 The best lessons I think we've ever learned throughout our time is Not our wins, but our failures I think that's a pretty good way to sum up what we're going to talk about today and this really all started Actually yesterday there was a tweet that was put out from Bitcoin magazine I had saw it and I had just made a comment and Bitcoin magazine talked about hey not so great news Just in judge rules that BlockFi users gave up legal rights to their Bitcoin by using the platform and all the 300 million of crypto deposits are now property of BlockFi and I was taking a look at this and I thought to myself well You know, that's a bummer I think we've seen a lot of different problems that have come about the Voyager the Celsius the FTX and everything else in between And I just made a comment. I said, you know, sorry Sorry BlockFi users and somebody with a handle due to Ohio And he said well was probably BlockFi's plan the entire time the new class that comes in the next bull run must be made aware I said, yeah, you know what I agree Because you know, we were warned in 2017 We were warned about Mt. Gox and everybody just pretty much said whatever boomer This will never happen We have all these new safeguards in place and it's a new era and you don't know what you're talking about and it'll be okay But some people did live up that that credence and said hey, you know, this could happen again And it sure did so I thought to myself This would probably be a good time to remind people of all the problems that we have gone through To lead it to up to the next bull run, which I think is going to happen in 2025 and if I don't think if we don't do this Unfortunately, I hate to say it like this, but it's true People have the memories of goldfish and they're going to come into this Sector especially when Bitcoin goes through its having an April of 2024 Once it happens everything that we talk about the new class like whatever boomer. That's so dumb That's not ever gonna happen again. I'm telling you it's gonna happen again and again and again We're gonna talk about a lot of things. So the first thing we have to talk about of course Catching everybody up and of course the problems that we've had and the lessons that we learn is Mount Gox Mount Gox if you're not familiar was started in 2010 by Jed McCaleb Jed McCaleb who of course the XRP army knows about the co-founders of Ripple and XRP and then he moved on to Stellar. He launched Mount Gox in 2010. It was sold later on But he was responsible for it and Mount Gox was responsible for more than 70% of all Bitcoin transactions in 2013 by 2014 it collapsed spectacularly to put that in context The Bitcoin white paper came out in October 2008 The Genesis block happened in January 2009 and just that short amount of time 70% of all Bitcoin transactions Happened on this one particular exchange Mount Gox in February 2014 Mount Gox abruptly halted all Withdrawals from its platform studying technical issues with security concerns and Of course, we all know it had been hacked and guess how much it hacked. I had fully forgot about this It was almost a million Bitcoin 850,000 Bitcoin were stolen That's a lot That's not that's not chump change and then in 2018 the Japanese court ruled that Mount Gox assets should be Liquidated and distributed among its creditors a process that is still ongoing. So look This is a lesson that we need to Definitely tell all of our counterparts moving forward is that unless you don't want to Sit around with your funds all locked up like the Mount Gox people like the Celsius people like the Voyager people like the block fight People like the FTX people you should probably use a cold storage device like a ledger and take it off of Exchanges, that's the first one now. Let's get back up to speed to somewhere a little more in my range, which was 2017 in 2017 and 2018 there's things called ICOs initial coin offerings and I see the same thing happening with meme coins right now It's amazing to me But everybody's a gambler and I'm okay with that heck. I lived in Vegas for two years. I can appreciate the gamble But just remember you're gambling. So back in the day 2017 ICO firms paid themselves 24 billion dollars Here's what happened. So back in that day. I'll just I'll just just say like this I lived through that time and I want to say that the ICOs it was it was long on white papers and Shortened delivery. Everybody talked about yeah, it doesn't we do much right now But this is what it could do and you're gonna invest into what it actually could do And I think the same thing that thing said right now is the same thing was said back then and all that money Is gonna flow into one way the people that own those projects. It's not gonna go to you It's not gonna go to all your friends and family You are exit liquidity just like in the ICOs I could be wrong, but seems like how things just repeat. So the ICOs 2017-2018 Token startups raised over 24 billion and they paid 1.5 billion to its team members because they got to get paid first now Holdings over all these ICOs could have been 80 billion dollars during the peak in December of 2017 But they still sold out a lot of bag holders based on liquid spot prices current holdings for ICOs are Roughly 5 billion dollars and this is where it gets good and something to actually remember The most unfortunate teams the ones that didn't cash out were salt and the IOT chain Internet of things Both projects saw a 97% decline other projects lost over 90% So all those ICOs that came out roughly 90% have no value or just gone And I want you to remember this there was this project called arc block. I have no idea what that is metal and PO dot ET three of the arguably most hyped projects of 2017 in the comment section if you remember this being hyped put it in there But if those are the ones that are being hyped the most in 2017 Nobody knows about those right now, which