I was gon na talk about and i dont know where it is. Oh, my gosh this stinks. I wonder where i put it, i dont think i put it in the house. Ah, this is not good, i feel like i lost it dropped it somewhere, im, not sure. Okay, so anyways lets talk about what is happening with celsius and block five, because theres been quite a few rumors all kinds of interesting things that are happening and im. Actually, i really need to find the cell phone that i had because, oh here it is thank goodness okay, so lets lets reel it in lets reel it in see what happens when wendy has only been up for like an hour or so. This is what happens. All right lets reel again, so we need to talk about two important things, because theres been some important developments. We had um news regarding block fight yesterday that we talked about on the show, and we also had news regarding celsius and what you hear over. There is going to be the highway thats, the highway kind of sort of so lets talk about whats happening all right. I want to talk about block five first, because we i feel, like we talked about it, a little bit um, but according to what i read when we talked about this yesterday, is that block fi um xt ftx you ftx, wants to acquire stake and block fun. So basically, they sent them a 250 million dollar credit to help them.

You know with operations and all those things, but what they did now is they went ahead and offered an additional offer to purchase stake in block by and ill tell you why this makes sense. Ftx us well, actually, okay, you guys remember blockfolio. If you were in crypto, like 2018 2019 shout out to norway, um block fight was a free, app, okay, its a free, app and youre able to track your portfolios there and everybody used block fi everybody in their mom used block fight because it was free. You could use it, it was really cool to do so. Ftx went ahead and bought block five. Okay. Well talk about alex in a second okay lets get through this first. So with block five, you are excuse me with blockfolio. Your ftx went ahead and acquired that so they bought it, they bought it its theirs and now its the ftx us app. So on that app thats, where you can actually earn passive income by holding cryptocurrency and they give you up to about eight percent back okay. So they dont really like to promote that product a whole lot, because that passive income on holding crypto it some people say that its ac security and others say that its not a security, and this is what were seeing happen with um the sec, because the sec Actually hit block by um with the fine, i believe they hit celsius theyre, basically coming after anybody.

Whos offering passive income on their platforms were holding your crypto there. Okay, so it makes sense for me to see ftx want to have additional stake in block five and the reason why is theyre, probably gon na push their their um, their eight percent apy and some of the other rates over to block five and have them support That aspect of the business, so that makes sense that makes sense to me its a smart business choice: okay, its a smart business choice. So i think that thats whats going to happen, theyre going to ftx, is going to go and buy acquire a stake there and sams going to be their daddy and say: okay well were going to go ahead and run our operations through you and make them deal With all the legal aspects and whatnot because block fi is already kind of established with the sec, so its a very smart business move, however, lets talk about the negative aspects. The negative aspects are that you know were starting to see monopoly and centralization of crypto, but this was kind of expected because crypto currently operates in a capitalistic economy, free market economy. So, basically, the person with the most money, the person with the most skills, the person with the best network, is going to win going to come out on top and thats how free market operates, and i actually like working in a free market. Okay, shout out to the mediterranean um, but i like i like free markets because ive been able to build my build.

You know build a business for myself, other entrepreneurs. I know theyve been able to do really really well that have been outside of crypto. So capitalism is kind of cool because youre able to make opportunities for yourself. However, there is a bad side about that. The bad side about that is, is that you see companies like blackrock, okay, blockfolio is still free, 100 still free, but the thing is: is that theyre owned by ftms? Yes, so theyre still free, still a great product, its just not called block folio anymore, its ftx us app or whatever theyre, calling it um. So, but the bad thing about capitalism like what were seeing with blackrock is them acquiring all this freaking stuff. All this freaking stuff and theres, not really it just kind of like how blackrock came up the whole thing is kind of weird its, like these people have way way too much money and its like, i feel like they get to do whatever it is. They want. Will that happen with ftx? I dont know it kind of is seeming like its happening because were seeing them monopolize. The industry were also seeing them make a lot of big money moves. People are either praising sam or theyre not liking. What hes doing im kind of in the middle im looking at both sides here, im looking at both sides, because this is with sam bailing out block block five, its gon na be good long term, because your funds are gon na be safe there.

But at the same time, its kind of like a little bit kind of scary, alameda research is also part of sam is part of and its a big. You know big lot lots and lots of money and they have their hand in a lot of different things. So thats, why we talk about following the money here and making you know making it make sense. So is it a good thing that theyre bailing out block five, yes and no um, i think its good for the industry long term. However, we talked on this show. I said it on bit: boy show and ive said it on a lot. A lot of different shows that the passive income and the d5 c5 loans that were seeing those are gon na go away, which sucks and its not fun its just, not fun um. It was a really cool aspect of crypto, all the loaning that that has been done. Those are probably gon na go away too and only be offered to accredited investors, because its just the whole way the accredited investing is done, is absolutely predatory. Its gross and i dont think just because youre born into money or because you make a lot of money, doesnt mean that youre, a better investor than somebody else, um thats, just my personal opinion, lets lets. Okay now lets talk about celsius. Okay lets talk about celsius, so there are some things that had happened, but before we talk about celsius um, i want to explain to you what bankruptcy is, and this is important to explain what it is before we talk about goldman sachs, potentially acquiring celsius, and what That means so i want to go ahead and were going to go to investopedia.

