REJECTEDWALL #135
Sam Ikkurty
Posted April 14, 2026
PERMANENT LINKcftcsucks.com/135
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Five bullet Friday - issue #103
Dear Partners,
Crypto market sentiment improved heavily with bitcoin price bouncing back. All of you should have
received your distributions for the month of July, this week. Our investment objective in the short-term is to
grow the number of tokens we own to produce income (NOT their market value in dollars) and in the long-
term generate capital gains in terms of value in dollars. So during the downturns our token counts keep going
up, even if our market value as measured in dollars is going down. This can be seen from our Retained
Earnings spreadsheet.
1. This week is an important moment in the history of our fund. So far, I have focused mostly on ERC-20
tokens and Decentralized Finance. Starting from this week, I am venturing out into Non-fungible tokens
(NFT). So our fund will not only own fungible tokens like OHM, YFI, YGG etc, but also one-of-a-kind
investments. I am truly inspired by the Axie Infinity game and its real-world impacts. If you want to get a
primer on NFTs, please go through this article from Chris Dixon from Andreessen Horowitz.
2. Our first NFT purchase is called YGG founder's coin. These were issued around January of this year to the
first 300 users of YGG. Only 290 of these tokens were claimed. Therefore, the supply is permanently capped
to 290. This enables us to get numerous airdrops from Yield guild. They first started trading at 0.5 ETH in
February 2021. We purchased at 8.7 ETH as our cost-basis. I intend to hold them forever. You see them
currently in Zapper portfolio.
3. US Senators disappointed all of us again. Senator Shelby has objected to the amendment to remove
draconian reporting regulations on miners, stakers and developers. If Crypto market is like automobiles, fiat
Dear Partners,
Crypto market sentiment improved heavily with bitcoin price bouncing back. All of you should have
received your distributions for the month of July, this week. Our investment objective in the short-term is to
grow the number of tokens we own to produce income (NOT their market value in dollars) and in the long-
term generate capital gains in terms of value in dollars. So during the downturns our token counts keep going
up, even if our market value as measured in dollars is going down. This can be seen from our Retained
Earnings spreadsheet.
1. This week is an important moment in the history of our fund. So far, I have focused mostly on ERC-20
tokens and Decentralized Finance. Starting from this week, I am venturing out into Non-fungible tokens
(NFT). So our fund will not only own fungible tokens like OHM, YFI, YGG etc, but also one-of-a-kind
investments. I am truly inspired by the Axie Infinity game and its real-world impacts. If you want to get a
primer on NFTs, please go through this article from Chris Dixon from Andreessen Horowitz.
2. Our first NFT purchase is called YGG founder's coin. These were issued around January of this year to the
first 300 users of YGG. Only 290 of these tokens were claimed. Therefore, the supply is permanently capped
to 290. This enables us to get numerous airdrops from Yield guild. They first started trading at 0.5 ETH in
February 2021. We purchased at 8.7 ETH as our cost-basis. I intend to hold them forever. You see them
currently in Zapper portfolio.
3. US Senators disappointed all of us again. Senator Shelby has objected to the amendment to remove
draconian reporting regulations on miners, stakers and developers. If Crypto market is like automobiles, fiat
world is the equivalent of horse-drawn carriages. What the government wants all of us to do via this
"infrastructure bill" is to pull these automobiles with horses. Imagine sitting in a Tesla car and pulled by a
horse. This 87-year old dinosaur senator does not understand that the point of an automobile is to work
without a horse. The point of blockchain is to separate money from Nation states, reliance on trusted third-
parties to bring permissionless, global networks guided purely by mathematics. It appears that Janet Yellen is
pushing for this amendment. It is important to understand that Janet Yellen got paid $7.2 million in speaking
fees from wall street (just zoom calls), while receiving only $200K in salary from the US Government. See
below from her disclosure reports. It is easy to understand why they would back horse-drawn carriages over
automobiles.
