I dont care, if youre in equities or in debt or in crypto or in real estate, you always need a big player to go to xero. Yes, welcome back everybody to altcoin daily. My name is austin in todays video. I want to update you on the celsius situation, a potential solution. If youve used the platform, an update on solana and the potentially over leveraged whale wallet, as well as lower cap, altcoin news and, of course, kevin olearys, take on bitcoin on ethereum on the cryptocurrency market today. So, like always check the timestamps down below hit the like button and lets jump in starting with a recent interview with mr wonderful on cnbc speaking about how the cryptocurrency market is about to bottom and were beginning to see the signs of that capitulation. This is about a 90 second clip of kevin speaking about these over leveraged companies in crypto, potentially about to get washed out and thats good for the overall growth of the industry watch this now, when you have a very volatile asset and you have the fortitude im, Gon na use that word to use leverage to enhance your returns. You also run the dark side, downside risk of what happens when theres a major correction. As is occurring right now. You can get caught offside, pretty quickly and so celsius thats. A good example of that and i dont want this to sound trite. But let me explain what how bottoms are made in any market.

I dont care, if youre in equities or in debt or in crypto or in real estate, you always need a big player to go to zero that always helps whether its long term, capital or whether its one of these crypto infrastructure companies. I would like to see – and i dont i dont – want this to happen, but it always gives you a good bottom when you get a large player over levered that goes to zero and that always tends to be the beginning of the rebuilding process. So if you have to sacrifice someone who used too much leverage and its always leveraged it, does this somebodys over levered positions are complicated, theyre, not transparent, theyre, not liquid, and they go to zero. Someone is out there on the brink of zero, thats. Okay, in fact, id argue thats a good thing when we get it now, do we get it this week? Do we get it next week, someones going to zero? I dont know who but itll be great for everybody else. That survives because everybody will learn from that and thats. What i like about a washout, an event and i think were were due for one in in crypto land. Okay very interesting perspective, and i do just want to point out that celsius or three arrows capital are not officially insolvent, yet thats, just the rumor. We will talk more about this later in todays video, but what kevin is saying is that in any market stock market crypto whatever in any market, the companies that take on more risk, dont necessarily practice good risk management get washed out and that usually marks a bottom.

Potentially and moving forward the final 90 second clip of kevin that i do want to share with you are: what are the takeaways from me? What should the average investor be doing right now, buying more sticking to the high caps, maybe just toddling? Well, kevin is sticking to the high caps heres his strategy for 2022, as well as the end his thoughts on celsius watch. This are there any takeaways for retail investors who are looking to buy the dip and add to add to their portfolio any categories of cryptocurrencies. They should be looking at anything that they should be wary of. I think right now, if youre, you know licking your wounds. Go to the large cap projects, i mean the ethereum bitcoin. Obviously, polygon solana there on polygons been slaughtered and its a good project, great opportunity to add to it. I have very big positions in these in these names and ive been nibbling as well theres, nothing wrong. The one thing i would tell everybody is you cant pick the bottom, its impossible? You have no idea when its going to happen, but if youre, if youre staying along the category, you need diversification. I have so many different positions on right now and theyre all over the map now come year. End whatll happen because this is a year where were going to be looking at tax returns on all crypto trading and income. Therell be a lot of maneuvering on the projects that did not recover to take them as tax losses versus the ones that did and thats going to be the nimbleness of trading and thats.

Why its important to look at your positions and make sure you have liquidity in them, because – and most of these projects are very, very liquid, so its not a problem. The celsius thing well thats, a gate thats, not good, so um that will not end end well and when you lock the gate in a hedge fund. Basically, you upset a lot of investors and they when they get the opportunity to sell they do with a vengeance. Never good to do this cant help them, but you know they didnt understand the situation. I guess but uh therell be some money lost there. Okay very interesting, essentially like many of us hes saying, hes long term bullish. Anything could happen short term next up. What about bitcoin? Well, bitcoin dead? Google searches hit a new all time high, meaning that sentiment in the crypto community is so low right now, its leading to fresh speculation. That btc is a dying asset. So here is that visual and, as you can see it hasnt finalized yet meaning it could always get bigger potentially, but those were the searches as of this weekend. Well, as warren buffett says be greedy when others are fearful and we have a lot of new whole coiners. Taking advantage of this fear, bitcoin mints more than 13 000 whole coiners in the past seven days, as well as small wallet addresses those containing 0.1 bitcoin or more continue to accumulate bitcoin at rapidly increasing rates so thats the silver lining.

