Crypto portfolio update

Exposure: 20.3%

Net return: 691.4%

Comments: About 7 weeks ago (when BTC was trading at $45k), I wrote:

Since then, BTC spiked to a high of $49k and then fell -21% to just under $39k:

Hopefully, my warning has helped some of you avoid getting caught in this bull trap.

Most likely, there's more medium-term downside to go for BTC which is generally not good news for altcoins.

Accordingly, I've allocated the majority of my portfolio into stables for now:

🤡 Crypto Twitter charlatans

Many of my recent tweets have been about big CT influencers getting caught doing unethical things that enriched them at the expense of their followers.

The latest grift involves the SAVM token. No one had heard of it prior to mid January.

Then suddenly, all the big CT influencers started shilling it (often with a similar script):

Some days later, ZachXBT posted this thread detailing how these influencers received a bunch of these tokens for free (from the project devs) and that they dumped the tokens upon launch, netting millions for themselves while their followers were buying on their recommendation.

After this massive fraud was exposed, one of the influencers sent ZachXBT $10,000 to "thank" him for his work... but not before deleting his involvement with SAVM in his Twitter bio.

😂😂 You really can't make this shit up.

Then, amidst increasing public pressure the charlatans started turning on each other.

MacnBTC accused the token launch platform - Ape Terminal - of scamming their IDO participants:

On-chain investigators quickly confirmed the allegation was likely true:

Sensing impending trouble, Ape Terminal tried to deflect attention by pointing out how their accuser (MacnBTC) profited $10M+ in a day by dumping on his followers:

It just gets better and better doesn't it.

At the time of this writing, the price of SAVM has fallen -71% from the token launch high:

The drama continues but the point is clear. MacnBTC alone has half a million followers... so in total there are probably at least a few hundred thousand people who got scammed by this cabal of influencers.

In the end, these grifters EACH walked away with tens of millions of what is effectively their followers' money.

And guess what? This is almost the exact tactic I've detailed in a prior newsletter:

Alas, my audience is small so most people are still unaware of how the grift is carried out.

Oh well. I've gotten used to the idea that not everyone is going to make it. In fact, most will fall and only a few will rise.

As I keep saying:

Be careful out there.

Admin update

• If you missed the previous newsletter, you can read it here.
• New here? Join this newsletter for free.
• Want to join my private group? Click here

😵‍💫 The art of misdirection

Since we talked a lot about charlatans today I thought I'd stick to the theme of deception with this presentation by a master pickpocket. Enjoy.

 Quote of the week

I went to a National Geographic event last night, where a shark photographer talked about his amazing adventures capturing stunning shots. When asked "how do you stay safe?" he replied "if I ever feel uncomfortable, I get out of the water."

Trading 101: Risk Management

- Wayne Himelsein

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

Get future newsletter issues in your inbox: