 Well, visual asset news are Dan for short. My name is Robin today. Ladies and gentlemen We have a ton of things to go over first thing We're gonna talk about is a report that looks like the Binance FTX deal might be dead So we're gonna take a look at exactly what that entails We're gonna talk about how these people are absolutely losing their minds right now and why? Really rightfully so and then we're gonna get into and talk about how regulation and a resolution is coming around the bend I told you if this was gonna happen and here we are right now And lastly, we'll do a little Q&A at the very end So we'll go from there and now let's just jump right in shall we first of all before we get going I Know a lot of people right now are scared. I get it but these things are just coming about and It was inevitable Let's just be honest and a lot of these things that I see right now That they had to happen They had to happen It concerns me a little bit in the long run not so much But these centralized exchanges to me it was just amazing that it seems like they couldn't make enough money Now with all their trading fees and things that we're doing it is couldn't make enough So they had to do leverage they had to do loans and to do yield and all these things now here. We are stuck At this point. So this is what is going on amazing to me. So the first things first is the deal I guess what everybody's here for this was a report from coin desk and I will stress this I need to stress this Pretty mightily which is this is from a source however so far coin desk has been Pretty accurate on on a few things. So I will just go with it. This is just what we know Binance is struggling leaning towards scrapping the FTX rescue takeover After the first glance at the books. So here's what we got crypto exchange Binance is highly unlikely to go through with its proposed acquisition of a struggling rival FTX After less than a day of reviewing the company according to a person familiar with the matter and again Uh, when we're talking about this, we've had a lot of different things come about and a lot of rumors come out that were true So I am not going to withhold this information Uh, especially with what's been happening in light of the recent circumstance of the last 40 hours Binance is not binding LOI or letter of intent hinge on finance performing the due diligence Roughly half a day in the process reviewing FTX internal data and loan commitments Has led Binance to strongly lean against completing the transaction Binance declined a comment and so did FTX. So that's a bummer What did the market do? Well, which what you might expect? I thought it was odd yesterday though that uh, once we had this merger Uh, the the market pumped for a little bit like a good hour or two hours And after that just kind of just took a big dive And of course here we are and uh, bitcoin I gotta tell you for all the all that's been happening I mean 16 percent Down is uh, not horrible as compared to where we could be Bitcoin down 13 was almost 17 percent for seven days and now we're at 70 000 at one point It did go above or did it go below 16 or 17 000 to 1600 area? So when everybody was saying the bottom was in nope, that's not what it was and uh, which is not surprising Ethereum is down 20 percent. Everything's down to down. Although. I gotta tell you, you know, who's holding up pretty good Gardano Gardano over the last 24 hours is actually only down 12 percent And bitcoin is down 13 percent not that that's like something to brag about I'm just saying it is interesting Seven days 12 and a half percent like bitcoin is on 17.2 percent polygons down bigly 26 doge 40 for the week polka dot and the biggest loser Probably the top 15 Solana and the reason why Solana is a big loser is because that was heavily touted by uh, sam bankman freed CEO of ftx and ftx us and now here we are almost 50 down for the week ouchy that's just how it is and um That's how the mark respond now. Let's take a look at the traditional markets. They don't care So for the last five days has to be 500 actually doing pretty steadily Last day or today it's down a little bit, but five days looking pretty good nasdaq same thing I think it's down a little bit today and no big deal So the next thing is I gotta I cannot stress this next part enough and that is that Even though We talk about these things to being horrible. It's not that bad But I will say this Whenever he's telling you to do your own research, you know, like, well, what do I do my own research? You know, I'm I'm just this I'm just some small potato out here and just trying to figure out what this market is There's only so much you can do so don't beat yourself up over it. I mean and all honesty crypto is uh It's very volatile and quite uh quite a gamble and here's a story that really lends itself to doesn't matter How much research you do? These things happen See these guys right here That's uh, Anthony scaramucci right there on the left had him on the show. Super nice guy SPF in the middle and that's kevin alleri from shark tank Mr. Wonderful And he came out and said hey, this was before not today, obviously He says a bottom is usually created when there is a catastrophic event like a large player going bankrupt Or somebody's in deep trouble for buying crypto on over leverage And then kevin in this interview, he went on and on and on about how it has to happen and it's good that it happens Isn't that well kevin's an investor into fdx as you can see right here And he put his money where his mouth is so again Do you not think that kevin alleri with his uh massive fortune And resources didn't do his due diligence and did his own research on fdx and