So many people that couldnt afford a whole bitcoin back at sixty nine thousand, fifty thousand whatever finally able to be a whole corner and next up whats happening with celsius celsius. Recovery plan proposed amid community led short squeeze attempt, so a company called bank to the future. Co founder simon dixon has proposed a recovery plan similar to the solution offered to bitfinex after its bitcoin hack in august 2016.. Now, just so, you know simon dixon and his company. This is a celsius, lead investor and he was very much a part that recovery attempt back then in 2016., here was his exact tweet ill. Read it to you here. I believe traditional finance will not have a timely solution for celsius, as we saw in the past with mount gox that still remains unsolved. 10 years later. I believe this can only be solved with solution using financial innovation like what we did with bitfinex, that was resolved within nine months and worked out very well for depositors. So what was this solution that worked so well back then? Well. Dixons plans for celsius takes inspiration from his firm solution. In august 2016, after bitfinex announced it lost approximately 120 000 bitcoin in a cyber security breach, causing a loss of around 72 million dollars of customers funds at that time. And how did they solve this? Rather than pursuing liquidation proceedings? Bitfinex instead came up with an innovative recovery plan which involved promises to pay in the form of bfx tokens to customers representing the value of money lost in the hack.

Now these tokens, these bfx tokens, were tradable on the open market or could be held later for a future repayment of one dollar per token and effectively allowed customers to speculate on the companys recovery. So they said wed give you these tokens, which you could sell immediately. If you wanted – or you could hold them later, to be redeemed for one dollar, if youre betting, that bitfinex will recover successfully. So this was the big part of the bitfinex solution, but also later in the month that year bank to the future added to the solution by working with bitfinex to allow customers to convert their bfx tokens into equity in the company around seven months later bank. To the future reported that the plan had been working with victims recovering between 75 to 100 of their funds through various measures available to them. What do you think about this? In my mind, if i lost all my bitcoin in an exchange hack – and they offered me exchange tokens as compensation – i dont know id want my bitcoin back also applying this to celsius. Specifically, i dont know how many people would be eager to take equity in the celsius company or more celsius tokens. But you tell me: is this a viable solution? Let me know down below your thoughts on this and by the way, dixon did not confirm whether his recovery plan for celsius would work the same way with a token only that it would be solved using similar, innovative methods.

We will see. I will keep you updated next up. What about solana theres major things happening in salon, manipulation centralization. We covered it in yesterdays video. The update today is: they have taken a complete 180., so lana lending dao overturns vote to take over at risk whale wallet, meaning solens, controversial governance proposal to take over the defy lending protocols. Largest wallet has been invalidated after a follow up vote from the community. So just as a recap on what happened, a whale wallet had so much leverage. They were putting the entire protocol at risk, and the whale in question is the platforms largest user, who deposited 5.7 million sold accounting for more than 95 percent of all soul lens deposits. To borrow about 108 million dollars worth of usdc and usdt, so he took out a major loan on the protocol and he was at risk for liquidation. According to solend, if sold the price of sol dropped below 22.30, the wallet ran the risk of getting liquidated for up to 20 percent of its borrowing or around 21 million dollars anyway, the higher ups, the developers noticed this and they tried they did try and get In contact with the whale they were unable to get the whale to reduce the risk or even get in contact with them. So they were going to take control of this individuals wallet themselves and make decisions for him. Well, they got such community backlash by monday. Solend asked users to vote on a new proposal to overturn the earlier vote, which received an overwhelming 99.

8. Yes votes in a direct quote from a co. Founder weve been listening to your criticism about solend1 and the way in which it was conducted. I guess the vote and the price of soul has been steadily increasing, buying us some time to gather more feedback and consider alternatives. So they said maybe we were acting a little rashly. Maybe we shouldnt just overtake this guys wallet and make decisions ourselves, but they will be looking for other options and making different proposals to solve this to the community. Next up whats happening in lower cap altcoin news tomorrow, you will be able to enter realm, which is the mobile first play to own metaverse, where you can build and explore virtual worlds beyond your imagination. So beta launch is happening tomorrow, meaning if you have a cell phone, you can start experimenting in enter realm. All right. That is the video. My name is austin.