LOST 1 MILLION ON COINBASE. REASON FOR ALTCOIN LAG BEHIND BITCOIN
This is the thumbnail suggests. Cnbc got it right and it really was a crypto nightmare in relation to coinbase and customer support as a certain individual lost, a million dollars with the cryptocurrency so well. Talk about that story also talk about a new strategy. Im implementing talk about the reasons for lagging altcoins and uh, well finish up with a little news from the bank of england, uh being a little bit bullish on crypto and also uh. What kevin oleary says as to how we can hit 100k bitcoin so well. Go over all those things, but first take a look at the markets. Todays one of those days, its a pullback and weve had a pretty magnificent run since the beginning of october. We knew q4 was gon na, be pretty good, hasnt disappointed so far, but for every run up there has to be a little bit of pullback and thats. What we have right here so were at 2.28, trillion almost 2.3 give or take a couple hundred billion whatever and weve got the daily sentiment right now is 50 over 100 people are kind of theres a little bit of ambivalence, because we dont really know where were Going i i feel like we can were going to go in a certain direction. I think q4 is going to be great and theres a lot of indicators to to say where we are going, but you have to realize. Crypto is pretty volatile and thats just how it is, and the thing thats odd to me right now is that usually, when bitcoin runs up, then theres a pullback and then it kind of flows into alts.
Well right now you got bitcoin in the last 24 hours. It is down four percent, but ethereum is down the only one thats up really is is binance coin cardanos down. Xrp is down solanas up three percent or five percent, which is amazing because its been uh kind of tanky in the last week or so, and then everything else is pretty much in the red. For the last 24 hours i mean, except for axio, infinity, never disappoints. Five percent for cosmos and this everythings just red red red. So the question then, is: why are these altcoins lagging so were gon na were gon na? Take a look at that, but first lets take a look at what i feel is a pretty good story and its a its a cautionary tale of what not to do and uh. This came about uh. This was from uh cnbc. I think it was squawk box. Yeah and what they did is they just said im just going to play the first section, real, quick and then ill, just paraphrase everything so take a listen to this its safe. This is something that becky was alluding to the last segment. Customers of coinbase, the countrys largest crypto platform are angry with the companys customer support, which is supposed to provide help, but its just led to more frustration. Heres eamon javers with a cmc investigation, crypto nightmare. I was kind of like panicked to tell you the truth. Eric and molly richardson say they saved nearly 1.
1 million dollars worth of cryptocurrency in a coinbase account, but then in july eric got an alert on his phone. The message said someone had logged on to their account eric clicked on the text logged in and soon received an email that their two factor, authentication, which verifies security settings, had been chained. Okay. So then, its gon na go on for three minutes and theyre gon na talk about how awful coinbase customer support is. Look im no fan of coinbase its just the truth, but uh in this situation, and also i dont know if you knew this, but they now have a phone line that you can call and say: hey. You know my my account has been hacked, but its kind of funny, because in this video they actually do that and the guy calls it up and theyre. Like sorry, i cant help you uh call or just send us an email and well get this rectified. Hes, like ive, already lost a million bucks, but anyhow, when youre taking a look at this. In all honesty, it is a nightmare if you have to lose a million dollars, but im just gon na be honest with you right now: um thats his fault and i know thats not very popular and uh. Of course, hes – probably not too too happy with with this situation, but in all honesty i mean when somebody this is. This is the problem and its because of of education and or lack thereof, because this is a whole new asset class theres.
A lot of different rules and that text message that he got where he logged in and they said: oh you know just must be uh coinbase and then he logged in gave him the credentials and those hackers took it and they got into his account. I can guarantee that uh when they did that he probably didnt have uh. It says two factor: authentication was changed, im pretty sure you probably didnt. Have the google authenticator on im pretty sure he didnt have like, like a a ub key im, pretty sure and it talks about in the video it didnt have anything in cold storage, so essentially what he did was he kept a million dollars plus on an exchange And uh thought: well, it should be okay, and this is the problem so like in this situation again its his fault, but i can understand why these things happen because people just dont know like. Oh, this is an asset. This is a stock. This is what im gon na and they dont they dont, really get it so uh for this. This whole story can be summed up like this. It is a nightmare because i mean to get any kind of help, uh to actually call up coinbase and say: hey things have been changed lock my account right now, so they cant take anything else out because you know its going to take a little bit of Time for them to do it once you get that you should be able to call, you should be able to do something to get in there, but it just didnt happen again.
So what do you do, but really what it comes down to? Is this youre going to have to youre going to have to have some education and youre going to have to do your due diligence? So this thing that spins above my head, constantly see that i dont know how often youve watched me. But if you have not gone to my website, dan teaches crypto its a hundred percent free. There is no hidden things like oh were were behind this pay wall or something like that 100 free. All you got to do is go to dan teachescripter.com theres, a big orange button, so start learning youre going to put in your email and name. This could be your first name. I dont really care. I dont even spam. You i never email anybody unless i add something to the website. You go to the members home heres the course modules. You click on module, 2 safety, and what you can do is just go for its right, everythings right there that you that people need. The only thing that i ask people to do is just share it with a couple of their friends, family and loved ones. So if theyre going to get into crypto at least youre a little bit prepared and theyll get scammed out by that guy, so thats just a quick psa. Let me know what you think in the comments section im sure it is is what it is and thats uh thats.
