Bitcoin Dumping? 10% Correction to $8600!

Facebook, on Twitter, and today we are going to cover Bitcoin. So we're just going to wait for... Yep, we're live now, guys. Welcome back to BoxMining. Hopefully, the stream is working well. Today, we're going to do a very quick stream on Bitcoin. So if you guys probably seen over the last, I think, less than three, four hours, there was a lot of activity on Bitcoin and Bitcoin prices. We have dropped all the way down to 8,600. And the reason why I'm doing this live stream mostly is because a lot of people were quite concerned about this because of the sudden correction and kind of the intensity of this correction. So if you look at everything up now, over the past 24 hours, we dropped more than 10%. So right now, it's at 11.7% and Bitcoin is at 8,645. Now, interestingly enough, as well, other cryptocurrencies like Ethereum, Ripple, not tethered, Bitcoin Cash, Bitcoin SV, they've dropped by pretty much similar amounts. So almost in the same range. And it really goes to show that this whole market has been dictated by Bitcoin. And a lot of people definitely trade with Bitcoin prices. So we can all see that exact same kind of same intensity, same level of drop down. So in terms of Satoshi's, Ethereum, your Bitcoin Cash, Bitcoin SV, your EOS, your BitBinance coin, they've all have the same price in terms of Satoshi's, but rather in terms of USD, they're dropping all by the same amount. So very, very interesting developments up here. So we got JoJo Waves' FUD mining coming up online. I think it's not really about FUD or whatnot, but rather expecting the market and being careful. So obviously, throughout this week, for the past few weeks, I've been extremely bullish because of the Bitcoin happening. But towards the end, so towards on the last live stream on Friday, I was talking about taking more defensive positions, being more careful at this current time, because obviously, there was a lot of hype up. So that's kind of really how to explain everything going forward. I mean, if you think about it, we're still in a very, very good position. We've jumped quite a few times over the past week. I mean, if you've been dollar cost averaging since 3,000 times, amazing. Since 5,000 times, amazing. Since 7,000 times, still amazing. And of course, now we're still quite on top of everything. But obviously, because of this correction, we're being sent into a time of additional uncertainty. So right now, in terms of timing, so we're just before the halving. So around two days. Let me just get the exact date for you guys. Bitcoin halving. I got it here. I got it here. I got it here, guys. So halving event is in one day and 20 hours. Actually, that's less than two days from the halving. So we're so close to that line. And something that we discussed a little bit earlier this week with Charles, head trader Charles of Genesis Blog, was that we're thinking that a lot of things, a lot of traders like to take momentum. So obviously, the halving is a pretty big event. Everyone is going to talk about how Bitcoin's new mine coins is going to drop by half. So in terms of miners, they're just going to get a huge income drop. So that's why there was a lot of hype towards this. And then going up all the way up, big players like to take that momentum. So there is a lot of, almost you can almost say it's manipulation. Players is taking the momentum up. And now we have a phase where big players are taking that profit. So taking a little bit of profit here, dropping it by 10%. It's not the end of the world yet, but right now we're closing on this time, which means obviously the end of the hype train is also coming, which is probably a bigger factor in setting a little bit of uncertainty here. Because once that halving event happens, we have this big mega party. Miner's income is going to get capped by half. Everyone's going to talk about it. But at the same time, because the hype train is going to end, we have a potential for additional corrections coming up. And this is why we have, it's a little bit better to be more careful than sorry at this current point. Something that's actually quite interesting as well, if you actually look at this and something I definitely have to warn you guys here, is that regardless of what futures platforms you're on, it's important to recognize that there's a lot of these spikes downwards. So when we dumped around, let's say, yeah, it's around four hours ago. When we dumped four hours ago, it's important to remember that it was a huge, huge one candle dump. So within the 30 minute time frame, we dropped from 9,500 to less than 8,000. This is actually very important to remember because this is obviously a move by a big player. It's not like a, you know, organic slow decline over time. It's obviously one big player just pressing that sell button. Boom. All right. I'm going to do this and see how you guys react. That's very much a situation that we got. T-Boogie says BTC dumped in 15 minutes. Exactly. Exactly. Let me check. Yeah. It's even a smaller candle here. I'm just zooming in a little bit. But that dump was incredibly fast. And that's very, very important to remember because the faster their dump, the more it kind of implies that one single party or one kind of small group of people were involved. And a lot of money was obviously moved at this time. So that's one important consideration to consider right now. It's very likely the big players are kind of dictating the pieces on the board. And they have so much power to move the price of Bitcoin, which is why it's a little bit scary at this current point. One thing also important to remember if you're on trading platforms, I know a lot of people are on leverage trading, etc. This is where it becomes extremely dangerous. So, you know, I hate preaching caution, but it's actually quite important to remember that there's these huge spikes downwards. And I even saw this here as well. So not just at when we drop to 8,000. So we also just a little bit here as well. If you just put it on a three-minute mark, you can see it. This little drop downwards. So from 8,600 all the way down to 8,300. So these spikes are important to remember because they can potentially wipe out positions. So if you're in a certain leverage position, these sudden spike movements that go up or go down, they can potentially obliterate your position if you're over leverage. So that's what's kind of very dangerous about crypto trading at this current point. Because of that additional volatility in the market, it's important to remember this. So we definitely see like these posts on BitMEX Rect or whatever Rect. You see liquidated long Bitcoin sell $6 million worth at $8,816. So, yeah, this is going to happen quite a bit. Like you'll see various over leveraged positions getting liquidated and triggering certain stop losses. So at this certain point, it's just important to remember that there could be these sudden spikes that will just like obliterate your position and then go back to the point at which it originally was. So maybe you were right in the long time, but in the short time, you could get wiped out. So just be very, very careful of that. We've seen that especially now. Now we see a bit, but remember the flash crashes of 2017? That was the worst. There were certain positions three years ago, three, two, three years ago, where Ethereum