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Today’s edition is brought to you by CryptoAssetRecovery - the best shot you have at recovering lost crypto and old wallets. |
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GM. This is Milk Road, your friendly neighbor that’ll mow your lawn without even asking. |
It’s Thirsty Thursday. Let’s boogie: |
TBT: Celsius paused withdrawals ⏪ No interest rate hikes this time 🛑 Graph of the day: BTC supply on exchanges 📉 Apple’s beef with Nostr 🍪 |
| Prices as of 10:15 AM ET. |
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THROWBACK THURSDAY: 3 LESSONS FROM CELSIUS ⏪ |
It was early June 2022. It was a hot summer day. |
Pool szn was in full swing. Popsicles were melting. Life was good. Everything was quiet… |
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And then it happened. Rumors started swirling that Celsius, the king of crypto lending platforms with $12B in assets, was illiquid. |
The Sahara Desert had more liquidity than Celsius at the time…. |
Yep, the (then) king of crypto lending platforms with $12B in assets itself. |
Then, Celsius paused withdrawals on June 13. And it all went downhill from there: |
Bitcoin fell even further (-30% in one week) Celsius’ CEL token crashed (-70%) The crypto market fell below $1T for the first time since January 2021 Celsius filed for bankruptcy in July And Celsius became known as one of the biggest failures in the industry |
But a year later means we’re a little bit wiser. Here’s what we’ve learned: |
1/ DYOR. If it sounds too good to be true, it probably is |
Remember: high yield (~20%) = high risk. It’s even more dangerous when the company offering it is worse at managing money than your 11-year-old sister. |
The company overleveraged AND placed risky bets at the expense of their customers (who, collectively, are waiting to get $4.7B back btw.) |
Celsius f*cked up, and people who trusted it lost big time. |
2/ Not your keys, not your cheese |
If you have money deposited on a centralized platform, it’s not yours: it’s theirs. |
Repeat after me: there’s no safe CEX in crypto (use a DEX.) |
3/ Crypto CEOs are gonna crypto CEO |
Celsius’ Alex Mashinsky still thinks the sun shines out of his ass and that he did nothing wrong. |
He’s not the only one - 3AC’s Kyle Davis, Su Zhu… |
Ladies & gents, may you have the confidence of an exec whose crypto company went down faster than the Titanic. |
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It’s been a tough few months. The SEC is on a rampage, U.S. shops are shutting down and even certain cold storage providers can’t be trusted… |
Well, there’s something even worse than the pits of the bear market: Losing the password to your crypto wallet. |
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THE FED PAUSED INTEREST RATES 🛑 |
Yall, we’re not gonna lie - sh*t’s been bleak. |
10 consecutive federal interest rate hikes over the course of 15 months will do that. |
But we finally have some slightly good news… the Fed didn’t raise them yesterday. |
It’s the first time since early 2022 that the rates haven’t changed (they remain at ~5%; the goal is 2%.) We thawing out our good steaks tonight. 🥩 |
But there’s a catch… |
We might still see hikes later this year. Womp womp |
Here’s what else Jerome Powell said: |
The things we need that will bring inflation down “are coming into place” We’re “a couple of years out” for rate cuts I shouldn’t call yesterday’s decision “a skip” |
Big Ross from Friends energy honestly… |
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GRAPH OF THE DAY: BTC ON EXCHANGES HITS 5-YEAR LOW 📉 |
We’re in the middle of A Great Migration. |
BTC is moving away from crypto exchanges for the (crypto) winter. |
In 2020, 16% of BTC’s supply was on exchanges Today, it’s only 6.4% of BTC’s supply. |
It’s the lowest level since 2018. |
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Why? People are scared. |
Centralized exchanges are shutting down, getting sued, or just flat-out stealing money. (*cough FTX cough*) |
So it makes sense investors want to pack their crypto up and move to self-custody. |
But it got us curious… |
Where do YOU keep your crypto? |
| Self-custody: "I'm I-N-D-E-P-E-N-D-E-N-T, do you know what that mean?"Third-party custody: I lose my wallet and keys IRL, I'll lose my digital ones too. |
Click your answer on the poll above! We’ll share the results later this week. |
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MILK & COOKIES 🍪 |
Apple’s threatening to kick off the Damus app (decentralized social media platform) because of its Bitcoin tipping feature. Apple has a strict 30% cut that it takes from all in-app purchases. |
Adidas is teaming up with NFT artist Fewocious to launch a new shoe: The Adidas Originals Campus 00s. The kicks will be sold via NFTs 👟 |
A court is letting Bittrex (a bankrupt crypto exchange) start allowing withdrawals today. It said it would stop operating in the US before the SEC sued it in April. |
Subscribers to the r/Bitcoin & r/Ethereum subreddits hit an ATH last week. Many went private this week to protest Reddit’s new API pricing terms. |
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MILKY MEMES 🤣 |
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HIT THE INBOX OF 250K+ CRYPTO INVESTORS |
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What'd you think of today's edition? |
| 🥛🥛🥛🥛🥛 F**king great🥛🥛🥛 Meh, do better🥛 You didn't bring the heat |
ROADER REVIEW OF THE DAY |
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VITALIK PIC OF THE DAY |
| Milk Road Images @MilkRoadImages | |
| happy Thirsty Thursday, Roaders https://t.co/s7UOHSeN3a | | | Jun 15, 2023 | | | | | | 0 Likes 0 Retweets 0 Replies |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
