đ Top 5: Crypto's Dumbest Ideas
PLUS the SEC's full-frontal attack on crypto (again)
blocmates
June 06, 2023
GM Legends,
What a way to start the week⊠what was supposed to be a quiet week in crypto has turned into $320M of liquidations as the SEC rallies the troops for a full frontal attack on Binance, CZ and 10 tokens that, ironically, Hong Kong has given the green light to.
So, with a Twitter feed full of FUD, down only and âthe final boss is nearâ weâve come up with âCryptoâs Dumbest Ideasâ to lighten the mood.
PS. If youâre going to Token2049 in September⊠let us know.
Gm!
We need a cool venue for Singapore during TOKEN2049 this year to throw a blocmates party
Nothing pretentious we just want to have some drinks and get hammered with some of you lot
@danblocmates has suggested hooters but naturally, other suggestions are welcome đ
Also if⊠twitter.com/i/web/status/1âŠ
— blocmates. (@blocmatesdotcom)
Jun 5, 2023
But first a quick word from todayâs sponsor Pinjam Labs
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If youâve only got 2 minutes.
The big story.
đ Top 5: Cryptoâs Dumbest Ideas
DeFi insights.
đŒ Stumble Upon Rumble sneak peek at in-game staking dashboard
đ
UniSwap community votes AGAINST fee switch proposal
đ« GM degen podcast: Featuring why FC Barcelona coin PUMPs
In the news.
đźÂ Raft debuts USD stablecoin R
đ» Binance and crypto under attack from SEC
đšđ»âđŒ What the FED?! Events in preparation for the Fed meeting
Plus Twitter reads from @_FabianHD, @Moomsxxx and @Yamete699!
đ„ The big story.
To make you think.
Cryptoâs fun, it's dumb and it's full ofâŠ
⊠life-changing opportunities.
Thereâs been a lot of stupid things happening in crypto over the last few weeks.
We had @Ben.Ethâs presale scams, @Pauly0x âYouGetNothing.ethâ psyop scam (scoring him over $1.4m⊠yes $1.4mâŠ) and Senator Elizabeth Warrenâs âcrypto fuels China fentanyl tradeâ statement.
Here are the top 5 dumbest ideas in crypto right now.
Dumb Idea 1: Send me ETH, please
This will go down as the dumbest thing in 2023.
@Ben.Eth started a 14-day mini meta after he sold $BEN coin to Bitboy Ben for 1,000 ETH then In a game of $PSYOPâs held a presale which banked over $7,000,000 and then $LOYAL which scored another pretty penny.
This inspired @Pauly0x to create the âYouGetNothing.ethâ ENS which currently holds over $1,400,000 worth of magical internet beans. To now be able to âclaim your nothingâ from the official website.
Are we all that bored that we would send these plebs our hard earnt Ethereum beans?!
Stupid Meme-Fi.
Dumb Idea 2: NFTs
OMG, I have forever found it hard to wrap my head around the idea of spending over $100,000 on a jpeg to be one of the cool kids on the internet.
Back in my RuneScape days Iâd print screen and crop my character wielding the most powerfully pixelated gear in all the land.
And Iâd do it for free. The NFT boom saw a picture of a rock⊠on a certain network⊠sell for over $1m lol! Bonkers!
I think Iâd rather hold a gold-plated, rhodium, diamond-trimmed AMEX to gain access to the most exclusive crypto side parties at the next Eth conference.
Other notable dumb ideas that NFTs have spawned are:
Cute girl DAOs⊠remember IreneDAO?
Land sales⊠did otherside ever launch?
Kevin⊠who ironically became iconic
Pixelmon had an art reveal so terrible, âKevinâ is being labeled a historical NFT
— ThreadGuy đ (@notthreadguy)
Feb 28, 2022
Dumb Idea 3: MEME Coins
Sorrynotsorry because Iâve been hard rugged, soft rugged and sleepy dev rugged more times than youâve bought a Greggs steak bake.
As the intro says⊠they're fun, dumb and full of life-changing opportunities when youâre on the right side of them. I mean, Pepe turned $25 into $1,000,000 for a few lucky apes.
Weâve seen the likes of Green Candle Man, [redacted]Rocket and of course, đinu.
In the greatest technological revolution since AOL finally got a broadband connection this coins a dumb, stupid and yes Iâm being salty after getting rugged at the weekend!
Dumb Idea 4: The Metaverse
The metaverse was soooo early 2000s.
The likes of RuneScape and World of Warcraft were some of the first fully functioning game-based metaverses to ever exist. Theyâre a fantasy world, have a social element and an economy that runs smoother than the USA.
Plus they all taught us that if you grind hard enough youâll achieve greatness.
The metaverse isnât a 2-D fantasy office space featuring Zucks and a headset that makes you look like a space explorer.
Monday morning business meeting at blocmates
Nor is it whatâs happened to Decentraland since the metaverse boom (now bust).
$MANA potion needed for Decentraland
The metaverse is an interconnected digital extension of you that allows you to interact with a variety of virtual elements from people to environments to information. Could argue that your mobile phone is a portable metaverse.
Regardless, in crypto, itâs a dumb idea that didnât work.
Dumb Idea 5: Government statements
Can we please skip the embarrassing fud-inducing statements as politicians and figureheads continually put their foot in their mouths trying to fud for entry?
The latest came from Senator Elizabeth Warren who said that crypto is funding the fentanyl trade in China.
