Empire

Fundamentals Are The New King of Crypto | Smac & Noah Goldberg

34 snips
Dec 15, 2025
Guest
Noah Goldberg
Guest
Smac (0xsmac)
Join Smac (0xsmac), a research-driven investor at Compound focusing on crypto and deep tech, and Noah Goldberg, founder of Theia and manager of a long-only crypto fund. They dive into why crypto's future hinges on fundamentals, challenging the prevailing hype-driven narratives. Discussions center on the real significance of cash flow, the need for clear storytelling from founders, and the interplay of traditional market comparisons with crypto's evolving landscape. They explore unconventional investment opportunities and the importance of distinguishing between durable and fleeting advantages.
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INSIGHT

Expect More Dispersion, Not One Big Crypto Trade

  • Crypto is unlikely to be a single dominant trade again; expect far more dispersion across assets.
  • Smac believes selective winners will outperform rather than the entire sector running together.
INSIGHT

Durability vs. Ephemeral Growth Is Mispriced

  • Markets still struggle to separate durable from ephemeral product advantages, creating mispricing opportunities.
  • Smac highlights quick-growth examples where revenue durability is uncertain and often misread.
ANECDOTE

Hyperliquid Airdrop Clouded Durability Signals

  • Noah used Hyperliquid as a case where short-term airdrop gains cloud long-term durability assessment.
  • He admits he misjudged how users would realize gains and how that affects future traction.
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