Polkadot Released! DeFi , Yield Farming, and Cryptocurrency Update

I'm doing this right now. I have to apologize because yesterday I really wanted to make a video but I just got so busy I just couldn't make one. So I'm just making it up for you guys, giving you guys an update on what's happening in the cryptocurrency front. While it doesn't look too much on the markets, I mean if you actually look at it, not too much has happened with Bitcoin and Ethereum, but a lot has happened on the China front because one of the biggest projects that was getting a lot of hype, a lot of investments in China was Polkadot or is Polkadot rather. And Polkadot just did a listing on multiple exchanges, Kraken, Binance, OKEx, Wallaby, etc. And that was a big sigh of relief for a lot of Chinese people because, well, they invested heavy, heavy bags, but it's launching at around $300 pre-split or $3 post-split for Polkadot and that's a giant relief for a lot of Chinese investors. So I thought I might just include that into today's update and we'll do a little bit of a look in China as well because this week two pieces of news were surfacing. One is China's digital currency, DCEP, DCEP. This is the Chinese national level digital currency. This is the one that's one-to-one to the Chinese currency, the renminbi. It's launched by the central bank of China, the governing body called the People's Bank of China. And this coin is, well, not coin, this currency, digital currency is launching, but it has a lot of similarities with Bitcoin. In fact, even in the CCTV video, so this is actually on live national TV, they give credits for Bitcoin for inventing this technology. So we'll cover a little bit of that and what was covered in Chinese media and what this kind of launch or close to launch of DCEP actually means for all of us here. We're also going to talk about the Chinese blockchain service network. There was a split here and I thought might as well just focus this entire episode very close to China because why the hell not? It makes a very big difference. So we'll talk about all that here in today's mini update episode for you guys. Now, if you guys are coming in, make sure you smash up that like button. It is a very impromptu stream. So we really want to get the stream up and running and more people to get involved. Smash that like button up and share it if possible. I mean, if you guys want updates like this, do it more frequently, share it because then it makes it more worth my time. to do videos like this. Anyways, guys, without further ado, let's get started. And before we start, I'm going to tell you a bit about my podcast in my most commercial voice possible for that mini commercial break. Let's do that. So let's get started. Bitcoin out of the box. It is my podcast and it features a lot of really great interviews. We have CZ, Binance Exchange CEO. We got Sam from FTX. We got Bobby Ng, CoinGecko. This is a podcast you can listen to on the go when you're running in the car, whatnot. It has all the really great content that we have here. And some of these are very exclusive interviews. They're not found on this channel. So make sure you check out Bitcoin out of the box. You can search for it or just click the link down below. And it's on podcast. Like it's on Apple podcast. It's on Spotify. It's pretty much on every single platforms. It's like a multi-platform podcast launch. So even Google podcast, just find it there. So whatever your favorite podcast platform is, search Bitcoin out of the box and you'll be in a happy puppy. Anyways. Okay. Let's go straight to the markets right now to find out what is going on. And so in terms of the overall markets, we had a little bit of a dip. So Bitcoin rallied up past 12K, but now it's taking a little bit of a pause. Ethereum also as well. It was at 440 earlier this week, but we're dropping. We're dipping a little bit in the past 24 hours. And I think this is part of the game. I feel like there is this rumor going around that we might have a major drop before we rally again. And I actually do believe that we should prepare for that at the very least. I actually think that is very, very possible. I mean, crypto is extremely violent and there are parts of crypto right now. So not financial advice, obviously that are extremely euphoric right now. Like they are, like, especially in the DeFi field, there are a lot of people who made a ton of money. And when it comes to that, you just have to be extremely careful because with all that euphoria, we see this negative movement of just too much craziness going on. There's just active talks of where, you know, it's aggressively doing everything. So I feel like there is a possibility that we might hit this kind of pullback a little bit, kind of shake a few of those weaker hands out. So I'm actively preparing for that just in case it does happen. So I'm, you know, I'm ready. It's it. And a lot of people are asking me, how does this really compare? You know, does this compare to 2017? It actually really does. Because in 2017, we had a major rally like this, kind of a little burst rally at the start. People got very kind of cooperative. We see the same kind of mentality going. It's like this market is suddenly shifting. People are very happy. They're ecstatic. They're cooperative now. But then there was a mini dip kind of early on in 2017. There was a phase when I just messaged Ivan on tech. Oh my God, is this over? Is, you know, should we stop making YouTube videos now? And then we're a little bit scared for a sec. And then boom, crypto popped right back again in around October's time. So I'm making a little bit of preparations just in case there is a mini dip or a major