June than shorts.

You can only defend a level for so long. Eventually, you need fresh demand coming in.

So if the 1k level were to break, which seems likely in this environment, the lack of short exposure in the market could potentially exacerbate any sell-off.

You need good short exposure in the market to absorb sell pressure when those shorts start buying back as they profit.

It could be another Luna situation where if fear kicks in and people rush for the door, we could see an extremely illiquid environment where people exiting liquidity pools in a hurry end up depegging stETH again, causing another on-chain liquidation run.

I'm by no means an expert when it comes to on-chain data; however, the growing imbalance of the Curve pool could accelerate liquidation cascades for players using stETH as collateral elsewhere.

Just the other day, an exit of 100m caused stETH to lose peg for a while. This is potentially a sign of things to come if fear starts to kick in.

Losing 1k opens the door to significant unwinding with little short exposure.

In conclusion: The market is very much net long ETH, and losing 1k opens the door to significant unwinding with little short exposure in the market to absorb sell pressure that gets stronger the lower it goes.

If there's one thing I have learned about markets over the years, it's that if there is a pressure point. It will likely test it eventually.

-Jim

CBS: PHOTOGRAPHY NFTs

Photography is beautiful.

The NFT space for photographers has always been weird. I know I could phrase that better, but it’s the reality, and the wording fits.

We have seen some immense success for photographers; Cath Simard, Drift and Justin Aversano are names that come to mind.

But it’s an area filled with contention and challenges but with an incredibly bright future (for some…)

Photography is one of the most accessible forms of digital art. There are 1.5 trillion pictures taken yearly, with that number increasing year on year. NFTs allow thousands to monetize their craft and take earnings into their own hands instead of going through the previous routes of stock images, mass prints or physical display and sellers.

Therein lies both the issue and the shining light. With trillions of photos taken annually, and the opportunity to monetize, we’ll see supply increasing enormously over the coming months and years in this space. More people will look to travel this road.

But then there’s the shining light. Those photographers who have grown, created communities, and embraced early enough will become elevated in stature and prominence. In a market with so much competition, we’ll begin to see clear “bluechip” artists, we already do, but that growth should continue.

The photography scene is breaking barriers and securing huge interest from some of the largest players in the game. We’ve seen the development of multiple DAOs and platforms to assist photographers. This year the TIME pieces gallery is back on December 1st sponsored by Morgan Stanley and National Geographic.

John Knopf @JohnKnopfPhotos

Gm! Photography gallery! ART BASEL! 100 artists!! We had the largest NFT Photography Gallery at Art Basel last year and we’re doing it again THIS YEAR! December 1st presented by @TIMEPieces and sponsored by @MorganStanley and @natgeophots! One more time: big BIG shout out to🧵1/7

I am a huge believer in the future for photography, and I think the adoption of NFTs will see significant growth in that field. So all that’s left is to secure work from those who I believe are beginning to set themselves apart, to stand out from the crowd and the trillions of potential images that will become their competition.

Here’s a rundown of some wonderful accounts to keep an eye on not just for their work but their contribution to the space and the projects they’re involved with:

https://twitter.com/cathsimard_

https://twitter.com/DrifterShoots

https://twitter.com/erubes1

https://twitter.com/justinaversano

https://twitter.com/JohnKnopfPhotos

https://twitter.com/GuidoDisalle

https://twitter.com/billydeee_

https://twitter.com/MattDoogue

https://twitter.com/ben_zank

https://twitter.com/Flowerblocks

https://twitter.com/njburnell

https://twitter.com/mattwalch4