dropped literally from 14 to zero. Like literally there was just a flash there that just may happen on Coinbase Pro at that time. I'm not sure if you guys still remember it, but it was one of the very first videos I did where I covered it. That type of insanity. It still can happen. I would say. I mean, these freak events could also be a possibility, especially because right now there's a lot of traders kind of banking on this kind of higher movement in Bitcoin right now, especially because there's two ways it can go technically. I mean, technically we're still the happening still hasn't come yet. So if you actually look at, so we're kind of at this point. So yeah, maybe, maybe big traders, they can try to take another push upwards, maybe 10K. I've seen some people who are extremely bullish, but at the same time, it could maybe very well go downwards a little bit more to correct it out. Something that's interesting to point out, if you just zoom out a little bit, if you guys are interested in looking at it, we're still technically we touch the channel. So for the long-term trend since July of 2019, we've been in this kind of downward channel. So we were touching the top of the channel and it seemed to be having considerable resistance here and we managed to try to break it, but we couldn't break out of it. That was kind of the situation that we're seeing. So we really want the breakout to happen, but at the same time, this is very volatile. So we got KRAN ACES, so it can go up or down. Yeah, absolutely. And this is where I was talking a little bit about kind of using move positions, move contracts, protector position. So yesterday I was looking at this, I actually managed to get it at 280. So the move contract, it basically only cares if it moves up or down. Like if Bitcoin moves, you win. If it doesn't move, you lose. Like literally that's what the name implies. But obviously these things are quite advanced and there's actually surprisingly not much liquidity in that market too. So it's like it is a way for you to protect your position. If you kind of predict it can go up or down, then a move position might make sense. But you just have to realize that there are timing considerations to make within that certain period of time. So the daily move is how much Bitcoin moves in a day. Weekly move is how much it moves in a week. So yeah, so you got to be kind of careful how you time everything. And this is something that I've been trying to master over the past week. Because, you know, I've been constantly telling you guys it could go either way. So obviously the best situation would be to have some sort of protection from movement for me at the very least. So telling you guys a little bit about my current position, etc. So my hodl, like I said, don't touch that stuff. I think long term wise, I'm extremely bullish about Bitcoin. I'll tell you guys a little bit more about that in a second. Because long term, I definitely think that there's a lot going on. Especially because the feds are talking, like there's rumors of negative interest rates going on right now. The money printer has been going brrrr for, I think, you guys know, for the past few months, the money's been printed. And possibly a lot more because we haven't seen the end of coronavirus yet. So obviously I'm very bullish about Bitcoin in the long term. There's so many use cases coming through. And especially in times of money printing, global uncertainty, potential financial controls in the future, Bitcoin. But at the same time, short term, obviously, we can witness a few crazy swings here and there. That's one of the sad consequences of Bitcoin, obviously, is that big players have a lot of control on our markets. I mean, even just look at these candles, it's so clear that big players have the power and the control at this current point. And even for these candles over here, too. I'm going to zoom, not going to do the one hour, I'm going to do it here. Even when we moved up, it was in very, very short bursts that we did move up, too. So just be cautious that big players can try to kind of manipulate the market, move it up or down, and increase the volatility to gain an edge. Whales accumulate. That's the way to go. We got Putinski says, It's totally a whale that shorted 125x. Best conditions, very stable price, no volume. I would say there's still a bit of volume. I'm not going to completely discount no volume, especially if you... It's unlikely that whales do 125x short. So we've seen... I've seen whales before, and the amount of Bitcoin they have, it's just like... It's ridiculous. It's just stupid. And if they really want to move, they can... What sometimes they do is they can contact multiple OTC desks, and then they'll just push for an execution at a certain time. So that way, all the traders just kind of flood on every single market and cause the price to decrease. That's kind of the mechanics behind how it works. They basically reach out and put, like, say, 100 million into every single... 100 million USD worth into every single trading desk, and then they just say, Yo, go execute. And then they just force that sale to go through. So that's likely to be what happened. We've seen evidence for that in the past as well. So likely in terms of mechanics, that's what's happening here. And then over kind of the next kind of period, there could be other whales or other teams that try to manipulate the price whilst we have the additional uncertainty right now. In terms of overall kind of attention, I know every single channel, CoinGecko, Binance, we're all doing a countdown. So that's why the attention is right here right now, which is why everyone's kind of focused on that and why big players are making these plays. And this is why definitely... Sell the diff. We have so many cool comments coming in through, guys. But I will definitely say it's... At the same time, like, I'm not taking any leverage positions at this current point other than when I'm buying move contracts. So I'm buying contracts. I'm using futures as a way to reduce risk rather than to increase my exposure to risk, if you get what I mean. I'm just kind of completely going to avoid any sort of leverage trading at this current point. It's just totally unnecessary because of these huge spikes. And then very likely, I'll check for when a move contract is more kind of cheap. Right now, move contracts are quite expensive because of just a huge amount of movement here. So typically what I'm doing is right now, like, around $200, $150, $250 for a daily move is something where I would kind of look at. We've got a comment that says Bitcoin going down to $1,000, $4,000, having done to $6,000. We have a lot of predictions. It's possible we can still move within this channel because we didn't really fully break out of the bigger picture channel at this current point. So yeah, if we break down all the way to the bottom of this channel, yeah, $4,000, I would say it's definitely possible. It's a possibility. We could also just kind of hover around here for a while. Wolfing, what I do want to point out, obviously, is that post-halving, a lot of times the movement is a little bit after the halving. So if you look at the previous halvings, it's usually three to six months after the halving that we have the next peak, the next bull run up. So that's kind of why you don't want to overly