 Welcome to Jalassette News, the top stories in cryptocurrency and Jalassette's and bring them down to bite-sized pieces. Today, we've got some information that I think was totally far-fetched and incorrect, but I was wrong again. This is an article that talks about Bitcoin to 500,000. Is it just a matter of time? And again, when I first looked at it, I thought it was crazy, but once you run the numbers, it's legit. And we'll go over everything in detail also. DeFi protocol harvest finance hacked for 24 million, but there is a bright side, attacker returns 2.5 million. And the question really gets asked, why do people keep investing in these protocols? And finally, as a PSA, Bitcoin wall provider Ledger compromised again by malicious phishing attack. And this is going to be what to watch out for for suspicious emails, we'll go over all that. But first, let's take a look at what's going on in the market. So today, it's October 26th, it's about high noon Texas time. And let's see if we could maintain that momentum that we had for last week. So Bitcoin has done a little bit of a slide down to 12.8. That's down 1% for 24 hours and 12% for the week. But hey, look, just two weeks ago, we were around hovering around 10,800, 10,700, and here we are at 12.8. Now, yes, we did go up to 13,100, somewhere around there, but you know, you can't keep that momentum forever. There's going to be people and traders who are going to take profits all the way along this journey. So again, like we talked about yesterday, it's not about just dumping all your money into it because it's going to go to the moon, everything's going to be great. You have to understand it's a seesaw pattern. It's going to go up, it's going to go down, and there's a natural trajectory. Just don't fumble in and dump all your money. I mean, you can fumble in, that's fine. Just dollar cost average, be an investor, take your time, success doesn't happen overnight. Also, Ethereum down almost 5% to 388, but again, I'm still pretty happy it's run at 400 mark, and it's still up 2.7 for the week, so hey, everything's good. Tether's Tether. XRP is still pretty stable around 25 cents, that's great, I guess. Bitcoin cash down. You know what really should ask the question is like, what's up? Well, hey, Polkadot's up 4.3, that's great, 450, pretty nice. Litecoin, Bitcoin SV, Cardano, everything's down, of course. Now, it's hard to match momentum from last week when PayPal came out and said, we're going to offer Bitcoin, Bitcoin Cash, Ethereum and Litecoin on our platform, so everybody line up. That's a pretty good deal. It's hard to really keep that going, but hey, we're going to have little slides and that's just normal. Let's see what else we got. 4.5, 5.7, not too great. Everything's pretty much the same, down 5%. Wow, 11% for Uniswap. What the heck happened? If somebody knows why this is going down so much, please let me know. I haven't heard any news about it. No hacks, no problems so far. So that's quite odd and that's about it. Oh, 8% for Yurn, but that's not surprising. It's Yurn and that's it. So let's just jump into today's top story because it gets pretty interesting. So first up, Bitcoin of 500K is just a matter of time. And I had gone over to Theta and then my live stream, which if you haven't checked it out, it's pretty fun. Come on by, I do it around 11 a.m. Mountain Standard Time, almost every day. And when I first did this article, I was really negative about it because this is the same type of nonsense that people would push out like that nut John McAfee when he came out and said, hey, Bitcoin 2.1 million. And I remember when he said that because it got me all fired up and excited in 2017, and he said, just math is just going to happen. And then he came out and said, I was just lying. I just want to get people in. I'm like, what a piece of trash. So when I see this, this type of thing, I'm like, this is so irresponsible to get people's hopes up, you know, about that Bitcoin is going to happen. So when I went to Theta and we talked about it, the first thing I thought to myself was, you know, I should really just run the numbers. And I did. And my whole sentiment changed dramatically. And I'll get to that in a second. But this is where this all comes from. So Tyler and Cameron Winklevoss were on Peter McCormick's podcast and they just laid it out. They go, look, the question in our mind is not so much, does it go to a half a million dollars as far as Bitcoin? But how quickly will it get there? His twin Cameron added to this that the healthy prediction is actually conservative and that the token will likely be worth more than their bullish estimation. And Cameron states, I would sort of contend that half a million dollar Bitcoin is actually pretty conservative and the