CRYPTO CRASH. $600,000 MASSIVE LOSSES, MY NET WORTH GONE (as a millionaire)

all right tech light here welcome back down to business straight away today because the markets are deep in the red we are losing massive amounts of money at this rate i might have to shut down this youtube channel and get a job again but if we take a look at the markets cryptocurrencies all down eight to ten percent bitcoin ethereum cardano all down eight percent so lana are darling cryptocurrency from last week down nine percent those going down ten percent with tether being the only thing in the green today up zero point zero one percent to one dollar looking pretty good so tether holding steady maybe we want to pick some up you guys now i'm just joking tether's a massive scam but here's the truth you guys you want me to explain what's going on in the markets today nobody knows nobody knows wasn't it just last week everybody was talking about bitcoin's golden cross technical indicator on the 5200 day simple moving average and yet after that the price is crashing hard today and even a few months back there was a death cross on the 5200 day simple moving average a bearish indicator in which a few months after that bitcoin would rally so nobody truly knows what's going on but in short recently everybody's been concerned about china's ever grand real estate developer which is verging on bankruptcy and could become the next subprime mortgage crisis at the lemon brothers of china which can have massive collateral damage to all sorts of other markets globally because the company evergrand has deaths of about 300 billion of which about 200 billion of that is for uncompleted housing so you've got a lot of people and companies and developers contractors individuals who have invested in building new houses that are not going to get built and so people are going to lose a lot of money out there evergrand employs over 100 000 staff and some believe this may signal the start of china's real estate bubble crash which if it comes to fruition can be catastrophic although you know if you take a look at the bigger picture 300 billion dollars worth of debt i mean the cryptocurrency space is two trillion dollars worth of value and while some of this is going to be affected you know if you were to take a look at just purely technical indicators it is still bullish technically we've got the 25 50 and 200 day simple moving average for bitcoin still in a bullish pattern actually and for ethereum it's quite bullish actually they are still in play one above the other but overall the price action is going to be very volatile i didn't know there's many other technical indicators here except perhaps an ascending wedge pattern which is a bearish indicator but probably the best way to trade the markets is to keep in mind that time in the market beats timing the market there's this interesting post on reddit where somebody analyzed what if you were to try to time bind in on the dips but they found it doesn't really matter if you tried to time the dips over the past 30 years if you invested only during a market crash your return would be about 390 whereas if you invested just on random days of the year it would be 300 returns and they found that within the past 20 years 70 of the best days in the market would happen within two weeks of the worst days of the market and if you were sitting out of the market trying to time it then your returns would be substantially lower than somebody who just didn't try to time the market and stayed invested and typically for me these days day trading call options put options futures i don't play with anymore because i just got tired of paying short-term capital gains taxes paying capital gains taxes in general and so my investing strategy these days is similar to warren buffett's which is to buy for life to never sell and maybe after you die the cost basis will step up and you don't have to pay taxes on that but there's been some concerning news coming out of the crypto space which is that the crypto regulation proposals from the us congress are far more invasive than previously thought in short congress is proposing to bring cryptocurrencies under full oversight and control classifying virtually every crypto as either a commodity or a security and so they're planning to expand the definition of commodity to include not only wheat cotton rice corn livestock but also digital assets like bitcoin ethereum and hard forks and one problem is if crypto is considered a commodity commodities are taxed differently mark to market which means you essentially have to pay taxes on your capital gains for them every single year instead of being able to hold for long term like some people want to just hold forever well no you would have to report taxes each year and this would bring reporting fully under their control smart contracts with delivery times of more than 24 hours are considered securities by the sec or that's the plan at least so for example if you're to stake your tokens to earn yield on them for 30 days that may be considered a security they're suggesting all crypto projects will need to be regulated and provide clear financial information and trading of securities are to take place on regulated exchanges plus they're clearing the road for a central bank digital currency the federal reserve system is to be authorized to issue digital versions of federal reserve notes using distributed ledger technology for the creation distribution and recreation of all transactions and they are clamping down on privacy coins and anonymous services like mixers where if you were to use those or operate those services you could be fined 250 000 and spend more than five years in prison so more regulation incoming which can be good or bad i think it's probably a good thing to just see the space becoming more legitimate because there's too many dark shady things going on in the crypto space we see that u.s states are starting to clamp down on celsius network as well which is similar to block fly uh interest yielding program for crypto both new jersey and texas are now pursuing action against celsius network for offering securities and by bit this other crypto exchange recently began to suspend services out in south korea which is also clamping down south korea imposed the deadline of september 24th this friday in which more than 60 crypto exchanges out there are going to have to partially or fully held services because they're