short at this current point and why I'm keeping my hodl positions. There's no reason not to hold on. I mean, yeah, temporary spike downwards. If you want to make the trades for it, sure. If you want to protect your positions, sure. But am I touching my hodl? No. There's just no reason to. Not at this current point. So, yeah, we could. We can also see that there wasn't... We'll see if this area provides any resistance whatsoever. But I would say that big movers, we've seen the power of big movers. They just flexed at this current point. So I would take every sort of resistance with a grain of salt. I would just say that. I'll be very careful there. I know we tend to try to find out where the resistance lines are, but it could be extremely thin. It could be extremely thin. So that's a problem. Okay. So one thing I do want to say is that for now, in terms of overall activity, so this is something I've also been discussing as well. So overall, I wanted to see if we were having kind of that same hype for Bitcoin. So if you want to look at, say, something like Bitcoin, Bitcoin trends on Google trends, not the Google price, but Google trends. So if you look at the past 12 months right now, even coming up to, say, May the 3rd, it's a little bit 3rd to 9th, the search for volume for Bitcoin and interest over time is not increasing too much. So it is going up. So we've seen it going up from, say, 48 to 61 in this index. But relative to, let's say, probably the past five years, we're still at the... This is a peak that we're looking for. This is what we want in terms of overall interest. I mean, that was the rally up. That was how crazy Bitcoin got. So are we close to that? If that's 100, then we're still at 16. So we still have probably roughly six, seven times more search traffic to go for Bitcoin. So a little bit of distance to go. I mean, obviously, in that six to... I would say even 24 months. So from six to 24 months, that's what kind of the timeframe we're looking for for the next full-on bull run. I think there's just... Like, this channel, we're not in the trend of selling hopium here. Like, I like to share happiness as much as everyone else. But I don't want to say, oh, I don't want to give over hope. I want to just be kind of realistic with expectations and become a winner overall in crypto. You don't want to be like, oh my god, it's just... There's just no point doing permable. So I'm very happy that I get to keep my Vahita hat. One day, we will get Vegeta and do 9,000 again. But right now, I think what I want to say is that... We're looking... In terms of realistic fundamentals, I'm looking for trends to go up. I'm looking for... Did I show you guys this here? So that this one... So I'm looking for numbers to go up from... To 2017, Bitcoin search volumes. I'm looking for new interest, new user signups. Like, these are all signs that we're entering a new full-on bull run. I think I remember 2017. If you go to any conference with Bitcoin, it's packed to the brim with people. Anything blockchain and it's just full... And it was full-on with scams too. Like, it was just like a million shit coins being showed there. And it was packed for people trying, you know, just getting showed. That was an insane time. And there will be a time and place for that again. And if you saw a lot of my videos, I showed you guys what was happening at the conferences. Just asking people, hey, do you know anything about Bitcoin? And they're like... You talk any basic terminology like hash rate or Merkle root. And they're like... Anyway, so that's kind of... That was kind of the situation going before. But now, we're still not there yet. So I would say 24 months would be a time period. I think that's something that we could agree on. And that's kind of the effect of feeling the less... The halving effect coming into full play. So when miners, they don't have as much Bitcoin to sell, there's going to be a higher stock flow ratio. More stock, less and less flow. And that's really what makes Bitcoin more valuable. And in terms of a long-term economic and social aspect, I definitely think lots going on. Money printers going brrrr every day. But obviously, these effects are going to be felt much later on. I think in terms of talking to average investors, which I have been talking to. I've actually been talking to a lot of people who are kind of just started or they're thinking about investing in this space. Just kind of exposing myself to different investment mentalities. And currently, especially in Hong Kong, everyone's kind of worried about investing. They're looking at all these options. Housing, not that great. Stock market, not that great. Currency market, not that great. Gold, okay, maybe. Bitcoin, hmm, a little bit skeptical about it. And I think that's kind of the overall mentality. People are a little bit afraid of Bitcoin, jumping into Bitcoin first. They are slowly starting to realize the power. And it does take a little bit of time to sink in. I realize that sometimes, especially when I look at things, I kind of feel like, oh, people are going to be so smart. They're going to think about this already. It's like privacy coins. People need to know about privacy coins. But it takes a while for people for the whole idea of crypto to click, blockchain to click, and then for why we need privacy coins in crypto. And that's the same thing. Like, if you're jumping from gold to crypto assets, it does take quite a long time. Quite a long time right now. So it's all about patience. We got Lisa Marie. Hey, welcome back, Lisa. Lisa Marie's saying, I'm patient. I'm patient. Those are the days. While Bitcoin recent drop I see on CoinDesk, I think there is a lot of concern for people. I'm not sure why there's that much concern. You know, we've been kind of preparing for this on this channel already. I was telling you guys on Friday that I'm in kind of a defensive position. I'm looking to kind of making sure that when the volatility does come, I'm protected. So that was kind of the situation. I know, I mean, I think what happens is that the sudden spikes do surprise people a lot, especially with it going down in 15 minutes. I mean, that's always like, whoa, whoa. Like 15 minutes? It just blinked right there, and it's gone. So, brother, bro, tell your sister I said hi. All right, just reading up the chat. So, looking at opportunities to buy back, I think a lot of people are looking at points. I think that's a good question. I'm looking for more acquisition, but it will be a dollar cost acquisition. So, probably likely. I think, I actually do agree with I am Ramione. That says buy at 7k to 5k range. I would say, why not? That would be a range where I would dollar cost back, average back again. Whatever I took now in terms of profits, I'm going to put that into a DCA fund. That's pretty much it. You know, guys know in terms of trading profits, I did benefit a lot from recent trading trends. What I did, and I told you guys this, I didn't touch HODL, but I did on my trading count buy on the way up. And then obviously towards the end of last week, pretty much closing my trading positions there. So, we're at a good point where, at that time, I was just saying, look, I took my wins, take that, put it into DCA, when DCA is a good option. Some people are talking about waiting until 3k to 4k. You know, you can, you can, you can, I think there