TrueDegen

Retired TradFi Gone Web3: Chief Finance Degen @ExploreOmnia | @SappySealsNFT

[TrueDegen @DegenTrue]

Study Covid crash
Study liquidiation events
Study Emergency intervention
It’s gonna be ok friends
Survive

[TrueDegen @DegenTrue]

Ok goodnight

if you are down bad go touch grass

close the screens until number go up technology gets turned back on

[TrueDegen @DegenTrue]

Degen is a bull bull bull bull bull

[TrueDegen @DegenTrue]

Sol going up against bitcoin pair while bitcoin dropped another $1k in a 5 min candle

Soon.exe

[TrueDegen @DegenTrue]

@Aelio33 Markets are a game of forced sellers giving coins to willing buyers

UpOnly

[TrueDegen @DegenTrue]

To the new class this is a fraction of what we felt during the Covid crash btw

Bitcoin literally was down like 50% in a <24hr period it was so fucking over

From the ashes defi summer was born

Lesson there

[TrueDegen @DegenTrue]

Btw if you’re bullish eth flows due to ETF (I’m not sure but it probably becomes a narrative at *some point*)

This is likely generational buying op

NFA GL HF ILY

[TrueDegen @DegenTrue]

Understand yourself and you beat the game

[TrueDegen @DegenTrue]

Here's my take on this "should you buy a house" "should you use other assets" that's all over the timeline even tho nobody asked for it

Most of you have a gambling addictions disguised as investment thesis

Most of you will give it all back

Make it harder buy other assets

[TrueDegen @DegenTrue]

@milarceny 🤝🏻

[TrueDegen @DegenTrue]

Came out of tradfi retirement for about 60 seconds end of last year

Now everyone and their brother is picking up the trade and my normie friend is telling everyone he has the best financial advisor (I’m not licensed anymore 😂)

[TrueDegen @DegenTrue]

If you are feeling panic right now it’s probably not the time to puke

Even if you thought the cycle top was in (I don’t) mean reversion bounces happen after large liquidity grabs

[TrueDegen @DegenTrue]

The math on bitcoin would put a 30% pullback at around $52k

Not saying that’s what is happening here but if that were the case what would your alts do? Can you stomach that? If not what are you going to do differently next time?

[TrueDegen @DegenTrue]

Not a lawyer but worked in tax accounting prior to crypto and my perspective always comes from a US tax ruling

Airdrops are one of the only thing that the IRS has given fairly clear guidance on

The verbiage is “dominion and control” basically what that means is when an individual has the ABILITY to sell a token at a FMV that is the timing and price in which a taxable event occurs

If you got airdropped a honey pot token that had a recorded price but it wasn’t actually realizable you would argue against a taxable event if you were ever audited

There is another side of this argument however relating to unrequested gifts IE you are someone like Ansem who is a very prominent figure some team airdrops you $1M of RandomToken and he sends them to the burn address should he incur a taxable event? Most accountants would say no

Like most things in the accounting world the exact answer is always “it depends” and the IRS considers individual circumstances and intent

[TrueDegen @DegenTrue]

Update: “FML when’s this gonna stop”

Soon ™️

[TrueDegen @DegenTrue]

Cheat code indicator

"I'm a little concerned about the crypto markets rn"

Note this isn't full panic from him yet but a good sign

[TrueDegen @DegenTrue]

@realbertbobby I actually have a cheat code in the form of a friend that is the absolute perfect counter indicator

When he is euphoric in my bags I sell some

When he texts me in a panic over my bags I buy back

99.99% hit rate

[TrueDegen @DegenTrue]

People starting to lose hope and capitulate

Meme coins for the most part getting absolutely bodied

People suggesting the cycle is different this time

Few more liquidations then UpOnly

[TrueDegen @DegenTrue]

The one thing that gives me pause in bidding too hard now other than the fact I've been eyeing 52k for a while now

I do not see a single person suggesting this run is over

Let me be clear I don't think it is as my base case, but until people en mass do I dont think bottom is in

[TrueDegen @DegenTrue]

@taran You have to give them credit tho because you’d imagine that with all the Sybil’s they removed adding to the sell side it would have been even worse

[TrueDegen @DegenTrue]

Narrator: it was not different

https://t.co/xcm51wdllj

[Taran @Taran]

Layerzero team spent weeks trying to anti sybil the $ZRO airdrop, zeroing allocation for millions of potential sybil wallets. They delayed their token launch by over 3 years, and STILL dumped 30+% in the first 48h after the airdrop.

[TrueDegen @DegenTrue]

All you guys bitching at @PrimordialAA for the fee associated with LZO

There is an argument to be made that you have a cost basis in a token sale

In that argument the proceeds from the tokens you SELL now become capital gain on sale instead of ordinary income on CLAIM

[TrueDegen @DegenTrue]

People are funny man

you interact with a protocol doing things that you would have done regardless

That protocol gives you the equivalent in $ terms what normies work weeks to months of their lives for

Pitchforks

We are more fortunate than a large % of the world

[TrueDegen @DegenTrue]

@BlurCrypto These the same “experts” that everyone said was buying friend above $10? 🧐

[TrueDegen @DegenTrue]

@mineworxx @stiven_Buitrago @PrimordialAA I’m talking about protocol fees not gas

[TrueDegen @DegenTrue]

@fshake_plena @PrimordialAA https://t.co/pnkPtGzkno

[TrueDegen @DegenTrue]

@stiven_Buitrago @PrimordialAA I have a wallet with $300 in protocol fees with 5 txs according to multiple dune dashboards

Regardless it’s not about the numbers they are arbitrary it’s about the logic