July 14th 2024
One potential narrative for the next cycle I can’t seem to shake is “Web3 Social”. For two different reasons:
- Product: Decentralized media/identity/social networks would be great for humanity
- Investment: A large social network with crypto n at it’s core could be a viral phenomenon, hence an epic investment opportunity
I’ve been playing around with Web3 Social networks like: Lens, Farcaster, Nostr, Deso, etc. for months. And while they’re fun to use, I don’t see any of them becoming the next big social network. Network effects of existing social apps are just too strong.
But one project keeps popping up in conversation. And recently, I saw a prominent crypto fund made their largest investment ever in The Open Network - Telegram’s blockchain.
I hate Telegram. I always have. Which is why I ignored their attempt at launching a coin back in 2020. And snickered when it was shut down by the SEC a few months later. But I’ve learned as I get older that that visceral reaction to a product is actually a signal that there’s something there…
I could go on about why that is, but suffice to say that today I fought the urge to hate Telegram, spent 4 hours going down the TON rabbit hole, and aped in like George Soros.
This is not an endorsement of TON, and you need to do your own research. I’ve spent 1 day on this, plan to spend more, and could change my mind and dump it all without warning.
But if you’re interested in what my initial research session looks like on a new project, I shared my TON research here and will probably turn it into a podcast next week:
TON ResearchTo the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
“The Cycle” Update
I’ve been repeating for almost a year now that I don’t expect Bitcoin to break into uncharted territory until Q4 of this year, and then the cycle top to be in Q3/Q4 2025.
It appears we’ve formed a bit of a bearish double top formation on the charts here. Technically, the book says we could dump into the $43k range, but it might not happen with institutions buying these dips using the ETF.
Even if we dump further, still leaves plenty of time to hit a year end breakout. Patience is hard. Patience is key.
Crypto Podcast Snips
I listen to a ton of crypto podcasts and started bookmarking important moments using Snipd to share with you guys on Instagram, TikTok and YouTube.
Mark Moss: “ How to Inflate away your Debt?”
Jack Mallers: “ What are Capital Gains?”
Jack Mallers: “ I’m Done Funding Wars”
Keep Up With Crypto
What I’m reading, watching, sharing and keeping an eye on in crypto recently.
From the BitLift Discord:
@superfly___: Looking to put my ETH to work. Should I solo stake? Been reading a bunch about re-staking being the newest thing. Thoughts on going that route?
@GERBZ: If you don't want to be tempted to put your ETH at risk, then I'd solo stake. Or at least partially solo stake. That's what I do, half solo stake half in DeFi. Restaking... very unproven. IMO, could lead to whatever implosion we experience next cycle. There's a great quiz at the bottom of this page to help you decide the best path to take
Ethereum Staking | EthStaker Community
The EthStaker community was formed to welcome all knowledge levels to support staking on Ethereum and maximize decentralization of the Ethereum network.
ethstaker.cc
@superfly___: Thx! Ive been holding Eth for years, just always been too lazy to get my node setup 😵💫😂 looking above sounds like you prefer the Allnodes hosted service?
@GERBZ: Yeah, only cause I don't trust myself to run hardware properly. AllNodes has been excellent for me going on a year+ now. Make sure to pay the $10/m option so you get MEV ~ that's where the money is (if you're lucky enough to propose a block).
@GERBZ: Been seeing multiple projects getting the SEC green light
@GERBZ: Web3 Google Docs alternative. NFT/Token document gating, ENS names, IPFS storage, the works.
Fileverse
File sharing between blockchain addresses
fileverse.io
@GERBZ: Despite its name, SuperFest is not an IRL festival. Rather, it is an onchain celebration – a celebration of the builders across the Superchain building DeFi applications and delivering value back to the Optimism Collective.
To showcase to users all the developments happening across these chains, this summer the Optimism Collective will allocate 1.5M OP rewards to spur exploration and activity across OP Mainnet, Base, Mode, and Fraxtal.
Superfest
WELCOME TO THE SUPERCHAIN DEFI FESTIVAL
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superfest.optimism.io
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@GERBZ: Raoul Pal's Solana price predictions