This crypto cycle was even weirder than the ICO frenzy of 2017/18.
Here’s my pick of the most ridiculous moments of this cycle.
TL;DR We deserve everything we got. 👇
Here’s my pick of the most ridiculous moments of this cycle.
TL;DR We deserve everything we got. 👇
2/ Food Farms
the bull run began with the emergence of a new cryptoeconomic primitive “liquidity mining” a ground breaking utilisation of DEXs and smart contracts to incentivise socialised market making.
the bull run began with the emergence of a new cryptoeconomic primitive “liquidity mining” a ground breaking utilisation of DEXs and smart contracts to incentivise socialised market making.
3/
So of course it devolved into hyperinflating tokenised food memes.
Yam, Kimchi, Sushi, Pickle, Ham, Spaghetti, Shrimp, Beefy, Cream, Grape, Pizza
Are all unbelievably not made up finance products.
So of course it devolved into hyperinflating tokenised food memes.
Yam, Kimchi, Sushi, Pickle, Ham, Spaghetti, Shrimp, Beefy, Cream, Grape, Pizza
Are all unbelievably not made up finance products.
4/ Pump and dump scam pads
DEXs allowed us to disintermediate centralised exchanges so we didn’t need permission to launch a new token.
But… we added them back in with launchpads.
DEXs allowed us to disintermediate centralised exchanges so we didn’t need permission to launch a new token.
But… we added them back in with launchpads.
5/
Throttle millions of dollars of crypto gremlin demand through a shitcoin spout into a low float market to make sure even the lowest tier shitcoin can have a temporary billion dollar market cap. Then it’s influencers + VC bag dumping time. Fun for the whole family.
Throttle millions of dollars of crypto gremlin demand through a shitcoin spout into a low float market to make sure even the lowest tier shitcoin can have a temporary billion dollar market cap. Then it’s influencers + VC bag dumping time. Fun for the whole family.
6/ Dog Ponzis
I’ve got nothing against dog money tbh. What was problematic was meme coin contracts with tokens in the quadrillions that exploit unit bias to convince degens that ShibaKeanuElonCoin was gonna make them a millionaire. Portnoy was the pico top.
I’ve got nothing against dog money tbh. What was problematic was meme coin contracts with tokens in the quadrillions that exploit unit bias to convince degens that ShibaKeanuElonCoin was gonna make them a millionaire. Portnoy was the pico top.
7/ Vitalik rugging the dog coiners
one of the most “you can’t write this shit” moments of this cycle was Vitalik savagely rugging the dog coiners who had for some weird reason incorporated giving half of the supply to him into their memetic playbook.
one of the most “you can’t write this shit” moments of this cycle was Vitalik savagely rugging the dog coiners who had for some weird reason incorporated giving half of the supply to him into their memetic playbook.
8/ Elon Tweets
there was a moment where Elon could add billions onto the total crypto market cap and also magic new coins into existence by naming his dog. Really the 1st pico top signal was all the degens leverage trading on his tweet notifications.
there was a moment where Elon could add billions onto the total crypto market cap and also magic new coins into existence by naming his dog. Really the 1st pico top signal was all the degens leverage trading on his tweet notifications.
9/ Wall Street Bets
Not initially a crypto phenomenon but this was probably the most ridiculous moment in all of markets. absurd money printing antics + Reddit + meme power + hyper-retardation = socialised market trading that nearly took down a major hedgie. Madness.
Not initially a crypto phenomenon but this was probably the most ridiculous moment in all of markets. absurd money printing antics + Reddit + meme power + hyper-retardation = socialised market trading that nearly took down a major hedgie. Madness.
10/ OHM and forks
It took me a while to process $OHM. Mainly because it was impenetrable and obtuse in its framing. A meme wrapped in a meme wrapped in a ponzi. Even so, people literally thought it deserved a Nobel Prize. This was when I knew it was doomed.
It took me a while to process $OHM. Mainly because it was impenetrable and obtuse in its framing. A meme wrapped in a meme wrapped in a ponzi. Even so, people literally thought it deserved a Nobel Prize. This was when I knew it was doomed.
11/ the whole game was literally held together by the early players deciding not to dump. (3,3) was an impressive meme but it sure wasn’t a Nash equilibrium.
The forks were even more insane and actually paved the way for the game to end as they popped one after the other.
The forks were even more insane and actually paved the way for the game to end as they popped one after the other.
12/ Hacks
The hacks got so ludicrous that we just tuned them out after a while. Almost every DeFi project with any TVL got walloped.
Then it was the bridges, they’re always going to be the jankiest piece of crypto infrastructure.
The hacks got so ludicrous that we just tuned them out after a while. Almost every DeFi project with any TVL got walloped.
Then it was the bridges, they’re always going to be the jankiest piece of crypto infrastructure.
13/ Didn’t stop us locking up hundreds of millions in them though, with the most egregious of these being the Ronin hack, which lost $650m from lazy handling of private keys.
