GM. This is the Milk Road. Crypto can be a hard nut to crack - let us crack it for you.
Quick announcement: we're giving away ETH in our new experiment...check out the details here:
Let's try an experiment. We just got a wire for $25K to sponsor @MilkRoadDaily - and I want to give it all away. Web3 is full of speculators, not enough builders. So let's give $25K to builders. Not an investment. Just free money. No strings attached. here's how it works:
— Shaan Puri (@ShaanVP)3:53 PM • Apr 15, 2022
Today's estimated read time: 3 minutes & 16 seconds
Now, let's get into the good stuff for today:
- 💰 Elon's offer to buy Twitter
- 👀 A new open metaverse
- 🤑 Robinhood CEO explains why Doge could be the internet's money
- 📈 Funding Friday
ELON MUSK OFFERS $43B TO BUY TWITTER
Elon made a $43B offer to buy Twitter.
I made an offer sec.gov/Archives/edgar…
— Elon Musk (@elonmusk)11:23 AM • Apr 14, 2022
OK, interesting.
But here’s the best part...check out his offer letter:
Dear god, that second line is so good.
“I have moved straight to the end.”
Thats my new line!!
Negotiating? I have moved straight to the end.
Watching a TV show? I have moved straight to the end.
Wife wants a cuddle? I have moved straight to the end.
So what happens now? Will he really buy Twitter?
Mark Cuban thinks Elon is just f*cking with the SEC. Prices go up and he makes big money of selling his shares.
Punk6529 says that “If you are excited about Elon taking over Twitter or upset about Elon taking over Twitter, well both of these are the exact same problem.
Our global short messaging internet protocol should be completely unaffected by who is CEO of some random company in California.”
Others believe Twitter's board will execute a “Poison Pill” - meaning they will issue extra shares at a discount to dilute his stake. Hurting him and themselves at the same time.
The Milk Road's Take:
1/ Great publicity stunt. Got tons of attention
2/ Great for his brand. He comes off as rich, bold, and fighting for free speech
3/ I hope he ends up buying it, because it is the most entertaining outcome and Twitter stock is virtually the same today as it was 8 years ago when it IPO’d
Most people say Elon can’t make Twitter better.
But I say, the dude can land a rocket in the middle of the ocean and build electric cars.
Are you really gonna bet against him?
PUNK 6529 IS LAUNCHING A NEW METAVERSE
It’s a big idea - a completely open metaverse that anyone can build inside.
A few of the things about the announcement that caught our eye:
1/ There’s no land plot sale - in every other metaverse, they sell land…in this, he’s not charging for land or asking for any ETH
2/ He believes in memes > land - the idea that where a plot of land is located in the metaverse doesn’t mean anything…but what the person/community does to make the land valuable matters way way more
3/ The metaverse looks and feels like it’s right out of HBO’s Westworld…
4/ They’re looking for big communities to start new cities…Milk York City… Who’s coming with me?
IS DOGE GONNA BE THE INTERNET'S MONEY? THE CEO OF ROBINHOOD THINKS IT'S POSSIBLE
I own dogecoin, but I always considered it a joke.
So I was surprised to hear the CEO or Robinhood break down what it would take for Doge to eventually become the internet’s currency:
1/ Low transaction costs: typical transaction fees with Doge are ~$0.003 vs 1.3% for normal network fees from major cards.
✅ Doge today
2/ Making it fast to verify a transaction is real: today, Dogecoin can put through 40 transactions per second…which isn’t enough at serious scale
❌ Doge today
3/ Inflation: 5B new Doge are created every year, a ~5% inflation rate…lower than the US dollar today. And it goes down over time on a fixed schedule.
✅ Doge today
The Milk Road’s take: Money is valued based on belief. Doge is well known, but not well “believed in” so its not really about the technical specs. People need to believe it’s valuable to be willing to use it as money. I am betting on BTC, ETH, and stable coins like UST to become global digital money way before Doge.
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FUNDING FRIDAY
There was over $1B invested in companies and funds this week. Who got the money this week??
Taki got $3.5M to build a token-powered social network where content creators and users can earn a daily income by participating in community conversations.
Swoops got $3.5M to build an NFT fantasy-basketball game. Build a team and play for prizes in upcoming tournaments.
Coinpanion got $6M to help people invest like a pro. Pick your portfolio type (from safe bets to degen mode), and Coinpanion will invest for you based on that.
BikeRush got $1.5M to pay bikers in tokens as they ride. The StepN of biking.
Context got $19.5 to build an app that lets you "follow" wallets to see what people are buying and minting.
Wanna see the full database of companies that have raised money in 2022? Check it out here.
MEMES OF THE DAY
Michael Saylor has more security guards than a basketball team
Speaking of our lanky legend. How does Vitalik travel around the world with just a backpack?
Uniqlo maximalist 😂
If you missed anything this week, we talked about:
- A Famous meme sold for millions
- A crypto "excavation"
- Facebook making money in the metaverse
- A look inside a 9-figure portfolio
If you only have 3 minutes to catch up, make it the look inside a 9-figure portfolio.
See ya next week!
Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy
A Review from the Road...
(if you want to learn about this and have us do the work for you, the Milk Road “dummies guide to DeFi” course is coming soon..join the waitlist here)
What'd you think of today's email?
