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- Weekly Rundown - July 30, 2023
Weekly Rundown - July 30, 2023
Hopefully CRV and FRAX didn't implode before you got this
Mark Helfman
July 30, 2023
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In last weekâs poll, I asked âIn the chart below, which path is most likely?â
About half of the responders said Bâa fairly significant drop soon with a fairly strong recovery after.
What do I think?
Makes as much sense as either of the other options.
The second acts of bull markets go mostly sideways for a while within a large range. Premium subscribers, make sure you got my most recent update so you know what to look out for.
In that update, I share some more crazy coincidences with early 2016 (another in a long line of strangely parallel, sometimes identical movements of price, coins, metrics, and macroeconomic events).
Also, youâll get an altcoin strategy you can follow using a simple quadrant chart. While the strategy doesnât predict what will happen, it will tell you what to do when you see certain conditions.
If youâre not on the premium plan, upgrade now. Along with my plan and updates, you get:
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Scroll down for some content you may enjoy.
If you ever wonder why I sometimes come off as anti-VC, itâs because of things like this tweet thread.
Here's the basic crypto market manipulation model that produces the $10b+ valuations for start-ups: grant founders and investors the cap table, locked. Airdrop a tiny % of float to retail. Then give mm'ers a multiple of that and incentivize them to set a price floor w/ options,
â Ari Paul âď¸ (@AriDavidPaul)
11:58 PM ⢠Jul 24, 2023
Such is the duality of VCs. They bring money and enthusiasm into the market but also undermine everything we are trying to achieve. Pick your poison!
(Wall Street will do better on the first task, but itâs questionable how well they can do the second task. Weâll find out in 2025.)
Bottom line: Myanmarâs democratic government in exile will build a bank on the Polygon network (MATIC), with currency swaps via Uniswap v3 pools and USDT stablecoins.
My take: this is what governments fear: peaceful disruption. A teenager with a laptop has as much power as a Manhattan financier. A computer scientist with a minor in economics can build a new financial system. All they need is an internet connection and the right app. How can any government (or legacy financial entity) compete with the collective drive and ambition of humanity?
Why we care: crypto can do more than âgo upâ or make you rich.
As we move through the litigation and regulation stage of cryptocurrency development, you may feel like powerful interests want us to fail.
Donât! Cryptocurrency raises difficult, uncomfortable issues that will take a while to resolve. We have skeptics and enemies, but also good people advocating for us.
This video from Thinking Crypto summarizes some recent developments in the US and elsewhere regarding legislation and litigation. Set the video to 1.5x speed to save yourself some time!
Iâm no expert on NFTs, but I know when blue-chip, vanguard NFTs are trading at 99% discounts, itâs a good time to go shopping.
For what, though? So many NFTs to choose from!
Thatâs not my bailiwick. This newsletter focuses on market commentary and analysis. I mentioned a few NFT projects in the July monthly issue. Thatâs about the extent of my knowledge of NFTs!
Fortunately, you have Web3 Academy has you covered.
Now that Google Play allows developers to build NFTs into their apps and games, we might see a massive leap forward for web3 gaming.
Itâs like when the first Bitcoin fund came out and let normal people participate in the crypto markets without touching crypto. In Googleâs case, Iâll bet people wonât even know theyâre using NFTsâtheyâll simply buy, develop, and sell digital property as a feature of the game.
Read Web3 Academyâs take on this in their recent post, Google Play Embraces NFTs in Apps, as Web3 Benefits.
(For digital art, check out UNDRGRND.)
Are you looking to hire Web3 talent?
Connect with Recruit Rockstars for 50% off of their normal fee when you use my Recruit Rockstars referral link (I get a small reward when you do).
Relax and enjoy the ride!
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