Protect You From Yourself

Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.

MBIC – good morning. Seems like everyone has been having a good week so far, that is unless you checked NFT Twitter. Mfs are down BAD lately.

As Wilson alluded to, it seems like we’re in a pretty weird place right now. NFTs have started to stagnate after a smol bounce earlier this week. I’m sure many of you were involved in Fatzuki which was a nice callback to the free mint meta of last summer. As is tradition, there was mean reversion to zero last night and all is right in the world.

Shitcoins have also been relatively tame. When I say tame, I mean that there are 10 times the honeypots and LP rugs vs. actual multiples out there now. We have entered Jeetville proper and I would advise those who are still participating in the musical chairs of shitcoin liquidity rotation to pick your spots much more carefully going forward.

Yes, that means actually using a honeypot detector for new punts (I may have gotten rugged yesterday so don’t be a dumbass like me).

I have a few high beta bags packed and am still adding when I think it’s attractive. Otherwise, I’ve been relegated to inaction which in many cases is usually the best path to take. Now, I do have a separate strategy where I’ve been quietly DCAing into some nice positions since the start of the year so that’s not relevant here - I’m talking about my screw around on-chain money that I’m chucking at X Y or Z shitcoin / rugpull of choice.

I’ve made it a point to not mix these strategies as the shitcoin shotgun approach is basically gambling and I’m not ready to give back my Pepe gains just yet. If you have a few different approaches, strongly advise you do the same and for your long timeframe bags, enlist a demonic hellhound to guard your Trezor until Q4 2024.

With my significantly lower on-chain activity, it begs the question of how I’ve been spending my time. Even though I haven’t been actively participating as much, I’m still lurking hard on Twitter and Discord to stay up to speed and learn from other people’s mistakes as they attempt to force trades and find the next Pepe. I’m a big believer in baptism by fire but with the amount of stupidity in our midst, best to let fools be publicly parted with their money instead and jot down their mishaps in my CVS-receipt-length list of Things Not To Do With My Fake Internet Money. I’d love to share those here which I’ll look to do in the near future.

This also just came across my desk.

We might be back. Are we back? I’m not so sure. But it’s certainly possible. Perhaps. But I don’t know. Maybe.

Have a plan and stick to it. When the market seems all but certain, it usually throws a nice curveball to catch you with your pants down. Don’t be that guy who we write threads about in two years. Please.

I kept this one short and sweet this week - just wanted to give y’all an update on where my head is at and how I’m maneuvering this virtual torment. There are a couple of things on my radar like Dokyo which I’m super stoked about - I’m gonna get into that more next week.

Enjoy the weekend.

Cheers,
Chuck