December 15, 2022

Newsletter #219 - When Cockroaches Think They Are Phoenixes

Yo Shitcoiners,

As we dive to the depths of the bear market, we naturally lose some soldiers on the way. If you are still with us, we salute you. There are still plenty of us here though and the shitposting, well that just keeps on coming. Kick back, relax and enjoy the carnage of this week. Starting with a message… it could still get worse.

Is DCG the next domino to fall?

Su has been trying to salvage his reputation and has formed a questionable alliance with disgraced Luna founder, Do Kwon.

It was all SBF’s fault.

How could any of this be SBF’s fault though? Kek.

We are living in a nightmare. Please make it stop.

There is a way to get out of this and that is the only way that crypto knows how. More tokens!

The writing really was on the wall when the industry’s most talked about portfolio of $5.4bn+ was in ~500 illiquid investments. RIP. 

Here’s CZ with the heat.

Here’s Sam with his response. CZ extracted another $75M before we all got REKT.

I throw cash at you. You worship the ground I walk on. Fair trade.

He knew nothing about it though, obviously.

It’s not looking good for many of those FTX/Alameda investments. If NFTs were not crashing enough, to really kill them off you just add some broken FTX metadata to the mix.

What could have been…

This could have got way spicier if we let it continue. Taylor Swift could have been swept up in the FTX/Alameda orgy scandal of 2023!

We have strong suspicions that movie studios are picking this shitshow up as we speak. The possibilities are endless.

Effective altruism has taken a hit due to the actions of SBF. We all remember that Twitter DM interview. You have got to help yourself before you can help others, amirite?

One day Bitlord is here to stay, the next he’s leaving the industry behind. Luckily all of those problems he mentioned become a thing of the past with a 100x.

To pass the time before we find those next low-cap gems, we can shift back and forth between USDT and USDC.

We can also spend our days reading ZachXBT posts. Here he is calling out BitBoy on some bullshit.

This is not the on-chain sleuth’s first BitBoy rodeo.

The IRL partnerships are dropping like flies. We have never heard of Amber Group or their app, WhaleFin but when interest dries up, sports team sponsorships are the first thing to go.

Which crypto exchange is next? Spot the mispelling.

But the diehards are still pushing. Ameen was in Washington fighting for banking fairness or the adult industry. Nice work sir.

Speaking of pushing the powers that be, do you remember when Apple banned self-custody bitcoin wallets?

If you were around for that, you were around for this. You have OG status.

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