 Welcome to Digital Asset News to get top stories and crypto, current digital assets, and break up down to bite-sized pieces today. We've got some good news and some concerning news. First up, DeFi protocol that bragged about having Flash on Attack prevention hacked for $6 million. And I started with this story for a specific purpose also. Facebook and Google soon to enable Bitcoin buying states Jason Yenowitz. However, at first glance this looks like a fantastic piece, but in reality it's very dangerous. Also, Mooch has a billion dollar mega hedge fund called Skybridge, which he started and some other co-founders in 2005. And it looks like they're going to get into cryptocurrencies and digital assets. And lastly, we'll take a look at three reasons why Bitcoin just smashed to the $17,000 level. And speaking of which, let's take a look at the market. So today it is Tuesday, November 17th. It's eight in the morning. I'm trying to get this out pushed out a little bit faster. And look at this, Bitcoin up 4% in 24 hours and we're hitting $17,000. So Bitcoin is hitting on all cylinders. This is up 11% for the week. And I just want to make mention of one important thing. Today you're going to see all the different YouTubers, everybody on Twitter, everybody on social media talk about how great Bitcoin is. And it's just going to like go to the moon and it's moon time and it's fantastic. And this is the same thing that happened in 2017 when I was going through it. And I just am here to be not a wet blanket, but a wet blanket really. And just to give a little bit of hindsight and take a look back, there's going to be things that you're going to want to look at that and go, man, I need to get in all in today. It is very hard to resist that FOMO. And I'm just here to tell you that what goes up will inevitably come down. There is no assurance that this is going to go to the moon and hit $100,000 or $300,000 or $500,000. It's not going to happen overnight. It's going to take time. And I just need you to remember that so you don't make the same mistakes that I made back in 2017. However, is Crypto Angelast is going to do well? Well, yeah, obviously I dedicate two to three hours every day of my life to doing these videos and bringing people in and educating them as best I can. But one of those things that I think I feel that I have to do is just to make a cautionary tale and just talk about don't FOMO too much, don't chase the shiny objects, and be disciplined and sit back and don't bet the farm in one lump. So again, I mean, I could be wrong in these whole situations. Tomorrow Bitcoin could go up to a million dollars. I have no idea. But statistically, that's probably not going to happen. And things will do well. It's just going to take time. That's about it. All right. So Ethereum 2.4% up, 5.6% for the week. And that's fantastic. Look, Ethereum is up 4.50. I'm extremely happy. That's great. Tether is looking at $18 billion market cap. Looks like the Apprentice and more. Good for them. XRP. Watch out, 30 cents. So congratulations XRP holders. It was not easy. Let me tell you. I think it was pegged to the quarter and now it's pegged to the quarter in the nickel. So we're looking at 30 cents. Congratulations. Chainlink 1.7% almost at $13. It's looking pretty good. Litecoin is one of the big winners. 23% for the week, 2% for 24 hours. And like I said yesterday, I think it's because when people go to their PayPal account like Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Well, I can't afford any of those, but it looks like Litecoin is only 70 bucks. So I'll buy that. And hey, everybody wants to own one whole piece, even though people don't realize they can own a fraction of it. I think that's one of those things that we need to talk to people about is like you don't need to own a whole one, just get a fraction. Bitcoin Cash is up a little bit to 53. I haven't heard much about this hard fork. So I don't see any Bitcoin Cash ABC. So maybe it didn't work out. 8% for Play. Polkadot is almost at $5. Congratulations. Someone told me yesterday that Polkadot has a extremely high throughput transactions per second of like over 1500 or something crazy like that. So I did not know that that's good information to know. Cardano up 6%. Wow, look at that. Almost at 11, almost at a little over 11 cents. Bitcoin SV is up. Man, great. EOS 5.8. What's up massively? I think up 2.9 for Leo, 4.8, 2.8. Ave at $70 at 5.3%. That's fantastic. 20% for the week for Dash. Congratulations, Dash Holders. I don't own any of that, but it looks good. Synthetic is very volatile, but 13% for the day. Congratulations. Data up to 64 cents. Congratulations, 3.5. That's very nice. Celsius still isn't hit that $2 mark up here at 33 position, but maybe at the end of the week, who knows? And compound up 30%. I think great. Fantastic. Let's see. Not really. 5%, 3%, 6%. Everything's up today. So remember, I mean, it's a good day. It's a great day. Don't get me wrong. I'm really excited about this. Everybody's in the green. This is fantastic. Well, most everybody, not everybody. But just remember, don't chase shiny objects and don't follow your plan, whatever your plan is, and just be disciplined, regimented, almost stoic as best you can. All right. Let's go into today's top stories. Also, before I forget, I'm going to release this today at around 10 a.m. And then what I'm going to do is I'm going to do a live stream over on Theta Network at 10.30 a.m. I mean, depending on when you see it, or when it's released, different time zones, different parts of the country. But just know that roughly 30 minutes after I release this on YouTube, I'm going to do a live stream over on Theta. The link is in the description. So