 Welcome to Jalassette News, the good top stories in cryptocurrencies and Jalassettes, and break them down into bite-sized pieces. Today, the market is up massively, and people are losing their minds, so I thought it'd be good just to start off with a little reality. So first up, a new Ethereum DeFi token is literally up 100,000% in a week, and why this is actually not a great thing. Also, hyperinflation hits Lebanon. Food prices soared 200%, biggest crisis since Civil War, and this is all going to be related back to quantitative easing or money-pridding. ESPN announces online gaming that allows Bitcoin deposits and withdrawals, and the reason for this is simple, eSports is going to be massive. And finally, this is going to become probably my new favorite section. I'm going to actually answer some hard-hitting questions that people send me via email. But first, let's take a look at this sweet, sweet market. If you've been around for a long time, or a while, like I have, some of you have been around since 2010, so, you know, great for you. But I've been here since 2017. I don't know how long you've been here, but these are the days that we live for. These are the days that are just fantastic. Bitcoin's up. If you've invested in Bitcoin, this is a good day, I suppose. It's up 17% for the week, just 9% in 24 hours, all the way to 10.7. And the market cap, total market cap itself is 322 billion, so we were sitting at 260 for quite some time, and all of a sudden, a little switch gets flipped, and here we are. Ethereum, all the way up to 322, 5.2%. Tether's Tether, XRP, 22 cents. Watch out, Bitcoin Cash, 8.7. Cardano, down 3%, but up 14% for the week. But what are you going to do? And actually, over this weekend, there was a mainnet discovery. They were actually doing a lot of things with going into the new Shelly net, the mainnet launch, and they were doing a lot of different tests. And they said if the tests showed any kind of bugs or any kind of problems, they would shut it down and they would go back to square one. But apparently, everything looks good and they're going to move forward. However, the price did not reflect that. So, hey, what are you going to do? That's crypto. Bitcoin, almost 10%, Litecoin, almost 10%, crazy. Crypto.com, which I really needed to take a look at. I've been hearing it. I've been seeing in the comments section, you know, different things when people are saying, hey, check out crypto.com. And I just haven't got around to it, but I will. Eos, 5.2%, looked at all that stuff. So pretty good day. If these are the days that, you know, people hear about and they're probably going to start to talk to you at some point, they haven't already said, hey, what's up with this Bitcoin? What's up with this Ethereum? What's up with this DeFi? And this is the time we get to sit back and just smirk and go, man, I told you, if you just want to listen to me. But I need you to remember some lessons. And we're going to take a look at a little bit of history because you have to remind people and maybe just remind yourself that to not lose your mind and not go FOMO because this is the time to keep a level head. Let's break into today's stories. So first up, this one's kind of depressing. A new Ethereum DeFi token is literally up 100,000 percent in a week. And when I saw that, I was like, what the heck is going on? So I had to read the whole thing. This is from Nick Chong. He's been around since 2013. So this is Bio. He's a pretty crypto enthusiast, owns some Bitcoin. So he's probably got some bias just like me, but he writes pretty well. And I seem to like the way that he does things. So starting with this article states, Ethereum's DeFi's new darling coin. Yarn.finance gains 100,000 percent in a week. And I was like, I have never even heard of this. What is going on? And if you remember in 2017, if you were around then, you would hear about all these crazy tokens and these ICOs being put out and they would gain 10,000 percent, 50,000 percent. And it was just amazing from one day to the next. But as soon as it started to actually get to where it was released, then all of a sudden it would drop down to the bottom and they would fluctuate and everything else and people were holding bags. And I'm starting to see some things about DeFi. I don't really like that look like a lot of things that happened in the past. Now I'm not saying DeFi is going to go away, just like cryptocurrency didn't go away with the ICOs. But I just want to just want to stress caution out there. Don't lose your mind. I kind of did that in 2017. So you have to learn from mistakes. It is not to be your mistakes. Let them be my mistakes that you learn from me and just be a little level headed. Anyhow, to go on to this article, it states, at least for the time being, Ethereum DeFi investors are moving on from the tried and true investments of Chainlink and Synthetix and are focusing their efforts on new players. Last week, the developers of Yarn.finance, AKA Iron Finance recently launched Ethereum based DeFi platform while its name token, Wi-Fi, which is pretty funny Wi-Fi. Like many other DeFi protocols, the token was distributed through a liquidity mining incentive system where