December 16, 2022

Newsletter #220 - Pray For No More Bank Runs

Yo Shitcoiners,

Now is not the time to be putting crypto on ice. Bear markets are for accumulating and getting ahead of the normies. Stick around and you might make it. Cobie said so.

FTX still dominates the headlines, as more news trickles down about how we got into this mess. Remember how rumours circulated that The Bahamas ordered FTX to open withdrawals for their residents?

It was not looking good for Sammy boy.

This turned out to be one hell of a bad week for SBF. Arrested!

While The Bahamas is perceived as a safe haven by many, you can’t escape the wrath of the SEC. That’s a fairly hefty list of charges!

The timing of his arrest was quite interesting. This all happened just before he was due to testify at a congressional hearing… shenanigans!

We will just leave this here.

Why did he do it? Well he wanted to get that slippy slippy in the grippy all night.

Remember when everything FTX touched turned to gold? We have now learned that in the end, it all goes to shit.

Dudas was getting checks too?!

Queue the memes.

Many lost because of FTX, but some won big due to SBFs incompetency. Here’s how one trader used leveraged tokens to make 5000%.

To finish our FTX segment, here’s a gem. Clicking is recommended.

With the mismanagement of FTX public for all to see, attention has switched to other players in the space, notably Binance. Are they on the same path? This sounds awfully familiar…

The battle cries for a bank run began.

Market participants started to get a little nervous.

If there’s one person to make you feel at ease, it’s Jim Cramer!

Don’t be a sucker. That is the primary reason you should not feel at ease.

If you think that Binance is going to make it, it might be a good time to dive into BNB Chain and see what’s popping. We wrote a thread. Are you feeling brave enough?

Back to the legal proceedings. There are an awful lot of trials going on at the moment…

To ETH now. Adam doesn’t think EIP-1153 is any good. Hayden thinks it is and proceeded to destroy him.

Is a project really decentralized if people from certain countries can’t use it?

Back to the scams now. One OnlyFans model is getting heat for rugging 127 ETH.

And she’s utilizing her knowledge of DMCA takedowns to remove any mentions of her skems. Smart of stupid?

In other oopsie news, Gemini leaked some user data but supposedly it’s not a big deal. That is unless your email address is {first_name}.{last_name}

We round this one off with some HEX shitposting from Eric. Here’s one Hexican trying to get Dave Portnoy to buy into the ponzi.

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