"infrastructure bill" is to pull these automobiles with horses. Imagine sitting in a Tesla car and pulled by a
horse. This 87-year old dinosaur senator does not understand that the point of an automobile is to work
without a horse. The point of blockchain is to separate money from Nation states, reliance on trusted third-
parties to bring permissionless, global networks guided purely by mathematics. It appears that Janet Yellen is
pushing for this amendment. It is important to understand that Janet Yellen got paid $7.2 million in speaking
fees from wall street (just zoom calls), while receiving only $200K in salary from the US Government. See
below from her disclosure reports. It is easy to understand why they would back horse-drawn carriages over
automobiles.
4. I am amazed at the growth of Axie Infinity. Before blockchain games, we are used to the world of
centralized games like Fortnite, World of Warcraft etc, where all of the player's attention will accrue to the
Game development company upto 100%. In that business mode, it is free for players to join but have to pay
to buy in-game items. This is normal for all games sold in Google play store and Apple App store. Axie
Infinity only takes 4.25% tax on player's earnings while the rest goes to the player. It is remarkable that even
with such a tiny tax-rate, it managed to generate a revenue of $200 million in the month of July alone. This
is more than what bitcoin and ethereum networks paid to their miners combined!
5. This week Yield Guild Games released the balance sheet for their DAO. The total value of the treasury as
of the end of July stood at US$415,953,050. As an analogy, we can understand YGG as the provider of cars
to the poor, but skillful drivers for a share of their income. In our case, our drivers are gamers driving Axies,
instead of people driving taxis. These Axies are capital intensive and their prices are rising. In January you
could buy each Axie for $20, but today they cost $600. Recently one particular Axie was sold for $318,000.
As part of our fund, we provide capital to the skillful gamers who are cash-poor but time-rich. All of you
should collectively feel good about this investment, because we are helping 1 million users to make a healthy
living in the Metaverse and lifting people out of poverty. We are not giving them cars to drive but NFTs to
drive in the metaverse.
centralized games like Fortnite, World of Warcraft etc, where all of the player's attention will accrue to the
Game development company upto 100%. In that business mode, it is free for players to join but have to pay
to buy in-game items. This is normal for all games sold in Google play store and Apple App store. Axie
Infinity only takes 4.25% tax on player's earnings while the rest goes to the player. It is remarkable that even
with such a tiny tax-rate, it managed to generate a revenue of $200 million in the month of July alone. This
is more than what bitcoin and ethereum networks paid to their miners combined!
5. This week Yield Guild Games released the balance sheet for their DAO. The total value of the treasury as
of the end of July stood at US$415,953,050. As an analogy, we can understand YGG as the provider of cars
to the poor, but skillful drivers for a share of their income. In our case, our drivers are gamers driving Axies,
instead of people driving taxis. These Axies are capital intensive and their prices are rising. In January you
could buy each Axie for $20, but today they cost $600. Recently one particular Axie was sold for $318,000.
As part of our fund, we provide capital to the skillful gamers who are cash-poor but time-rich. All of you
should collectively feel good about this investment, because we are helping 1 million users to make a healthy
living in the Metaverse and lifting people out of poverty. We are not giving them cars to drive but NFTs to
drive in the metaverse.
Ravi Avadhanam and I are going to be in Atlanta this weekend. We are attending a conference of physicians
of Indian Origin. If any of you are in Atlanta and like to meet us during the weekend, please email us.
Have a wonderful weekend!
Your humble digital farmer,
Sam Ikkurty
Published on samikkurty.com | Rose City Investment Fund | CFTC Case No. 1:22-cv-02465 (N.D. Ill.)
of Indian Origin. If any of you are in Atlanta and like to meet us during the weekend, please email us.
Have a wonderful weekend!
Your humble digital farmer,
Sam Ikkurty
Published on samikkurty.com | Rose City Investment Fund | CFTC Case No. 1:22-cv-02465 (N.D. Ill.)
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Submission trackF
StatusREJECTED
Posted2026-04-14T08:13:20.000Z
SHA-256 hash57d63603af847fbd8ac88d0f4b92180c381810315e29879350a73ca6de02d387
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