# A Tale of Two Rug Pulls | Weekly Recap *Author: Ryan Sean Adams* *Published: May 15, 2021* *Source: https://www.bankless.com/de/a-tale-of-two-rug-pulls-weekly-recap* --- Dear Bankless Nation, We called this past week a Tale of Two Rug Pulls on [our Weekly Rollup](https://bankless.ghost.io/-rollup-vitalik-rugs-for-charity). **Rug Pull #1—**Elon [tweets that](https://twitter.com/elonmusk/status/1392602041025843203) Tesla has “suspended vehicle purchase using Bitcoin” due to concern about “rapidly increasing use of fossil fuels for Bitcoin mining” but they’re looking at other cryptocurrencies that “use <1% of Bitcoin’s energy” Bitcoin tumbles on the back of this tweet—*oh the betrayal!* Ok, Elon didn’t you know about proof-of-work [in February](https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html) when you first added Bitcoin as a payment option? But also…maybe this is just the energy consumption narrative rearing its head…so does that mean it’s good [times ahead for proof-of-stake](https://twitter.com/RyanSAdams/status/1392603094073151488?s=20)? But mostly…maybe we should [stop taking advice on crypto from rich guys.](https://twitter.com/RyanSAdams/status/1393012897777913861?s=20) **Rug Pull 2 #—**dog [meme coins pumping](https://www.theblockcrypto.com/post/104439/shiba-inu-token-holder-turns-17-into-5-9-million) (*blame Elon again??*)…and for some reason the doggie coins send billions worth to Vitalik (*well, not really billions…there’s no liquidity*) and then Vitalik sells them all to [donate the proceeds](https://twitter.com/hudsonjameson/status/1392554160952905728?s=20) to public goods…speculators washed out. Doggie coin rug pull? Regenerative finance? *Poetic justice?* *[Watch our version of the story.](https://www.youtube.com/watch?v=f2JO4p4jpnA&t=1399s)* Just another week in crypto folks. Seriously, is there any place you’d rather be? Oh…and the [Bankless DAO is humming](https://ryanseanadams.substack.com/p/coming-soon). *Wow*. Here’s what’s lined up for next week: - [Matt Hougan](https://www.youtube.com/watch?v=yo13qjnO1xo) is sharing his thoughts on institutions and DeFi - [Mark Yusko](https://twitter.com/MarkYusko) is coming on the podcast to talk about crypto investing 👀 - Exploring the Polygon ecosystem (*gas fees are too damn high!!)* Let’s get to the recap. - RSA *P.S. Listen to David talk about ultra sound money at [CoinDesk Consensus 2021](http://bankless.cc/consensus2021) *🦇🔊 *Event starts on May 24th. [Register here](http://bankless.cc/consensus2021).* --- ### **Recap for the week of May 10th, 2021** --- #### **🎙️[WEEKLY PODCAST EPISODE](https://youtu.be/mr_Xc_a1mKI)** [Listen in Podcast App](http://podcast.banklesshq.com/) | [iTunes](https://podcasts.apple.com/us/podcast/bankless/id1499409058?ls=1) | [Spotify](https://open.spotify.com/show/41TNnXSv5ExcQSzEGLlGhy) | [YouTube](https://youtu.be/mr_Xc_a1mKI) | [RSS Feed](http://podcast.banklesshq.com/rss) --- #### **ACTION RECAP** - Execute any good market opportunities you saw in [Market Monday](https://bankless.ghost.io/the-eth-trade-market-monday/) - **Earn **[a profit by arbitraging RAI](https://bankless.ghost.io/how-to-make-money-from-rai-arbitrage/) - **Explore **[the theory of the DAO](https://bankless.ghost.io/the-theory-of-bankless-dao/) 🔥 - **Understand **[the enemy: Coordination Failures](https://bankless.ghost.io/know-thy-enemy-coordination-failures/) - **Predict **[whether or not the flippening will happen](https://bankless.ghost.io/friday-open-thread-do-you-think-the/comments) #### **WATCH & LEARN** - 🎙️ Listen to [Legitimacy with Vitalik Buterin](https://bankless.ghost.io/-legitimacy-vitalik-buterin) - 📺 Watch [SotN #46: The ETH Trade | Su Zhu and Kyle Davies](https://bankless.ghost.io/-sotn-46-the-eth-trade-with-su-zhu) - 📺 Watch [Rollup: Vitalik rugs for charity | Elon & Bitcoin | Balancer V2](https://bankless.ghost.io/-rollup-vitalik-rugs-for-charity) #### **METAVERSAL **🧙‍♂️ - [Axie Infinity Builders Raise $7.5M](https://bankless.ghost.io/axie-infinity-builders-raise-75m) - [How to appraise NFTs on Upshot](https://bankless.ghost.io/how-to-appraise-nfts-on-upshot) #### **BANKLESS DAO **🏴 - [2nd Edition of “Week in Bankless DAO](https://banklessdao.substack.com/p/banklessdao-weekly-rollup-2)” --- ### Weekly Subscriber Perks 🔥 *[Bankless Premium Members](https://bankless.ghost.io/-guide-2-using-the-bankless-badge) get access to perks like these:* - **BADGE PERK: **[Early access to Upshot](https://app.upshot.io/) *(NFT Appraisals)* - [Early Access to Legitimacy with Vitalik Buterin](https://bankless.ghost.io/-early-access-legitimacy-vitalik) - [Full Market Monday Report](https://bankless.ghost.io/the-flippening-market-monday/) - [Exclusive debrief episode following Legitimacy with Vitalik](https://bankless.ghost.io/exclusive-debrief-legitimacy-with) *[Launch your own raffle](https://poap.fun/) for Bankless Badge holders! Could be a good marketing move :)* [Get Bankless Badge](#/portal/signup) --- #### 📺 **[Episode 46 of State of the Nation](https://www.youtube.com/watch?v=JAlgfX_bn80)** **📺 [Watch State of the Nation #46](https://www.youtube.com/watch?v=JAlgfX_bn80): The ETH Trade| Su Zhu & Kyle Davies of 3AC** *Su Zhu and Kyle Davies are legendary crypto investors & founders of crypto hedge fund Three Arrows Capital. They join the State of the Nation to discuss the bullish case for ETH.* **We premiere State of the Nation on YouTube every Tuesday [at 2pm EST](https://www.youtube.com/c/bankless)—join us!** --- **🗞️ [Latest Weekly Rollup.](https://youtu.be/ZfvsM7z576k)***Download the crypto meta to your brain in this weekly show.* [Listen to podcast episode](http://podcast.banklesshq.com/) | [iTunes](https://podcasts.apple.com/us/podcast/bankless/id1499409058?ls=1) | [Spotify](https://open.spotify.com/show/41TNnXSv5ExcQSzEGLlGhy) | [YouTube](https://youtu.be/ZfvsM7z576k) | [RSS Feed](http://podcast.banklesshq.com/rss)