Lots of outrage over on Crypto Twitter last week — even as markets rally. Let's dive into what went down in our CT roundup!
Gm,
When’s the last time you read a newspaper? An actual physical newspaper printed on paper?
It’s probably been a while.
Proof-of-tree isn’t very fashionable anymore in the newspaper business. But some newspapers, very well-known newspapers, still lecture certain cryptocurrencies about how wasteful they are.
Less drama but more fights in this week’s edition. Ready?
Whose Threads Are a Must-Read?
We start with a narrative that’s consistently been getting attention on Crypto Twitter: real-world assets. Tokenized assets on the blockchain have been long promised but never materialized (or unmaterialized?). But the narrative has never gone away completely, and Zero Ika thinks it could gather steam soon:
He discussed:
- What real-world assets are
- Their benefits and downsides
- The most interesting protocols in the RWA space
One to keep an eye on.
Narratives are very powerful in crypto. Being able to identify and trade a narrative is a very lucrative skill to have. If only you could learn it somehow…
Well, you can! And The DeFi Edge’s thread about understanding narratives will shorten the learning curve:
He covers:
- How to create your trading thesis
- How to time a narrative
- The different waves of narratives
- Good long-term narratives in crypto
Highly useful thread that you should study intensely!
Hitting the right narrative is great. But being early is probably even better. One way to be early are pre-sales investments, but they are trickier than you think. CJ wrote a handy thread about how to play pre-sales correctly:
A detailed deep dive into the many different types of pre-sales (there are a lot more than you think!).
Knowing how to trade narratives is great. But not all narratives are bullish. You know just how wild the volatility in crypto can be. That’s why knowing how to trade swings in both directions is invaluable.
CryptoCred, one of Crypto Twitter’s most prolific traders, wrote a thread about how to become a better swing trader. Loads to unpack here, and 1,500+ bookmarks don’t lie:
Finally, it’s time to look at some DeFi innovation. Our State of DeFi report predicted the nearing end of the long DeFi winter. Thor Hartvigsen put that into concrete terms with his thread about 25 promising DeFi protocols:
Wisdom of the Week
This week’s top wisdom came from Crypto Twitter’s top wassie:
This rally has been called “the most hated rally” for a reason. But if you’re sidelined, Mr. Market may give you another chance sooner than you think.
Elon Building Twitter
No need for an extra drama section this week because we have this one.
Plenty of developments on Musk Twitter. And most of them were not exactly good ones.
So let’s start with some positive news, like the fact that Twitter finally integrated a monetization option and won’t take an extra cut:
That’s great and all. But less great was all the background noise from various other battlegrounds. Such as removing the W from the company’s HQ logo because of trouble with the landlord:
Then Elon got into a fight with the National Public Radio over the decision to label their account as “government-funded.” NPR quit Twitter in response, which caused all kinds of controversy:
And then there was the BBC interview, where Elon exposed the less-than-well-prepared interviewer:
Lots of praise for this one from everyone… everyone? No, not everyone. Lyn Alden was still not impressed and called out Musk’s double standard over which government-related accounts can stay and which can’t:
And that is covering only a tiny fraction of the reactions to all of these dumpster fires. Musk’s Twitter isn’t boring, but whether it’s going well is up for debate…
Talk of the Town
Last week’s talk of the town had something to piss off every community in crypto!
Bitcoiners were enraged by The New York Times going after the wastefulness of mining bitcoin (again). Mind your own business, they said:
We’ll cover that one in a separate explainer article next week, so stay tuned.
But elsewhere, there was something to outrage non-Bitcoiners too. Like the announcement that FTX found over $7 billion and might give the whole exchange thing another shot.
1) What
Autism Capital summed it up nicely in this tweet:
In case people forgot, FTX had scandalously criminal business and security practices. Molly White covered the entire report about the dumpster fire that was recordkeeping and security measures at FTX:
So yeah, maybe not such a good idea.
Speaking about scams and rug-pulls. May we introduce you to the latest invention in the crypto space: AI2Earn.
Yes, seriously.
AI2Earn is the brainchild of CryptoGPT, a protocol that raised a cool $10M from DWF Labs at a $250M valuation last week. Here is their pitch deck:
But maybe it’s not a scam, you say! Maybe AI can really go decentralized. Even if you do believe in Santa Clause, maybe give the fundamentals of this project a good hard look before aping:
In other, better, news, Bitcoin is above $30K and the rally is largely driven by spot demand:
Time to cash in on these confiscated coins then, as far as the US government is concerned:
Then there was the successful Shapella Upgrade for Ethereum. We covered the aftermath of it in this article. Hopefully, the Ethereum community will put in as much work into its scaling upgrades as it has into naming them.
Our Favorite Coinfession
You’d probably have a better PnL if you switched to bathroom money DCA’ing like this guy:
Memes
To make increasingly unpopular legacy media great again, someone made a great video spilling the beans about the NYT’s interview process:
That’s all for this week. Hold on tight because next week might get bumpy!
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