Today’s edition is brought to you by Everstake – a trusted validator utilized by 625K users across over 70 blockchain networks.
GM. This is Milk Road, your daily crypto pill – easy to swallow and no bitter aftertaste.
Here’s what we got today:
The U.S. vs. Sam Bankman-Fried verdict is in… ⚖️
Move aside liquid staking 👀
“Bitcoin’s risk-reward is in another universe” – Fidelity Director 🗣️
Meet one of our favorite tools: DeBank 🔧
The best from Coinbase’s Q3 earnings report 🍪
THE U.S. VS SAM BANKMAN-FRIED VERDICT IS IN… ⚖️
It was 7:30 PM. The team was hanging out at Milk Road HQ.
We were focused on one thing: Crypto Thursday Night Football. (we gotta get a break too, ya know)
But then, we got a text from the Milk Man: “The verdict is in…”
Our tech guy immediately shut the game off. He connected his phone to the TV so we could all see the next messages.
A few moments later…
Milk Man: “GUILTY!
Milk Man: “ON ALL 7 CHARGES!”
[LIVE FOOTAGE OF MILK ROAD HQ]
The whole place erupted. Our researchers started doing backflips. (Didn’t know our nerds were so athletic)
Our office manager ran outside and started streaking down the street.
Our Head of HR poured a gallon of milk on her head. No idea why.
And I’m pretty sure I just saw two of our interns sneak into a closet together…
Needless to say, we’re pretty happy over here.
For crypto to work, we need bad actors to get punished and reckless players need to get rekt.
And Sam Bankman-Fried (formerly-known-as-SBF, or fkSBF for short) is the most reckless player we’ve had yet.
He stole billions of dollars from customers, lied to investors, and tried to cover it all up.
Now, he’s been convicted of fraud and faces up to 115 years in prison.
Like my grandpa always says: “Don’t do the crime, if you can’t do the time.”
All the talk recently has been about liquid staking.
Well Roaders, liquid staking isn’t the only way to stake ETH and earn yield.
That’s where traditional staking comes in. That’s where you lock your funds into a smart contract in order to secure the network.
And when it comes to traditional staking, Everstake is leading the way. Here’s the benefits of staking traditionally with Everstake:
Easy setup: You can start staking with 3 simple steps, and they offer an even quicker “Instant Stake” feature
Passive management: Investors earn rewards while sitting back and not needing to manage their assets or claim rewards
Network validation: Locking tokens contributes to a more stable and secure Ethereum network
And they even offer instant access to unstaking your funds so you have ultimate control.
“BITCOIN’S RISK-REWARD IS IN A DIFFERENT UNIVERSE” – FIDELITY DIRECTOR 🗣️
Meet Jurrien Timmer.
He’s the Director of Global Macro at Fidelity – one of the largest asset managers in the world
Turns complex data and trends into easy-to-understand graphs
Has 170K+ followers on Twitter (respect)
Well, check it out. Jurrien recently created a risk-reward chart for investment assets.
It includes stuff like gold, stocks, fiat currencies, and Bitcoin.
The results? Bitcoin’s risk-reward “is in a different universe”, according to Jurrien.
Jurrien’s main takeaway: Bitcoin is down 54% from its two-year high, but it’s also up 84% from its low.
Government bonds can’t hold a candle to that risk-reward math, and neither can many other asset classes. (at least at this moment).
Be right back, adding this to the list of “Things To Shove In My Family’s Face During Thanksgiving”.
MEET ONE OF OUR FAVORITE TOOLS: DEBANK 🔧
The blockchain is an open book – you can see everything. Transactions. Wallet balances. Timestamps. You name it.
There’s just one problem… reading blockchain data is hard. Really f*cking hard.
I mean, just look at the last few transactions we made:
It’s like trying to understand a teenager’s text messages – you know all the info is there, but you can’t decipher it.
Today we’re gonna show you a tool we use to make it easy. It’s called DeBank.
It helps you track crypto portfolios and gives you a simple interface that shows you the blockchains, protocols, and assets any specific crypto wallet has used.
So instead of the blockchain data looking like a deadly spreadsheet (like in the pic above), it looks like this:
See? A lot better.
You can easily see we have assets on Ethereum, Optimism, Base, Arbitrum, etc., and which protocols we’ve used on each.
Plus, DeBank is super helpful with whale watching. Aka you look into other rich wallets to see what they’re invested in.
P.S. – we’ve been using DeBank for 20+ months now. That’s longer than most relationships, so we figured it was time to do the whole “Meet The Fam” thing.
That’s why we created a Guide to DeBank. Just for you, fam.
BITE-SIZED COOKIES 🍪
ArDrive puts a twist on decentralized data storage with their “pay as you go” offering. To add to the savings, Milk Road readers can get 30% off their storage when using the code “MILK”.*
Coinbase posted $674M in revenue in Q3. The good news? Revenue beat expectations. The bad news? Trading volume is down 21% quarter over quarter.
The SEC subpoenaed PayPal over its PYUSD stablecoin. PayPal launched its stablecoin like two months ago and is already learning about the three most-feared letters in crypto: SEC.
ProShares launched the world’s first short ether-linked futures ETF. It’s called SETH and lets traders short ETH and profit if the price drops.
The total stablecoin supply has been increasing over the last 2 weeks. Some analysts suggest this could mean crypto is seeing an inflow of capital.
*This is sponsored content
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Everyone after SBF’s verdict…
— Milk Road Images (@MilkRoadImages)
Nov 3, 2023
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.