Remembering 3AC’s Su Zhu in 10 Legendary Tweets

Chris Williams explains why crypto’s water cooler is a much less provocative convey with out the Three Arrows Capital co-founder.  

Su Zhu on Crypto Twitter

For practically as prolonged as crypto has been an element, Twitter has served as the community’s water cooler. “Crypto Twitter,” because it’s affectionately identified, is the convey that made stars of personalities hold Cobie and Andreas Antonopoulos, attracting endless recent believers with each and each mania-pushed retail bubble. Whenever you occur to favor to hold as a lot as bustle in this residence, try to be on Crypto Twitter—the likes of Changpeng “CZ” Zhao and Vitalik Buterin know this (both are full of life tweeters with monumental followings). 

Crypto Twitter has historically gotten a brand recent lease of existence with each and each bull scurry, however the 2021 market cycle used to be arguably its most absurd portion but. There were memes, laser eyes, astrology readings, and CryptoDickbutts. Among the tens of hundreds of whales, merchants, anons, alternate folks, and standard of us that merely bought into the “WAGMI” mantra, Three Arrows Capital’s Su Zhu used to be arguably CT’s perfect person. 

Unless the multi-billion greenback hedge fund he oversaw alongside classmate Kyle Davies collapsed in a market downturn in June 2022, Zhu used to be corrupt for his immediate takes, sharing rounded perspectives available on the market with a aspect serving of optimism and Tao Te Ching-trend records. Zhu’s inimitable writing trend would generally evoke laughter and confusion among his followers, to the point where some accused he and Davies of psyops and pump-and-dump antics on the expense of their followers. 

Zhu’s mystique attracted a cult-hold following over the course of the 2021 bull scurry, but in the dwell, he underperformed each and each winning trader available in the market after 3AC suffered a blowup in the fallout from Terra’s implosion. Zhu went quiet alongside with Davies after it emerged that 3AC had taken out billions of greenbacks in uncollateralized loans from some of crypto’s perfect whales, but when we were to tell about these events in stout, this share would no longer sleep longer than the court documents recording Teneo’s liquidation uncover towards the firm. 

Crypto is coming near one 365 days since the height of the bull scurry that made Zhu famed, and while CT is surviving underneath Elon Musk’s reign and suppressed market costs, most would agree that it’s a worse convey with out Zhu spherical. “I’m going away out his tweets” has been repeated on loads of times one day of this 365 days, and Zhu is the kind of CT icon that folks generally paraphrase him in portion-tribute-portion-mockery. 

As we replicate on the upward thrust and plunge of the crypto market one day of the last couple of years, we dug out 10 of Zhu’s masterpieces charting his hold upward thrust and plunge from 2021 thru 2022. Be taught extra underneath. 

Asking the Trace (03/05/2021)  

Many ppl divulge they favor to assign success but abominate asking what the worth is

Identify out the market mark of what you’d like and boldly pay it

Trace of health is discipline, sacrifice
Trace of wealth is risk bustle for meals
Trace of existence is to no longer fear death
Trace of $BTC is $5m+ https://t.co/lmv3wBxGRc

— Zhu Su 🔺 (@zhusu) March 5, 2021

In March 2021, days after making an UpOnly podcast debut wherein he publicly peddled the “Supercycle” story for the first time, Zhu took to Twitter to tell referring to the theory that of “mark.”

“Identify out the market mark of what you’d like and boldly pay it,” he wrote, explaining that resources hold health and wealth contain a mark (Zhu would later tweet ahead of and after photos of himself topless on the fitness center, as if following up on his suggestions on mark).

The tweet landed in the early stages of the bull scurry as the King used to be taking a lead. Musk’s Tesla had correct obtained its first sats, Michael Saylor used to be quiet on the helm of MicroStrategy, and nothing could well also shake the market’s self assurance. Reflecting on Bitcoin’s reputedly unstoppable upward thrust, Zhu wrote that the worth used to be as a minimum $5 million, or “$5m+.”

Bitcoin used to be coming near $50,000 on the day of Zhu’s tweet, which is ready 1% of his $5 million call. It by no technique came shut to his purpose after peaking at $69,000 in November 2021, and at these days’s costs, it could well perhaps favor to rally extra than 24,000% to hit the lofty milestone. 

Whereas there’s an inexpensive case to be made that Zhu will deserve to possess toned down his bullish stance to his followers here, it’s worth remembering that he and Davies basically bought into their Supercycle thesis. It used to be simplest when Bitcoin dropped underneath $21,000 in June 2022 for the first time in 18 months that rumors of the firm’s crumple first surfaced, and it later grew to change into certain that the pair had wager the farm—and a bunch of diversified folks’s farms—available on the market protecting and misplaced. “Supercycle mark thesis used to be regrettably immoral,” Zhu conceded on May maybe 27. 

