I got WEAK HANDS??!!

Come on, come on dude, alright? You've been in cryptos for all of what? One year? And now you're conceding to the bears already? Conceding to the bears already? So yesterday I was accused by CryptoRus of succumbing to the bears and being called out for being a noob who's been in crypto for less than a year and don't know what it's like to be in a bear market. And I can tell you that's more than far from the truth. And I do think that maybe perhaps that this video yesterday could be misconstrued to that way especially if you only just read the title and just watch the first few minutes. But what I wanted to say in that video is that there's more in this market than just being a bear or a bull. There's more to life than just being black and white. There's many shades of grey. Not 50 shades of grey. You know what I mean. But being not standing on the sidelines is also a very valid strategy. So in fact, I ended and concluded saying that I have neither panic sold nor have I panic bought in this market. The reason for this is because it's a marathon. And the strategy in a marathon is to have a very clear executable strategy to not just succumb to emotion but have a plan. Say if you want to buy something, you might want to space it out over weeks instead of going all in balls deep. And George, if you are watching this video before going accusing someone of having weak hands and running away from bears, do have the courtesy of watching the video in its entirety and not to put words into my mouth. And nothing emphasizes this long term psychology and planning more than Ethereum and its Casper update. So if you guys probably remember, I was very excited for Casper after talking about Metropolis last year. And right now we're close to completion. And that's how long it takes for upgrades to the Ethereum network, mainly because it's already operational. And these changes are fundamental changes. It's like changing the engine of a running car. And that's why it takes so long because they want to make sure everything's perfect and they don't put anyone's funds at risk. But right now Casper is a huge update because it contains two aspects. One is this migration to proof of stake. So we no longer have mining. It's going to be more energy efficient and it won't scale the same way as mining as well. So you won't favor the big miners. The second advantage here is that they're trying to bundle parts of sharding into that. So it's like a two in one package into Casper and Vitalik has been hinting that it's almost ready. So in terms of development itself, it's actually quite interesting how the Ethereum team works on this. They do it in parallel. So they have two teams competing against each other one led by Vitalik. The other by Vlad Zanfer. And they're trying to do two different types of approaches to how to execute a Casper like a proof of stake for Ethereum. In the current stage, you're looking for formal proofs. They're looking for a mathematical proof that this code is operational before executing. In terms of trading, you guys probably seen this chart. And this is a chart of the shorts contract. So shorts are bets against the market. Shorts are for the bears who believe that Bitcoin is going to go down. So they effectively sell and hope to buy back for cheaper at a later date. Now, what we saw with shorts was that when it built up to this critical mass level and Bitcoin does rise above what these guys are holding as leverage, it causes a short squeeze, a sudden liquidations of those shorts, which causes a increase in the price of Bitcoin. So you saw this. It was big news. And now everyone's watching shorts for short squeezes. And if you see right now, we're reaching almost to the same levels as it was in April. And I want to say this because this is being used to justify Bitcoin prices going up. But what I do want to say is that the market is exceedingly volatile right now. And it might swing both rates. Now that this is public knowledge that people are looking at this. If you look at it, we have recently, you know, $460 million of shorts liquidated. There's a lot of whales playing in this game right now. And what it seems like is a whale war. And we saw evidence of new money, 18,000 Bitcoins, roughly $118 million being moved to BitMEX, which can do lever trades. And what I'm trying to say is, is that this is going to be a period of extra volatility and no one knows where it's going to go. And lastly, I want to end this video on this note and this message posted by Reddit user Maturbyu. Sorry, I can't pronounce usernames. You've got to start with the customer experience and work backwards to the technology. You can't start with the technology and try to figure out where you're going to try to sell it. And I've made this mistake probably more than anybody else in this room. And I've got the scar tissue to prove it. This is a topic that I want to explore a little bit more on this channel at a later date as well, because there's definitely a lot of projects that really just bundle the technology right now and hope for adoption. But that's not enough. And guys, that's it for this video. I would love to hear what you guys think about this market as well. If you guys are concerned that it is manipulated, seeing so much trade, like leverage trade activity. Do you feel like that control is in the hands of traders? I'd love to hear what you think in the comments section below. Thank you guys so much for watching this video. And make click the like and subscribe button down below to help support this channel. And also keep up with updates from me. Thank you guys so much for watching. See you next time. See you next time.