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The Wolf Den #554 - Let’s Make This Right

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August 2 · Issue #554 · View online
The Wolf Den Crypto Newsletter
Welcome to The Wolf Den! This is where I share my ideas about the market, technical analysis, education and advice regarding trader psychology and emotional control. The newsletter is released every weekday and is completely FREE.
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In This Issue:
  1. Let’s Make This Right
  2. Bitcoin Thoughts And Analysis
  3. Legacy Markets
  4. Craig Wright Wins 1 Pound, But Loses Face
  5. Tiffany’s Makes CryptoPunk Pendants
  6. Another Day, Another Bridge Hack
  7. Why Everyone Is Obsessed With Helium Blockchain, The People’s Network | Amir Haleem
  8. My Recommended Platforms And Tools
Let’s Make This Right
After sending off yesterday’s newsletter and going about my day, I began to have second thoughts about how the newsletter ended.
Something was missing.
The end of yesterday’s newsletter was no different than hundreds of other editions that have concluded with a podcast segment. That said, this particular podcast with Ran Neuner did not receive the attention in the newsletter that it deserved, because it was profoundly impactful.
Now I have the opportunity to make it right.
After reading the title, your first thought is likely that this story is crazy, but that you can never relate. But if there is one thing that I want you to get from this intro, it is that we can actually all relate and we can all bounce back.
The amount of money lost is irrelevant. What matters is how impactful a loss is for each individual. $100 million for Ran may be less meaningful than $1,000 for someone who needs the money to pay their rent. We have all suffered painful losses and need to find ways to overcome the hurt.
And we can.
None of this is easy. Being here and working towards our desired outcomes is mentally and physically exhausting, particularly in the depths of the bear market. We all dream of what could have been if we had just sold the top, or invested elsewhere. We all had plans that are now on hold. We all lost money that we could not “afford to lose.” Some of us lost money on Luna. Some of us potentially lost money on Celsius or Voyager (me), and all of us have lost money HODLing. We are a community of like minded individuals who have shared both the highs and the lows.
Ran Neuner summed it up perfectly in his account of Luna.
Sometimes, I’m an irresponsible guy. I like risk. Sometimes I invest too much in small caps. And I was all in on Luna. I blew 50% of my portfolio up as a result of that stupidity. And through being authentic and being who we are, and telling everybody too much and giving everybody our life stories, we have built an amazing community.
*Sensitive Content Below*
God, I mean the feeling that I had with Luna was the worst thing I’ve ever had in my life. It was, I mean I never thought about suicide but at that point, I could understand why some people commit suicide. The biggest failure. Got home. Morbid. Couldn’t think.
If you already saw the episode, then you know how the story ends. If you haven’t listened, then would you believe that the story has a happy ending?
Ran Neuner said this.
I started to see my own ability and my own wealth as a chart. So what I did was I hit a higher high and then I went down, but it was a higher low, so I was still at a higher level. My next point obviously is a higher high. I think everybody’s going to take losses in their lives. We all lost money, but we’re in this together. People on the streets told me, you’re bringing us back you’re taking us back, you’re carrying us back you’re helping us.
With a newfound work ethic, a little bit of perspective, and a lot of positivity, Ran found a way out. It’s not always a clear or easy path, but it is one that I hope we can all take. 
I hope this message brings us some perspective and helps lighten the load on our difficult journey. Crypto is tough, but we are built for it and we are all in this together.
There are brighter days ahead.
Bitcoin Thoughts And Analysis
WEEKLY CHART
Stock futures are down, therefore Bitcoin is down. Sad, but true. Technically, this is simply a retest of the red 200 MA as support on the weekly chart, which we expect. It’s only Tuesday, so there is a lot of week left.
Legacy Markets
US-China Tension, Growth Fears May Sap Asia Stocks: Markets Wrap - Bloomberg
Nancy Pelosi is reportedly planning to visit Taiwan. Potentially today. So, of course, stocks are down as a result of US/China tension.
