Tuesday, May 10
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Crypto Fast Food 🍟
Best Advice For Crypto Noobs
Video on The Challenges of Stablecoin 💩
😂 Twitter Memes of the Week
Crypto Fast Fo🍟d
Crypto Market TANKs 🤮 Bitcoin briefly falls below $30K while Ethereum dips to $2.2K. Sorry fellas » Welcome to a Bear Market 😵 🥊
🤕 According to a new report, a total of $120M left the crypto market. Bitcoin saw outflows of $132M in what was the single worst week since June 2021, while Ethereum saw a sell-off $25M in trading last week.
“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline” the report said.
TERRA LUNA DROPS 50% IN 24 HRS AS THE unSTABLECOIN *DEPEGS*💸 losing its $1 status. It hit a low of $0.67 during Monday’s trading hours.
⚔️ Stablecoins are vital to the crypto economy because they allow us to transact both buying and sell without incurring taxes & by having stability, not volatility. If you put in a Million into UST, you expect to have a Million a year from now, not $670,000 UST 🤮 .
💰 Stablecoins are supposed to be *Stable* like a digital dollar
💸 After 300M left Terra Luna, it triggered a *Bankrun*☠️ Bankruns are essentially death- spirals that lead to Panic SellingMe reading Tweet-after-Tweet on UST 🔥 💸
🖼 NFTs are coming to Instagram! Like Twitter, the Gram will soon let you show off your NFT collection with their new crypto wallet connect feature.
🐶 WordPress announces that their ~455M Websites can now accept $DOGE with a new payment feature called WooCommerce. No trusted third-party processors, no banks, no fees, no messy installation, just two clicks!
Americana, a NFT marketplace similar to Tangible where you can convert real-world physical assets into NFTS, raised $6.9M of seed funding for their core product, NFT Universal Chip. The chip is placed on a physical item and is linked to it as an NFT. Imagine you are in a gallery and you see an artwork you like, you’ll be able to scan the Chip with your phone and pull up its entire web provenance on your screen — that’s basically how the chip works.
GeoPolitical News
El Salvador President Nayib Bukele announced his country is Stacking-Sats as they bought 500 Bitcoin during Monday’s dip for an avg price of $30,744 each.
Crypto Regulation
Sen. Cynthia Lummis’ highly anticipated crypto bill is said to include the possibility of a Central Bank Digital Currency but won’t address NFTs. The bill supposedly will split regulatory oversight 50-50 between the CFTC & SEC.
The SEC, lead by Chair Gary Gensler, has doubled down its crypto investigations unit with a two-fold increase in capacity. Many are concerned. Gensler’s counterpart, Hester Peirce, said in a tweet: “The SEC is a regulatory agency with an enforcement division, not an enforcement agency. Why are we leading with enforcement in crypto?”
U.S. House Rep. Tom Emmer had this to say of the news that the SEC is beefing up its enforcement unit. “I wonder how many taxpayer dollars are being wasted in @GaryGensler’s personal crusade against the crypto industry?” he tweeted.
Best Advice For Crypto Noobs
Alas, the dreaded Bear Market is here. So, while it’s true that Bitcoin & Ethereum are down nearly 50% from their ATHs, $4,891 ETH to $68,990 BTC, we are still very early!
✈️ A 30,000 foot view reveals that Bitcoin has had 3 drawbacks of ~80-90% and 4 corrections of ~50-60% in its 10 year history.
And yet, it always bounces back stronger ⚔️
If you paniced sold, we understand. It’s hard not to feel the anxiety! Humans are social animals and its in our DNA.
Think in Decades, not Days
The best advice is to think in Decades, not Days! Don’t be like this guy 😂 🙈 👇🏼
1.) Have the fundamentals changed? Is Bitcoin any different today at $30K than it was when it was at $69K ?
Bitcoin is thermodynamically engineered money intended to do 4 things perfectly:
ZERO inflation (a fixed supply of 21 million coins, FOREVER)
No governments, no Trusted-Third Party needed
It is programmable (meaning, you can make contracts that self-execute)
It is Gold for the Digital Age
All of these are immutable facts, no matter the price of $30K BTC or $10M BTC.
2.) Will this event matter?
Bitcoin is a once in a lifetime invention. It’s destiny is = Up & To The RIGHT 📈
Don’t believe me? Just look at the price of a dollar over a 100 year period vs the price of bitcoin over a 10 year period.
One is going down in value (USD) while the other is going up (BTC).
3.) Crashing or 50% Sale off Blue Label coins?
Its funny that people will flock to Nordstrom’s Rack, Off-5ths or Ross for their 60% sales, but will panic sale during a market drawback.
🤣 Human psychology is funny!
Ever wonder why Costco is so successful? People are perfectly happy to open their wallets if they are getting a killer deal. Yet the opposite is true of stocks. 🧐
As Warren Buffett once said be “fearful when others are greedy, and greedy when others are fearful.”
Right now we are at maximum fear in the market. Ask yourself, is the market really Crashing or is this actually a Fire Sale? 🔥
Personally, I prefer to think of this as a buying opportunity, like going to Costco to buy Blue Label Johnny Walker for an early Christmas 50% Sale!
Video on The Challenges of Stablecoins 💩
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE. BLAH, BLAH, BLAH, BLAH…