said this looks safe And we're good to go. So don't Kill yourself or beat yourself up so much if you made a wrong decision The thing is the rules that I put in place for myself can apply to you if you ever want to use them They work out pretty well And underneath there the very first rule is it's all gone If in your mind if you think to yourself, okay, all Everything I invest into is going to be all gone. Can I afford this? Which means don't invest when you can afford to lose Do you understand do you get why like I do these shows every day? And I don't seem to be flipping out It's because I followed my first rule and that's that's the big thing if you haven't done it yet It's okay. It's going to be all right. Just learn from your mistakes Next one Everything is a scam until prove otherwise Don't leave anything on exchanges. We've talked about this till I've been read in the face And uh, a lot of you did listen. So I want to thank you for listening and we're going to get some people who did not And it's awful Next one is don't don't use leverage I mean you can use a little bit if you're a big trader fine, but 500x is ridiculous and then take profits along the way again another reason why I am not flipping out right now It's just because this is a natural progression. These are some black swan events You probably couldn't see no one could really foresee this while some people could actually In hindsight, but it doesn't matter if you were taking all your crypto off the exchange that wouldn't have Given two cents. So this next piece here I want you to remember something The crypto exchanges are screwing up They're screwing you over Okay, not all of them But the crypto projects themselves They remain the same Has there been a double spend on bitcoin? Has there been a hack on ethereum? Has vladimir putin came out and said I created bitcoin and now i'm going to collapse it has There have been some Some massive problems with any project that you can think of besides the d5 rug pulls and of course luna Those things are going to happen But the majority of things that are out there Was it a project issue and that's why the uh, the price is going down Or was it because of the issue that people are freaking the f out And they probably over leveraged themselves and they probably invested more than they can afford to do And they probably didn't take the advice and take their crypto off exchanges and now they're scrambling To me personally, I just saw a tweet That world mobile, which is a project. I love bringing telecommunications to africa also doing Yeah, here in the united states is uh Launching other aerostat today as they're building things and bringing telecommunications to the masses at a very cheap discount rate I think that uh, the products are not the issue The issue is the people and the people are greedy and they have to be regulated because they can't control themselves Now we can go against regulation. That's fine. I just tell you right now I think we should be a part of that conversation Because regulation is coming out unless you want it or not and regulation for some of these exchanges I think are needed. However, there was a pretty good compromise and that's by CZ and I'll get to that in a second No, I do not think we should be regulating defy that's stupid Hackers aren't going to regulate themselves at dumb But in all honesty, we would need some clarity. What's a what's a currency? What's a security and what's a commodity that sure would help a lot anyhow Let me know what you think about that in the comment section. Let's move forward a little bit And talk about this some people didn't get out and I don't Did we not learn from voyager and celcius? I mean for me like The celcius issue was was uh, was my big learning curve and of course In the uh description of all the videos Uh, I put this little Or is it Celcius voyager timeline june 12th. I did a video Everybody take their crypto office Celsius, you know, be very careful That was at 11 a.m. The 9 p.m. It closed down then I put the rules up Then we did the voyager thing on june 22nd. Take it all off july 1st with draws frozen. Okay, we can all see that You guys follow this. I'm happy you guys are here And it just astounds me that people haven't learned what's going on. So this was I don't know this guy is Mojit surat But Seems like you know decent guy just trying to make you know Do the right thing and invest and make it in the world 95% funds are ftx the pain is effin real And that's plain worse. I had my life savings and ft token thanks to sam 30% is gone And it's just a big bunch of people That's pretty funny just going through it going. I did the same thing. I did the same thing And I'm like man, what the heck So when people talk to me about like rob, isn't it great when the next bull run comes? No, because I have to teach everybody the same lessons again. They're never going to learn until they go through the pain So like everybody that's here right now you guys are not Tourists You guys are seasoned veterans And a lot of you did what you were supposed to do which was take crypto off the exchange and put it into a ledger And if you don't understand that I'm going to get that in a second That's the big thing So right now don't feel bad as the market tanks Again, is it the project or is it the exchanges are people freaking out because they don't do the things they're supposed to do Or some other Other thing that's out there that we may not be understanding I will say this Remember in march 2020 when coronavirus came out? Was there any issue with with the projects themselves the same thing? No is because there was a global pandemic and people were freaking out crazily