 Welcome to Jalassette News to get top stories and crypto current digital assets and bring them down to bite-sized pieces today. Some disturbing news I have to be honest with you. First up, Susie Swap, chef sells all of his holdings as the community cries wolf. If you've been in the DeFi space, you know that it's highly volatile and this story explains exactly what a big deal that actually is. Also, blockchain voting, one of my pet projects, shines at the Michigan Democratic Convention and what we can all expect, hopefully, in the next one to five years. Continuing on with the vein of politics, Joe Biden 2020 tax plan has been released a couple months ago, and I finally got a chance to take a look at it. And I got to tell you, if you think you're gonna make some impressive gains over the next one to five years with cryptocurrency, this is going to affect you greatly. And finally, it'll take us to Key with the Day where we take a look at high risk versus low risk and the potential rewards that you can get. Before we do that, let's take a look at the market. So today it is Saturday and it is September 5th. Looks like about 1 p.m. Texas time, not too bad. And the market, I got to tell you, a little concerning. So we reached the $10,000 level on the bounce swing. So now we are sitting at $99.95. Not something that I was not expecting. I kind of thought I would actually drop down a little bit and then bounce back. But here we are. And if we fall below 9900, I can see 8,000 Bitcoin being hit. And that's just the name of the game as far as cryptocurrency. Now remember, in March, just five months ago, we were at around $4,000, okay? So if you are new to this area, do not freak out. Do not be alarmed. This is not the S&P 500. We are not NASDAQ. We are cryptocurrency initial assets. And when we see huge swings like this, this is just par for the course. You have to stay in there, have your strong hands and don't be alarmed. Just realize that this isn't the first time this has happened. This isn't the first rodeo. This is going to happen again and again and again. So buckle up because it's going to be a bumpy ride. But the gains that you can expect or hopefully can expect are mighty and it's just going to take time. So right now, it's on that downswing, but hey, if you don't like it, just stick around. It'll change. Also, Ethereum blows past the $400 mark and is down at $322. So I expect that to probably go to $250 or so before we bounce back up. But who knows? Down 17%. Tether's Tether and XRP is XRP. Although not too stable, now we're looking at $0.23 and maybe we can drop below $0.20. Who knows? The most interesting thing though here is Bitcoin Cash has had a resurgence and it's come from, I don't remember, 7th, 8th, 9th place somewhere around there and it's all the way at the 5th place and it's 24 hour volumes, 3 billion with a market cap of almost 4. And the question it becomes then is why did Bitcoin Cash jump Chainlink? Well, obviously because Chainlink dropped 23% and the Darling Polkadot dropped almost 30% obviously. But I think there's something more to that. I think that there is another story behind that and this was something that we covered a couple of days ago where we're going to talk about the Bitcoin hard fork. I will link this in the description if I can remember to do that, but I should, but there's a hard fork coming. It's going to happen on November 15th. It is between Bitcoin Cash and another faction and it's all about miners and the taxes that they're going to impose of 8%. So once I want to do that, one side doesn't, but if there's a hard fork and you have Bitcoin Cash, what does that mean? Well, you're going to have another fork of another fork and that could potentially lead to gains. However, I don't like to play that game, but some people do and they will bind to Bitcoin Cash because potentially they can have Bitcoin Cash and the new fork of whatever it is. Just like there was Bitcoin, then Bitcoin Cash, then Bitcoin SV, then Bitcoin Gold, then Bitcoin Potato Foot or whatever the hell it was. There are so many different forks of forks of forks. I don't, I'm not into that, but some people are and that could be why there's a little bit of a gain here, but who knows? We're all in that downward slide, so we'll see how this pans out, but I would like to see some more information on that. That is for sure. Anyhow, Chainlink, woof, big down, bigly 22% and it's below that $10 mark. You have to understand, with Chainlink being an Oracle, it can pull outside data in and that is a big plus because blockchains can't pull outside data, so they need an Oracle like Chainlink. Now with the fall of DeFi, which we're going to talk about in a bit, Chainlink isn't being used quite as much, but the big thing is, you have to remember, smart contracts, as they start to become more prevalent and when they start to be used more in society, Chainlink and other articles will be a big part of that. So I still believe in Chainlink and right now, hey, downward slide, what are you going to do? Polkadot also down, pretty massive, almost 30%. And again, this is one of those