is the same thing. It's gonna happen with a lot of projects in the future So just remember that this is where I get that dash assault Dash assault This is what I've talked about as far as like dollar cost averaging sometimes when you dollar cost average You'll never make it back. I mean dash not to pick on dash I'm sure I think it still has some developers working on it, but it topped out a long time ago even Even 2021 and then just kind of went down. So if you bought it all the way back here It's just kind of flat lined it peaked a little bit, but off it goes and then salts unfortunately peaked in 20 End of 2017 and just flat line for the rest of time So just be careful what you're getting into and just remember that Everything everything can go to zero So that's our lesson for there and then also moving forward Let's talk about this cycle Luna So Luna was the next big thing as I think we all remember and I want you to remember this You who are watching this in the future This was going to be The big the big show and it collapsed It collapsed and I want you to remember these these things I lost all my life savings I should have cashed out when it was a hundred bucks, then I would have been up 25,000 I lost over 450,000 I cannot pay the bank and then also this one said suicide is the only way out for me Which is pretty dark. I Hate to say it, but it is what was said so One of the lessons here is take profits along the way Don't get caught up in the diamond hands narrative and again Everything can go to zero and as we can see what's interesting to me though Is that this just happened roughly a year ago? Roughly a year and we can see that here is Terra Luna, which has been rebranded Just dead and then here is the Terra classic Which it was tracking at a dollar stable coin and now it's at the whopping three cents So there's just that part as a reminder and then let's get to My little issues So all these things that we talk about are all my lessons some of you have avoided them some of you have not Here's mine This specifically this is the one that I get called out the most on Voyager so Voyager Was a great platform. I must admit I loved it. It was easy to use. It was a brokerage. It would plug into all the different exchanges. It was the hotels.com of cryptocurrency and dual assets and It worked pretty well until it didn't and Voyager unfortunately made a very dumb mistake Which was they gave an uncollateralized loan to three arrows capital for six hundred and thirty six hundred forty million dollars and That sunk them and just takes one bad Business decision one colossally bad business decision to sink the whole ship. So the lesson here is that Even though that you believe in something like I believe in the Voyager I believe in these projects it can all go go down and there's things they're gonna happen behind the scenes that you'll never know about Tell it's too late. So if you do these things just remember That as time goes on it's better to diversify just a little bit instead of putting everything all your eggs into one basket and this also will go back to the Mt. Gox situation probably should take that off of any exchanges. So what's going on with Voyager right now? Well They went through FTX to try to get bought out that fell through they went through Binance US And that's three months ago was looking pretty good to the government stepped in and said hey You're using a VA VGX token. We believe that is a security We're gonna stop that wait three more months and then Binance US backed out because of the unclear regulatory certainty in the United States So they said fine. We've got no bidders. We've got no buyers. Let's liquidate. Which is what I said a long time ago But whatever so as of May 8th 2023, this is how much Voyager users including myself who have a nice five almost six figures locked up in there We'll give about 35% back. I'll be honest with you. I'm happy to get anything back and is a great lesson Again, I think they would be doing just fine if it wasn't for one bad One colossally bad decision. So that is Voyager Celsius Celsius again I've had machine ski on the channel numerous times matter of fact and He talked about how great it was and how it was just you know, just put it on here and gain some yield Of course, we know that didn't work out awful situation. I have more funds on there, which is a shame You know, we talked about diversification not putting all your eggs into one basket So I had it on Voyager and Celsius and a couple other exchanges. Well, those are gone and What's going on now with Celsius is They're trying to find a buyer I know some people in the Celsius community think it's gonna happen I hope it does but this is from Michael Arrington Tech crunch founder and also one of the potential bidders of Fahrenheit and he put this out on Thursday goat rodeo because they're sitting right there going right now through the buyout process and What does goat rodeo mean? Well goat rodeo is a slang term for something going totally unbelievably Disasterly wrong. Nothing left to do but to sit back and watch the train wreck that is and Some of your name old Spide said hey, Rob can you do an update on what's going on with Celsius? And I said I would do it But here's the people I follow and I think you should follow to Aaron Bennett Simon Dixon Cam Cruz Pete no stop and Tiffany Fong and They said that's great, but can you just kind of break it down for us? I said sure Why don't we just ask these guys because they follow this all the time. I said, let's ask everybody and Where'd it go and Cam Cruz came to the rescue and said yeah Customers with custody or withhold accounts are eligible to opt into settlements Via the app to make withdrawals everyone else has no definitive timeline for actions If you don't know what custody or withhold are you're probably an earned customer? So that's what's happening there So