(Monday) Massive Crypto Dump. Alts taking hits. Diamond Hands time?

all right we're going live sorry for the late delay guys so first time huh so guys i just hit the live stream button welcome back to another episode of the box mining live stream where we take a look at what's happening in the cryptocurrency world bitcoin ethereum alt currencies innovation decentralized finance and everything here so today is monday the 15th here in asia spread and early on a monday so gongxi fast hi everyone to anyone celebrating chinese year still a holiday for us here we're still kind of in the joyous mood and for those of you in north america it is february the 14th and it is valentine's day and bitcoin and cryptocurrencies are showing us some love because there is some valentine day discounts today i don't know how i managed to speak that with a smile but yes the cryptocurrency prices are falling today we're taking a massive dump bitcoin ethereum not so much so ethereum dropped around six percent today there's a minor discount but there's a lot on the d5 front that has dropped recently let me just very quickly refresh that that makes a lot more sense everything is almost everything is red okay i'm just gonna hold myself back but there's been considerable these discounts on the decentralized finance front so we got oh wait we this is not working give me a one second so it should be this one done yeah there we go so now we see the prices of all these cryptocurrencies falling a little bit today by a little bit i mean 25 so falling by quarter one inches down curve is down l run down rsr tasels qst you can see double digits not just double digits but 20 percent dips over the past 24 hours for a lot of coins today so especially so it's basically a lot on the d5 front a lot on the all coin front it is savage savage discounts today so yeah it's not it's not the easiest all right so we're back now yeah um there you go can see there was a white screen for a second there so yeah so um not the not the nicest day all right to be waking up to this morning i was waking up i was everything's fine 10 minutes later bam everything was just crashing down and i was trying to figure out what the hell was happening obviously you know this type of dips do happen in crypto it is pretty savage it this happens almost all the time so we're going to explore that today on today's episode like what's happening here what's my strategy obviously um a lot of people are asking where's the panic sell button where's the panic buy button here is where damn diamond hands or strong hands actually matter um to be honest it's it's an emotional roller coaster ride um it's not going to be easy to take big losses you guys know that i'm very very deep into decentralized finance i've enjoyed enormous gains so expecting like this type of dump is part of the game you know like things don't go up even if you look at the past seven days right let me just quickly switch to that if you look at the past seven days a lot of these even though they may look like they're down right stuff like ontology zillica tazos even on comparing to the past week or so it's still up aggressively even something like omg network we got v chain it's up 63 percent even despite the 24 hours the past 24 hours are going down 20 percent it's still up 63 percent over the last week so overall it's still great right but it doesn't feel good to have a 24 like a 20 dip in the past like 24 hours so just putting everything into perspective so obviously i'm sure everyone here is going to experience a lot of emotions and you know it's definitely not my first time to see something like this and i don't think it's my last either to be honest um you know we've been through maybe 25 dips but we've been through like 50 dumps in a day as well depending on market conditions a lot of this is just due because of how aggressively the market moved up last week that's the time i can't take i think there might be a lot of other people like creating news out of this but i didn't see any huge amounts of news every bit of fear uncertainty and doubt that did come up over the weekend say for example we did have and this is something we're going to cover today as well we did have a major hack that happened on d5 protocol alpha homara so alpha had a hack that allowed people to bleed some of its bank vaults because they're trying to deplete um create a new vault there was an error that allowed people to essentially steal not people one hacker to steal 37 million u.s dollars worth of cryptocurrencies but that happened like weekend all right it's old news already people forgot about that already it's gone so what's new what's not this you know the market the market just behaving the way the market is so i wouldn't link too much of the past news with what's happening on the markets right now we'll look forward and we'll look at some of the potential reasons but a lot of this is due to how aggressively these coins have moved up in the past week or so and this is why you know anyways we'll be doing a lot of storytelling today so make sure guys you're coming into this video we're going to take a look at the new stuff that's happening we'll take a look at the markets we're going to take a look at the news and we're going to take a look at the questions and answers for everyone here so if you guys are joining us for the first time smash up the like button click that subscribe button click the notification bell because i do do these live streams and it does really um i try to keep them as close to the market as possible so you guys know exactly what i'm thinking and what is up in this current state so make sure you smash all those buttons down and we also have these two bears coming back today it's valentine's after all people are wondering what happened to this bear we had it we had him during christmas he ran off for a while he found a girlfriend now he's back that's our story for the day so anyways smash up those likes guys let's get the show all right so classically with every show we begin by looking at the markets so yet again if you actually look at the past seven days you know we've been experiencing some tremendous growth right so bitcoin's all the way at 47 000 so yeah yesterday or at least in the past few hours yes we did have a mini dump and then but still overall bitcoin is still holding very strong and this really goes to show that this year bitcoin is it's got some solid support right you know during the time when the whole market is dumping when there's fear and blood on the market when bitcoin is holding so strongly