Friends, I've got a confession. I have a tattoo.  I know, I know, what can I say? It was a drunk moment. I got it to celebrate our purchase of my favorite car a few years ago. Nope, it wasn't a Tesla, we didn't and don't have that budget, not yet. But it was a decent car, my favorite, and I was so over the moon with the purchase, I went out and got a tattoo, a really grand tattoo on my forearm. I felt it wouldn't hurt to get the tattoo because it was our car and, I mean, what could possibly go wrong, right?

Well, suffice to say, a lot did go wrong and we no longer have the car but I do have the tattoo. And Mike Novogratz is so right when he says (totally paraphrasing here) having a tattoo of a thing you were proud of and having to look at it after the dream crashed and you don't have that thing anymore, it teaches you tons of humility. So let's talk about that a bit.

Novogratz: Venture investing requires humility

Yesterday, Novogratz, the billionaire CEO of Galaxy Digital, posted a public letter on the UST/ LUNA debacle, describing UST as a big idea that failed.

Crediting the global macro-backdrop as one of the principal factors that led to the UST/LUNA crash, Novogratz said, "With hindsight things always look clearer. My tattoo will be a constant reminder that venture investing requires humility." And by this, I guess Novogratz, like me, won't be inking over his much lampooned tattoo any time soon. And listen, Novogratz can totally afford to have his tattoo removed, right? So he's being a good sport about it, at least publicly.

On Galaxy Digital's exposure to LUNA at the time of the crash, the King LUNAtic said, his team invested near the end of 2020 but abided by what he described as a few core tenets of crypto-investing in that they:

• Kept a diversified portfolio
• Took profits along the way
• Followed a risk management framework
• Understood that all investments happen in a macro framework.

And so today, he says, "With our diversified business lines, Galaxy remains in a strong capital and liquidity position. We are well-positioned for long-term growth."

Also Novogratz: Risk what you can afford to lose

And while extending sympathies to those whose exposure was far more brutal, leading to the loss of life savings, Novogratz also emphasized the importance of only allocating funds to the crypto space that one is comfortable losing. For the less experienced market participants, he believes this exposure should not exceed  1%-5% of their assets.

On the future of crypto though, Novogratz believes that while the bleeding is far from staunched, this digital revolution is not going to die.

"The amount of human capital moving into the space isn’t slowing down," he noted. "The focus on building decentralized infrastructure that allows value and ownership to flow as freely as information on the internet, isn’t slowing down. The GDP of the metaverse is heading one way. Our community is resilient, has a shared belief in a new way of doing things, and the assurance that this is the very early innings."

Do Kwon's Hardfork Proposal Picks Up Steam

Well, it seems LUNA isn't going away either. In fact, from all appearances, it seems as though Terra creator Do Kwon's proposal to create a hard fork, launching and airdropping a new LUNA token to holders while the old token continues as LUNA Classic, has found favor with a majority of the community, attracting 79.34% of  148.87 million votes, a sliver away from arriving at a quorom. 

If Do Kwon's revival plan does go through, the new LUNA will be community owned, Terraform Labs will not receive airdrops, and the new chain will be launched on May 27th. 

The Terraform Team's Legal Challenges Pile Up

It might be a case of too little, too late for the Terraform team though, particularly as their lawyers have made hasty their exit. In fact, the rest of the team continues to wade through legal hot waters and a community owned LUNA is hardly gonna serve as a salve for their gaping wound. And I'm not saying that the community owned LUNA was intended as a salve either, I'm just saying it's not gonna serve as one, not when the old LUNA's crash was so Earth shattering, it resurrected Korea's old Ghostbusters' unit.

And if that weren't enough, we're also learning that South Korea’s national tax agency has fined Do Kwon and Terraform Labs $78 million as penalty for tax evasion.

And Korean investors are coming for their pound of flesh too.

What's up with Celsius?

Now friends, I know a lot of attention is focused on Terra at the moment, but on another note, what's the deal with Celsius by the way? Is the  popular crypto-bank in trouble? I've been hearing whispers here and there that maybe things aren't all that rosy in that camp either and that there might be another implosion in the future. What do you guys think? And what's your exposure there, if any?

How low can Bitcoin go?

Bitcoin is currently trading below $30,000 and many pearls were clutched earlier this month when it fell below $27,000, but if economist Harry Dent's word is anything to go by, Bitcoin still has a ways to fall and may go as low as $3,000. Now that's a scary prospect, isn't it? Of course, according to reports, Dent goes on to say that it can then shoot to $500,000 or even as high as $ 1 million in a future market boom, but can you imagine the blood shed before that happens?

And so, friends, there you have it, another day in the crypto-verse. By the way, isn't it today that LTC's MimbleWimble update should be going or should have gone into effect? I've heard nary a mumble of it, so I was wondering. I'll keep an eye out for this, of course, and keep you updated. 

Well, I'm off again. Until the next time we connect, please remember to be safe. The market's still a bit red today, but like my mama always told me, you don't pick up every coin you see at the side of the road. So be careful, all right? We'll chat soon.