NFT God Newsletter - The Daily Alpha 7/10
The Daily Alpha 7/10- Happy Sunday everyone! Spent a couple days this weekend with a close friend of mine from out of town. This is the kind of friend who I can mentally spar with for hours on end. If you don't have someone in your inner circle who you can mentally spar with on a daily basis, you need to find one. This kind of relationship is invaluable. It'll make you better, faster, smarter every day as you both push each other forward. Take a look at the people in your life and if any fit this role prioritize them ASAP. Let's get to the Alpha-
Latest Twitter Thread:
If you are in the NFT space, Twitter is the most powerful tool in your arsenal
But 99% of people don’t use it right
When used correctly you can build a massive audience and discover projects before they blow up
Here are 7 ways to grow your NFT/Crypto Twitter presence:
— NFT God (@NFT_GOD)
Jul 7, 2022
🔥 Celsius was a Bigger Ponzi than You Think
🔥 Reddit Launches NFT Marketplace on Polygon
🔥 Meme Pump N Dumps Rule the Day
📝 A Note On Investing
CELSIUS WAS SCAMMIER THAN YOU THINK
The Celsius Ponzi rabbit hole goes deeper and deeper this week as famed Mega Mutant account 0xb1 reveals his role in this billion dollar drama. Known primarily for spending millions on Yuga assets, 0xb1 doxxed this week as Jason Stone (great porn name), head of an investment firm that managed hundred of millions of dollars for Celsius. On hand shake agreements, Jason Stone took millions of dollars from Celsius (originally from their users) and put it back into the crypto market. Well those hundreds of millions of dollars quickly went up in smoke as the market crashed, leaving Celcius users with the bag.
For those that know anything about Ponzi schemes, when the money stops coming in and people start withdrawing, things turn ugly quick. These fraudulent unregulated crypto firms pay you absurd interest rates in order to keep you from withdrawing. The way they pay those interest rates is by taking money from new users entering their ponzi. When users start leaving there’s no more money to pay those rates. An absurd bull market powered by government money printing and greed led to these crypto firms getting a little bit over their skis. And when firms get over their skis it’s not the firms who take the tumble, its the average Joe’s and Janes.
Lesson learned here: if it sounds too good to be true, it almost 100% certainly is. It makes no sense a crypto company can pay you 7% on your money when banks are only paying .5%. If you can’t figure out how they can pay that much money, there’s a good chance you are putting your money in danger. The name of the game is staying alive in the markets, and by being bated into Ponzi schemes with high yields, you are putting all your valuable capital in harms way.
REDDIT LAUNCHES NFT MARKETPLACE
I hope Redditors don’t hear about this one! Reddit has launched their own NFT PFP marketplace on the Polygon blockchain. Conveniently enough, not once in their announcement or marketplace do they use the term ‘NFT’. This might be because the general sentiment among Reddit users is that NFT’s are the devil’s creation and singlehandedly causing all evil on the planet.
I will hand it to Reddit though, I do believe their approach to an NFT marketplace is one more NFT companies should adopt. The onboarding is dead simple, you can use fiat to buy avatars directly. Onboarding onto NFT’s is one of the biggest blockers for the general public. Also the term ‘NFT’ itself is a show stopper for a lot of people. Non fungible token is just a term wider audiences will probably be turned off by forever. It just sounds technically intimidating. In my opinion NFT’s won’t go truly mainstream until they blend in the background and simply just make digital experiences more enjoyable.
MEME PUMP N DUMPS KEEP WINNING
Flavor of the day meme “The Saudi’s” minted today, going as high as a 1.5 ETH floor. Shortly after pumping to these levels and garnering attention across all platforms, the dump began as influencers who got in early started offloading their bags to the normies as the floor price began to absolutely crater. Today it was The Saudi’s, yesterday it was God Hates NFTees, the day before it was Moonrunners. Day in and day out we tell this same story over and over again.
I’m torn on this topic for a couple reasons. One, sucking this kind of liquidity out of the market with cheap meme projects is bad for everyone. But on the other hand, we as a community need to take more personal responsibility. Nobody is forcing us to get into these projects, yet more and more people keep doing it. Hopefully these kinds of massive dumps are teaching lessons to holders and one day we’ll mature as a space past these flash in the pan projects.
A Note on investing:
A little background on myself, I’ve been in the investing game for a while now. I’ve been short/medium/long term investing in stocks and options (short puts and covered calls) for years now. My experience in these spaces led me eventually to crypto then NFT’s. While I don’t consider myself Warren Buffet, I’d love to discuss these other financial products with you guys through Twitter and other mediums in the near future. I’m still not sure what the overlap is between these audiences, so if you’re interested in hearing about other forms of investing too on my Twitter page, please send me a DM letting me know. Would love to hear from you guys on if this is something that would bring value. Look forward to hearing from you!