 Welcome to Digital Assets News, the top stories in cryptocurrency digital assets and break them down to bite-sized pieces. Today we got a lot of information, so let's break right in. So first up, a suit alleges that BitMEX chiefs looted more than 440 million from exchange after finding out about probes. And this is looking pretty bad for Isaac Hayes and the rest of the crew, but remember, this is allegedly, and everybody is innocent until proven guilty, however, this doesn't look good. Bitcoin just had its second highest ever monthly close. So what does this mean? It means that potentially we're looking for a massive bull run coming up. Warren Buffett praises stocks dollar cost averaging, but does it work for Bitcoin? And if you've been on the channel any length of time, you know that dollar cost averaging is what I preach about a lot, but does it really work for Bitcoin? We're going to take a look at that and some other pieces of data like the Bitcoin dollar cost average website. And next to last looks like Facebook is up to its old tricks by censoring Bitcoin, but yet leaving the hashtag Libra totally intact, finally we're going to take a look at a pretty sad case of scams. A British grandma loses 65,000 to crypto scammers, and this is something that we need to take a look out for, especially with the potential bull run coming up. We must protect those people coming into our space, especially the ones most vulnerable senior citizens. So we'll go over all that. Let's take a look at the market. So today is November 1st. Congratulations. We made it. And Bitcoin has yet again closed above 10,000, like we assumed it would. And we are looking at some pretty great prices. Now it's only up 0.1%, but what is important is that it has maintained above 13,000 and has almost hit 14,000. Now it actually did hit 14 and went above it for a small brief amount of time, but then it was pushed back down. Now from everything I've read, it looks like as soon as we can get clear past this 14,000, there is no resistance in the TA land universe. I don't know if we can just go 14,000, 20,000 immediately. I don't think that's how it's going to work. However, it is very positive to see it right around this range, 13,7, 13,8. And we don't see like this parabolic, you know, just rocket ship all the way up. We're taking little steps, little steps here, little, you know, one step down, two steps forward. So I like these types of things. I think this is healthy for the market. And I think we are potentially going to go much higher. Ethereum is almost at 400. I'm pretty happy about that. It's up 0.8, but down 6% for the week. But that's okay. I think we're going to see bigger and better things coming up. Tethers still around 16.6 billion market cap. XRP, hey, still holding steady. Although it is down 6% for the week. And usually it's around a quarter. And now we're looking at 23, 24 cents. So Bitcoin Cash 2.1 up down around 268. So I like that chain link is still holding strong at number six spot. So pretty happy about that. 1121, we were above $12, but hey, what can you do? Let's see, what else we got? Cardano is up 4.5% after that impressive run with their ERC20 wrapper or excuse me, exchanger, which we talked about yesterday where you're taking the ERC20 tokens and directly exchanging it right onto the Cardano network. And that to me is a game changer. Now, Gogan, the Gogan roadmap was just put out, which is going to transform Cardano into a smart contracts platform. And that's only in four months. I know some people are bummed out about it, but honestly, I think it's amazing that they're making that much progress that fast. So tip of the hat to the IOHK team in Cardano, and especially Charles Hoskinson. He's taken a lot of hits from a lot of different people. And it looks like he's leaving all those people to dust. But again, we will see. USD coin, yeah, still around $1. What else we got? Anything fantastic? 2.4 down for Tasos? That's a bummer. 2.8 for Cosmos up. Congratulations to Cosmos Holder. I am not one of those people. Beaching up 4%, still around $0.10. Nothing big. And OMG Network at $5. So nothing really too fantastic. Let's see, Celsius Network, jeez, $1.39. It was just at $1.30. What the heck happened? So still keeps continuing to make impressive gains, but I will keep buying that every 48 hours. I'm now buying Celsius and Theta is now on my radar, and I'm buying that every 24 hours. Just dollar cost averaging. So we'll see how it all works out. Anyhow, that's what's going on the market. Let's jump to today's top stories. So this one, kind of a bummer, but not surprising. So there's a lawsuit being put out against BitMEX, especially with what is going on. If you're not fully aware, we have covered this