This didn't age well... or did it?
Updated thoughts on Multicoin Capital and Solana
I wrote this post 5 months ago about Multicoin Capital being up 6500x (on Solana) and up crazy amounts on Solana Eco investments. That hasn’t aged well because of bear market conditions and FTX (which was apparently propping up Solana and sam coins with CUSTOMER DEPOSITS) turning out to be a giant fraud
Based on this guy’s tweets they are down 90% this year so uhh not a profitable year.
But at the same time, it’s easy to make fun of them for being down 90% but being down 90% after being up 6500x is still being up 650x (Just a number, I don’t know how much they are up)
Also 99.9% of people commenting on Kyle and Multicoin probably aren’t beating their returns in terms of % from 2019 let alone their returns in terms of dollars.
Abysmal performance this year but they are probably still fine (aka Kyle still has his lambo and Miami penthouses) and doing better than they were during the 2018-2019 bear market but definitely lots to learn if they are still holding bags on their balance sheets.
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