What to watch this week:
  • Airbnb, Alibaba and BP are among earnings reports
  • US JOLTS job openings, Tuesday
  • Chicago Fed President Charles Evans, St. Louis Fed President James Bullard due to speak at separate events, Tuesday
  • OPEC+ meeting on output, Wednesday
  • US factory orders, durable goods, ISM services, Wednesday
  • BOE rate decision, Thursday
  • US initial jobless claims, trade, Thursday
  • Cleveland Fed President Loretta Mester due to speak, Thursday
  • US employment report for July, Friday
Some of the main moves in markets:
Stocks
  • The Stoxx Europe 600 fell 0.6% as of 10:50 a.m. London time
  • Futures on the S&P 500 fell 0.6%
  • Futures on the Nasdaq 100 fell 0.8%
  • Futures on the Dow Jones Industrial Average fell 0.5%
  • The MSCI Asia Pacific Index fell 1.2%
  • The MSCI Emerging Markets Index fell 1.1%
Currencies
  • The Bloomberg Dollar Spot Index rose 0.1%
  • The euro fell 0.2% to $1.0237
  • The Japanese yen rose 0.6% to 130.87 per dollar
  • The offshore yuan rose 0.2% to 6.7675 per dollar
  • The British pound fell 0.3% to $1.2215
Bonds
  • The yield on 10-year Treasuries declined three basis points to 2.55%
  • Germany’s 10-year yield declined six basis points to 0.72%
  • Britain’s 10-year yield declined seven basis points to 1.74%
Commodities
  • Brent crude fell 0.7% to $99.28 a barrel
  • Spot gold rose 0.1% to $1,774.79 an ounce
Craig Wright Wins 1 Pound, But Loses Face
Craig Wright v. Peter McCormack: Wright Put Forward 'False Evidence,' Will Receive Damages of One British pound
After years of battling in court, a judgment has finally been made in the case of Peter McCormack vs. Craig Wright.
Drumroll please… the sum is just £1.
Craig Wright lied about the harm caused by Peter’s claims. Shocker. The judge ruled that Craig is completely full of shit (my words, not his). And even after all of this nonsense, Craig Wright - who claims to be Satoshi - is now saying, “I intend to appeal the adverse findings of the judgment in which my evidence was clearly misunderstood.
GO AWAY.
Tiffany's Makes CryptoPunk Pendants
Tiffany’s Reveals First NFTs—at $51,000 Each - Decrypt
Have you ever wanted to spend 30 ETH for a Tiffany & Co diamond and gemstone CryptoPunk encrusted pendant? Well, now you can. On August 5th, Tiffany will release 250 NFTiff passes, which are NFTs that allow holders to mint a unique Tiffany NFT and redeem a custom-designed physical pendant representing a CryptoPunk. How it works is the 87 attributes and 159 colors in the original NFT collection are matched to similar gemstones and enamel colors.
Would you buy it?
Another Day, Another Bridge Hack
Nomad token bridge drained of $190M in funds in security exploit
What a joke. It seems that every single bridge built in crypto has been exploited. In this case, the damage seems to total almost $190M.
I don’t even feel like getting into the details. This is yet another reminder that crypto is extremely risky and that you should likely stick to the basics.
Why Everyone Is Obsessed With Helium Blockchain, The People's Network | Amir Haleem
Podcast - The Wolf of All Streets
Amir Haleem, Founder of Helium, talks about his plans to build “The People’s Network” - a decentralized, wireless network powered by blockchain that could wrap the entire globe, forever changing the Telecom Industry.
Helium allows users to simply plug in a hotspot, join the network, and earn Helium’s token, HNT, as a reward. Amir shares how this innovative business model allowed his company to go from 0 to 1,000,000 nodes in less than 3 years, how Helium will continue to scale, and what hurdles they’ll have to jump along the way.
My Recommended Platforms, Tools And Podcast Sponsors
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Follow me on Twitter at @scottmelker. This is where I am constantly updating my trades and sharing ideas.
On-chain and fundamental analysis, research, predictions and indicators, all in one place. Highly recommend.
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.
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