DeFi , Yield Farming, Bitcoin and Cryptocurrency Update

YouTube. We're waiting for the stream to start and we are live, guys. So welcome back to another episode. Fox Mining here. It's been a crazy few days this weekend. It almost feels like a week since we last spoke and there was a lot of action on trading front. We had Bitcoin pushing up that major rally only to be met with one of the biggest flash crashes we've seen in the last few months. Suddenly the prices have dropped down and the objective of that was so clear. It was crystal clear, crystal clear. It was to destroy people who were extremely greedy. So anyone who was extremely greedy on leveraged positions, especially on different leveraged trading platforms, I'll talk about that in a sec, but anyone who was taking on a position that was maybe 5, 6x or even above to 10x, they would be getting liquidated. That repo van was coming in and destroying people. So that was something to be very careful of. Now I think it's that play, that dynamic has drastically changed. The way the game flows, the way the whole space is flowing has dramatically changed. So I'll talk a little bit about the prices and everything that was happening on the market first. And then of course there was farming action. I mean yield farming has really been placed on the map. All of a sudden everyone, especially also on my channel as well, on my telegram channel, we're all talking about yield farming. And yield farming has been great. I mean for the last two weeks, pretty much insane gains. I mean these levels are not seen normally in the world, especially the way it works, how yield farming works, that you put a deposit down, but you get a new token out of it at the end. So in the case of Wi-Fi, or technically I think the correct will be Wi-Fi. I'll explain that later. But with the first Wi-Fi, then yeah, things went really well. Whatever that you created during the liquidity mining process, or whatever you earn during the mining process where you get these new coins, those coins could be sold off for a lot of money. But at the same time, this weekend we saw multiple clones of this appear. So while it was the first one, the first Wi-Fi stopped issuing out new tokens, a few new projects appeared and they did not, weren't as profitable as, well, the first one. So I'll talk a little bit about the risks and everything that was involved. Obviously this is the ultra aggressive part of box mining. This is where, yeah, it's mostly first-hand accounts of what's happening. And you can probably guess by this weekend, I was so involved with everything, trying to figure out what everything is. And in fact, I did actually sign the multi-signature contract for Wi-Fi too, but mostly to just make sure that they, well, don't cheat everyone there. So anyways, I'll talk a little bit about this whole yield farming scene, the dynamics have drastically switched. And this week, what I'm watching out for, some tips to watch out for this week, especially if you're a yield farmer miner and I'll answer some questions on the way as well. So that's today's episode. I hope Matt RSS is waifu. I guess so. I guess they officially changed the name for these farming tokens to waifu now. So anyways, that's pretty much what we're going to talk about for today's episode. Well, guys, when you come in here, make sure you smash up the like. It really does. Whoa. Did you guys see that? I almost like just dropped this, but anyways, make sure you smash up those like buttons. It really does help the channel. We're at 23 likes here, but we have a hundred people. So let's just get a hundred likes. Let's do it. All right. And then we have, we have a comment from modern for castle saying I took profit just before the flash crash. Thank goodness, Scott. Good for you guys. Okay. So let's take a look. And while it's before we start, I mean, I've always telling you guys about my podcast. I may just tell you a little bit more about that while we start, I've still need to make a new segment for this, but anyways, Bitcoin out of the box is my new podcast. It is on Apple podcast, Spotify. I'm trying to put us on as many different podcast platforms as possible. It is audio. You can listen to it on the go. Right now we have the TrustSwap CEO interview of Jeff Kredakis diving into decentralized finance with the guys from Cluedes DeFi. Privacy coins. This was very key because privacy coins really got a boost this weekend. So we got a very early interview from June the 9th about privacy coins from Zcoins, Ruben Yap. We've got scaling blockchains with Elrond. You know, you can see these dates. These dates are very, very early on when we are in that action. So this is where everything is going to be super, super informative and interesting. So make sure you guys to check out that podcast. It is Bitcoin out of the box. Just search it on Apple, Spotify, whatever you'll find it. It's going to be great. Um, okay. So let's answer some of the things we got B roots asking something about Plutus DeFi. I'll answer that as well. We are trying to get a follow up of what happened like a kind of a, uh, a follow up post mortem discussion about what happened with the bonding curve sale. And this is really relates to this whole scene as well. And I'll have some of the narratives of what's going on going forward. So I'll start off the markets. Then we'll talk a little bit about the narrative for this whole scene right now. And then we'll cover yield farming at the end. I think that'll probably be the best format for today's episode. So let's go straight and dive into the markets so far. So if you look at things right now, all right, if you look at it, things are going amazing. If you look at the seven days or like seven day wise, actually, let's just take a look at the top of the market. Seven day wise, Bitcoin's up 12% were 11K. So major values up there. We've got Ethereum. We almost breached 400, but right now we're still at 382, which is extremely high as well. And we've got, um, Ripple also took off this week. It's at 37% up. So, um, in terms of the broad spectrum, in terms of this week, obviously we got some really great, uh, news. I mean, crypto was going literally insane this week, but of course there was one flash crash. So let's take a look at what was happening here. So Bitcoin rallied roughly to the end of the 27th of July. So on the 27th, we did have that, those major spikes up. And I was saying here, that this looked much more organic, right? If you look at the previous pumps, we had like these Bart Simpson patterns where prices really shot up. And then three hours later, it shot down. This is like the classic, classic Bart Simpson pattern. And with these Bart Simpson pattern, obviously, if you just notice the volume and the time period, it was very much controlled by a big whale or someone with large price movements where kind of, it just happens with one or two major players in play. That's why it's so fast. It's within the, those, those like 30 minute, whatever, whatnot timeframes. So this time the rally was much more consistent. You saw volume and more volume and a more volume was great. And Bitcoin really settled on the 11 K mark. So that's where there was kind of within this range year. It's kind of want to just sit down and be like, yo, I'm done for now. I'm pretty happy. I'm a happy puppy. And then of course, to on the 31st of, on the 1st of August, we had a major spike up. And in this rally, which took us up to 12 K, this is when the ephoria set in people were like, oh my God, can we start exploring beyond the space, right? To the 12 K 13 K region about what's happening up there? Why not? Right. So this is where ethoria came in. And this is where I felt like a lot of people potentially set a lot of long leverage longs as well, because what happened here was that it was very clear that someone or some group were hunting for this. So this is something that does happen in crypto people who are traders. They know the flow of what's happening. They know where the skew of those contracts were. So people were skewing towards longing or having leveraged longs on Bitcoin. So that means they think it's going to go up because they, we just broke through this channel. So people were very, very optimistic here. And then of course came the epic hammer, the hammer, a sudden large sell order that caused a chain reaction here that sent all the prices spiraling down all the way down too. This really cuts it short. This probably doesn't really explain the picture. We'll probably have a look at the five minute mark here to just give you guys a bigger picture of what's happening. So it was just within that five minutes, that negative spiral, first spike, boom, second spike, all the way down. So it just crashed all the way down to roughly 10 K. So depending on which exchange you were at, it could have crashed further. And this is very much a chain reaction caused by protect one large order, which caused prices to go down. And it caused the leveraged orders or anyone who was on a leveraged long, if they were very close to that liquidation price, or if the price went below the liquidation price, that will cause them to be liquidated, which means at that point, that order would have been switched from a long to a short to sell off to make that so the exchange doesn't lose money, which causes a chain reaction. So it causes even more sales to go down, causes more sales, more sales, more sales. And then boom, we have that kind of chain reaction, a negative spiral downwards. So this was very, very strategic in terms of whoever or whatever is here. And this is one of the biggest issues with this space where people are, you know, we've called them whales, people with a lot of money. So they might be groups or funds or large conglomerates of people who have a lot of cryptocurrencies like Bitcoin. Bam, they can just cause these sudden spikes. And that when that spike happens, it catches everyone who was on a leveraged position, which is, I guess, part of the game. And a lot of people were saying, so at that time, so in terms of the effects of that crash, so over a billion dollars of Bitcoin was liquidated during this time. So people were obviously very, very clearly on overly leveraged positions, and then they just got destroyed. Once that liquidation comes in, obviously the repo bank comes in and just takes those contracts and takes those funds that were there to support the contracts. Big mess. And during that time, I would say as well, all the exchanges, most of the big exchanges showed flaws during this time as well. So if you were on BitMEX, you would have noticed very, very slow orders. So while that kind of chain reaction was happening, obviously there were people who were monitoring the situation and they were trying to pull out or cancel their contracts, and they just couldn't, they couldn't click anything, right? It was, it was devastating. And then of course, not just people, but also bots as well. So because there were bots that were looking at the market, they were trying to send orders to the exchange, but the exchanges just can't