dip like that and a pullback until I feel like this time, all right, this year, I actually feel quite optimistic for Bitcoin. I think long-term, I'm very, very bullish. And the reason why is because politics this year has been just a big mess. It's to a point where I don't want to read it on a daily basis, but I know what's going on. The whole US versus China war, that's going to spark a huge amount of fear in a lot of people. Right now, just if you look at an example, this has been blowing up quite big in Hong Kong, which is recently US blocked the accounts of 11 people. So 11 Chinese people, their accounts, including the chief executive of Hong Kong, she's her bank accounts in the US have been completely cut off because of this whole political tension thing because of what's going on in Hong Kong. And then immediately China responded by blocking 11 accounts of US senators, right? So this is like a bank account blocking war. Now, this is really, for me, just kind of a litmus test, a kind of indicator of what's to happen next. This is all centralized. Banking right now and that financial system is all centralized. Now, political people, rich people, their accounts can start getting banned or blocked or locked for political reasons. And Bitcoin becomes a solution to that. Bitcoin, there's no one in control of that. It's decentralized. And that's the power of it. I think people are going to start to realize. And if that's not a wake up call to how messed up the banking system is, I don't really know what is. I think it will take a while for people to realize this. And I was talking about this all this way during the whole coronavirus thing, during this whole tension thing. I was saying, you know, Bitcoin, Ethereum, the whole crypto shebang, it's finding a lot more value now because people are realizing that you need a decentralized network to control finance. So that way finance is not in the hands of a single party, a single member. And then also you need, well, you can replace a centralized finance world. And that's where DeFi is going right now. So I'm like, I'm super optimistic about this, but at the same time, I'm also bracing myself for just a potential kind of rocky bumps along the way, because obviously there's sometimes a bit too much hype. Anyways, let's move on to a little bit of a centralized front, but that's something that's quite interesting. So China, they're launching their currency called DCEP. It's a digital version of the renminbi. So this is a video that I'll play over here. Let me throw that on. So this is actually posted by Alice Crypto. Thank you for cutting this video to a perfect time for us. So this video was featured in CCTV2. So if you guys know what CCTV2 is, it is the national channel. It's the company's mouthpiece. It's not a company's mouthpiece, the party's mouthpiece. It's national TV is broadcast to everyone. And this one directly talks about DCEP. So let's give it a quick look. I'll translate it as it goes. As it goes. All right. So very quickly, this guy just talking about digital currencies, and he's talking about the digital form of the renminbi. So this is what they're basically previewing the launch of it, right? Interesting. I mean, I paused it right at the Bitcoin level. So in the front, they're talking, you know, they have the shots of the People's Bank of China. This is the highest authority bank in China. There's shots of renminbi. And they're talking about, okay, what is this? This is essentially a direct digital version of the renminbi. And then here, they actually give credits to Bitcoin, which is really, really interesting. Okay. So here they really say, okay, look, Bitcoin has once started this digital currency revolution, but at the same time, it doesn't have any country to back it, right? It's not backed by any single entity. It's an entity. It's decentralized, and there's no real sovereignty over it. Now they're saying, oh, this DCEP thing, what they're creating right now, they're launching China. It's backed by the People's Bank of China. Yet again, they flash those images of the authority in China, right? So they flash People's Bank of China. They flash these images. They flash people counting money. So they're already trying to brace Chinese citizens. So this is on national TV. They're trying to brace Chinese citizens to the formal adoption of a digital version of the renminbi. So the rest of the video, I'm not going to play all in Chinese because obviously, I'm just checking out. I'll put a full Twitter link in a sec, but they're mostly talking about the need to replace digital currency. And they're also talking about the tap pay method. So with DCEP, oh, whoops, let me just put that image on. So, so this is the images they're going for. They're talking about digital currency. They're talking about Alipay, WeChat pay, and this is becoming something that could be incorporated into that. And then they're also talking a little bit about the touch feature. So one thing about DCEP is that it's not really blockchain either. There's a new feature with DCEP that allows people to transfer money by just tapping two phones together. So like it's like an NFT offline payment solution, which is one of the key advantages of this. So some of the take homes from this, I found this to be extremely interesting because China is pushing this very, very aggressively forward. And it also means a lot for the whole digital currency space, even though it's not blockchain. So let's calm our horses down a little bit. It's not blockchain. It's your own variant. It's also centralized. So it's centralized blockchain, but sovereign currency. What I really take from home from this is that China is going