Saturn Devouring His Son
Michael Saylor, Do Kwon and the Azuki team
Amid the broad market selloff we saw yesterday, three narratives caught my attention.
Like a broken record, every cycle it’s the same. Crypto has a special predilection to feed on their formerly favorite child.
The perma-bulls like Saylor suddenly become irresponsible gamblers and people are calling for his liquidation (no matter how incorrect the interpretation of his “liquidation” is).
Ponzinomics like Luna and UST that gathered support even from BTC maximalists on the way up quickly vanish on the way down.
The founder of Azuki admitted quite naively to have gone through a learning experience with three previous projects (debatable how well he handled those, some of it was borderline unethical). Quickly discovered that some people prefer not to know the truth about his past in order to protect their bags.
The idols today shall be devoured tomorrow. Act accordingly.