Please subscribe the channel, i dont know if theres an unlike button, but i would hit it. I would smash the out of the unlike button for crypto and for myself at the moment, to be quite frank, uh, like i said, i have been uh a victim. I guess well call it, although i take full responsibility for all of my own decisions. So none of us are really victims right. We we knew the risks and we took them uh, but its seemingly been bad news, followed by bad news, followed by bad news on a day to day basis and listen id rather be uh. Dealing with that uh. On my own, but obviously i have a responsibility to you guys to my audience. I know that a lot of you are going through it too and want to share your stories and hear whats going on with me. So listen. We should probably start from the beginning right, obviously theres people here who maybe have not been paying attention to whats going on or dont really know the whole story so ill. Give you the very abridged version of the contagion in crypto thats happening. Obviously largely this started with luna the collapse of their algorithmic stablecoin ust uh, and that entire ecosystem effectively going to zero right now, uh most of you probably suffered through that uh, but we thought that maybe those losses were gon na be limited. Some of us im not gon na name names, uh, went on national tv on fox business and said how impressive it was that the crypto market had contained that contagion.

Free market had continue on so like im, not going to name names but forever. Whoever that was looking at that clip is probably pretty embarrassing in retrospect, not saying who it was so it was me thats me right and so obviously, three arrows capital we all know now was massively exposed to luna uh, maybe a half a billion dollars. A lot of conjecture, they also had extreme leverage longs, of course, that half a billion dollars worth about 600 bucks. Now they were extremely over leveraged. They were taking loans from everyone in the business and for whatever reason three arrows capital was effectively viewed as like the most stable and amazing counterparty. You could possibly lend money to ever in the crypto space block file, lent them a billion, although that was over collateralized at 1.3 billion with crypto assets, so it ended up being under collateralized by the time those assets dropped, but at least block fi had the presence Of mind to do a collateralized and were the first to liquidate them, but lets not pretend that block fight, wasnt a hairs breath away from complete and utter destruction right and then we found out that voyager had about 700 million loaned to them, which was largely uncollateralized Right and so voyager went ahead when three hours, capital and now listen zeros capital, seemingly probably lied to everyone. They probably cooked their books, said that they were solvent. Nobody was giving them a loan without them lying basically, but that doesnt matter everybody has to be aware of the risks and voyager.

Obviously, who ive been with since day one as a customer. It is my main off ramp. It was my crypto bank account um. They obviously had a huge loan there and now that three hours capital, even though they called in that loan and threatened with lawyers and all that three hours capital has declared chapter 15 bankruptcy and therefore that moneys probably gon na, be locked up for a very long Time so now were looking at three hours, capital and then voyager and then seemingly theres just been this sort of babble involved. Of course, vault whos long been a sponsor. Yes, i had money involved because, as i told you guys, if im going to have a sponsor im going to have skin in the game, so could i have removed it? Yes, theyre my sponsor so uh and the money i got paid to sponsor is gone on. Vault for now right, but well get into that news and of course, of course, though ive always talked about the fact that you need to understand your risk manage your risk, so the money that i had on uh these platforms was a percentage. The bulk of my bitcoin, of course, is in cold storage, not the case for everything else right so heres heres, most of my ethereum is now temporarily well say i dont know if voyager will make it right gone, my salon is gone. Some of my bitcoin is gone and a lot of the things that i got paid with usdc gone right, so its an interesting story in risk management right because the voyager for me was my off ramp.

I have millions of dollars in there to be transparent, right and most of my liquidity in the crypto market. When i talk about having 15 of my portfolio in usdc, etc, all these other things thats the kind of places that this money was parked right, and so, when celsius went down, i obviously hit them up hit up vauld every day, whats going on well celsius was Gambling and defy its a shame theyre, giving the whole industry a bad name and listen to some degree. Obviously, people panicked from these other platforms, whether justified or not because of what was happening with celsius and started to to take their money off in a bank run. But that doesnt excuse, obviously the massive amount of capital lend to 3ac, but these assurances, you know, were different thats, not even the same business model, all those things and listen. These theyve been my friends for a very long time. I believed in it and frankly they one day, as you know, the withdrawal limits just decreased to ten thousand dollars a day, anyways uh, so i didnt have an option to remove it. Even if i wanted to now think about this fact too, like say that you uh were trading and you always were responsible and you put your usdc aside. You know you make some money on a trade get paid in bitcoin, whatever any of these things, and then some of the money that you made you sell 40 of it put it in usdc for your taxes, good risk management right, not if that money disappears right Now, if that money disappears, so yeah big mistakes were made, and usually it was a matter of trust right uh.

I dont think any of these guys are bad people. I think they all genuinely are doing their best and i have certain hope that uh we will see our funds back, but you know, like any of you, im down the same situation, no response from anyone once it all went down. Zero im. Sure the lawyer said: dont talk to anyone, zero, preferential treatment, same situation, millions of dollars locked – and this was the core of obviously, like my active liquidity uh in crypto, my business right, listen! Yes, i lost a sponsor thats. I dont i dont care about that, but the money that i got paid is also effectively gone right because to be to to have skin in the game. I put put it on their platform, you know so the bottom line is were at a point where you really have to think about where you put your coins and how you behave as a custodian right. I think thats very obvious. I i think there that a lot of exchanges are probably very safe. This is obviously in the lending protocol, but if youre not actively using those coins, just take them off the exchange now, for me, i always believed ill. Take my bulk of my bitcoin off put it in multi sig and store it its a great storage solution. Erc20 tokens dont really have like yeah hardware, wallet, of course, which a lot of its on they dont have sort of the same, like multi, sig, really safe, sort of protocol, theres nightmares with those situations.

So a lot of that was sitting for me on these platforms. Unfortunately, so, like any of you listen theres, the hey, will i ever get my money back right and then b like if i dont the human mind. Of course you can only think one way and thats like when this all goes up ten times. Think about how disappointing those losses will be right, uh having a bunch of ethereum disappear at a thousand. If you think its going to 10 000 is an extra hit and, like i said im not saying these coins are gone for anyone. I do believe that there are a lot of willing suitors for these companies lets just say that the vultures are circling. I think it would be fair to say and that there will probably be bailouts of the best platforms. Well talk about some of the news. Of course, but yeah i mean the moral of the story at this point. Is that, like this contagion, which was sort of like laughed off it made it all the way down to every level? I think of the crypto space to every individual, which was unexpected, but certainly like im sure youtubers losing their money and influencers and companies, and literally everyone right and so yeah heres a good question. Can you claim it as a loss on your tax? Not that im, aware of because those coins havent been sold so shes gon na still own taxes on all that right.

So listen, i dont know how all of this is gon na end. Uh im certainly sorry that any of us myself, any of you, are in this boat, and i can say that, like i felt the sort of after effects of it, this was sort of the final straw. Obviously, is this happening, but ive had investments where i wasnt, you know exposed to something, but things i was invested in were exposed to it and lost money. There right, i found very creative ways, uh to to sort of be exposed to things that i thought. Uh was well managed, and i, and so i dont know if you guys have ever read the book – anti fragile, listen its hard to uh quote talib these days, because hes become such a bitcoin hater but uh. You know one of the core concepts, obviously of being anti fragile and risk management. Is the unknown unknowns right? The idea that youre managing risk based on what you have seen as a worst case scenario in the past, or what you assume but youre, rarely your companies or people managing it for that black swan event, thats something youve never seen before right, and so i think, For a lot of us, we thought we were managing our risk moving some money into usd taking profits.

https://www.youtube.com/watch?v=AP4VuhtpCc4