All i got for that section, so that is that now lets talk about a little strategy action, so i had put this out on twitter yesterday. I think we talked about it yesterday in the video and i talked about how ive been dollar cost averaging and buying dips for the last uh four years and uh on these huge dips. I buy pretty aggressively and over time i feel like q4 is the time to just kind of sit back and yes, there is a dip today. I can pick up some other ones at like a discount and keep going, but in all honesty, ive got some other plans and i need to do some other things and theres different asset classes that i want to get into one of those being real estate and Property, i need to do some other things in that area, just to protect myself and my family, okay, and when i was looking at this im, like you know, if im gon na just have a holding portfolio, maybe thats 95, and i cant tell you what to Do this is investment opinion on investment advice, but for me, im like why take like two or three percent do a little trading and then maybe one percent do a little gambling a little gambling called nfts and really what it comes down to is, i think, theres A lot more revenue or theres a lot more roi in nfts and whats going on there.
Not for the longevity i mean you got to be honest, but this is just so new. This is really ico. 2.0. There are some products that are make it. There are some products, a lot of products that will not, so my new strategies will take like one percent and just kind of get these nfts and that that is the big thing. So i hope that doesnt uh put anybody off but because i know on my channel i talk a lot about dollar cost averaging and just holding and that hasnt changed. You know i still huddle, i mean if theres a big dip. I will i mean a big dip. I will buy again. I will dollar cost average in, but as far as like every single day, im not doing anymore and uh. When theres new information, i tried to adapt and overcome and uh. This is where were at. So let me know what you think about the comment section now lets talk about the reason for the lagging all coins and i can kind of sum it up like this theres, so many things going on in nft and d5 world. We got to take a look at some data, so if we take a look at theres this one called d5 dashboard and ill link the website in the description but uh. If we take a look at the d5 locked 206 billion dollars, 206 billion dollars is locked up in d5 and if we switch this over to staking as an additional like 10 billion or something like that – yeah 11 billion – what it just 11 billion.
So let me take a look at these. Are all the currencies, the the crypto, the digital assets, where its locked up into and one of those uh being ave ave is huge uh. You got 16 billion locked up curve. 50, almost 16 billion maker, dow instadap, wrapped bitcoin compound convex, pancake, stuff and so on and so forth. So i mean there is that part. I think people really like um the the yield farming they like the whole d5 theyre really into it. I own ave myself im, never not never, but im not going to let go of ave for a while. I think its got a lot of room to run so theres that part and then also if we take a look at what we just talked about. As far as nfts, how do we know how big it is, besides of just people talking about all the time? Well, if we take a look at theres, a website on ether scan called gas guzzlers and its just a gas tracker, ill link it as well – and you can see here that the number one gas guzzler for ethereum is open, c and openc. Dot. Io is where you can get uh, almost all of the uh popular most popular nfts, not all, but the most popular ethereum based nfts. I think theres more of an upside in like salon, art.io and ncftc or nc. No sorry, its a cf, cnft.io and also uh avax for the things that theyre minting on their um on their platform for nfts.
But if we take a look at this look at this in the last three hours they have burned just in the fees, a half a million dollars in three hours and uh. If we can extrapolate that the second one is uniswap and we know how big that is as far as like swapping and all the gas, so if we can see where everything is headed, the question is, then, why is there somebody lagging altcoins? Well, in all honesty, i think nfts wasnt really a thing and now all of a sudden everybodys putting all their funds into these nfts. So i would think actually that ethereum would go up a little bit more but uh the other all coins wouldnt as much. But i think thats why weve seen a pretty big boost, almost a 4k for ethereum, and if we take a look back in history, this is uh. This is my discord and i think yesterday, when you guys were hearing those like little beeps. Those are probably notifications that i had on for discord. If you want to find anything about whats going on crypto, i thought crypto twitter was. I had some great information, its all on discord and you just got to get comfortable with it and uh heres, the ones that i have – and this is one from platypunks. This is from uh my my guy nick nick mancini uh. He was the one thats uh turned me onto this.
