Jul 22, 2021: Something to Remem-bear 🐻🤦

Everybody happy number go up despite a bad day for crypto

Prices bounce for just one day, and suddenly everybody’s happy again? You people should be ashamed of yourselves. Build up a memory a bit longer than a goldfish.

In an effort to lose some followers, here’s a splash of cold water and the bear case for why yesterday was an embarrassing day for everybody.

Celebrity Worship

Remember how the community learned the hard way not to fetishize celebrities? Our movements are decentralized and should be bigger than one person?

Bitcoin above 30K keeps the cognitive dissonance away?

Awww, he looks sad, let’s let him out of the dogehouse.

Y’all need some reminding…

Regulation

Time was, regulatory threats would nuke the market. I guess rubble can’t be nuked?

Professor Gensler’s remarks got too little play, despite being quite a bit more significant than Elon’s “what if space heater!”

In particular, what did he mean by this?

Most people seemed to write this off as, “ha ha, good luck.” Seriously people, don’t underestimate the intelligence of the man who taught the course on cryptocurrencies at MIT. He also probably has access to more inside information than you get reading cartoon frog “alpha leaks” on Twitter.

As if on cue, several stablecoin provers quickly pointed to “transparency” reports.

So who on earth is he talking about? Perhaps a swipe at BUSD while Binance is already facing a coordinated frontal assault. Or is it time for more Tether FUD? My best attempt: Gensler gets peek at docs from NYAG, enforcement action, that’s why Tether printer stop!

You know it’s stupid when the XRP maxis are pumping the news.

At any rate, the people who should be embarrassed are Americans. A proliferation of US stablecoins is a good thing for the future of the US dollar. Our country’s livelihood depends on encouraging US stablecoin dominance in the future economy. Restricting stablecoin dominance is a strategic blunder on par with China shutting down BTC miners.

Instead, the strategy being broadcast appears to be turning USDC into the CBDC while battling off other coins. Taxpayers get to live in suspense as to whether the war on stablecoins will turn out to be more effective than the war on poverty, the war on drugs, the war on terror, the war on coronaviruses, the war on illegal filesharing or the war on Bitcoin.

Tricrypto Delays

Man, why am I so salty today? OK, here’s the real reason.

But, some people migrated! Two weeks before rewards? 😭😭😭😭😭

Should have read the fine print. Looks like we got exactly what we voted for. 🤦

Weight 0. Ouch. Funny thing is that Curve’s reputation is so pristine, everybody fell for it too.

Oh well, I suppose a couple of weeks without rewards is a fair lesson for not being more circumspect. Also, if this is what a Curve rug looks like, it’s not so bad. Something tells me we won’t be seeing “two weeks of tricrypto2 rewards lost” on the frontpage of Rekt anytime soon. Be careful out there frens.


For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice. Author is a $CRV maximalist, including some implied positions in USDC + USDT, and did not watch the “B Word Summit”.