to push this and all. Second of all, it's going to get people very used and accustomed to digital currencies in China. This is very important because getting crossing that barrier, crossing the border between a bank that keeps sovereignty over our funds to a pure digital currency that we keep our own sovereignty over, that's a very important bridge that crosses people's minds. So this is where this whole DCEP thing matters. China is obviously making a few big, big plays here. And they wouldn't put this on national level TV if they're not committed 100% already. I think this is something that a lot of people, opponents of DCEP or people who were looking at it were saying, you know, maybe China won't launch this at all. But now they're fully committed. They're saying, look, this is on national TV. We're putting this out. We're bracing our citizens for it. And in fact, in terms of launches, they've already said the few cities that they're going to launch it at. So they're going to do the four plus one method. This is also on national TV as well. So they're going to do Shenzhen, Shuzhou, Shungan, Qinghui, Shenzhen, and this new area that they're coming out with. So it's four plus one. But what's important here is that they're going to start ruling this out. They're going to start getting average people accustomed to using digital currencies. And in terms of the crypto side, it's also quite interesting. And here, I think I'll have to just slam the brakes down for everyone a little bit as well. I've seen a lot of crypto projects say that they'll support bridging DCEP onto their platform or some way. So this could be a possibility, right? Because DCEP has some technological infrastructure that's based on blockchain. So people have stated that it's based on UTXO transaction models. So that could be interesting. But the full technical details of DCEP has not yet been released. So we don't really know how it can be bridged over and if that is possible at this current point. So I'll slam down the brakes a little bit. But it'll be very, very interesting if you can form that sort of cross-chain bridge between DCEP and what we have here in terms of cryptocurrencies. So that's kind of boiling in the back. And this is why you want to spend a little time understanding what DCEP is. And also at the same time, it could be a very interesting model for every country to do as well. I mean, we've seen Russia also jump on board to this idea of a digital version of the ruble. We saw Canada doing the same thing as well. So if China's experiment succeeds, maybe every other country is going to do the same thing. And then we're going to have all these bridges that can cross into the whole blockchain realm. Maybe. I've seen a few projects really jump onto this and be like, I mean, oh, the first project to launch on DCEP. I just want to also slam one break as well, which is right now, China is extremely crypto unfriendly right now. That's just a fact. So because of the fact that there's a lot of Chinese scams right now, most of the crypto circles are underground. They're in private WeChat groups and they limit the sizes of those WeChat groups so it doesn't get out of control. And also we've been hearing quite recently that China has been cloying bank accounts related to cryptocurrency transfers. This is because recently, if you kind of remember in 2017, they said no to ICOs. They say no to crypto exchanges. That's why OKEx and Huobi had to just get out of the country really fast. They had legit bank accounts and stuff over there. They had legit trading volume, but all of a sudden now get out. All right. And now even the OTCs could be potentially targeted. So China has become quite crypto unfriendly in terms of what everything's doing. That's it. It's still going on. OK, because, you know, Chinese people, they like breaking rules and stuff. It's still going on, but it's more or less underground and everything is moving over the counter. So OTC rather than that. So on that front as well, I want to say something about China's blockchain service network. I'm not sure if you guys have followed this recently, but this also gives you an indication of how quite unfriendly it is. So China, they were building this giant blockchain service network, the BSN. So this was meant to be a national level effort. In fact, Xi, President Xi literally said blockchain is one of the main criteria areas to push for China itself to push on a national level. And everyone assumed that would be the China's blockchain service network. So I actually done interviews with Reddate as well for a few of my talks and understood that the blockchain service network infrastructure was originally intended to include every single sort of blockchain. So Bitcoin, Ethereum, it doesn't matter. It just allows all these blockchains to communicate together to make this nationwide effort. But recently, so this is on my website, I posted this news up. This was on July the 23rd, but they split because China, the state level, they're very worried about public blockchain. So that's Bitcoin, Ethereum, whatever, anything that's open to the public and they cannot have full control over, right, they will not include into what is known as BSN China. So blockchain service network has now split into BSN China and BSN International. The China version will not include any public blockchains. That's just the way it is. They don't want any currency speculation. They don't want people to get involved. This is why coins, like, which is why, like, projects, like, you probably heard about Alibaba before, right? Giant company. They also have their chain. It's called Ant Chain. But Ant Chain doesn't have any coins, right? There's