that's generally a very very good sign so yet again 47 000 for the majors here not too much um going on now with ethereum there is a past 24 hours we got five percent dump the dump was very very prevalent if you actually just look at it very closely we'll just switch over to bitcoin right here low chart sorry switch over to ethereum right here that makes a lot more sense doesn't it all right so yeah so it's very very gigantic um red arrow that happened all of a sudden taking down prices all the way down to 1 600 for a few minutes before moving up so this is very very likely a very very big sell order so i've actually looked at a few exchanges to see where the order books are and it does seem to be the case that it seems to be like one large market order that took everything down all the spreads between the the um a lot of the coins were very huge right so usually the buy and the sell books like when you look at the books and you look at buy and sell orders usually they're very close to each other but it seems to be the case that there was a huge plummet so all the buy all the buy orders got eaten up and then the the sell orders are still very high that's why there was a huge gap anyways that was an observation i was observing around an hour ago just during this big dump that was happening now why exactly is this it could be triggered by two possible um maybe it's a spark event that caused everything to be triggered and to sell and then also we have to realize that right now this market is extremely leveraged so there's a lot of leverage longs in this position especially after chinese new year people are expecting prices to move up and when people are on leverage a minor dump like this can cause a cascading effect right so when people are long they expect the markets to move up but if the markets move down what happens is that they don't have enough money to keep that position alive right this is where you know you see those big movies called like the margin call and stuff people don't do that nowadays people these these uh these markets just liquidate directly so it's like boom prices get liquidated obliterated that's kind of how the situation was and this is something that we definitely can't expect in crypto and this is definitely that something could be going on we can we can potentially see a bart simpson pattern or it could be the case there well depending on how over leveraged the market is which is why i'm eyeing the market very closely we could have another cascading fall and then move up again so we can see the reverse bart simpson pattern that everyone kind of famously looks for so this is when the markets go down and then it moves up then you have some spiky hair right the bart this is the bart simpson pattern and then moves back all the way up or it's my very bad drawing okay all right so yeah i'm not a big you can definitely see why i'm not selling nft art so it might be this situation um also which is you know kind of um kind of seen in this space quite a bit especially when the markets are so over leveraged like this how much leverage do we have um you can actually see funding rates so if you actually look at view base um this is a funding this is where you can get a rough idea of how the leverage is working in this current space so something that's quite interesting right so the greener it is the more longs there is in the space so it's kind of interesting comparing the amount of leverage that every market has so it's kind of interesting to see now that the eif markets are actually no longer over leveraged um that's actually very very interesting so the funding rates are negative over here but very very close to zero so that's actually very very interesting um that could be the case where a lot of positions got wiped out just now and then everything's restarting and then we'll have to see what's going on this is something that we i definitely take a look at to see where the traders are going and if you guys know want to know more about funding rates i have some kind of solid course like solid videos about what funding rates are on the members only channel so always check that up if you're a member um check out the members only channel about funding rates and how that kind of interplays with the market but anyways long story cut short it does seem like a lot of longs got liquidated just now that's why there was this huge spike down so if i'm looking at the funding rates just now to be honest not financial advice of course but because there's not an insane large number so um funding rates positive funding rates suggest investors are bullish but if you actually look at eif the funding rates are negative now which means that the the chances of another spike down may be decreased right so you know initially i was drawing a very strong spike down but given this information now that um the funding rates are not extremely positive it could be the case where there's not going to be any more liquidations like that in the future so anyways um long story short ha says box money dumps coins before every live stream actually not actually um like always take a look at the positions on where it is i'm actually quite tempted to see where i can buy right now but i have not bought yet so you know how i was joking to say earlier that yeah i'm looking um valentine's day discount right so i'm definitely looking at which ones are that i can take a good position in but i have not entered just because i'm still kind of observing the market what the majors are going to do before i take a position with my alts on my trading account that is what i'm thinking but it does seem to be the case where like bloody mondays are back you know it's like um yeah like it happens right like this is not this first time it happened last time it was also a bloody monday at least on asia's side anyways but that's actually good honestly market taking um falling back a bit but if you actually look at it um i drew my support here at around 1 500 which i can expect some support i can probably move it up we'll see but i'm gonna move my support up line up to here because it does seem to be the case where we couldn't drop like the bears could not dump at 1600 which is good and then we can actually move this up a little bit we can see where our support and resistances are at the certain point but what we can see like if we observe it for another two three hours and then see how strong that support is i think it's gonna be good um interesting interesting zio dmv says we are far from the top need some bifo okay so now let's go to the deep dive deeper