December 15, 2023

Newsletter #228 - An Ordinally Week For Bitcoin

Yo Shitcoiners,

Before we get into all of the spicy action from the past week, check out the first episode of the newest show on the Podcast Network, Wage Cucking with Jmo!

Now let’s get stuck in. It’s been an interesting couple of days on the regulatory front. Brian Armstrong broke the news that the SEC is coming after crypto staking in the US.

His warning was swiftly followed by news that Kraken have been forced to shut down their staking service. Not only that, but they have been forced to pay a hefty fine. Ouch.

As always, this comes after no guidance at all was given. The SEC unsurprisingly enjoy the “try it your way and if we don’t agree, we’ll hit you with fines” approach. 

This is just the latest strike from the US in their attack on crypto. What next?

Don’t worry though, anon. While you continue to HODL, sleep well knowing you are in good company.

Ordinals continued to make headlines this week. As “NFTs on Bitcoin” gather steam the inevitable happened, “Ordinal Punks” were minted and boy did they moon.

Who wouldn’t want an Einstein punk?

While we all like fancy exchanges with killer UX, you can’t beat a good old spreadsheet. With a classic style OTC look, here’s how Ordinal Punk trading is going down. If it ain’t broke, don’t fix it.

Matty was in disbelief.

But as Chief Enchilada Officer, Andreas pointed out, this is the way it has always been done. And unlike many exchanges, spreadsheets don’t disappear.

Udi here with the Bitcoin NFT spice.

He was also doing his bit to get the boomercoin fanboys riled up. It worked…

Speaking of annoying Bitcoiners, Craig Wright is still doing CSW things. Will this ever end?

We interrupt this newsletter for an important explainer on the perils of hyperinflation.

Crypto degenerates have been trying to beat inflation by apeing into the hottest new trend, AI coins. Here’s a quick reminder to stay safe out there. The rug could be pulled at any time.

What’s a week in crypto without another disagreement? Ric Burton published a spicy thread calling out Hayden, the founder of Uniswap. Hayden responded.

Here’s a long form shitpost that sums a lot of this up.

Will Hayden become one of our fallen heroes? Who knows. We are eagerly awaiting if he features on the cover of Fortune.

Bitcoin Magazine did some photoshopping and corrected the Fortune cover.

As we continue on the FTX thread, Brett Harrison was called out for some of his earlier statements. Spicy!

If you are a rekt former FTX user, spare a thought for our compadres over on BSC. They don’t stand a chance either.

In hack news, an exploiter managed to make moves on CoWSwap. Funds were moooving!

All was okay for users, however. Is this a prime example of a bullish hack?

We round this one off with two interesting observations that are big if true. First, we need IRL photos of the next Solana conference to verify the following statement.

And finally, there is no way that Frank is 27.

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