come join me and ask me any questions and do a chat. All right. So, bitcoin.com, DeFi protocol that bragged about having Flash when I attack prevention hack for $6 million. And like I talk about, I mean, there's a lot of shiny objects out there at crypto. I mean, it's like, this project is awesome. This project is awesome. This project is real reuse case. This project is going to go to the moon. So just be careful about what's going on. And sometimes just better is to be a little safe. So what's going on here? Well, value DeFi, a yield aggregating protocol, boasted of having the highest security in a November 13th tweet and now appears to have been deleted. So when you've got somebody who is very, they have a lot of pride, a lot of hubris. They are really into their project and they really boast about it incredibly. That's a, I mean, that could be a good sign, but in this situation, not so much. So just be careful because the ones that really brag so much about projects, you have to understand that there's a lot of different moving parts out there and you can't know everything. Me personally, like when I talk about crypto and digital assets, I'm like, well, I mean, this is what I believe to be true at this point. But there's a lot of information out there that I don't know that there's so much information out there that really needs to be digested and understood. So when you take a look at this, just take a step back and go, is that all there is to it? And here's a prime example. So after they boast about this in a tweet, a day later, hackers plundered value defies multi-stablecoin vaults of a total of $8 million of the stablecoin die. The attacker returned $2 million. That's nice. To the protocol and pocketed six and left with one audacious message stating, do you really know flash loan? Man, it's gangster. The hacker took out a loan, the hacker, the hacker took out a loan of $80,000 ether from the defy lending platform Ave and also borrowed an additional $116 million in die from uniswap. So they took out two different loans. Coroner value defies postmortem of the incident. Postmortem, that's good. The attacker swapped the ETH loan for stablecoins and the part of the flash loan die into the protocol's vault. He then made a series of stablecoin swaps involving USDT, USDC and die. A technique that eventually exploits value defies vault withdrawal method. Ave developer Emiliano Bonasi exclaimed, this is the most complex exploit I've ever seen. It used two flash loans, which when you say it like that it doesn't seem that complex. Like, wow, they didn't use just one. They used two. Super complex. Flash loans allow users to borrow money without collateral because the lender expects the funds to be returned within one transaction block, which is almost immediately depending on what you're talking about. If it's Bitcoin, well, it could be half an hour to the next block or if it's Ethereum a little bit less or different projects a lot less. So hackers have used this loophole in DeFi to steal millions and millions of dollars. Value DeFi said it was looking at ways to compensate affected users. So again, this is just another example of another DeFi project getting hacked. I don't like reporting on these things. I don't like hearing about people losing all the money. I mean, between the DeFi projects and the scammers and the hackers and the people that just have the worst intentions. I see every day people lose money like left and right. So in this space, it's not how much you make. It is how much you keep. So just remember that when you're looking at the next shiny object or you're trying to get into something and make a lot of money fast. It doesn't work like that. It's just always is the truth. Anyhow, let me know what you think in the comment section. Let's move on. Next up, this sounded pretty awesome until there were some comments in the end which I was like, oh, that makes a lot of sense. So it talks about here, Facebook and Google may soon be enabled to Bitcoin buying. This is just an opinion by Jason Yanowitz. And just to give you a little backstory, PayPal opened its doors. Holders came in. Everybody in the United States can buy Bitcoin, Bitcoin Cash, Ethereum and Litecoin which is fantastic. However, you can't hold that crypto. Not your keys, not your coins. And on top of this, if PayPal starts it then they're thinking that while Google and Facebook and the world's biggest corpse are more than likely to tweak that policy and create room for cryptocurrencies later on. The founder of Black Work Groups, Jason Yanowitz, took Twitter and he states this. You think PayPal is big news? He asked and goes on to say just wait until Facebook and Google enable their billions of users to buy Bitcoin through their digital wallets. And I thought about this and like, that's pretty cool. I mean, in all honesty, all the new people don't even know what a private key is. They don't really care. They just know that Bitcoin went up massively and they want to make some money and they're going to treat it like a stock. I've always talked about that. That's how it's going to be. But there's going to be some hiccups and when a pretty smart person says, hey, it's not possible. If they open them all up, if the US stimulus would have been paid out in Bitcoin, for example, most people wouldn't have gotten it yet because it would take three years. Increase the block size limit or die. That's debatable. But if you went from one to 2% of the population of America and then go to roughly 90% plus of the US population that's going to receive payments in Bitcoin, on the Bitcoin blockchain. I said yesterday I would crash. Someone correct me instead of wouldn't crash. Like, well, wouldn't