to a lot of the other stuff that is dumping so obviously bitcoin gold's up but you can definitely see that we are a lot more in the bloodshed territory than normal than usually so yes a lot of defi is currently down there's definitely a discount on decentralized finance at this current point it might be the case that investors are waking up to the fact that yes this is a very experimental space in decentralized finance i think that's abundantly clear already that a lot of this is experimental and a lot of this week of course um i'll just highlight the biggest thing that happened this week was which was with alpha hormora and the iron bank so 37 000 not 37 000 37 million dollars were lost to a hacker this weekend and it goes to show that defi is still very experimental there could be cases where hackers can severely abuse a particular system and steal lots of funds millions of dollars so to speak and good and bad right um if you actually look at how decentralized finance is working there's a lot of promise right someone can write a contract and immediately millions of dollars gets thrown in that contract and things start working now the problem of course with decentralized finance is that because we're so early a lot of flaws are not known so in the case of the alpha hormonal hack hack for and this iron bank what was happening with the hack i'll just put that very quickly because it's such a big news i'll put an article for this but i'll probably have to explain it a little bit more clearly because at the initial side of things right um and involved two kind of very big pillars of decentralized finance one is alpha the other is cream which created some product called the iron bank so okay exactly what happened so alpha hormonal was deploying a new contract so they were deploying something new with susd and this was going through audits and was not announced to the public but someone found the contract now we're going to speculate on who that is because there's going to be some interesting information coming out and leaking out as well but this was something brand new this is something that's uh they're about to launch but not fully launched yet for some reason some hacker manager find it and manage withdraw a huge amount of funds from that new product they were launching now they're managing withdraw this huge amount without providing any collateral so they essentially just borrow money without providing any collateral just like it's like it's like just taking it right it's like hey yo bank give me some money give me all your money all right cool thanks and just like take off essentially that was kind of essentially what happened it's just like did a massive withdrawal took off have a nice day that's pretty much the end of the story but what was kind of bad was that because they took away funds right they withdrew funds a lot of that were funds from either alpha hormonal or the other defy infrastructure which was the iron bank iron bank is basically a backbone finance infrastructure it lends out money to particular platforms so it managed to withdraw funds from both so both users of alpha hormonal and cream are affected by this so i'll still follow up but that was kind of the gist of what was happening just i mean it's definitely a gross oversimplification of what's happening but it seems to be the case where a new product was kind of the weakness now before we spread a lot of fear before we go panicking like crazy few things here right for first of all new products definitely need to be audited or internally at least make sure internally that all the things work now there is a suspicion that potentially audit companies might even be the culprit here because this product is unreleased and who knew about it right who who knew about this product and who can sabotage this platform like this so yet again not throwing suspicions out there but there seems to be some words floating around that you know who really did know about this new product this new unreleased product and then to go all right i'll leave it at that i'm closing the door on that but suspicions are out there now then goes the money right so 37 is no small amount but it's also not a large amount so neither platforms are dead right now so like d5 is still going to work and people are still going to push on so i think that's kind of core to remember that decentralized finance the way it works right now all right is that it's super experimental and i think a lot of both sides are going to learn like both platforms are going to learn a lot from this right so because of the experimental nature of decentralized finance at this current point there is this you know there's this phrase right that andre coronet turned turned up which is testing in production right so right now there are a lot of this is still beta test this a lot of this is still testing but the reason why people test in production is because without real money being in these contracts without real capital there it's almost impossible to test what can and cannot happen right so this is this is the correct lens to view defy it is a big big experiment it can go wrong and a lot of people are putting real money live money into this experiment so obviously it really depends on what people want them their risk exposure to be like right at this current point well i would definitely say that if you're not able to tolerate such risks do not like play around with defy it's not safe at all but at the same time if you do have um the necessary safety precautions like i've set up a lot of safety precautions here this is an experimental space this is where you can recreate the new backbone infrastructure of a new financial system how crazy is that right even reading about this like how um particular like something like the iron bank can supply capital to other products and stuff this is all about capital efficiency right where capital can go right this is what the banks do right there's a banks have a lot of money saved there and they deploy the capital into various strategies and here again you can have like the central bank local bank infrastructure here anyways i think a lot of that infrastructure is being almost created on decentralized finance which is crazy right creating the new way for new defy with new finance but it's crazy risky as well so anyways that could be one of the reasons why a lot of people freaked out about decentralized finance that there could be hacks it could be one of the reasons but yet again i would be you know a little bit slow on putting that as an exact culprit because that