Crypto as the 4th Epoch of Augmented Memory (03/07/2021) 

Most are aware that crypto is the 4th computing paradigm, but it is mostly the 4th Epoch of Augmented Memory

I: folkloric verbal poetry

II: tomes of written phrases

III: images, video

IV: crypto

— Zhu Su 🔺 (@zhusu) March 7, 2021

Zhu shared his philosophical facet with CT on many times in 2021, and his contextualization of crypto’s convey in world history helped him entice a herd of factual believers.

Probably his most weird hold came when he described crypto as “the 4th Epoch of Augmented Memory,” making the case that Net money serves as a convincing switch of files reminiscent of verbal poetry, tomes of written phrases (i.e. books), and photo and video. 

If we were being cynical, we would say that this tweet reads as pretentious drivel, in particular coming from someone who spent the bull scurry borrowing off others, publicly endorsing doubtful Layer 1 initiatives he’d backed, and getting nefarious entries on majors prolonged after the market tanked. On the other hand, if we were giving Zhu the profit of the doubt, we’d correct say this one is a chunk complex to decipher.

A Sophisticated Century (03/21/2021) 

Whenever you occur to provide no longer realize crypto and refuse to learn, it be gonna be a elaborate century for you.

— Zhu Su 🔺 (@zhusu) March 21, 2021

Explain what you hold about Zhu and 3AC’s alternate actions, the fitness center pics, and coffee inflated ego, but there’s a factual cause Zhu grew to change into so standard. 

When he tweeted out messages hold “even as you occur to don’t realize crypto and refuse to learn, it’s gonna be a elaborate century for you,” it used to be as if he used to be rallying an military into fight to bring Bitcoin to the mainstream. Whereas he bought carried away with the shilling on a ways too many times, messages hold this instilled self assurance available in the market and basically made the “up simplest” meme feel hold a actuality.

Alongside his buddy, Terra co-founder Enact Kwon, Zhu used to be a master at making his followers feel hold he used to be with them towards the arena to wait on crypto nasty the chasm (in actuality, obviously, Zhu used to be a multi-millionaire trader living in a clear world to CT’s day to day males). Kwon suffered an even bigger plunge from grace than Zhu after Terra failed, so perhaps CT will more than likely be advised to hold any rally cries hold this with a heavy grain of salt subsequent time the market picks up. 

Preferring Wealth (04/23/2021) 

Have literally zero interest in abroad property as a retailer of mark. Insane frictional costs, illiquid and cumbersome to control, and add some geopolitical/taxation risk on prime as neatly when attempting to salvage as a nondomicile.

Whenever you occur to exercise wealth you exercise crypto.

— Zhu Su 🔺 (@zhusu) April 23, 2021

In some unspecified time in the future one day of the last few years, Zhu and diversified crypto of us began evangelizing the premise of “preferring wealth,” which used to be in actual fact a self-congratulatory meme to consult the high beta resources hold Bitcoin and Ethereum loved in an skills of remarkable fiscal experimentation and money printing. The customary gist used to be that crypto used to be the convey to retailer wealth, and when all people used to be talking about company Bitcoin adoption, Ethereum NFTs were taking off, and trash used to be soaring left, factual, and center, it regarded as if it could well perhaps make inexpensive sense. Now that interest rates are high but again, to exercise dollars is to exercise wealth, but it’s easy to divulge the bull scurry will closing forever in case you’re experiencing it. 

“Whenever you occur to exercise wealth you exercise crypto,” Zhu wrote in a show about his aversions to investing in property abroad in 2021, as soon as extra reassuring his followers that they were in the factual convey for money’s perfect shift in history. Zhu then added a caveat, presumably aimed on the part of readers who had took convey to amass a portfolio of eight figures or extra: “W that talked about def procure a reasonably sized residence and reasonably sized boat on your country of attach of abode.” The advice precipitated a flurry of questions from CT linked to appropriate boat sizes and diversified likely stores of mark, even though Zhu unnoticed to present an explanation for. 

Severely, Zhu also grew to change into an advocate for linear wealth over logarithmic wealth—pushing the premise that most individuals promote their coins too early to stable modest gains. Given the character of 3AC’s downfall, which saw the firm recklessly making a wager billions of greenbacks in overleveraged trades, one could well also argue that Zhu’s pursuit of linear wealth used to be his closing downfall.

Moderately Scarce JPEGs (08/10/2021) 

Wow rapidly $15m can’t even procure you a reasonably scarce jpeg a lot much less a reasonably sized residence

— Zhu Su 🔺 (@zhusu) August 9, 2021

3AC used to be credited with kickstarting a heady interval available in the market that grew to change into identified as “NFT summer” when it swept the ground on the CryptoPunks NFT series, but Zhu and Davies didn’t pause at Ethereum’s most prestigious avatars. 