crash, but it would take a hell of a long time. So three years, yeah, maybe, I don't know. It would just take an exorbitant amount of time. Although if you think about it, a lot of people had to wait a super long time anyhow for those mail delivery checks. But so then again, what's the advantage? Another comment suggested that these companies would imitate Square and PayPal. Their Bitcoin, your transactions are just records. Facebook, Amazon, I mean. And when I saw Facebook, I thought they were saying FBI. Because I was like, well, that's true because like all the different transactions will be, you know, recorded. And of course the IRS or the government could just look at it's like, who's doing this? Who's doing that? And that's never any good. And then lastly, in response to the user's reference to Bitcoin, White Paper, in which Satoshi Nakamoto mentioned that the involvement or inclusion of a third party entirely cancels out the benefits of the peer-to-peer electronic cash that is Bitcoin. And that is one of the big problems that I'm struggling with right now because I want institutions in. I want people to adopt. However, the more adoption that we get and the more people that come in, the more institutions that come in is just more of a middleman. And it kind of screws up the whole system. The price will go up and that's great. However, that's not the whole intention and that's not really where it should be. And that's part of the reasons why I created Dan Teacher's Crypto because I don't want people just to go, oh, I have a nice stock called Bitcoin, which is not a stock. It's not a stock, but they're going to treat it like a stock and I want them to understand like, this is the reason what makes it so great. It is decentralized. It is censorship resistant. It is finite and it is really government resistant. But the problem is when these institutions step in, it's not as great of a thing. Again, it's going to be great for adoption and price action, but as far as the overall feeling of Bitcoin that kind of goes away. So let me know what you think of the comments section. Let's move on. All right, let's get to some good news, right? So this is a great day. I don't want to be the wet blanket, but I feel like I kind of have to be. That's just how it is. But it is a great day for cryptocurrencies, real assets and all the holders out there. And this is just another story of another institution getting into the game because they've realized what the future holds. So Scaramucci or the mooch has a billion dollar hedge fund called Sky Ridge, and they just did a filing with the SEC and said, hey, we're probably going to hold that. So what's happening? Sky Ridge Capital, they have over 7.7 billion asset center management. Told the SEC on Friday, it may invest in digital assets like Bitcoin. The SEC filing discusses the overall assessment of the firm and includes a large summary of how COVID-19 affects the economy, very deep in the pages of certain assets, derivatives, ETFs, ETNs and other investment vehicles. Sky Ridge notes the G2 fund may enter the crypto economy via myriad of angles. So again, if you're going to talk or have a document that is sent to the SEC, if you're going to talk about digital assets and cryptocurrencies, it's probably because you're going to get into it. You don't just put it in actually, yeah, maybe, but you put it in there for a specific reason. So of course they're going to get into it, right? Just like all the other investment agencies that are out there. So finally, I mean, it's great news. I like to hear these things and it's good, but it's just one more example of another big entity getting into crypto just like we knew they would. So just one more thing. We can a little feather in the cap, but a little side note here. Sky Ridge Capital was founded in 2005 by Scaramucci, Brett Messing, Nolte and Gveski. Scaramucci recently discussed digital currencies in an interview and explained that when he returned to Sky Ridge in 2018, at least the company did, there was a deep dive into the digital asset space. So in 2018, after 2017, you know, huge bull run, then they took a look and go, let's take a look at this, which is like what everybody did. And of course, you know, these big institutions, they don't move too fast because they have to be careful. They don't want to screw people out of their money. I mean, there's a joke there. I just won't say it, but they're going to look at this and go, well, you know what, maybe we should get into it now. And Scaramucci said, he said, hey, I'm a fan. I believe the digital assets have a future and obviously that blockchain has a future. The partner said, or Scaramucci said, and of course, yeah, I mean, people are making money hand over fist. So why wouldn't they do it, right? Especially, and I've always said this, especially for all the different people who have like pensions, who have 401ks, who have different investment vehicles, why would they not offset some risk by going into the best performing asset class of all time? That makes no sense why you wouldn't do that. So of course they should talk to their partners or of course they should talk to their people and bring it in, especially people who have pensions. I think this is a win-win situation for everybody. Let me mention things in the comments section. Let's move on to our last piece. So last piece, three reasons Bitcoin just smashed to the 17,000 level and I didn't want to start with this because I just think that everybody's going to be talking about this today, about how great everything is and you know, just I want people to take a step back and be like, okay, I have a plan. I know what I'm going to do. I know exactly what's going