investors that use the protocols get the coin as a reward. So again, sure, whatever is going on, I guess this is good. But it just seems a little off that, you know, you invest a little bit, you get all these types of coins and all of a sudden boom, it's, you know, 100,000 up. Current analyst, Andrew Kang, at $3,000, Wi-Fi is up a thousand times. That's to say 100,000 percent. Synthetix launched around eight days ago. So right now you're kicking yourself, right? You're like, man, I wish I would have heard about that. I would have invested, I would have put 10 bucks into that. Who knows? But again, I'm here to stress. It's not, I mean, this thing could be huge, right? But or it could crash to the ground. You never know. But Kang states, Wi-Fi is now the second 1000X I've seen the last few weeks. For those questioning the math, the balancer pool launched at $3 Wi-Fi. But CMC and Cognac did not start tracking the price until sometime after. So here we go, from 18 July 2020, it was around $34. And then we went all the way up here to this ridiculous amount of $4,500. That is not sustainable. That is not sustainable. That is not sustainable. And even the Bitcoin price going up $1,000 in a day, that is not sustainable. I don't see a parabolic bull run like we saw in 2017 where there was about a month of just parabolic price action. I just don't see that. Now this one could go back down, but again, who knows? So moving on, this is where it gets a little crazy. So what's especially absurd about the rallying this Ethereum-based token is that in the launches, medium post, urine's main developer asserted that the token has zero value. Read the following, we have released Wi-Fi, a completely valueless zero supply token. We reiterate, it has zero financial value. There is no pre-mine. There is no sale. No, you cannot buy it. No, it won't be on Uniswap. No, there won't be an auction. We don't have any of it. The developer is telling you, this is trash. We're not using it for some type of price action. That's not what it's here for. And people are like, whatever. And they just go ahead and they try to get it and they get it. And all of a sudden it's boom, it's through the roof. And then lastly, it states, Molly, who is some lady who works in crypto space insider, states, hey, this is pretty much all over the WeChat groups. I guess she must be in China. Yeah, China. I am in or talking about Wi-Fi. Many people I've known are trading Wi-Fi. I would say Wi-Fi is one of the hottest new DeFi project in Chinese crypto space. She commented, Tony, Tony, Tony Shang, formerly of a multi-cone capital, released a sub track blog entitled Wi-Fi Ponzinomics in which she outlined how the asset has a design that promotes price appreciation. The blog outlines how the clients are assets low circulation supply, which is only 30,000 coins max. Demand drivers through governance and staking and rigged pools are forcing prices higher. So again, with prices setting in, things going up, I think this is just a perfect opportunity for this to capitalize. And just remember the lessons of the past. You had your ICOs, you had your BitConnect and everybody thought this was the greatest thing of all time and you still see people talking about it and they're still recovering and they still got wrecked. So just be careful out there, that's all. All right, let's move on to the next one. Next up, hyperinflation hits Lebanon. Food prices soar 200%. This is just concerning because of what's going on right here in the US. If you don't know, I'm just gonna scroll it down. EU leaders approve 2.1 trillion budget US lawmakers who expect another round of COVID-19 relief money. And Steve Mnuchin, the Treasury Secretary said, yeah, we're gonna do the exact same thing that we did last time from the CARES Act. It's gonna be at $1,200 and we're gonna do the PPP, the Paycheck Protection Program and we're just gonna print money. And that's the same thing going on as far as quantitative easing. Now, let me just read the articles before people who are armchair economists and they're like, no, no, no, that's not true because I read a book and sure, hold on. So Lebanon has become the first country in the Middle East and North Africa, region and history to experience hyperinflation. Explained Steve H. Hanky, Professor of Applied Economics at the John Hopkins University and a hyperinflation expert, he states, now there are two ongoing hyperinflations. Lebanon's for the annual inflation rate is 462% and Venezuela's with the annual rate sorted at 2,200 plus percent. And then he states, the underlying causes of inflation are always the same. The professor was quoted, governments start running larger and larger fiscal deficits and call in the central bank to fund those deficits because tax and bond financial avenues are inadequate. And hyperinflation central banks are required to virtually fund the government's entire fiscal operation. So I know people in the comments section will say, but you understand, Rob, you don't understand. It's because the dollar is so strong globally and it is the world reserve currency we will never have hyperinflation. Hey, you may be right, I'm not an economist. I think I pretend to even be. But I