 Welcome to Digital Asset News, the top stories in cryptocurrency digital assets. Man, break them out of bite-sized pieces. Today, we've got some thought-provoking articles. We're going to start with this one. It's called Here's How Cardano Can Fail. And this isn't written by just anybody. This is actually directly from Charles Hoskinson, as he was interviewed by Lex Friedman. This was a five-hour interview, and we're going to go over just what could cause Cardano Could Fail, some of the different hurdles that they're trying to overcome, and then also how to get out of tribalism, because it's really not too great for the space. And we'll take a look at that article in depth, because I think it's good to let go of some of our precognitions, which delves us into tribalism. On top of that, we'll take a look at Paraguay to unveil Bitcoin legislations next month. That's pretty great news. And some not-so-good news, but it doesn't matter. World Bank refuses to help El Salvador, make Bitcoin legal tender, talking about environmental and transparency issues, the same old Reagan-Marot and Song Advance. And then finally, we'll take a look at one of the most, I think, concerning articles, which is the SEC leaves Bitcoin and crypto off the regulatory agenda 2021, and why I believe it really comes down to the XRP lawsuit. So we'll take a look at what's going on there. But first, I just want to make mention that today is Sunday, the 20th, 1030 AM, El Paso, Texas time. And it says another Sunday dump, which is not surprising if you've been in crypto any length of time. And here we are. So right now, the total market cap is 1.44 trillion and everything's down. Just so you know how far down we are, let's take a look at the actual numbers. So real quick, Bitcoin's down 3%, 5% for Ethereum and so on and so forth. It was actually much worse about an hour ago. But you're looking at a Bitcoin price of 34.6 Ethereum, teetering on 2,000, Binance Coin 327, and so on and so forth. And everything's just in the red. Is there anything green for 24 hours? No. But in the hour, we've seen some recoveries, which is always positive. Kusama, Cosmos, well, FTX token, sure, points, but not too much, 1% for Chainlink. So actually pretty good day, quite honestly. And there was this, there was a message that I got, which made a lot of sense to me. And this is on Twitter, and it was from JB. And JB asked the question, what do you think about buying Bitcoin instead of Alt? Because I said, hey, it's in their Sunday dump, just came as a quick dump. It's buying Bitcoin instead of Alt on these dips, since it's unclear whether we go bare or bull at this point. And if we continue the bull market, it's highly likely Bitcoin will lead the way. So it's better to buy Alt after all that happens. And it's a good question. And it really comes down to this, we've seen so many dips and it's like every Sunday or sometimes every Tuesday, we just see it kind of like a little bit of degradation of what is going on with the market. So what I said to myself is, because I'm always saying buy the dip, buy the dip, buy the dip, buy the dip, and it gets repetitive and it gets, it gets annoying. Let's, let's, let's call a spade a spade. So I thought about this. I will always buy the dips. If I have the money, like in one of the dips, I just half asked it, I couldn't really buy too much. But this is what I'm going to do this time. And I think I'm going to switch things up a little bit. Tell me which thing in the comment section. So what I did was I took a look at Voyager and took a look at the ones that were down the most, the ones that I actually have in my possession. Like, I think like Silo was down almost 10%. There were some other ones that I just don't own, like Dogecoin was down like almost 10%. And I just looked at the ones that I own already and say, okay, these are down so much in this dip. What do you want to do here? So what I'm going to do is I already bought, I bought 500 bucks worth of Ethereum. And the price was 2114. I bought Polkadot, 250 bucks worth of Polkadot at 1976. And I bought Voyager token, which was down 7.8% for the day at 2011 cents. And what I'm going to do is I'm going to bring you into my world a little bit and just show you my thinking. So for this one, instead of just buying, buying, buying, buying, and it's holding, holding, holding, holding, I'm going to buy and I'm going to sell. And I call this the buy the dip, sell the flip. And you can find this in the description of every one of my videos. There's a link. It's underneath strategies, along with the exit strategies. And I'm going to show you what I bought, the different ones and the dates, the price of what I bought at, which ended the one day change, how much I bought, and when I sell it and go from there. There's a couple of different ways to play this. I think for me, I think the best thing to do is try to, because I spent $1,000, try to get $1,000 back plus some. So if I can get $1,000 back, keep that cash for the next dip, but then acquire a little bit of cryptocurrency, I think it's a win-win. And I'm going to pull on my friend CJ from Michael Rebellion just to kind of go over some strategies of taking