But we can take a look at the crypto markets. It is wild out there. Crypto is euphoric again today after having wiped out everybodys gains. It is now prepared to go to the moon without everybody, our top movers today, mostly the altcoins like phantom of 25 sheba up 16 cardano up 12 polygon up 12 percent, add them up 10 or so now across the week. Most crypto is still down, though, because when an asset drops 50, it needs to regain, like 100, for it to reclaim its losses but theres. Some interesting news coming out of crypto twitter, the founder of binance cz tweeted, something very strange this morning, which is that an exponential amount of new luna were minted due to flaws in the design of the terror protocol. And so, therefore, they had to suspend trading of luna and he says some of our users, unaware of the large amounts of newly minted luna outside the exchange, started to buy luna again without understanding that, as soon as deposits are re allowed into finance exchange, the price Would likely crash further due to these risks? They had to suspend trading and it wasnt, because what people thought that it was due to the price crashing low or due to network congestion. So i think this is a new, potentially undisclosed, bug or glitch that they discovered in the lunar protocol when they found exponential amounts of new luna being minted. And you know the details of this flaw have yet to be released, but cz continued to hint at this issue.

Noting many people dont get this point. If we didnt push the issue, tara blockchain may still be in halted mode or worse, with super minting and the weird thing is. We also saw tara, blockchain halting and resuming block production, noting that theyre trying to guard against some type of governance, dow attack, but in reality, maybe its because theres some type of super minting going on in the background. So cz also knows here he was in a no phone meeting for two hours. These no phone meetings are intended for you to not record it, because there could be extremely confidential information here, things that are not released to the public. Yet about really. Who knows what? But maybe a vulnerability that has not yet been disclosed to the public. He knows. Please do not buy a coin just because trading is on. Do your own research. Extreme caution is advised on this one, but i also think this part was very interesting. He says he was very disappointed with how this ust luna incident was handled by the terror team. He requested the team to restore the network, burn the extra minted luna and recover the ust peg, but they have not gotten any positive responses or any response at all. Zotero team has mostly just disappeared and they are not responding anymore and cz notes. This is in sharp contrast to the axi infinity hack, which happened a while back where the team took accountability, had the plan and were communicating proactively and they helped together.

But i think its interesting to note that cz was trying to restore the ust peg and in my opinion this is probably the right approach to protect the ust holders at the cost of the luna holders. And the reason for this, as controversial as it may be, is because ust holder, stable coin holders, tend to really go all in you. Dont expect a stable coin to d peg, so people may be losing their life savings, their houses because they believe in the stable coin, whereas terror holders, you know, terra luna, is kind of a altcoin right. People understand the risk of that and theyre not going to go all in on that theyre going to more hedge, their bets and so, for example, youtuber ksi lost 2.8 million dollars trying to get into luna catching a falling knife lost pretty much all of it. Its worth 1, 000 now or so, but hes just laughing about it because he understood the risks of an altcoin. Whereas i would say people who went into ust, didnt necessarily comprehend that so theres a lesson. Dont catch a falling knife. And actually, if we take a look at this crypto chart from 2017, we can see what happened in that crash. It crashed for about an entire year straight and it lost maybe 85 percent of its total value. Within this time, you see, if youre, to ask me as a trader and im, not a very good trader, having lost millions of dollars, but i think there still may be too much hope and euphoria in the markets too much attention, basically everybodys talking about this everybodys Hyped and excited theres a lot of attention still in the crypto markets and people are going in there thinking, maybe heres a good deal, maybe theres a good deal, maybe were going to work harder at this were going to get back recover our losses.

But what if we need to sustain several more months of bear market before we find a true bottom? When i stop talking about crypto, when nobody cares anymore, maybe that would be a real bottom, because heres the thing if we do a bit of technical analysis on the daily charts, we can see this large head and shoulders pattern forming here and thats a bearish pattern Which means that we could go down to as low as eighteen thousand dollars on the bitcoin charts here and theres just this edge that were teetering on here, because when we went from eighteen thousand to the current levels, that was a very rapid price movement up, which Means it can also be a rapid price movement back down because theres just not that much support here at this level and i suspect, seeing one of the top 10 cryptos just get wiped out. 40 billion dollars of market cap just vanish into thin air may leave a sour bitter aftertaste in a lot of peoples. Mouths – and some people may just want nothing more to do with crypto after this, and they may be looking to exit their positions as soon as they can break. Even on that position, we even saw a lot of people escaping out of tether which backs much of the crypto industry. Tether losses packed momentarily going to like 90, 85 cents, or so mostly now its restored, but we can still see its kind of out of balance on the curve pulls at 76 percent when it really needs to be about 33 percent.