happened around two days ago and now roughly we're trying to sort out exactly what happened and what's going on in this case there's a post-mortem analysis is happening there but regardless yes we do have dips in the defy sector right now and obviously of course if you just look at all these dips obviously defy took up a lot aggressively and then moving down a little bit is definitely expected especially on a market like this so anyways that's my current take on everything so what we're going to do now is we're going to answer some q a then we're going to look very quickly through the news of what's going on and what's happening so guys thank you all for coming in we have a thousand something people coming in today so i would really really appreciate everyone for smashing up those likes if you guys are concerned i've done this before um although i'm very tired of doing this there's a lot of people who don't know what's going on a lot of people who have a lot of fear in them so definitely tell me what your emotions are feeling are a lot of times i feel like youtube channels become like a like an emergency sos center for people who have like some mere trauma i've had a lot of trauma from this market before um taking enormous dips like this is not easy um you know someone joked before you know he came from a finance background he said you know his entire annual salary his entire annual wage would vary every three days right but this is probably like every hour your entire salary from um your old job could you know go up or down um and this is crypto right um it's extremely volatile it's extremely sometimes euphoric um you know like i said last week i was living in euphoria for the last two weeks already because of just how much the markets have moved up um i was ecstatic obviously today some of that was lost like 20 percent uh to be exact right that's um it's a big dump but that's fine right and it's not probably less than 20 percent because i'm out of coins but just saying if i if i if i took a hit like this you know like a 20 percent hit you know obviously it's not it's not great but at the same time you know it's shame always says i feel nothing i feel nothing and then mauricio rodriguez is how should i feel question mark uh seahawks is box i am wrecked i don't know it's quite hard to i would still say it's still quite hard to be fully wrecked in this market right now to be honest to be to be frankly honest right obviously does it sucks to lose money right number goes down and that it's it's not cool but at the same time i think it's actually quite hard i mean considering if you've been in crypto for even two weeks now you're still gonna be in massive profit as long as you don't do some dumb shit right sorry for using that language as long as you're not doing the stupidest stuff um yeah this this wave has been just phenomenal right um for everyone who has been in crypto it's very much a validation i've gained a lot more confidence because obviously you know you feel like such a loser for holding for so long i mean uh um during 2018 2019 2020 i held through right um i had bitcoin i had ethereum i had v chain i had d5 products i was investing in this space and you feel like such an idiot sometimes right because everyone's like oh you're a loser all right you know you go to the bankers like i have a lot of friends as bankers and they're like oh you're such a loser why you're holding on to the crypto is crypto is dead it's not going to come back and then 2020 came along and 2021 came along i'll just i can just shove that in their face right yo yo yo take a look take a look yeah so it's still there but obviously we're going to ride those waves up and down and that's part of life um it's something that i've kind of grown accustomed to so yeah that's pretty much pretty much it pretty much uh all i have to say about that that's my that's my um inspiring quote of the day um not very inspiring but it's um it's for me it's been validating i think i don't really need to question myself these days anymore like i know this market is the way it is uh but i've also known the opportunities here and i think that's kind of the play i'm looking at i'm aggressively investing in the space still um like the amount of innovations here is crazy the amount of losses here a little bit but at the same time i think if you actually just zoom out i think if you actually look at everything now like if you if you can do a retrospect in maybe five ten years this would be the new internet right this would be the new internet like this will be like people will be like oh my god this was this was the opportunity not to miss out on right and i think this is a lot of people forget that a lot of people who are in crypto they forget that they look at the the the you know sudden drops or the sudden booms they forget that whatever is being created here like think about it a new backbone finance for the new financial infrastructure like come on come on all right uh all right so let's let's do some news let's let's catch up on everything that's happening on the news and uh move on to everything so yet again let's say mark cuban predicts blockchain is new internet okay yeah i mean guess guess where that thing came from but but that being said all right so i mean mark cuban has always been pro bitcoin he's been very aggressively pro bitcoin and i want to drop this in as well so so instead of just copying what he says and this is a new internet i'll drop this in right so this is something that um is quite not quite well known in entrepreneur circles which is that every 10 years there's been going to be a great technological leap forward something hot is going to just take over this world it's and it only happens every decade right so it's like in the 90s we had pretty much personal computers pcs right um if you're if you were there in early pc days and you created a computer software company you're going to be great the 2000s were the dot com right every decade or every decade top um top how about decade dot com right this is where amazon google apple was born this is where if you spend the time on that new thing you are going to change the world right now 2010 a little bit different but it's the iphone the smartphone the apps right if you jumped into the app scene that was where all the money can be made that's where you can go from zero to one million right that's where the innovation that's where all the power is and now 2020 this is where blockchain is decentralized finance right this is where things are taking off right now this is the the new thing for