a look at the different technicals to when we can get out and go from there. And I'll let everybody know, and you can find this every single day, anytime you want to, of what I'm doing as far as these dips. And this is just something different to do. All right. That's what's going on. Let's take a look at today's top story. So this was fascinating. I like Cardano. I like Ethereum. I just bought Ethereum. Ethereum is my second biggest hold, but I do like to see the inner workings of the top people and doesn't get much more top than Charles Hoskinson over at IOHK, co-founder of Cardano. And this is what's going on. So with Alonzo looming on their horizon, it's fair to say that there is a lot of optimism around Cardano. That's true, and there's so much optimism, it can blind you. And I think that's one of the reasons for this buy-the-dip, sell-the-flip type of thing, because I don't want it to get just too much ingrained into it. You need to make provisions. You need to make changes. And that's, I think, is a sign of intelligence, is changing direction every so often to see what works best. So it's worth exploring what would constitute a failure in Cardano's case. This is one of the major questions addressed by Charles Hoskinson on the latest episode of Lex Friedman. I will link that in the description. It's five hours. Two hours into it. Fascinating stuff. Here's what Charles says. If it, the project, continues to require the supervision of custodians, Cardano, in order for it to succeed, the system won't work. Custodians, it's supposed to be decentralized. It's supposed to be run democratically. And it's supposed to not just have a centralized figure. And that's the biggest thing, right? So if they can do that, which they're trying to do, I think it'll work out pretty well. And he's saying, but if we have to always step in and fix everything, that's not how it's supposed to run. He says, there's no guarantee that this will be sustainable. No guarantee the next step, the smart contract step, will achieve what we want. However, I will say this, they've already gone through with the Alonzo upgrade. They've already done a couple of smart contracts and they have worked. This is all in the test net, so don't get all worked up. But it looks like they're going to hit that August deadline or deadline. There's no guarantee the governance step will achieve what we want. Askinson also highlighted his wariness about the likelihood of Cardano evolving in the wrong direction, a direction symptomatic of a centralized dystopia, like the Chinese social credit system where a small group of people has control over who gets to use the system and how they get to use it. And this is the problem, I think, with like a Binance smart chain. There's just, there's so many, like there's like 20 different validators and that's it. And I think EOS is the same way, correct me comments, but I think there's not that many. And then with both the stake pools, we're looking at hundreds of hundreds of different stake pools that are out there on top of the fact that you have something like this in your deadless wallet. On the left hand side, if you click on the table, voting guy hand icon thing, you can start to vote on the different resolutions that are going on. And you do have to download the catalyst voting app, but that's right from the deadless wallet. Do not search for the catalyst voting app in Google. You'll probably get something wrong. It'll probably be a spam or a scammer type of thing. Go right to the deadless wallet, download that directly from IOHK, get it, then scan this, then get the app so you can vote on different things. And that's the whole point of what it's trying to do. Try to allow people to come in there and go, this is the direction we want to take Cardano as a decentralized community. And then this was one that concerns me. According to Hoskinson, Cardano has incredible evangelicalism, right? With a loyal community that believes in a mission of value. Such a community, and this is what he talks about, but this last sentence he did not say, such a community, however, runs the risk of becoming a cult or a religion. That was what Mike Novograt said, that deadless or that Cardano was a weird cult. And that's, we did a video about that. It doesn't really make, it is what it is. I like to call it a exuberant community. And some people will say that cults are bad words, but there's cults everywhere. There's cults in science. There's cults in finance. There's cults in sports. It is what it is, right? It depends on how everyone wants to say it. And then to finish up, he says, I hope they don't make the same mistake as Bitcoin. I hope is our community will be open, socratic and willing to entertain new ideas without adopting them and discard, discard ideas that have proven to be wrong. And that I think is the hardest thing right there. And that's the, the heart of the matter is when we get into our projects, we become very ingrained into them. We believe that it's the only project because we've done so much research and it's so hard to do research on thousands and thousands of projects. It's impossible. So when you put, I don't know, a hundred bucks, a