SIX HUNDRED AND FIFTY MILLION
SIX HUNDRED AND FIFTY MILLION
14/EF dumping on us at the top (twice)
Turns out Vitalik really is a god and can time the markets perfectly. The EF sold the pico top, not once, but twice.
Surely the jig is up on that one now or every Tx from the EF wallet is dump city.
Turns out Vitalik really is a god and can time the markets perfectly. The EF sold the pico top, not once, but twice.
Surely the jig is up on that one now or every Tx from the EF wallet is dump city.
15/ BSC
I saw the birth of BSC pretty close up. It was hyper degen: meme coins, ponzis, forks, nonsense and generally a barely functional fork of ethereum ran through CZs laptops with the dials turned up to 11.
Also, home to four thousand rugs a day. Ridiculous.
I saw the birth of BSC pretty close up. It was hyper degen: meme coins, ponzis, forks, nonsense and generally a barely functional fork of ethereum ran through CZs laptops with the dials turned up to 11.
Also, home to four thousand rugs a day. Ridiculous.
16/ Bitcoin topping at $69k
We did, we deserved this. Next time we see the markets become 100% meme powered it’s time to dump your bags and buy that boat.
$420k next time?
We did, we deserved this. Next time we see the markets become 100% meme powered it’s time to dump your bags and buy that boat.
$420k next time?
17/ Solana breaking down (a lot)
The new hot L1 in town, it made Sam one of the richest men on the planet and put a thousand VC kids through private school. But.. it literally breaks down and stops working for days at a time. That’s erm.. not what blockchains are meant to do.
The new hot L1 in town, it made Sam one of the richest men on the planet and put a thousand VC kids through private school. But.. it literally breaks down and stops working for days at a time. That’s erm.. not what blockchains are meant to do.
18/ HyperJPEGization
I had a feeling NFTs would kick off, but never in my wildest dreams thought how ridiculous it could get.
It began with art and ended with a perpetual low cost cash grabs shipped out by the minute. It ended with a gas race for monkey land.
Says it all.
I had a feeling NFTs would kick off, but never in my wildest dreams thought how ridiculous it could get.
It began with art and ended with a perpetual low cost cash grabs shipped out by the minute. It ended with a gas race for monkey land.
Says it all.
19/ ICP
Dfinity was actually a super exciting prospect last cycle, but when it emerged this year with its hyper-technobabble and Scientology tier release videos. It instantly gave me the creeps. An FDV of over $30bn and a supply so cornered by insiders the only way was 📉
Dfinity was actually a super exciting prospect last cycle, but when it emerged this year with its hyper-technobabble and Scientology tier release videos. It instantly gave me the creeps. An FDV of over $30bn and a supply so cornered by insiders the only way was 📉
20/ DeFi 2.0 and the frog kings
The DeFi “2.0” era was in hindsight peak market throth. The 2.0 bit was added ponzi and the whole wonderland “DAO” thing was controlled by a self proclaimed frog king and literally one of the most notorious scammers in crypto. Not a good look.
The DeFi “2.0” era was in hindsight peak market throth. The 2.0 bit was added ponzi and the whole wonderland “DAO” thing was controlled by a self proclaimed frog king and literally one of the most notorious scammers in crypto. Not a good look.
21/ ConstitutionDAO
The story that a DAO was forming to buy the American constitution was of course a real WTF moment. It raised over $40m, got everyone’s DAO imagination glands firing, but ultimately they lost the auction to the chief lizard at citadel capital.
The story that a DAO was forming to buy the American constitution was of course a real WTF moment. It raised over $40m, got everyone’s DAO imagination glands firing, but ultimately they lost the auction to the chief lizard at citadel capital.
22/ Even so the $PEOPLE token got took over by Chinese meme coiners and boomed to an $800m market cap. Behind the scenes the DAO was an omnishambles and eventually it got took over by bored kids.
This cycle in a nutshell.
This cycle in a nutshell.
23/ LUNA
The beginning of the 🔚. Everyone was max shilled on this ecosystem for a while. Ultimately it transpired to be a degen powered money printer that exploded in a ball of hubris and hyperinflationary shitcoinery. Sadly took a lot of people down with it. Including the..
The beginning of the 🔚. Everyone was max shilled on this ecosystem for a while. Ultimately it transpired to be a degen powered money printer that exploded in a ball of hubris and hyperinflationary shitcoinery. Sadly took a lot of people down with it. Including the..
24/ Centralised hyper-leveraged degens
So some people really did believe in the supercycle. So much so, they’d risk all the money they could get their hands on to go balls deep with on-chain leverage. $UST triggered a chain reaction that took us to goblin town.
THE 🔚
So some people really did believe in the supercycle. So much so, they’d risk all the money they could get their hands on to go balls deep with on-chain leverage. $UST triggered a chain reaction that took us to goblin town.
THE 🔚
FIN/ Did I miss any?
Add yours below.
Hit retweet on this 👇 to help discover the missing moments. Nice one 🫡
Add yours below.
Hit retweet on this 👇 to help discover the missing moments. Nice one 🫡
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