are some people who are very lucky, I would say, when Bitcoin did drop. So, there was a point, all right, in May, when the coronavirus kind of really hit us hard, when Bitcoin did drop to the bottom of the channel, to around 4k levels. And in fact, I, I, I saw 3k, but when I pressed the button to buy, it jumped to 4k already. That was how fast, that was how fast it was down there for. So, there were these spikes that went all the way down. So, unless you're putting in like buy orders, and you're waiting for it to be hitting your certain levels, you're not going to wake up one day and have the opportunity to buy. It's such a split second decision. Like the moment you press buy, and if you're not even, if you're not entering a market order, if you're just ordering, or entering a normal buy order, most likely that position will not be filled. During like these crazy times. That's kind of how crazy Bitcoin is when like, everything is going down. But, we got Regus, the switch and hex is killing it now, but you guys know my position on hex. Like, there are a thousand, more than a thousand, 10,000, 20,000 altcoins out there. Ones that you don't touch, are the ones where the founder can potentially dump the crap out of it. When a founder owns most of it, and they're pretty much executing a pump and dump, that's what I'd avoid. So, I'm going to take that position on hex, and then, guys, just be very careful. I've warned people about BitConnect in the past. This is not the time to kind of, like, rush into pump and dumps. Literally. Literally. So, anyways. Bedside trading lips help catchy knives, is Nick Thompson. I actually, I think so. I think so. But, I kind of realize it's really hard to wake me up as well. I have, like, really, really deep sleeps. So, if I, unless it's like really ringing for like a, like a good 30 seconds, I'm not going to be able to wake up. So, sometimes what I do is, I can set up a buy order that's extremely low, that doesn't seem like it's possible. But, I did not catch the 3,000 Bitcoin. I wish I did. I mean, there are so many times in crypto, you kind of wish, you did something. And, it's, only natural, because hindsight is 20-20. We can, oh yes, oh, now it's so obvious, that dump was so predictable, you know. Bitcoin having coming up too soon, we're hitting that date, hype train is going to end. So obvious. But, is it? Is it? And, you know, could you have done it? And, it's all about learning that you can't catch the absolute highs and the peaks. And right now, we're kind of at the point where, I'm even more defensive now than ever. Just because, just that there are, just that fear of going to 6K. So, I've already prepared, I've already kind of got ready, that money to buy, anything less than 7K, I'll DCA into, dollar cost average. That's how, like, that's how, my huddle works, and it's worked amazing for me. Like, beyond well. Because, for me at least, not financial advice, guys. You gotta see a financial advisor, if you wanna plan things out properly, apparently. So, yeah. But for me personally, that's worked out quite well, where, um, it's just being smart and strategic. And then, of course, um, we'll be ready. Um, the M says, BTC actually survived and thrived through the last stock market crash. Every time there's global financial uncertainty, which we're developing towards, Bitcoin always performs well. That's just the way it is. Because, um, in terms of long-term fundamentals, I think, um, a lot of people don't see this, but in Asia, we talk about financial controls a lot. So, we're surrounded by countries with a lot of financial control. So, for example, with China, you can't send more than 50,000 US dollars worth of renminbi out of the country. Um, South Korea, a little bit the same way as well. So, there's various ways to try to circumvent this, like get 16 members of your family, like get 16 members of your family, all sending out more than 50, 50 K USD worth of renminbi. But at the end of the day, if you, if you're a big player, if you're in the 1%, you kind of realize that you need to have a value that can be a stored and also sent across the world, which is why in a lot of Bitcoin conferences, not only do you see family offices, but you also see very wealthy individuals. Um, if you guys ever saw the blockchain cruise, um, I've still have footage of this, right? The blockchain. Uh, yeah, blockchain cruise. It's a lot and a lot of very, very rich people, extremely, extremely rich people. Um, I did a video there. Um, I'm not sure where my one is. I think my one got, um, blocked out by YouTube. Um, but I'm not cruise. It's packed full of billionaires and beyond. It's just insanity. So, yeah, that's life. And by the way, Jeff, thank you so much for the Bitcoin and crypto podcast. Thank you so much for a $2 donation. Thank you so much, man. Um, go check out Jeff, um, in uptrend, by the way. So uptrend is, uh, Jeff's doing two things, podcast and uptrend. Uptrend, he's been spending a lot of time on social network. That's has a lot of people. Um, I think this is something that's much better. Something that I actually want to stand behind because social media has been so important for me. Um, being able to share this, being able to kind of grow together. And Jeff has been doing such an amazing job with uptrend. So guys, check out uptrend. I know the spelling is weird. I can never get the spelling right. I have to always bookmark uptrend, but that is life. That is life. Uh, Kaido's box money is rich. Tell us how you're mining. BTC when it's $1, $10. And at that time I was dumb. I was just a dumb ass. Um, 2012 was when I started mining. And this is why I told you about, I'm an adopt hodl is because at 2012, I failed to adopt hodl. Uh, 2012, I started mining. Um, yeah, 0.3 Bitcoin a day. Didn't seem like much, but now it feels like a fuck ton. But back in the day, yeah, 0.3 Bitcoin mining in 2012, um, per day. I still have those emails. Like slush pool was sending me emails. Like Bitcoin mining core sending me emails. Uh, I was just mining with my machines. I was also a student back then. And I had a gaming computer. I'm a big gamer. So able to mine 0.3 Bitcoin a day. Um, people said, I was like, Hey, it's like picking up cans on the street, right? Three bucks a day, whatever. It's not much. Um, and in many ways, it didn't seem like much at that time. So anyways, when, uh, Bitcoin suddenly pumped to $15, I was like, that's all. Let's do that. And also I was using exchanges at the time. I made every single mistake possible in crypto. I was using exchanges. I was storing funds on exchanges and then Mt. Gox obviously collapsed. So, so many mistakes here. Um, and, uh, there was just like years of deep regret where I didn't get into crypto again. I thought, you know, it's just like, I'm not unlucky with crypto. Luckily, just before 2017, 2016, I started making this channel. we started growing this community. This community helped me a lot. We learned a lot together as a team. We work together as a team. And this is why in many senses, this is one of the strongest communities on YouTube. It's because we are smart and we managed to kind of really make it pretty good. So, yeah, yeah, uh, old stories and comments. I mean, if you like hearing old stories back in the day, Satoshi dice, that was fun. I remember like just like throwing three dot three bucks in there. So that's not, not