thousand bucks, your life savings or whatever that you've done, not saying this is not investment advice, this is just investment opinion. When you put a lot of money into it, all of a sudden, you're like, this is the only thing that works and it's got to work because I put a lot of money into it. So it has to, but we have to take a step back and look at everything around us and go, is this going to be the one big thing? Now, I've taken a look at a lot of different projects on this channel. I think Cardano is going to do extremely well. Do I think it's the only one? No. No, I do not. I think there's going to, there's a lot of room for a lot of different players in this space, Ethereum being one, Cardano, Avalanche, Polkadot, Tezos, I mean a lot of different smart contracts, platforms, but this tribalism, it's really destroys us, I feel like because you have to understand it's only us against the world and there's not that many of us if you really look around as far as like crypto and digital assets. We are very early and I'll give you an example. Go out in the street, ask anybody about Bitcoin and Dogecoin. I used to just say Bitcoin but Dogecoin is so hot right now and everybody's like, I know what that is. But asking about Tezos and asking about Polkadot and asking about BTT and asking about, you know, whatever, I don't know what you're talking about. So we're super early. So when people, you know, start to, and they're going to attack us because it's going to change the world. We have to rally around each other and it's just like when somebody picks on your brother or your sister, you may not like your brother or sister too much over time but you have to stick up for them and that's just how I feel. So anyhow, let me know what you think of the comment section. Let's go on to our next piece. So Paraguay on the heels of El Salvador to unveil Bitcoin legislations next month. All right, good news. So Paraguay said to unveil a crypto bill on the back of Bitcoin's El Salvador thing. The South American country reels from a declining economy and ill-fated effects of dollar printing in the U.S. but officials are turning to Bitcoin to offset some of those side effects. Calitos Antonio Regela-Helman, a deputy of the nation and member of Congress in Paraguay wrote on Twitter, this is Paraguay in July we legislate. That sounds pretty good to me and that's a little tweet right there and then he handed this in June that officials were possibly working with PayPal, working with PayPal. Let me say that again. Hinton in June that officials were possibly working with PayPal, nothing confirmed on a Bitcoin related project for the country. Well now we know why Bitcoin or why we know why PayPal is getting everything because they want to take over the world. As I was saying a long time and this is of course, you know, in English we're going to translate this real quick is what the tweet says. As I was saying a long time ago, our country needs to advance hand in hand with a new generation the moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world and at the very end you can see hashtag Bitcoin, hashtag PayPal. So another great news of what is going on as far as like nation states moving to cryptocurrency because the dollar is just not working for them and I feel like there's going to be a big battle between what different countries believe is as a currency because that's what they say Bitcoin's going to be in legal tender as opposed to like America and Canada and Europe where like it's just property and I think there's going to be a battle but we'll see how it all depends on I think the world winners are us. Let me understand the comment section and let's move on to almost our last piece which is I found this not surprising so I'm just going to skip over it real quick but World Bank refused to help El Salvador make Bitcoin legal tender citing environmental and transparency issues. First of all I keep hearing about when I was just getting in the space I'm like World Bank and IMF and World Bank and IMF what do they do? Who are they? Are they the Illuminati? Anyhow so this is what the World Bank is. The World Bank is an international development organization owned by 187 countries. Its role is to reduce poverty by lending money to the governments of its poor members to improve their economies and to improve the standard living of the people. It was established in 1944 to help rebuild Europe and Japan after World War II and they're still around so good for them and then the IMF they pretty much just like you know set monetary policy and the IMF is an organization of 190 countries by the same working to foster global monetary cooperation secure financial stability facility international trade promote high employment and sustainable economic growth and reduce poverty around the world which is weird that they're not really even helping El Salvador to kind of just go well the environment really well you don't seem to have a big problem with everybody mining batteries and everybody using coal especially in China which I believe is one of the members and if you really want to you know crack down the environmental issues I think Bitcoin is one of your least