new projects that just came out of nowhere, but it is part of that, what I call the Ethereum mafia. This is from Dr. Gavin Wood, who was a co-founder of Ethereum. And when it first came out, people were telling me that I had to get in and I had to get in, had to put in a bunch of money and I told you, don't do that. Just dollar cost average like everything else. And here we are, down to 383. When people were saying, you know what, six bucks is only, you know, the stopping point, it's going to go to 8, 10, 15, 20, calm down. Listen, this isn't the first rodeo. I know this game is played and it's going to go down, it's going to go up and all the way around. So just dollar cost average in should be okay. What else we got? Pretty much everything's pretty down. That's all I can say. So Nio's down, Cosmos is down, 20%. Vechain, 12%. Urn.finance. And you can see DeFi are taking a massive hit. Urn.finance at one point was at 36 or 37,000. Now it's at 20,000 a coin. So yeah, UMA, jeez, 45%. That is huge. And on and on we go. So like I said, if you're new to the game, don't worry. This is par for the course. We'll see how it all plays out. But I am in here for the long haul. I am not here for a day to day occurrence or a week or a month. I'm here for the next 20 years. And that's how I see these markets. All right, let's move on. First up, sushi swap. Chef sells all his holdings as the community cries wolf. Now before we go on, I need to make mention that I believe in DeFi. I believe at some point it will be a huge dent in centralized finance. And I think it's a necessity. Having said that, I believe that these are the early days. And with early things and early adoption, there sometimes are problems. And you can see that with what's going on right here. And this is just par for the course. So let's see what's going on. So scrolling down, it states the hype of DeFi seemed to come crashing down on the fifth of September after the anonymous founder of sushi swap sold all of his tokens with many yelling exit scam. And I got to tell you in this place, in this sector that we are in, the word scam is surrounded around a lot. Is everything a scam debatable? But there are some things that we can see as definite scams. Bit connect, that is definitely a scam. One coin that was definitely a scam. Is this a scam? Sushi swap? I'm going to let you be the judge. Let's see what's going on. Master chef had already announced his retirement on four September via tweet. He stated, and just so you know, master chef is the creator of sushi swap. So he states with all the growth of at sushi swap and the FUD, I'm considering transitioning the admin control of master chef and deb share address to a multi sake address behind time lock. So not a big deal, right? So he wants to transfer it over. We don't see the issue, right? But it gets worse. The chef finally asked community members who believe in the project to stay through the migration and become part of sushi swap in the long run. However, as the chef sold all of his sushi's, the market got alarmed and everyone started calling it a scam, which I got to tell you when you're the creator and you sell all of your shares, that doesn't instill a lot of confidence. And this is the same type of lesson as in 2017, as we're going to see right now. As a justification, the chef tried to highlight the example of Charlie Lee, the founder of Litecoin, who in 2017 also sold and donated all of his Litecoin 2017. First of all, I did not believe that he donated all of his Litecoin. I mean, he sold it all, that's for sure. As far as donation, I don't know the percentage, but I know he did. I mean, he says he does did. So I'm not going to say he did not, but there's he did actually sell it at the all-time high, which is perfectly timed. So Charlie Lee, hey, he sold it all. But again, that doesn't instill a lot of confidence. And the reason why he said he did it was because he said he didn't want to be behind the different ebbs and flows of the project. He said that he felt like he had too much power with his different Twitter account that when he would tweet out something, it would either raise the price of Litecoin or drop it down. And he didn't want to be a part of that whole thing. So that's one side, which is admirable and I can get on that. And then the other flip side of that is people just say, I just want to make a bunch of money. I'm not here to debate that. I'm just saying that when you sell everything, it really doesn't instill confidence in the project. So moving on, it states, however, a part of the community didn't take the comparison seriously. Twitter users stated, hey, Satoshi Lite was there from 2011 till 2017 doing a proof of work coin. You're claiming that this is in any way similar that what he did is redonkulous. Not that his exit was smooth or something, but at least it was after six years of proof of work. And I don't know how long it took to create SushiSwap, but I'm guessing it wasn't six years. With the community divided, the anonymous chef continued to state that this was done because they care about the community. At Naomi Chef or