Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This isn’t cool: The greatest attack on DeFi, ever.

• 🔎 This seems important: BTC, ETH & SOL all “Take a Dive”

• 🤝 Partner: Hands down the laziest ways people are making extra cash​

• 🔪 Let's dissect this: Turns out retail investors don’t like Bitcoin?

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Decentralized, Protocol, Bull Run.

💅 This isn’t cool:

The Single Greatest Attack on Decentralized Finance to Date

In one sentence: The SEC intends to bring an enforcement action against Uniswap, a losing battle which will only help to push growth and innovation offshore.

Very rarely do we update the title of this section…

But we did so today, because this story should take the lead over all others (and definitely doesn’t fit the title of “This is cool”).

Alright, let’s rip the band aid off:

Yesterday, the SEC informed Uniswap that it intends to bring an enforcement action against the company.

Which may end up being the greatest pressure test ever made on the decentralized economy — but will inevitably end in failure for the SEC and (sadly) for the US as a whole.

Cause here’s the thing…

There’s “Uniswap, the decentralized trading platform” — where users can trade/lend between themselves without the need for a middle man.

And there’s “Uniswap, the open protocol” — the coded rule set that powers trading (which anyone can build on top of).

Which sounds confusing…

But just take a look at what you’re doing right now (reading email) — it’s pretty much the same thing, but we’re trading information instead of crypto…

There’s “Email, the platform.”

Say you’re reading this on Gmail — what would happen if the SEC were to sue Google into oblivion, taking Gmail with it?

Would that be the end of email? Hell no! You’d just bounce to Apple Mail, or Outlook, or Proton Mail, or one of the hundreds of other platforms that use:

“Email, the protocol.” 

Aka: the Simple Mail Transfer Protocol (SMTP) — a protocol which is open (aka: owned by NO ONE).

And just like SMTP, Uniswap’s open protocol isn’t owned by them — they simply plug in to it, alongside a range of other decentralized exchange platforms (the same way email platforms plug into SMTP).

Here’s why the SEC’s failure is inevitable:

Sure, the Commission may be able to rinse Uniswap (the platform) of a few million/billion in settlement fees, and parade it around as a win…but when it comes to suing an open protocol, well — they can’t. It’s a thing, not an entity.

(It’d be like trying to sue your bed stand after you stubbed your toe on it for the hundredth time).

And sure, they can order Uniswap to shut the protocol down all they want…but again — it ain’t going to work! Because Uniswap (the company) doesn’t own/control the protocol anymore.

Now, here’s where the US is going to get stiffed:

If the SEC succeeds in shuttering the Uniswap platform, it will only result in other (offshore) platforms popping up to replace it.

Pushing Violently shoving innovation and growth out of the country in the process.

@GaryGensler: two emphatic thumbs down.

🥇 Want the news before anyone else?

🔎 This seems important:

BTC, ETH & SOL All “Take a Dive”

In one sentence: It felt like BTC, ETH, & SOL “took a dive” after worse-than-expected inflation data came in yesterday, but it was only a few percent, and it rebounded immediately.

You know those viral videos of people freaking out in VR?

Where the person with the headset on is seeing things that aren’t real, but their limbic system is screaming:

“Dude, run as fast as humanly possible in a single direction (towards the dry wall, which you’ve already forgotten is directly in front of you)!”

From the outside looking in, it feels a little silly (cause we can clearly see they’re in a neutral space, with a floor and ceiling above them).

That’s kinda what it feels like to watch the market right now…

Cause yeah, it kinda felt like BTC, ETH, & SOL “took a dive” after worse-than-expected inflation data came in yesterday…

But in reality, they dropped a couple percent at worst:

• BTC went from $69k to $67.6k

• ETH went from $3.5k to $3.4k

• SOL went from $170 to $162

(All before rebounding almost entirely across the board).

So here’s what to do if you want to sleep a little better:

Take the VR goggles off.

These bounces can feel violent & scary, but in reality, the market is largely being driven by Bitcoin, which is in a relatively neutral space with a solid floor ($60k) and ceiling ($73.5k) beneath/above it.

Until that floor is broken, there’s no need to be stressing.

…and if the ceiling breaks — that’s cause for celebration!

🤝 Partner:

Hands Down The Laziest Ways People Are Making Extra Cash

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We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house.

Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

🔪 Let's dissect this:

Turns Out Retail Investors Don’t Like Bitcoin?

In one sentence: Apparently retail investors aren’t that interested in Bitcoin this bull run, which could be an indicator that BTC is maturing as an asset.

So, turns out retail investors aren’t that interested in Bitcoin this bull run?

Which doesn’t sounds great – but there’s an angle here: 

For the last few bull runs, crypto has onboarded quite a large amount of folks hoping to make ‘easy money.’

But we are now at the point where BTC’s potential returns aren’t as alluring as other established projects (making newcomers harder to attract). 

“Great, so where’s the angle?” - you

There’s this idea that: because new investors are moving away from Bitcoin and further out on the risk curve (aka: making riskier investments in smaller projects with greater upside) — that something is wrong…

That an appetite for great risk is a symptom of something much worse in our economy (with folks essentially trying to gamble their way to a better life).

And that might be true… 

But it might also be a total misconception, from a bunch of doomers!

Cause think about it — just a few years ago: Bitcoin was that high risk gamble.

A shift to newer/riskier crypto projects from retail investors might not mean the sky is falling, as much as it means Bitcoin is maturing.

(Aaaaw!)

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