Happy Bitcoin Pizza Day 🍕

BITCOIN PIZZA DAY
Happy Bitcoin Pizza Day 🍕

Click to enlarge.

Gather ye round and lend thine ears unto a tale of woe so vast that merchants yet mark it upon their calendars, calling it Pizza Day, that none might forget what hath transpired upon the two-and-twentieth day of May, in the yeare of our Lord two thousand and ten.

In the warm province known as Floryda, thar dwelt a programmer by name Laszlo Hanyecz. A hunger most grievous didst grippe him that fateful Saturday. The pantry stood bare. From the depths of his belly there issued forth a great groaning and need to fill that which was barren.

“Forsooth,” quoth Laszlo, “I do crave a hote pye. Aye, two pyes, mayhap, for the morrow doth promise hunger anew.”

But nay! In those distant days, no proprietor of melted cheeses upon soggy dough wouldst accept this newfangled Bitcoin. The merchants did scoff. The dough-tossers did cross themselves at mention of cryptographicke coin.

And so Laszlo brought forth himself to the great forum of BitcoinTalk, and there inscribed this immortal proposition:

Ten thousand. For two. Pyes.

Lo! A Hero From A Distant Land

Click to enlarge.

There came forth in time a youth of yonder land tis called California, Jercos, of but nineteen summers – who didst recognize this hand of Providence.

He didst summon forth the couriers of the Papa John’s and dispatch two large pyes unto the dwelling of Laszlo, whilst ten thousand units of Bitcoin didst travel the other way across the immutable ledger.

The pyes arrived. Verily, Laszlo didst lift a slice, dripping with moisty grease most holy, laden with cheeze, bread, and sundry meats of indeterminate provenance, and he didst eat.

The transaction was etched upon the ledger, where it doth remain unto this very hour, that all generations might gaze upon it and weep softly.

‘O, I Am Fortune’s Fool!’

Click to enlarge.

For mark ye well what came to pass.

The coyne, once worth less than a farthing apiece, didst ascend in a manner most unseemly. By this present yeare of two thousand and twenty-six, those ten thousand coyne wouldst be $770,000,000.

Some say Laszlo doth bear his folly with grace, declaring he wouldst do it again, for someone hadst to be the first to spend the coyne. Others say he doth attend bed each night and counteth, in his head, how many pyes ten thousand coyne might purchase upon this present day. That number doth keepeth him most sorely awake.

As for Jercos, he didst spend the coyne. All of it. Promptly. On travel and trinkets and the foolish things of youth. To curse him for it is to curse a man for not bringing an umbrella to a rainstorm that hath not yet been invented.

And so, upon this two-and-twentieth day of May, we doth raise our slices and toast the memory of Laszlo and his pyes.

Thou shalt not spendeth the coyne, for the coyne shall ever be worth more upon the morrow.

TECHNICAL ANALYSIS
Some Alts Have Been Boomin’

I admit to getting bogged down into the nitty gritty of everything happening in and around crypto – and that means I miss on some of the wildest moves going on that I just haven’t noticed. Like these:

Injective Protocol

INJUSD Weekly Chart – Click to enlarge.

That’s the weekly chart for $INJ ( ▼ 1.09% ) , and it’s been on a tear lately. Out of the last eight weeks, it’s closed in the green for seven – and the only red week was a paltry -0/27%.

Since the beginning of April, Injective is up +88%.

NEAR Protocol

NEARUSD Daily Chart – Click to enlarge.

Holy hand grenade of Antioch $NEAR ( ▼ 4.59% ) is up +46% since Monday’s open. +68% so far for May and +157% from the February 6 low.

Ondo Finance

ONDOUSD Weekly Chart – Click to enlarge.

$ONDO ( ▼ 7.67% ) (very similar use case to INJ) is having one hell of a good month, too. It’s up +70% so far this month. And if it looked like last week’s retracement scared people away – well, it didn’t.

I mean there’s still 2+ days left for this week’s weekly candle to resolve, and a lot can happen during holiday weeks. But ONDO’s current weekly candlestick probably has a lot of bulls frothing at the mouth: it’s developing into a Bullish Engulfing candlestick.

