Start your week with the only CT roundup you'll need — from CT's reaction to Gainzy's Rollbit drama to Elizabeth Warren's "anti-crypto army" and more.
Gm,
There’s just no rest for the wicked at the moment. One slower week is followed up by a massive one with lawsuits left, CT drama right, and Elon in the middle of it all.
Interesting times we live in indeed. Let’s see what we got…
Whose Threads Are a Must-Read?
Loads of threads this week. For starters, direct your attention to this explanation of the dynamics of the Ethereum Shanghai Upgrade:
As the thread points out, ETH has been deflationary for the last few days, so expect more of this narrative to pop up on Twitter shortly.
Another narrative that could pop up in the medium term are real-world assets. You know, slapping a token on something and trading it on-chain. Some big companies have been moving into that space. DeFi Edge explains how real-world assets work in this thread:
We’re publishing a big real-world assets explainer article soon, so stay tuned for that!
With the ARB airdrop in the books, DeFi gem hunters have set their sights on other ecosystems that have no token yet. Like zkSync. DefiIgnas published a short but really interesting thread on how fewer transactions on zk-rollups mean higher transaction fees:
It’s only seven tweets but well worth reading. That’s a future bullish narrative worth keeping in mind.
Two more absolute banger threads. One is a great resource on how to use ChatGPT for token research:
If you’re not on AI Twitter you’re missing out. But if you’re not using ChatGPT to make it…well, you’ll literally NGMI. We don’t make the rules.
The thread explains how to analyze a project and its tokenomics in just a few minutes. Bookmark it and thank yourself in the next bull run.
Wisdom of the Week
…first, we need to talk about the “USD is losing its reserve currency status” meme. It’s been very present this week on Twitter. So much so that even Elon Musk weighed in on it with a dubious take.
Luckily, resident wassie inversebrah captured the very moment when they explained to Elon why the USD is still the best of the bunch:
Conclusion: don’t believe every engagement thread you see.
Elon Building Twitter
Speaking of Elon. It’s been a big week rebuilding Twitter.
The first major development was Twitter pretty much implementing KYC:
It’s not quite KYC, but Elon really wants those $7/month from you. The backlash was pretty strong, so we’ll see if this decision holds up.
The big one was Twitter publishing its source code for everyone. Here’s the TLDR on how to grow on Twitter:
The most interesting revelation was that Elon himself makes up a whole user category on Twitter:
How will that impact Twitter?
Time will tell. For now, people aren’t too excited about what they’re seeing…
Who Is Arguing in Way Too Public a Place?
Remember our drama section?
Resurrecting it for at least one week because there has been some serious Twitter drama last week.
The combatants: GrizzlyTrades, an “on-chain detective” vs Gainzy, who should need no further introduction.
It all kicked off with Grizzly pointing out that Rollbit, a crypto casino Gainzy is partnering with, may have lost its license:
That FUD was addressed by Rollbit, though it’s up to you to decide whether this explanation is good enough:
But then the real drama kicked off when Grizzly accused Gainzy of dumping on his followers by selling his RLB holdings. He even had CT’s resident on-chain detective ZachXBT double-check his findings:
Gainzy’s reaction? Well, what do you think? He was pissed and accused Grizzly of having been involved in some shady stuff himself:
So who’s right in this CT telenovela?
Here’s what may have happened: Gainzy bought RLB but then had to sell to top up some leveraged BTC longs that he expected to outperform. That way he realized losses in RLB and took the blame for selling his position.
This thread explains it in detail:
But that’s also just a theory under development. So yeah, the drama section is back for now.
Talk of the Town
Oooff, so much ground covered and we haven’t even gotten to the big developments.
Speaking of CEXes and big developments, the big news last week was the CTFC lawsuit against Binance.
CZ addressed the lawsuit in a blog post and refuted all the allegations.
On the other hand, the lawsuit seemed to signal CFTC's stance that Bitcoin and Ether are “commodities,” in contrast to the SEC terming ETH and other cryptos as securities:
Then there was this thing. Elizabeth Warren is building a team. An army, to be more precise:
Elizabeth Warren looks just the type that would be so much fun to have at a dinner party:
That bit of news is even funnier considering the US is selling its stack of seized Bitcoin to make some money. On Coinbase, the exchange it is suing, out of all places:
Something else we missed?
Dough Kwon is still in custody and hasn’t been extradited to neither South Korea nor the US. But more interesting info could come out soon:
Considering Donald Trump is getting sued and Andrew Tate got released last week, judges around the world are really putting in the hours at the moment.
Our Favorite Coinfession
We live in strange times indeed. Hold on to your stack, it may be the golden parachute you need:
Memes
It’s still too early to say whether AI will be a net positive. But there’s good reason to believe it won’t:
Try to get some rest because next week may be even crazier. Till then!
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