a specific reason for that. So all these big companies, even Tencent has a blockchain accelerator. Alibaba has a blockchain accelerator. Baidu has Zuper chain. I'm not sure if you guys follow that. But all these chains do not have relevant coins. It's just because it's very, very taboo in China. State does not allow that. So on that level, even the BSN China, they'll bridge everything together. But this will be the one that gets national support. And then the BSN International, this will be the consortium led by Red Dead Technologies. They can include anything Ethereum, EOS, Nervos, LinkedIn, LinkChain, Tezos, NEO, whatever. International can include everything else. But yeah, China side, anything that's touches the state, anything that touches their banks, that's not going to be blockchain. So this is like kind of the push and pull. I don't want to say everything is good, right? Because a lot of people, I think they're going to use this as, oh my God, everything's good. DCEP's going to launch, it's going to pump crypto, blah, blah, blah. I think it's going to increase a lot of awareness for crypto. But at the same time, China's slamming hardcore on the brakes. On anything with coins, they're just slamming down hardcore on. Yeah. So I think that's kind of the case. I think I covered as much as I can on that. And then finally, on the node of Polkadot as well. So I think on the node of China, everyone was looking at Polkadot. Polkadot was one of the biggest hypes in China. So on that node as well. So this is kind of interesting, right? So I posted this in July and I will update this a little bit. But this gives you an idea of what's happening in China. It's kind of interesting. And this still applies today. So a lot of people, they really, really like Western projects right now. So China themselves, they're a little bit afraid of other Chinese scams. If you guys kind of watch how savage China can get, it's pretty savage. So in terms of Chinese people, they're like, oh, they have this kind of Western fever right now. They love Westerners. So this is kind of funny. I shared this video before and it does happen. This is not sanctioned. I just want to say again, Cardano Foundation got really pissed off at me for showing this video, but this is not sanctioned by the Cardano Foundation. But these are blockchain promoters and they kind of, you know, they target these very, very rich farmers. They target kind of people who came across money very quickly. And Chinese has a lot of rich farmers, mostly because they own land. So if they own land and they manage to sell it to the government, they're instant billionaires or instant millionaires in that sense. So they target these people. And then they basically what happens is they choose a project and then they try to sell that coin OTC to people. So they might like these blockchain promoters will probably make money as well. Like they'll probably charge a commission fee on the side and they'll give them a coin. And that's how coins get promoted in China. But anyway, so that's what was happening. And then recently, of course, obviously Polkadot was very, very pushed as well. A lot of Chinese invested in Polkadot. It's like one of the favorite Chinese coins, like Polkadot, Filecoin, Cosmos, Tezos, Kusama. Very, very hot. And a lot of the whole Polkadot ecosystem as well. So anyways, going on that, why it's relevant is that Polkadot finally launched yesterday. So the coin itself is finally transferable. And then now you can see new and old Polkadot. But what's the deal with Polkadot is that it's all about kind of blockchain transfers, like it allows for, it's like kind of, it's done by Gavin Wood, who is a creator of, who was one of the co-creators of Ethereum. I have to correct my language before people get angry. But anyways, he created Polkadot. It's just a lot of talk about cross-chain interoperability, being able to swap across chain, and they have a whole entire ecosystem too. So what to watch out for on Polkadot is that right now there is a pending Polkadot split. So the old Polkadot is worth around $300 right now. It's trading at $300. And there's a 1 to 100 split. So some exchanges, they have the old one, they have the old price, which is $300. And in some exchanges, they listed it as the new price, which is after the 1 to 100 split, which is around $3. So just be aware of this. Now, what's my take on Polkadot? So personally, I did not have any, Polkadot exposure. I didn't buy into it. But I do know a lot of Chinese investors who either got into Polkadot at $20, $60, $80, $120. I think there were quite a few people who got in, and I want to congratulate them if they did. I mean, it's a case where their gamble paid off. So I think there'll be a lot of very happy Chinese. I think a lot of Chinese are pretty happy that they managed to unlock and managed to cash out at around $300. The ecosystem is now in the hands of the entire community. We'll have to see where Bo builds. But now it's going to be interesting. I'm actually going to be thinking like maybe if people are cashing out, they'll be quite euphoric. And maybe they'll probably run into other Polkadot ecosystems. So that was a kind of a type around Mantra DAO, around Ring, around Keitan, around Kusama. Those are projects related to Polkadot. And I think, you know, if crypto was a video game, this would be the Polkadot expansion, right? This would be the release of this new coin, this new ecosystem and new things for people to flock onto. It'll be very interesting to watch what happens. I have minor exposure to Polkadot related projects. So we'll have to see how that goes. Yeah. Silver Backstacker says, how the heck do I turn my