The firm went on to provide tens of hundreds and hundreds of greenbacks worth of JPEGs, taking an especially eager interest in the Work Blocks generative art scene. Their most horrid desire used to be Ringer #879, which they bought for 1,800 ETH worth over $5.6 million. “We hold the goose,” Zhu talked about in reference to the paintings’s goose-hold depiction. 

The sale for the Goose Ringer rocked CT and the broader NFT residence on the time, but Zhu left a ticket it used to be coming to his most eagle-eyed followers. “Wow rapidly $15m can’t even procure you a reasonably scarce jpeg a lot much less a reasonably sized residence,” he wrote on August 10, referencing a now-deleted 2020 tweet wherein he had suggested that $10 million used to be a relatively paltry sum in the reasonably sized residence market.

Although Zhu will more than likely be applauded for calling the height of NFT mania, 3AC bought issues immoral in the event that they were hoping to make money on their JPEG buys. They bought into the NFT market’s priciest grails and signaled their intentions to carry $100 million for a devoted fund called Starry Night Capital on the height of the mania, attempting to salvage the pinnacle ahead of costs tanked in Ethereum and greenback phrases. Teneo has since obtained approval to liquidate Starry Night’s holdings. 

Forsaking Ethereum (11/21/2021) 

Yes I basically possess deserted Ethereum despite supporting it in the previous.

Yes Ethereum has deserted its customers despite supporting them in the previous.

The postulate of sitting spherical jerking off observing the burn and concocting purity tests, while zero learners can salvage the money for the chain, is nefarious.

— Zhu Su 🔺 (@zhusu) November 21, 2021

Zhu used to be one of CT’s most neatly-most standard accounts one day of the 2021 bull scurry, but as the cycle neared its dwell, his tweets grew to change into much less spirited and extra “make investments in my bags ahead of the scurry ends.” 

By the autumn of 2021, Zhu had grew to change into his attention to the so-called SOLUNAVAX alternate, having misplaced interest in Ethereum amid soaring gas charges (Zhu spent months endorsing ETH ahead of SOLUNAVAX caught on, concentrated on a $25,000 ETH on a Bankless podcast correct ahead of the market suffered a atomize). 

After 3AC announced that it had co-led a $230 million Avalanche carry in September 2021, Zhu’s AVAX endorsements were about as refined as that Instagram put up that the SEC pulled Kim Kardashian up on for shilling EthereumMax. He most incessantly bought in the attend of Avalanche in his tweets, drawing the ire of many who had noticed him doing same with Ethereum correct weeks prior when it used to be in vogue this skill that of EIP-1559 hype. 

A form of dismayed onlookers used to be Synthetix founder Kain Warwick, who later posted a tweet about shedding admire for some of us that had chosen “opportunistic gains” over suggestions one day of the course of the bull scurry (he didn’t make clear if he used to be talking about Zhu). A truly public spat ensued wherein the pair discussed all the issues from their multi-million greenback property portfolios to Optimistic Rollups, which led Zhu to return out alongside with his legendary tirade towards Ethereum. “The postulate of sitting spherical jerking off observing the burn and concocting purity tests, while zero learners can salvage the money for the chain, is nefarious,” he wrote, announcing that Ethereum had “deserted its customers.” Avalanche used to be trading at all-time highs on the weekend the drama went down, that will possess given Zhu some self assurance. On the other hand, he rapidly backed down and apologized after hundreds of contributors of the Ethereum community called him out on his bewildering message. AVAX and ETH possess both suffered staggering drops since, even though Avalanche has taken the toughest hit alongside with the rest of the “different Layer 1” residence. 

Froth, Adoption, Cope, and Hope (01/21/2022) 

On the pinnacle indicators of froth are indistinguishable from indicators of adoption

On the bottom indicators of cope are indistinguishable from indicators of hope

— Zhu Su 🔺 (@zhusu) January 21, 2022

Since 3AC went all in on crypto in 2014, Zhu has change into famed for his wonderful ability at timing market tops and bottoms—one thing that will well yield bigger returns in crypto than any diversified financial market on earth. In gradual 2018, he memorably warned that “we can pump off the bottom extremely hasty, leaving most sideline merchants stuck in fiat,” in actual fact calling the market’s closing capitulation and giving start to a meme that’s quiet going stable these days. 

The 2021 rally examined these attempting to time the pinnacle and bottom more difficult than ever by hinting that crypto could well also impartial possess finally made it ahead of sending all the issues into the pink in a May maybe downturn that overshadowed each and each bull scurry correction ahead of it. Because the mainstream caught on, issues regarded frothy from the starting of the scurry, but folks who sold early on overlooked out on monumental gains later on. Equally, it felt hold all hope used to be misplaced after the May maybe correction (even though Zhu used to be one of few to counsel otherwise), but crypto topped $3 trillion six months later. 