Come on Lizzie, even you canât believe that statement because⊠we all know what the dollar does right?!
On October 17th 2017 JPMorgan CEO Jamie Dimon has always said that âpeople who buy Bitcoin are stupidâ... and he's right.
Kinda.
I mean Bitcoin's biggest bull Michael Saylor is underwater still and the price is⊠well you know⊠still down from ATHs.
BUT, if you revenge-traded Dimonâs remark you would have made a 257% short-term increase or an 1143% gain if you survived that brutal winter to the FTX peako top.
TLDR, can we please just get Jim Cramer to say he's bearish again, add in some regulation and get this show back on the road?
Our Take
Navigating all the dumb stuff that's been happening in crypto can be tough and sometimes the best trade is to not trade at all as this just highlights how each phase of the market goes through its own bubble.
PS. This was just a fun one whilst narratives are getting rinsed and repeated across social media and Iâm sure youâve already read LSDfi, NFT-Fi, Meme-Fi and everything else ending in Fi.
PPS. I donât hate crypto, I just get annoyed at all the skemming noobs out there that are slowing down progress!
đ DeFi insights.
Project updates, governance reports and industry secrets.
The World of DeFi
a16z - Reminder of State of Crypto Index. (a16z)
AEVO - New product launching this week, possibly spread trading or BTC options (TBC). (Twitter)
Cielo Finance - Now support the tracking of perps of Kwenta. (Twitter)
Defi Llama - Added ATH & ATL to coin prices plus ChatGPT plugin. (Twitter)
Etherscan - Advanced filters have been added allowing smarter analysis of transactions. (Twitter)
HXRO Network - A week in review including $4m volume incentives, OpenHxro V2 & feature at Mexicoâs SuperteamDAO hackathon. (Twitter)
nftperp - Hottly anticipated Mafia Nut mint begins June 8th. (Twitter)
Redacted Cartel - Everything you need to know on the âHidden Hand V2.â (Twitter)
Stumble Upon Rumble - First look sneak peek at the in-game staking dashboard. (Twitter)
YoloNolo - Chihuahua or muffin thread? (Twitter)
WenLlama - Less than 100 Llamas left in the auction. (Twitter)
Governance Updates
Curve Finance - Proposal to increase crvUSD Debt Ceiling and Add wstETH Market. (Governance Forums)
Optimism - Bedrock goes live at 4PM UTC. (Twitter)
UniSwap - Community votes AGAINST the Fee Switch Proposal. (Snapshot)
đ« Â GM degen.
The latest GM degen podcast.
Welcome back Mike, you were just in time to catch the Binance drama as the trio talk about Gensler, fan tokens and how Grant rugged himself on FC Barcelona coin.
Good Morning Degen! đ @alexonthebloc sounds like Sean Dyche today and @Patches_Ops is back so has obviously tanked the markets.
Yes, we absolutely discussed Gensler, @binance and the bloodbath out there...
But it also had to be mentioned that @Grantblocmates rugged himself on⊠twitter.com/i/web/status/1âŠ
— blocmates. (@blocmatesdotcom)
Jun 6, 2023
đ In the news.
The important bits.
Appleâs Vision Pro gets revealed including a hefty $3499 price tag. (Reuters)
Coinbase Derivatives Exchange offers BTC & ETH futures to institutional clients this week. (Decrypt)
Cardano Founderâs environmental impact surpasses Zuckerberg as his private jet business floods the skies with pollution as ADA holders continue watching price⊠only down. (DL News)
Raft debuts USD stablecoin R collateralised by Lidos staked ether stETH. (Coindesk)
Eth Co-founder moves $41m Eth to Kraken the first movement in 29 months. Fud or something more? (The Block)
SEC goes after Binance labelling SOL, ADA, MATIC and more as securities in yesterdayâs attack against crypto triggering a $780m bank run. (The Block)
SEC: Coinbase has operated as an unregistered broker since at least 2019. Coinbase IPOâd in 2021. (Twitter)
đšđ»âđŒ What the FED?!
Following the SEC hitting back against crypto yesterday hereâs whatâs to come in the run-up to the Fed meeting on June 14th.
SM Services PMI data - Monday
Consumer Credit data - Wednesday
Jobless Claims Data - Thursday
Last week of Q1 2023 earnings
June Fed meeting 8 days out
Fed blackout period begins, no speakers
đ„ Twitter reads.
In case you missed it.
@_FabianHD digs into why the US â24 elections are positive for the markets.
2024 Presidential Elections are setting up to be +EV for markets (and crypto specifically)
- Biden and democratic party will be incentivized to make sure the economy isn't in the gutter going into it.
- Trump is seen as good for markets and business (28.6% odds to win). He⊠twitter.com/i/web/status/1âŠ
— Fabian D. (@_FabianHD)
Jun 4, 2023
@Moomsxxx takes a look at a16zâs biggest bets.
Want to know what's next in crypto?
Here's what @a16z is betting on for the next bull run.
A threadđ§”
— MooMs (@Moomsxxx)
Jun 5, 2023
@Yamete699 kinda has a point here⊠unless the SEC holds $DOT??
Thatâs more bearish than bullish lmao even Gary doesnt give a fuck about $DOT
— yamete (@Yamete699)
Jun 6, 2023
And on that note, thanks for reading, catcha apes in the next edition!
blocmates team đ«Ą
đ€ A final word.
A quick word from our super awesome sponsors who help us make this all possible...
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