Its Buffett & Munger against crypto

Hope you didn’t get rekt by ETH gas fees over the weekend.

MUSHROOM ALPHA

What's up? We were at the pool over the weekend trying to hop across inflatables. Later that day we tuned in for the epic Otherside mint. LFG!

Today's Topics:

  • It's Buffett & Munger against crypto

  • Yuga Labs raised a crap ton of ETH

  • How to read smart contracts

  • Quick Hits

It's Buffett & Munger against crypto

Haters gonna hate. During their annual Berkshire Hathaway annual shareholder meeting Buffett and Munger put Bitcoin on blast. Buffett mentioned he would rather buy farmland or apartments since they produce income. Still not coming around on Bitcoin yet. 

"If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn't take it. What would I do with it?" ~ Warren Buffett

We would double that offer btw.

"In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else. Bitcoin does all three." ~ Charlie Munger

We thought he was talking about skinny jeans.

No, we are not gonna make fun of them. We will take the high ground on this one and compare their statements over time to the value of Bitcoin.

Statement vs Price:

2014 - Called Bitcoin “mirage” - BTC around $600

2018 - Called Bitcoin “rat poison squared” - BTC around $10,000

2022 - Called Bitcoin not worth $25 - BTC around $38,000

Yuga Labs and Otherside - The Saga Continues

This past Saturday Yuga Labs (BAYC creators) launched Otherside. Sometimes good intentions don’t always go as planned. The team over at Yuga Labs slammed Dutch Auctions for their potential to create gas wars and decided to launch using a different minting mechanic. 

Unfortunately this created a gas war. People paid up to 5 ETH to mint. Whoops.

The Good

  • Yuga Labs raised a record amount of ETH (over $250 million) and sold 55,000 Otherside plots.

  • Trading in the secondary markets on Sunday was over $450 million in volume

  • A record amount of ETH was burned. Good for HODLers who want to see ETH become deflationary.

The Bad

  • Users spent over $150 million in ETH on fees trying to mint Otherside.

  • Some of these users also lost ETH trying to mint. Yuga said they will refund.

  • Untold hours that could have been spent watching Netflix. Lost.

What’s next

  • Hmm. So they want to launch their own Layer 1?

  • The team will have to do a post mortem while celebrating their cash grab.

How to read smart contracts

Quick Headlines

Emily Yang aka Pplpleasr releases a NFT for charity. - All profits go to upcoming women creators

Funding News:

Hacks:

Peace out!

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.