and like they don't know what's gonna happen So here we are going again in a black swan event, which really isn't that black swan. Maybe a gray swan And that's where we're at moving forward I want you to remember this also You may feel in your gut That you're like, this is awful. And this is the worst thing of all time But this is a tweet from frank scippato He's the editor at the block I put a lot of great information and this is kobe He's like a crypto og. He hosts. This is funny. I host the up only tv We're supposed to be weekly, but it's only happened six times because we're lazy almost Tearing on like a million followers 754 thousand followers And kobe says after 10 years I think today is the first day where I have thoughts that I might be done and he elaborates and he said because We can't trust the people that are in charge of these exchanges and the people that are in charge of projects And the red poles and things that he goes. I thought that as time went on it would get a little better and has it So even an og like kobe And sometimes even myself I even myself. I'm not I'll be honest with you even myself I'm like when I saw this thing go tank potentially. I was like, god dang it Is this the right projects or? Market to be into me. I'll just go into into real estate and just stay there not dabbled back and forth and I remember Not the projects tremendous upside Just got to find out the right ones and go from there And even kobe comes back and says Yeah You know, I talk I talk a big game, but I'll see you guys tomorrow at the bit next casino Then he's gonna get back to trading and do all the things that he likes to do So again, even og's feel it. So if you're new to the game, don't worry That's we all feel it But uh, it just depends on How you see the future and and trying to figure out things that you can change things you cannot change Also people are losing their minds. This is from david bailey. Uh, he is Oh, the CEO of bitcoin magazine Bitcoin conference and so on and so forth. He says To the building situations I've been warned about over the last 24 hours and genesis is insolvent No dcg buried bell out this time. Ku coin is insolvent Many reports on twitter read it about delay withdrawals recommending withdrawing the funds first verifying true second I gotta agree with him on this one. However A lot of people came back and said no ku coins working fine Ku coins working fine two minutes and it's done also Uh, hold on. That's not what I'm looking for. Uh, this one here The CEO of ku coin came on and goes and says hey I'd like to give my assembly for anyone has been hurt by the current fdx situation Hopefully everything can be resolved quickly And the industry can get back on track First things first, we're going to protect user funds the top priority We will release merkle tree proof of reserves Or pof in about a month and this comes down to this part The resolution is coming regulation and resolution. We know regulations coming The government's already looking at the fdx situation and as they understand that there's been mismanagement of funds now we've got Exchanges potentially regulate themselves because they don't want to lose your business, right? They're talking about this proof of reserves and merkle tree. What the heck is that? Great question so the merkle tree It's a certificate That's a lot of the agencies or centralized exchanges have been talking about finance or cz. Put that out first and they said hey we need to get an audit and a transparent merkle tree Here to make sure that we're all solvent and we can gain trust first of all, what's a merkle tree Transaction data is very important the blockchain to secure to secure that merkle tree is used It stores the transaction data so that all the users That's us can access the data. It verifies the data in a large content pool Essentially saying hey Do you have the funds that you say you're you have? Or are you full of it? as you put out tweets which Oh, this isn't it. Oh, let me see if I can find it first Like this tweet where sam came out and said hey FTX has enough to cover all the client holdings. We don't invest client assets We have been processing all the draws when you do so. We are solvent no big deal and of course Sam deleted that So anyhow back to this part here How is it helping the transparency? Well crypto assets users can verify the stability of their holdings on exchanges using proof of reserves Maintain privacy the merkle tree is used as a data structure in this advanced cryptographic accounting procedure If F and this is interesting if FTX had announced proof of reserves It would have not seen so much withdrawal and rumors because proof of reserve ensures transparency and trust FTT law same extent was worth within a few days and this is again what CZ says look All crypto exchange should do a merkle tree proof of reserves banks run our fraction reserves Crypto exchanges should not have to agree with him Binance will start to do the proof of reserve soon So on top of that you had johnny coup coin or johnny That's a real name Johnny lew He says we're gonna do the same thing. We'll have it out there in about a month. I know it's a long time But uh, here's we are again if you feel like he's full of it. I don't trust johnny coup coin then just don't You don't have to trust verify take your crypto off put it in a ledger. I'll get to we'll talk about it So then also if you want to learn more about the merkle tree, there's a bigger Lowdown here on 101 blockchains and I put the link in the description. Actually, no, I didn't sorry Let me do that right now Sorry I'm about too fast here Okay, it'll be there in a second anyhow, so that's what we