again lesson learned Don't get too caught up diversify Don't leave anything out exchanges. Not your keys. Not your crypto moving forward Blockfi so we just talked about this in the beginning, you know block fi Sat seven eight months ago actually fell file for bankruptcy November 28 2022 and Right now Again, here's what's going on block fight came in and said look or the judge said look if you invest in the block fi You gave up your right for Bitcoin. It's now the property of block fi Even though the whole point of block fi was to gurn yield And you kind of felt like it was a savings count just like Celsius. Well Same thing happened here. I will say this Not meme sent me an email and Block fi put out information that said that they will not be doing any type of retail clawbacks Which I think is a step in the right direction. So at least they have that going for them also FTX the same time that block fi fell down Which everything was like a Domino effect FTX fell in November 2022 and declared bankruptcy What's going on with that? Nothing has moved nothing is going on people still have things locked up and the only thing that we know of right now is SPF is trying to dismiss 10 of 13 Criminal charges against him. It's amazing how things have moved forward for Sam And it's also amazing the amount of covers and all the difference Accolades that were thrown on Sam. Ah, if we just If we just would have known then what we know now and this will even my last points Be careful with predictions public versus private actions and billionaire strategies versus your strategy What I'm talking about is this Tim Draper. Let's just go with the predictions predictions are worthless They are They're great for clickbait. I'll tell you that right now. Everybody wants to know a prediction Which is fine. I mean it gives people hyped up. That's great But they're worthless quite honestly. This is Tim Draper Tim Draper is a pretty smart guy. He's an early investor into uber and some big names Bitcoin of course being one of me snatched up Bitcoin quite early for for quite a Low amount from the US government, but he's made this prediction numerous times that predict that's Bitcoin will get to 250,000 and at first he said by beginning 2023. Now he says and end of 2023 Like I'd tell you just because somebody's smart and they make a smart decision at one point doesn't mean that they're a genius for their entire life Okay Nobody is infallible. Let's just say that Tim Draper one of the first investors in the Rannos remember Elizabeth Holmes He still believes in her still says she didn't lie to me. I'm thinking myself. She lied to everybody pal And if you don't know who that is it's this lady crazy lady with the big eyes who Pretty much scanned everybody and was on Forbes's list. This is also another lesson Don't get too caught up in the accolades that has been heaped upon people. There's Sam on Forbes 30 under 30 There's Elizabeth Holmes There's a guy from we work for his name and this is also from Forbes Silicon Valley Bank is Was one of America's best banks for the fifth straight year and they just collapsed of course. This was a long time ago So again, be careful with all these things be careful with what you think of as you know as far as people go And these are predictions because usually they're wrong Also, be very careful with people who are like assured that they're totally right never seems to work out like that way Also private versus public perceptions. I want to make sure everybody is aware of this Bitcoin Miami's coming up looks to be a fun event Peter teal was speaking at it last year Peter teal don't know another big huge investor Started PayPal a host of other companies and he went on stage and Talked about how we have there's gonna be a war coming and and Bitcoin is the best thing ever and hold on to it It's awesome and fantastic a month ago his fund Unloaded over a billion dollars worth of crypto investments before he spoke At Bitcoin Miami now, I'm not saying that he is wrong for doing that But just be aware that the things that people say in public versus what they do in private with their businesses are two different things Now I'm sure Peter could sit down and say well, you know, I still believe in Bitcoin That's that wasn't that's not in question. I Was selling it and I still believe in it But we just didn't really talk about that on stage kind of a buzzkill if you think so So be aware of what's going on in public versus privates the things that are happening and also as a reminder Peter teal is a great investor. I mean he turned $2,000 which was all of his PayPal stock which was worth nothing turned into five billion dollars That's pretty good, how do you do that? There's a video below. This is why I have a Roth IRA But when you put it in there, it comes out tax-free. I made five billion dollars tax-free not too bad and then lastly Micro-strategy and Michael Saylor. I have nothing against Michael Saylor. I think he's good for the industry I will say that but I just want you to remind you of there's a vast difference between my goals and your goals there's a vast difference between a Billionaire Michael Saylor and his strategy and his goals to potentially a shop owner in Colombia Just trying to make ends meet So this is why when we say not financial advice, we can't anybody on here can't give you financial advice We don't know your situation there's a huge difference between what I want to do and what you want to do There is a massive difference between the strategy that Michael Saylor is implementing and what you potentially could implement so when people say well Well, he won't sell he won't sell Bitcoin. He won't probably not who knows I have no idea actually But remember here's his strategy. His strategy is like look I'm gonna hold on to Bitcoin for as long as I possibly can because it is the best thing ever There is no second best, right