can just tell you that when I look at these types of things and I see the same things happening over and over again, how much money can we print? How far can we get pushed out? How much debt can we actually be in before it's all games off or all hands off? So I just think to myself, is this sustainable? Is this sustainable? Could we just not work the rest of our lives and just have the printing pressures go willy-nilly? QE, that's fine, quantitative easing? Because to me, it just seems like a big shell game but it could be incorrect. Going over all these types of information, the only thing that really this comes down to is that it's economic policy and it's economic policy set forth by the Federal Reserve. And because of the things that they're doing, this is actually helping out Bitcoin's use case as far as store of value. It helps out cryptocurrencies. It helps out digital assets. Even Mike Novogratz in the Unchained podcast, he was quoted as saying, the reason why Bitcoin and different cryptocurrencies are going to appreciate is because of monetary policy and all the quantitative easing and it's going to lead people to understand, go, hey, maybe I should hedge my bets. Even Shamath Palihapataya says, this is Schmuck insurance. That is what Bitcoin is for. And to a lesser extent, all cryptocurrencies, digital assets. So when we have these types of policies coming into place, there is money being printed at all hours of the night, 24-7, and it's just money out of thin air. I think this strengthens the case and this will lead to an even bigger rally for digital assets. Let me know what you think in the comment section. Let's move on. Next up, not gonna spend too much time on this. I just thought it was an interesting story and not too much to it. I mean, really, the title says it all. ESPN announces online gaming that allows Bitcoin deposits and withdrawals. But there's a little caveat here. They're actually going to initiate an IEO and going to set forth their own cryptocurrency, which is kind of interesting. So ESPN Global has announced the launch of a blockchain-powered gaming platform. That's pretty cool. An ESPN Global director, Mr. Chris Parker, spoke on the attraction of blockchain. He states, as per a research done by 3EA Limited, a global strategic management consulting group, ESports online gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of the blockchain technology. I'm gonna tell you also why they're gonna do it. It's because if you have watched ESPN for a long time like myself, you'll realize lately it has sucked because there are no sports on. Now, there's some sports going on right now, but like Major League Baseball is going on. But I just saw an article that the Marlins Orioles game is postponed due to a COVID-19 outbreak from 11 player cases. So it's actually spreading throughout the professional baseball players. So what does that do for your bottom line if you're ESPN? Oh, well, you can't show any sports and you are a sports channel. So what are you doing? Well, the first thing you have to do is go, all right, I'll talk in heads, you guys start talking. There's only so much I can listen to that people talking about sports. I wanna see sports, I wanna watch what's going on. So what do they do? They put on Esports and they've been put on Esports for a while, especially because of the lockdown. And what they realized was, hey, there's a lot of eyeballs for Esports. Not only is a lot of eyeballs, there's a lot of money in Esports. So this is from the influencer marketing hub and this talks about Esports revenue growth. Now, I do get it, it makes sense. It's pretty interesting to watch people play games who are like at the top of their craft. I can appreciate that. And it's amazing to see the actual money that is actually being poured into this. So 2016, it was 493 million. 2017, there was a 33% year over year growth to 655. 2018, 906 and they're predicting in 2021, $1.6 billion. So if there's a reason for ESPN to get into it, well, it makes a lot of sense because who knows how long this coronavirus is gonna be around. Who knows if there's gonna be a resurgence and who knows what's gonna happen with sports. They don't wanna go away. They've got a good thing going. So what are they gonna do? Let's hop on the train and let's get Esports to go. And what is great about Esports is the way it says right here. Global industry driven predominantly by digital micro transaction economies. People in these Esports or these games themselves, they are buying, I mean, different aspects or different things that they can buy in gaming and they're gonna use cryptocurrency assets. So I think this is a fit. I mean, it's their only move that they got and it's a smart move because you gotta really gotta hedge your bets. Maybe sports all come back, maybe not. Who knows, but pretty good idea. And it states here ESPN global expects to launch in IEO of its smart gaming token based on the ERC20 platform. So they're doing all the right moves, right? They're getting everything in place cause they're like, hey, we don't know what's gonna happen, so let's make some money. Let's jump on the bandwagon and let's do two of the things, the currencies and Esports, let's