Jez (https://x.com/izebel_eth) discusses how crypto's PMF is financial speculation, and how one can make money off of his "long degeneracy" thesis. He shares lessons learned from past blowups and how a retail investor can navigate the MMORPG that is crypto.
He also explains the mechanics behind his new experimental project, papertrade (https://x.com/papertrade_xyz) on HyperEVM. He's a great example of a degen making it in crypto, and we can all learn a thing or two from Jez about building conviction. After all, why would you ever put capital behind your second best idea?
Recorded October 6, 2026 at Token2049 in Singapore.
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Timestamps:
0:00 Bull or Bear Market?
3:51 How Jez Got into Crypto
10:20 Long Degeneracy
18:21 Building Conviction & Risk Management
28:37 Importance of Finding Your Group
34:07 Learning from Past Blowups
41:48 Launching papertrade
55:48 Are Great Traders Born or Made?
1:01:31 Most Memorable Trades
1:07:20 Why is Leverage so Addicting?
1:10:26 How to Make it This Cycle
1:22:45 Final Words of Advice
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