Naomi Chef concluded, all I can say is if this experimentation goes on to success, you guys know the upside, but if people don't believe in the project, it will fail. And we return everything back to the original creator at Uniswap protocol. I'm happy with either result. But I have to tell you, if you sell all of the SushiCoins, which is what it is all based upon, the governance coin, you essentially sold out everything. And I don't think that really, like I said, instills much confidence in the project. Now I can see both sides of the argument, but to me, I wouldn't touch this project in anywhere shape or form. Let me know what you think in the comment section. I just found this very interesting. And I got to tell you, as we see decentralized finance start to sell off and the cryptocurrency asset market slide, I can only see a worse slide coming up over the next weeks and months. It's all about what you believe. Do you believe that cryptocurrencies and digital assets are going to be here for the long haul? Do you think that they're going to just take off over the next couple years to five years to 20 years and that they are going to make a huge impact in the global economy and how we interact and do things? Or do you think this is just a flash in the pan? And that's going to go away in a year and we're just going to go back to the regular way that things were without digital assets. If you think that then maybe this is time to sell for you. I'm not giving you advice, but that might be your option. For me, I believe that the genie's out of the bottle and you can't put it back in. I think cryptocurrency and digital assets are going to be here for a very long time. It's going to swallow the whole internet. It's going to be what they call money over internet protocol or MOIP. And there's going to be some fantastic changes coming about just like what would happen with the internet and it's going to take place over the next one, three, five, 10, 20 years. And that's why I'm in it for the long haul, because I believe that things will change for the better. I could be wrong. Let me think of the comment section. Let's move on. Next up, blockchain voting shines with Michigan, Michigan Democratic Convention. And this is one of my pet projects because I've always believed that that blockchain voting can really change things for the better. I mean, blockchain can change things for the better, you know, end of statement. But voting, I feel is just one of those things that really needs a major upgrade. If you think banking is old school and is predicated on a very old technology, have you ever gone to vote? Do you know how old fashioned that is? You stand in line and he's super long lines and you're just waiting there for sometimes hours. Sometimes I mean, in some polling place, it's like, it's like eight hours plus. And you're just sitting there and you're waiting, then you have to step up and you have to show your, you know, your ID and they have to, you know, do everything. Okay, great. Then you step up to a voting booth. And if the, you know, if the tablets aren't working, which has happened last year, then you got to put it on paper and you're like, really on paper, make sure you have the right pencil and you have to, you know, set it all in and go through the things. And it's like, this is where we're at in 2000. Well, this is 2019 and 2020. Are you kidding me? I can open up a bank account from anywhere in the United States and it takes like 20 minutes. I can verify everything and I can start swapping out money all over the place. But yet I can't do a vote. This is ridiculous. And mind you, banks suck. So something like this, I don't see why it can't happen. Anyhow, what's going on here? So blockchain based voting app votes has recorded nearly 2000 votes at the virtual Michigan Democratic Party Convention. Votes has conducted pilots in several US States, including Arizona, Michigan and West Virginia. MIT researchers, however, blasted votes early this year, blasted claiming the app was not secure against hacking attacks. Okay. So here's what's happening. Votes announced today, this is actually a couple of days ago, the successful completion of voting on the platform at Michigan's virtual Democratic Party held August 29th through August 30th, during which delegates from multi-nominated candidates for the state Supreme Court and other positions, nearly 2000 delegates voted using votes, smartphone voting platform. So again, I do not see what we cannot use a smartphone. If I can't open up a bank account, if I can get life insurance, if I can get medical insurance, but yet I can't vote online, what is the problem? And before we start talking about fraud and all the things that we hear about in the news, are we not smart enough as a society to come together and overcome the hurdles and barriers that may lead us to some type of fraudulent voting count? I mean, look, we're in 2020. Why can't technology combat that? I just don't see how we can't do it. Anyhow, making headlines as COVID-19 keeps citizens at home and mail-in voting becomes a hot button political issue. As a