November 15, 2022

Newsletter #208 - And Finally, We Merged!

Yo Shitcoiners,

It happened. After years of “18 months to go” we Ethereum finally migrated to Proof of Stake. In this week’s round-up we share some of the highlights from the countdown, the immediate aftermath and other crypto shenanigans. Buckle up!

There was a lot of build up to this. Crypto Twitter has been talking about it for months. Which makes a lot of sense considering there was little else to talk about. Cobie here with the adaptation of popular trend, “gm”.

Ethereum bag holders were sweating. The odds of this one going well were high but your net worth was likely in the hands of this man.

However, that same man is very well endowed. His alpha energy would surely take us over the finish line.

Jaded zoomers were on the edge of their seats.

Zooko waited.

In the build up it was shared that the move to PoS would reduce global energy consumption by 0.2%. Spicy!

The anticipation was building. Nerds sat staring at block explorers and visualisation tools.

And then, it finally became clear that The Merge had been a success.

And someone even paid 36 ETH in gas to be the first NFT on PoS. Ew.

But what would happen to the miners who depicted below, had mined their final Ethereum block?

There are plenty of uses for those GPUs!

Many miners would move to ETH Classic which experienced a considerable spike in hashrate in the run up. Others would simply move to the fork, ETHW, which conveniently launched on FTX within a couple of hours.

The merge was a little uneventful but it was clear that now is where things could get super spicy…

That creates a nice segue to this next bit of news. Consenys has been deeply involved in the growth of Ethereum since the get-go, they’ve done some invaluable work. They have also massively inflated the egos of 25 year olds around the world!

Meanwhile over at Alameda, Caroline The Merciful has no ego. She is your new hero now.

Speaking of heroes, Cobie's bio now reads "I occasionally get drunk on with a random dude from Alabama that I met once in Tuscany". Wholesome.

After that LUNC pump many began to wonder about Do Kwon once again. Well, he now has an arrest warrant against him, ouch.

Many will think this warrant is due to LUNA destroying the portfolio of degenerate investors. That may be true to some degree, but they should have pulled out while the going was good, like this next chad.

Celsius was heavily hit by the LUNA crash. They are back. This time with a new name… Kelvin? RIP.

If you were hit by the Celsius collapse get your hands on Celsiusopoly. Your mind may find some solace.

To China news next! So now Bitcoin is legal in China but you can’t use it for payments? Weird.

One Bitcoiner seller in the US had a rough time with the law recently. He is heading behind bars. It’s an interesting thread and worth a read. The US justice system is broken.

The state isn’t doing that much good either. Over in Canada Justin wants you to keep your fiat so he can do as he likes with it.

Which plays into Arthur Hayes’ theory that governments will rug pull you and steal your money in times of war. Be careful out there.

Speaking of rug pulls, here’s a tweet about taxes.

If you’re going to create a pyramid scheme in crypto, you might as well be transparent with your users. This is peak degeneracy.

If you buy one of those Pumping Parrots you are either incredibly smart or incredibly foolish. If it goes wrong remember this.

That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next time!