Newsletter #155 - Are you a floor sweeper?

Hey Shitcoiners,

The NFT craze is continuing. Arthur Hayes has been prolific in recent times with his in-depth writing on what’s hot in crypto. This week he dropped another one. Here’s his dive into the world of NFTs. As you can imagine, it’s an alpha-filled read.

For those already deep, you may have seen “!floor” echoing through Discord channels. Don’t be that guy. You may not make it.

While you are all out there “sweeping the floor”, this 12 year old is doing the minting. Markets where 12 year olds are selling to 30 year olds sitting in their mom’s basement. What a time to be alive.

It was only a matter of time before JPEGs started having their own galleries. Zhu Su here with one from Hong Kong.

We are entering a new paradigm. Screw the Mona Lisa. The rocks are taking over.

The “rocks” have taken an interesting turn though as an abandoned contract has emerged where users can mint an unlimited number of “original” EtherRocks.

The sports stars are getting in on NFTs too. Here’s Stephen Curry’s Ethereum address if you want to buy what he buys. We aren’t so sure these celebrities are great buy signals though. In fact, likely the opposite.

We are torn about this next guy. Is he just naturally frugal or is he irresponsibility ape-ing into projects?

One guy who knows how to ape is Justin “money bags” Sun. He bought a fake punk for $10 million.

Remember the guy who spends 100x more on NFTs than his rent? Here’s Emin trying to tee him up with an easy sale. Pro-tip: list for 2x the price, re-buy another ape for 50% and don’t move house. He now has two apes instead!

Here’s a fun fact that to remind you this might very well be a bubble. While Jordan is exaggerating, the Bored Apes Mutant sale raised $96 million, it was definitely much less effort than taking over a country.

You may have seen a lot of buzz around LOOT, the NFT project where holders get nothing more than a list of objects. Sounds silly right? Well those who held it are reaping the rewards.

We sure hope you can all get out when the time comes…

Vitalik hosted an impromptu AMA on his Twitter this week and he received all kinds of questions.

Arguably the best one from Elon.

He did go into some Ethereum related stuff though as you would expect. There were some interesting points. The eight co-founder thing has been playing on his mind.

As have his earlier statements about PoS being ready in 1-2 years. That didn’t age well.

This comes in light of a recent oopsie on Ethereum. If you’re wondering how a chain split happens, here’s how.

Whatever the state of Ethereum, we have another celebrity endorsement!

Queue the shitposting.

Meanwhile in El Salvador we are in some strange alternate reality. In the past Bitcoiners have been punished by governments for their support, in El Salvador, criticise Bitcoin and you are punished.

Over in Missouri one small town Mayor is following El Salvador’s lead and trying to get Bitcoin in his resident’s hands. We do worry about the forced hodl though. Let those weak hands sell!

It’s good to hear they’re following Paris’ lead. She’s always ahead of the curve. Loves it.

Here’s a horrible take from Krugman.

And we round this off with a wholesome image. Here’s the guy who sold Bitcoin for baklava… with some baklava.

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Team Shitcoin.com