A Wise Man Once Said...

Ryder Ripps must pay Yuga Labs $9 million after lawsuit's final judgment. Does anyone even remember Uga Labs? Nobody? Well, Yuga Labs' questionable ape NFTs have likely been the biggest scam in the crypto industry to date. But why a scam, you might ask...

Here's the thing. When those dubious NFTs were launched, some were distributed for free (plus endorsement money) to various celebrities and influencers for promotion. Twitter introduced the option for anyone to use these NFTs as their profile pics, and big names like Eminem embraced the trend.

However, this phenomenon didn't happen during the bear market. In the midst of crypto winters, nobody cares about this stuff; everyone is too busy lamenting missed opportunities and trying to safeguard their capital after the bull market.

Entities like Yuga Labs' Bored Ape Yacht Club (BAYC) NFTs flourish during bull markets, when euphoria is at its peak and investors are susceptible to all sorts of nonsense. Yuga Labs hyped their NFTs, claiming they were the future of digital identity. Fast forward to 2024, and such assertions no longer hold water.

Eminem isn't showcasing his BAYC NFT as his profile pic anymore, and regular folks are still regretting shelling out tens of ETH for what they now consider a "unique, crappy jpeg." However, the end of overhyped items selling for exorbitant amounts is not in sight. As long as markets, especially the crypto markets, are flooded with "dumb money" (mostly retail), there will always be overhyped junk peddled to them.

The latest addition to this crypto circus is Andrew Tate's upcoming cryptocurrency. Yes, the self-proclaimed most famous person on the internet is announcing plans to create his own crypto, backed by $100 million of his own money, sold early to his members, with the promise that he will never sell any of his stack...

Mark my words: if this venture ever goes live, millions will pour into it within minutes of its launch. Every bull market has its fads that attract naive investors and capital, and Andrew Tate's crypto won't be an exception.

Markets go through boom and bust cycles due to the psychology of the masses. I wish I had known that before losing a considerable amount of money and opportunities in crypto, but I suppose it's never too late to learn.

Look at gold; why isn't it behaving the same way as NFTs, ICOs, and other speculative assets? I guess there's not as much uninformed investment and holding in gold. The same can't be said about crypto because it's accessible and attractive to various individuals wanting to strike it rich overnight.

This is the predicament that leads 99% of these individuals to invest in all sorts of questionable assets. If most crypto investors would conduct even a minimal level of due diligence, they would be much better positioned during bull markets than they typically find themselves. While Bored Ape Yacht Club (BAYC) NFTs may have proven profitable for some, those believing in a rapid transition to a digital era where such NFTs truly matter have likely been disappointed.

At some point, we may live in a world where our online interactions somehow depend on virtual identities, but we're far from reaching that stage. Quite far, I would say. So, back to Andrew Tate, shall we? Is anyone questioning "the most famous man alive" about what his crypto is actually going to achieve, rather than just being another coin listed among many others on an exchange?

I doubt it...

I am 100% certain that if he follows through with his plan, we will see the cryptocurrency launched right into the peak of the market or near it. This would serve as a highly valuable signal that it's time to exit the market as the bubble is about to burst. Yes, crypto is still undergoing cycles of inflation and deflation. We're nowhere near mass adoption and stability.

Being cautious when everyone is greedy and greedy when the majority are fearful is probably the best strategy one can apply in crypto. But, I suppose I'll have to test that for myself. Get ready for Andrew Tate's cryptocurrency and all sorts of other nonsensical ventures in this bull market, and be prepared to exit the market when such coins become overhyped. Have a great Sunday, and see you all next time.

Thanks for your attention,
Adrian