IgnasDeFi

GM
Could’ve woken up to a 1649.9% gain on Cashcat, but I bought the wrong meme on the Robinhood chain.
Huge fail.
The trenches are truly moving.

Saylor could've been the countercyclical force for BTC:
sell some into pumps, buy back the dips.
Sure, bull runs might end lower but bottoms also shallower.
Instead his structure amplifies volatility both ways.
The NAV premium only lets him buy when BTC pumps, and fixed dividends force him to sell the lows.
Volatility is great for SOME traders.
But BTC's pitch to institutions is that it calms down as it matures.
The biggest holder is making it worse.

I think bringing back trenches means 1) making early believers & users rich and 2) spreading that message beyond CT.
KOL memecoins are zero sum game where CT degens play in the casino.
But it mainly stays within our own circle.
So new people will join when some unique opportunities arise that end up on mainstream news
Something like polymarket making many new rich with HUGE airdrop.
It could be a disbelief story on Bloomberg to people who never heard of ‘airdrop’
Or a general crypto market recovery that would bring back FOMO.
Saying that, KOL memecoins could still ‘bring back the trenches

Token in a dual equity<>token set up is mainly a fundraising tool.
After the fundraising token becomes a nuisance, annoyance and distraction but teams add some utility to keep holders quiet.
Tired of it. Tokens need to be ownership assets and not extraction tools.

For crypto to pump again, retail needs to stop making money elsewhere.
It's happening:
- KOSPI dumped 7.9% today, -18% from ATH. And it's still +85% YTD, so the unwind has room
- Gold -27% and silver -50% from their records
- $NVDA -16%, $MU -18%, and $SPCX can't even manage a disbelief rally
Korean retail, historically crypto's most degen crowd, rotated into KOSPI this cycle.
That trade is breaking now.
If you were sidelined during the AI, gold and KOSPI rallies, you'll probably feel FOMO to 'make it' before the permanent underclass reality catches up to you.
Crypto might actually look like

$FLUID is up 32% today.
Guess why.

Just a year ago, I had tens of projects DMing me for promotion.
Now, there are almost none!
Obviously, the money is tight and projects are in survival-saving mode.
But perhaps it's the best time to get noticed when the market is quiet to build your core community

I couldn’t care less if Circle’s USDC lost dominance and went to zero.
Crypto natives were the ones making it successful but got no airdrops, no IPO allocation or anything.
If Open USD via Plasma, Tempo etc throw billions in incentives via liquidity mining to grow $OUSD MC, then it’s better for us - higher yields.
Bring on stablecoin wars

It’s perverse how a stablecoin controlled by centralized companies with reserves held in USD is called Open USD/Standard.
A crypto native, decentralized stablecoin should have this name.

Best opportunities are in tokens that:
- Have no perps/pre-launch markets
- No (major) CEXs listings
- Only spot
- Price discovery happens on DEXs
The moment perps are live for mid-caps is when things get tricky.

Crypto used to be amazing in storytelling
From digital gold to NFTs as cultural assets
But with AI sucking out financial liquidity from all sectors, no other crypto story is strong enough to attract inflows.
So we need this story telling creativity to come back to push AI <> Crypto narrative beyond CT.
- DePin/Onchain GPUs
- Agentic payments with stablecoins
- Proof of Authenticity
- Tokenized AI models
- Proof of Humanity
So much potential and some proved use cases but we got worse in story telling.
Got lost with BTC is crypto thus everything else follows BTC price.

Feeling dumb for believing in the 4-year cycle will be broken.
Publicly wrote about it quite a few times.
Still unsure what went wrong as all signs looked bullish:
- Gold pumping (so waited for BTC catch up trade)
- Nasdaq at all time highs
- ETF inflows were still strong
Was it 10/10 that broke something or the memetics of 4yr cycle and whales selling was too much to overcome?

Crypto is a lot less fun when I lose money

From ppl around me and reading comments online it seems the 100% in crypto days are over.
The people who made real money here have been diversifying out for months/years
New buyers still show up but they cap crypto at 10-15% of their portfolio.
Nobody is going all in anymore. Degens grew up to be dads and moms so risk not worth it.
So the bid is still there.
It's just much smaller than the size trying to get out.

So hot in Europe and my productivity really suffering.
Just surviving on my couch with a fan behind since europooors have no aircons.
Don't even care about my investments going down just want this heat to end.