exactly a month ago. The CFTC charges BitMEX with illegally operating derivatives exchange. They're not so upset that this is going on globally. What they've said is that they are not taking the provisions to actually allow American citizens to not invest in this platform, especially with the leverage trading. So there's that, then the AML and KYC or anti-money laundering and Know Your Customer. It was not as, I guess, in stone or as effective as they'd like to see it. So they charge them against it. And this has been going on for a month now. And then on top of that, there is a lawsuit. This is a suit following me half of plaintiff's BMA LLC, which is Yaroslav Kulchin and Vitaly Dubinin. They seek an order of attachment against HDR assets. You don't know HDR assets is one of the companies or the company behind BitMEX. And they're claiming that these guys are wiping out their accounts. So when there are judgments against them potentially, that people can't claim too much because it is all going into wherever it's going. So let me back up. So it states here, the top officers of HDR that we just talked about, the parent company of crypto trading platform BitMEX has been charged with facilitating unregistered trading other violations, systemically looted 440 million from HDR accounts, a civil lawsuit claims. A spokesman for HDR called the claims spurious or fake or just ridiculous. Of course, that's exactly their job. They have to say that. Now again, I will just preface it with this. This is all allegedly you are innocent until proven guilty for most countries. So we'll see how this all plays out. But again, not looking too hot. So here's the allegations. While being keenly aware of the commodity features or CFTC and Department of Justice investigations, defendant's Hayes Dello and Reed looted about about half a billion dollars of proscenes of various nefarious activities that took place on the BitMEX platforms from defendant HDR accounts, the suit alleges. The suit claims the alleged looting occurred to reduce the amount of assets that could be seized. Well, of course, if you can in some way shape or form and go, hey, we got no money, then good luck suing us. That's usually a pretty good plan, especially if you know a lot of people are lined up to sue the living pants off you and get as much money as you possibly can. Now, that is just how corporations and shell companies usually do things. Actually, I can't even say that. I'll be honest with you, a lot of companies will do that. They will start to move things around and they will say, no, sorry, we don't have any money. And then, you know, that's how it usually works. LLC, C Corp, S Corp. So a spokesman for HDR Global limited deny the claim saying, Pavel Pogodin of consensus law has filed a series of increasingly spurious claims against us and as in the crypto sector, we will deal with this through the normal litigation process and remain entirely confident the courts will see his claims for what they are. How many times have he seen the lawyer from the other side go, you know what, we're not too confident in this and we might lose, that never happens. Even if you know you're gonna lose, you gotta say we're confident. So we'll see how it all plays out. But again, there's some shady things. I never really liked Bitnext. I never really liked the lever trading platform. I just didn't. I know some of you guys really like the trade and that's fine. I have nothing against trading. Nothing, but I do have a problem with when people just lose their mind and they sink every single thing they have into it. And I always think that's a bad idea, still do. But I mean, even on the opposite side, even if you're a dollar cost average and you're like, you know what, I'm not a dollar cost average, I'm gonna sell my house and dollar cost average. That's probably not a good idea either. So there's always extremes. There's always these things that need to be corrected. So we'll see how it all plays out. But man, I think a lot of people are gonna get burned here. Anyhow, let me just think of the comments section. Let's move on. Next up, and this is really positive news. Bitcoin just had its second highest ever monthly close. So what's going on? Well, pretty simply, according to Crypto Compare, the day after the 12th anniversary of its white paper, which was yesterday, Bitcoin managed to close the month of October at 13.8, which was its second highest monthly in history. Let me say that again. As of October, the end of October, it closed out at 13,801, which was its second highest month in history. So where do you think this is going? I mean, we have seen nothing but positive news about institutions getting in, about Paul Tudor-Jones, TD Ameritrade, the daily digital