com. Vestapedia.Com is 100 free. You can literally search every single term. You can learn how to trade. You can learn what assets are. You could educate yourself about traditional finance because we care about education here self education, so im, basically a tool im, a vehicle that will say hey blah, blah blah blah go. Look. This up hold on were going to talk about celsius. Dont worry, you might not have lost your money yet so lets hope, because i still got a little bit of stuff over there. My mom people that i know so bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. Celsius has collateralized loans on different accounts, one of them was anchor and i believe that they were able to get out of anger on time. Okay, so bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. The bankruptcy process begins with the petition filed by the debiter, which would be celsius, which is most common on behalf of creditors, which is less common. All the debiters wait, i think, thats right anyways hold on all of the debiters assets are measured and evaluated. Yeah, the debiter is going to be celsius in this aspect and evaluated, and the assets may be used to repay a portion of the outstanding debt. So basically bankruptcy is a legal proceeding. Goldman sachs stepped in and goldman sachs said um if celsius does go bankrupt.

We are going to buy them and theyre currently in the process of raising approximately two billion dollars to buy celsius if they go bankrupt. The interesting thing about this is when we look – and we read about some of the stats here so celsius had um celsius, had eight billion dollars, lent out and theyre managing 12 billion under management, and they currently hired an additional firm alvarez and marshall, which is a Restructuring firm from wall street and basically, what goldman sachs wants to do is theyre going to present this offer to celsius and theyre going to try to buy them at a very, very low discounted price. Well, what does that mean for crypto people? It could mean a lot of things, so celsius currently has a lot of um um. If so, if celsius has a lot of money out, um, it kind of depends, we know that their current liquidation price, i believe, with the rap bitcoin – is a prox and i think its about bitcoin, its approximately 13 million or excuse me, 13. 000 support so thats, where thats, where their liquidation price is, so they still have assets out. There still hope to get that sorted, but it really kind of depends on market volatility here. So we have goldman sachs, a big heavy hit or stepping in saying hey. We want to buy your assets, but they want to buy them at a discount, so its going to be pennies on the dollar and the way that debt collection works is generally.

You have a debt and you can call the collection agency and you could be like. Hey ive got this debt um or actually, let me rephrase that credit, the collection agencies they buy your debt from credit card companies and from other entities that you owe to like lets say you have 300 theyre giving you like theyre buying, i think for they pay, Like three pennies or 30 cents on the dollar, it depends on what it is, because i worked in collections like a million million years ago, so it depends what it is so thats exactly what what goldman sachs wants to do is they want to try to pressure Alex and like hey, go file for bankruptcy were going to buy, were going to take care were going to purchase all the assets you have at a big big discount. So the interesting thing about this is they say you know theyre tossing out of these numbers. Like 8 billion and 12 billion – but that also depends on market volatility, so really its not really a for sure number unless youre utilizing stable coins, but celsius has bitcoin and ethereum and all these other crypto assets so its going to be its going to kind of Depend on where you know what what they decide to do with some of their collateralized loans and with their collateralized debt can celsius still make it out unscathed. They can will they cave and will they go bankrupt, not sure.

Yet. I think its really going to depend on the market and thats going to depend on the direction of bitcoin, because we all know at the current state of the market bitcoin really really really controls. What happens with all coins because were not 100 decoupled, so long of the shortages? There still is hope for people that have funds on celsius so for us um, but we kind of its kind of a waiting game and we kind of have to see what happened. We have to see what happened and to sit here and focus on like all the negatives that can happen. I dont think that i dont think that thats productive right now, because we dont have control over our assets over there. So its a terrible thing, its not a fun thing, but at the same time i think that we need to kind of take a step back and let this all play out because theres not theres, literally nothing else. We can do right now, um because it did state in their terms of services, and it was risk that were willing to take leaving our moon bags and whatever assets over there. So its part of its part of crypto, unfortunately right now so i do think alex – is smart and im, hoping that he makes the right choice by his community. I dont know what the outcome is going to be were going to kind of, have to wait and see what happens with this.