handle it. And this happened across the board of multiple exchanges. It was, it was pretty devastating. And even we saw a spike in Binance too. So even CZ posted out a tweet. Let me just check that CZ Binance. So it was for perpetual futures. This crazy spike happened and they just addressed it very, very early. Just look at that spike that happened here. So this is clearly with bot trading. It was a, it was a way that the way he described it was the way the bot, one of the bots, trading bots, bots interacted with this contract and with their ban price ban protection. But anyways, yeah, there were a lot of funny things that were happening and it just went absolutely insane. So I guess for me, so just to relay some firsthand experience. So I was lucky, like at that time, I was like, Oh my God, thank God. I did not have any leverage positions. And I've been telling you guys for this time that I wasn't really on too many leverage positions, mostly looking at yield farming. And we'll go into that later. But luckily for me, the max I had, so it was $200 placed on an ETH long. I was just doing it for fun, I guess. But yeah, I just saw that pretty much got wrecked and I lost 200 bucks, but not the end of the world for me at the very least. So I did have one order out. I'll be honest with you guys. I was pretty bullish on ETH, but at the same time, I learned my lesson right now, flash crashes are real. And just to relate one experience as well. So this really kind of reminds me of the Ethereum flash crash of 2017. A lot of people kind of are attributing this pay time period to 2017. And this is one of the experiences we learned from there. So this was during June of 2017, where Ethereum briefly crashed from $319. Almost a history repeating itself, huh? Like right now we're almost at Ethereum was almost at 300 when it's happened. But anyways, it crashed all the way down to 10 cents in seconds. So this was on GDEX, which was on, which is now renamed Coinbase Pro. So this is real. It happens on these big exchanges. And the reason why it did happen was just that cascading effect of price orders being liquidated, blah, blah, blah, blah, blah, just cascading down all the way to zero because, well, people just kept getting liquidated in exchange had to just sell off those longs just to make sure they don't leverage, which caused even more cell pressure, blah, blah, blah. But I think it's key to remember here, I feel a few people were trying to defend this and say, okay, it was a big fat finger cell that caused this. Absolutely not. There's no such thing as a big fat finger cell that would cause all this cascading action. It was a deliberate strategic planned action. Reason why is because there are definitely groups of people who would benefit from this, especially if you have low line orders to buy Ethereum or Bitcoin at a lower price. So when that price is dipping, they're the ones who are catching, right? So when this knife is falling, they can lay down orders down here or even further lower down to essentially get in on this order. And all they have to do is just set the trigger. So they can potentially look at all the data that was happening. So with all the longs and the shorts on where they can get liquidated, and then they can take a look at that. They can strategically plan a strike to just drop the price and trigger that chain reaction to go on and then have some low line orders to just catch all that cheap Bitcoin that was getting sold off at a cheap price during those few seconds. So yet again, just be very, very careful here. This kind of explains the mechanics of what's going on and why overaggression gets punished in this case. Obviously, we've seen Ethereum on a big trajectory. So a lot of people will be very tempted to say right now, we're approaching that kind of point where there's more and more activity. We're almost at this new bull market right now. I would say we're, I'm just feeling the same vibes of 2017, just between these flash crashes and this new activity coming back. And I have an interview with CoinGecko, COO, Bobby Ung. And he also talks about how there's more volume as well, just on these pages on CoinGecko or CoinMarketCap. There's more activity now, just coming back into crypto flowing back in. And it makes a lot of sense. This is very much, I've been saying this ever since the coronavirus incident. But early in January, when we were talking about coronavirus, I was talking about how the world economies will be drastically affected. And one of the ways to exit out of the current US or the Chinese economy is to buy Bitcoin. So that kind of momentum is swinging back into the whole cryptocurrency space. But we have to just watch out for these spikes that can happen. So anyways, that's my two cents on the situation. That's what's going on. I'll do some questions and answers first. So I hope that kind of explains all the action that was there. And we'll just answer some. So we got Giovanni Torgesca says, Alcoin daily deleted from YouTube. That's horrific. I mean, YouTube, come on, come on. Like, I reached a point where like, I feel like we just need a new platform. Like this happens. And I hope they get restored because last time during that deletion process, the restoration speed was faster. So let's, let's really push that. I think there was a retweet for that going on. So yeah, like YouTube, come on. They're, they're deleting legit channels, but like putting up ads. And this is why we disabled ads on this channel is because there were like a bunch of these fake giveaway ads, you know, YouTube, why don't you ban that? Why do you ban real people? I don't get this anyways. It's stupid. We have another good question from Giovanni Torresca Torgagosa says, do you hold any polka dots? So fortunately for me, I did not get into the polka dot presale. And right now polka dot prices are pretty high. So I'm thinking about it, but I haven't actually jumped in as of now, just because of the China hype. We know with projects that do have China hype, they couldn't have potential high risk there. So I feel like if I'm not part of the early game, I feel like right now it's like 50, 50 in terms of what's going to happen as the same thing for my strategy, going to link chain. Like if I didn't get in early, I'm like, right now, is that the best time? Who knows? Right? Like it's to a point where I see people constantly typing a hundred dollars or chain link or like a thousand dollars or polka dot. And I'm like, you know what? Um, this is when I would be very cautious and I did not choose to enter a position, but I do know quite a lot of people who did get into the polka dot presale and congrats to them. If you were in the presale or in one of the earlier rounds, life is great. Life is great. We got modern Picasso says crypto RS finally got a channel gap back. Thank God. That's awesome. That took ages. YouTube is just horrific at this point. But anyways, that's kind of my strategy going forward. It depends on where, and I'll just talk a little bit about my personal strategy. So not financial advice at all right now, but I'll talk a little bit about, well, I need to really move this cup away from me. Um, but anyways, there's a hidden cup there. I just realized, but for me, my personal strategy is that I have a huddle. So this is where I have my Bitcoin, a majority in Bitcoin, and we have Ethereum, we have some V chain, we have some engine, we have some bunch of other coins. I'll list them up. Um, just off the top of my head, just quite a lot. Um, that's in my huddle, which I don't touch. So that's kind of the lessons from 2012 where you never know with these things, right? Um, 2012, I sold Bitcoin. So that's what's already 2012. I sold Bitcoin at $15. There was a lot of regret there. And then after that, I kept trying to wait for 15 to go Bitcoin to go back to $15 again. Right. And I waited until 2017 when Bitcoin was like, what, 2000. I'm like, you know what, let's be realistic. It's not really going to happen. So at that point, I realized that kind of the huddle strategy works longterm to kind of play out all these flash crashes, flash pumps, whatever. It just, it just means that I wanted to, I knew what I was doing. I wanted to exit the economy in terms of what the hype that's going on. And Bitcoin was a great way to do so. So this is where the huddle idea came from. Huddle initially was around 80% of my portfolio, but now that's growing to a smaller amount just because of how the other trading side of it goes. I'll talk about trading a sec, but huddle, I didn't really touch. It's designed not to be touched. They're stored on ledgers and treasures and they're kept in a very safe place. So it's like in, in like safer places. I won't tell you exactly where that's not safe. Um, you should never tell people where you store cryptocurrencies, but let's just assume that it's in a very, very safe place. Okay. And in that sense, did I touch huddle right now? Yes, I did to go yield farming. So, um, the way I touched huddle was that I used my Ethereum so that the Ethereum that was in my huddle to pull out dye from maker Dell. So I did touch it, but the Ethereum is not sold. So, um, the way it works is that you can use it as collateral to pull out dye, which can use to go yield farming. So I did that, um, around two weeks ago when I first started yield farming, that was when wifi launched and the yields were just too good to not do it at least for me. All right. This is for my personal decision. I was just like, you know what? Um, I, I wanted to get on that and that strategy played out extremely well. The yields were fantastic beyond fantastic, right? I mean, when it first started, wifi was around a thousand percent annual percentage yield, which was all 3% a day. So that was great. So right now, huddle is still there. I haven't really touched it. The amounts haven't changed, but I did use some of the huddle, some of the Ethereum to deposit into Baker Dell. And that was a great decision because Ethereum also spiked up in value. So if I would have to sold my Ethereum there to go yield farming, that would have been pretty disastrous. I'll be just looking at this pump on me. Yeah, that would not have been great. So yeah, overall that strategy played out very, very well. And I'll talk about the yield farming bit second, but, um, also around a few months ago, I always have a little bit of the trading fund, which was to either trade. So using that trading fund, I bought up like very, very cheap Bitcoin back when I was like 4,000, 5,000, just accumulating in that trading account. So trading, it's, it's almost like I have a different mentality when it comes to trading. Like huddle is a rock solid. And I know a lot of people who just huddle on period, right? They just ignore it, turn it off, brain off, like, or, or not brain off, but like, you know, they just go leave the space and that's it for me because I was very actively involved in this space. I was like, why not have a trading account, have a different mentality and strategy set for it. So it's almost like switching a mind, um, a frame of