Crypto YouTube hits an all-time low

If your friends still think Bitcoin is a scam, blame Crypto YouTubers

Happy Tuesday!

As AI slop penetrates social media, crypto content is plumbing new depths of attention-farming excrement.

So for today’s newsletter, a love-hate letter to YouTube from some chuckleheads who run YouTube channels for a living.

Plus, headlines from Blockspace and a podcast with Rory Murray, VP of Digital Assets for Bitcoin miner CleanSpark.

The absolute state of Crypto YouTube

If you are reading this, you probably don’t know how bad it truly is.

I’m talking about YouTube – specifically, Crypto YouTube.

Dear reader, just by virtue of being subscribed to our niche, highly curated newsletter, you have already self-selected to tune out the pablum of crypto content that permeates the biggest top of funnel for our industry.

Let’s explore the state of Crypto YouTube. Put on a suit of armor, because there be dragons cringe.

The Inverse Law of Quality

Let’s introduce a concept I call the “Inverse Law of Quality.” The lower the quality of a Crypto YouTube video, the higher the views it received (and vice versa).

Look no further than the infamous “shill price list” leaked from Crypto Twitter anon-sleuth ZachXBT a couple years ago. A good undisclosed shill on a medium-size YouTube channel was a cool $5k back in the day. 

Source: ZachXBT

Archetypes of the grift

The Crypto YouTube grift comes in many shapes and sizes, but I’ve zeroed in on some classic archetypes of Crypto YouTubers that I outline below.

Soloprenuer: This is the king of Crypto YouTube content, the business model with the highest ROI. Often just a dude with a camera, big expressions, and a dream (and usually an eastern european accent).

All he needs is a ticker and an audience and he can do the rest. I’m talking about titans of the industry such as The Moon Carl or the disgraced BitBoy X (formerly BitBoy Crypto before his extremely public legal dispute, likewise extremely public divorce, and still incredibly publicized drug crashout).

But the absolute GOAT of this format is MMCrypto. Nobody does it better than this guy. His strained face demands that you click to learn about his latest trade.

Then you’re funneled into a few minutes of incoherent rambling punctuated by crypto buzzwords and probably a chart or two. But it’s peak crypto clickbait content.

Slop-house production: Wanna juice your brand with a high-throughput content team? Get a slop-house sweatshop operation going and really crank out some videos.

One of my favorite examples of this is a shorts-only content house promoting a solana memecoin called $YETI.

“Yeti Crypto” videos all follow the Hero’s Journey: poor bum risks it all on the YETI coin, makes 1000x, and then flaunts it (his life is now perfect).

It’s a fantastic format and according to socialblade the brand has done over 400 million views since June.

And yet, $YETI is down 93% since launch. So the game goes.

Headlines by Blockspace

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Blockspace Podcasts

Welcome back to The Mining Pod! Today, Rory Murray, VP of digital asset management at CleanSpark, joins us to talk about the explosive markets we're seeing in late 2024, why he believes Bitcoin's four-year cycle is dead, and the secular trends that will define the next chapter of crypto. We dive deep into the debasement trade, record bitcoin ETF inflows, the intersection of macro and Bitcoin mining stocks, and what keeps a veteran trader up at night. Also, Rory shares his framework for navigating animal spirits and how they relate to Bitcoin's long-term trajectory.

Where we drop fun topics with nothing to do with Bitcoin.

The Old English/Anglo-Saxon name for October is "Winterfylleth,” a compound word for “winter” and “full moon.” The Anglo-Saxons divided the year into two, equally-split seasons (summer and winter) according to the equinoxes, and the first full moon in October marked the beginning of winter.

-CBS, CMH

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