game hasn't even really started. So again, when I read this and I was on Theta, I'm like, this is just is so irresponsible to say that because it's not going to happen. I mean, and I said, can you imagine the market cap? And as soon as I said I go, well, I really don't know that answer that question. So I should probably look at the market cap and thus I did. So this is from market cap calculator. So let's enter the current price of 500,000. The circulating supply, let's say it's 19 million, you know, it's 18, around 18 and a half million right now. So let's just put 19 million. And the market cap is nine and a half trillion. And I was like, wait, hold on, that's too bad, actually. I mean, it sounds like a lot right now, let's be honest. But when I saw this number, I thought to myself, gold. And this is what I'm talking about because I came over to my favorite visualization of all the money in the world. This was just from May 27, 2020. And if you haven't seen this, you're in for a real treat because it's kind of mind blowing. So this square right here is about 100 billion. That's all the square. So silver is sitting around 43 billion, not too bad. Here's crypto back in May 27. It was 244. Now it's around 400 billion, not too bad, but still very minuscule compared to what we're going to look at. Here's military spending. That's a lot. U.S. budget deficit. That's a ton. And it's going up. Coins and banknotes, Fed's balance sheet where news flash. It's a lot more than that, even though it's at 7 trillion. Here's all the billionaires in the world. Look at these guys. Hey, good for them. And then here's gold. So just look at this. This is gold. This is all of gold. And the world's gold is worth 11 trillion dollars, 11 trillion dollars. I just said Bitcoin for $500,000 is nine and a half trillion. So let's just say we get some of gold's market cap because we're going to. And it's not like Peter Schiff is going to have a lot to say about it. He's going to be dealing with his own legal issues. You can look that up. And then so now let's just go down. Let's just take a look at all the different money markets. So here's the Fortune 500 companies and Microsoft, Apple, Amazon, Google and Facebook, they make up about 25 percent of the S&P 500. Stock markets, 89 trillion. Here's the entire money supply, which I will remind you, 93 percent is just zeros and one and a digital ledger in the banks. Only seven percent is physical, but it's still almost 100 trillion, 100 trillion global debt, 253 trillion. I'm sure it's a lot more global real estate, 280 trillion. Just imagine if we can start when we start tokenizing like skyscrapers and condos and houses and apartment complexes. That's going to be huge for crypto. Here's global wealth, three hundred and sixty trillion. And then here's the derivatives market we're always talking about. And here's the low side, five hundred and fifty eight trillion. And then here's the high side, which we don't really know, because there's so much money sloshed around of one quadrillion. I didn't know that that word actually existed quadrillion until I read this little piece. So when we look at all the different money markets in the world and all the different value and we think about, wow, nine and a half trillion, that's a lot of money. Well, guess what? It's really not. And when I went over this and I really got into my brain, I'm like, holy, shoot, I was totally wrong. So anyhow, this next piece really kind of lays at home. And it's really about how Bitcoin is really going to get to 500K. And this is just one of those many avenues. And the Winklevoss twins, they say, what if every fortune one hundred or five hundred company does that? What he's talking about is just like Michael Sayo, the CEO of Micah Strategy, which we've been talking about ad nauseam on this channel that how they actually got into Bitcoin. They're saying, what if all the big companies do that? And what if central banks start doing that? It hasn't even started. And they're right. Micah Strategy and Square and Stone Ridge and Galaxy Digital, all the companies that are on this listing right here are the only ones that have put part of their treasury into Bitcoin. And they are up massively. And again, I've been talking about this all the time when other companies are looking at this and going, wow, guess what? Our money has done. It has depreciated in value. These guys went into Bitcoin and look at where they're at. Micah Strategy is up almost 75 million. Galaxy Digital, they've almost doubled. Square has made 11 million in like two weeks. So when they look at this, they're like, why aren't we doing this? This is stupid. And then lastly, to really cement the whole argument home, as far as, you know, if Bitcoin can actually tear into