mind. And that was ultra aggressive. So, um, pretty aggressive buying up the dip from, um, very early on during Corona virus, bought that up. Um, I was telling you guys on this channel as well, that was very bullish. So, um, had a good entry points at around maybe not 4,500 for Bitcoin, but around 6,000, 7,000 area. That was probably the average for that. And in Ethereum, roughly around $200 as well. And then that took off. And then of course, because I was becoming more aggressive, I did play around with a lot of all coins. So all coins, um, it's highly, um, it's highly controversial. I would say with these strategies. And the issue here was that I wasn't telling you guys everything because I didn't want to pump and dump. I felt like it was not necessary to expose everyone to that pressure, but obviously now, um, I'm kind of moving this channel to a more first hand account. And as long as people can deal with this information well, I think that's probably the most transparent and best way forward. So anyways, that was kind of what was happening. And then that trading account did very, very well. And then on top of that, with the yield farming, it made me ultra aggressive. And this week I was still in the ultra aggressive state, which wasn't great because this week we had some, a few major pullbacks and that aggression was not rewarded. So I'll talk a little bit about, say, for example, the Plutus Defy case. So we talked about Plutus, um, let me see. So Plutus Defy had a token sale. It was on Monday. It almost feels like it was like a month ago. I felt so long that if it feels like it's, it's been a month or two months and it happened, but you know, it was last week. So anyway, so they had a bonding curve sale. And yet again, with my aggression, I thought this was the right play for me. And the problem with the Plutus Defy sale was that, um, they sold, they screwed up their sale pretty much. So, uh, when everyone was eyeing them and looking at them, um, trying to get a piece of that bonding curve sale, they screwed up. It only ended up in the hands of like, I think less than 10 people, or I just correct me if wrong, like select people. And one of the, um, targets, like one of the, um, sales were made before the curve sale was live. So that meant that some insider, and I think Dolo might took responsibility for this. Um, they managed to scoop it up and that kind of wrecked a lot of public confidence in it. So then at that point I actually did buy some Plutus Defy, a dollar cost average did after the sale was up. So roughly I had some entry points around 29 cents and 25 cents when it was very close to the bonding curve price, because I've talked to the guys before. I know that they're doing something, but at the same time I knew that the flood was kind of growing. So this fear, uncertain, and doubt, people were very, very angry that they didn't get in on this bonding curve sale because at that price, it was six to 22 cents. When it was launched, it actually really shut up to five, 1.5 dollars before it came crashing debt back down. So at that point, yeah, um, I got some still Plutus Defy, I'm still holding onto it. So just to address a lot of the issues, um, yeah, I'm still holding onto it, but I did lose money on it because I did buy a little bit premature. I saw, I saw the price go all the way down to 18 cents before pushing all the way up to right now. I think, I think a cool point right now is, um, PLT, PLT. Let's see, Plutus is, yeah, okay. Now it's back down again. So I guess, I guess it's at this point where I kind of find it ironic, uh, because I mean, people would have died for this price last Monday. People were just like all trying to get into bonding sale, but now, you know, now that it's at 18 cents, it's like, eh, can't flip this. So, but anyways, I feel like, um, there was a talk, I was talking to founders. I can explain what happened. And one thing that they did offer is potentially a follow-up interview, uh, where I can grow them really hard about what's happening and what they're building next to actually prove some value to this community. But anyways, that's pretty much it. Um, so that goes to show that over aggression, um, is not that great. I think FUD can spread like wildfire. And this really goes with a lot of altcoins as well. Like the, the speed at which the market moves right now is like, it's on the minute timescale and the FUD can spread super fast. And the thing with FUD I would always say is that there's always a grain of salt to it. I'm a grain of truth, but sometimes it can get distorted. And we follow that whole event with the chain link article and Zeus Capital trying to create that FUD. And we have that dynamic being played out. And it really depends on how much the population believes right now. The issue right now is because everything is on the minute timescale where all traders having twitchy fingers. The reason why is because people want to get in. If there is fear and certain doubt, they want to get out as before everyone else. There's a race to get out. So that means that if there's any FUD, the, there's a huge intense search for it. And it might just be like dropping just because of the FUD. And then of course, then there's hype and pump pump and people want to get in beforehand. So that's why trading is moving, not just from a weekly timescale, but to pretty much a minute timescale. But the problem of course, is that real life events and even just kind of developments, tech developments does not happen on that timescale at all. Like we don't get, you know, tech developments happening every single minute. You don't have proof of validation every single minute. Usually, normally this takes months, if not years of time to really develop something. Unless of course you're working with Wi-Fi, unless you're a one man band doing the work of a hundred people like Andre Corona there, he's pretty much like rocket ships accelerating. But that's not, there's also concerns about that too. But in terms of the traditional way software is developed, we've got to wait for it. And this is why crypto in terms of the altcoin space, that speculation is just way too much. It's not, I don't think it's a very healthy trend, but I've learned long enough. I've been in this space long enough that I know that I can't change people for what they are. Like people are going to try to speculate on this timescale. So that's just pretty much the case right now. So guys, thank you again so much. I hope that kind of gives you an idea of what's happening, the narrative of what's happening. So right now I'm a lot less aggressive. I mean, I was super aggressive just because I think the euphoria from the whole yield farming space, and we're getting there in there early, getting those coins early, getting just rewarded for almost nothing, just depositing some of my capital there. And I mean, that doesn't make any sense. Right. So the whole yield farming thing did very, very well for me, but that also led to an overaggression, which I was kind of punished on the market for. So maybe, maybe these things will hold out. But I'm kind of tuning my aggression level to where I need to be aggressive when I need to be. And I think there was another lesson here that was there. So anyways, that's kind of the current situation now. Reading back in comments. So let's do a few minutes of comments and I'll move on to the last thing, which is yield farming. And I'll talk about the space and the pitfalls of that space as well. It was where I spent most of the time this week. So most of the time this week, I was spending looking at all these new cryptocurrencies that was being created and kind of the end drawing conclusion to that as well. But let's first do some Q and A. Okay. So Hashio Garg says, what's the general consensus on Ample and the associated geyser rewards? Relatively new to crypto. So don't know too much. So Ample, I'll just talk about this here and I'll give the most balanced opinion possible for Ample. So Ample 4, I would say it's a game currency. So they market themselves as sound economics. So if you actually read up about the project, they're always talking about sound economics, that they're trying to be a coin that's stable relative to price. But the issue here is that they're stable. They want to be stable. The coin, the gate, the coin tries to be stable relative to price by inflating the supply. So the best way to actually look at Ample 4 is not by its price, but by its market cap. So that's probably the best way to look at Ample 4 because what happens is so market cap is supply multiplied by the price. And how this really evens out what Ample 4 is doing is because if Ample 4 is above $1.09, so $1.09, it increases its supply. So it's literally like the feds doing right now, just going to print out more Ample 4. So that's where the game of occasion comes in. This coin is self-aware of its price. So if its price is above $1.09, it's going to print more and it's going to give everyone more. So if you hold a thousand Ample during something called the rebase, you're going to get more of Ample 4. So the rebase actually happened around an hour and 30 minutes ago. So that's great. People get more coins, people get excited. And because of the way people don't understand how Ample 4 works, it kind of hides the fact that they're printing mass supplies. Now, the reverse is also true. If it's below $1, it does a negative rebase or a D base and it decreases supply. So you can't really hide from this either. If you're holding Ample 4 in any sort of form of wallet, it will just suck that Ample 4 away from you. So the best way to really look at Ample 4 is really by its market cap. So it really took off. So if you look at it, the market cap earlier on in June, even, right? Look at that. That's June. That's not, that's like a month and a bit ago. It was $7 million. And then it just shot up. It just shot up to $700 million. So that's almost a 100X increase in market cap. And this is rewarded to everyone who was holding it. So people literally made a 100X on Ample 4, which is why there were so many people who were heavily promoting it because they hold their bags, right? The moment you're holding bags of Ample 4, if you made a hundred X, let's say if you, you had $1,000, right? Then that becomes $100,000. I mean, obviously you're excited. Obviously you're euthoric. Obviously you're going to support this no matter what, because you're holding it, right? So obviously at that point, we saw this fever. We saw this fever. A lot of people were talking about Ample. It got pushed to a lot of communities, but at the same time, because it went up so much, right? Whatever goes down, it's got to have a time to breathe. So when news of kind of coin unlocks entered the market, when people suddenly were afraid, oh my God, there were early investors that got this coin for very cheap. And we know how early investors are readily dumping their coins. All of a sudden it sent Ample 4 on this negative death spiral. So it literally lost $500 million in terms of market cap. The coin price went completely down and then