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A few words on our journey before I dive into the latest market alpha…
I started YCC in 2021 with a simple idea. To create a safe space to onboard new members to crypto and share my lessons based on my own journey since 2014.
YCC is our home and it’s growing bigger every year. We now have 7,000 members on Discord, hundreds of Patrons, and over 10,000 subscribers to this newsletter. I’m humbled by that and want to thank all those that joined us across the years!
Our discord server, X account, and this newsletter are the foundation of our community, but we missed one ingredient. Something to rally YCC members together like never before. This is where RAT Escape came into the picture quite spontaneously in the form of our own community token in late 2024.
RAT exploded and I learned more in the past few months than perhaps in years prior to that. However, managing a token is hard. I was betrayed, hacked, and scammed. You become a huge target, but escaping the rat race is why we are all here.
And I am not leaving, whatever happens.
This community and writing about crypto is my passion. That will never change. This most recent experience generated a lot of lessons which I will cover in this newsletter over time:
Having our own community token is awesome, despite the volatility
No matter what you do, the market will still humble you
The crypto space has become more extractive than ever before
Back in 2014, crypto was EASY. You had Bitcoin and a few altcoins. That was it! Today? We have millions of tokens. The space also got better and smarter at taking your money. This is why it is critical to be well informed when you navigate this space.
This newsletter and our community is here to help, as best as we can. I also made mistakes, but I continue to learn and adapt to this fast-moving space. If you want to do this together, then I look forward to welcoming you!
Latest Market Alpha
TLDR: The crypto market is entering a very turbulent period. This is perhaps the hardest part of any cycle. Time to seriously prepare.
In the past few weeks we had several events in crypto which raised eyebrows, and based on my experience, they are key signals that the market is preparing to enter some turbulent times.
Why?
Because I’ve seen this before.
If you don’t understand what I mean, here are a few examples:
THORChain or RUNE became insolvent
THORChain is one of the largest DeFi protocols that captured a key niche in crypto by swapping native coins using their native chains. For example, BTC to ETH and back without using third parties.
However, most recently, their lending mechanism was stopped and the protocol was declared insolvent to the tune of over $75 million. RUNE price also crashed by 87% due to this.
When major DeFi protocols such as THORChain turn insolvent, that is a key red flag that the market is changing. But the next one dwarfs the above by far.
Bybit, one of the largest crypto exchanges, got hacked and lost $1.5 billion
Yesterday, Bybit announced that they got hacked in a sophisticated attack. Their cold storage wallet holding over 500,000 ETH worth $1.5 billion was drained in full by hackers.
This was the largest hack in the history of crypto!
Bybit CEO managed the crisis well and they continued to process withdrawals to the tune of over 350,000 withdrawals in 10h. To be able to do this, they borrowed ETH from other exchanges and received cash infusions from Binance, the largest crypto exchange.
Bybit crashing was a “too big to fail” moment in crypto. The space gathered around to save it. For now, they appear solvent. But the damage is done. The hackers seem to be connected to North Korea and this is not their first attack.
When a major DeFi protocol goes insolvent and a major exchange loses billions, it’s time to be careful and prepare for turbulent times ahead because this is exactly what we’ve seen in the past, multiple times!
While the above two examples are significant, the next one dwarfs them both.