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- Weekly Rundown - October 27, 2024
Weekly Rundown - October 27, 2024
Feels just like when you wasn't famous
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Did you see the latest batch of disclosures for institutions buying Wall Street ETFs? They include a state pension fund, a few universities, and some banks.
More credence to my thesis that we are progressing through the first sell-off of a larger bubble cycle (however you define “cycle”).
The first inkling came from unusual changes in some key on-chain data around the beginning of the summer. Since then, we've seen more clues and evidence that this is happening, all shared in my updates to premium subscribers.
Today, the market’s in an interesting spot. Get my latest market update to see what’s important now.
Also make sure you read or listened to my October monthly post, The US Presidential Election Matters for You, Not Your Crypto Portfolio?
Look for more goodies in the coming months, including a review of the top 50 altcoins. Scroll down for some content you may enjoy.
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Do you love memecoins and AI?
a16z posted a video that should tickle your fancy.
The guys touch on a few topics, all of which are worth listening to. Their thumbnail highlights an AI bot that used Twitter to pump a meme coin from nothing to $300 million (at its peak).
Nobody should find it unusual that an entertaining, anonymous Twitter account pumped a meme coin. Most of these accounts exist to rip off speculators.
What is the interesting part?
AI can harness the power of culture to get people to infiltrate our collective subconscious.
Think about what that means for your investment decisions, especially if they come from somebody on the Internet. Maye that “body” is a robot.
More generally, blockchain technology can facilitate the transfer of value among machines, including AI and robots. After all, they can’t get bank accounts. While AI may use that power for dubious ends, it can also do things with social and cultural significance like disease research or fundraising for humanitarian causes.
(Decentralized physical infrastructure networks, aka DePIN, can facilitate this activity.)
The guys talk about this in the latter part of the video. Good content strategy—they hook you with meme coins and robots, then lead you to new perspectives and insights about crypto and AI.
Bottom line: The Financial Stability Board says legacy markets don’t need to worry about tokenization because crypto has little real-world adoption, tokenization platforms don’t interface with the real economy, and nobody knows how the technology will evolve.
My take: Glad somebody said it! Remember this when your favorite guru hypes up BUIDL, BASE, and any other crypto as “mainstream adoption.” We’re a long way from that. From an investment perspective, that’s a good thing! We have plenty of room to grow. First they ignore you . . .
Why you should care: no matter how high prices go or how much hype grows, crypto is years away from making a real-world impact. Time is on your side.
Relax and enjoy the ride!
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