tried to recover at this current point right now. So that's kind of where it's at right now. And this led to this idea of a game coin. So Ample 4, it depends on where you're at, how much Ample 4 you're holding to, I mean, a lot of people are holding a lot. That's why they'll say, oh, it's the most sound economics in the world. Or if you're not holding anything, they'll call it the biggest Ponzi scam in the world. So personally for me, this is something that from my angle, I will be truthful to you guys. I did buy some when it was during, everyone was recommending, I'm like, okay, you know what? I'm going to throw a thousand down for it. And I did make a pretty big loss on it. I think I lost like 500 bucks on it, more or less at this current point. Yeah. So that price is very, very volatile. You can get a little bit back more from the, what we were talking about Geyser. So Geyser does offer some, um, some Ample back, but that does not equal out the price volatility. So if Ample loses like 70% value, well, what's 2% extra going to do, right? Nothing. So that's where the risks are. And that's where everything is at. I do say, say, you know, I'm impartial to this. I mean, people who love Ample, you guys go forward, you guys tried out this experiment. If you hate Ample. Yeah. I can see why. Um, you know, it really depends on what you think of this gamification of stuff. Something I did learn, obviously, is that people aren't very aware of all that's going on. So this is why one of the biggest advantages for Ample was that because if you just purely look at price and not at the, not at the market cap, you'll feel like it didn't really pump that much. If you just look at the price up here, let's just say in the same timeframe, right? If you look at this timeframe, you'll be scared. Be like, Oh my God, this is a crazy pump. Right. But at the same time, if you look at the price, because of the rebates, it really hides the presence of the pump. I think, which is kind of the biggest at this point, right? I'll be blunt about it. At this point, that's what a lot of people wanted at this point. It just hides it. People look at the price. Oh, okay. Well, went from a dollar to $3, you know, with all this hype, maybe I can buy a bit more, but wrong, you know, that's wrong. It's, uh, it doesn't work like that. So that's kind of the, the take on Ample 4th. So we got Zabisho, 9Lotos, uh, 9L, my, like, like, hope sits. Uh, you're an honest guy. Stay safe, Mike. Yeah. I try to be, I try to be, but anyways, um, some of this type of stuff is just crazy, right? So we, we, over the weekend, uh, we saw X Ample. So the anti-Ample come for out, uh, we saw more gamification. So we saw attendees come out and we'll say that these are just kind of like the, uh, the clear gamification of what Ample had. So the Ample, um, that came into play. So people obviously wanted to like run into these projects, but yet again, if you look at it, it didn't really succeed. It didn't really have the success of Ample either anyways. So they kind of led, I would say Ample 4th led the way towards more game style coins where they have funny mechanics or economics or coin models where all of a sudden, you know, people wanted to play it just because Ample did so well. So not because they're probably valuable over a long period of time, but because Ample did so well. So anyways, um, okay. So that's pretty much the Ample 4th things. We got Angela Wednesdays. Holy crap. We're over 400 viewers. Thank you guys. Thank you so much for all coming in. We have 434 viewers today. So just before we, uh, let's take a break from crypto. Let me find my box of t-shirts. Give me one sec guys. So my box of t-shirts finally arrived. If you guys have one, have a chance to win one of these t-shirts or either box money t-shirt. So we have box money and the anti-social crypto club t-shirt. So yeah, apparently I'm doing more t-shirts now. So I'm promoting these. These are for free. Um, it's only a small batch. You can see that only a small box of it, but apparently people really like it. I'm trying to get more Angela's actually helping out with ordering. So thank you so much, Angela. Um, so Angela's ordering more of these, but for now we're doing a giveaway for these t-shirts. So if you want to be part of this giveaway, all you have to do is when new videos get released type notification squad within the first 12 hours. So you have to do that. We'll do a draw later on in the episode, but yeah, you have to get one of these t-shirts. You can do this. Um, also I do want to thank all the admins. So all the admins on this channel and on telegram, they do everything for free. So we're going to give priority for just giving out t-shirts. Uh, I should not give away. So we'll do an extra give out to any mod or admin. So we're organizing that right now. I just want to show my appreciation to you guys. We'll get, you'll get two shirts for help moderating everything. I know this is like the smallest amount of gift possible. We'll try to work getting more, but we want to give some t-shirts out and I'm going to contact all the mods and admins. And if you guys, um, are one. Yeah. So just type a comment. So Bernard, I would love to give you a t-shirt and let's see who else is in this chat. I know it sees the MVPs here a lot. Nick, of course, you're getting one and let's see who else is here, but I just want to show appreciation. I mean, mods on this channel are just insane. They do this all for free. They've been doing this for such a long time. It's insane. Super hype on t-shirts. Yeah. Yeah. All right. Lastly, lastly, lastly, notification squad for the win. All right. So let's talk a little bit about yield farming and everything that's going on. So yield farming with relation to wifi, YFII or technically it's wifey. Okay. That's the way it's pronounced. It's just the, that the culture there. All right. But anyways, let's, let's start with the narration for the story. And I'll just tell you guys a little bit about what's going on. So wifey farming came on around two weeks ago. And the reason how your farming and liquidity mining works is that you drop down capital, right? So you drop down money. Yeah. Yeah. You put down money down and then you get these new coins over time. And because the way it's distributed, why the hype was crazy was because this is a new coin. The only way to get it is to drop down capital to liquidity mine. There was no pre-sale, no pre-mine. That's why the dev teams, they're not rich because, well, it's fair for everyone to mine. And it just goes back like the old mining days when you get coins by doing something. So this is like proof of liquidity, right? You provide your capital, provide your money. The more money mine, the more money you provide, the more money, the more money you get, right? The more new coins you get. So wifey, wifey one, I would say took off. That was very early. And I was talking about that very, very early on, on this channel. So I was like, okay, I knew what urine was. So we put this article up on a 23rd and I was talking to you guys about this on telegram. So when it first started, obviously it wasn't worth that much, but the yield was insane, right? So even on the first day, I was like screenshotting, oh my God, guys, how is this yield so high? You're essentially getting 100% back in capital in the form of this new coin, wifey, right? Now, when I was mining it, I was treating this like a standard mine where I would just cash out early on because why not? But anyways, wifey grew over value over time. And obviously it led to this whole trend where everyone is looking at yield mining right now. Everyone's just trying to figure out what's going on. But of course, with last week, the distribution, the new coin distribution of wifey ended. So the first one, it ended because it was only meant to be distributed for a week. And that's kind of what created a crazy market cap of which it's at right now. I still think this is crazy. And in terms of the value of this coin, so this new coin came out. What's the value? Well, even Andre, the creator of it said, yeah, this is pretty much a meaningless coin. The community decides what's useful for it. So there's a lot of resolution. It's used as a governance token. There's a lot of resolutions. There's a little bit of interest. I'll talk about that on that as well from the earnings from some of these smart contracts. But that was kind of the case where it was meant to technically be a value as coin. But then people got very hyped up over it and bought it up, speculating that there's future value in here. So I put that word there. It's speculation. But yet again, the community decides where it's going to go. And that's kind of up in the air. So why is this different? I think a lot of people are asking like this sounds like BitConnect people are just rewarding themselves. There's two elements that are interesting here. First is when you're mining liquidity, you know where your money is at. So let's say, for example, when you're mining in, say, pool one, in the early stages of Y-Fee one, the money is placed in Y-Curve, which is then used to be reinvested into various protocols like DOIDX, compound. Essentially, there was 20 plus protocols. So the money is transparently being invested there. And then any interest that it gets gets pulled back and placed back and given back to people here. So it's different from BitConnect in the sense that BitConnect was a straight up Ponzi scheme or pyramid scheme where people who put new money in, they just feed the top and something like that is never sustainable. Here, that money is transparently being invested into something. So it's not being used to pay off members or referrals or something like that. That's different. So that's the good element, I guess, the innovation element of there. And because everything can be tracked by smart contract, it's great. The other kind of I would just put a caveat there. One of the biggest risks associated with something like this is it risks. There is still a high amount of risk. So even though it's transparent, because it's invested in, you know, 20 different protocols, if any of these protocols fails, it might take portions of that money away from people. So there's that risk there, too. So it's kind of a new type of risk, which we don't really know fully understand. No one in the world fully understands what creative hackers and what creative hacks people can come up with. Right. This is the biggest issue here. So there are quant stamp reports of this. So just for reference, this is really great. So there's actually a formal review provided by quant stamp about what the risks are. And I highly recommend that you read it, where the contract risks are, and read a little bit more about how Y-curve works. I think, like, a lot of people jumped into this without understanding how to do it, which is why initially I didn't provide any tutorials on how to do this, because I was just like, yeah, that's probably not the smartest thing in the world. So anyways, on that respect, that's kind of the situation with the