assets, people just coming out of the Warwick MicroStrategy, Michael Saylor, Square, Grayscale, and they're all just buying it up in the background. And I mean, not just for me. Guy from Coin Bureau did a great video about talking about all these different institutions really buying up. Also, Satoshi Stacker did the same thing. But, you know, they have their own little ways. But I thought it was great how it's all kind of coming together. In 2017, it was just vapor. It was nothing. It was white papers and hopes and dreams. But here we are, and we can really point to something, go, well, these guys believe it is a store of value. They're buying it for its clients. They're gobbling things up. There has to be a reason. And here we are. So second highest monthly close in history. And here's the crazy thing. It wasn't off by much, because Bitcoin recorded its highest ever monthly close of $13,850 on 31 December, 2017. The same month that it went to almost 20 grand. So $13,850 to $13,801. Let me do some quick math here. 49 bucks. 49 bucks. Not too bad for what's about to happen. So let me know what you think in the comment section. I personally believe 2021 is our year. Everything is going in the right direction. I hate to say this, but really COVID-19 was the catalyst for Bitcoin, for adoption, for store of value, for people to kind of get into it, especially institutions. And look with all the volatility that's about to come up with this presidential election. And this is how I see it. I see a dogfight and insecurity about what is about to happen. There's going to be a lot of talk about fraud. There's going to be a lot of talk about we can't call this presidential election on the night, maybe not even 24 hours, maybe not even a month afterwards. You never know. But at least a couple of days afterwards, we're not going to have a clear winner. And you know who likes volatility? Traders. But you know who also is a big proponent of uncertainty? It's just investors. They need something that they can put their money into that is going to be positive. And if you take a look around, it's not stocks, it's not bonds, cash is on fire. I mean, you could still do in a cash. I mean, even a couple of economists have said get into cash. A lot of people are going, you know what I think? I'm going to take a look at what MicroStrategy did because they just made about a hundred million over a couple of months just by putting in a Bitcoin. And that's where we're going. And yeah, I could be wrong. Let me know what you think in the comments section. Let's move on. Next up, I'm a big fan of dollar cost averaging. So when I saw this, I'm like, maybe I'm wrong. So Warren Buffett praises stocks, dollar cost averaging, but does it work for Bitcoin? Great question, right? So let's see what we got. So Warren Buffett, if you don't know, probably one of the most prolific investors of all time, masked a fortune of a small country as far as what his value is worth. But Warren Buffett has a message to young investors, dollar cost average into major stock market indices. So he's just talking about stock. He's not talking about Bitcoin, just saying, hey, if you want to get into stock markets, don't dump all your money all at once. Don't do trading, just be an investor. Dollar cost average every week, every month, or whatever it is that you want, every day doesn't matter. And just take it slow. And over time, compounding interest, you're gonna be probably way ahead. However, data shows that the same strategy has worked quite well for Bitcoin over the past decade. The question I have was, well, how well has it done? That's the big thing. So cost dollar averaging into Bitcoin works, history shows as an example. If an investor cost averaged $100 into Bitcoin since January 2014 and spent 35 grand in total, it would have been a return of 1,648% or around 589,000. So you could have made half a million on 35,000. That's not too bad, I think. But here's the thing, that's January 2014. And then the question I have was, well, are you talking about every day, every week, every 10 days, every month? I mean, what are you talking about? Because there's only say here per se. So I went to this website. It is called bitcoindollarcostaverage.com. I'm gonna link in the description and I put the same numbers in, one, one, 2014 and a hundred bucks and I did them all and it is weekly. So if you put a hundred bucks in a week, since 2014, you'd have a pretty good amount of money. Spent around 35,000. You got around 45 Bitcoin, not too shabby for a hundred bucks. And that's of course not taking any profit when it went all the way up to 20,000. Just a hundred bucks, a hundred bucks, just brainless, just like whatever. But here's the question, what about after that big parabolic war? So on August 6th, the price of Bitcoin was at 11.7 on Binance. At the time, researchers at Coinmetrics said that if an investor dollar cost average into Bitcoin, since it's 20,000 high, it would have returned a 61% gain, they stated. Despite Bitcoin still trading 30% below all-time highs, dollar cost averaging from the peak of its market, which is around 20 grand, would have still returned 61% or 20% annually. So probably better than the stock market because if you're looking at like 5% to 8%, that's a great year in the stock. I mean, that's like stupendous, especially for all these fund managers who claim that they can do like just magic things. 