this decade right so if you missed out on something like the pc game right i'm too young for that i i was like okay too late dot com i was still too young for that smartphone apps i was a little bit late didn't identify that right i was still doing science and chemistry and stuff i wasn't a programmer if i was i would have jumped on but that was where you know like smart during the smartphone craze like a husband and wife team they made they made tempo run all right they're just like oh two people made tempo run then they got to work with disney making millions of dollars right per month right that was how crazy it was during the whole um smartphone era now going into defy era you know people like andre crony he basically just dreams of a contract types it up boom millions of dollars get locked up it becomes a future of finance i mean how crazy is that right anyways i don't think i need to echo this more but take this is the opportunity this is opportunity and we get to join in the opportunity i mean not every one of us is a programmer but at the same time we get to be part of this whole entire ecosystem so that's kind of crazy right so that's one thing the other one is that the defy hack which i talked a little bit about um one other thing to note this is some good news check if you have um one inch airdrops so one inch exchange so this is a defy aggregator so what it does is it runs through if you want to do any transaction say you want to buy ethereum or sell you okay let's say we want to buy ethereum right um it runs through multiple exchanges to see what is going on right so this is a one exit one inch exchange and aggregates different exchanges combines it and gives you the best rate obviously sometimes it does cost a little bit more gas but at the end of the day you can get a better rate and one inch they did an airdrop okay so let's cut into it one inch did an airdrop you can get free tokens if you've been trading on uniswap one inch wants you right one inch wants you and they're going to offer you free tokens so make sure you check so go to one inch exchange and check if you right so free alpha free free money right literally free money on this account i did not have it so you have to be actively trading in the past few days i did get it on my main account so this is um the account i'm logging here is the my alt one i'm um i'm just using that for youtube show but for my main primary account that i've been trading for on uniswap on there are one inch tokens that there are there for free so i know i love free tokens but just make sure if you claim uh make sure that you're not claiming during this crazy gas times right now like right now it'd probably cost you like hundreds of dollars to claim it so anyways um yeah just just just free free free alpha free alpha tip right there if you're um just hop on one inch check and you can also check like the claim one you can also use a check button feature to find out if you're um yeah if you have any tokens to claim for that all right so we also look moving on forward towards the news we got andrew yang he plans to make new europe a hub for bitcoin and cryptocurrencies who didn't see that coming so he's definitely very pro crypto right now andrew yang obviously he's not the president but maybe next year maybe in three years time um but anyways i think that's gonna be cool i think this is where the people who are smart are now all moving to crypto right this is where it's happening right i think that like i said people who know people who are in the zone and identify that this is the opportunity of the decade they're moving here right i think that's a given elon musk you got that coming you got andrew yang coming over and these guys are not like just saying right i think elon really put some real substance to his words by buying 1.5 billion dollars worth of bitcoin not a small amount not a small amount now we also have deutsche bank deutsche bank is quietly offering crypto custody the banks know what's going on they know what's going on they they're building products that uh yet again it reaffirms that the idea that this is the big thing that's going on now they're building products for that so yet again putting substance to words is kind of core here now let's see what else we have here um yeah again last thing if you if you have a broken shattered ego bitcoin goes mainstream as institutions hold three percent of bitcoin circulating supply i would definitely expect that to grow but you know kind of 2017 we're like oh institutions are coming well they are coming it just took a long time right um the the issue here is that traditional finance moves a lot slower than these crypto finance crypto finance is like this super rocket right in the past six months we have like what lending platforms we have an iron bank infrastructure though the whole infrastructure that supports more finance on top of it we have yield farming coming in yield aggregators coming in we have um insurance platforms coming in we have nft auction houses coming in how fast did defi move in the past six months alone right traditional finance they're going to take some time institutional investors they're going to take some time like that's makes me extremely excited because i can be ahead of everyone else and that's great so anyways it's oh it's great to be here all right um let's see let's see let's see let's see let's see one inch drop let's see what else we have okay this is actually quite bad too okay so i saw this apparently superman got banned from youtube that was pretty shitty um if you guys know superman like we dump streams together and some people love him some people hate him but at the end of the day he provided a lot of really good content and uh he's very very popular and youtube just banned him for no particular reason like this really makes me pissed off this is one of those things that like he making real content he has people watching him and i think for some reason like youtube is just like screwing up with all these crypto content creators so guys do subscribe to superman if you guys watch his content definitely he provides some really good intel and he really like breaks things down in a lot simpler ways like when i watch him i'm like oh man i'm making things so complicated make it make it easier so guys um he's starting a new channel up here he's pretty devastated by being hit um like screw this youtube okay come on come on youtube so i'll put that link up there to just support him when like this is a time when our community needs to come together and support him so there