liquidity, where the money goes. But of course, the money, what people were looking after wasn't just the rewards from all this capital being invested. That's a small amount. That's like 5%, 6%, 7%. People here are like, nah, not that. They want the 1,000%, which is in the form of that new token. And that's where the speculation comes in. This is where it gets very, very dangerous, because obviously, when you have a new token, there's a lot of speculation there. There's a lot of hype and excitement. And a lot of the stuff that I saw in those groups, right, so both in YP1, YP2, YP3, there were kind of clones of this. They didn't understand the risks of early coins. Any coin that has a very low supply that was just being mined had very, very volatile price dynamics, especially very strong dumpamentals. As people mine more and more of these coins, there's more and more supply. Can the demands kind of even meet that new supply coming in, which was one of the biggest risks that people are taking when subjecting themselves to that risk? So yet again, I've been pretty clear about this. When I was mining a lot of these coins, I wasn't really holding on to them. And in fact, I was very clear. I sold Wi-Fi 1 at, I would just call it Wi-Fi 1, so the first Wi-Fi or whatever. But I sold that very early, even at $400. I was just like, you know what? Profit's profit. Yield is yield. I took some yield. I can do something more of it later. That's just my sense. I did keep a bit, obviously, which is great. So standard mining practice, I feel like back in the mining days, sell it, keep 10% to 20%, call it a day like that, right? So that's pretty much the way it went. And in terms of the narrative, in terms of this week, because Wi-Fi 1 stopped giving out yield, there were a few copycat clone projects or forks or whatever, depending on how many bags you hold, you call it different names. But I think the notable ones were the first Wi-Fi or Wi-Fi. This one was very interesting because it's very Eastern. So it started off with the Chinese community. We also have an article about this on boxmining.com. So I wrote about it very, very early on. And those actually suggested a big thank you to, I forgot who it was in my group, but they're like, oh, look at it. Okay. This sounds like an obvious scam. But, you know, it sounds like even worse, it's like Chinese are known for knockoffs, right? Not to be racist here, but, you know, that's just what happened in China. A lot of these, even in fact, kind of funny note here in China, there's Bitcoin, right? That's Bitcoin. And then there's altcoins and they call altcoins, which is like kind of a knockoff coins. Like because Chinese had this knockoff culture, you know, if you have Sanjai phone, it's a knockoff Samsung phone or whatnot. It's like a replica. And this is the exact kind of way they're treating it. So I thought this is like a Sanjai version of Wi-Fi, right? Wi-Fi 1. So Wi-Fi 2, and I was very, very concerned about it. But at the same time, something that was kind of interesting and then the conversation dynamic that happened when I looked at it was that the Chinese community was very, very into this because the developer, he's got quite some reputation in China and there was this Eastern narrative going on. Like this is China's like version. Like there was a community building around that. So it became very, very interesting. And obviously I started mining that because there was yield there. It was giving out coins. And kind of the argument for Wi-Fi 2 was that it's a fork, but a fork that carries a different distribution model for it. So it was a token dynamic that offered a halving style. So instead of having a full stop to distribution and then trying to figure out how to distribute more coins, they had the Bitcoin halving idea where every week the amount of distribution halves. So that was kind of the interesting element with it. And yet again, so I went to that community. I think it was great. And surprisingly, Dovi was there too. So Dovi Wang, one of the also one of the bridges between the East and the West. And that actually was pretty, very, very interesting for me to just understand what the Chinese community is going at. And I think it's a reminder that the Chinese community is very strong. And something that I felt was very interesting there in terms of that dynamic was that initially, because people didn't understand Chinese, people thought it was a scam. In fact, Balancer and MetaMask, they put up early warnings for it. But anyways, long story cut short, I felt like there was a need for that bridge between the East and the West. And that's why I also helped them with their governance side. It wasn't paid for any of this. Obviously, there's no pre-mined. The developers don't get any of development or funds or whatever. So I was just like, you know what, I'll help you guys sign the signature to make sure that safety in the governance continuing forward. Now, obviously, the price of YFI 2 didn't hold up very well, nor did YFI 1 hold up, YFFI hold up very well. So both these coins experienced very, very strong dumpamentals as miners, liquidity miners, started just selling their yield in the open market. So right now, we're at a point where, yes, taking some heavy casualties here. So that kind of was a trend. So once it entered the death spiral phase, it just started continuing death spiraling downwards. Long term, I feel like at this point, I feel like it could continue. Who knows? Until the halving happens. But at the same time, I feel like I'm actually quite hopeful that they can develop something useful out of it. I need to follow up the conversation. But before I can follow up with the conversation, there was another clone of YFI. So this is YFFI. And this is where I actually didn't succeed very well in farming. So yet again, following the let's try to be early strategy, I jumped into this trying to mine this out. There were multiple ways to mine it. And this is where I think you have to be very cautious. So when I first started mining YFI too, sorry, YFFI, orange YFI. So if you look at it with orange YFI, the price is just ridiculous right now. But I can't enter it. But anyways, there were one pool, which was where you deposit Y curve. And a second pool where you deposit die. And a third pool where you deposit curve. So what happened was that while people jumped into it, there was a little bit of controversy as to whether or not the developers mined it early during like a pseudo pre-mine. But regardless, what happened was that this coin didn't really offer that much value. So as people jumped in and they saw the rewards were good, they started mining and then dumping it on the open market. And to a point where it generated yet again a negative death spiral for it. Yeah, pretty much. I think it's pretty much over at this current point. So did I lose money here? Actually, yes. Even though as a miner, I wasn't a speculator, I did lose money because I did deposit money to mine in pool three, which had a 2% exposure to YFFI. So this is where I kind of said, okay, I need to slow down. Because I understood the risk. I didn't realize that. I understood the risk, but I didn't realize the price would dump so fast. But anyways, yesterday when the pool opened, I got in. I bought YFII to YFFI at around $400 to mine it. It offered around $1,000 return on investment. But the problem was because of the price of YFFI just diving, nose diving down, right, to oblivion. The problem was that the negative price pressure caused me to lose money. Even though I was gaining yield, I started losing money. So pretty transparent. That did happen. I'm... Racked. So, yeah. Pretty much sad. Sad to admit that I made a mistake, but... Yeah. Made a mistake. Racked. Racked. I think there's one thing that I do want to show as well while we're at this. Actually, surprisingly, these guys are good. Surprisingly, Quantstamp actually put up some of the articles. So why is this important? I think this is something for you guys to look at. So now recently, over the past few days, liquidity mining has become very, very big, right? So with liquidity mining being very big, people are providing liquidity for a trade. So this is what was required for the pool three on YFFI. I know if this sounds really foreign to you, I'm sorry. I mean, there's no way to really dumb any of this down. It became really, really intense. And this is why there's eye bags on my eyes, just trying to figure out what's going on and trying to look at it. But some things that was required of a lot of the staking these days. So they're staking, not really staking. You're staking in a liquidity pool. But that's very, very different dynamics. So when you're staking into a liquidity pool, your funds are directly used to market make. So this means you have direct market exposure. So even though in the case of YFee or the pool three for YFFI, you had a 90, the pool, the balancer pool was created in such a way. It was 98% in curve and 2% exposure to YFFI. But you shouldn't consider it as 2% exposure to YFFI because the problem is because your money is used as a liquidity provider, that means if someone wants to dump a massive amount of YFFI, your funds would directly be used to buy the dip. You'll be used for the counterparty, right? So this chart is actually quite useful. You can actually look. This is for Uniswap, not for a balancer. So balancer is a little bit different. But this is actually very interesting. But basically what it's saying is that if the prices don't change, you make money here, right? So this is the change in total liquidity value. You don't really lose money. But the problem is if one of the tokens start dipping in value very, very drastically, very quickly, then you start losing money. And this is the risk. One of the risks of any of these pools that are used in the YFee mining is when one of the token prices dips a lot. That is when you start losing money because your funds are directly used to buy the dip. And this is where scams can come in and where I think Wi-Fi 2 or Wi-Fi 2 or whatever, that's where the scam is, right? It's literally using that capital people put in and some people just sell that coin very quickly and boom, wrecked, right? So this actually also happened for YYFI that happened this weekend. I didn't really talk about it that much, but that was a direct scam where the developer created coins out of nowhere. So he had a mentor address, he created coins, and he emptied out an entire pool, or he tried to anyways. And he gained around 70k in the process. So kind of crazy. But anyways, that was long. Those are first-hand accounts of the mining liquidity yield farming experience. And I'll just talk a little bit about the current state now. So now that we know that the clones don't really work, so Wi-Fi clones, they don't work as much, especially new clones that don't have any idea. So the whole idea of these coins that you generate when you're mining is that they have to have some form of value. So already for the first Wi-Fi, Wi-Fi 1 or Wi-Fu, whatever you want to call it, that one has