🥛 TBT: A multi-million dollar crypto bet 👀

PLUS: Will the Bitcoin 2020 crash repeat?                                                                                                                                                                                                                                                                                                                                                                                                                 March 16, 2023 | [Read Online]( GM. This is Milk Road. We’re the Keanu Reeves of crypto newsletters; action-packed and relatable with a track record of being awesome. Here’s what we’ve got for you today: - TBT: The $22M Luna bet - Wtf is MEV? - Graph of the Day: BTC 2020 crash - Epic Games is launching more crypto games on its marketplace Today's edition is brought to you by [First Batch ID](, the future of decentralized identity. TBT: THE $22M LUNA BET It’s that time of the week… Throwback Thursday. The day we reminisce on the simpler times, when our biggest worry was what AIM “away message” to use. (My go-to: Real g’s move in silence like lasagna.) Today’s TBT… The $22M Luna bet. Here’s the story in three parts: Part 1: The Call Out. It all began when Sensei Algod (a well-known crypto trader) started talking sh*t about Luna. Algod called it “the Ponzi of this bull run” and said it was only a matter of time before it collapsed. He was so confident that he challenged anyone that wanted to make a $1M bet on it. #shotsfired Part 2: The Clap Back. 90 minutes later, Do Kwon (the founder of Luna) responded on Twitter: “Cool. I’m in”. And followed up with his own jab… [tw profile: Do Kwon 🌕] Do Kwon 🌕 @stablekwon [tw] Replying to @stablekwon @AlgodTrading@CryptoHarry_@ZeMariaMacedo Would prefer to ask whatever your net worth is and bet 90% But maybe this is what that is already Mar 13, 2022 1.18K Likes 58 Retweets 72 Replies If this was a high school cafeteria, this is when everyone would start chanting “FIGHT! FIGHT! FIGHT!” PART 3: The Bet(s). After some back-and-forth trash talk, Do Kwon and Algod finalized the terms… If the price of LUNA is over $88 (according to CoinGecko) on March 14, 2023, Do Kwon wins. If it's under, Sensei Algod wins. Ladies & gents, we have ourselves a bet. But that’s when Gigantic Rebirth (another crypto whale) entered the ring…. *queue WWE music* [tw profile: GCR] GCR @GiganticRebirth [tw] Interested in same bet for 10 million dollars [considered offering 50 million, but escrow becomes tricky] Would donate half to charity Expect price to pump short term, but in 1 year, supremely confident the current narrative is lost @stablekwon Algod @AlgodTrading Edited* Who wants to take a $1000000 bet that $luna will be lower price in 1 year than now? @stablekwon@CryptoHarry_@ZeMariaMacedo Mar 14, 2022 3.22K Likes 445 Retweets 440 Replies Well, that escalated quickly. GCR came in with that BWE - big wallet energy. And it suddenly went from a single $1M bet → multiple bets totaling $20M+. A few minutes later, Do Kwon agreed to GCRs bet and everyone sent their money to Cobie - the middleman who created an escrow account to keep the funds safe. [tw profile: Cobie] Cobie @cobie [tw] GCR, Do and Algod have all deposited to the Cobie Luna bet escrow address May the best degen win Mar 15, 2022 1.98K Likes 128 Retweets 174 Replies Just like that, $22M in the pot. Locked and loaded. Now here’s the thing: at the time, everyone thought Algod and GCR were crazy. Luna was a multi-billion dollar empire, all the “smart” VCs were backing it and calling it the best thing since sliced bread. Hell, we even thought they were crazy. Here were our famous last words: Yeah, we f*cked up. We rode with Do Kwon into a damn tsunami. Fast forward to today: the $40B+ empire collapsed, 1 LUNA token = $0.0001243, Do Kwon is a wanted fugitive, and the words “terra,” “luna,” and “Do Kwon” are all banned in my household. But where there are mistakes, there are lessons. Here are our 3 big takeaways from this: - Do your own research. There was a lot of hype around Luna, but there were plenty of people calling out the flaws before it collapsed. Always DYOR and think for yourself. - Don’t just follow the big names. Using “Well, BigName invested in it so it’s safe” to validate an investment is one of the worst things you can do in crypto. - There is no “smart money”. Jump Capital, Galaxy Digital, etc. - they all got burned. Turns out “smart money” is just as dumb as me. Oh, and f*ck Do Kwon. *mic drop* [PERSONALIZE YOUR FEED WITH A.I]( I love the internet because every piece of content is on the tip of my fingers. One minute I’m reading a thread about a new blockchain protocol and the next minute I’m watching a TikTok about Warren Buffet. But, sometimes, there’s too much content. I don’t want to read another lame news article or watch a video on interior design. I want to learn about crypto and investing. Our friends at First Batch are making sure I only get the content that matters to me. [First Batch ID]( (FID) is a decentralized identity that gives you control over your online experience. First Batch uses an AI training model to curate a content feed tailored specifically to YOUR interests. Here’s how it works: - Connect your socials to First Batch - First Batch collects your interests - Builds your FirstBatch ID (FID), a decentralized identity that gives you control over your online experience. First Batch doesn’t keep your data and runs a decentralized network to ensure data validity, prevent data leaks, and achieve autonomy. Soon, you’ll be