gold, they put out a nice little piece here, which talks about the comparison between Bitcoin and gold. And they make a pretty good point. And there is just one thing that I will say. Gold has been around for thousands of years and it's going to be around forever. I don't see it really going away, but there is new technology and there's a new better way to have a store of value. And I think Bitcoin is it now. Will it totally replace gold? No, I don't think it'll totally replace gold. I think people will still want to have gold. And I have always said that I think that the new savings account will be gold silver Bitcoin. I don't see why people wouldn't have that. So just to look at scarcity, I mean, gold is it's pretty scarce, but they're still finding mines. There's a new mine that was just found. I post this on Twitter where they found a new mine in Scotland and they're preparing to open it up. So as far as like, you know, all these gold bugs are like, well, so scarce, so scarce. Where really is it? Because they keep finding more of it. So I don't really know how scarce it really is. Now with Bitcoin, it's not scarce. It's finite. It's fixed at 21 million. And really, if we look at the market cap, this whole circulating supply of 19 million, that's not true. That's a lie because there's a lot of Bitcoin that's been lost. And really, in actuality, we've lost between two and six million Bitcoin because people who have mined it in the early days, it's gone. It cannot come back. It's in some landfill, in some state, in some city that no one will ever be able to touch. So even though we say it's a circulating supply of 19 million, that's a lie. It's actually like around, you know, maybe 17, maybe 15 million. So then it just talks about durability and portability. I think is another big one because I can send Bitcoin to anyone anywhere in the world in under 30 minutes for next to nothing. If I want to send gold around the world, I mean, forget about it. First, just to get it there. I mean, it's heavy. It's expensive. And then, yeah, the fact that I could actually get ripped off. So no, I don't really see that as happening. The visibility, you can melt down gold, but, you know, with Bitcoin, you can have 100 million satoshis for one Bitcoin. Storage is pretty simple. I mean, I just stored in my nanoledger. It's open. It's decentralized. It's never been hacked, so you can't counterfeit it. And then with gold, you can counterfeit gold. I mean, people will figure it out hopefully. But who knows? And then this is the big one adoption, which is actually a plus for for people who are looking to Bitcoin. Right now, you're really topping out with gold. I mean, more people may get into it. That's I mean, sure, whatever. But look at the market cap. Two hundred billion versus nine trillion. There is huge upside potential. And that is why so many people are getting into it. That's why the institutional investors are getting in because there is such an asymmetrical investment in this. I'm going to talk with so many times. So this is going to be huge. Anyhow, let me know what you think in the comments section. Let's move on. So next up, DeFi protocol. Another one gets hacked. Shocker. What's what's happening? So decentralized finance or DeFi protocol harvest. Finance was hacked on Monday for 24 million. The attacker targeted the protocol's liquidity pools, performing an arbitrage attack using a large flash loan, which is where, you know, it's uncollateralized. They, you know, take a loan out and they put it back before the blocks are actually mine and then everything's good. And it actually is it happened so fast. This hack happened in seven minutes. So these hackers didn't probably get up off the couch. And in seven minutes, they made twenty four million dollars. But there is some good news. They did return two and a half million. So, hey, that's a positive. I'm just kidding. That's ridiculous. So Harvest Finance revealed that the hacker manipulated prices on one money lego or curved white pool to drain another money lego, which is farm or farm USDC. Many times over, they kept doing again, again, again. The attacker then converted the funds to ren BTC and then exited the pit coin. So yeah, pretty easy day for to make twenty four million dollars. The three month old platform so that there is a significant amount of personally identified information on the attacker. And this is where it gets good, in my opinion. And they say this is the attacker is well known in the crypto community. They weren't willing to docks or, you know, let out who it was as far as the cyber thief. But Harvest Finance is now offering a hundred thousand dollar bounty for the person or team to reach out to the attacker. Now, this is where it gets interesting to me, because