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Crypto's Black Friday
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Crypto's Black Friday

The new COVID variant put crypto assets on sale

Lucas Campbell
Nov 27, 2021
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Crypto's Black Friday
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Dear Bankless Nation,

There was a new COVID variant detected in South Africa this week.

I’m not going to pretend like I know anything about virology or epidemiology, but the new variant B.1.1.529 is rumored to be a substantially mutated and highly contagious form of the virus. (good writeup here for anyone interested)

Par for course, markets didn’t react well to the news. Equities, oil, and naturally, crypto assets all tumbled. Markets hate uncertainty, and there’s a lot of uncertainty around this new variant.

While the virus can’t be good for global public health, the market correction is positive for the overall crypto economy.

Ethereum killers have gone parabolic, The Metaverse is now the future, DAOs are buying anything…

The markets need to sober up—at least for a bit. As Ben Cowen highlighted on State of the Nation last week, these corrections help extend the bull market and allow a more sustainable rise over the long run.

So even if the next few weeks are choppy, it doesn’t matter. We’ve already gone through the worst of COVID, and this is the new normal. At this point "New Covid variant leads to lockdowns for the Nth time" may as well have as much impact as "China bans Bitcoin for the Nth time”.

Don’t panic dump on last year's news. It’s just a brief moment in a long-term game.

Enjoy the Black Friday Sale.

Here’s what’s lined up for next week:

  • We talk to the founders of Polygon on scaling vs. abandoning Ethereum

  • Why Proof of Stake won’t drive wealth concentration

  • ZenLedger is dropping the ultimate guide to NFT taxes (who doesn’t love taxes)

- Lucas


🙏 Sponsor: Lido—simplified and secure liquid staking for digital assets.


Recap for the week of November 22nd, 2021


🎙️WEEKLY PODCAST EPISODE

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


ACTION RECAP 📚

  1. Execute any good market opportunities you saw in Market Monday

  2. Earn yield with Frax Finance

  3. Invest in the best barbell strategy for crypto natives 🔥

  4. Be thankful

  5. Share if you talked crypto at the dinner table

WATCH & LISTEN 🔊

  1. 🎙️ Listen to Crypto Payments and the DeFi Mullet | Visa & Anchorage 🔥

  2. 🎙️ Listen to Layer Zero: pplpleasr

  3. 📺 Watch Super Scaling with StarkWare | Uri Kolodny & Eli Ben-Sasson

  4. 📺 Watch VCs Abandoning Ethereum | Macy’s & NFL NFTs | ConsistutionDAO

  5. 🎙️ Listen to What’s going on with the Apes? | Recap #2

METAVERSAL 🧙‍♂️

  1. Grateful for NFTs!

  2. Thanksgiving NFT Starter Pack 🔥

  3. The Ponderware Story

BANKLESS DAO 🏴

  1. The Metaverse is the future

  2. Celebrating DAO Culture

  3. Reflections on Level 2 Vibe Check

  4. Podcast Hatchery Program


Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

  • Exclusive: Office Hours with Ryan and David (new perk!!)

  • Full Access: Abandoning Ethereum

  • Exclusive Debrief: Crypto Payments & The DeFi Mullet

Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.

Get Bankless Badge


🎙️ STATE OF THE NATION

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

We’re live stream State of the Nation—join us at 2pm EST every Tuesday!


🗞️ Latest Weekly Rollup. Download the crypto meta to your brain in this weekly show.

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

  • Community Ecosystem Lead at dYdX Foundation

  • Analyst: NFT Specialist at Bitwise Asset Management

  • Analyst: Smart Contract Platforms & Web3 at Bitwise Asset Management (✅ technical!)

  • Analyst: Governance Specialist at Bitwise Asset Management

  • Head of Growth at DexGuru

  • Technical Lead at Draftly (✅ technical!)

  • Lead Engineer at Hats Finance (✅ technical!)

  • Community Builder & Developer Evangelist at Dexible

  • Head of Tokens at Immutable (✅ technical!)

  • Head of Ethereum Research at Immutable (✅ technical!)



Go Bankless. $22 / mo. Includes archive access, Inner Circle & Badge—(pay w/ crypto)


🙏Thanks to our sponsor

Lido

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Tag Bankless on twitter and tell us how you’re going bankless for 3 x 🔥

You can learn how to run an Eth2 validator…even if you’re barely motivated.

Twitter avatar for @MarinerEthMariner.eth @MarinerEth
@RyanSAdams Thank you and @BanklessHQ for all the encouragement and tutorials. I went from “running an Eth2 node for the barely motivated” to building my own rig and installing @DAppNode on my own. My validator has been running for weeks and it’s still got a perfect record!

January 7th 2021

5 Retweets20 Likes

Want to get featured on Bankless? Send your article to submissions@banklesshq.com

Write for Bankless


Not financial or tax 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. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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kryptomunk
Nov 27, 2021

Wow, this coming week is looking good! Looking forward to hearing more about Polygon, and why PoS won't drive further wealth concentration!

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Amanda
Nov 27, 2021

While I agree about corrections being good for crypto, and I think we're making it through, be careful about saying we've been through the worst of COVID. Having colleagues, neighbors, and friends still dying daily makes it difficult to believe that we've been through the worst of COVID. Its tricky. I think it will be okay of course, but we're still in the thick of it in some states.

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