precaution against COVID-19, all convention participants attend virtually from their homes. And if you believe in coronavirus, I personally happen to believe it's a real thing, which I should because my nephew passed away from it a couple months ago. I just don't understand why we all have to stand in line to vote and we have the technology right here. We don't have to crowd together in these small little places. You know, with our masks on and trying not to touch anything and trying to get infected. We can just do this, you know, distance-wise. We've had all the time in the world to figure this out, but here we are. Of 2092 delegates, 91% voted using the votes app, while the balance voted using a help desk phone system. Great phone system, sure. There were so many unique challenges with this year's convention because of the pandemic, but the votes platform eased many of our concerns. Michigan Democratic Party Executive Director Chrissy Jensen said, votes enabled delegates to be verified remotely and participants through their smartphones. The convenience, safety, and accessibility of voting this way was eye-opening for everyone who participated. Well, yeah, because you have everything there at your fingertips. Super simple. Let's just do it that way. Votes has helped facilitate three previous Michigan Democratic Party conventions using an in-person tablet-based system in the past. It also facilitated remote voting at the Arizona Republican State Convention earlier in 2020. Votes came in the public eye in 2018 thanks to a pilot that allowed West Virginia residents to vote in midterm elections using the platform. After naming the pilot successful, state officials planned to roll out the tool for overseas residents in every county for 2020 voting, which would have been fantastic, and that could have kickstarted it, I mean just in West Virginia, and then probably spread across the whole country. Great. However, they changed course after the MIT researchers claimed to uncover security vulnerabilities in the vote system. Votes responded, stating that the researchers performed their analysis on an outdated version of the mobile platform and relied on assumptions about the server-side architecture of the system, which they never accessed. So, you know when you update all your apps on the phone, the reason why you do that, sometimes, not every time, is because of some type of vulnerability. So, if the MIT researchers were using an outdated version, why the hell did they do it like that when they could have said, hey, we're going to test this and we want to see what's going on, so we need your updated version? Why the hell they do that? I don't know. I don't know, seems kind of sketchy, but they kind of screwed everything up for the rest of the voting because they just botched it, whatever. Votes also pointed out that other research teams have been given full access to source code and other components of the system. It criticized MIT study authors for remaining anonymous prior to publication. So, that's a real bummer. They could have done a lot of great things, but because of that research, it got shelved until right now. So, I will say this. I mean, coronavirus does suck. I mean, obviously, for a lot of people, but it is pushing us into the forefront of technology because this is how we should have done it the whole time. So, let's take a look at votes. So, votes I think is awesome. If I was part of the delegation, I would definitely be looking at these guys and going, hey, you've already done it all already for two or three years. Let's see what you can do moving forward. So, let's just go on this. Okay, what's this? In this video, I'm not going to play it, but it was pretty interesting because they had some people who were disabled, some people who were overseas, some people who had, they were limited in vision and hearing. So, those people, it's very hard to go out there and vote. When you're able-bodied, sure. I mean, it still sucks. But I mean, imagine if you, you want to vote, but physically, you just can't get out there or for a location. So, why can't we just use something like this? Seems a lot easier than, you know, mail-in ballots and all that stuff. So, scrolling down, there was just one thing I wanted to read. Yeah, this one, right here. So, this is from somebody who's visually impaired. He says, this is the perfect method of voting because I didn't have to go anywhere. I didn't have to find someone to drive me or get my wife to take the whole day off. I was able to do everything at home. Voting app is perfect. Very accessible. Utilize the voice over my phone. It was a great experience. So, again, I mean, why can't we just do it like this? And this is how it works. I thought this was pretty cool. So, there's just really, there's five steps. So, you request mobile voting. So, you just submit a request to receive your ballot via smartphone. You download the app. You verify your identity. And this, I think, is the biggest part here. So, how do they do that? So, it's a three-step process. And I don't know, I'm guessing, I'm not for sure. But unlike my iPhone, like