however You know, there are strategies that he can incorporate and we can all incorporate That are a little bit more Maybe beneficial to him as far as dollar amounts because you know, he's dealing with a billion dollar company Micro-strategy Alps for Bitcoin wash trading loophole tax harvesting. I do this too. I Sell my crypto and I buy it right back because right now Bitcoin and crypto is considered property And there's no wash trading issue here in America I don't know what it is in the rest of the world Micro-strategy this they sold 704 bitcoins before repurchasing 810 bitcoins two days later That's a massive tax write-off and good for them and good for them, but again If it's all about Diamond hands hold forever and this is the thing I'm gonna do you can do that. That's fine I'm just saying just be aware that there's a little difference between potentially what you are doing to what a billionaire might be Doing to what a people who you know throughout the entire world are trying to do and what they believe it to be if Bitcoin Could be accepted everywhere. Fantastic. I would use it all the time and then here's the next question though Do you see Bitcoin as being a medium of exchange or just a store of value because we just saw That medium of exchange rates went up pretty high twenty thirty dollars per transactions Hopefully we can implement lightning and move on from there, but again Just be aware there's a big difference between what's going on And what you want to do my goals aren't your goals and so on and vice versa. And this will leave me my last point I know this sounds very cynical But like George Carlin says inside every cynical person. There is a disappointed idealists I'm someone at that stage. I'm disappointed In the things that went on I'm disappointed in the fact that to take these lessons a little bit faster And I'm disappointed in the fact that If I don't remind people of These problems and these issues. I think that we're just doomed to repeat them, but that's okay So this is what led me to my rules So you may notice that underneath me here are these rules. This is what led me to this It's all gone Meaning everything that you invest in just expect it to be gone just expect to lose it all you won't feel so awful And it will also stop you from doing something stupid Like selling your house and your kids and your kidneys to purchase Tomato coin or whatever nuke hot shiny object is out there. That's ridiculous Everything's a scam. Everything's a scam until proven otherwise. It saved me a lot of funds Throughout time Don't leave anything on exchanges. Well, we just talked about with voyager Celsius block fi FTX and of course mount gox We put it in a cold storage as best we can if you're a trader. That's on you I wouldn't leave everything on exchanges, but of course. Yeah, you have to leave some exchanges. I'm not speaking everybody I'm not a trader. Don't use leverage That's just my rule. You can you're welcome to use a hundred X leverage have fun And lastly like we just talked about with Luna and some other things across the way takes some profits Nobody everyone broke taking profits and that's the big thing And now let me to my last and final point. We'll go into a little little chatty chat in a bit It seems like everything happens bad stuff happens In the bull run all the stuff that we just took I mean mount gox with mount gox, right? But the ICOs that happened in 2017 2018 those were at the height of the bull market The Luna's everybody'd aped into that and then of course they collapsed The FTX the Celsius and the voyager and all those things trying to you know Keep up with the Joneses all these things seem to happen as things peak and get overheated. I Believe the next bull runners in 2025 it could be wrong could be could be tomorrow. Who knows? But I've taken a look at certain metrics. There's a video. There's a link in the description Looks just like this why and when I'm selling 80% of my crypto watch that video and Once I hit those those points Those technicals those indicators. I'm gonna get out of a lot of situations And then once everything gets overheated and crazy I'm not gonna be there and This channel is gonna go away And the channel is gonna go away throughout the whole time that everything heats up Because I don't want to be one of those people That just talks about it and everything's gonna be great and crazy and it's gonna be awesome I just keep going and I will never hit the top, but I'll tell you this if I step away from the channel, hopefully It'll allow some of people to think to themselves, hmm Remember that video where people didn't take profits and they got in some crazy ICOs and they did some crazy things Maybe it's a good time to step away because things are overheated so That's the plan. We'll plan us to do that. This is the most rational part We can be at is right now when things aren't overheated and then what'll happen is as Things cool off and hopefully the craziness doesn't settle in and hopefully down everybody loses everything in this monstrous time I'll come back a lot of people just come in the bull run and Make videos and talk about how great it is and they disappear in the in the bear I'll come back in the bear Everything starts to fall off. That's the plan. So that's it So that's it everybody. That's it for today So I'll probably put this in on the website dantages crypto. Hopefully people will watch it and understand that Prices don't go up all the time and that's there's some rules to follow and usually it's just It's just time. That's it. So look, that's it for today She effort to say it happy Mother's Day all the mothers out there got to call my own mom So that's it for today. If you like today's video, give it a thumbs up consider subscribing This isn't a set it and forget a type of situation. I think you should be around you should learn as much as you possibly can