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Spencer Noon

Spencer Noon is an investor at DTC Capital, a diversified crypto fund. He formerly worked in Business Development at SeatGeek, and as an Analyst at UBS.

Reviews by Spencer Noon

All coin and product reviews by expert Spencer Noon.

  • Spencer Noon on Ethereum Classic Investor at DTC

    Crypto is down overall, but I'm getting really bullish on Ethereum Classic. Why?

    * Scripting language of ETH
    * Economics like BTC

    And the big one for ETC:

    * Institutional investors evaluating "fundamentals" will love how it leverages the best features from the top two coins.

    Full review πŸ”‘


  • Spencer Noon on Basic Attention Token Investor at DTC

    I just had a :wow: product moment in crypto (this is rare). Finally got around to downloading the Brave browser -- not having ads is a bit surreal. I'm excited to see Basic Attention Token rolled out broadly.

    Full review πŸ”‘


  • Spencer Noon on 0x Investor at DTC

    0x: continuing to write the playbook for building a decentralized network + community from scratch.

    Full review πŸ”‘


  • Spencer Noon on Dai Investor at DTC

    DAI doesn't scale through arbing.

    It scales b/c of a killer app: loans.

    I can borrow $10,000 for a year and only pay 50 bucks in fees to do it.

    Plus I don't have to sell my assets (e.g. ETH).

    For most people there is nowhere on planet earth where you can get a loan that cheap.

    Full review πŸ”‘


  • Spencer Noon on TrueUSD Investor at DTC

    Consider the profile of most stablecoins today: USDC, TUSD and GUSD. They are largely dollar-backed coins by centralized companies. They are not private nor censorship resistant.

    Full review πŸ’©


  • Spencer Noon on Cosmos Investor at DTC

    A core tenet of Cosmos is that blockchains should be sovereign, meaning they are 100% in control of their own governance. In this world, ETH can fit into the internet of blockchains and its governance will continue to operate as it currently does.

    Full review πŸ”‘


  • Spencer Noon on Telegram Open Network Investor at DTC

    Massive blow to TON investors as Telegram announces its cryptocurrency won't be integrated natively in the messenger app but rather in a standalone wallet.

    90+% of the investment thesis for TON was having Telegram as a distribution channel.

    Full review πŸ’©


  • Spencer Noon on Ethereum Investor at DTC

    Number of Validators:

    Cosmos ~100
    Polkadot ~1000
    Ethereum 2.0 ~400000

    There are valid trade-offs with each of their approaches, but one of these things is many orders of magnitude higher than the others.

    Full review πŸ”‘
    Show thread Spencer Noon on Ethereum


  • Spencer Noon on Tron Investor at DTC

    DeFi requires a censorship resistant foundationβ€”neither Tron nor EOS have this. Only a few platforms today (Ethereum, Tezos etc.) can credibly claim to have one.

    Full review πŸ’©


  • Spencer Noon on EOS Investor at DTC

    This is the state of the EOS DeFi ecosystem:

    Asset Mgmt Tools: 3
    DEXs: 4
    Infrastructure: 4
    Lending: 1
    Stablecoins: 2

    That's 14 total projects for a network worth $11 billion fully diluted & that raised $4.23 billion.

    Money alone can't beat ETH's enormous DeFi network effect.

    Full review πŸ’©


  • Spencer Noon on Tezos Investor at DTC

    Tezos is just executing on [security token offering (STO) go-to-market] better than every other [Ethereum competitor] and scooping up high-value assets. So, over time I expect the most robust STO infrastructure and tooling to come to Tezos precisely because of its STO ecosystem. It’s a smart category to attack (high collateral value).

    Full review πŸ”‘
    Show thread Spencer Noon on Tezos


  • Spencer Noon on Bitcoin Investor at DTC

    DeFi is not perfect but it has elements that resonate with LPs (ex: cash flows). Plus many of the ex-Wall Streeters see parallels from legacy finance developing years ago. It's exciting to them bc they realize how much alpha there is on the table compared to legacy finance today.

    Contrast this with Digital Gold. You either believe in that narrative or you don't. Some LPs have been hearing the same Gold 2.0 pitch for 5+ years and are rightly frustrated, especially when Bitcoin has not acted like a Store of Value asset at all historically.

    Full review πŸ’©


  • Spencer Noon on Binance Coin Investor at DTC

    [A]side from tokenization, BinanceChain currently offers literally zero of the functionality that Ethereum does. No respectable project would ever move to another chain on the basis of liquidity concerns for retail traders.

    A project who decides to exit ERC20 destroys its composability with other layers of infrastructure (e.g. 0x, Augur, Maker, Uniswap). . . .

    BinanceChain is also controlled by a single company, so the reality is that any project that converts today is basically signaling that their token (1) doesn't need censorship resistance and (2) has no utility value other than trading.

    When BinanceChain decentralizes, smart contracts launch on Cosmos, and Cosmos also solves composability, we can revisit. Until then, saying that Ethereum (which has ~15 billion dollars worth of tokens on it) should be worried is just concern trolling.

    Full review πŸ’©


  • Spencer Noon on Algorand Investor at DTC

    When evaluating staking yields, investors need to be aware of how supply inflation offsets the advertised yield.

    I've pulled Real Yields from several cryptoassets, and the results are surprising:

    Algorand +15.9%
    Cosmos +2.1%
    Tezos +1.9%
    Dash -1.1%
    Decred -6.0%

    Full review πŸ”‘