REJECTEDWALL #112
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/112
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Five bullet Friday - Issue #77
Dear Partners,
Last week crypto markets moved by the actions of Tesla. Tesla announced that they have
invested $1.5 billion into bitcoin. They also started accepting bitcoin as payment for Tesla cars.
What is even more interesting is that Elon Musk , tweeted saying, " In retrospect It is inevitable"
about bitcoin. Anyone who understands the first principles of Economics will easily understand
that it is inevitable.
1. Our position in DIGG token is growing slowly. We received 2 DIGG tokens for free due to our
staking of Badger tokens. DIGG token launched with a max supply of 4000 tokens and a market
cap of $20 million dollars on January 24th. Today it has a market cap of $104 million. When the
market cap goes up, our total number of tokens also rebase upwards. On January 30th, its price
not only went below bitcoin's price but was at 35% discount to bitcoin's market price. I have
added 5 tokens at that time. Currently we own 20 tokens out 1019 tokens which is 1.96% of
supply.
2. I have only added to our stash of KLON tokens this week. We started buying KLON between
$10 -$25 2 weeks ago. Today it is at $60. I believe that it is severely undervalued. I added more
in the price range between $30 to $40. We currently own 12,709 tokens of KLON out of a
circulating supply of 70,000 tokens. Whenever the price of KBTC is above bitcoin's price we get
a positive rebase from the increase in supply. This number you see for KBTC is cumulative. In
Dear Partners,
Last week crypto markets moved by the actions of Tesla. Tesla announced that they have
invested $1.5 billion into bitcoin. They also started accepting bitcoin as payment for Tesla cars.
What is even more interesting is that Elon Musk , tweeted saying, " In retrospect It is inevitable"
about bitcoin. Anyone who understands the first principles of Economics will easily understand
that it is inevitable.
1. Our position in DIGG token is growing slowly. We received 2 DIGG tokens for free due to our
staking of Badger tokens. DIGG token launched with a max supply of 4000 tokens and a market
cap of $20 million dollars on January 24th. Today it has a market cap of $104 million. When the
market cap goes up, our total number of tokens also rebase upwards. On January 30th, its price
not only went below bitcoin's price but was at 35% discount to bitcoin's market price. I have
added 5 tokens at that time. Currently we own 20 tokens out 1019 tokens which is 1.96% of
supply.
2. I have only added to our stash of KLON tokens this week. We started buying KLON between
$10 -$25 2 weeks ago. Today it is at $60. I believe that it is severely undervalued. I added more
in the price range between $30 to $40. We currently own 12,709 tokens of KLON out of a
circulating supply of 70,000 tokens. Whenever the price of KBTC is above bitcoin's price we get
a positive rebase from the increase in supply. This number you see for KBTC is cumulative. In
order to calculate any day's reward, you have to subtract from previous day's balance. For
example, today it shows this:
On February 11th, it showed this amount.
Therefore we earned 0.4632 - 0.2477 = 0.2155 KBTC is the reward for one day (Feb 12th).
example, today it shows this:
On February 11th, it showed this amount.
Therefore we earned 0.4632 - 0.2477 = 0.2155 KBTC is the reward for one day (Feb 12th).
3. I realize that DIGG and KBTC are similar in many respects. I like the algorithm implemented
by KLON much more because the system provides a way to back stop the losses from a
negative rebase. If the KBTC price goes below bitcoin's price, then users can purchase KBOND
tokens, which can be redeemed for KBTC, when KBTC price goes above bitcoin's. It effectively
creates a liquid bond market so that users can supply capital and push its price higher. It also
takes 60% of positive rebases and stores them in a smart contract and uses these funds to
stabilize the price when it drops below bitcoin's price. These two mechanisms make a huge
difference to the robustness of this algorithm. I am glad to get our dividends in the form of
bitcoin itself in the meantime.
4. Synthetix seems to be gaining ground in terms of fees it generated. This week we have
generated a staking income ( 3637 SUSD + 3057 SNX * $27.5 ) totaling $87,711. The value of
the staked SNX (696648) is $19,157,820 at a price of $27.5 This gives us a yield of
87711/19157820, which is 0.4578% per week. If we annualize the yield by (1.004578)^52, it
results in a yield of 26.81% APY. This can be seen directly from this website here:https://
docs.google.com/spreadsheets/d/1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/
edit#gid=366963260 on the SNX tab. We currently hold 738,774 tokens of Synthetix.
5. Number of people are euphoric about stocks going up steadily in the stock markets and bond
prices are rising. New administration is launching a gigantic stimulus. What the politicians don't
report is that the government's revenues this year declined by 37%. Nominally the prices of
stocks are going up due to enormous money printing by the Federal Reserve. As the value of
the US Dollar is getting debased, all assets will rise in dollars. If you had measured the
performance of stocks in bitcoin or ethereum, you would have noticed that they all have
declined in value. It is important to understand what the denominator is in measuring the growth
of an asset.
by KLON much more because the system provides a way to back stop the losses from a
negative rebase. If the KBTC price goes below bitcoin's price, then users can purchase KBOND
tokens, which can be redeemed for KBTC, when KBTC price goes above bitcoin's. It effectively
creates a liquid bond market so that users can supply capital and push its price higher. It also
takes 60% of positive rebases and stores them in a smart contract and uses these funds to
stabilize the price when it drops below bitcoin's price. These two mechanisms make a huge
difference to the robustness of this algorithm. I am glad to get our dividends in the form of
bitcoin itself in the meantime.
4. Synthetix seems to be gaining ground in terms of fees it generated. This week we have
generated a staking income ( 3637 SUSD + 3057 SNX * $27.5 ) totaling $87,711. The value of
the staked SNX (696648) is $19,157,820 at a price of $27.5 This gives us a yield of
87711/19157820, which is 0.4578% per week. If we annualize the yield by (1.004578)^52, it
results in a yield of 26.81% APY. This can be seen directly from this website here:https://
docs.google.com/spreadsheets/d/1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/
edit#gid=366963260 on the SNX tab. We currently hold 738,774 tokens of Synthetix.
5. Number of people are euphoric about stocks going up steadily in the stock markets and bond
prices are rising. New administration is launching a gigantic stimulus. What the politicians don't
report is that the government's revenues this year declined by 37%. Nominally the prices of
stocks are going up due to enormous money printing by the Federal Reserve. As the value of
the US Dollar is getting debased, all assets will rise in dollars. If you had measured the
performance of stocks in bitcoin or ethereum, you would have noticed that they all have
declined in value. It is important to understand what the denominator is in measuring the growth
of an asset.
Published on samikkurty.com | Rose City Investment Fund | CFTC Case No. 1:22-cv-02465 (N.D. Ill.)
Have a wonderful weekend!
Sam Ikkurty
Managing Partner
Have a wonderful weekend!
Sam Ikkurty
Managing Partner
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StatusREJECTED
Posted2026-04-14T08:12:50.000Z
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