GM Seedphrasers 👋 the morning newsletter from your crypto friends that stay up all night so you can wake up to bullish-ness.

📓 Today’s Agenda:

• 🧐 Bullied out Ryan Quits

• 🔥 Hot Headlines

• 💻 Tech Execs move to web3

🧐 Ryan Carson Calling Quits

2023 hasn’t been the best for Ryan Carson. Earlier this year he ran into some controversy with a new venture he was planning to launch. And now he’s calling it quits, from Web3 as a whole.

A trip down memory lane:

Ryan got his start as the founder of a company called ‘Treehouse’ in 2011. Treehouse taught students how to code. Seems like a great company. So what happened to it?

Well, in September of 2021, Treehouse laid off almost 90% of its staff without severance pay even though they had been growing like crazy up until August 2022. A Treehouse Insider breaks it all down in this article.

This wasn’t the first time Ryan found himself in hot water with the web3 community. In April of 2022, Ryan was the COO of PROOF Collective and resigned to manage his own fund, 121G, after receiving complaints that running his own fund while simultaneously being the COO of PROOF was a conflict of interest.

121G hasn’t been a great run for him either, with investors down over 60% of their portfolios over the last year, he topped it off a week ago by spending 100’s thousands on BTC crypto punks, and let’s just say they haven’t lived up to the hype recently.

In 2023, he announced a new fund on Twitter called “Flux” (no longer exists) with a plan to raise $10M but failed at the raise due to his poor positioning, and a big mistake of naming investors publicly before they actually committed.

Daily Dose? The morning show he’s been running for the last 8 months is now over with Zeneca and the ZenAcademy team adopting it.

The Lesson? Fool me once, shame on you. Fool me twice, shame on me. Thats how Crypto twitter feels.

TLDR; The internet is ruthless, and being a founder in the space comes with the territory and a lot of pressure, especially when building in public. For Ryan, with a track record of what some call “failures” and others call lessons, looks like Web3 failed him. And he doesn’t seem to be comfortable enough to participate or build anymore.

Is Ryan Carson quitting a net positive for the space?

🔥 Hot Headlines

📉 Crypto & The Markets:

• Comparing the 2023 crypto rally to the 2019 bear market rally, what indicators should we be looking at? - Read more

• Liquid Staking > DeFi Lending? For the first time ever we saw Liquid Staking surpass Lending in terms of TVL

• Going backward to go forwards, Solana Network goes down and validators downgraded their software to get back online - Read more

🖼️ NFTs:

• Memeland offers 999ETH for this key - Check it out

• Azuki on Netflix?!...check it out here!

• NFT Capitulation, the best time to buy is when others are scared

• Blur airdrop farming gone wrong

🤖 Ai

• Use ChatGPT on your own time! JP Morgan restricts usage for its employees - Read more

• “During a gold rush, sell shovels.” This company is selling the shovels behind the AI revolution

• You can learn something about yourself based on the prompts your using with a chatbot - Read more

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💻 Tech Execs move to web3

Tech executives are leaving web2 behind for the greener pastures of web3.

It seems like every other headline these days is a major tech company announcing layoffs or putting on a hiring freeze. But, we’re also seeing a trend with executives at these companies moving to web3.

Over the past week, we saw:

• Trip Hawkins, a former Apple executive and founder of Electronic Arts, join ‘Games for a Living, a Barcelona-based startup, as co-founder and strategy chief

• Young Sohn, Samsung’s former chief strategy officer and electronics president join Astra Protocol, a decentralized web3 compliance and KYC firm

After what happened with FTX, the web3 community could use more ‘adults’ in the room. The trend we’re seeing now could be exactly what we need. People like Trip and Young know how to run successful companies.

Look for these executives to bring more talent to web3.

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😂 Meme of the day:

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