After Elon Musk bought Twitter, it was always going to be a busy week on Crypto Twitter.
Gm anon,
After Elon Musk bought Twitter, it was always going to be a busy week on Crypto Twitter.
But that busy?
If you missed last week because you went to Lisbon for crypto meetups, strap in for a wild ride. FTX got dunked on by Coindesk, HEX by the SEC, Elon by everybody.,Saylor by ETH. And there was something very interesting involving Edward Snowden…
Who Went Viral This Time?
The week started off nice and slow. Something completely vanilla like, you know, Do Kwon allegedly admitting to market manipulation and hiding in Europe as an illegal immigrant:
Is Do Kwon now a Ukrainian refugee? Will he soon live in a South American embassy like Assange used to? Is the new Luna stablecoin still on?
Questions upon questions.
Maybe Do Kwon will soon resurface on the next generation of social media. McKenna posted a fantastic thread on Lens Protocol, an intriguing social protocol built by Stani Kulcheov and the AAVE team:
Check out the thread since this is a narrative that is only gaining more traction. In short, Lens protocol allows you to “own” your network as NFTs, unlike traditional social media, where cancellation results in losing all the connections you had. A possible rival for a blockchain-based Twitter that you could keep an eye on.
Another interesting thread came from based lord covering promising DeFi protocols on Avalanche:
DeFi has been losing traction, as has Avalanche. But following more obscure protocols during bear markets is where alpha is generated. Surely, you’re in it for the gains, aren’t you, anon?
Another important thread came from Ryan Selkis. His take on the Digital Commodities Consumer Protection Act (DCCPA)? Not good enough to pass. For now.
Regulation is a mouthful. The very short version here is that the DCCPA (not to be confused with the CCP, the Chinese Communist Party) would give one financial regulator (the CTFC, crypto-friendly) authority over DeFi decisions but the SEC (anti-crypto) veto power. But the old “are tokens securities?” question would still not be settled. DeFi could still be killed by the bill.
Overall, let’s wait and see.
Who Is Arguing In Way Too Public A Place?
You want drama?
Last week had plenty of drama.
First, Coindesk broke a story about FTX and Alameda, the trading firm of SBF, being close. Like duh, we knew that already.
But how close exactly?
A bit too close for comfort for some:
It turns out that there’s a lot of FTT on the balance sheet of Alameda. $3.66 billion unlocked FTT and $2.16 billion locked FTT to be precise. Add to that some more Solana tokens, like precious and highly valuable OXY or MAPS, and voilá! You have enough ‘collateral’ that you can borrow against and deploy the borrowed capital. Tracy Wang explained how:
Some reading this will see the parallels between the crypto financial system and the real financial system: print tokens, borrow against them, farm yield. Works every time!
The real drama then unfolded just as this week’s round-up was going to press. Binance CEO CZ said basta and decided to dump his FTT share:
But Alameda said give me all the FTT you have at $22 and then…
In the head-to-head race between FTX and HEX for shady business, FTX seems to have taken a late lead.
Wait. What’s that about HEX?
A classic case of How it started vs How it’s going:
The entire thread is here. Safe to say that this drama section is not finished yet either.
Elon Building Twitter
Since Elon Musk bought Twitter, he is getting his own section from this week onward. Because our “Twitter Complaint Hotline Operator” set a high bar for Twitter drama last week. This kicked it all off:
This was basically the only thing Twitter talked about last week. All of Twitter.
Everyone and their grandma had an opinion on it. SBF thinks it’s no big deal:
Raoul Pal sees Elon Musk basically building Skynet:
And Musk himself? Well…he had his own take on the reactions:
But the drama didn’t end there.
Next in line was Twitter starting to fact-check the White House. Did the White House just let that one slip? Hell nah! Biden accused Twitter of “spewing lies all across the world”. Now that kicked off the next drama cascade, with advertisers getting under pressure. Elon didn’t like that one bit:
If you think it’d stop there…it did not.
Next in line were Twitter’s employees (quite literally). 50% got fired cause, you know, money:
Twitter’s Trust and Safety Team leader is assuring that content moderation is proceeding as usual. That still wasn’t all for last week. The $8 Twitter Blue was already rolled out but…not for Europeans! For now, it’s only available in the U.S., UK, Canada, Australia and New Zealand. Iif the drama level is anything to go by, the next few weeks on Twitter will be fun!
Saylor Saying Stuff
Michael Saylor has his own section now and what better way to ring it in than joining the dunking contest on Crypto Twitter:
Obviously, ETH maxis could not let this opportunity just slip:
Saylor himself graciously ignored the dunking. But he did have something to say about Twitter for $8 because, well, everyone has an opinion on that:
At least MicroStrategy booked a small profit in Q3 thanks to a more stable BTC price.
Talk of the Town
After all this talk, there is still one major plot twist left. No, it’s not Santander limiting transfers to crypto exchanges in the UK, although that got people riled up too:
It was also not the death of Maker DAO’s Nikolai Mushegian, whose last cryptic tweet had conspiracy Twitter going into overdrive (local police said there was no evidence of foul play):
No. The real bombshell of last week was not FTX farming ponzis or Elon farming Twitter users or ETH dunking on Saylor or any of that. It was Snowden’s Crypto Twitter alt:
Don’t get it?
Inversebrah, aka smol ting, aka lil shid, is something like the, ahem, library of Crypto Twitter. Edward Snowden tagging smol ting means Snowden is pretty friggin’ deep down the Crypto Twitter rabbit hole. How deep? What’s his alt? Well…
So Snowden’s alt is…Maren Altman??? Or Che Guevoblin? Or Inversebrah himself???
Questions upon questions…
If you can’t tell from the screenshots, don’t worry. That’s just Crypto Twitter for you.
Our Favorite Coinfession
Sometimes, after a long and stressful week of people dunking on you on Crypto Twitter, you just want to get one back and let off steam. Luckily, there’s a way to do that:
Memes
Since everyone’s got dunked on this week, we can’t forget about our good friend, Jim Cramer:
And if you think you’re so smart about your investment decisions anon, don’t forget how much power this man holds over your net worth:
That’s all, see you next week!
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