old dot into new dot? So I think if you're on an exchange, they do it all for you automatically. So a lot of exchanges, they have their own policy. I know Binance, they have the, if you buy Polkadot, it's already split, but there is going to be a network split happening. I technically, I'll be honest with you guys. I did not look at the mechanics of the split. I don't actually own any Polkadot. But I, from the network side, if you own it, you know, Polkadot wallet, it'll split. And then if you want to split it on the exchange, exchanges will do it for you. So I hope that answers your question. Now we'll do some Q&A about what's happening. We've got Young Keanu says, crypto is a video game. It really does feel like a video game sometimes, especially with all the memes popping left, right, and center. It's a little bit crazy. It's a little bit crazy. So yeah. We got Ryan Parentis as well, already has a market cap around $3 billion. Yep. Polkadot's just automatically going to pop up on the top 10 list right here. So it's going to comfortably sit roughly, okay, roughly around, okay, maybe not top 10, maybe top 20. It's going to sit there and it's going to be very interesting. It's going to be very interesting. I think it's one of those coins, like, in the West, like, if you look at the Western Telegram communities, like, the exposure to Polkadot slowly grew. But in China, it's like all the rage, right? It's the same thing with Filecoin. Filecoin didn't really take off in the West yet. Like, I know, like, they raised an ICO around 2017. Hong Kong was very, very into Filecoin in a certain period of time. But, like, it lost momentum, but it kept the momentum going in China, which is very interesting. But, I don't know, that's kind of life as it is. Anyway, so answering a few questions, someone asked about the whole take on LINK. So I feel like LINK is a very, very volatile coin, Chainlink. So it rose phenomenally. So I think a lot of people were, like, freaking out that it dropped and went up. I think it's one of those situations where, like, not financial advice yet again. I have to always brace myself for this. But personally, the whole altcoin space is highly, highly volatile. The way I see it is recently I've been trying to force myself to think more about what a whale would do. Because the problem with what's happening a lot is that a lot of people are taking news and feeling that partnerships or news and stuff matter. But a lot of times, news doesn't really matter. It's what the whales do with the news that matters. It's really hard to describe it. But I feel like it comes to experience. Like, crypto is highly, highly volatile. And there's a lot of whale action with LINK. And that's what I kind of figured. I mean, I did have LINK exposure. I did start farming a YF LINK. I think that was what got me into LINK. And I did manage it by LINK at around $9. But at the same time, I'm kind of sensing, I'm trying to get a sense of what the whale movements are for LINK. And there's a ton because right now there's that war between Zeus Capital and LINK. And I think the whole situation with Zeus Capital was they made a very big mistake shorting LINK when it's, like, kind of at full speed momentum, right? So this is what a lot of stupid funds do. They feel like, okay, look, the market's irrational. Let me short this irrational market. But there's a famous saying that goes, the market can remain irrational longer than it can remain solvent. So it's like people who are, like, highly gambling in this situation, that is not the smartest thing to do right now. Like, I think having exposure to coins, I mean, you know, play at your own risk, right? I think something for this channel as well is that we're going to get our big boys pants on, you know, the whole space. I think there's a, there's a mentality where Maximus are trying to protect people from crypto. I kind of realized that crypto is crypto. It's insanity. It's insanity. It's what it is, right? If you're trying to stop what crypto is doing, I think you're trying to fight. You're fighting a river with a spoon, right? The river is going to run. The flow is going to flow, right? And I think for me, at the very least, at least starting from around five weeks ago, I kind of shifted my mentality from getting my head stuck in the sand, being all leaders to being, okay, look, I'm going to join every single chat group. I'm going to be in a hundred chat groups. I'm going to figure out everything that's going on. I'm going to be on top of the game. I'm going to be a winner here. And I think that's the mentality that I wanted and it worked freaking well so far. So, and yes, I, I, I did screw up a few things, right? I, I did, I screwed up and speculated on Yam, screwed up, lost like four days worth of net worth there. I was like, Oh no, I'm crying. I'm so sad. But does that mean I'm going to stop? No. Right. Pick myself up. Bam. Like be on top of the game, right? Now it's everything going to be great. And if every project is going to work, no, I'm going to make more mistakes in the future. Absolutely. Like this space, like right now, like I'm reading white papers at the rate of about three white papers per day. There's so many scams out there. Like some white papers I read and I just want to throw up. Right. And it's just disgusting. So I think this, this space is going to be filled with scams. Absolutely. And you just have to be very, very careful. You got to have your big boys pants on. You got to have a set strategy and you know, be smart about it. And, uh, I will recommend you to go into telegram group. So we have a telegram group where we do chat and discuss a lot of stuff, but currently it's