the lead advantage of the designer being Andre Kroenig, who invented everything. And he has quite a lot on his sleeves in terms of generating value. So that's why Wi-Fi 1 has an insane following. And this is why Wi-Fi 1 also has kept up its value, right? So this is where I got lucky, or YFI, where this whole thing originated and started, right? This is where the liquidity mining worked very well for me. So right now, it's worth like $4,000. Whether or not to enter this time, I don't know. That's speculation. But I kept some from... I got 10% from mining, not too much, but whatever. That's the end of the story. But anyways, that was great. So we'll kind of see what's happening. This month, there is more happening. So this week, actually, there's vaults being set up. And vaults are giving quite a lot of money. There's a lot of dynamics there. I'm not going to explore that on this video. But some new distributions are going to come. So there's more mining. And there's also the vaults where you can earn some profit from that. So anyways, long story cut short, that's kind of what's happening. The clones, I feel like from the lessons from this week with the failure of YFFI, I feel like people are probably less inclined to dive into the clones anymore. I just feel like probably this thing is going to stop. It's almost like the Bitcoin Cash thing of 2017, where there were multiple clones of Bitcoin being created, multiple forks, starting off with Bitcoin Cash that was successful for a lot of miners. And then Bitcoin Gold, Bitcoin Diamond, Bitcoin Super God, or Bitcoin Super or whatever. So those clones didn't succeed as much. Because even though they're trying to do something different, the momentum was lost as people didn't really care about the coin in the end. So that's kind of the current case, I feel, with all these clones. And unless they can really provide value, there's not much point anymore to look at it. And yeah, that's great for me because I don't really want to spend any more time looking at smart contracts. That was a big pain over the weekend. But we have a question from Chinese Chetcher. It says, will the OGY fee give new gains yields again? They will, but the yields are much less now. So they're trying to pass resolutions as to what's going to happen. It's only been a week, but apparently like 20 or odd resolutions were passed. And I wasn't as involved as it should be with the discussions. But the latest discussion, I think, did not be nice. So there were a few discussions on how and when to give new gains for yield farming on the original OGY fee. But I don't think those passed right now. So correct me if I'm wrong. But yeah. Abu Maki says, all the same scam. Depends on how you look at it. I feel like I'm not a big speculator on these coins, as I've said. But it was great to be a farmer. Whether or not they're scams, it depends on the way you view it. The way I feel like, the way I view all this, right? This is the way I view all this. This is essentially providing banking services, right? You're depositing your stable coins. It gets invested into a bunch of other projects in a more or less transparent fashion. And you collect the yields and they get this gas passed on to people. Now, the craziest thing about this is it's not just regular banking, but full on investment banking where you can create derivatives and products. So, for example, when you make a deposit into the Y-curve, you get the Y-curve token, which now can be used as money, right? So you can trade with it. You can cash out with it. It's kind of crazy like that. But this is creating products upon products upon products. Normally, in the banking world, this would be taking multiple years to approve, right? You have to go for the regulators if this is legit or not. You have to seek a banking license if this is legit or not. And you need audits. But the problem with crypto is obviously we want things fast, fast, fast. And audits are coming after the fact. So even like for Quantstamp and all these audits and the risk assessments, they come a lot after the fact, after when a product gets released. So we're moving at such lightning speeds. And, I mean, Andre himself on his Twitter, so the original creator of all this, he said, I test in production, right? So he's doing his tests right now. But is it safe or not? It's bleeding edge. But I wouldn't say it's completely safe. So it really depends on how you want to look at it. If you're like absolute beta tester, you want to test all these products out, sure. I mean, I think this definitely represents where the future of where things are going with where banking is going. I mean, it's pretty much normal banking, but with more transparency. So if all these smart contracts hold, right? This is the biggest flaw. If these smart contracts hold, then sure, this is way better than centralized banking completely. Because centralized banking, like, you know, I've talked to Prudential guys before. Like, they sell insurance. I talked to the HSBC guys before. They sell their insurance. They sell a bunch of crap. You essentially insert your money, and then they tell you, oh, you lost money or you gained money. And they have audits. But you know how banking system works. It's not very clear. So having full transparency at any point of time, I think that's definitely the future. That means we exactly know what's happening. But at the same time, obviously, because they're done by smart contracts, smart contracts can't be hacked right now. Right now, we still, we're not the best. Because this is so new, I would say. Not because we're not the best, but because this is so new. There's unforeseen vulnerabilities here. So this is where you have to make the correct judgment. So I'm not financial advice. You know, I understand the risks, and I looked into the risks, and I've been trying to look more into the risks. And this is where it's absolutely key. If you're not looking into the risks, and you don't know what you're doing, you're just throwing money into yield farming. I don't know. Like, one day, you might be crying and be like, oh my god, I lost everything. But for me, I'm like doing it with amounts that I'm happy with, that I think I can tolerate the risk, and where it justifies it for me. But yet again, not financial advice, not a financial advisor. I hope you guys don't get wrecked. Cold basics in the same vein. This place is full of crazy tokens. Hope y'all don't get wrecked. Absolutely. Ola R says, we've got to thank Block's money for risking his money as a learning experience. Hey, I do it for myself, too, because I get to keep all the rewards. Yeah. So that was great. But yet again, this is really about sharing the experience. The risks are really great. I mean, I spent a long time looking at Quadstamp, looking at the real audits, and talking to my engineer friends. Pretty much learning, like trying to learn solidity over the weekend. That's great. Learning how to look at contracts, learning how to figure out mentor addresses, governance addresses. It was really great. And learning about the multi-sig, the NOSIS multi-sig. Great experience. I think I learned more in this past week than I learned in the past year. But I got really tired. Like yesterday, I was like ultra tired. You can just see eye bags. I was just like, I just need to sleep. And I think I slept for like 15 hours already. But anyways, Neir O'Kham says, when do you think we need DeFi? What do you think we need in DeFi to truly replace Big Bang? So I think two things, really. So one is just experience. So right now, I feel like the best developers in the Ethereum space, they're not writing their own code. This is kind of the weirdest aspect of it. But they try to reuse code that's been written two or three years ago and adapt that. Reason being is because that code has been used and audited. And that logical flow has been verified by just the market. If there was a bug in there, some hacker would have found a way to abuse that bug and destroy that contract. Right. So a lot of the best smart contract developers are telling me that, you know, try to reuse as much code as possible. Try to see what's already out there. And we need that experience. So I think number one in DeFi right now is just experience of the know-how of how to use it. And the second thing is the fiat on-ramps, how to onboard and off-board people into DeFi. I think this is just kind of the merger. I mean, obviously, at the end of the world, if everything goes and operates by crypto, fine. We don't need on-ramps. But for the next, I think, 10, 20 years, we're going to need heavy on- and off-ramps. And that's going to be the biggest problem. And in fact, there is an argument that in China, DeFi isn't really picking up or getting momentum because there is no good on- or off-ramps for crypto right now in China. So in China, people have to go peer-to-peer. You have to trade with essentially OTCs or with people directly or in an escrow service because exchanges are banned in China. So you don't have a direct way. You can just go to some exchange and buy it. There's no authoritative way. They have to work by these OTCs. I've had a lot of videos on this OTC aspect on this, covering this. We also interviewed the guys from Genesis Block. But that's probably the two biggest issues. So just experience. And more importantly, of course, on- and off-ramps. Ko says, my boy is three years old. Try to teach him about BTC. And the wife got peaced. I think it's necessary. I think it's kind of weird. It's unconventional, right? I think this is the weirdest thing about crypto was that it was very looked down upon. I mean, when I started back in 2012, I mean, it was a very different environment back then. And I didn't have the support of a channel with a few guys that don't have this community here. So it was very obscure. And the people who really believed it really believed it. But the general public was very... It was very much like Peter Schiff, right? Everyone was basically having a Peter Schiff mentality, having the supremacy of the thinking, oh, you know, this will never work. Being so kind of drinking that fountain from centralized finance, from government's authority, they've been brainwashed into that ecosystem. And I'll admit, I was too. So that's why people look down upon Bitcoin. How can this band of scruffy people talking about decentralization, where, you know, how does that even work, right? People were like, you have to be centralized. Money has to be centralized. So I feel like that's where that mentality is coming from. But we need to distance ourselves from it. Because at the same time, if you just look at how much power the central banks have and how much the feds have, it's like... It's insane. And crypto and Bitcoin is really about taking away that power. And I think that's core. So I would say, you know, we have to teach kids that. Our education system, as much as I don't agree always with the rich dad, poor dad guy, so he's been on, you know, he's starting to babble about Bitcoin now. But one of his arguments that I do believe, and that's