🙅‍♂️ Bad investment advice

GM 👨‍👩‍👧‍👦

Seedphrase Daily 👋 This is me trying to come up with different ways to tell you we make you crypto journey easier.

Fun Fact: the first commercial Bitcoin transaction was 10,000BTC for two pizzas. 

Today’s Agenda 📓:

• 🙅‍♂️ What Not to Do When You Make a Bad Investment 

• 📝 Magic Eden plans to take over the NFT marketplace. 

• 🚔Troll uses Tornado Cash to send ETH to celebrities

🙅‍♂️ What Not to Do When You Make a Bad Investment

"Sometimes losing shows you who you really are" - a random guy on Twitter.

SafeMoon was one of the first shitcoins that went viral, making people an insane amount of profits. I saw someone turn $48 into $480K. It was ALL over Twitter, with huge influencers like Logan Paul and Elon Musk mentioning it.

Back in 2021, at the peak of the bull run, the founder of Barstool Sports, Dave Portnoy, publicly announced that he had invested in SafeMoon. Nothing else. It was not a paid sponsorship or endorsement. This announcement caused a butterfly effect where many others invested and lost money. 

Now some of those people are coming back to sue him. LOL.

This is a video of a man knocking on Dave's door, informing him of the lawsuit. 

Worse than getting water thrown at you while you sleep. 😴

Here are mistakes people make when trading, taken from the guy in the video. 👇

1. Hold others accountable for your actions - Rather than blaming himself for making a bad trade. He blames someone else rather than learning and moving forward. 

2. Overextending - if this guy is tripping this much over a loss, he was most likely invested more than he could handle emotionally, which caused him to do silly things like this. 

3. Following blindly - If he knew what he was investing in, rather than just blindly following some guy on Youtube, he might have done his due diligence to understand the coin and space to realize that there was a chance his money went to 0. Hell, Dave even said it might be a scam in the video. 

Moral of the story: don't sue people because you can't come to terms with your loss. 

📝 Magic Eden plans to take over the NFT marketplace.

Magic Eden is the leading Solana, and they are looking to make roots on the Ethereum network. And have submitted a proposal to the Ape Coin DAO to build a marketplace for $APE holders.

This is what the marketplace will include: 

• $APE Holders can buy/sell NFTs for a 0.75% transaction fee 

•  1.5% fee for each trade with a 0.5% discount for all transactions made in ApeCoin (APE) and an additional 0.25% discount for transactions made by Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club NFT holders. 

• OpenSea is currently at 2.5% 

• Future utility such as project launchpad and merch store built in. 

• If approved, it can launch the proposed marketplace in September.

Our thoughts. 🗣

ME is pushing to take over a big chunk of the NFT marketplace. BAYC is the strongest community with active volume and high floor prices. A 0.75% transaction fee would yield them a lot of cash and incentivize traders to save money on costs. 

They also want to create an ecosystem to increase the application and utility of ApeCoin, looking to create a revenue stream for the ApeCoin DAO by splitting fees between Magic Eden and the DAO.

If you've used ME, you would know it's way smoother with features that OpenSea lacks. Successfully onboarding BAYC and future ETH projects, they could climb to be the #1 marketplace.

Read the Full Article 

🚔Troll uses Tornado Cash to send ETH to celebrities

In an attempt to demonstrate how difficult it would be for the U.S. government to enforce the ban on Tornado Cash, a troll started sending small amounts of ETH to celebrities and whale wallets. 😅

The suspect is this guy on Twitter, but because of T.C.'s anonymity, we will never know. 

This is the list of people that got sent approximately 0.1Ξ each. 👇

He's likely just trying to show how the ban won't prevent people from using it because anyone can send ETH into a public wallet, making it impossible for the U.S. government to stop it completely. 

If you want to learn more about Tornado Cash, check out yesterday's newsletter! 

🌱 NewSeeds

Ethereum CoFounder Says He used Now-blacklisted Tornado Cash to Donate to Ukraine Whoops. 😂

Coinbase Posts $1Billion Net Loss in Q2, Stock Tumbles. Buy a ledger! ⛑

New NFT privacy proposal Gets Vitalik Buterin’s Attention. TC’s replacement 👂

Circle’s USDC Will Not Support an Ethereum Proof-of-Work Fork Will this be detrimental? 🤔 

Ethereum DeFi Exchange Curve Suffers Frontend Attack: Report. No one is safe. 🥷

Meme to Cheer You Up. 

Best meme gets 0.1Ξ.

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See you tomorrow! 

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research!