8% is like far and away, pretty grand, great. So I still think I'm like, eh, it's not really that, not that fantastic, really, if you think about it, 20% you're like, ugh, in crypto, that's like not a big deal. So here's the crux of it. Dollar cost averaging has worked for Bitcoin because Bitcoin can have extreme corrective phases, but during bull runs, when infrastructure and fundamentals significantly improve and an institutional craze occurs, its value can increase rapidly. Around March, the price of Bitcoin went to 3,600. Remember that, fantastic day. If you've picked it up, congratulations for you. But as I remember first, Bitcoin's price is above 13,8, up more than three-fold cents. So there has to be a little bit more to just brainlessly dollar cost averaging 100 bucks, 100 bucks, 100 bucks, 100 bucks. And there was a little piece, I can't remember if it's from Paul Tudor Jones or somebody else, but they talked about dollar cost averaging and they would increase by 10%, oh, I know who it was, it was Jim Kramer. And he talked about it when he was interviewed by Anthony Pompiliano. He was talking about dollar cost averaging into Bitcoin and he said once it dips by 10% or 5%, or actually just like 3%, I think it was, he said that he would increase his dollar cost average price by another 10%. So as it goes down, he would actually increase the amount of money that he puts in and then of course when it goes up, he would start to just stop a little bit or reduce the amount. I thought I was pretty smart and that's actually what I've been trying to do as things go down, I start to put a little bit of money into it, which is the exact opposite of what your brain tells you to do because we're like, hey, it's going up, let's buy some more, but that's not how it works. You're supposed to invest as things start to take those little steps downward. So that would have been a perfect time when Bitcoin went down around 3,600, below 4,000 in March. It's actually just hard to really put a lot more money into it, but it's hard to do because it's like, like, oh, it's going down so it's not really worth too much but you have to go against that thinking and just try to take the emotion out of it and go, this is the plan, this is what I have and you set an emotion and you just stick to it. And that's the big thing, just sticking to the plan, whether that be dollar cost averaging down or doing your exit strategy. And for everybody who's new to the channel, I'll link my exit strategy at the very end where I talk about Bitcoin, Ethereum, XRP, I want to exit for all three of those. And that's it. So let me know what you think of the comment section but again, you can dollar cost average, you can trade, you can do whatever you want to do. I tend to like dollar cost averaging because it's kind of like set and forget it when things are to go down a little bit, you put a little bit more on the end and when it goes up, you kind of like decrease a little bit but that's what I see. All right, let's move on. Next one up, this is a quick one, Bitcoin sensors on Facebook. I don't know exactly how much this is true because it says, this is nine hours ago from you today and it just says that if you use the hashtag Bitcoin, you're gonna get something like this. And I believe this is in German. I don't speak German, but I think it is. Post mid dem hashtag Bitcoin word in here. And I'm not gonna try to pronounce this but I mean, from what I can tell what I ran through Google translator, it's like, hey, you can't use a hashtag Bitcoin, it's against our guidelines. It's really what it says. So, which is a real shame because you can use hashtag Libre all day long and they don't do anything. But again, keeping our community safe. That's how it is in Germany. I did it on my website, seems to go through but again, you know how it works. They have to crawl and there's all these bots. So maybe they'll take it down. If it does, I'll post it over on YouTube on the community tab, but so far so good. So again, who knows how accurate it is. It's just interesting to