to happen or at least I think it's going to happen and I don't want to get ahead of myself. So this is the last piece and it's probably the best, most positive that I can bring up. So there's three reasons why the 17,000 was reached and is still above it as of, you know, 830 a.m. So Northman Traders Chief Marketing Strategist, Sven Henrich took this Twitter to point out that Bitcoin reached 17,000 and the reason why is because there was a bullish setup that was completed. Back in August, he spotted a bullish inverse head and shoulder setup that has now successfully played out and I have to tip my hat to this guy. I mean, back in August, we took a look at it and go like, hey, there's a inverse head and shoulder and I'm sure a lot of different traders have seen this but that is amazing that, you know, kind of plays out and that's how it is. And you know, in all honesty, I really need to get the guys from Market Rebellion over to Dan Peach's crypto website and just do some basic TA stuff. So people like me aren't so stupid about it. Anyhow, no coins left to dump is the second reason with such market players as MicroStrategy and Grayscale absorbing Bitcoin supply, exchanges have seen their Bitcoin reserves drying up at a rapid pace. And this is probably one of the most bullish sentiments I can actually take a look at because when you have to have supply and demand and when there's not enough supply and there's a huge amount of demand, what happens to price? Obviously it goes way up. And with Grayscale, I mean Grayscale I think has 3% of the entire Bitcoin supply. They have 500,000 Bitcoin. 500,000 Bitcoin, just them, just one company. So of course this goes to their clients. They're not buying enough for themselves but that just means that there's a very concentration of Bitcoin through one middleman. Anyhow, Nugget News CEO, Alex Saunders notes. And before I get into Nugget's news or the current piece, if you haven't seen Nugget's news it's fantastic. This guy, Alex, super smart guy really goes into depth about cryptocurrency. You should check out his channel. I should really add him into my recommended channels. Very smart guy. The number of transfers to exchanges is actually falling this time around, not increasing which is leading to supply side scarcity. And there's a nice little graph right here which is not very clear right here but in the red it's net transfer volume from or to exchanges. So usually in this case when Bitcoin price starts to really go up you're gonna see a lot of people take it from their wallets transferred over to the exchanges so they can sell out. Looks like that's not the case right now. So that's looking pretty good. And the last piece here is people just don't care. And that's a good thing they state. And while Bitcoin's fervent bull run in 2017 was among the most popular topics at Thanksgiving tables this year cryptocurrency's recent rally has mostly remained under the radar. And I guess that's kind of true. I mean, for us it's not because we're in this every day. We check the portfolio all the time. We take a look at CoinGecko or CoinPerPreaker or whatever you're taking a look at just to see what the prices are. And we're like, well that's going up pretty amazingly. So for us it's not a big thing. What's gonna happen though is once Bitcoin hits around well start a day really. It's actually started last week. Once it starts to go from 16 to 17, 17 to 19, 19 to 20 and above then you're gonna start to see all the CNBCs all the fast money, all the big media outlets start to cover it again. And before you know it then FOMO will be magically on because that's usually what happens. And in that situation then it's just to sit back and just go, hey, I did it. I invested into crypto and all that I don't have to do is I don't have to screw up by selling anything right away. That's the big thing. So if you're a trader go ahead and trade away. That's fine. I don't recommend trading 100%. Maybe you take 10 to 20% of your portfolio and trade but I feel like the majority should just be buy and hold especially for solid projects. If you're in a low market cap gem of like a tomato coin you're like, oh it's gonna go to the moon. Maybe not. But like the top 50 somewhere around there you should be okay. Just don't screw up and sell. So lastly it just talks about Google Trends data which we had covered in a couple of videos before. And Google Trends data it doesn't give you a percentage or actually a number of searches per day. What it just says is over a timeframe whether that be a month, a year, five years or lifetime it'll tell you how popular a certain search item is. And of course this right here the spike that's in 2017 of December. That's when there was the most searches for Bitcoin that's at 100. And right now it's about 11 or 13. So if you look at a scale of zero to 100 100 is the most searches ever. Zero is no searches. So we're at 13 and we're hitting 17,000. That's crazy, right? So again just wait for all the big companies to start talking about it or media and before you know it it'll go to who knows 30,000. So anyhow that's it for me. If you got any questions or something like that come hit me up over at the data channel and I'll be talking there live. And that's about it for today. So again thanks for sticking with me through the whole thing. I really appreciate it. If you like these types of videos I'm going to put up two more in case you don't want to stop by Theta which is fine. I just go check those out. But again the Theta link will be in the description. This will be the first time we do this so it'll be interesting. There's something new to do. All right, thanks for watching. Really appreciate it. See you on the next one.