concerns but whatever and sure so here's what it is while the government did approach us for assistance on Bitcoin this is not something the World Bank can support given the environmental blah blah blah on Wednesday the finance minister of El Salvador Alejandro Zeleja said the country has sought technical assistance from the World Bank to implement the law to use Bitcoin as legal tender that's pretty great uh Zeleja also said the international IMF is not against this is interesting El Salvador implementing Bitcoin as legal tender after he explained this country will not abandon the US dollar so that's a big thing as long as you're on board with US dollar and you're just kind of using the Bitcoin as a as a supplementary they're like cool that's fine which if that's what you got to do it's what you got to do Trojan horse it who cares right just let just get things going get the get the ball rolling and then do what you want to do later on states we gave our official position of the IMF we have been emphatic we are not replacing US dollar the finance minister said the IMF spokesperson said they are macroeconomic financial and legal issues with the Bitcoin law but they're still letting go forwards that's good meanwhile the Central American Bank for Economic Integration which I didn't know actually existed until a couple weeks ago which has 15 countries said it will provide technical assistance to help El Salvador implement Bitcoin as legal tender this is the big thing I think like in Central America they're looking out for Central America so like this the CABEI is the one that are really going to say let's do this because a lot of countries are going to go forward the IMF is like well you know we'll we'll let it go and of course the the global bank the world banks like no so again there will be a little bit of a fight but we're moving in the right direction I think I see these both as signs that is very bullish for Bitcoin and cryptocurrencies what I do not see as very bullish is this next story and this is really what concerns me the SEC leaves Bitcoin off crypto agenda what the heck is going on before I move on with this one this is the last story and then we'll take off but I do believe a lot of people SEC included a lot of different countries are looking at this Ripple case Ripple and XRP so if you don't think this is a big case this is a huge case and I think just like in law it's all set on precedent so if this comes out and there is a decision where it's like okay XRP is not a security and it's all okay and you just pay a little fine and off you go I think what's going to happen I think this is going to just fast track regulation I think this is why they left it off but I could be wrong let me know in the comment section but it's not on the agenda the official the office of the information and regulatory affairs released the Biden administration spring 2021 unified agenda of regulatory and deregulatory actions last week and some of the items the SEC will consider include disclosures related to climate risk corporate board diversity and beneficial ownership and swaps the SEC will also focus on rules relating to SPACs and short sale disclosure reform bitcoin and crypto are not a part of that which is weird because just like what it says here the chairman last month Gensler the chairman urged congress to pass crypto legislation to protect investors adding that crypto exchanges needed more regulation in addition the SEC caution investors about funds trading in bitcoin futures last week and that just makes no sense to me like if you have the commissioner going when you really regulate this let's just get some clarity and everybody knows we just move on it's not happening and again I hopefully that once we get this this dispute this lawsuit taken care of with XRP I think it'll just give it a precedent and we'll kind of move forward okay well this is what we saw in this case we can kind of apply this for other things and off we go I personally believe Ripple smart they got a lot of smart people they've hired a lot of smart people and they're just going to say look let's just pay a fine let's just go move on with our lives you guys get money which is what you want anyhow we can keep going and then everybody's happy let me that's what I think's gonna happen anyhow let me just think of the comment section that'll be interesting one and that's it for today so first of all if you made this far thanks I appreciate it give it a thumbs up you found some value in the video consider subscribing a lot of people talk about our time sensitive here over on Dan clips which is our second channel we go over more things such as like advancements and cryptocurrency and different projects we just reviewed silo which to me is like it's like WhatsApp and Venmo and Filecoin all rolled into a decentralized app you can use right now and I have it on my phone and I use it which is pretty cool so you can check that out later when the guys give me the okay and then lastly don't forget to check out the buy the dip sell the flip spreadsheet we'll see how we go but that's my that's my thinking so anyhow thanks for watching I appreciate it see you on the next one