closed. So currently it's not open to new invites. Uh, we'll probably open up to new invites next week. This is primarily to read out spammers. So we have a high quality of discussion. I realized that high quality discussion matters a lot. It's not just about having a large number of people in a discussion group as well. Having high quality people who can analyze the situation, who doesn't get stuck. Like, okay, I know this is a big rant, but I've been seeing this a lot recently where a lot of people just get stuck in the rants, especially recently. There was this big debate between Vitalik and the Samsung mall who are both people I actually respect in the space. Um, I met Samsung very, very early on in fact, before crypto in gaming. Uh, so, you know, Samsung really, really respect him for that, uh, for getting in, being an influence fleet. And I'm trying to help out with infinite fleet as well. Love that guy, but Vitalik too. I mean, this guy is super smart, but the same time, they're just debating Bitcoin versus Ethereum. This is the dumbest thing to debate in this world. It's the stupidest, like biggest waste of time ever because at the end of the day, there are two different projects, right? Bitcoin is more on the currency side. Ethereum is more than an experimental smart contract, making dApps happen, making DeFi happen. They're completely different projects. Stop debating. It's the stupid, I don't even know why people are watching this BS. Like if you watch it, it's like an hour of your time gone, right? This is an hour during the bull market. You just wasted an hour on a senseless dumb debate. I like, it's like people are watching Peter Schiff, right? Or watching Bitcoin maximalist. It's like, you're just wasting your time. This time, like you guys know I'm working like at full on speed. I'm making like four calls a day for different people. I am making those connections happening. I am trying to connect people, learn valuable information. I'm reading white papers. I'm investing in projects. Like if you want to waste four hours or five hours of your time debating garbage, go ahead. You know, like that's not me and I've identified that as toxic behavior. Like don't, don't do it. Don't, don't, don't bother. Don't bother doing it. It's a, it's the dumbest thing. Oh, anyways, anyways, my rant is over. I'm done with debating this stuff. Like I'm unfollowing anyone who is like overly political, overly, um, just debating points. Like if the, if the, if the debate is concluded, conclude it and move on and just be on a next step because you can't just go constantly look over your back and crypto like that's the worst mentality in the world. So anyways, that's, that's me. That's why my current take on it. Um, I made a list of all the things that are time wasters right now. Um, right, right now, politics, big, big time waster. I do not follow Hong Kong politics. It's a big mess right now or us politics. There's no, what's generally going on. Give me a rundown call a day. Don't get angry. Don't get emotional over it. We also got maximalism like this whole mentality that Bitcoin is the best. Everything else is trash or gold is the best. Everything else trash. Get over it. Um, same with TV games. I know this is hard for me, TV and video games, big waste of time. All right. You're watching TV when you could be reading a white paper. Why? Right. Go read a freaking white paper. All right. Go find out what the real cost was, what's this in the private sale so you don't get scammed. Right. This all takes time. And if you're wasting time watching TV, playing video games, like, like I said, like right before this bull run, all right, I was playing video games. I was playing like three hours. I was getting coaching for legal legends. I was like full on into video games. And when the bull market started, like when I heard that rumble, I'm like, I'm going to quit all of that done. Like right now is the time for crypto. It's time for crypto. It's time to shine. Like when the bear market comes, go, go take, go take a break. I'm going to take a giant break after the bull market's over. Like after this in the bear market, I'm like, I'm going to go to Thailand. I've already planned out. I'm not going to buy like a, like a really nice, just two story tree houses. Those are amazing. Go back to Bali, go vacation in Europe. That stuff can wait right now. It's a time for crypto. Anyways. Okay. That's, that's me, but we got young pirate, uh, silent pirate pirates is, but fortnight. Okay. Maybe, maybe an hour of fortnight, but that's it. You know, cut that off, cut that off, cut that shit off. All right. So, um, pretty much done for today. I've been talking about a lot about China. I wanted to keep this episode a little bit shorter. Um, right now, a lot of people are asking for requests. So in terms of the episodes and the content coming up very soon, there is actually a really cool debate coming up. This debate is the debate between Orion and KuCoin. So this is the, this is the banner for it. A lot of people really like it. A lot of people really hate it. But anyways, this is from, for, with Alicia Cal, senior partner at KuCoin, Orion, that's coming on releasing later tonight. So be excited for that. Make sure you're on notification squad. And you guys know, if you want to win a free t-shirt, new t-shirts are coming and notification squad. If you're part of notification, it's basically when new note videos come out, type hashtag notification squad, and you will get a chance to win a t-shirt. So that's pretty cool. Uh, we got infinity beyond LOL coaching for like, dude, coaching for league is important, man. I was like, like, it was like, like you want to