March 10, 2023

Newsletter #232 - So We're Not Back?

Yo Shitcoiners,

It’s been a wild week in cryptoland. After BTC hit $25k in February, many optimistically thought we were on the up. In light of recent developments, it looks like we might not be.

Many are touting the banking collapse as a key reason for the red charts. This week prominent crypto-focused bank, Silvergate, announced they were NGMI.

We will just leave this here.

It’s not looking too pretty in the banking sector. Silicon Valley Bank, which has long been crypto-friendly is facing uncertain times.

Is this 2008 all over again? It might not be all doom and gloom as from previous experience we know when money printer go brrr, number go up.

In his latest blog post, Arthur has dropped some spicy ideas. Peruse at your leisure and if you are brave enough, digest his proposal for NUSD.

Yes, by NUSD we mean the “Satoshi Nakamoto Dollar”.

As the carnage plays out before us, one infamous short seller is betting that “Binance is next”. Welp.

In the meantime though, they’re busy buying up businesses for cheap!

This week was an interesting one of the regulatory front. The NYAG has sued Kucoin and in the same breath, claimed Ethereum is a security. Why do they always ruin the fun?

Coin Center here with their argument for why Ethereum is not a security.

In other news, on-chain sleuth ZachXBT has announced he will no longer be following up on community requests.

That doesn’t mean Zach is out of the game yet though. Will he look at $SUCKR in the future? In all honesty, if you bought a token called $SUCKR, no one can help you.

Justin Sun has been making moves. Here are some screenshots of him flexing.

Meanwhile, Vitalik has liquidated a significant amount of altcoins. He regularly receives airdrops and in the past, “sending to Vitalik” has been considered a way to lock up coins. That may no longer be the case.

We round this one off with an important message.

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