three bucks, 10 bucks. So literally one big way. I'm like, I'll throw one Bitcoin as Satoshi dies. Let me see what goes, where does go $10. It's like buying a lottery ticket. So yeah, back in the day, we're gambling with a one whole Bitcoin, checking out this technology. Insta wallet. There was wallets that you have a web link and you click into it and that becomes your wallet. That got hacked and it lost like at least 10 Bitcoins there. So it sounds like a lot, but obviously at that time, it's like a hundred bucks. All right. So, you know, stupidest shit that I've ever done. Looking back at it now, you're just like, I want to go back in time and just slap myself in the face and be like, you know, hodl properly. Just at that time, there were no hardware wallets. So you got to make sure you got a good wallet. Save it on like eight USB keys for safety. That was the stuff, you know, it was actually back in the day. We didn't even have the 12 words. We didn't even have, what is it? Bip 138. It was an improvement protocol added, right? So Bip, was it Bip, you know me? Bip, Bip, Bitcoin improvement protocol, Bitcoin 39. So it's like that seed phrase that you see now where you recover words and stuff that wasn't even invented yet when I started. So we just like literally had to save the shit on a USB key. It was insanity. So anyways, this is why, um, yeah, sorry. I put put in, put in ski says, Hey, Hey, Hey, refrain from foul language, please. Mr. Box. Sorry. When you get passionate, that's the way it goes. Uh, I will try to refrain, but honestly, back in the day, we did some stupid, crazy stuff. And, um, yeah, if I could transport back in time and slap myself in the face, I would and say, yo, just do this properly, plan properly, strategize properly. And you'll, you'll be beyond good. Like you'll be like way beyond good. Like there are some people that are, you know, class of 2012 and they've on jet planes right now. So, you know, that's world objectives. And, um, this talks is how much do you lose? I'm not go. So I would say maybe 20 Bitcoin. Something like that. It's 20, 20 Bitcoin worth. Um, not much at that time though. I mean, 20 Bitcoin, like, it was one K ish. I know. I forgot. Anyways, long times, long time, long time. You, we lost some lots of stuff. Like everything gone pretty much. Scott mouse is how gently doing, man. He's my childhood hero. Yeah, man. Jet Li. That's a random question. I'm not too sure. Um, yeah, not too sure. Not too sure. So, uh, I heard he aged a lot. I saw my last photo. I saw gently was he aged a lot, but anyways, yeah, 20 Bitcoin, two pizza, same difference. I mean, honestly guys, um, yeah, just looking back at it, lots of stupid losses here. You never, never want to do it. That's why I was so excited when like the first hardware wallets were released. Oh my God, I finally have a safe place to actually store that stuff. Now recovery phrases, getting that safe, you know, it takes a long time to set this up and mentally structure things. So you feel safe. But anyways, um, um, uh, hard times. Jonathan Hernandez is hell no to local Bitcoin. So, um, local Bitcoin is a little bit hard sometimes because if you touch local Bitcoin, sometimes you get, um, you get black market Bitcoin, which is not good. Um, so basically if you use local Bitcoin, there is a risk. If you don't do your KYC properly, like you don't know who your seller is and they haven't done their KYC properly. There's a risk and chance of getting black market Bitcoin, which is detectable by chain analysis. I think I'll do a session with that, with the Genesis block guys. But generally what they found is that with their clients, if one of them has like, sometimes clients go to them and they say, yo, um, my account's been locked on this exchange, um, XY exchange, they locked their accounts and there's nothing much they can do other than to report it to the proper authorities. Because, um, sometimes if it's used in a black market, if it's detected on chain analysis, um, that client is banned and exchanges will ban that client. So, um, it's a Bitcoin center. People go there asking for help. And sometimes there's not much you can do about it. So, um, um, putinsky says, you can't get black market BTC anywhere. Really? Um, the issue here is that right now, if you use something like Binance or cool coin or, uh, OKX or whatnot, you're, they do the due diligence. They scan for black market coin. So you're not going to get any, but if you don't, if you're going from peer to peer, there is always that risk and you should probably scan, um, on chain analysis. It does cost a lot of money to see if it is black market because, um, that's danger. So black market is like, um, um, coins that are tied to the silk road or tight. Um, the, the way Bitcoin works is that it's extremely trackable. A lot of people don't realize this. Um, so if it's like, if it's involved in a drug transaction and it's been tagged by law enforcement and authorities, that will be classified as black market coin and any transactions after that, it will also be tagged as well. Um, also coins that are involved in mixers. So if it's been through a mixer and it's been mixed also with black market coins, uh, it also gets contaminated and which coin, if you send it to any exchange, be it any big coin base, finance, even your bit max, your, um, by bid, your FTX, whatever they will, they will scan it. they will, they will flag you and then they'll report you to the relevant authorities. That's how it works. And then your account will be suspended. So generally speaking, um, yeah, just don't mix and pull and do it legit. And that's the way to go. Just this, how about that guy in the UK? He lost 17 K of Bitcoin. And when he asked them, he threw his old laptop in the dumpsters. And that's the kind of the crazy thing about Bitcoin too. Just so much lost Bitcoin because when they were like, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, you know, I'm going to talk about Bitcoin too. Just so much lost Bitcoin because when Bitcoin first started, literally there was no good way to store it. We stored a hard drives, et cetera. And then, you know, bam, erect. Um, yeah, this happens. Um, back. I won art. He says, I've lost 5k on XRP. We've all had losses. I think, uh, we learn from our mistakes. I think that's the key thing here. Um, learning from mistakes. And for me, learning from mistakes, is it more important, but also you gotta hold yourself back because a lot of times when you make a mistake, you want to try to cover the losses. And I've seen so many traders chase that loss. They, they get. Wrecked one by one trade, one big trade, they get destroyed. And then they start over leveraging to try to compensate. They're like, okay, I want to earn my way back. You know, I took a loss and, uh, they try to cover it. And it's a common psychology, psychological weakness that humans have. And it usually ends up in disaster. Like, very rarely does it end well for that trader. And usually they'll just get totally wrecked and they'll have no chance return. Like if you take a loss, sometimes you just have to take a loss, like a champ, learn from it, be smart, be strategic in the future. But yeah, never kind of chase that. And we, we seen that also in traditional finance, just various traders from various banks using the bank's money to try to chase a loss. And then they