we go all right we also have let's see what's going on here we got sorta launching on trust swap so new stuff coming on on february the 18th if you guys are interested in sorta so they're in multi-chain nft platform they are launching on the trust swap launch pad so if you guys are into trust swap you guys know i'm an advisor for trust swap so i can stake my trust swap and get access to the sorta pre-sale so that's going to go on on february the 18th make sure you guys know what's happening trust swap has just been constantly producing i think you know everyone expects me to show this obviously but look when trust swap first came about people were so skeptical of it you know like they're like oh this has been done before but with what they're building right now they're building a platform so coins can be launched with safety with liquidity logs with a guarantee smart contract level guarantee that the founders will not dump the tokens that's pretty much like crazy amount of build over the past week and on top of that of course we've got the trust swap launch pad going on lots happening there so definitely guys take a look at sorta what's going on on the next trust swap launch pad project we also have duck starter duck starter is also launching so duck starter is starting they're staking and they're going to start for both shadows and vortex defy coming up so the duck starter website is also a little bit like trust swap launch pad you know i'm also part of trust swap um ducks not trust swap duck dow so duck dow is doing this and duck dow actually has a partnership with trust swap as well there's like a it's a huge big family for everyone but so duck starter they're launching shadows and vortex defy both of which are super crazy i've been learning about them for the past week or so and yeah just there's a crazy amount of innovation going on in space obviously everything is experimental but at the same time the amount of stuff that's happening today um not just today but in this space is phenomenal on top of that if box is now also going to be part of the duck farm as well so yeah keep definitely keep an eye on those both entire ecosystems out there they're quite crazy people are people aggressively knowing how to build a community this is where the action is right now okay so i think that's pretty much it for today's update i think i got most of what i wanted to cover to be covered apart from probably maybe one last one which is um here over here which is the let's see let's see that canada of troops the first north american bitcoin etf so yet again canada canada pushing there we got btcc as a ticker listed on toronto exchange going on okay so that's pretty much it for today's news update uh we have pretty much yeah we're going to do a pretty chill session right now yeah i'm just trying to look over to see if there's any news i missed out on today just looking through my my list my mini news update list not too much i think that's pretty much covers everything um um uh uh let's see there's a question there let's hold my brothers so iridesm says thoughts on fxf we're actually going to do a very an interview very soon on finx flow it's the latest pokestarter project as well lots uh definitely lots going on so stay tuned for that there's actually going to be quite a lot of good content coming up sir um vet coin type to buy says john meacham aria sarana says only fans coin there is already uh a porn coin called uh porn coin called sway if you guys are into that um yeah lots of comments on everything what are diamond hands oh my god diamond hands are you know just strong hands just diamond hands because diamond hands are forever so let's take a look at the market why is everything crashing well if you think about it like um if it's not abundantly clear right now why is everything crashing but everything moved up very very aggressively in the past few months and this is why a correction like this is very very possible if not um the case but what we did notice and what we kind of concluded here is that we do have some very very strong support coming in we definitely see if bounce off at 1680 we definitely also see that um the funding rates are actually returning back to normal at this current point which is actually a very good sign to be honest i don't really want everyone on a leverage position that will kind of suck but you actually see negative funding rates for the first time which means that people traders may be shorting right now but at the same time it also means that we won't have this kind of bart simpson pattern that we saw earlier i'm not too worried about people shorting at this current point because i feel like crypto has a lot of meat so if you actually look at the time scale of say like five five ten years for crypto to be or at least this infrastructure or for ethereum infrastructure to build out uh alternative to the traditional finance space which has trillions of dollars not billions right now we have like billions of dollars in crypto but if this is just the experiment imagine if what happens when we put trillions of dollars on these platforms right so i'm not at all concerned right now for the long-term longevity state of crypto but obviously a lot of people probably could be concerned about the short term and short term is something that anything can go right you have um right right now i definitely see there's definitely a lot of mass panic it does seem to be the case where when when it does fall people who anticipate a dip will start selling like there's panic selling this is where diamond hands comes in because this is when you actually look aggressively at the buy side but at this current point i definitely saw early on if you guys look at tx street this is something that i look up um pretty much every day to see how much transactions cost to make on ethereum and this is what i look up on ethereum and this is what i look up on ethereum and this is priced in guay so this is the gas price for it the higher the guay the more expensive the transaction earlier today when ethereum made its first dip it was around 600 that meant that there were people aggressively trying to either buy or sell or trade cryptocurrencies at that time you can also kind of see and engage a visual gauge of what's going on so if you just look at the people coming they're trying to jump on these buses trying to jump on these buses trying to jump on these buses trying to get their transactions sent obviously the more in term they pay in terms of gas price the faster the transaction will go and the more the higher chance of