Market Update for Week 2022-08-22

Published: 2022-08-29

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All of the round data referenced below can be downloaded from here. The data is part of a project that downloads round data periodically and uploads the csv.

Bitboy drama

This week's drama in crypto-land was surrounding Ben Armstrong or Bitboy. I don't follow any "crypto influencers" and haven't heard of Bitboy before a few weeks ago, but he made waves by suing someone for ... calling him a dirt bag?

I don't follow crypto influencers because they're all pretty much scammers. At least with the female crypto influencers, they're selling their looks. But why would I care what some overweight neckbeard thinks about crypto? Is he a crypto developer or someone who made money with a strategy other than hodling from 2012? No? Then his opinion is meaningless to me

The problem with crypto influencers is that the incentive for fuckery is just too high, especially if you're non-technical. Someone out a white paper and a landing page for a new crypto project, offers some influencers worthless coins to promote and the influencer just sees it as free money. There is little due diligence by the influencer and even if they tried, if they're non-technical it would be pretty much impossible to find the rug pull. The rug pull doesn't even have to be malicious. It could just be the owners dumping all their coins.

Anyway, ZachXBT discovered Bitboys pricing and practices by posing as someone looking to advertise.

Yeah, it's pretty bad, but it gets worse. ZachXBT also uncovered a bunch of explicit scams Bitboy promoted. It's not so each to track down because Bitboy has a habit of deleting videos of himself shilling certain coins or NFTs after the rug pull.

So this obviously wasn't good for Bitboy's business so Bitboy sued someone else claiming defamation.

Getting hit with a lawsuit is terrifying and if someone gets a reputation of suing people, you can bet it'll scare off many people trying to expose the person. Crypto has a huge problem with scams, so we need more digital sleuths uncovering frauds and less crypto influencers shilling shitcoins for money.

This action resonated with a lot of people in the crypto community and atozy was able to crowd fund a few hundred thousand for a legal defense. Special shout-out to Cobie who donated $100k in ETH and another $100k when Bitboy lied about pulling the lawsuit.

The response was so strong and Bitboy got so much shit online that Bitboy eventually claimed he'll pull the lawsuit, although there was a little "miscommunication" between his lawyers and himself, so who knows. But this was a rare win for the crypto community. Unfortunately Bitboy continue to have 1.44 million YouTube subscribers and closing in on a million Twitter followers. I would say he's probably no worse than any other sleazy crypto influencers, but he did try to sue someone for calling him out, so he really is worse.

My advice for everyone interested in crypto is stay away from these people. Don't buy shitcoins and don't think of NFTs as investments. If you like to own or trade them or you want to support some team, that's fine. But if you're buying something on the expectation that it'll go up because some random neckbeard with a YouTube channel is telling you its hot, stay away. They're all shills.


Volumes have somewhat stabalized. The only problem is they've stabalized at around 20 BNB per round

This is obviously pretty bad and no one in Pancake Swap seems to care.

In other news, crypto prices have taken a hit this week. There are rumors that MtGox Bitcoin will be dumped soon, but I haven't been able to confirm. I'm not sure if that's built in to the price, but normally these types of events get priced in pretty early and by the time it happens there's a pop because people are buying back. But who knows?

Winners and Losers

Note that these are winners and losers from the last 3 weeks.

Placeaccountgames playedwonwon USDWinnings Even MoneyAverage bet size
1 0xec77db18bafcbc4b646257e45a5333adee373bb7 15 42.65 8,871.0 6.63 6.12
2 0xad483dc8c4482eafdbebbc98ea66a89e461cfbd9 759 40.26 8,374.0 34.42 0.92
3 0x30d351e8296a5db91be9f95e43e2a057a784a72e 56 39.98 8,316.0 9.27 3.63
4 0xe509034fa973423c86c509a4029dbdf94bd35373 466 33.1 6,886.0 32.9 1.22
5 0x59ec4d63646377ab021a29b7b287ade204a41d25 105 28.92 6,015.0 18.52 1.32
6 0xacad36c8cf554b6798c25f72ff40295e6ab60d80 92 28.9 6,010.0 31.04 1.05
7 0xf08c0a1dbf5c6db9e8cbd9a89f9f4ee3987b8bce 474 28.63 5,955.0 32.63 0.75
8 0x54edb2d995846d3e21858aad08bd49c55f42f1b0 47 23.67 4,924.0 21.45 1.68
9 0xe8c584efbd75404d2de8e3f167e6cfff0be156c7 1484 21.84 4,543.0 80.9 0.4
100xb7415116f0028fc345d51e8f78b5630dcfa4899d 600 21.42 4,456.0 27.34 0.64

Top dog had a few good games this week. Our #2 was a top loser last week, losing ~35 BNB. Looks like he made it all back and then some! Good thing he didn't listen to me and stop playing otherwise he wouldn't... be down 1,385 BNB over his life? Okay nevermind...

Speaking of losers...

Placefromgames playedwonwon USDWinnings Even MoneyAverage bet size
10x4437950da24c967f66a5258fe126bd36ecf11768 64 -70.67 -14,699.0 -11.73 5.96
20xc1f265e222c5a4b6c8c536f9cc138c648518b6ac 130 -62.65 -13,031.0 -5.13 5.88
30xfcf58e5d4e2debf15ef1627e91dd8e366e733cdc 99 -57.99 -12,061.0 -2.38 1.17
40x8d9552890a3eed16728b0df0802d2282bbbdb40c 271 -51.23 -10,656.0 -24.63 2.52
50xe9f971a510747118eaffb1bf78411eace3102a31 375 -48.51 -10,089.0 -14.52 1.66
60x63844d978799754de7d4e7401e9950ad70f62405 121 -46.85 -9,744.0 -17.91 2.36
70xf1f6edb9d418ebb4b69d1cf417a619fb6088713d 231 -46.66 -9,705.0 -7.09 1.08
80x75eb3737964d057852f01804a697af7983a7174a 188 -42.06 -8,748.0 -13.07 4.93
90x155fd98afdc6f1f079482474f693414ae15a6f66 108 -40.22 -8,366.0 -15.29 2.89
100xc0bd221dc8bd58446d53b6043fadf8ec45cf5316 470 -39.98 -8,315.0 -8.27 2.11

We'll always love out losers, even if they sometimes win.

As always, feel free to reach out with questions or comments or want my to highlight anything different on my weekly market recaps. If you like what you read and want to subscribe to receive an email when a new post is published, click here.

Good luck and bet responsibly!