Newsletter #203 - And Suddenly, We Are All Long
Hey Shitcoiners,
Oh boy, the market is really heating up again. Our Twitter timelines and Telegram chats are full of opposing opinions. Some say we have already seen the bottom, others say the macro economic situation is still set to bite. It's looking bullish to us though. This week the latest CPI was a focal point and sent bulls into a frenzy. As Bitlord pointed out, CPI could mean “Can Pump Immediately”.
The numbers were released and they were 0.2% below what was expected.
That 0.2% was all we needed. Markets pumped.
The Goerli testnet success was also the source of a solid pump. A positive outcome of this testnet merge paved the way for PoS Ethereum. Bullish.
As always, there are some who think that we are all jumping the gun a little here. Are we going to get rugged? Pray for us.
Another bullish thesis revolves around the potential ETHW fork. Word on the street is buying ETH right now for split coins could be a solid play. As expected, the markets were announced.
Poloniex beat everyone to it. Here’s Justin telling everyone that Kevin might be right.
But that number was rising.
We will just leave this here.
In other Ethereum related news, Tornado Cash was blacklisted by the United States in a move that sent reverberations around the crypto ecosystem.
Circle were one of the first companies to act on these new legal measures, freezing 75,000 USDC owned by Tornado users.
As expected many crypto users saw this as a direct attack. In an act of defiance, one CT member said he would be sending Tornado’d ETH to prominent accounts. Naughty!
And it was not a joke.
In Bitcoin news, the maxis are turning against each other. Matt Corallo posted a thread calling “Bitcoin maxis a dying breed” and Nic showed his support. Luke followed up with the spicy response.
Queue the birth of a new movement!
While the maxis squabble, the Saudis are #MAXBIDDING. Bitcoin, it's moon time.
Meanwhile Jameson was busy with his latest cleanup effort. We aren’t 100% sure this is his set up but whoever’s it was, this sucks.
Equally shitty are your financial affairs... if you still had funds on lending platforms like Hodlnaut.
Not only did Novogratz get a LUNA tattoo that he has to live with forever, his firm is down 40% from the last quarter. 2022 just isn’t his year.
This industry can sound very complex and technical at times, but it often sounds like you don’t have a real job.
You don’t have a real job and the “team” you work with are actually all the same person. Your mom is not going to believe you are a functional adult.
You are just liquidity at this point.
And VCs are now questioning who has all of that money they were throwing around.
Crypto is weird, but what’s weirder is that Jackson Palmer, the founder of DOGE who famously is not a billionaire at this point, has a podcast called Griftonomics. The title sounds a bit bitter.
As we have already concluded, you are the exit liquidity. That same sentiment applies for metaverse real estate. RIP.
Mark is not a fan.
Remember that “crypto boy” song? Well it got a remix and it’s so, so good.
In other music-related news, Lil Bubble dropped an absolute banger.
We round this one off with some deep contemplation. You are forever chasing the bull but have you ever thought about the fact that you are in an eternal, biological bear?
That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next week!
Team Shitcoin.com
