Sept. 21, 2021: The War on Crypto 🪖️⚔
From price to regulation, cryptocurrency is under assault on all fronts
Cryptocurrency is inevitable, but the pathway is brutal.
For starters, China is still messing with Bitcoin, albeit indirectly. Crypto markets did one of their classic 15%+ casual nukes. With Bitcoin already suffering from its yearly China ban, the contagion had to spread from the fiat markets in this case. Evergrande FUD appears to have given bears excuse to ravage markets, including a major clawback across most crypto assets.
Of course, Curve and Convex users are even more indifferent to bear markets than the typical white-knuckled trader. At the peak of the panic, Curve enjoyed half a billion in trading volume.
Curve Market Cap @CurveCap🐻⚰️ https://t.co/qJLbr39fDs
We see the effect again this time. Every time markets nuke, scared apes pile into Curve and Convex whenever gas fees allowed for rebalancing.
Yet no true degen really cares too much about the price at the end of the day. In 2021, even my Mom has stopped worriedly texting every time the market hits turbulence. Besides which, price action is meaningless. Not just because we’re HODL-ers, but also because our shift manager at McDonalds has already warned us about checking CoinGecko on our mobile devices all day.
What really grinds our gears is the audacity of regulators trying to kick crypto while its down. Yesterday morning, subscribers awakened to watch a handsome gentleman ranting that the regulators were coming!
Although most spectators rightly wrote this off as the ramblings of a lunatic, as opposed to alpha leak, an interesting coincidence would occur a few hours later. A major cryptocurrency event would get leveraged to send a chilling message to the DeFi community.
Slava Rubin @gogoSlavalol I just witnessed a guy get served by the SEC at the top of the escalator at #mainnet2021 right before going on stage for his panel
With an eye towards preserving privacy, we’ll leave the speculation on these events to other forums. The important thing to note is that crypto, and particularly DeFi, is under direct assault.
As we saw yesterday, this attack by regulators is not necessarily far-fetched. There is a plausible path to shutter DeFi, and the steps that have been taken thus far perfectly align with such a maneuver.
If rthey are successful, this would represent a rug pull several orders of magnitude larger than anything on the Rekt leaderboard. Inflation is drowning ordinary US citizens, and the regulatory response is puncturing the lifeboats. Does anybody have a better explanation other than pure, unmitigated evil?
The Block @TheBlock__Coinbase drops plans for crypto lending product after SEC tussle https://t.co/aoTQJ0xTrC
Regular people see what’s going on, but the crypto community feels powerless. Colleagues with some degree of influence are rightly calling on leaders to stand up.
Yet most people in crypto have the will and the passion but lack a platform. Most have been forced to cloak themselves behind some degree of anonymity to protect themselves against the overreach of unhinged regulators.
What can ordinary people do to fight back? This is one reason we’re using this newsletter to support PAC DAO. In just two weeks since launch, this DAO has grown into a full-fledged movement dedicated to letting the crypto community convert their wealth into influence. People are tired of being voiceless and refuse to give in to bullying.
Ryan Selkis @twobitidiotIf you’re wondering when I actually decided to run for Senate, it was when these fuckers came to my event, didn’t buy a ticket, and served one of the speakers a subpoena. Enough talk. More war on our out of control regulatory state.
The community just launched its first proof of concept, its first Action NFT. campaign: The War on Crypto.
The concept with Action NFTs is to allow the community to raise funds towards an issue, in this case stripping the odious crypto language from the infra bill. These funds serve as a lever to incentivize Congress to act the right way, since money speaks in DC.
The campaign was architected with an eye towards allowing the community to quickly raise an eye-popping amount of money that could get attention from money-hungry legislators. If the initiative fails, all purchasers have the capacity to burn their NFTs for a 90% refund. If the initiative succeeds, we’ll finally have put up a W in DC.
For the War on Crypto series, PAC DAO used funds raised from its initial launch to commission serious talent. Rebecca Hendin, an award-winning illustrator whose identifiable style is often seen in the BBC and the Guardian.
She commissioned a common design with a 3000 mint cap, along with 5 copies of a rare version up for auction. Prices for the common design increases .001 with each mint, but the price is kept low to allow more people to join the movement. Whenever you mint, make sure to post in public, so we assemble a digital army and get our voice heard in DC.
For more information, check out our leaderboards at https://curvemarketcap.com/ or subscribe to our newsletter at https://curve.substack.com/. All proceeds from subscriptions go to support crypto activism at PAC DAO. Nothing in our newsletter can be construed as financial or legal advice. Author is a $CRV maximalist, and therefore also a $CVX maxi.