Newsletter #389 - Do You Feel Exploited?

Hey Shitcoiners,

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With the Fear & Greed Index showing “extreme fear” only those with conviction or delusion remain. Fortunately for us, bear markets can be the source of elite-level shitposting and shenanigans. Before we dive into this week’s newsletter, check out the latest Shitcoin.com Show episode!

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We start with a trip down memory lane. Back in 2013, when you could hash a passphrase (typically SHA-256) directly into a private key, one hodler thought he had giga-brained his setup. He was mistaken.

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Back to the present. We thought David Sacks was going to save our bags in his role as “Crypto Czar” but unfortunately, he is no longer positioned to save us. RIP.

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Fortunately it’s not all doom and gloom for the industry. Tether has announced they are bringing in a Big Four accounting firm for a full audit. The times of Bitfinex’d feel very long ago at this point.

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Exploits next! The “audits” many DeFi projects get are often just for show. You can have spent hundreds of thousands on them, have had up to $500k in bounties available on Immunefi, and still get rekt.

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It has also come to light that Bitget had a bug in their trading bot, with several traders turning hundreds of dollars into millions. Those traders are now getting sued for gaming the system. RIP.

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Imagine calling for $0.2 per token a year ago. Now you’re laying off half your team, pivoting multiple times, and your token sits at $0.01. NGMI.

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Speaking of tokens, the White Whale is “stepping away”. The token price reacted accordingly.

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Imagine.

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It could be worse. You could have been simping for Binance/Aster female KOLs.

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We are delighted to announce that Peter Schiff has joined a very special group. He did not sell the pico top of gold. ONE OF US. ONE OF US.

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We round this one off with some interesting new merch from Mason! If your bot is capable of earning you an “accredited investor” hat, gg.

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And that’s a wrap! See you next week.

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Team Shitcoin.com