Clown-world vision
Investors’ memory is short, and greed is intense. That’s why people won’t learn from Terra, 3AC, and FTX, just as they didn’t learn from Mt. Gox and Quadriga.
If you’ve been scrolling through Twitter lately, you might have seen SBF and 3AC members tweeting almost as if nothing happened. Like blowing up billions of dollars isn’t a big deal. Moreover, Kyle Davies of 3AC said he and his partner Su Zhu already have investors lined up for their new venture.
I accept that people like Davies and Zhu can come back to the market by feeding their followers cryptic “wisdom.” I learned my bull market lesson, which ironically was my youth’s motto: you have to ride the wave.
I bet few, if any, of your friends and relatives are buying crypto right now, or even wondering whether it’s time to start buying. Some might have participated in the previous bull market but got burned, and probably won’t return.
The burned and disappointed will be replaced by the new blood, which will be as naive as their predecessors and, therefore, will look up to authority. You, as an OG, will see through influencers’ fluff as I did in 2020, but I want to warn you against staying away from such people and projects.
LUNA and SOL, two coins that were backed by the likes of Do Kwon, Su Zhu, Kyle Davies, and SBF, outperformed the market by a large margin. That’s the only thing that matters in the end.
I watched SOL fly past $200. It felt stupid, because I was actively using the chain and it was such a painful experience. When we interviewed Anatoly Yakovenko (who funny enough has the same surname as our Chief Farmer Sergey), he said Solana would become a “decentralized NASDAQ.” Sergey still occasionally brings this quote up in our internal conversations, and we giggle. Yet I’d feel much better if I’d bet more on Solana’s influencers.
The new cycle will come with new projects and their shillers. OGs like SBF and 3AC might surface as well. Finally, some legends like Charles from warm sunny Colorado and His Excellency Justin Sun will remain with us forever. So, our task is to understand who has the most influence and ride the wave with the new blood until red flags appear.
SIMETRI Portfolio – The Crab Month
Disclosure: The author of this newsletter holds ETH. Crypto Briefing and members of the research team hold some of the Pick of the Month coins mentioned in the table above. Read our trading policy to see how SIMETRI protects its members against insider trading.
