It is in times of high market that the greatest excesses occur, as shown by the current correction scenario. After all, cases such as the failure of the Three Arrows Capital (3AC) and Celsius fund show that there were indeed many rash investments. In that sense, the leverage committed by these two funds doesn’t exactly fit like crazy. Other people and projects, however, have made a number of mistakes over the last year. As a result, they ended up losing a lot of money, or failing to win. See now which were the five biggest follies committed during the last bullish cycle of the market.
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R$ 200 million in the Constitution of the United States
How much would you pay to gain access to one of the most important documents in history? Well, a Decentralized Autonomous Organization (DAO) decided to buy a copy of the US Constitution. And for that, they disbursed the trifle of US$ 40 million. Instead of making a profit and walking away with money in their pockets, the group created a DAO and brought together millions of people to acquire the founding document of the largest economy on the planet. However, the project did not come to fruition and the constitution remains under the wing of Fort Knox.
Users refuse offer of R$ 50 million for NFT
While some users paid millions for a document, others turned down million-dollar offers for their goods. This was the case with a Twitter user named Richerd, who received a $10 million offer to sell one of his NFTs from the CryptoPunks collection. Likely excited by the exponential appreciation of NFTs in 2021, Richerd received the offer in October but declined. On the 18th, he used his account on twitter to justify the decision: “Final comment on my decision not to sell my Punk #6046 for 2500 ETH. Everyone who knows me knew I wouldn’t sell because they know what I stand for and what I’m building in the NFT space. Everyone thinks I’m an idiot and I made the wrong decision (I’m fine with that),” he said. Almost a year after the refusal, Richerd received no other offers from the market, and today the price floor of the collection has dropped from 206 Ether (ETH) to 51 ETH. That is, R$ 450 thousand in current values, less than 1% of the value of the offer received.
Ethereum symbol on Twitter
When he was still the CEO of Twitter, Jack Dorsey already expressed his predilection for BTC as a financial revolution. In this sense, the social network included the cryptocurrency symbol in its hashtags last year – something that was an immediate success among the community. The fact aroused a certain envy in many defenders of other cryptocurrencies, until the day Dorsey decided to play a prank by putting the hashtag #ETH, in reference to Ethereum. Along with the hashtag was a symbol, which many pointed to as being ETH. But in fact, it was the flag of Ethiopia, whose English name is Ethiopia. Notice the first three letters? Well, the community of ETH users fell for it, and only later did they realize the mistake.
Jack Dorsey Publishes ETH Symbol – Only Not. Source: Reproduction.
dying for the words
The collapse of the Terra ecosystem (LUNA) and its stablecoin UST is already one of the biggest events of 2022 – if not the biggest. But at the beginning of the year, Terra was one of the biggest blockchains in the world, occupying the Top 10 in terms of market cap. At that time, the CEO of Terra Do Kwon was a well of confidence with the success of his stablecoin. In fact, Kwon published in March 2022 a threat against stablecoin DAI: “By my hand, DAI will die,” Kwon said. Less than two months later, this was the fate of UST, which lost 70% of its value in a matter of days.
El Salvador President Announces Bitcoin Ley on Twitter
At the height of the BTC appreciation, the “laser eyes” movement began, where several enthusiasts posted photos with red laser eyes on Twitter. The height of these movements came after September, when the president of El Salvador made BTC the country’s official currency. Yes, obviously it was madness. An entire country adopts BTC as its official currency, something that is not even 15 years old? Sounds like insanity, right? But it was not. The Bitcoin Ley approval, which took place in April, was live streamed on Twitter. Specifically, journalist Nic Carter recorded a call on Twitter’s Spaces direct from the Congress of El Salvador. Carter, Bukele and the group that was in that room witnessed the passage of a historic law live, all directly transmitted through a social network. If you can see your profile picture in the recording, congratulations. Your name and image will be forever engraved in history. Read also: Analyst projects Ethereum Classic (ETC) future, which jumped 150% in one month Read also: Miami collaborates with TIME, Mastercard and Salesforce to sell 5,000 NFTs %