it succeeding as well you don't want your transactions to fail right that's a bad case so you definitely see that ethereum is having a huge amount of activity and bitcoin on the other hand is still relatively empty bitcoin hands right now we don't see the panic right now we don't see the panic right now so you can kind of see this as panic people on uniswap jumping on a train trying to figure out where to position themselves and then you can see a mild smile on my face because then because like i guess i set everything up such in such a way that um like i'm not too concerned about what's going on like um this weekend i wasn't too focused on cript um all coins i was actually more focused on farms and making sure how uh my farms can go ahead and at this current point there's still a lot of opportunity in this space i mean i was even talking about goose defy right um new binance smart chain farms are definitely the hot thing right now this weekend and i was just watching this throughout the weekend it was kind of crazy because as a farm project this was get generating insane yields so if you have if you check out the nest section of this this had something like crazy like um 900 percent annual percentage yield right now this is a 900 percent annual percentage yield right these are insane numbers that were popping up but the penalty for uh or or the drawback for goose defy was deposit fee of four percent so this is where the deposit fee they they every time you deposit you'll lose four percent which is no small amount but that is used to buy back egg so whether or not this like economic works or not i'm not gonna say but people love it though that was kind of the conclusion off this weekend i was kind of researching this figuring out if i didn't make deposits my strategy for this is not to buy egg but rather to make the deposit and then earn the one thousand percent apy right of course don't be lured by two large numbers there's of course risks for example the four percent deposit fee obviously that risk can be recovered in around two days right now like the four percent can be recovered in two days but the bigger risk is smart contracts they still haven't gotten full audits yet so you guys have to be a little bit careful but yet again as a situation where boy there's a lot of opportunity here um in the cryptocurrency space so yet again for me personally i just did a few stable coin deposits test that out and it was kind of crazy this weekend and that's happening we got karl says why is the alt market trap dripping right now guys guys guys it's been it moved up so much like relax calm down calm down calm down relax calm down relax calm all right like like what do you expect what do you expect what do you expect like honestly what do you expect like corrections are are part of life you can't have number go up all the time right the fact that the numbers went up for like two weeks straight like my mind was blown already so having this um correction is very important like we still haven't experienced major correction i feel like of all the new traders i've talked to coming into the space number only went up for them um for like like months right like no one has ever taken any losses um that's not a healthy space there's there's going to be a lot of delusions of grandeur in the space there's a lot of people who who have never survived through hardship right um that's hard it's not easy to like it's a core part of trading to be able to survive through hardship like this and um a correction like this is very very necessary having the discounts here is very very necessary um for me as well um matt 888a says quit acting like whiny bitches and be patient sorry for the swearing there but yeah i think that's uh that made me laugh but at the same time it's really very real man it's very very real all right so anyways that's pretty much it um stone cold malone says market consolidation is healthy that is a better way of phrasing you know quick whining bitches um and stf you but yeah um ghost of gg says seriously if they react it's crazy now imagine a 40 correction so definitely on this channel we've had people who survived i mean i i make content throughout 2018 2019 2020 so if you guys follow me through there you know i was buying aggressively you know that i've been holding diamond hands for this long time like v chain was definitely not an easy hold but the fact is that v chain is like it was like a rocket ship right and it still is a rocket ship if you look at it um 67 in the past 24 hours sure it dumped like 16 in the past six um 24 hours but it's up up a lot and i've been very thankful that i had the confidence to hold it was not easy uh none of this is easy um you know personally for me it was very very rough going through everything but you know we survived and that's part of it so um am i ready for the next crazy run up yes am i ready for a complete obliteration yes absolutely um if things drop 80 in next day i'm still gonna be around right i think that's the core um even if bitcoin drops 80 i'm gonna be around i'm not gonna leave right even 100 freaking i'm gonna buy more i'll i'll make it one dollar okay i'll buy all just joking um but um that's pretty much it guys so i think that's it for me i think random video says i lost four dollars in just five seconds four dollars only like dude anyways guys thank you guys so much for watching today uh lots going on uh let's see answering some questions btc diamond no you got btc is a real btc uh lucas davinport says crypto is fake you should be a doctor like your uncle low low low low all right the great depression is coming no don't go uh i don't know uh we got we got a lot of like 2017 survivors here and nothing i think that's kind of good um janik says i was up 5k today down 5k now ain't bang anymore it happens right like that's that's exactly what i said earlier you know like a lot of my finance friends were saying this like you can be up like um your entire annual salary in three days and then lose your entire annual salary in uh five minutes it happens it happens uh welcome to crypto welcome to crypto first time huh welcome to crypto so i think that's pretty much it we definitely see some very strong support right now for eve i'm not too concerned at this current moment about everything that's going on um yeah it's not not not very concerned at all upcoming live streams let's see let's take a look at what we have oh why did one of my that's a good sign to stop streaming when one of your lights are out of batteries um let's see what's coming up next so we have um let's