A Tale of Two Rug Pulls | Weekly Recap
How the crypto markets got shaken up by two well known individuals
BanklessDAO’s first NFT is for sale: There is no supply floor. Bids are up to 1 ETH 👀
Dear Bankless Nation,
We called this past week a Tale of Two Rug Pulls on our Weekly Rollup.
Rug Pull #1—Elon tweets that Tesla has “suspended vehicle purchase using Bitcoin” due to concern about “rapidly increasing use of fossil fuels for Bitcoin mining” but they’re looking at other cryptocurrencies that “use <1% of Bitcoin’s energy”
Bitcoin tumbles on the back of this tweet—oh the betrayal!
Ok, Elon didn’t you know about proof-of-work in February when you first added Bitcoin as a payment option? But also…maybe this is just the energy consumption narrative rearing its head…so does that mean it’s good times ahead for proof-of-stake? But mostly…maybe we should stop taking advice on crypto from rich guys.
Rug Pull 2 #—dog meme coins pumping (blame Elon again??)…and for some reason the doggie coins send billions worth to Vitalik (well, not really billions…there’s no liquidity) and then Vitalik sells them all to donate the proceeds to public goods…speculators washed out.
Doggie coin rug pull? Regenerative finance? Poetic justice?
Just another week in crypto folks. Seriously, is there any place you’d rather be?
Oh…and the Bankless DAO is humming. Wow.
Here’s what’s lined up for next week:
Matt Hougan is sharing his thoughts on institutions and DeFi
Mark Yusko is coming on the podcast to talk about crypto investing 👀
Exploring the Polygon ecosystem (gas fees are too damn high!!)
Let’s get to the recap.
Recap for the week of May 10th, 2021
Execute any good market opportunities you saw in Market Monday
Explore the theory of the DAO 🔥
Understand the enemy: Coordination Failures
WATCH & LEARN
🎙️ Listen to Legitimacy with Vitalik Buterin
BANKLESS DAO 🏴
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