very true, is that we never really get taught about money at school. Whether it's intentional, I don't know. But it is one of the biggest fundamental flaws of our education system. They don't really teach us about money, where it's created, how the economic system works, and how to manage our own money. Like, we're constantly afraid of saying, oh, this is not financial advice. You make your own decisions. But where do you learn that? And when do you learn that? This becomes very problematic. Like, as a kid, you should definitely learn a little bit about money, getting exposure to that, right? I mean, it's how the world works. And the more I get into crypto, the more I understand how broken and how much power certain individuals have. That they should definitely not have that power. Like, there's a reason why there's a 1%. And once you start talking to people in the 1%, you realize there's a 1% within that 1% that has all the power. Right? So there's a 1% off that 1%, and they own the world. And that's messed up. So anyways, that's the way things work. But anyways, that's why right now, even for my own mentality, it's like I'm not even looking anymore at the Peter Schiff arguments. It's just such a waste of time, right? Why am I wasting my time looking at that? That argument's been settled all the way in 2012. Like, when I thought Bitcoin was useless and Bitcoin proved me wrong, learn, right? You learn, move on, right? I'm not afraid of admitting mistakes. That's how you learn, right? I sold my Bitcoin at 15. I learned my lesson. Why am I still looking at Peter Schiff, right? Why am I still even valuing that? Why am I looking at Rube Nubini? The best example. He's making a living of this in crypto. He's like the villain. But why are people even listening to this guy? This guy's been proven wrong already by the market. Just move on. You got to move on from those conversations. You got to move on to what's next. And I think that's where we got to stop. Like, that's one of the key lessons for me, at least, this whole month was like, stop sticking my head in the sand, right? There's so much innovation happening around me. A lot of it could be a scam. Who knows, right? But a lot of it could be something amazing. Who knows? You got to, the only way you can not know is by taking your head out of the sand and figuring out what's going on. And this is my biggest argument against something like Bitcoin maximalism. Bitcoin maximalism are people who say, oh, Ethereum is a scam. It's an original shit coin. It doesn't work. But look at us now. The amount of innovation happening on the Ethereum space, yes, it's risky as hell, right? It's experimental as hell. But at the same time, it's groundbreaking. Like, we're seeing these groundbreaking innovations. And, you know, it's almost like the guys on the internet. They're like, oh, internet's a scam. Okay. All right. If you think that. But anyways, that's my two cents. I feel like I'm done listening to all that stuff about Bitcoin. Now I'm exploring the new space. But obviously it carries risk. I'm not going all in. I told you about my strategy, what I'm doing. You got to figure it out for yourself. All right. That's a key here. Guys, thank you guys so much for watching this video too. We have almost 500 people watching. That's crazy. Watching me rant. That's insane. Guys, smash up the likes if you like this. I need to just drink a little water. I've been talking too much, ranting too much. But anyways, we got Ola Arts. The problem is that centralized exchanges have way too much power in manipulating token prices. And therefore that makes DeFi more volatile. Not just that, but DeFi also has tools to make it more volatile. That's the craziest part. I mean, if you look at flash loans, the way flash loans is that you can take out any amount of Ethereum. You want so long as you can prove on the blockchain that you're going to deposit it back one block later. All right. That's insane. Like that, uh, like I didn't understand how flash loans work until I read up on it. And I'm like, wow, this is insane. You can borrow any amount you want with no capital, like no deposit, but you have to provide mathematical proof that your month, that, that the amount that you borrow will be deposited back. And that's used to just literally abuse certain smart contracts. So that was used to abuse BZRX. Recently, we have balancer pools, like five pools were drained a hundred K each from that attack. So flash loans are crazy. So it's not just centralized exchanges. It's like, because this space is so new, people are finding new ways to abuse stuff. And one of the ways to abuse certain smart contracts is just to use a ridiculous amount of ETH and flood into it and just drain pools. It's absolutely insane, but just be careful. I mean, this space is so new. There are so many very, very imaginative ways of doing so. And there's so many people who are very smart at a young age. And those people who are very smart at a young age can make millions of dollars here by just abusing flaws. So, yeah, just be very careful, guys. It's kind of funny. I mean, in the Twitter case, the person who hacked all those Twitter accounts was just a 17-year-old kid. You should never underestimate 17-year-old coins, kids. That's crazy. Okay. Notification squad. Funzal Ola R says, thumbs up. Great show. Lady Plants a lot says, are you drinking tea, no sugar, or lemon involved? I'm actually just drinking water today. So today I actually rushed here. I had to look at a few things in the morning. I rushed here. And then I was just like, you know, I don't even have time to make anything this morning. I was just like, I had to have water, and that's it. James Davis says, I didn't see a TrustSwap mentioned. There's a lot going on. I think a lot of people are so, like, things move so fast. People are like, ask me, am I still involved in TrustSwap? Dude, it's only been like two weeks. Of course I am. Like, anyways, there's going to be more conversations. But yet again, like, I think a lot of people have different expectations. I'm actually doing my job as, you know, to help them on board. Jeff's one of my really good friends. We're very close together. I talk to him a lot. But I think the expectation is like, oh, he's going to show it every, like, channel, like, every episode or something like that. That's not me. I don't, like, continuously do that. I talk about what I'm doing. And there's actually a lot developing on TrustSwap. That's really great. And in terms of the plan going forward, that's actually just quite a lot to do, actually. So I'll give you guys follow-ups and updates. But I think in terms of expectations, I never want to be the guy who is, like, continuously one-off, you know, just pushing token price. That's not what I'm here for. I'm here for developments. There we go. David says, what are your thoughts on Travella partnering with Expedia.com? Went from $0.09 to $2 ATH. Congrats, I guess. I mean, yet again, price speculation is very hard right now. Does price is carried by hype, right? Whether or not it can deliver value can only be proved many years later. Yeah. Do at your own risk. I mean, you already said, if it went from $0.09 to $2, do you really think that's real value or do you think that's speculation value, right? Speculative value right now is, that's, you know, we've been talking about that for a long time. Thank you guys all for your donations as well. I'm trying to get through all the comments. Thank you. So thank you, David, for that question. We also have one from Abu Maki. He says, what do you think of Aragon Court? Can you check it out? I haven't seen it at all. I will try. Like, I've been trying to do a lot of things recently. I can't promise anything right now. But that's just the way it is. Ice23000 says, do you think Uniswap is safe? Uniswap is safe for exchanging coins, I would guess. I use it all the time. Safe, safe? Probably not. Never going to save in this place, but I use it. But Uniswap liquidity pools, that's when you have to read up the articles. If you're injecting liquidity into Uniswap, here's a great article for you. Risks on, risks of farming. Just check it out. Understand the risks. That's great. We got Jose Gombola says, what's your expectation of VET in the long term? I think very, very long term, they're going to deliver a lot. In terms of corporate adoption, they have the best shot at it. But at the same time, yet again, I have to say, even for the coins I'm holding, I'm saying, look, guys, lots of speculation on the market still. People are looking for quick in and outs. And VeChain, I stuck in my hodl already. I don't care about it anymore. Just do your job. A few years later, thank you. But right now, am I trading it actively? No. So winner says, why FFI or YFII? Any updates, Michael? So I lost money on. So just to summarize that I had a lot of discussion. But very quick summary. I lost money on YFFI. I was in pool three. And the token price dumped so hard that I actually lost money in one of the pools, even though I was on paper gaining 1,000% per yield. And this is really due to this price action here, yet again. Referring to this chart where a certain token goes down in value, your pool goes down in value, too. And the value of the tokens that you take out, you get wrecked. So that's one of the biggest problems. I lost money there. Sucks to be me. I learned my lesson, GG. Hopefully, you guys don't have to learn that lesson, too. YFII, I did make money there because I was one of the early miners. It didn't drop to zero yet. So that's good. This price is stabilizing. So, yet again, the yield is actually quite low right now, like 50, 60. So at this current point, I'm actually looking at vault. So I chucked some of my farming of my liquidity into the YFII, the first YFI vault. So vault version 2 is up. So I chucked some of my funds there. But there is a withdrawal fee. So I think that's around 0.05%. Correct me if I'm wrong. But so that means I encourage this long-term holding in that fund. So, yeah, I did that there. I'm trying it out. I'll tell you guys how it goes. Wu Ziyang says, what's your net worth? No one should tell anyone their net worth. I know people who have been robbed for less than a million dollars. You should never tell people how much you're worth or how much coins you hold. I've been very, very private about that. I have been intentionally a very private person when it comes to any solid figures. Reason why is because... Sorry, I've been dry throat. But reason why is because I met people during ConsenSys in 2017 that literally told me they were being held at gunpoint. So be very, very careful with anyone online, guys. I know you guys here, you guys are legit. But there are people who are watching. Like, hackers can watch this channel and potentially try to hack me or whatnot. It makes me a bigger target. So this is why I never show people my address. I never show people, like, my amounts. I never show people where and how. I never tell people how I actually store my cryptocurrencies. So it might be completely different from, you