sell the game. You got to be coached, man. That's, that's a key. Um, we got some of the Aquarius is box mining, calling hex a scam, even though it's got three audits and then lose 40,000, a scam with zero scan with audibility. Sorry, with zero in a scam with zero audits. No, it's not about the number of audits. It's about essentially, even if you have infinite audits, right? So even if you have infinite security audits, if it's a pyramid, it's a pyramid, right? And the thing is, you got to find some form of value. And the thing is, a lot of times meme coins don't have value. That's just a fact, right? And I'll classify hex as a meme coin as well. And it's almost just as bad as yam. Yam is also bad too. But the key here was that with yam, you get it for free. That's the thing with yield farming. With yield farming, you get these coins for free. And as long as you don't lose your principal, as long as a contract doesn't get broken, like the staking contract doesn't get broken, you get these coins for free. And yes, I did screw up by speculating on it. That was my mistake. But at the same time, I got a lot of yam for free. So why not? The problem with hex is that not only are you paying for your hex, but you're also giving Richard Hart 20%. If you want to do it, you do it. So yeah, so that's my current take on it. I know that I talk about meme coins quite a bit nowadays. All right, here's my take on it. Meme coins are fun. I mean, recently, I'm talking about meme coins. There's quite a few, right? So, meme coins, I will classify this as something like pork chop. So I'm not even sure where the website for pork chop is. Spaghetti, spag, I think it's past, it's like the past, the pasta one. Give me a sec. Let me find a link for it before, before it's too late. Also, I forgot about, talk about yield farming. I'll talk a little bit about yield farming. Why not? Whilst we're, we're still at this. So here, let me throw this on pasta, pasta, with the British accent, can't do British accent. So pasta. So pasta is one of those coins. If you stake one of these coins, you get pasta for free. So yet again, it's one of those situations where it's a yield farming project. I will talk about it. But at the same time, if you're, if you're no me, I'm no longer really entering unit swap pools, unless I believe in a project or unless I think there's something going on with the project. So pasta will clearly classify it as a meme coin. It's got a bunch of pasta memes for it. And if you get, like, if you put your wifey in, or if you put your link in, then you get coins for free. And I think, you know, that's what people like doing. And there's no point for me to ignore free money. I think that's the mentality. Am I going to support and say, oh, look, pasta has a future. I'm not going to say that, but I'm also going to say, yo, if you want to make some pasta and create some pasta or farm some pasta, sure. Why not? I'm not against that. So there, why, why it's called alpha, why everyone's going over alpha is because when you deposit your coins in, you don't, they don't buy the currency. You just deposit it, stake it technically, and then you get coins on top. And then when we draw it, you still get your original points. This is very different from Bitconnect where you actually have to buy Bitconnect, right? Or you have to go for hex. You have to buy hex. When you buy hex, you're exposed to a lot of beta risk, which is if the currency just drops 99% in value and just flatlines and dives, you're screwed, right? This is when people lose their houses and stuff. Here's a little bit different. The risk is very, very different. The risk profile is such that if you deposit in and the contract A has a flaw in it or has a backdoor in it, you're going to lose everything, which is why you have to be very careful. But if the contract holds, which is the case with Y fee, it's the case with Y F F I Y F I I, all the Y fees, even YAM, the contracts all held. So no one, no farmers lost their money, right? This is the big difference. You get the free coins, right? What did these free coins go up or down your value? If they crash to zero, still whatever, right? You just lost one day of farming time. You just lost your time, but not your money. Anyways, long story short, but with this guys also be very careful. There have been a lot of new farming projects that are intentionally scamming farmers. That is, they do have contracts where if you deposit money into it, they will steal everything. So field farming is extremely not user-friendly. It is extremely, extremely hard and just play your own risk. So I'll leave it as that. I mean, yeah, pretty much, pretty much that. So if you want to call it Yield Connect, call it Yield Connect. If you want to farm and get some free coins, do that. Obviously right now, gas prices are up. And also, I don't think this is sustainable. This is like after looking at this, all this Yield farming stuff, you know, you're just, you're just kind of feeling, okay, look, this isn't sustainable. They're just creating all these new coins. Most of them don't have any long-term value. Maybe they're just as bad as Hex. I would say probably some of most of them are. And these are just game coins, right? People like game coins right now. I don't speculate on game coins. I try to farm them if I can, if I want to, if the Yield is good. But you know, like put your big boy pants on, be smart about it. All right. Last thing, cream. So I think I mentioned this as well. So I forgot, totally forgot about this, but I am farming cream. So cream is kind of like a compound clone. So I'll just be brutal here. It's very much inspired by compound. But recently, it's not just