This week saw heated arguments over BTC as a Ponzi scheme, crypto as a payment method and more.
Gm anon,
Your computer coins had another topsy-turvy week. Just look at that old Bitcoin chart of last week:
Crab market doing crab market things!
The price action (or lack thereof) was one of the talking points on Crypto Twitter this week. Let’s see what else the industry was talking about.
Who Went Viral This Time?
Kicking off with a topic that should be close to everyone on Crypto Twitter: those goddarn reply bots!
Jack Niewold published a banger of a thread:
The TLDR in case you don’t want to read the thread (you really should read the thread): don’t click on any links from spammy-looking replies, even if they link to seemingly innocuous YouTube links. Jack goes over how exactly the scam works, so check out the thread if you want to learn the details.
Another interesting one came from Jason Chen, partner at an early-stage VC firm. This isn’t strictly crypto-exclusive, but he provides a great investment framework for early-stage protocols. Here’s the thread:
Jason goes over 10 questions his firm asks pitches before receiving an investment. These are great questions you can use before aping into the next promising-looking shitcoin (which probably won’t be too soon anyway). Don’t sleep on this thread!
Another interesting one came from Ben McKenzie about the ongoing stablecoin war:
Who will dominate the stablecoin market is particularly pertinent in light of the news that the US government is considering banning algostables for two years following the collapse of UST. With stablecoins emerging as de-facto competition to CBDCs and fintech solutions, everyone in crypto should keep an eye on this section of the market.
Who Is Arguing In Way Too Public A Place?
This section isn’t always blowing it out of the water. But this week had some spicy interactions.
Crypto skeptic Liron Shapira challenged crypto over the launch of FedNow, an instant-banking service that will bring payments in the U.S. to the same level as in many other advanced economies (that is, instant settlement):
Challenging crypto is a sure-fire way to get some engagement going in the replies!
The whole argument, including more replies to Liron, is here.
But that was a rather minor disagreement compared to the backlash Jemima Kelly received for her Financial Times article about Bitcoin:
The TLDR version? More “muh orange coin bad” because it is:
- Being shilled by coin holders, so it must be a Ponzi
- Not decentralized because “wealth is hugely concentrated” [sic]
- Its first-mover advantage may not last and actually someone mentioned a “flippening” that Jemima heard about.
Obviously, the community was less than impressed by this poorly-argued article:
Not everyone disagreed, though:
The ol’ “Bitcoin is a Ponzi” argument featured elsewhere this week as well. We’ll get back to that in a minute.
But first, what were Elon and Saylor up to?
Elon and Saylor Say Stuff
Actually nothing crypto-related to report from Elon Musk this week, who seemingly was busy launching rockets.
But Michael Saylor made more than up for it:
That’s what you call commitment to the cause!
We’ll see how well that tweet ages, but it probably wasn’t the last BTC purchase Michael Saylor made anyway…
Talk of the Town
Back to the “Bitcoin is a Ponzi” argument.
Our old friend JPMorgan CEO Jamie Dimon called Bitcoin a decentralized Ponzi scheme this week:
Yes, that’s the same Jamie Dimon that only a few months ago said that “Bitcoin has significant upside for investors now.” Don’t fall for the psyops anon and watch what they do, not what they say.
However, you could make a similar argument for other investments as well:
One way or another though, most of last week’s talk was focused on whether the markets may slide even further. Some are already planning ahead to go even balls deeper into crypto if they do:
However, opinions differ on whether we’ll see more downside. Will Clemente thinks we’re already in the middle of a bear market and it won’t get much worse from here:
It’s arguably looking a bit ominous on the macro front though…
Yet others are giga-bearish (or just successfully fishing for engagement):
Our take? That can be found in the Bitcoin September Update. The short version is that it’s probably not looking too good for our favorite orange coin in the short to mid term…
Our Favorite Coinfession
Anon, next time you make money shorting the market, make sure you vet your love interests:
Those bull market gains don’t last as long as you think they do and bear market gains are even harder to come by…
Memes
Picking this one in honor of Michael Saylor, who’s the real MVP when it comes to buying BTC come hell or high water:
Well…opinions differ!
This one would be funny if it wasn’t true:
This one’s old but gold:
And finally, one for the Europeans reading this:
Stay warm anon and see you next week!
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