I'm like, are you talking about a hundred thousand like sending a message like, hey, we know who you are, return it or else report the authorities or like reach out with, you know, a bat and break his knee caps. You know, like, like what like what are they talking about? Like you're talking about like some kind of like gangster stuff. Like, hey, once you return the money, you owe us twenty four million dollars. You've disrespected us. I mean, is it that or is it like, hey, we know who you are. Either way, a hundred thousand, a hundred thousand, I'm just saying. And then finally, Harvest's hack comes just six weeks after an attacker made off with a million in Bitcoin from their DeFi protocol. BZX, however BZX managed to recover the funds. But the big thing is that this keeps happening again. And again and again. So I don't understand why people get into DeFi. I know it's a lot of money, but it's another shiny object. And just have to, you know, if you're looking for quick money, there's there's ways to do that. It's super risky. I wouldn't recommend it. But my whole thing is just be an investor. That would cost average, be a little bit safe. It may take you a little bit longer, but it's a safer path. And you're not on this, you know, road to destruction. So are people going to make a lot of money in DeFi? Absolutely. Are a lot more people going to get wrecked? Obviously. Before we move on, I want to give a shout out to Guy from Coin Bureau because he actually tweeted this out on October 25th. And he states, why are people throwing a billion dollars into a DeFi protocol with an anonymous developer and a single admin key? He wrote this on October 25th. So he's pretty much warning people, don't do this. This is ridiculous. And then, of course, today he just puts it out like, hey, this is what happens when you invest in something that crappy. And I got to tell you, hats off to Guy for just, you know, laying it out there. And I said, Guy, you're a gem in the space. Keep finding a good fight and saving people from the selves. So that's all I want to say. Anyhow, let me know what you think in the comments section. Let's move on. Next up, Bitcoin law provider Ledger, compromised again by malicious phishing attacks. So what is going on? This is just a cautionary tale and just like a PSA for everybody just so they are aware. This is what's happening. Some Ledger hardware wallet users received phishing emails with software that led to a loss of funds. The hack may have resulted from the company's user data breach in July of 2020. Remember, there was a data breach where some emails and personal information was leached off of their website. And this is why probably some hackers got some emails of people who own a ledger, sent them an email and said, hey, you need to update your information, we need your passphrases, mnemonic phrases, whatever you want to call them. And they are just sending this out like, hey, we will never ask you for your passphrase, so don't give it out to anybody because they're just going to steal all your funds. And then pretty much they say it right here. Scam alert, current information. Some scammers are going to touch with Ledger users through text message emails. Never give your 24 words of your recovery seed. Ledger will never ask for them. And just to sum it all up, and it's a pretty good statement. I got to start using this more. It says a valuable lesson hardware wallet users can take away is remembering the famous crypto adage, don't trust verify. And the last thing I'll say is this. So the Nano Ledger, this is a phishing attack, but the Nano Ledger is still a secure hardware wallet. I still trust it. And like we talked about yesterday, this is where I have my entire portfolio allocated. So 60% is in the ledger, 30% is on Celsius. I got 9% roughly on exchanges Coinbase and Kraken so I can institute my bull run strategy and then 1% is on Brave. So I still trust that I still believe it and I still think everyone should have a hardware wallet because not your keys, not your crypto. And also, if you have need of a hardware wallet or a ledger, they're giving 20% off this week alls you have to use. The link in the description below looks just like this. And a checkout, just type in digital asset news and you will get 20% off. So that is it for today. So look, I wanna say thanks for sticking with me through the entire video. I know there's a lot of information but a lot of good stuff out there, especially that 500,000, I was totally wrong about that. But again, thanks for sticking with me. Appreciate it. If you like those types of videos, there's gonna be too much gonna pop up on your left and right. I'll let YouTube decide all that. And that's it for today. So thanks again, appreciate it. See you on the next.