This data points actually, and he said this was back in october 5th. Look at the look at the gas guzzling and open sea just on october 5th. Today is a 12 so about a week ago 13, then, of course unit swap was number three. So we take a look at these and then heres some other data points. People are talking about how great gaming is and how gaming nfts and everything else, but if we can uh, take it out and go okay well, we can break it down between art and collectibles. This is from the block on chain analysis versus gaming uh and some of these ones. Like look in august, i mean yeah back here. It was gaming, gaming, gaming right, especially right around july or so, but now we see a little bit of a shift now its more the nft and nft craze in september is pretty halfways, but october i mean here we are so i think that all the money Is flowing into this hot new item and then the question then is well: how long is this going to go on rob? I cant tell you that i have no idea, but i can tell you this. We had a great discussion um over on alex masculis channel about what could potentially be the end point for this and lucas really smart guy uh. He was talking about just a macro economic view of whats, going on in the landscape as far as finance in general.
Breaking it down into crypto and breaking down nfts and what he talks about, makes a lot of sense and hes. Talking about you know, look just like the icos were hot. He goes, these things will roll out. Some projects will rise the top, but a lot are not going to make it and i think, thats why? For these situations, it really is what i call a gamble and thats. Why im just doing a very small amount now dont do what i do. Do your own research due diligence all that good stuff, but i see nfts being around for quite some time, watch the video yesterday as to why i think that is – and i think uh the best is yet to come and, like i said q4 is gon na. Be fireworks dont know which one its gon na be as far as the projects, but i can tell you, entities are gon na, be up there all right. So that concludes that part and then lets finish up with a little bank of england kevin oleary info. So i love these these stories. First of all, im just gon na paraphrase this whole video its about 12 minutes. I like kevin, oleary, hes, a hes, a guy that some people say hes. You know some people choice words about kevin. Whatever one thing i like about kevin is like he was a big critic of crypto and he comes out hes like hey, i was wrong.
You know i looked some data things changed boy i was. I was off on this one: im gon na go all in and hes going in, pretty heavy, not all and hes got like seven percent. He actually owns more crypto and he has gold now, which is pretty impressive. So on this stage at the salt uh conference. In new york he talked about uh. There was a couple of things. First, he said look if we get clarity for these uh for all the different products that are out there. He goes. If that we get clarity, he goes were going to see trillions of dollars flow into it. He talks about the canadian etf, the bitcoin atf. He said in a couple hours, they had billions of dollars of demand and he goes and it wasnt from institutions. It was from retail investors who were like. Oh, i guess this is safe because its an etf, its been approved by the government, so i guess i can get in theres a lot of money out there. I think that is like you know what i dont really trust this stuff and i hear about all these exploits and rug pulls, and even my man mark cuban got uh rug pulled on uh uh iron finance, so i dont want to deal with that, but an Etf, that sounds pretty good im used to etfs. I know that ive got a lot of money im gon na get into it, so that was uh one of the things when he said this is what could propel uh bitcoin 200k thats, pretty much the whole thing.
He talks about forex traders and how much he despises certain traders, its kind of funny ill link that also in the end, but this right here. I wanted to finish up with this, because there is a shifting narrative around what is going on as far as crypto stable coins, not so much but as far as like crypto. This is interesting, so this was uh a quick little article bank of england crypto assets pose limited risks, heres what they said. The bank of england says that crypto assets pose limited direct risks to the stability of the countrys financial system. They state crypto asset and associated markets and service continues to grow and to develop rapidly. Such assets are becoming increasingly integrated into the financial system. The fpc, that is the financial policy committee thats right, considers that financial institutions should take a cautious and prudent approach to any adoption of these assets. I find this a shifting narrative because before it was all like no, we cant get in this. This is a scam. This is all used for listed activities. We should never be involved in this to now its like. You know what maybe a little a limited endeavor and then later i think in a year or so, like you know what were on board were going to have you guys come in? If you want cryptocurrencies, we can. We can custody it for you, just like the americans are doing, and theyre banks well, do it over here and uh.
We all want to be a part of it because they know whats going on. They can take a look, what theyre running on the wall and go. We dont want to get blockbustered, they can either get beat by them or you can join them. So i think this is a departure from whats going on as far as the banks. They know whats going to happen then. Lastly, i want to say this. This was a great article because it says the imf, the international monetary fund, warned that the rising population of crypto posed new challenges to financial stability, saying that could reduce the ability of central banks to effectively implement monetary policy and create financial stability risk. So here what we have the imf comes up and says we dont like whats going on here. This is bad. We cant really do much with this, so were gon na, say its awful and the banks, like all right well be on board with that, because you know were kind of uh in cahoots together and now theyre like wait. A second everybody wants this stuff and if we dont get on board theyre, just gon na leave us behind. Do they really really need banks in all honesty, im, just waiting for the first exchange to give me a debit card. Maybe i should go to krypto.com uh, because uh then my bank is done. I dont need a bank. I can just pay for everything in my debit as long as they have ach, i can pay my bills im good to go so in this situation.
Imf, central banks and theyre separating well see what the fight is the cbdc, and that is it. So look a lot of information today. If you made it this far, i want to say thanks for sticking with me. I really appreciate it if you like these types of videos, go and give it a thumbs up. Give it a like consider. Subscribing everything we talk about is time sensitive every single day, but that is it for this one. So thanks so much.