know, all the standard ways here. But mystery is important. All right. Do you hold ORN? Not yet, but I've been looking into it. So this week, I'll tell you a little bit about what coins did impress me and what I'm looking into. So ORN is definitely interesting. There's also another sale, a token sale that's coming up this week. Totally forgot the name. This is how much I care about it. But you know what? I look at token sales a lot. I just have a list of it there. Let me just take a look before I ramble too much. This few weeks, I've been pretty aggressive with everything, actually. I've been pretty aggressively investing. Well, there's actually a lot of rain outside. It's crazy, right? I just glanced down my window over there. It's crazy. But let me just give you guys a quick rundown. Let's see. This week, what do we have? Okay. I can't find it anymore. Correct. Never mind. I'll find a chart. I'll tell you guys what I'm looking at. I mean, I actually looked at a few other projects that are doing with transactions. So I looked at SwissBorg, which is pretty cool. They're doing kind of like management. Also, I looked at Utrust, which is great. I'm looking at these places that can provide that fiat bridge, which is important. And they're always about allowing merchants to accept crypto. I think that's extremely vital in the times ahead, especially if you want to use more crypto more often. And initially, it's really funny. So just a note on Utrust as well is that initially, I was like, okay, how do they allow for that reversal of payment? So the way Utrust works is that if you use it for a merchant, you actually have buyer protection, which is something that's not offered for, let's say, something like Coinbase payments, etc. There's no real protection there. But they offer protection for merchants because they actually hold the money on escrow, which is great. So something like this, that bridge is very, very interesting. And I feel like this week, I've been looking at a lot more coins than I have been. And if you guys have any suggestions, yeah, definitely tell me. Put something down below. I'm pretty semi-aggressive still. I'm not completely backing off to say, okay, look, I'm not making any investments in place. In fact, I did make quite a lot of investments this whole week. It's been crazy. A lot of pre-sale investments were going on. So I was like, let me see if I can jump in. But I'm not sure if I can talk about it in my channel because it's on NDA. But I'm trying to do some both token and equity investments right now and looking at new coin investments too. So we got Gary, thank you so much for your $5 donation. EWT Energy Web Tesla News in 18 months. Ooh, that sounds too much, huh? That sounds too much. That's too much. I'll take a look at it. I've heard about EWT for a while now. So I'll try to look at it. Anyways, guys, I think that's pretty much it. I'm pretty exhausted from this stream. Um, local Diablo says, what's the best way to stay up to date on new DeFi projects and coins? Okay. What's the best way is to really just go to every single chat group and discord group, which was what I was doing and just trying to collect data. Uh, it is extremely exhausting. It is. That is the best way though. All right. Because you get the account and you get to have a feel of the flow. So what I do when I'm in chat groups is I feel like where I can get a feel of where the, the, the really, the big, you know, big bag holders are, what the big bag holders are saying and what the haters are saying. And it kind of form a, like a educated judgment on that. So I make my own decision. That's the best way. The second best way, obviously I'm trying to do a newsletter to catch you guys up on DeFi. I mean, these are the easy ways that are like kind of like a digestive material, but you don't get the, you don't get the raw data. Sometimes for me, I'm, I'm rigorous. I want to get the raw data, but it just takes a lot of time. So yeah, I mean, like, I think, I mean, like, like 20 new discord channels this week, um, like five, 10 different telegram channels. I mean, we chat groups, just collecting data, like personally. And that's why I'm exhausted. It's like, it is not a fun process, but that is the best way. And I would say if you want the best way, because if you value your money, you should always do it the best way. Um, yeah, that's the hard part. But anyways, um, DeFi pulse is good. Um, I find that DeFi, like, um, the way the space moves in DeFi, especially with the wifey clones and stuff, it was a little bit too slow. DeFi pulse. I just find it wasn't, you know, as, you know, like the, the problem with DeFi right now is that a lot of the stuff you have to get in early or not at all. Right. So if you want to be early, early, I don't know yet. I mean, yeah. Um, box money newsletter, I'll promote this a little bit, but while I'm doing the newsletter up this week, I'm trying to do more and more updates. So if you guys want to check out what newsletter one is like, I posted newsletter one up here. So right now for, for now, all the newsletter stuff is going to be free, but I might make a paid service and I might have to hire people to help write it because of just how fast things are moving right now. But for now it's free. And if you get, if you get in now, you get grandfathered into it as well. So you'll just continuously be on this newsletter. So make sure you check out the newsletter out. Um, the best way to sign up is just, just read the newsletter and just type. I think we scroll down a page. You'll automatically get prompted to sign up or you can talk to a bot here. You'll be like, yo, talk to this bot. And then you can talk, tell the bot to, to sign up. That's pretty much it. Yeah. Anyways, guys, that's pretty much it. Um, for this letter, uh, oh yeah, should we need to draw, uh, for the video? So I think in the future, um, so this is the deal guys. Um, we're doing a giveaway. So I just pick one from random. So basically anything from the past week, I launched one, two, three, four videos. Let's pick a random number. Uh, number four. So one, two, three, four. So this video, we'll do a giveaway here and we'll search for the words notification squad. YouTube comment. We'll do this very quickly. I'm like, this obviously takes filter to the comments. All right. Oh, there's not that many comments on this one because I was a live video. So that's fine. That's great. Let's pick a random winner. All right. So this is from Alan Zhao. Alan Zhao. Thank you. Part of notification squad. Hello, everyone. Hope you're doing great. Stay safe. Thanks, Michael. And more power to you. Thank you so much, Alan Zhao. So you get two t-shirts. Awesome. So this week also giveaway for t-shirts type notification squad, any new video, even for these live ones. If you guys want to be part of that live ones, I know you guys are here. I think I should do something for a live audience too. Um, but anyways, I'll get better at this as I do things. Anyways, guys, that's pretty much it. Um, let's see. Oh, yes. Last thing. Last thing. Last thing. Last thing. Last thing. So we have more live videos. Live videos are here. So there, those are the times here. So it's Monday and Friday, Hong Kong time, 11 a.m. Or if you're on the other side of the world, it's 11 p.m. So it's late at night. So in Eastern time is 11 p.m. But I do it consistently now two times a week, um, for these live videos. I hope you can come in live. I mean, we have, I think a hundred, 500 people at one point here, which is great. So thank you guys all for the support. It's growing very, very rapidly. Um, Jose Gamboa says, does comments during the live chat count? No, it does not right now. So I guess you have to guess like, even if you're on live, you have to post a comment up for the hashtag, et cetera. I'll make sure that there's more t-shirts is right now. We just only ordered a small batch. I didn't expect all of this. Uh, so we only ordered like one small box. I mean, you know, um, that's not a lot, but we're getting more. I'm going to get more designs. Um, it's going to be super fun. Um, more stuff is coming. Um, you just need more like time, I guess. I feel like I'm just so busy nowadays. I just need more time. Um, so last thing I'm going to put the live stream, um, up here. I'm going to make a new live stream. So let me create, uh, go live. Let me, let me create a new stream. Let's clone this. So the next one will be with, um, it'll be on Friday, but I'll try to do one before that, I guess, because of how fast crypto is moving right now. But for now, um, I'm going to tend to reset, um, well, the consistent live stream to be Friday. But if you're on notification squad, sorry, you'll know when new videos are live. So my voice is breaking. Cause like I didn't drink enough water this morning. All right. Let me put that on the comments. So I just created that defy farming. Yeah. All right. So that's, uh, that's the link guys. Thank you so much for being here today. Uh, we got John Carlo Lopez says, can you create a discord? I've actually did that a long time ago, but I think discord is getting really popular now. I will try to create a new discord as well for more discussions. Uh, we have a telegram community right now. That's the strongest, I would say. So if you guys are interested in telegram, um, we have that here. Boom, boom, boom, boom, boom, boom. Yep. So been a rollercoaster ride since a rollercoaster ride, exclamation mark, exclamation mark since Michael Liu. It's been beyond a rollercoaster mark. Um, yeah. So thank you guys so much for watching this video. Um, it's been a pretty long time, but hope you guys stay safe. Um, read up, especially about security. Uh, I think that's for right now. I'll talk to the hacking guys. So I've been talking to Dima a bit as well. Um, Dima from hacking and we really need to get the security aspect of people out because people aren't understanding the risks and that's very, very dangerous. Um, that could lead to disaster where people don't know what to do. So I think that's kind of core. Thank you guys so much for watching. We'll have interviews with the coin gecko guy, um, Bobby Ong. That's coming out very soon. As long as, as soon as I finish editing the video, which will be soon. Oh, we also have an interview with CZ coming up next week, which is very interesting. We just finalized deals, details for that. So Binance, um, need to get an update of what's happening. We'll get the whole D5 versus C5 narrative. And I thought it'd be fun to bring back, uh, CZ and thank you to him. Thank him so much for the time as well for coming back. So he's coming back next week. Uh, so lots of exciting stuff happening on this channel. I think it's scheduled for 12. I'll make the announcements very soon. They'll be on the website, et cetera. You guys can ask all the questions you want. So that'll be one of the very, very, uh, exciting interviews that's coming up. Um, yeah, so I'm going to ramble about next events, but that's pretty much it. Thank you guys so much. Hit the likes, subscribe. See you guys on Friday, if not sooner.