CT may be a ghost town right now, but our weekly roundup continues! Check out how SBF is faring in prison and if Bitcoin's security model is doomed.
Gm,
This meme sums up the mood in crypto better than words ever could:
It’s a ghost town now on Crypto Twitter. But even in this ghost town, we got some prison updates involving SBF, Vitalik’s account hacked and a Crypto Twitter main character entering the race for the Presidency.
Let’s have a look…
Whose Threads Are a Must-Read?
A few months ago, our article about Pulsechain made quite a splash among Hexicans.
Fast forward and Richard Heart is in trouble with the SEC. Eric Wall wrote a nice summary about whether Hex is dead:
They probably could have done with a good trading framework. Here’s a great thread about trading psychology by Zoomer Oracle:
TLDR: use the market’s attention and sentiment to make profitable trades and exploit people’s biases and cognitive dissonance. Just make sure to use protection. Also in crypto.
Read also: Understanding Market Psychology in Crypto
The vibes in crypto are really not good at the moment. If it’s your first bear market – congratulations! You made an excellent choice to commit to something solid long-term. 500 days and counting, that is longer than many marriages last these days.
If it’s not your first bear rodeo, you will appreciate this thread about bear market vibes by Punk6529:
Good thing someone did the author’s work for this one and wrote up a nice TLDR for this 30-tweet monster:
If you want to know where exactly we stand in the market, Bob Loukas is the man to ask. He’s a market legend with decades of experience, so pay attention to his thoughts about where we are in this market cycle:
TLDR: bullish long-term catalysts like the ETF but a lot of headwinds in the short run.
Wisdom of the Week
If you want to “make it” in crypto, you need to work hard. Almost nobody just gets lucky in crypto:
Talk of the Town
Even in the abandoned ghost town of Crypto Twitter, there’s plenty of chatter of ghosts past and present.
A ghost from the past is Sam Bankman-Fried. Ol’ Sam was a naughty boy and got sent to prison. Some juicy details emerged last week about his current situation in prison and future conditions he can expect:
Wild stuff. Let’s see if we soon see Sam’s first mixtape NFT drop on Twitter.
Sam’s old arch rival CZ has been dealing with a stream of FUD in the last few weeks. They finally nagged him enough to get a reaction out of CZ. See for yourself:
And you know who else is an expert in dodging FUD? That’s right, everyone’s favorite stablecoin: Tether.
Love ‘em or hate ’em, Tether has become systemically important, not only for crypto. The company now has more US T-bills than countries like Spain or the UAE:
Good news then that Visa plans to integrate stablecoins into its system. Well, that’s with Tether’s arch rival USDC for now, but who knows what comes next:
So even during peak apathy, there’s something going on on Crypto Twitter. Well, you have to distract yourself somehow, don’t you? These trading volumes don’t look like they’ll be going up anytime soon:
But is this still apathy or already failure?
Depends on who you ask. It definitely doesn’t look like a smashing success for the moment:
Sentiment on Bitcoin Twitter is so low that the community dug up old skeletons like the Bitcoin security model. Is Bitcoin really doomed? Does it need more than 21 million coins to exist?
Here’s Dylan LeClair with a hot take:
Down so bad that the security model’s being discussed. That’s when you know things are not looking good.
Anywho, there were more amusing developments as well. Such as Crypto Twitter legend GCR potentially being doxxed as Vivek Ramaswamy:
Times like this, people come up with the craziest stuff when they’re bored. Maybe having your Twitter account hacked like Vitalik is a blessing not a curse these days:
Memes
At least the memes this week did not disappoint.
The state of the market right now:
And where the market is headed in the future:
Hit us with your best shots, TradFi markets! We’re ready for next week.
See you then.
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