Crypto portfolio update

Exposure: 99.9%

Net return: 557.7%

Comments: BTC rallied 14% this week over news about the spot Bitcoin ETFs (which are now expected to be approved by Jan 2024)... and with this, the bear market is pretty much over.

We could still see another major dip of course... but for all intents and purposes the paradigm has changed and we should be taking off our bear hats and putting on our bull horns.

The most straightforward thing to do now is to buy BTC and/or ETH and do nothing else.

But if you'd like a more hands-on way to manage your portfolio that's potentially more rewarding, consider joining my private group.

The train we've been waiting for the last 18 months has finally arrived, and we better get on board before it leaves the station.

Current allocation:

 Last words on DeFi Kingdoms

Having cashed out of DFK nineteen months ago, the main reason I'd been continuing to write about the project is because I was waiting for a good time to buy back in again.

Over the past couple of weeks however, things have come to a point where I'm 99% sure I won't be doing so, so this will be the last time I dedicate time and energy to reflect on DFK.

Some parting words:

I've been publicly bearish on DFK assets since April 2022 and gained many haters because of it. 

When Jewel lost half its value (from $10 to $5), people laughed at me and said I'd regret selling.

Then Jewel lost half its value again (from $5 to $2.50) and people said I was fudding and "don't understand DFK".

Then Jewel lost half its value yet again (from $2.50 to $1.25) and people called me a troll and accused me of being bitter for "losing money on DFK" - which was completely backwards; DFK was actually one of my biggest wins (see my tweet history for proof).

Then Jewel lost half its value 4 more times (from $1.25 to $0.08) and by then most of my haters had faded away... probably because they lost so much money they left the space entirely.

Each time Jewel tanked and my thesis proved correct, a new bunch of haters would emerge who don't see the long line of corpses that opposed the thesis.

I don't get a lot of things right in crypto, but - I won't be shy here - I got a lot right about DFK.

And this isn't just a matter of opinion - I backed my convictions with a substantial sum of money and made life-changing gains because of it.

One thing I've learned is that many people (even those in DFK) have little understanding of game design, market dynamics, and of their own psychology. They often choose to stroke their own egos rather than recognize mistakes, let alone learn from them.

I also learned that it doesn't pay to call out a bad situation or bad actors in crypto. People routinely prefer to hear comforting lies over harsh truths, and often verbally attack/threaten those who raise critical questions and issues.

The cost-benefit ratio of being a good actor in this space is dismal. It's not worth it.

Why I (probably) won't buy into DFK again:

I've written extensively about my concerns before.

Examples here, here, here, and here.

In addition to these issues, one also needs to consider that many other web3 games are soon launching that will look/play/feel generations ahead of what DFK offers.

Examples (not endorsements):

Be honest - If you're new to web3 gaming, would you rather try these games, or DFK?

Game asset prices are largely influenced by the number of newcomers, and I don't see why prospective players will choose DFK over the plethora of better looking, more fun and exciting games out there.

Even as an existing DFK "player" (I hold some heroes for mining) I didn't bother trying out the Boar Hunt combat demo... and it looks like I'm not alone. Out of the 5,000+ active wallets, less than 10% are playing it... and the number is dropping.

So what are the remaining 90% of active wallets doing then? Most likely, they're just questing and selling the rewards (i.e. extracting as much value as they can from the ecosystem).

So - 90% of the active wallets are not participating in the main combat gameplay. I think that's enough said.

Maybe DFK will turn things around eventually, and I frankly hope they do... but I wouldn't bet on it.

All the best, DFK 👋

I keep trying to find reasons to be optimistic about DFK, but after failing to do so for the better part of the last 12 months, the time has come to throw in the towel and step away.

To all the haters who keep telling me sarcastically, "Why are you still talking about DFK? Haven't you left already??" -- Congratulations, you got what you wanted; I'll stop thinking and talking about DFK. My attention will be directed towards other projects.

I wish the DFK team and community all the best. Thanks for the memes and memories.

Admin update

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🪖 Call of Duty - Infinite Warfare

I was never interested in Call of Duty... until I watched this.

 Quote of the week

Sometimes the only winning move is not to play.

- Anon

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