Crypto portfolio update

Exposure: 69.2%

Net return: 532.6%

Comments: A flurry of bad news today has knocked the echo bubble thesis off its feet:

• NYAG sues Kucoin, alleges ETH is a security
• Huobi token crashes
• Bank run on Silicon Valley Bank

The crypto market took a big hit as prices fell across the board with BTC and ETH erasing half the echo bubble rally:

The echo bubble thesis is thus effectively over and everyone is left wondering if the bear market will resume with a new low.

In light of all this, I've been deploying my stables and will continue doing so if prices continue to fall.

Regardless of whether the market makes a new low, we are probably closer to the bottom than the top... so I believe now is the time to be DCA-ing in preparation for the next bull run.

As with all the prior late-stage bear markets however, it will hurt to hold assets that don't seem to go up in price... but this emotional discipline will ultimately be rewarded when the bear market ends (which can happen any time from now).

Personally, I hope prices keep falling. As my portfolio is not yet fully allocated I'd be happy to keep DCA-ing at lower levels.

While people are panicking out of their positions, I'll be scooping up bargains.

Current allocation:

 On DeFi Kingdoms PvP

Investors still in DFK are down bad, and they have but one hope:

The idea goes: "If PvP is good, people will flock to DFK and bid up the price of Jewel and in-game assets."

For the past 9 months, this was the thought I harboured. I prayed for the combat system to propel DFK back into the mainstream crypto limelight.

But upon studying the hero class skills, unfortunately, I'm of the opinion that PvP will not be the positive catalyst that everyone is hoping for.

From the private group:

To be clear, I'm not saying that PvP will suck.

I'm saying that I don't think PvP will gain the public traction and attention that existing players/ investors are hoping for.

Don't take my word for it; Check out the combat skills yourself and see if you can make sense of them:

Archer skills
Knight skills
Priest skills
Warrior skills
Seer skills
Pirate skills
Berserker skills
Wizard skills

My view: Learning the combat system takes too much work!

Most likely, PvP will only appeal to hardcore players who enjoy maxing out their heroes and obsessing over precise combat tactics. Casual players will find all of this tedious and will quickly lose interest or get thrashed badly by hardcore players and quit; Either way, mass adoption seems unlikely.

Consider Axie Infinity. It might not have had the most engaging combat system, but it was at least relatively easy to pick up. One reason it got so popular in 2021 was because people of all ages (including children and the elderly) could learn how to play it rather easily.

To put my money where my mouth is, I've sold the bulk of my remaining heroes (which to be fair, wasn't a lot to begin with - I'd already sold most of them back in May last year).

So I'm no longer looking forward to PvP and will instead focus on potential plays on Jewel.

Admin update

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Feel good video of the week

Guy makes super cool house for a frog:

 Quote of the week

Great players know when to walk away. When experts are in a game, they are more likely than other players to recognize when game conditions aren't favourable or when they're not playing well.

- Annie Duke

Thanks for reading, and have a great weekend.

Cheers,
Slowmad

P.S. If you have any questions or feedback, let me know at: chris[at]digitalslowmad[dot]com

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