Here, while were here for the liquidity on ust thats, currently at 99 out of balance, just about 950 000 worth of liquidity left in here, if we check the market caps, ust is currently at 1.7 billion dollars of market cap, which is backed by luna, which is At 800 million dollars so theres still, this vast discrepancy here, maybe about 20 x difference, and these really need to be about equal because one backs the other, and otherwise this entire ecosystem is insolvent. Now, this morning, breaking news we did see. Doe quan did announce a terror ecosystem revival plan in which essentially theyre proposing to relaunch a brand new blockchain for terror ecosystem, in which dokwan states there are still several billion dollars worth of usd. The value of lunar token has fallen to essentially zero, even if the pack were to be restored. Holders of luna have been so severely diluted and liquidated. They will lack the ecosystem to build a backup. Ust itself has lost too much trust with users, but indeed thats. Not to say theres no value in the entire ecosystem if youve ever tried it before its a pretty neat ecosystem. Actually, he knows they have one of the largest installed bases with millions of users across the world ontario station wallet. So what hes proposing is that they relaunch with one billion tokens 40 goes to luna. Holders 40 goes to usd holders at the time of the new network. Upgrade 10 goes to luna holders.

At the time the chain holds and 10 to the community pool for funding future development so round two, you guys were going to try this one more time and see if anythings different the second time around now we also saw some concerning matters with ethereum as well: Staked eath in particular, so earlier today, d5 protocol lido finance, issued a warning that the stake, the e3 ethereum swap rate, has deviated from its one to one package currently at the discount of about 4.2 percent. If i check the rates right now on, curb finance is about 2.8 percent deviation here, so its kind of recovering, but the problem is that steak to eat, if you dont know, is essentially ethereum version 2.0. So what people do is they stake their ethereum for about three point: six percent using lido finance and get back staked eth, and the idea is that the stake eth once ethereum version 2.0 launches. You can redeem that one to one for ethereum, so you get kind of a 3.6 free interest rate here now. The problem is people if theyre removing their staked either means. They may no longer believe that ethereum 2.0 is going to ship actually or it may be. A very long time – and so the concern here is that the deep egging of state eath to eat may imply a lack of confidence long term in the ethereum ecosystem, or it may imply that theres simply a lack of liquidity in here as people are liquidating their Stake either back into ethereum in order to maybe cover their losses, regain some collateral or something like that now speaking of depending, we also need to mention tomb finance, so this project at one point worth 500 million dollars, has also depacked from phantom.

So tomb is the vc back darling project on phantom blockchain and you can see its normally packed one to one to phantom, but it has lost its pack, its also an algorithmic stablecoin, so to speak, and currently its trading about 37 cents per one phantom, which is Not good, you can see that actually, liquidity has dropped. Precipitously here within the past month, dropping from 100 million dollars of liquidity to just about 10 million dollars, or so so tomb has lived up to its name, you could say, but this has shown a massive drop in confidence and algorithmically backed anythings. Now, if you lost money, i hope youre having fun staying poor, but i want to leave you with two things. One is that i tweeted here money wouldnt have changed your life. You just have reinvested it into cardano dogecoin shipping coin or some type of digital number right bits, going up, numbers going up and down thats, really all that were looking at here. Rather, the work that you do is actually what keeps you engaged in society and that money is a byproduct of that. So if you were to actually have retired itd, probably be pretty boring, you can just see what your grandma or grandpa are doing, and that would basically be your life and heres the other thing back in my 20s, i made some bad trades lost. Hundreds of thousands of dollars in the stock markets on commodities and lost maybe a decade of work over 10 years.

I saw that my net worth did not change at all. Basically, and that made me realize you have to enjoy the journey, the process of making money, because i struggled through the first 10 years and i realized i could not risk not enjoying life again, but thatll do for me hope you enjoyed the video. Let me know your thoughts on the crypto markets.