make some money. And that's what's going on. All right, on to my next favorite topic. So here we have questions. I get questions randomly through people that just send them to my email. Usually I don't really, cause the email is both mostly for business inquiries. I answer most of the questions in the comment section of every video. At least I try to, it's my best abilities. But this one was a pretty good question and I don't like to answer individual people because if I just do that, I only teach you, right? So if I answer the question in the comment section, that means that I answer it to everybody who reads that. And for this one, I thought it was too good not to go away from. I thought, well, I'll just teach everybody. So this is from Alessandro. He says, hey, I got a couple questions about Celsius. He's got two questions. He says, how safe is my crypto on there? Do you have an insurance or do they have insurance? I don't have insurance. I have insurance in case their security gets compromised. And two, while I want to store a good amount on there to collect maximum interest, I also don't want to store too much in my portfolio for security reasons. What would you say is a good ratio stored in Celsius versus a ledger cold storage? So I can just tell you that for me, it fluctuates. It's somewhere between 10 and 25% on Celsius because I believe in Celsius. I don't, the Celsius network is fantastic. But what really makes it and really drives it is Alex Moshinsky, the CEO. He's kind of like Steve Jobs and Apple. If you were looking at Apple, you knew Apple would work because Steve Jobs was behind the helm. And he kind of just kind of ran everything, just as was. But Alex Moshinsky is the same type of guy. So I believe in that guy. And the people that he puts around him is probably good people from what I can see so far. So that's to answer the second question. The first question is a little bit more complex. And just so you know, if you go into the description of every one of my videos, there's going to be a listing of all the different exchanges and wallets that I use now or have ever used. And the reason I've created this is because I was so sick and tired of Coinbase shutting down and having problems and customer service sucking. And I was in Coinbase forever. And then I started branch out because I read the comment section for everybody to tell me that, hey, check this out, check this out, check this out. Now they weren't all awesome. Some were awful. But these are the ones that I like. And you can click on that link. It looks just like this. And when you click on it, it'll take you to this spreadsheet. And you can notice at the very top, it's everything from Coinbase to my one two punch, which is Voyager for what I buy and then Celsius. Yes, I will get to crypto.com. It does look pretty good. I just got to get to it. And then I got Gemini, Binance, Uphold, Simple Swap, Crack and Cash App and my least favorite, eToro, which I did not recommend anybody to sign up. And I'll tell you why. Maybe that little blurb right there. But I go with everything. As far as the buying fees, now you can see why I don't like Coinbase. Selling fees, staking fees, loans, funny accounts, blah, blah. And then interest rates. And just, you know, with interest and things like that, I mean, this is amazing. Try getting this type of interest from your bank, from anything, right? So like for Bitcoin, 4%. And then with Voyager, it's 3.5%. Ethereum, 3.82. Some of the highest ones are USDT, Tether, 8.69, 8.69. Imagine that, 8.69 on the bank. Good luck getting that. And there's a bunch of them. It ranges everywhere from like a low to like 3% for gold or whatever, to all the way up to 8.69. And you actually get even more if you hold the Celsius token. So this is why, I mean, it's just free money. Not free money, but you know what I mean. I mean, it's in the wallet. It's gonna be there anyhow. Might as well make some money off it. Some kind of interest rates. So you can find all that there. And at the top, there's affiliate links. And again, you don't have to use my affiliate links. You can go straight to Coinbase or Celsius or Voyager and download or sign up. But if you use the affiliate links, like for Celsius, you get 25, Voyager, you get 25. Gemini, I think you get 10. Yeah. And then so on and so forth. So it's up to you. But the question was, and it's about security. Let me put this over too. So security, as far as hot cold storage and private keys and notes and insurance. Insurance is blank because I need to update this. And what I'm gonna have you do is we're gonna listen to the man right here, Alex Moschinski, actually tell you what it is about insurance and how they insure it and all the ins and outs. And this was from a live AMA. It was an hour and 45 minutes. I stayed through almost all of it. I mean, it's a lot of information. I broke it all down because I don't need you guys to sit there for an hour and 44 minutes listening to this. I just give you the stuff that I think you need to know. But real quick, who's Alex Moschinski? This is from right from their website. This is the guy. Alex is the inventor of DOIP or voiceover internet protocol. So all of the things