Today’s newsletter will be short and precise. We wanted to remind everyone each one of our readers to be careful when investing in crypto, especially those days when everything seems like it is falling aparent and you do not know who to believe.
In times like this, it is always better to focus on building stuff if you really believe that blockchain and web3 space has a future. If you are doing it just for the speculation opportunity hoping for the prices to go back, please reconsider for now as there is a huge volatility in the markets and the expectation is that there were lot of other ‘pretending to be’ web3 players who were involved with the FTX collapse and we might see other well known projects fall apart in the upcoming days.
Also, we are assuming most likely you have watched at least one episode of Shark Tank. Kevin O’Leary was one of the investors in FTX and apparently lost a lot of money. Although he was a successful investor previously, this shows how unfamiliar most of the famous people and celebrities are with web3 projects, they were greedy and were hoping to get a piece of it.
Also, regarding BlockFi, as you might be familiar already, things are not going that great. Yet, you have people like Pomp who are extremely popular in the web3 space where he shilled all kinds of crypto projects. Obviously he got compensated for all that, but in the end people who believed in him lost a lot of money.
Always do your own research. Ignore all the noise coming from crypto celebs.
Stay safe!