able to use your FID to personalize your favorite DApps, including Decentralized Socials, NFT Marketplaces, and more. Want to take a peek? Here’s [Gravitate]( - FirstBatch’s feed curator that utilizes AI to serve you the most relevant content imaginable while still preserving your privacy. [The web just got personal]( CRYPTO'S $1B GET-RICH-QUICK TRICK Ethereum-based MEV rewards just hit a record daily high of [7,691 ETH]( ($12.6M) after SBV collapsed and USDC depegged. twitter.com/bertcmiller So… wtf is MEV? Well lucky for you, Professor Milk Man’s got your back. Welcome to MEV Intro: 101. Class is in session… MEV = maximal extractable value. It's a trick people (validators/trading firms/retail investors) use to make profits off of pending transactions before they're confirmed on the blockchain. Think of it like this: robbing a bank is hard. There's lots of security, and you have to break into a vault. A better way (according to the movies) is attacking when the money is in transit in one of those armored trucks. It's still hard, but there will be a short window when the truck is parked & is wide open. The money is almost in the bank, but not yet. This is kinda like a pending transaction in crypto. It's during this period of time when someone can execute MEV attacks to make BIG profits. And with the help of bots, they’ve gotten filthy rich doing it… The MEV market is estimated to have made over [$1B in profits over the last 2 years.]( There are three main ways people extract MEV: 1/ Arbitrage Trading They buy a token on one exchange and sell it at a higher price on another. MEV bots can quickly spot and take advantage of the discrepancies between the two markets. The upside: it gives traders a truer, fairer price. Token prices vary across exchanges like Uniswap & dYdX. This closes the gap amongst them all. The downside: it makes you vulnerable to getting front-run by the bots. 2/ Front-running This is when bots steal your chance to have your transaction confirmed. They spot big transactions and duplicate them with a higher gas fee. Those higher fees mean validators are more likely to confirm their transaction first. It’s like when your mom pays the rollercoaster line guy $20 to let you cut the line. 3/ Sandwich Attacks These are the sketchiest. Beware. It’s when a MEV attacker sandwiches a victim’s trade with two others: a buy order for the token with extra gas fees, then a sell order placed right after the victim’s. This artificially raises the token’s price. The victim ends up paying a higher price, meaning the MEV attacker profits from the price difference. So let’s say someone buys $500 worth of ETH. A MEV bot sees the placed order in the mempool (list of pending transactions,) and places an order worth the same amount of ETH plus maximum gas fees to front-run them. Only the victim ends up paying more because the bot’s buy order raised the price. Then when the bot sells right after the victim’s, it pockets that change. Well played, bot So why are MEV rewards at an ATH? Because everyone and their mother have been withdrawing USDC. They all got spooked when Circle said it had $3.3B in reserves in Silicon Valley Bank, [which collapsed](. More people cashing out = more transactions = more opportunities for MEV rewards At least there’s someone making the most of a bank run. MEV earners out here making lemonade out of dead-bank lemons. GRAPH OF THE DAY: THE 2020 BITCOIN CRASH The year was 2020. Shakira & J. Lo had just owned the Super Bowl. Everyone was watching Tiger King. And then COVID-19 hit. It caused a financial panic that sent Bitcoin crashing down 50% in just ~1 day, from $8,000 to ~$3,700. The Milk Man still has nightmares…*shudder* [tw profile: Crypto Guy] Crypto Guy @Crypto_Guy360 [tw] Replying to @Crypto_Guy360 #Bitcoin 9-13 March 2020 plummeted due to covid (yellow circle). Will history rhyme again and could the collapse of #SVB (Silicon Valley bank) have a ripple effect across other banks and tech stocks/companies? Mar 12, 2023 1 Likes 0 Retweets 1 Replies So what? BTC fell hard that month. And it did again in May 2021 (~53% drop) and then gradually in 2022 (thanks, inflation + interest rates.) But the OG crypto is still kicking; it’s sitting at ~$25,000 today. So if we can get through all that, everything’s gonna turn out just fine. #hodl BITE-SIZED COOKIES [The DOJ was already investigating Signature over poor leadership before it shut down, NY’s regulator said.](The government has been fielding criticism for shuttering another crypto bank without good reason. [Euler Finance is giving the hacker that stole ~$200M a choice: return 90% of the stolen funds and keep $20M of it or face prosecution.]( [Fortnite creator Epic Games said it has 20 crypto-enabled games in the pipeline to add to its online marketplace](. It currently has five. [Sesame Street is launching its first NFT collection based on the iconic characters behind the beloved show](. There will be 5,555 pieces priced at $60 each dropping on March 19. MILKY MEME 🤣🤣 That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better - no screaming kids, awkward photos, or drunk uncles telling weird stories [(@MilkRoadDaily)]( Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: [ HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with the Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( A ROADER'S REVIEW VITALIK PIC OF THE DAY [tw profile: Milk Road] Milk Road @MilkRoadDaily [tw] Mar 16, 2023 9 Likes 1 Retweets 0 Replies DISCLAIMER: None of this is financial advice. 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