new ฿ daily high: $61,160
new Ξ daily high: $2,648

A thread of my thoughts and others' analysis from the Harris crypto coming out party last night.

https://x.com/rizzn/status/1824072999202324881

I guess I'm live-tweeting this so-called Crypto4Harris townhall.

https://x.com/rizzn/status/1823873790943563918?t=ca4Sne7-rXBFotnHK3eTNw&s=19

https://www.eff.org/deeplinks/2024/08/federal-appeals-court-finds-geofence-warrants-are-categorically-unconstitutional

Electronic Frontier Foundation

Federal Appeals Court Finds Geofence Warrants Are “Categorically” Unconstitutional

In a major decision on Friday, the federal Fifth Circuit Court of Appeals held that geofence warrants are “categorically prohibited by the Fourth Amendment.” Closely following arguments EFF has made

Bitcoin on a run right now.

❗️ Bitrace found a new type of scam where theft is carried out through a payment QR code transfer test — link

via Udi Wertheimer, bitcoin pundit:
ok this is wild

paypal just launched its PYUSD stablecoin on solana (yeah i know. yawn)

but it seems to have a privacy feature they call “Confidential Transfers” that hides the transaction amounts of transactions????

this sounds a lot like “confidential transactions”, a feature bitcoin devs have been larping about for almost a decade but never built, and you’re telling me paypal users will have it first? LOL

https://x.com/udiWertheimer/status/1795817441102029210

Ansem pulls back the curtain on degen activity:

memecoins, cabals, & whales

everyone has been discussing this for awhile now so figure I will give ppl some context

every altcoin that launches directly on a dex without VC backing has 3 things

• dev team
• snipers
• whales (tbd)

the sophistication & overlap of these three varies from coin to coin, but you need a good combination of all 3 for the coin to do really well long term

dev teams

With every dev team, there is a sliding scale of decentralization & organization. On pump dot fun the dev teams are literally one person with a picture and a caption, whereas teams like $BONK are very organized with some of the smartest active crypto traders on Solana. Both of these types of teams can do well, but believe it's also dependent on the other two things (snipers & whales) for the project to be successful long term.

Advantages of organized teams is that they typically have a budget set aside for marketing & future development, so these coins can have more "utility" than memes that just originate on pump.fun. Good example of this is bonkbot, no other fully decentralized meme is going to have a product like that because they don't have the funding to do so. Another example of this is $MEW, which was able to airdrop significant % of the supply to all $BONK & $WIF holders. These teams also usually have easy access to market makers & fast track to exchange listings.

On the flip side, the fully decentralized teams typically start at lower market cap because there is no vested interest from deeply capitalized parties at the very beginning. These teams often do a great job of forming early cult communities because of an extremely low cost basis for early entrants + widely distributed supply for all the coins. Best examples of this imo are $WIF & $MICHI, very active communities where the market cap was also extremely low at launch. The risks with these coins is that on average they are much more likely to fail early on because all snipers are trying to get out as soon as possible & there aren't any whales or a team with vested interest in the project doing well long term.

If anybody could give context on $DOGE & $SHIB please do in quotes

snipers

I'm honestly not the best person to talk about this in detail, as I don't snipe early launches, but know people who do. With snipers they usually don't care about what the project even is, they are just trying to be first in & immediately out if there's enough liquidity to exit. A lot of the projects that don't have organized teams die because of this if they have a large % of the supply sniped at launch and then they just insta sell all of it & mess up the chart.

Good example of this was the ETHWIF derivative that launched a few months ago, many wallets bought immediately on launch and sold hours after for six figures of pnl.

90% of all dex launches wont get over $5M mcap, reasoning is most of these dev teams are anon & are very cool w/ making quick profit, also why this CTO (community takeover) narrative is so popular bc dev often insta sells.

whales

Every coin that goes 0-> billions will need whales at some point to push price higher, what typically will happen with the memecoins is that community will form early & then once the meme has reached escape velocity on attention and virality it'll get above $100M market cap, once they can consolidate above $100M market cap is when you'll see larger players positioning since there is enough liquidity to build sizable positions. Also, the early entrants to these memes have to be diamond handed and not sell once they do become whales from holding at such an early cost basis. These cult community holders as just as vitally important for the project as everything else.

fin

tldr: every coin has a team, there's sliding scale of how organized they are, & every coin has snipers + whales, very lucky combination of all these different things is necessary for billions+ whether they are the same parties or different

https://x.com/blknoiz06/status/1795476975093498134

X (formerly Twitter)

Ansem 🐂🀄️ (@blknoiz06) on X

memecoins, cabals, & whales everyone has been discussing this for awhile now so figure I will give ppl some context every altcoin that launches directly on a dex without VC backing has 3 things • dev team • snipers • whales (tbd) the sophistication &…

Who is going to Consensus this year?