see let me start we got 2 000 people here today so obviously a lot of people are very very concerned about this current market welcome to crypto guys welcome to crypto if you guys come in smash up those likes we're here we've been around for a long ass time but this whole community is not a young community um we are a community of people who have been in for a long ass time we're going to do a live stream on wednesday and friday this week to just catch up on everything so make sure you guys are subscribed to this channel make sure you click that notification bell as well to get these live streams typically speaking we start these streams at around 11 o'clock a.m. in hong kong time um check the time for your your own time like if you click the link i'll tell you what time it is and if you also click the notification bell you know when i am live as well i'm also going to schedule the friday screen stream today so crypto and bitcoin coin live stream i'm putting those events up so we can all schedule those times in and if you guys are all concerned and you want to ask questions definitely leave them down below we'll have more discussions on this and yeah guys this is very much a shopping time for me at the very least like once i see like for the next three hours if we see there's very strong support that's when i'm going to go in full on shopping spree time um but other than that guys that's pretty much it for today we're good on thursday on wednesday we're gonna cover more of innovation zone like um there's been a lot of requests to talk about rari capital uh our rari i think a lot of my most of my friends are like hyping up about this so yes yet again it's got hit by 15 percent but my entry position was mostly last week around 4.5 percent so i'm still double at which i am at um reason why people are super into this right now it's not low cap anymore but what rari is doing is they're kind of being a very aggressive yield farmer right now but they also have another product called fuse coming up alpha leak there apparently that was dropped on clubhouse but lots of development happening and this is what i like to hear so anyways a lot of people were like okay what what are you what did you invest last week and that was pretty much my big one that pretty much did pretty well so yeah i think d5 not dead i totally doubt that um obviously it sucks to have 20 knocked off your d at least my d5 basket probably around there but you know if you double what's losing 20 right so with that guys i would like to say thank you guys so much for watching make sure you guys are on top of it we also have the friday live stream i'm going to send that over uh let's see or why is youtube so finicky i don't get it but um yeah youtube xrp is going to be massive i love it i love it everything is down and just reading some questions uh dft more graph base man it's kind of crazy something that i do want to comment about this market is that because there's so much hype right now a lot of people are buying stuff they don't know anything about that's the scariest like um for me right personally i would do a lot of research into something like that like for anything that's in my big basket my medium basket even my oakland basket unless it's a dj basket right so i have like these kind of baskets are separated from each other so like usually for the strong hodl and for the medium hodl i've researched the crap out of every single product um like there is no reason not to like if you're like for me like research is king fundamental is king because at the end of the day if i want to hold throughout this time it really does matter so just just keep that in mind guys like research is key um i do occasionally ape into something that's you know that does happen when you don't have the time to decide if whether to enter a position or not but at the end of the day making sure that research is filled is important and i know ape is popular right now especially if you're in my telegram group you know we're a bunch of apes but being a smart ape is more important i think my battery yeah my video camera is out of battery so i think we're gonna end that today um guys so i'll definitely like to thank you guys all for watching today and with that uh we'll see you guys next week and definitely check out the next upcoming live stream and definitely smash up those likes really really appreciate those likes guys um it really does help it's a youtube thing i know um i hate begging for likes too it's not not something that i would cherish to do every day but i definitely appreciate every one of you guys who are helping out and smashing those likes up as well i'm also leaving the link up for the next stream which will be on wednesday so i'll see you guys on wednesday we'll talk about more about innovation well it will be less of a triage session right this today is a more of a triage session you know like everyone's a little bit beat up by the massive dump but you know that's that's just life right so um that wednesday will be more of an innovation session we'll be talking about more of all the new stuff that's coming on here if you want anything to be added on definitely ping me on twitter and with that yeah just give me a shout out on twitter at me at box money check out x y and z and i'll have another thing what should i check out check out me on twitter so ping me there and we'll got it there so anyways thank you guys so much for watching today and we are heading off and i'll see you guys very soon and i'll see you guys soon you office to understand what kind of phase we're in in crypto to kind of get kind of in tune so if you don't read crypto every day the newsletter is perfect for you last but not least in the link down below if you're a telegram user we have the box mining announcements channel so this is to announce you basically what's the latest videos coming up but also we have a daily update a community driven daily update to provide you an idea of the latest updates on a day and a lot of people have been using that to get informed of the crazy amounts of trends that we see and i have to give a big thank you for claudio our community member for doing this it's just been phenomenal definitely want to give you a shout out there claudio as well for that and taking us to the end of the live stream so make sure number one you click like and subscribe on this video because it really does help this channel and then of course check out the podcast it's one of the best ways to know a little bit more to extend that 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