it's, there's a biometric available. So, I just put my thumb in there and unlocks the actual phone. So, if you can verify your identity with that with a thumbprint, that's a hell of a lot safer or a lot easier than going to a polling station with an ID. Maybe that's you. Maybe it's not. I don't know. But your thumbprint is kind of hard to hack, I should say. But then also, I would, I read somewhere something about like face imaging, software and things like that, or verify in some other way. But again, it doesn't matter. If I can open up a bank account, why can't I vote? Anyhow, then you vote and then you verify it. It says you'll receive an anonymous receipt. So, you can verify your selections. Which I think is a big thing because in some different places, they were talking about people would vote for a certain party. Then they would get the printout and it was for the exact opposite party. So, I don't know what the hell happened there. But here you get to verify your vote. This is what it is and off it goes. And the great thing here is with the blockchain, you would be able to verify everything from start to finish. And that's the big deal about distributed ledger technology. So, I think it's a fantastic way to do things. Let me know what you think in the comments section. Let's move on. Next up, Joe Biden tax plan. Whoever you're going to vote for, this is not a political channel. I'm not here to change the world. I'm here to make a profit. That's it. So, this was just interesting to me because of these are tax proposals. Now, will this go into effect? Well, I mean, maybe if Joe Biden gets elected, sure that could happen. Or he also has to pass this through the House and the Senate, you know, Congress. So, you know, chance of that, who knows. But these are the things. This is the vision for a specific party. Okay. Not that this is right or wrong, but this is just what it is. And you have to start thinking about this right now. Because if you believe, like I believe, that digital assets are going to go to the moon over the next three, five years, what are you going to do when you are sitting on a million dollars or a million in cryptocurrency and you're like, okay, I need to pay some bills. How do I take this out? Well, now we're talking about capital gains tax, not only in the federal part, but the state part. And I got to do all these different things as far as like my income and taxes and taxes and taxes. What do I do? Well, right now, it's not too bad. But here's what could potentially come out of the pipe. So, former vice president Joe Biden enacted a number of policies that would raise taxes, include individual income tax and payroll taxes on high income individuals with incomes above 400,000. That doesn't seem like much now. But I'm going to just imagine this. It's 2016, you bought Ethereum at $10 and you bought, or you bought a thousand, right? So you have a thousand Ethereum. Well, what happens when it goes from $10 Ethereum, which was in 2016, all the way up to, oh, I don't know, $1,400 in 2017. And you want to cash out. Well, guess what? This 400,000 doesn't seem that much now, does it? So as time goes on, you have to understand, you might make a lot of money. And if you make a lot of money, this number that you think is unobtainable, all of a sudden becomes the norm. And now you're like, well, wait, well, how much am I going to pay in that? Well, if you're sitting in a tax bracket, I don't know, it might be 28%, 32%, 30%. I forgot, 34%. Let's just say a third, a third. So a third of everything that you have now has to go to the government. And I don't know where you're at in the world. This is just for America. But I can tell you right now that taxes around the globe vary greatly. And there are some states that just are some states, some countries that just are awful, and some that are pretty good. But we have to start thinking about these things now as opposed to paying the piper later on. So Biden's plan to raise taxes roughly by 3.8 trillion over the next decade on a conventional basis, 3.8 trillion, which is, you know, a good amount of what we printed from nothing. On a conventional basis, the Biden tax plan would lead to 7.8% less after tax income for the top 1% taxpayers. Okay, so if you're Jeff Bezos, hey, 7% 8% less, think you'll be okay. 1.1% lower after tax for the top 5 and 0.6% for the other income quintiles. Nice word. All right, so moving down, moving down. This is the interesting part. Taxes long term capital gains and qualified dividends at the ordinary income tax rate of 39.6% on income above 1 million. Again, that may seem out of reach right now. But as time goes on, this might be the norm for you. I don't know. Lastly, it states, increase in the corporate tax rate at 28% would account for the largest revenue gain, which is 1.3 trillion over 10 years in the plan. So that's corporate taxes, right? Lastly, higher taxes levied on taxpayers earning more than 400,000, that could be you, including higher tax rates and ordinary income as well as capital gains and dividends would raise another 1.2 trillion over 10 years. So again, plan