🥛Samuel's media tour... is he lying to everyone?
- Writer Milk Man
- December 3, 2022
- •3 Min Read
GM. This is the Milk Road. We are the crypto newsletter brightening up your Saturday after the U.S. got beat down by the Dutch.
It's called football for another 4 years.
Here's what we got today:
- Is Samuel telling the truth?
- Bottom Signals: Jim Cramer, Laser eyes, and a $500k Bitcoin prediction
- Milky Meme (it's Saturday, give us a break)
IS SAMUEL TELLING THE TRUTH?
Samuel has been doing a media tour like he's promoting a new blockbuster movie.
The only issue is there is no blockbuster movie (there will be one soon, and I have a feeling Samuel won't be promoting it) and Samuel is a Big Fat Dirty Liar.
Or, at least it seems like it.
Samuel is making some big claims on this media tour, so the Milk Man stayed up all night to dig deeper. Here are 5 statements that don't add up.
1/ Said he wasn't very involved in Alameda
Samuel was the chairman of the board and largest shareholder in Alameda. He also helped the company with venture investing.
Genevieve Roch-Decter pulled out the spreadsheet Samuel sent Forbes to prove he was a billionaire.
What billionaire sends financials to show they are actually a billionaire? More importantly, what finance company uses Google Sheets?
2/ Samuel wants to make it seem like this was a mismanagement of risks. "This is how banks work."
Banks don't let you
- Lend 70% of their deposits to one borrower
- Have that borrower be the founder of the bank
- Accept made up tokens and derivatives ($FTT) of the bank as collateral
Imagine going to your dad and saying, "Hey, can you lend me $10k for a car? Just so you know that I will pay you back, I am going to put up the chore bucks I gave you for your birthday as collateral."
Your dad would never do that because
A.) You created the chore bucks out of thin air. They aren't actually worth anything.
B.) Your dad already owns them
3/ On November 6th he had a feeling "things were going to end badly"
Well then, why did you make these two tweets on Nov. 6th and Nov. 7th?
On November 6th Samuel said FTX had already processed billions of dollars of deposits and withdraws.
In a now deleted on November 7th, he said that everything with FTX is fine. Assets are fine.
4/ FTX US can process withdraws today.
FTX US filed for chapter 11 bankruptcy. So....
5/ I only have a half a drink of alcohol a year
Alameda owes Margaritaville $55k. I can't even run up the bill to $500 at Margaritaville and the Milk Man loves him some strawberry margaritas.
Reply to this email to tell us how sick you are of Samuel.
On a scale of 1 to I lost all my money on FTX.
The best answer gets $100 in ETH. I'll be watching.
The best part of a bear market?
Prices are on discount every day.
Crypto basically turned into the Lucky Brand of financial assets.
Everyone is asking the same question, "when is the right time to buy crypto?" People don't just want to buy low, they want to buy the rock bottom of the market.
The issue is the market is impossible to time.
So today, we we're looking at reasons the bottom could be close. We're calling it Bottom Signals.
1/ Bitcoin Miners are being destroyed
In previous cycles, Bitcoin miners had to go bankrupt before things got better.
When miners blow up they have to sell their Bitcoin. So if these paper hands still have Bitcoin, we know there's still room before we bottom.
Right now we're in the middle of a giant Bitcoin mining capitulation. The shakeout is necessary.
2/ Jim Cramer advises investors to cash out on crypto while they can
Cramer bullish = Milk Road bearish.
Cramer bearish = Milk Road bullish.
You aren't fooling us this time Mr. Cramer.
3/ Celebs remove laser eyes from their Twitter
At one time, putting laser eyes on your Twitter profile picture was a badge of crypto bullishness.
Here's a list of celebrities who had laser eyes at some point: Tom Brady, Anthony Pompliano, Will Clemente, Elon Musk, Seantor Lumis, the Winklevoss twins, Paris Hilton and even Sean Hannity.
Now they are getting rid of them like it's the plague.
4/ Crypto influencers talk about giving up
5/ Veterans get bearish on crypto
- Mike Novogratz from Galaxy Digital ditched his $500k Bitcoin price target prediction
- Paul Graham's Nostradamus crypto tweet, "A person I have known for more than ten years, who I consider trustworthy, is convinced the cryptocurrency economy will shortly experience a systemic risk. I don’t know anything concrete, but if I were exposed, I would be concerned."
- Mark Cuban unfollowed every crypto account
- The crypto is dead folks are so in right now
LAST SIGNAL: My friend Jimmy told me he sold all his crypto
Sometimes the best bottom signals are right in front of your face.
In the height the 2021 bull market, I had friends reaching out to me I hadn't spoken to in years asking me if they should buy crypto.
Now everyone I know is selling or calling me a fool for delivering milk to the Roadies every day.
Listen, I ain't giving up on crypto and I ain't giving up on the Roadies. Here for the long haul.
TODAY'S EDITION IS BROUGHT TO YOU BY CHAINALYSIS
It’s not just you. We’ve noticed that the Milk Road Fear & Greed Index has been in the red for months now too. The last few weeks haven’t helped inspire confidence.
No one likes living in fear.
That’s why Chainalysis is building the best data set in cryptocurrency. Web3 companies, banks, and governments use Chainalysis to:
- Safely participate in the DeFi revolution
- Recover funds lost in a cyber incident
- Meet regulatory obligations
- Detect and investigate crypto crime
We still believe the future of the global economy will be built on blockchains. Learn more about the work ahead here.
This guys made a rap about Samuel and FTX using just AI... 🤯
That's a wrap for the week. Stay thirsty & see ya on Monday! If you want more, be sure to follow our Twitter (@MilkRoadDaily)
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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.
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