Reading time 3m15s
GM peeps ☝
T -1 DAY TO GO!
Them bears boutta hug it out 🤗
Next time we talk we’ll be living in a post-Merge world in which nobody will be able to talk shit about Ethereum’s energy consumption.
We covered everything you need to know in yesterday’s letter, so there’s not much to do now but sit back, relax, and wait.
Meanwhile, enjoy the show :D
- Inflation, BTC, Gold 💥
- Topps Baseball NFTs ⚾
- Do Kwon To Jail 👮
- Web3 Gaming 📈
- Final Web3 Fantasy 🎮
CPI came in higher than expected again, core inflation +0.6% m/m
But you know who’s really getting screwed the worst in all this?
People who need to eat food 🙄
People living paycheck-to-paycheck will feel this the most.
As usual, markets reacted.
But in the ‘right’ way?
That was the initial reaction moments after the CPI data was released.
Crypto and st0nks got BTFO’d 🙄
But let’s think about this for a minute...
Inflation is out of control - FED’s efforts are not bringing it back down as was expected by the top US economists.
Somehow that means the dollar goes up?
The markets be like: “yeah but this means the FED is going to do even more QT and raise interest rates, so we need to sell our st0nks in order to have more USD.”
Okay.. and what if the FED’s actions don’t work? You know, kind of like has been the case for most of recent history.
Am I crazy here, or what?
Let’s see if I can find a blue check on Twitter that agrees with me..
This is why we love Schiff 😇
If you take everything he says but swap ‘gold’ for ‘BTC’, he basically does my job for me!
The days of sub 2% inflation are gone, said Schiff in another tweet.
“There's no going back to the anomaly experienced between the 2008 Financial Crisis and 2021,” he went on to say, adding “the price increases experienced thus far are just the beginning.”
The reality is that BTC, not gold, responded to inflation faster than any other asset.
Its meteoric rise in 2020/21 was strongly correlated with the simultaneous money printing; it didn’t need to wait for official CPI reports or top economist predictions - money printer went brrrr and BTC just went 📈
Aaaand the long/short ratio for BTC on Bitfinex just reached its highest level ever.
Traders are ditching their short positions in record numbers and going long.
Baseball Cards on the Blockchain
Topps is a premier manufacturer of sports trading cards in the US.
Now they’re coming to the blockchain.
Their first NFT mint drops tomorrow.
They’ve got standard and premium packs.
Standard Pack Information:
$20 per pack
4 collectibles per pack
9,000 packs available
Premium Pack Information:
$85 per pack
10 collectibles per pack
7,000 packs available
The premium packs cost more, but they have 2.5x the amount of cards and more than double the chance of holding Legendary, Epic, Super Rare and Rare cards.
A lot of people compare NFTs to trading cards when trying to explain why some NFTs are so valuable.
Now, trading cards are becoming NFTs.
If you understand why a Mickey Mantle Rookie Card comes with such a high price tag (collector sentiment + rarity), you’ll understand NFTs way better.
How much is the most expensive Topps baseball card in existence?
Tap your answer below to see if you’re right!
Web3 Pipeline 📢
Do Kwon getting arrested - Bloomberg reported early this morning that the South Korean authorities are seeking the arrest of collapsed crypto company Terra’s co-founder, Do Kwon. Not a lot of info has been released yet. LUNC and LUNA prices feeling the hit. We’ll have the full story tomorrow - pretty sure there will be NFTs made about this 😅
Web3 gaming thrives amid economic downturn - according to a recent report from Dappradar, the web3 gaming industry managed to raise $748 million since August 1st despite the crypto downturn, with several important projects registering positive numbers regarding sales and activity 📈
Final Fantasy hits the blockchain - one of the most popular games of all time has ventured into web3 via the Oasys blockchain, but many gamers aren’t happy to hear the news. Square Enix, the Japanese game developer behind Final Fantasy, will develop games on Oasys’ PoS network, joining the likes of Sega, Double Jump, Bandai Namco and Ubisoft. Fans are unhappy because….. there have been NFT scams before? That’s basically it - the general public thinks that all NFTs are scams because some are. Somehow I doubt Ubisoft and Sega are going to scam gamers rather than just start making actual good games with NFT utility., but what do I know? 🤷♂️
~14M RTX3070 GPUs to get dumped - someone on Reddit did the math, and it looks like millions of GPUs (the equivalent of ~14M RTX3070s) are about to get dumped after the Merge. This could have massive impacts on GPU prices as well as stock prices for companies that manufacture GPUs. Finally gamers will have a reason to thank crypto br0s rather than hate us 🤝
NFT drops of the day 👀
🎯 Bounty Hunters | 2 (SOL)
Sept 16 - giving web3 teams, creators, collaborators & collectors special access to Simpl3r’s CRM platform and other tools to capture the community’s imagination and ignite their passion
🛑 NOTE: drops not promoted/endorsed
✅ DYOR and practice safe minting!
Twitter and Elon Musk are going to court soon to decide whether or not he needs to honor his $44B offer to buy the company, which was accepted by shareholders this week.
In the meantime Twitter is still casually suggesting that we follow ‘verified’ blue check bots that will almost definitely try to scam us out of our ETH.
Twitter’s shit is everywhere.
It’s all over the place.
They need to get it together.
That’s all for today frens!
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.