now for what's going to happen later because there is nothing worse than being caught short with a ton of money. You're like, ah, now I got to give away 33% or 25%. I mean, heck, even 20% is a lot. So if you have time, I'm going to link this at the very end of this video. It's how I am not going to pay any crypto taxes moving forward. And I talk about how I do it, the plan that I do it, and how I do it legally. And that's the most important part. And really, it all comes down to risk and safety. And that's going to lead us into question-the-day. So let's jump in the office. All right, everybody, and welcome back to the office for Q-the-day, the Saturday. So a little more of a casual day. But what I have, it's not really a question, but it is an email that was sent to me by Espartano171. And he or she states on another topic, and he's talking about this thing that we were talking about as far as like putting money into our US dollars into stable coins during the instability. So it says on another topic, you had a key point in the crypto space, which is putting your money in the stable coins when the markets are volatile. I have a personal experience to share, which is he put, he or she put, CRO, CRO in crypto.com. He said when I bought it, he said he spent 1,100, almost $150 when it was a nickel in value. So, you know, hey, pretty good, right? Locking those funds into the three-month term certificate of deposit at 18% PA or per annum. So that is how much he's going to make per year, 18%. So, you know, not that much, but a hell of a lot better than any bank are going to get. I'll tell you that right now. And he or she states, it made me 3x on my money, $3,100, put $9, thanks to appreciation, and $120 in interest. So total capital gain was $3,159 plus $120 minus the original investment. So it came out to about $2,000, which is 286% in gains. And he talks about another deposit I had with Tether. It was 8% per annum, and it made me $17 on interest, which is pretty awful. So when I was first reading, I was like, well, I mean, you know, 18% per annum is pretty good. But of course, the big gains were putting it into crypto-currency digital assets. And when I first looked at it, I was a little confused. I'm like, what was this, the actual per annum? What were you got? But of course, it was just the certificate of deposit. So what it says to me is that if you're able to do this, which I think it'd be kind of tough, especially with the way that our brains work, right, which I talked about yesterday, it would be tough to just buy crypto-currency digital assets and just put it into an analyzer or into a wallet, hopefully a cold storage, right? And then just forget about it for at least a minimum of three months and then just see what happens with it. I got to tell you from the beginning of this year of 2020, if I would have, well, actually, I kind of did it. I mean, I don't really sell anything. But just to put your money in 2020 into crypto-currency and then open it up right now, I mean, where would you be? You do pretty well. Or in March, if you could do something like that, and then off you go. So I think if you're looking for these monstrous gains and to go everywhere, I mean, you can look for the new DeFi thing or you can look for the new hot topic or the new shiny object. But I think the best way is just to, you know, a simple strategy, which would be, you know, just make an investment, put it into a wallet. That could be a percentage yielding account. My two big ones are Voyager and Celsius. Because, I mean, you could just live off the interest if you have enough. Now, granted, it's going to take you a lot of money, depending on where you live, like I talked about. If you're in Costa Rica, you don't need that much. If you're in upper Manhattan, you need a lot of money. So it just really depends on how you get it. But I mean, if you're looking at like interest rates of like 8%, 10%, 12% and, you know, you've made a lot of money in the cryptocurrency market, I mean, it's feasible that it could actually happen. I just am waiting for that moment. And I've got nothing but time. So might as well just sit on the investment and see what happens. Anyhow, let me know what you think about that in the comment section. Let's jump back. All right. Hope that answers some questions. So to finish up, just want to let you know that there is a join now button underneath. It's not like getting special. It's just like a tip. It's like a buck 99. And what I do is I just give out random shout outs. So then I'm sure it's to Regina Halasinski, Justin Ross, Doug Lemley, who else we got? Carlos Gomez, GK, SML, Azrael's passage. I think I nailed that one. And Gene Holland. I just want to say thanks to everybody who would have signed up. Really appreciate it. If you like these types of videos, there's going to be two months going to pop up on your left and right. Not for sure. I'm going to try to get the other one, but that's what we got. So if you like those, go ahead and check those out. And that's it for today. So thanks for watching. Really appreciate it. And I'll see you on the next one.