The Inversion Investor

The Inversion Investor

Satoshi NakaEpstein

Peter Pham's avatar
Peter Pham
Feb 01, 2026
∙ Paid

In my experience, the least sophisticated participants I’ve encountered in markets tend to be disproportionately concentrated in coins.

There’s a moment in every crowded trade where the smartest move isn’t to add, hedge, or debate narratives.

It’s to step aside.

Right now, the optimal move for anyone without size, leverage, or information asymmetry is brut…

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