just end up losing the bank, like a few million dollars. I've seen this, like it's quite common in Hong Kong. It makes the news sometimes. It's so weird, but it's not just in crypto that this happens. It's like even in a big banks and it's like with the, some banks just don't have a good control on their traders and some traders just go crazy and wrecked. Yeah. I think one of the biggest issues and something I would say with Ripple and something, one reason why I can avoid it for a while is because you, you face the risk of getting dumped on by founders. So I think that's probably one of the biggest risks because there is no regulation when it comes to coins. So if a certain founder owns a certain, a huge supply and by founder, I kind of mean like not just a person, but the foundation, et cetera. If there's not a good enough regulations and controls on that, you run the risk of the hype wave going all the way up. And then founder just like kind of dumping into oblivion and something that we saw with Matic, whether it's founders or some people behind it, we saw that like huge ass dump. I think last year with Matic, one of my friends was really into Matic. And then he was like, go buy some Matic really lost things good in the future about it. So that night we're like, okay, look, let's, let's just buy a bit. And luckily I set up a stop loss. Otherwise I would have taken that 90% loss, like, like, like obliteration. So, um, yeah, taught me a lot. Don't follow friends. Do your, the research yourself. Common things. I could have just slapped myself in the face and said, you know what? Um, that wasn't necessary if you did your own research, but you know, that's how it goes, right? Sometimes you talk to your friends, they're hyped about coins. Sometimes you want to follow. Sometimes don't. Gotta be, gotta do all the research yourself. Pretty much. Pretty much. So anyways, that's pretty much what I want to talk about. I know I shared a lot of, um, different, uh, thoughts about things. I would say I'm still quite cautious right now. Um, I'm, my trading account, I'm not really entering that position right now. Even the move contracts, um, at 400 is quite risky. I'm kind of just sitting back a little bit. Um, yeah, we're gonna watch what things, how things are gonna progress. So, I would personally say that I'm not overly optimistic at this current point. Um, like we could maybe be in a setup for a large push, but I don't see where the push can go to be honest. I mean, we've already reached, right now we've already reached, we touched 10k happy days, but I definitely don't see us touching, like say our, our mega highs of 16k. I don't, I don't see us going up there. Maybe touching 10k again is a possibility, but also the risks of going downwards a little bit more, just as people try to eat as big players start, you know, kind of taking either profits or trying to just mess with the volatility of the market. So trying to wipe out either your longs or your shorts, over leverage longs or over leverage shorts, this becomes a rather big issue. So I can potentially even see dropping to 7k, then going back to 10k and going to 7k again. That's, that's actually a possibility. So just be, be careful of that because, um, yeah, it's, it's crypto guys. Um, very, very possible. Um, in terms of optimism as well, I just want to add in terms of all coins, I did say on Friday that all coins could be a possibility. I'm not ruling it out, but it looks a little bit slimmer now. So what we're seeing on Friday was that because a lot of players made a lot of money for Bitcoin going up, there's a chance that we can carry that momentum over to the all coins. And we did see some all coins just going up like crazy. I mean, if you look at the seven day, yeah, zero X, we've got bat going up like pretty crazy. Like it was like a hype wave. It carried it up. Um, yeah, quite a few coins got carried up over the week this last week, but now we're kind of down. And I will say that overall, we just have to be a little bit careful. Um, um, if BTC goes down from more, that momentum will be lost. So it's very unlikely that all coins can, um, push after Bitcoin goes down. If Bitcoin stays, I think stays the way it is, or it goes up and stays up. There's a very big chance that, um, all coins can try to take that momentum that was in Bitcoin and move it into all coins. But personally for me, my, um, my two cents, I feel like all coins, um, because of the Queens kind of correction right now, the chances of all coins going up is not as high as it was on Friday. So I'm actually kind of reducing a few positions on all coins as well. Um, just, just to protect myself. I mean, if there's any opportunity for buying when fear comes, that will be the opportunity for buying. So, you know, having some cash up stock is good. I wouldn't be like hoping for anything to go down, but that's just my two cents. I mean, like, yeah, anyways, guys, today. So tomorrow, um, I'm going to go and do a live stream as well. We've got 327 people watching. Let's all smash up those likes guys. It really does help the channel. I've been doing these kind of spontaneous live streams. So it really does help if you guys smashed up the likes. It actually does really support this channel a bit and it's absolutely free. Thank you guys all for your support today as well. Just kind of, um, going on everything, but, uh, really, really appreciate it. Um, uh, Sun Tzu's is, um, so Maddox is a scam. Alright guys, I'm not going to say it's a scam or anything, but you just got to be careful of big players in this space. Um, so generally speaking, um, I tend to say there's a lot more opportunities than there's not. So if something doesn't look right to me, I would just avoid it. That's just the way it is. Um, and if there's any flags that will, um, show up. So I did a, I did a video on, um, Dumplementos before. I'm not sure if it's still up on YouTube. YouTube's been very, very wonky for me recently. So, um, so this one, Dumplementos is probably the, the video you want to watch for that. Um, I, that's a little bit weird of video. That angle is so weird. But anyways, Dumplementos, I was talking about like a few red flags that you probably really want to look out and watch out for. So whether it is investors that have coins unlocking and large portions of the market cap unlocking, that's one big red flag. There's also red flags when founders have a lot of the coins that are unlocked. Um, these are all flags like small circling supplies, always a big red flag too. So, generally speaking, when I, when it comes to it, I, I find that the number of coins right now is near infinite. So why not? Like, um, just be picky. Be super, super picky is the way to go. to go. Hmm. Petit Ron is it. Did you hear about the mysterious virus that children in the US are dying? I haven't seen it. I've all take a look at it right now. There's a lot of fear about viruses to be fair though. Um, because we're paying more attention. We'll see more. So, I'll take a look. Um, all right. I got, we got discussions between Cardano is a scam or not a scam. Cardano. I wouldn't say it's a scam, but it's very slow. And I mean, that's our, uh, we've got to kind of explain our vocabulary here. Cardano in terms of their vision, very, very grand vision in terms of how much they executed very small portion of that. So we'll just say that's