September 29, 2023

🥛 The metaverse is here 👀

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GM. This is Milk Road. The crypto newsletter that’s like your toothpaste tube – by the time it’s done, you’ll do anything to get a little more.

It’s Friday. Let’s get it:

  • The metaverse is here 👀

  • 3 lessons from trading this week 📝

  • Argentina is launching a blockchain-based digital ID service 🍪


The metaverse.

Everyone’s heard of it. No one really knows what it is.

Where is it? How do I get there? Is “the metaverse” in the room with us right now?

Well. Whatever it is, we just got one step closer to it.

That’s because Facebook is releasing some new metaverse-related products. (and yes, as long as you stay under this roof it’s gonna be called FB)

Here’s what Zuckerberg teased earlier this week…

Ray-Ban smart glasses –

  • Has built-in cameras that can take pictures and videos

  • Can be used to livestream to friends and social media followers

  • Can be used for phone calls

  • Will (soon) be able to use MetaAI – aka FB’s new artificial intelligence assistant

Here’s a quick demo:

The cool part is the use of MetaAI. It’s what makes the glasses “multimodal”.

Which sounds like something the Xfinity internet guy would try to sell me…

But it's nerd talk for: the glasses can “understand” what they’re “looking” at.

For example, you’ll be able to…

  • look at a sign that’s in Spanish and the glasses will show you the translation in English

  • look at a leaky faucet and the glasses will show you step-by-step instructions on how to fix it

Wild, I know.

But if you thought the glasses sounded crazy, wait ‘til you see the rest…

Quest 3 headset – a new mixed-reality headset.

It lets you transition between a fully immersive (metaverse-y) experience → mixed reality with virtual elements overlaid on top of your physical surroundings.

So, instead of just staring at a wall like this…

… you’ll be able to do stuff like:

  • play a virtual piano on your coffee table

  • turn your living room into a video game, like Halo or Roblox

But just when you thought sh*t couldn’t get crazier… Zuck came out with an encore.

Photorealistic Codec Avatars. (now try saying it 10 times fast)

These are 3D avatars that look and move just like you. And Facebook has been working on them since 2019.

Yesterday, Zuckerburg gave us a sneak peek of the latest prototype on a podcast with Lex Fridman.

And it looks INSANE…

So whether you hate the metaverse or love it, it doesn’t matter cause I have news for you…

It’s already here.


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Last week we tried something new… perpetual futures.

It sounds like something a fortune-teller would shout after looking into a crystal ball, but it just means you’re making a bet on the future price of an asset without buying the asset.

And we made 3 independent bets…

  • A “speculation” bet. We opened a long position – with 10x leverage – betting the price of Bitcoin would increase.

  • A “hedging” bet. We opened a short position – with 5x leverage – betting the price of ETH would decrease in the near term.

  • A “yolo” bet. We opened a position – with 40x leverage – betting the price of Uniswap would increase.

(Side note: if you don’t know what yolo is, here you go. Even if you do, crank that sh*t anyways)

Ok, back to our bets… here’s how things went after a week:


Bitcoin fell 3.5%, but since we used 10x leverage and paid fees, the hit was harder.


Woo! Some greenery.

YOLO BET: Liquidated.

Yup… we got liquidated… in less than 36 hours…

I’ve had colds that last longer than that…

But hey, that’s why it’s called a “yolo” bet to begin with. It’s super high risk.

And where there are L’s there are lessons:

  • Implement a “stop loss”. Instead of holding a position until liquidation, you can choose a certain percentage, or dollar amount, that you are willing to lose as a “stop loss”.

  • Set a “take profit”. This lets you set a specific value or percentage gain. If the price reaches that value, your position gets closed and you take your profits.

  • Live by the leverage, die by the leverage. The higher the leverage, the lower the margin of error, and the higher the risk of getting liquidated.

Overall, the markets were a tough crowd this week. But it’s OK. It happens.

No need to send us any “hope you’re OK” texts. We’ll bounce back.

And remember: we walk (and stumble) through crypto, so you can run.

Til next week, amigos.

P.S. – if you want the entire Step-By-Step Guide to Perpetual Futures (how to make a perpetual futures trade, the risks, etc.), check it out here.


Buenos Aires is launching a blockchain-based digital ID service. It will mainly be used to store marriage and death certificates.

Valkyrie got approval to start buying ETH futures for its existing Bitcoin ETF. It will be the first US ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper. #history

The SEC has delayed its decision for 4 Bitcoin ETF applications. The applications belonged to BlackRock, Bitwise, Invesco Galaxy Digital, and Valkyrie.

Sam Bankman-Fried’s trial schedule has been released. Get your popcorn ready, the trial will begin on October 3.

Ripple has backed out of its acquisition of Fortress Labs. Ripple pulled out the Uno Reverse card at the last second…


Check it out. We’ve been hearing about these new A.I. art designs that take pictures/text and fuse them into anything you want.

So, we tested it out on a meme.

See Exhibit A:

P.S. – if you recognize the meme, let us know by replying to this email!


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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.