Last Week on Crypto Twitter: Scam in May and Go Away
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Last Week on Crypto Twitter: Scam in May and Go Away

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Created 4mo ago, last updated 4mo ago

From a multi-billion memecoin empire to Rollbit drama — find out about these and more in our weekly CT roundup.

Last Week on Crypto Twitter: Scam in May and Go Away

Table of Contents

Gm,

Crypto is still going long and strong. And by crypto we mean scams and rug-pulls in crypto. Plenty of those around last week, so without further ado, let’s visit the seedy underbelly of the crypto industry: Crypto Twitter.

Whose Threads Are a Must-Read?

As an avid reader of the round-up, you’ll know that last week’s edition covered Andrew Tate’s rant on crypto.

But what you may not have caught is what prompted Tate to rant: Ben.eth, the account behind the PSYOP token. If you don’t know who the heck Ben.eth is and what is going on, Jack Niewold has you covered:
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In short, Ben.eth is also behind BEN. This one is really worth reading because it gives a good sneak peek into the fishy business of influencers and how they abuse their followers.
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To celebrate this memorial weekend, Ben.eth launched his third token yet, $LOYAL. It's all getting real tiresome.

Memecoins are a nice way of making some money though, especially in bull markets. You just have to know when to long and when to take profit, right?

Well, Inuito’s answer to those two questions is “asap” and “never.” Check out this thread on how to ride bull markets to generational wealth:

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Some interesting and you could even say contrarian advice in there.

There were also a couple of interesting threads on potential future narratives. For instance, Dinero is a decentralized stablecoin that is tipped to become a big thing in the next run. The DeFi Edge interviewed the founder of Redacted Cartel, the protocol behind Dinero:
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The DeFi market is still weak compared to its peak, but the bottom is probably in and the time to learn about DeFi is now.

Then there was some controversy around the proposed Uniswap fee switch proposal. If that flew completely over your head, Sandra covers all the important facts in this thread:

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The proposal could funnel some of the fees back to token holders, which could be bullish for the token. Another DeFi development worth keeping an eye on.

Finally, if DeFi and memecoins are not your thing, you could stick to L1s to make money. But which one should you buy?

Solana was the hot stuff in the last bull run. What about now? Funny enough, Crypto Twitter served up one bullish SOL thread and one bearish SOL thread last week. Here’s the bull thesis:
  • User TPS will be a major driver of SOL's valuation.
  • SOL can become one of the most expensive assets in the world.
  • SOL is increasingly becoming the home for high-touch use cases.
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Resident threadooor Adam Cochran answered with the bear thesis on Solana:

  • Security is expensive and Ethereum is expensive because it is the settlement for what really matters.
  • Other chains can capture their own unique markets, but many have failed to do so and instead focus on building faster horses.
  • Different protocols need to exist for different layers in order to maximize security, distribution, and cost.
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Wisdom Of The Week

Santiago R Santos with a pinpoint definition of how to win at investing:

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Who Is Arguing in Way Too Public a Place?

Bringing back the drama section, which could just as well be named “who is scamming in way too public a place?”

There were several dumpster fires last week. Let’s start with Ben.eth who retweeted a phishing account and lost his followers money:

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To keep the record completely straight, Ben did refund the people who got scammed out of money because of the retweet.

But that wasn’t the only shady business happening last week. Rollbit, another patron of the drama section, was back with a vengeance last week as well. People still aren’t buying that Rollbit is playing a completely clean game:

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So Gainzy got the crypto main character role again for a brief while last week. A little spat about the allegedly excessive Rollbit fees turned into an all-out brawl last week:

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Even though the memecoin trading has been winding down a bit the last weeks, it’s every man for himself out there in this crab market. The last word has probably not been spoken yet on those…

Elon Building Twitter

Elon Musk’s week was no less eventful. He announced that Ron De Santis would announce throwing his hat in the campaign ring for the Republican Presidential nomination on a Twitter space. Predictably, that made huge weeks.

Not so predictably (or even more so, depending on your POV), the actual Twitter space turned out to be quite glitchy, as the servers tried to cope with the demand. But that didn’t discourage Musk one bit. Any attention is good attention, as they say:

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The only thing that could make Twitter more dramatic would be…uhh, Donald Trump returning to Twitter?

Oh boy, things are about to become weird again.

Talk of the Town

Loads of interesting talk last week. How about the new Vitalik Buterin blog post that Ethereum’s consensus mechanism should not get overloaded:

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Too much reliance on Ethereum could indeed introduce centralization risks, as Bankless also correctly analyzed.

But also the Bitcoin space had plenty of interesting developments going on last week. Michael Saylor is bullish on BRC-20 tokens:

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And elsewhere, Bitcoiners tried their earnest to gain an entry to the drama section. Here are Udi Wertheimer and Eric Wall doing an, ahem, dance at the Bitcoin conference:
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That was not to everyone’s liking in the community, though:

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Every L1 has its own telenovela. Welcome to crypto.

In terms of “actual news,” there was the delay of the Ledger Recover feature, which generated a lot of controversy.

And there was the comeback of crypto in China. And mind you, not just any comeback. We’re talking front-row, mainstream news-type of stuff:

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Not financial advice but a big potential driver for the future.

And last but not least, Multichain was just the latest crypto actor to be caught in the crosshairs of law enforcement (this time in China):

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That could spell bad news for a couple of layer-one chains. Namely those with big exposure:

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Really just your average week in crypto, isn’t it?

Our Favorite Coinfession

Your threador writes 26 tweet-threads on trading alpha. My guy has real-world trading alpha. We are not the same:

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Memes

You really need to pay attention to what kind of on-chain detective you choose to believe:

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That’s all for this week folks. See you next time!

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