a scam or not. You know, does that mean it has a great future? That's one way to view it. Like you have these grand views and you're building up to something grand, or you can say it's too slow. There we go. And this is why we have this variation on everything. We've got Mr. Splitfoot that says ADA is all talk. And that's an issue. That is an issue. They need, they need a swift execution as well. If we, we know about tech adoption, it's always about the, the first move for advantage is relatively important. Um, that's why Eve got so much kind of momentum. Uh, and I still say that Eve has a lot of momentum too, even up to now it's, um, Eve has got a lot going on. Um, and because it was the first, it was aggressive and you kind of need that in this space. So anyways, my two cents. Um, locals poor auto says, how much will Bitcoin go down? So it could go down by quite a bit. So, I mean, depending on how things try to move, I will say the real true support would only be like, it could go down to 7,000. I'll say possibly, um, my two cents, my not financial advice, blah, blah, blah. Um, we've seen 5k, 3k, interesting stuff. I would say, you know, extreme end would be 3k. Um, but I wouldn't bank on it. I wouldn't, I wouldn't say, um, you'll be, you'll have the opportunity to buy at that time. It'll be like a split. Eh, we never know. I mean, very likely like these momentary, spikes, I believe can be pretty drastic. We dropped already below 8,000 on that one kind of one candle down. And yet again, big player is just trying to take, take profit or trying to move the market and potentially kind of break some of that over leverage loans or over leverage shorts at this point. So fun times, weird times, but if you guys are interested, I think right now, I'm definitely I move contracts, to be honest, um, move contracts, basically, they go up if Bitcoin moves and it doesn't matter which direction it moves, but it matters. When it moves. So if you look at this one, this is like the daily. So it has to move by the end of today UTC. I'm just going to switch that to UTC time. So right now it's like 4 AM UTC. So it's got until 24 hours to move somewhere to go somewhere. Um, so if Bitcoin moves a lot during the time, so I only matters the starting and end price. So if it moves a lot, that's a good that you'll win. Otherwise you lose. That's the way it is. I'm looking at these contracts more and the Bitcoin volatility index to kind of protect myself from extreme amounts of volatility. So not our, I think a lot of people are saying, Oh my God, you're saying it can move up or down. Oh my God, that's useless information. It's actually quite useful still if you know how to benefit from it. So if you guys want to look at, um, FTX, they have a lot of these move contracts there. If you want to look at it, it is a very, very professional trading platform. So only for really professional traders. But if you guys want, do want to look at it, I have the referral code. If you want to join, blah, blah, blah. It does help the channel out a bit as well. So if you are a good trader, if you are an amazing trader, that's pretty much where it is. We've got Mark Carter says, worst case 35. I think, I think at this point, like Bitcoin will never drop to zero. I think this is the weirdest thing that a lot of these like Peter Schiff and Schiff stuff say. It's like Bitcoin has already proven itself to be useful, but now it's just like, how useful is it? And, uh, that's the most interesting step because you kind of realize that for the 1%, Bitcoin is extremely useful. Being an asset can transfer all around the world without any form of control. And the second thing is, it's a perfect store of value because if you can remember those 12 words, no one else can take it from you. So these two kind of properties make it extremely important for the 1%. And you know, the 1% they own 99% of everything. So whatever they say, pretty much. And that's the sad part. That's the sad part. So right now situations looking, I think it's setting up for something pretty crazy in the six to 24 month period. Uh, which is why I'm pushing really hard right now. I'm trying to grow as much as possible right now. I think it's a good time to start helping out with everything. Bitcoin centers, whatnot, like everything infrastructure. I'm just down because by the time the next run comes, you want to be ready. And that's, that's a key. That's a key right now. Um, pretty much right now. So anyways, guys, that's my two, um, look, I think outlook for long term outlook. I'm pretty, I'm going to be pretty like, I'm pretty optimistic about it. Short term, high volatility ahead. I'm playing extremely defensively. I'm like, I'm like as defensive as possible. And if you're playing Starcraft 2, I'm like a Terran right now with like, base defenses all just turtling around. I'm turtling right now. Um, that's the strategy. So anyways, um, we've got Andrew says, what do you think of IOTA as a practical currency? May it work for microtransactions, et cetera. I think it could. I mean, it's free trans, um, it's free transactions. No, it's, it's your own ledger. So it's like virtually free transactions. I would say, um, I would say just only one issue with that, which is how well can Bitcoin, how well can Bitcoin scale? And how well can Ethereum scale? Like be both of these are moving targets. Bitcoin's got the lightning network and it's working. Amazing. Well, not amazing. It's, it's working. And if it, if you get it to work, it's amazing. But the issue of, of right now is getting it to work. Um, if you actually use the lightning client on windows, it works pretty well. I've been using stuff to buy gift cards with that. Um, it works really well if you set it up properly. Um, also Ethereum, they're going for scaling. So that's my, that's my, that's my fear. I'm fear not about competition right now, but competition in the future, which is a big issue. Oh, Beck one RD says, what is Ethereum two? So I would say right now, just before we leave, um, do guys do smash up the likes. Um, I'm just doing as much Q and a as possible right now. Uh, let's get to a hundred guys. Let's get to a hundred, but, um, box mining.com. I did bit of, did a huge summary on that. Like all the interesting news this month, I put on box mining.com. So whether it is 10 cent giant, they're Excel doing a blockchain accelerator, huge, huge stuff to watch in the background, but more about Ethereum. Um, but if you look at Ethereum 2.0, I've also got to hear it a little bit buried down, but Ethereum 2.0 is coming. Um, there's a lot of phases. So this is why the article is a little bit long, but Ethereum 2.0 will change the economics of Ethereum. So right now, because Ethereum's got miners by the time the full release of Ethereum comes out, 2.0 comes out, it's going to transition to proof of stake, which means that people need to stake Ethereum. That's why the number of 32 ETH addresses are increasing. It's going to be a fundamental shift where instead of buying equipment, hardware from Nvidia or, you know, um, graphics cards, you have to buy ETH just to, to earn ETH rewards. So that's going to change the dynamics a lot. But anyways, um, that's fully covered in the box money, Ethereum 2 article and the Ethereum 2 video is going to come out. So, uh, it'll be very clear to answer that question as well. So, uh, pretty much. Um, yeah, so