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Blog iconAngelo Goepel
Oct 21

Memes are eating the (Crypto) World

Like many people coming into the crypto market in 2020-2021, I came in with incredibly high expectations of the technology, people, and upside. My thinking process was that it would likely not be easy to bring this technology to a very wide audience and that there were surely some years of hard work ahead, but that all together, the industry was on a trajectory that roughly approximates a linear growth curve. I wasn’t smart enough to understand that virtually nothing worth dedicating your lif...

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In Defi, Liquidity Is Your Moat

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Memes are eating the (Crypto) World

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Fundamentals and Midcurvedness in Crypto Markets

Angelo Goepel

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Angelo Goepel

I am an investor at Heartcore Capital, focusing on defi, dApps and scaling solutions. These are my musings.

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Angelo Goepel

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Blog iconAngelo Goepel
Sep 11
Fundamentals and Midcurvedness in Crypto Markets
There’s a school of thought that says that tokens should be valued like traditional companies. This means that you focus on the underlying traction of a protocol, its potential to generate revenue, and what the growth and revenue curves will look like over your investment / holding period. You basically view crypto assets as businesses, and look to buy interesting businesses that happen to be protocols in crypto. The more revenue a protocol creates, the more valuable it should be. The opposit...
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Blog iconAngelo Goepel
Apr 4
The End of Protocol Businesses
In 2022 the global economy was contracting and tech was looking to become profitable. The prior decade of cheap money and infinite growth had caused most tech companies to ignore matters of cash, and growth at any cost had become the norm. The crypto industry was in a similar position. After the collapse of FTX, for a good year or more there was a felt loss of hope, optimism and conviction on the benefits of decentralized blockchains and teams had to prove their worth via the most classic met...
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Blog iconAngelo Goepel
Sep 5
In Defi, Liquidity Is Your Moat
A topic commonly discussed among defi investors, founders and operators, is defensibility. Being that we are often dealing with open-source code that can be copied and pasted, or slightly modified and deployed, it is an incredibly important question to deal with. It is also one of the core questions that I consider when making an investment in a protocol. With software products outside of web3, you only deal with this problem to a much lesser degree. You are unlikely to open source any core b...