🙃 Top 5: Crypto's Dumbest Ideas

PLUS the SEC's full-frontal attack on crypto (again)

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 “the final boss is near” we’ve come up with “Crypto’s Dumbest Ideas” to lighten the mood.

PS. If you’re going to Token2049 in September… let us know.

But first a quick word from today’s sponsor Pinjam Labs

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The big story.
🙃 Top 5: Crypto’s Dumbest Ideas

DeFi insights.
🖼 Stumble Upon Rumble sneak peek at in-game staking dashboard
📅 UniSwap community votes AGAINST fee switch proposal
🫠 GM degen podcast: Featuring why FC Barcelona coin PUMPs

In the news.
🐮 Raft debuts USD stablecoin R
🐻 Binance and crypto under attack from SEC
👨🏻‍💼 What the FED?! Events in preparation for the Fed meeting

Plus Twitter reads from @_FabianHD, @Moomsxxx and @Yamete699!

🔥 The big story.
To make you think.

Crypto’s fun, it's dumb and it's full of…

… life-changing opportunities.

There’s been a lot of stupid things happening in crypto over the last few weeks.

We had @Ben.Eth’s presale scams, @Pauly0x “YouGetNothing.eth” psyop scam (scoring him over $1.4m… yes $1.4m…) and Senator Elizabeth Warren’s “crypto fuels China fentanyl trade” 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 $PSYOP’s held a presale which banked over $7,000,000 and then $LOYAL which scored another pretty penny.

This inspired @Pauly0x to create the “YouGetNothing.eth” ENS which currently holds over $1,400,000 worth of magical internet beans. To now be able to “claim your nothing” 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 I’d print screen and crop my character wielding the most powerfully pixelated gear in all the land.

And I’d 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 I’d 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

Dumb Idea 3: MEME Coins

Sorrynotsorry because I’ve been hard rugged, soft rugged and sleepy dev rugged more times than you’ve bought a Greggs steak bake.

As the intro says… they're fun, dumb and full of life-changing opportunities when you’re on the right side of them. I mean, Pepe turned $25 into $1,000,000 for a few lucky apes.

We’ve seen the likes of Green Candle Man, [redacted]Rocket and of course, 🍆inu.

In the greatest technological revolution since AOL finally got a broadband connection this coins a dumb, stupid and yes I’m 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. They’re 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 you’ll achieve greatness.

The metaverse isn’t 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 what’s 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, it’s a dumb idea that didn’t 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 can’t believe that statement because… we all know what the dollar does right?!

On October 17th 2017 JPMorgan CEO Jamie Dimon has always said that “people who buy Bitcoin are stupid”... 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 Dimon’s 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 I’m sure you’ve already read LSDfi, NFT-Fi, Meme-Fi and everything else ending in Fi.

PPS. I don’t hate crypto, I just get annoyed at all the skemming noobs out there that are slowing down progress!

👀 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 Mexico’s SuperteamDAO hackathon. (Twitter)

  • nftperp - Hottly anticipated Mafia Nut mint begins June 8th. (Twitter)

  • Redacted Cartel - Everything you need to know on the “Hidden Hand V2.” (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)

🫠 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.

🗞 In the news.
The important bits.

  • Apple’s 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 Founder’s 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 yesterday’s attack against crypto triggering a $780m bank run. (The Block)

  • SEC: Coinbase has operated as an unregistered broker since at least 2019. Coinbase IPO’d in 2021. (Twitter)

👨🏻‍💼 What the FED?!

Following the SEC hitting back against crypto yesterday here’s what’s to come in the run-up to the Fed meeting on June 14th.

  1. SM Services PMI data - Monday

  2. Consumer Credit data - Wednesday

  3. Jobless Claims Data - Thursday

  4. Last week of Q1 2023 earnings

  5. June Fed meeting 8 days out

  6. Fed blackout period begins, no speakers

🐥 Twitter reads.
In case you missed it.

@_FabianHD digs into why the US ‘24 elections are positive for the markets.

@Moomsxxx takes a look at a16z’s biggest bets.

@Yamete699 kinda has a point here… unless the SEC holds $DOT??

And on that note, thanks for reading, catcha apes in the next edition!

blocmates team 🫡

🤝 A final word.

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