I think, uh, I love the comment from Mark Colley box mind. Just tell him to add a zero to the happening. And it's that simple. Oh, L L L. Um, 800 Ethereum to 2000 Ethereum. I don't know, man. That's, um, I'm pretty optimistic. Um, the tech is finally being released, which is what's making me excited. Um, a lot happening on that front. Um, there are some red flags though. I'm not, I'm not going to lie. I'm the most down to earth street person. Um, there, there's still a lot of uncertainty in defy right now, like in terms of security, we did a talk recently two weeks ago with the okay X, um, webinar panel. And it was all about, you know, how do we get defy to a very stable state? So there are some, I wouldn't say it's red flags, but just cautions, like not everything's certain yet about defy, but I think defy has some of the biggest potential we've seen. So Bitcoin, it revolutionized how we look at the store value, how the currency system works. But Ethereum is going to just like say a complete screw you to banking. It's going to, it can completely destroy the whole banking system. Like the third party trust system. That's just insanity. You can program so many smart things, whether it's lending platforms, decentralized exchanges, holy crap. So much going there. It sounds, um, it sounds crazy. I will say Ethereum has something crazy, but obviously, who knows if it can really achieve that. And by the way, guys, thank you guys so much. We've got 101 likes. Thank you. Thank you. Thank you. Thank you. Um, Kaido, I remember when all the video cards had fries were sold out. Yeah, that was, that was when the theory of mining was at peak when that's peak. Every, every single bloody AMD, whether it's AMD or Nvidia was all sold out. Um, I do answer this question as well. If you guys are miners, the, the proof of stake is not going to affect mining that drastically. So I just reading this from here. Um, well, Ethereum mining and it will not end in quite a few years. If they will retain mining until at least 2020. Oh, it should be at least until 2022. Uh, typo there. That's because the EF one chain, the main chain that we're still on, it's going to run alongside the proof of stake chain. So both chains are going to run at the same time. It's a complexity here, but mining is not going to end. Mining is not going to end for Ethereum. It's going to be both state proof of stake and mining until proof of stake is safe. Pretty much. Uh, pretty damn much. Nice. We've got CZ MVB in the house. Thank you so much. Yeah. Hell yeah. I made it this time. Thanks for coming, dude. Thanks for coming. It's been a, it's been a pretty crazy day. Um, especially with trading, but, uh, well, that was hilarious. People clambering for AMD cards. I remember that. I mean, dude, I think AMD cards were flipping for twice the price back when Ethereum mining was like at its very peak. When Ethereum was like a thousand people were just flocking on like 2017 was so crazy for mining. I mean, there were days when you're just like, even one graphics card, you can mine $5 a day or something like that. It was just like, Oh my God, it was crazy. And it was like so many new coins coming out as well. Like you're just like, you're just like switching your miner to all these new shit coins and then dumping on the market. Uh, everyone was like FOMOing over these weird coins. Oh, it was just crazy times. It was crazy times. Fun times guys. Fun times. Um, uh, CZ MVP says, I still have some Vega 64, LOL. Who doesn't, right? Who doesn't? You have a stack of graphics card. I mean, I was too lazy to get rid of them. Like, um, I was like, I'm not as profitable. Obviously I didn't like the noise as much. So that's why I'm not mining as much anymore. But I did try with Epic cash. You probably see my Epic cash articles here. I'm trying staking. I'm not giving up, but I'm kind of reducing. I'm kind of more spectating because my electricity costs here just aren't as cheap as I can get it. I have no friends who can get it for two or three cents. And I just really need to get in on that. So anyways, regardless, um, that's fun. So some money says money. Mining is risky. It's, it's less risky if you're teaming up with people and you find very cheap electricity. If you find two to three cents electricity, mining is actually very profitable. So anyways, um, Martin, Martin Thompson says, I personally think if it's crazy undervalued, but hi, like cars versus high coin. Anyone? I see so many pie coins like spam. Okay. Not to be offensive out there. I just seen so much spam for pie coin out there. It's crazy. Um, anyways, anyways, chain coin changed my life. God damn. See a coins. Anyways, see his mind and boring. I remember. See ya. Anyways, guys, I think that's wrapping up for today's lesson. I hope you guys stay safe. Primarily. This was just mostly talking about staying safe, not be too afraid, pretty optimistic about Bitcoin. A long run, pretty defensive with Bitcoin in the short term, because it could, you know, highly fluctuate in value. Uh, just a little bit. So guys, thank you guys so much for your support and donations. If you guys want to join this channel, obviously you can just click the join button down below. It does help support this channel, help us grow. And if not, we have quite a few activities coming up tomorrow. Roughly the same time. We have a live stream going on. Box money.com has the events. I think, I think, I think, yes. The live stream. I put it on box money.com. So everything will be like kind of piled on the.com. But, um, this is the live stream link. Uh, it's in 21 hours. So hit that, uh, reminder button. Tomorrow is also the having party at Genesis block. So it's a Bitcoin center here in Hong Kong. And I'll see if we can do a live stream down there. That'd be pretty interesting as a having party. They're just celebrating the having. It's happening. Um, they're inviting quite a few people from around Hong Kong, the whole community to come to that Bitcoin center. Yes. We are hosts. Yes. They like, yes, we're meeting up. Okay. People are meeting up in Hong Kong, which is great. Um, but, uh, hopefully not too many people come because obviously I think right now every table can only sit eight people. That's like the rule in Hong Kong now, but it's still anyways, that's so weird. Um, Hong Kong is we're unlocking slowly because of Corona virus. I just want to get rid of that stupid virus. Call it a day. So anyways, guys, I'll try to do a live stream from there tomorrow. I'm not confirmed if I can do one or not, but for sure, 100% confirmed is tomorrow's live stream in 21 hours, 21 hours. Um, yep. Yep. It's a reminder on it. Click that button. Uh, this one, click that button, click it, click it click, and then you'll get notifications. YouTube has been very, very wonky with all the notifications recently. So please, please, please, guys. Um, if you guys want to catch up with what's happening tomorrow, um, definitely click that button, check it out. Um, you tomorrow. So guys, um, we've got I hate hackers still social distancing from Singapore. That sucks. That sucks. I heard cases are going up in Singapore, which is not good. I hope we'll be good with it. We're going to catch up tomorrow with all the updates. I'll see you guys tomorrow. Thank you guys all for smashing your likes and coming in on this live stream. Have a good weekend, guys.