Newsletter #200 - A Tank Full of Hopium
Hey Shitcoiners,
Welcome to the 200th edition of the Shitcoin.com newsletter! To celebrate, we are rolling out a new format for our Twitter shitcoiners. If you follow us, you can now read the whole round-up without leaving your Twitter timeline. Spicy.
Anyway, to the action! While this next meme is exceptional, it’s the Twitter handle that’s the real winner here.
As we learned of a proposed date for the ETH merge the market pumped this week. Many ran to open leveraged longs in hopes that the bull market was back. But was it? As the TA folks say, "we have found a new range". There is psyops everywhere.
If you aren’t too sure how this is going to go, why don’t you set an insane range for your Twitter followers to decipher! Bitboy was at it again. Shitcoiners, you better “start planning your moves”.
The market bounce was some welcomed relief from the disaster that is our crypto portfolio. Would you rather have 0.085 BTC/1.25 ETH or this fashionable Fendi wallet?
This is bankruptcy szn. Zipmex users were reassured that their funds were safe. $52 million of funding would surely mean things were a-okay.
But they were not.
Turns out your funds (and maybe some of that fundraising balance) had some exposure to Celsius. Oops.
The otter wished he had warned you sooner.
Over in Korea investigators were raiding exchange offices to find LUNA transaction data.
Here’s the story of how this all came to be.
We will just leave this here.
In other bear market-inducing news, it has been confirmed that Genesis gave 3AC $2.36 billion to play with. Why wouldn’t you trust a fund who turned $1m into multiple billions?
Kyle's wife will be alright fortunately.
Su was famously flexing about his megayacht. We are excited to own a bit of that bad boy!
We hope the proceeds from the following t-shirt sales will be forming the DAO treasury.
It’s not all doom and gloom for those involved in LUNA et al. One chad made it all back in a single WSOP tournament.
Celsius are firmly a part of the et al. at this point. They have finally admitted a huge, gaping hole in their balance sheet.
While Celsius users thought they were hodling, in fact, they were getting some action on the futures markets!
Alameda, while bailing out the market, have seen some of their former team members getting stung too.
With crypto players dropping like flies it’s important to keep your users in the loop. Jeremy from Circle shared a monthly breakdown of reserves.
How do you respond to a Github issue on proposed crypto legislation? Like this.
The Fed are coming for your coins. If you want to understand a little more of the macro going on outside of crypto, we recommend giving the latest article from Arthur a read.
Meanwhile in NFT land, crypto winter is hitting OpenSea and leaving ~20% of their workforce unemployed.
One guy also rugged himself of 100 ETH. RIP.
The NFT community has some interesting quirks.
If you are questioning your sanity at this point then remember, everything you say on Twitter will be held against you in the future. Get therapy now… if Cobie will give you a referral.
That's all for this week. Follow Andreas on Twitter and stay up to date with us @Shitcoindotcom too. See you next week!
Team Shitcoin.com