talk about, but we'll see. And last up, this one sucks. British grandma loses 65,000 and it's not that she lost it initially but it's what happened afterwards. This is a bummer. So again, when people talk about like, how can you lose money? How can you fall for this? Well, it's not just you. I mean, me and you, we're probably pretty savvy. We're not gonna fall on this nonsense, right? But you have to understand, there's a lot of people who are coming in with no idea what's going on. They know kind of what Bitcoin is and what it does but you have to watch out for the most vulnerable, right? And those are senior citizens and this is a perfect example. So this lady, I don't know her name but she became pretty interested in the idea after watching episode of BBC's Dragons Den. I don't know what that is. If you're from UK, let me know. The whole reason why she got into it is because she wanted to make a little money so she could send her grandkids to a private school. I mean, that's a sweet story, right? And what happens is she ended up putting 42,000 pounds into confirmed scam broker ex-tick. I don't know what that is. That got eventually shut down. So again, on a weekly basis, I get about 20 or 30 offers to do some kind of promotion or something and they all suck. I just, maybe some are good and some are legit but just to protect everybody on this channel, I do not talk about most anything. And there are things that I do talk about like CryptoTrader.Tax, iTrustCapital, Trade the Chain with Alex Mascioli. Those are the three and that's pretty much it. That's all I really talk about. I mean, if I'm gonna talk about anything, that's pretty much it. Oh, also, Stonebook, The Shieldfolio. I mean, that just makes sense, right? But I'm not gonna see her and talk about some crazy exchange or some crazy ICO or some crazy new coin or IEO, they just don't. And this is one of the reasons because of that. I'd rather pass on a good one than give anybody a bad one and then have them lose all their money like this poor lady. So that's bad enough that she lost that 42,000 pounds but here's where it gets pretty awful. So a fraudster pretending to be an investigative officer from Financial Conduct Authority or FCA contact the woman a few months afterwards via email and swindle her into paying another 25,000 pounds under the premise of returning her initial loss. I mean, how dirty is that? Dirty, that's just awful. Such stories are not uncommon. Outerly people are the main target of crypto scammers who have permeated social media. Last year, a couple lost almost a million worth of pension funds after being swindled by criminals. So imagine working your whole life, working your tail off, putting away, doing all the right things, all the cost averaging, whatever it else it is and you have a pension coming and then somebody takes it away because you're like, oh, this looks like a pretty good opportunity and I can help my grandkids out or something, whatever. It's just awful, it's just awful and hopefully if you have any of your elderly parents or grandparents, you can inform them what's going on so they don't get caught up in this kind of nonsense and look, when I worked for Home Health, I saw this all the time and that's why I really need to do more for that scam of the day but hopefully articles like this and then what we talked about yesterday with the ledger nano, if you get any kind of email or text message asking for your personal information, of course that's a scam, they don't do that. So as time goes on, we see more articles like this. I know people are like, why do you even talk about this, it's so dumb. It's because we need to have people like you teach other people so they don't get scammed and then people can come into this space and not get ripped off and they can say, oh, I would like to invest into Bitcoin or whatever it is. So anyhow, that's it for today. So thanks for sticking with me through the whole video, I really appreciate it. If you don't know, I got a second channel. It's called Digital Asset News Clips and I made it for two reasons. One, because another get a little equations, they talk a little bit too much and I wanna break down all the clips. So you can go over there, sign up and you'll get notified of just the clips of these types of videos or if things just get a little bit too busy, just find the clip that you want and then just check that out. Second reason is, because if YouTube says, hey, we don't like Digital Asset News and they bust me down and they take away my channel, I have a backup. So if you could just check that out every so often that'd be great and that's all I have for today. So again, thanks for sticking with me. Enjoy the rest of your Sunday. I'll see you on the next.