that we use as far as voiceover, for all the different audio that we have on the internet, this is the guy that actually created it all the way back when. And he's got patents debating at 94. He's now working on Moip, which is money over internet. We know what he calls it, which we all know as DeFi and Cryptocurrency assets. But he's got over 35 patents relating to exchanges, voice protocols, messaging communication. He's an entrepreneur founder of seven New York City-based startups. He's raised more than a billion and exited over three billion. Alex founded two New York City's top 10 venture-backed exits since 2000. One of his first companies, Airbnb, IPOed in 2004 with the value of 750 million. Transit wireless at 1.2 billion. Been nominated entrepreneur of the year. I mean, look, the guy's pretty dynamic. Fantastic, I'm not gonna go over the whole thing. But this AMA was pretty good. So this is the question that I was waiting for the whole time. And it took me to an hour and 16 minutes to get to it. And they asked him, how do you ensure all the different digital assets that we put on Celsius? How do you ensure that? So it's a little bit long, but it's important that everybody knows this so they get it. If they're going to get into Celsius. So Alex, this question's for you. It comes from Bob. Why is there no insurance offered for deposits of Bitcoin? How do I know you'll be around to return the Bitcoin? So when you give us Bitcoin, it's not like it's ours, right? It's yours. Legally, it is still your Bitcoin. The only thing we do is when you lend us your Bitcoin, we lend them to people who pay us interest. When they return them, it goes back to the wallet and it's still yours from that wallet. So the question is really, is the wallet insured? And you hear all over the place, people saying, I have insurance, I have insurance. Great, let's dig into it, right? So maybe Ronnie is not going to tell me. Ronnie is probably whispering my ear right now, saying, don't use names, Alex. Don't get yourself in trouble. Just use generic terms. Don't use any company name. But many of these companies that offer insurance, many of these companies in the US and Europe, everyone who claims they have insurance, there's no question that they have insurance, right? We all agree, like when Gemini tells you they have $225 million insurance. Yes, for sure. I have no doubt that the Winklevoss twins bought insurance from Lloyds or somewhere else. And when you store coins in cold storage at Gemini, they are insured and protected. And it's one of the best places to put your stuff in cold storage, right? And end of sentence, right? Let's start a new sentence. Now, to earn the yield, there is no scenario where you can keep stuffing cold storage and earn yield at the same time. Because the only way you earn yield is how Celsius invented this whole category, is rehypothecating the asset. What does it mean rehypothecating? You took the keys and you gave them to somebody else. You lent them out, hopefully to an institution. You don't want to lend them out to some retail guy who may disappear with them, which is what some other guys are doing. Celsius only lends to institution. So we give the key to an institution. We say, okay, we trust you, but trust by verify, right? That's what Reagan taught us. We trust you, but give me some cash. Let's put some cash in a bank account. While you hold the keys, that's a collateral, right? And I'm gonna charge you interest in Bitcoin. I gave you Bitcoin keys, give me Bitcoin. Let's say, I don't know. Around numbers, 10% a year. Here's 100 Bitcoins. At the end of the year, I want 110. Then when they return the 110 Bitcoin, it goes back to call storage. Then it's insured, but the time it was out, it's not insured at all. So insurance is not applicable because of the business model. So you want to earn interest? There is no insurance. Now, while it's moving through, when you move it out of a cold wallet, you have to put it in a hot wallet. And Celsius currently is the only company in the world that actually has insurance while it's moving. We don't have insurance while it's lent out, we have insurance while it's moving in and out and we're lending it to you or out because we're using Fireblocks, which is a MPC company and insurance companies are comfortable that this is the best technology in the world and that's why they insured it for $20 million. And in two and a half years, we have not had a single institution that did not return the coin or did not pay interest or even was late. We issued hundreds and hundreds of margin calls to different institutions during all the ups and downs in the last two and a half years, probably thousands of them. And we had not had a single incident where an institution said, oh, I'm in trouble, I'm late, I gave the coins to somebody else and I don't have them. Everyone had to pay the part of the, what they borrowed, gave it back or gave us more collateral if they had a margin call and everybody had to pay interest, paid the full interest. We did not even have a single case where somebody said, you know what, here is half of the interest. And that just tells you the quality of the institutions that we're working with. Now, let's compare that to other people, right? And let's compare it to what happened on March 12th or in November and so on where all these flash crashes happen. And you can see, just go on Twitter and put any company you want that is competing with Celsius and the word liquidation or the world margin call or the world word, right? Put those words in and you will see hundreds of people complaining of how they got whacked and liquidated and charged crazy fees, a stability fee or liquidation fee or I don't know what fee, right? 