But that was the latest news with celsius and with blockfi, and it doesnt seem like ftx wants to get involved with celsius and i want to before. I want to actually look because i had saved something, and i want to see if i can find it easily here for making you guys wait too long. Its saturday morning were just vibing and were chilling and were trying to make the best of today, because its a weekend, its a weekend, um yeah and also too this article, the article that this came from it came from coindesk, shout out to coindesk. They work for coindesk, but the two sources there, the two sources that stated this story. They did not theyre theyre anonymous, though, from what ive read theyre anonymous, so we dont even know if this is really happening or what the what the truth is behind it. Uh, do you do also too apparently tim draper said that bitcoin is going to get to 250 000 by late 2020 to or early 2023 thats not going to happen. I highly highly doubt it oh yeah, make sure to smash the like guys. Weve got 425 people in here and 100 likes. That would help if not all, right and sam also posted this. Yesterday, too theory the crypto bear market will be better for having been abrupt. The credit crash will be brutal for having been drawn out over a year and slowly, sapping away consumer confidence by the day, thats an interesting tweet.

So basically, what hes talking about the crypto mirror mark was pretty abrupt it kind of was because what happened was. Is we knew that we were dipping? We saw that we were in this downturn thats, why i wasnt ready to call a bear market. The reason why i wasnt ready to call a bear market is because theres so many like the defy all the defy collateralized loans. All of that stuff was still kind of working and doing okay, all right and but then we saw all this cr. Then what happened was. Is we saw the collapse of tara luna, which really had a lot of people had a lot a lot of capital there and they lost a lot of money so that caused price to dump even more and we havent capitulated. Yet i do think we will see 10 000, bitcoin well probably range and trade between approximately 20 and 10 000 bitcoin dollar bitcoin, and i also think that well finally be able to capitulate once the celsius thing is done and once we really see whats happening with Three arrows capital because theyve got a lot a lot of money out uh, so thats whats currently happening right now, so were in a weight game. Um theres a lot of consumer distrust with the market, which makes a lot a lot of sense. I mean thats why? We talk about being self softened and reading the terms of services, and you know owning our crypto and you, whatever.

We keep on exchanges, its money that were okay with losing and again ive lost money by leaving it on exchanges. I recently lost money on gate by leaving it there not a whole lot of money, but a decent amount. Ive lost on cryptopia ive lost on merca talks. I didnt lose on coin exchange. I was able to remove my funds. Where else have i lost money on a couple other small platforms – it happens its part of crypto though, but i think after this i think, were all going to be able to agree that we can use practice more on learning, cold storage and that type of stuff. So but anyways i wanted to hop on here and give you guys an update, what was happening with celsius and with block fine, unfortunately, its a waiting game and theres nothing. We can do at this point. We just have to hope that we get that melt up. Asap celsius is able to remove all their enclosed, their collateralized phones. No, they didnt get celsius. Didnt get hacked, they were just doing a lot of um collateralized loans. I never used anchor protocol. I didnt trust ust. I was invested 100 in luna. We had a moon bag of luna 20 cents to the dollar yeah thats. I think that i believe thats how debt is purchased. Remember its been a while, since ive worked in the industry working in collections sucks like absolutely sucks but theres a lot of jobs, there a lot a lot of jobs there shout out to australia.

So, basically, in the long of the short block, five is going to get bailed out by daddy sam and it makes sense business business wise for them um. It would be nice if they could bail out celsius. Also, i doubt that ftx is going to do it. Theres, probably communications about it, theres also a rumor that cz may step in also always cold storage storage. Five percent rewards on asset that can easily move 100 isnt worth it. It depends. I like this is the thing i like to keep my some of my assets on those platforms and earn that passive income, but its moon bags, but its moon bags. So, for the most part, sometimes you know with my all coins as moon bags and for some of the other stuff it wasnt moonbags. So it is what it is, but anyways you guys im gon na wish you all a happy saturday. I will be im not sure what my schedule is going to be tomorrow, but make sure to read the news shout out to temecula shout out to liza read the news: dont get panicked. Dont get stressed out, lets just watch this play out. We dont have control over whats happening. The best that we can do is stay diligent and to continue our educa educate ourselves and make better decisions, and it is what it is, but i know everythings gon na be okay. I dont know how its gon na play out.

I dont know how its gon na be okay, im just having faith um that people are gon na, make the right choice so anyways sending yall love and lie. Im gon na go, hang out and probably scroll on tick, tock and watch more people dancing and being silly silly, but anyway, sending you guys, love and light ill see you tomorrow, oh hold on before we go the ledger data breach. So basically lets talk about what happened with ledger so ledger. The actual software in the system was not hacked. What happened was theres a data breach with the people that ordered um ledgers. So basically what happened? I dont know how the hell this stuff happens, but basically somebody got access to that database and theyre, sending all these scam emails out that doesnt make the actual ledger less safer. What it does it just makes the company look stupid. It was unfortunate that happened, but data breaches happen all the time. So one of the things that we talk about on the show, if youre going to buy a cold storage device, buy it from the actual retailer. Not a third party paper wallets are safer, but theyre a lot harder to use. Also understand that ledger and trezor. You essentially have to connect it to a third party to still get access to your crypto for the most part, okay. So that is important to note, but its still a lot safer than keeping your stuff on exchanges.