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

Superset Finds Stablecoins Are Useful Until Your Liquidity Lives On The Wrong Chain

Superset argued that stablecoin adoption still runs into a fragmentation tax, with over $300 billion in value spread across more than 160 blockchains and more than 90 chains holding under $10 million in stablecoins. Its LayerZero-powered Unified Execution Layer prices trades against global virtual liquidity, then settles locally where needed. LayerZero.

Ontology Says AI Evaluators Should Keep Their Reputation When Platforms Stop Pretending They Invented It

Ontology argued that AI evaluator supply is bottlenecked by platform-bound reputation that resets whenever workers move between vendors. The proposed fix uses W3C Decentralized Identifiers and Verifiable Credentials so evaluators can carry quality history, specialist credentials, and calibration data across platforms. Platform B can verify Platform A’s rating methodology instead of forcing everyone through onboarding purgatory again. Ontology.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

WEMIX Announces Mainnet Migration With Enough Warnings To Make A Treasury Intern Sweat

WEMIX PLAY announced a HYDRA and DRACO migration to WEMIX3.0 Mainnet, ending legacy Tornado and Play Chain services, launching new USDC.e pools, delisting TORNADO, and reorganizing PNIX DEX markets around WEMIX instead of WEMIX$. Users are told to withdraw liquidity, cancel pending trades, and convert legacy assets manually. WeMix.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

Avalanche Assembles Academic Committee To Study Why Validators Enjoy Being Paid Correctly

The Avalanche Foundation introduced an independent selection committee for its Call For Research Program, offering grants up to $50,000 for academic work on cryptoasset economics and validator incentive design. The committee brings economists, finance professors, and protocol experts together to study decentralized network sustainability, giving tokenomics the rare chance to be examined before someone names a yield farm after it. Avalanche.

Injective Opens Washington Policy Shop So DeFi Can Explain Itself Before Congress Does

Injective launched the Injective Policy Institute in Washington, D.C., as its policy and research arm for on-chain finance in the United States. Chaired by John Medel, with advisors Ashok Pinto and Stacey Rolland, IPI will focus on DeFi, on-chain derivatives, perpetuals, stablecoins, and tokenization. It is also joining the Blockchain Association. Injective. Protocol.

NEWS IN THREE SENTENCES
Protocol News 🏦

Sei Announces It Was Always The Blockchain For Trading, After Three Years Of Letting Everyone Wander Around

Sei marked three years since its original whitepaper by expanding “the Layer 1 for Trading” into “the blockchain for trading,” now aimed at institutions, builders, traders, and the entire modern economy. The post points to Sei Giga, a multi-proposer EVM with sub-400ms finality and 200,000 TPS in development. Sei.

Truflation Warns Pension Funds Their Inflation Hedges Run On Data With A Calendar Hangover

Truflation CEO Stefan Rust argued that the roughly $70 trillion pension fund market needs better inflation data as funds manage liabilities, annuities, and swaps using lagged CPI. The post says Truflation uses hundreds of millions of real-time data points, leads official CPI by 40-75 days, and can support swaps, annuity pricing, LDI overlays, and breakeven signals. Truflation.

OLD NEWS
Other Stuff That Happened Today, But A Long Ass Time Ago ⌛️

May 22

• 334 B.C. – Alexander the Great defeats Darius III at at the Battle of the Granicus.

• 1455 – The War of Roses begins in England.

• 1761 – The first life insurance policy is North America is issued in Philadelphia.

• 1840 – British convicts being transported to the New South Wales colony is abolished.

• 1843 – The first wagon train of roughly 1,000 people leaves Independence, Missouri for Oregon. Pro tip: Rubbing Epsom salts doesn’t help dysentery.

• 1846 – The Associated Press is formed in New York City.

• 1972 – Ceylon adopts a new constitution, the new republic is called Sri Lanka.

• 1992 – Johnny Carson’s last appearance on The Tonight Show.

• 2011 – One of the deadliest tornadoes in US history kills 160 people in Joplin, Missouri.

• 2017 – President Trump becomes the first US President to visit the Western Wall.

Get In Touch 📬

Email me, Jonathan Morgan, feedback; I’d love to hear from you. 📧
Follow me on Stocktwits 🫂 And Sponsor this newsletter 😎 

Terms & Conditions 📝

Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital, and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The Content is to be used for informational and entertainment purposes only and the Service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on Content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which Content is published on the Service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍

Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, LTC, LINK, ZEC, and FET. 📋