16%, 20%, find one person that got liquidated by Celsius or that got charged the fee by Celsius for any of these things in two and a half years. Okay, hundreds of thousands of transactions. Next question. So two things, first of all, I wish they would put this, like this video, I wish they would chop up this video and put this on their company's website in the FAQ section and just have Alex explain that part because when you go to their FAQ, when I ask you about like, hey, you know, is this insured? The perimeter says no, this is not insured at this point. And it's kind of like a very generic bland vanilla type of thing. And people are like, well, that sucks. But when Alex talks about it, it makes total sense like, okay, well, that's why I understand. So that's that. And then there was one more thing and hopefully you got time to listen to this, but this was a question from one of the subscribers Droplet. And he said, hey, he said, at some point I may pass on, or I will pass on, we're all gonna die, right? And I have a concern about my wife. You know, we're both up there in years, she doesn't understand cryptocurrency, digital assets, you know, and then where he lives, he's like, they don't understand all this stuff and I have a ledger and they're not gonna get it. So, you know, I leave instructions and it'll be very difficult for them. So how do I make sure of all these things? So to answer Droplet's question, this was actually asked to Ronnie here in the upper right-hand corner. Ronnie is the, I guess, like the legal department for Celsius, he resides in Israel, and he has legal advice, compliance, all that stuff. So Ronnie, I'm hoping you can help me out with this question. It comes from James. Are there any plans to include inheritance preferences within the app? If somebody dies, how do people, oh, I didn't hear that. So first of all, the fact that Celsius connects the account to a specific individual makes it traceable. The fact that someone can come and say, hey, this is my parent account, this is his will, release the tokens for me. That's the advantages of money held by not only through a private key, but rather through someone that is, again, sorry for that, regulated and has the full obligation towards you and therefore your successors. So if they will come and show that they really have a claim for this money based on jurisdiction where the client is based, my advice for Celsius will be releasing this money in accordance with the law and the specific jurisdiction. And obviously, Celsius has the technical ability to do so, especially if you compare it to the central light solution or having your own key, which has its own benefits, but I can only speak about Celsius business model and therefore in this case, first of all, sorry for their loss and second of all, Celsius will be obligated to release the funds once appropriate evidence will be showed to it. And just to add to that, we are adding in the app the ability of you as the parent or the uncle or the husband to designate your legal person who they still have to show up documentation, they're still gonna have to show up a death certificate or whatever is the law in the land where we have to comply, but at least we can match one to another, right? So we can say, okay, this is what you told us. This is the claimant. Okay, let's make sure that we're talking about the same person. So that's pretty cool because you never know. I mean, you could be walking on the street, get hit by a bus and then off, then you're done, right? We'll see how that all works out, but that is just one of those options that I thought was pretty cool and hopefully that answered one of Droplet's questions. So all right, so thanks for sticking with me through the video, it was a little longer, a lot of stuff going on, but just remember, even though that we are pumping like crazy, keep level head, there are a lot of things that are overbought right now and there's a correction probably coming, so. But hey, you never know, it's cryptocurrency. But before you take off, just wanna do random shout outs. If you don't know, there's a join now button underneath. You don't get anything special, it's pretty much like a tip, but people sign up and I wanna say thanks. So just random Chuck C, let's see who we got. Metalsman 75, true blue one, beloved, and Robert Christensen. And so thanks everybody, really appreciate it. If you like these types of videos, there's gonna be two more that are gonna pop up on your left and right, don't know which ones they are, cause YouTube controls all that. And that's it, and you wanna watch those, check those out, and that's it for today. I'll see you on the next one.