Zhu summed up this climate in a succinct two line tweet in gradual January, correct after the market slid and ahead of one other 10 months of gradual scamper. “On the pinnacle indicators of froth are indistinguishable from indicators of adoption… On the bottom indicators of cope are indistinguishable from indicators of hope.” Zhu is, obviously, correct here; that’s partly why crypto is quiet the kind of volatile beast. 

Bears Building Pick Walls (05/25/2022) 

Bears will form and pay for the exercise walls of the future

— Zhu Su 🔺 (@zhusu) May maybe 25, 2022

We’re no longer definite what Zhu used to be getting at when he suggested that “bears will form and pay for the exercise walls of the future,” and judging from CT sentiment, no person else did on the time.

On the other hand, the timing of his put up, landing days after the May maybe 2022 Terra crumple, means that he used to be hinting at a that it is likely you’ll well perhaps more than likely also possess future wherein selloffs station the foundations for future rallies. 

In CT culture, bears are broadly seen with disdain, and Zhu had change into a beacon of bullish hope over the 2021 scurry. So it suits that he would replicate on bears dumping with an air of positivity, at the same time as 3AC faced what would prove to be fatal losses in the downturn.

The Subsequent Generation of Algorithmic Stablecoins 

Boomers thought Luna1 crumple would hold down the crypto alternate

As a exchange, Tron, Waves, and diversified chains quiet working arduous on subsequent-gen algostable coins

Luna2 reuniting the Terra community as they rebuild the ecosystem

All w/ zero want for govt bailouts

— Zhu Su 🔺 (@zhusu) June 1, 2022

Once extra, this one has us stumped. In the fallout from one of many perfect failures in crypto history, a unconditionally predictable tournament that erased $40 billion of mark in a few days and led to bankruptcies, suicides, and increased regulatory attention, Zhu thought it’d be a factual thought to present one other of his contrarian takes in what reads hold a protection of Terra. 

Zhu pointed out that while LUNA had collapsed, diversified initiatives were engaged on algorithmic stablecoins, curiously missing the memo that no algorithmic stablecoin (arguably barring FRAX) has ever labored with out as a minimum temporarily shedding its peg. 

“Luna2 reuniting the Terra community as they rebuild the ecosystem,” he added, referencing Kwon’s questionable 2nd try at a LUNA coin after Terra’s failure. After Kwon grew to change into crypto’s public enemy #1 in the fallout, one would possess thought Zhu would possess reconsidered such an ill-judged tweet ahead of posting, even though in fairness 3AC used to be going thru a $600 million loss on the Terra crumple. Probably he used to be coping, which would perhaps make his weird statement extra understandable.

In what could well also be described as a poor paraphrasing of Satoshi Nakamoto’s hidden message in the codebase of Bitcoin’s Genesis block, Zhu pointed out that there had been “zero want for govt bailouts” across Terra and the diversified algorithmic stablecoin initiatives. Yes, there were no authorities bailouts—we correct bought extra regulatory attention and potentially draconian suggestions for stablecoins from them as a exchange. Congratulations to Terra and these who supported it!

Speaking With Relevant Parties (06/15/2022) 

We are one day of of talking with relevant events and fully committed to working this out

— Zhu Su 🔺 (@zhusu) June 15, 2022

Market sentiment felt hold it used to be at rock bottom when Bitcoin failed underneath $21,000 in mid-June. In response, Celsius took the remarkable choice to dwell customer withdrawals, in actual fact blocking customers from accessing their funds, then rumors of a valuable fund blowup began to surface. 

The tell used to be that one of many perfect whales in the residence had imploded on the downturn, and there were simplest a few events that matched the description. It couldn’t be Alameda, folks talked about—they were correct too tidy. And Soar had bought burned on Terra but all people knew they’d extra money than they knew what to total with after backing Solana. The diversified establish doing the rounds used to be 3AC, but few believed it. Indubitably there used to be no technique that a $10 billion fund hold Three Arrows—the Three Arrows scurry by Su and Kyle—had long previous bust?

Later that day, Zhu surfaced and all but confirmed the quiz all people had been asking over the outdated 24 hours. “We are one day of of talking with relevant events and fully committed to working this out,” he wrote in characteristically elusive trend.

It later emerged that the “relevant events” Zhu used to be referring to were the whale-sized lenders hold Voyager Digital and Genesis that had entrusted 3AC with their funds in hopes of a magnificent return.

Three Arrows Capital filed for Chapter 15 economic spoil on July 1 after it defaulted on over $3.5 billion worth of loans this skill that of the market crumple. 

Zhu and Davies’ staunch enviornment is unknown, even though the pair signaled their intention to relocate to Dubai in a July Bloomberg interview. 

Zhu closing tweeted on July 12. 

Disclosure: On the time of writing, the creator of this share owned ETH and several diversified digital resources.