have there and then Uh more good news Is you know, we were just talking about, uh, salana Almost 50 for the week and again Look at cardano only down 11 and a half percent Although bitcoin is now being at 10.6 percent just saying so Just so you know More and people are stopping Are stopping the staking of salana You've got now 49,619,000 here in salana or almost a billion We'll hit the market up at 20 hours because that's the on-stake process They're gonna on-stake their salana and they're gonna get rid of it because people are scared And that's what it is Was there a hack on salana? No Was this gonna double spend no did salana go down? Well, not this week, but you know what I mean so Like in this situation just be aware that salana will probably take a more downward slide I'm not telling what to do. This is not financial advice. I'm not your daddy. Do what you want to I'm just saying that's a lot to absorb and then also There's a great website called stakingrewards.com and for the longest time Uh quite honestly, uh, but the salana As far as staking ratio It was the highest 76 of all salana was being staked all So only 25 was in circulation. Everything was being staked and that beat out Binance chain at 86. That's the central slice whatever cardano Ethereum what else was really good 64 percent for cosmos algorithm is 57 percent So once that tumbles tomorrow or next week or so Then it's going to be one and two. Binance is going to be number one still Cardano will be number two for the most staking ratio And if you're looking to stake your cardano, I got a stakeful links in the description and tell you exactly how to do it Yeah, anyhow, that's all we got. So just be aware And then of course we talked about this already ftx It's amazing, isn't it? I mean didn't alex meshinsky and didn't uh steve Erlich from voyager and celsius respectively, didn't they Both come on go nothing to see here folks. We're good to go. You don't have to move anything. We're fine And here we are again same thing. It's the same thing just happening over again. It's like it's like groundhogs day It's amazing to me And it's leaving me to my last points, which is this this is a great question by triple biari 23 So where do we leave our portfolio if not on exchanges some kind of cold wall? It's which one and I said ledger I'll talk about tomorrow. I'm not going to go through this But there's a website. It's a hundred percent free Dan teaches crypto. It's all the stuff that I think everybody should know and the best things that I can have You click on start learning there's I'm gonna you're going to give me your email. I'm not going to spam you I'm just going to tell you when Different videos get uploaded for the website not every day on youtube. So don't freak out Let me log in Password one two three four five just kidding. It's not what it is. Of course modules So let's see safety That's where the tech scammers and what is him? What's a crypto wall and I break these down into small pieces Like this is like a seven minute video. What's a public private key? This is eight minutes. No, this is five minutes How to set up your nano ledger? Ledge live app transferring crypto assets from exchange to wallets Delete and restore an analyzer. I've done this many times. You don't lose anything Transferring crypto assets from wall to exchange and back and forth and also how to update your firmware and analyzer So I make it as simple as I possibly can So you will actually do it because this is the way the path of freedom. It's not on exchanges It's not hoping that they don't screw you it's taking control and essentially becoming your own bank And there's no middleman because that's you anyhow last thing I will last last thing I swear to god Is I'll say this is congratulations to ethereum. I mean I Think you're brutal, you know from proof of attendance protocol always hounding me on this one. Hey bro Do you know that's uh theorem's gonna be uh, it's gonna be deflationary at some point deflationary. Well, guess what today it is So the supply chain change Is negative one thousand six hundred four which means Ethereum is deflationary not inflationary deflationary. This is after I went to proof of stake if it was still at proof of work Guess what we would have had six hundred fifty five thousand eight hundred seventeen east so again Is the reason why ethereum down because it went deflationary Meaning it'll get more scarce and more scarce over time Or was it just because of these crazy centralized exchange players doing some crazy knockoff stuff That's a question for you to answer. But that's it for today. So look If you like today's video give it a thumbs up Also consider subscribing Now we're gonna get on the q&a part and also as a reminder tomorrow We will be doing a uh meet-up here in portorico at uh taste the smoke I do love that place or the smokehouse Taste the smoke the smoke up and we'll be going from five to eight p.m So if you want to come by and drink with me, uh, you're welcome to And I've got some good brisket. So I don't know if you like either of those things If you like food or drinks, uh, come hang out with me tomorrow And I'll talk about it again, but it'll be five to eight and you can meet my friend Stephen who owns the place great place. I'll have some fun times We'll cry a little bit. We'll beach and complain whatever else and uh, You can pick my brand where you want to do but that's what's going on. So look again thumbs up Subscribe all that good stuff. Now it's getting a little q&a. I'll answer all your burning questions I'm sure you got a ton the best my abilities and we'll go from there So thanks so much everybody for stopping by. I appreciate you