operating without the license and meanwhile there's been a lot of hacks going on in this space just today cross chain protocol p network lost 12 million dollars in a hack and this past weekend sushi swaps miso platform lost another 3 million dollars which was later on returned by the hacker but here's the disturbing thing i found about this story which is that everybody is anonymous in the crypto space sushi swap's co-founder is known as zero x maki i mean we don't even know who this guy is and the hacker who stole the funds was a disgruntled sushi swap employee known as eretos and so you've got anonymous people working for anonymous people this is the crypto space and when coindesk was reaching out to do an interview they were dealing with other anonymous developers like base money god senior vice president mcgowan sales guy number two and the unnamed fourth team member who joined and left at various points so why is it that everybody is anonymous and then sushi swap co-founder xerox mikey decided to step down as a leader and i think it's because there's so many shady things going on in this space some people are losing a lot of funds in this space people getting hacked out there there's a guy who lost three hundred thousand dollars the other day krypto lionheart and there was another report of someone losing six hundred thousand dollars worth of cryptocurrency their entire net worth reportedly now apparently people have been entering their passphrases into random web pages or you know some people say they were using used ledgers which were not bought brand new but i have a suspicion that these claims some of them may be fake even in which after people claim to have lost money they actually go around begging twitter followers for donations i mean just look at the audacity of this person he says oh i love albert he's my friend i hold the opera close to my heart i trust him i appreciate you will donate some of your chain link as you know i have never asked for anything from our community and so there's tweet after tweet playing the victim asking for donations in which he's calling everyone friend i hope all is well friend thank you friend thank you for the donations being robbed broke my heart thank you friend we're here for you i don't buy it and yet at the same time this person is completely anonymous i would imagine if you lost 600k you would go straight to the fbi and the authorities right you wouldn't go to twitter and start begging people for donations right away not to mention he's retweeting these fake accounts like junko suzuki thanking everyone who donated any donation to help will be remembered i mean this person's collected ten thousand dollars worth of donations already completely anonymous space and meanwhile openc admitted to insider trading of nfts basically the project lead knew which nfts would be promoted on the home page he would pre-buy those and then sell them after he would promote them on the home page and binance as well accused of possible insider trading by the cftc all of which shows that more regulation in this space probably isn't a terrible idea amc now fully accepting this role as a meme stock has confirmed the plans to accept bitcoin ethereum litecoin and bitcoin cash as a marketing stunt really similar to the way that elon musk and tesla used crypto also as a marketing tool which all brings us back to million token check it out at milliontoken.org a decentralized digital marketing agency and the social media driven cryptocurrency blockchain agnostic bridged across four different blockchains with more incoming docs developers serdec audited with clean fundamentals so if you're looking to learn more about cryptocurrencies or just looking for a clean project check it out at milliontoken.org alright now the moment everybody's been waiting for you may have been wondering what this keyboard is on my desk today's tech of the day is the ultra slim air 75 mechanical keyboard from newfee this has the world's thinnest ppt keycaps and ppt is the higher grade plastic which makes the keys feel extra nice and luxurious when you're typing on them you know i had always imagined that a mechanical keyboard like this would be just about my dream keyboard ultra slim and thin profile with ppt keycaps very very difficult thing to find and this company nuffy has taken up the challenge creating what i believe to be a truly special keyboard if you are a fast typer such as myself you know i type at like over 150 words per minute then you will know that these ultra slim mechanical keyboards are absolutely essential for increasing your typing speed not to mention with the ppt keycaps almost impossible to find plus they manufacture these keycaps with spherical designs making the bezels really nice and smooth when you slide your fingers from one key to another further increasing your typing speed you've got a high quality aluminum casing very stabilized wiggle free with three connection modes bluetooth wireless or wired connections featuring all important rgb color modes as well plus side lit rgbs all in a super compact 75 layout that you can take with you on the go wherever you go and plus nuffy is known for making keyboards that can actually be placed on top of your laptop as well so you can even overlay these on macbooks and laptops when you go traveling and i very well may pack this next time i go out as well to improve my workspace setup now the keys sound great using gadron low profile mechanical switches so far really an awesome keyboard especially if you're into the ultra slim low profile designs so it is brand new available for pre-order i'll have a link for you in the description below if you want to learn more about the navi air 75 so that'll do for me hope you enjoyed the video let me know are you buying the dip ask you in the comments below if you like the video please give a like and subscribe and i'll see you in the next one thanks bye

Channel: TechLead

Views: 29,397

Rating: 4.2072482 out of 5

Keywords: credit card, credit cards for beginners, credit score, how to be a millionaire, how to build wealth, how to invest, how to invest in stocks, investing, investing for beginners, investing in your 20s, passive income, robinhood, stock market, stock market investing, stock trading, stocks, bitcoin, btc, crypto, cryptocurrency, ethereum, cardano, eth, dogecoin, shiba, shiba inu, shiba token

Id: 1XLxCbfy7rI

Length: 11min 8sec (668 seconds)

Published: Mon Sep 20 2021