a meme coin. I think a lot of people initially discounted this as a meme coin, but actually it's got a lot of substantial value. Let me just unlock this because I don't, I don't know why I'm not unlocking my wallet. Huh. Huh. What's my password? Oh. But anyway, so this is where kind of DeFi comes very interesting, right? So with DeFi, these products with cream or compound, you can basically loan out an asset and switch for another asset. So right now you can farm cream. Say if you want to kind of collateralize your USDT and take out some link and speculate with link, that's a possibility. And a lot of people didn't really understand this at the start. And it's to a point where initially when I saw this, I'm like, this is the dumbest thing in the world. Why would I want to loan out some USDT and take some USDC out? But it actually becomes quite useful. Like say, if you want to loan out some USDT and you can take out some link, whether you want to speculate on link or farm with link or whatnot, or do something with link, you can. And people who loan out their link or link, loan out their compound, they can earn an APY interest. And then people who are on the other side borrowing it, they can try to make money elsewhere. And that's the power of DeFi. Like, I feel like a lot of people thought this would be completely useless, but people love this. And anyway, so recently I've been farming cream. I just want to tell people that there's two ways to do it. One way to farm it is to just lock up value or lock up collateral and loan it. Or something that's ultra aggressive that you can do is obviously go into the reward pools and play around with that. I'm a little bit crazy here. I think it's another situation where I feel like this is a project that I did a lot of research on, I guess, this week. That's why I'm kind of biased towards it because I had a few calls with the guys who are behind it because I was like, okay, look, are you actually doing something real? And they are. And then, okay, how is this working? Is it safe? In fact, recently what cream did was they kind of got the guys from compound itself to help audit the smart contracts for cream, which made it a lot more what I feel I thought it was a lot more safe. So anyways, I'm farming cream. If you guys want to take a look at it, take a look at it. I feel it's kind of cool. And we'll see how it goes from there. How I made this, how I made this, that page looks like it's ready for a 404 error. I swear, like currently crypto right now. Also this as well, I'm farming Dow and Curve 5. A lot of people are wondering what I'm farming these days. I'm farming Dow, Curve as well. So if you look at Curve, you probably guys know I'm in like Curve early, Curve 5 early. And then right now I'm farming Curve in the Y pool. So it's around 100% annual percentage yield, which is really low in DeFi standards, but really high if it's anywhere else in the world. I can't believe I'm saying this, but that's just the way it is. The risk of course with Curve is that the Curve tokens themselves, they've been crashing a lot in value. And a lot of people yet didn't understand that they thought, oh, maybe I'm speculating on Curve coins. No, I'm not speculating on Curve coins. I take those coins and I just sell them on open market. That's just pretty much the way it is. Reason being is I feel like the current fully diluted valuation of Curve is still very high. So fully diluted, once all the Curve has been mined, it will be around $11 billion. That is just crazy. That will put Curve like all the way up here. It will be right above Chainlink in terms of... Oh no, not Chainlink. It will probably... Yeah, right above Chainlink in terms of market cap. So yeah. Yeah, no. So yeah, that's currently what I'm farming. So that's been doing pretty well so far. Made quite some gains on Curve. Made quite some gains on Cream. What else am I farming? So I tried YFV yesterday. Also... That spaghetti thing, the pasta thing, I'm farming a bit. Yet again, not speculating on coins. Also shrimp as well. Someone's like, okay, yes, throw some... I can start mining shrimp. But just be careful. Like a lot of these are not audited, so just be careful. Yeah. I'll say it. I'll declare it because I think a lot of people are interested. And if you want to discuss it, we'll open up our Telegram chat channel next week. So if you missed out on the joining session, we'll have an opening window to join Telegram to discuss everything. And I'll try to figure out a better way to fight bots. The reason why I'm closing these channels is because I want to fight bots. Because a lot of bots come in and spam the project and just leave. And I just want to fight that. But we'll open up the channel if you guys want a discussion for it next week. And speaking of everything here, I think I'm pretty much it for now. But let's see. And that's pretty much it. Let's see if there's any coins right now. So... Okay. So we got some comments from Shin Jun Sun. It's a great comment on Hex. Why give a scammer 20%? Absolutely. And the thing with Hex is you're so exposed to Hex. You're so exposed to that currency. If that currency drops in value, if Richard dumps on your head, it's game over. It's game, game over. It's like you're playing against Richard. You're playing against the house. Yeah. We also got Stefan 2000. Please do not buy meme degenerator yet again. It's one of those meme coins. Meme coins, not my cup of tea. Sometimes if you want to play, fine. Sure. Fair enough. But just be careful. It's high risk. Right? You're exposed to a lot of beta risk. What you want to do or what I want to do, right, is you don't want beta risk. You don't want volatility risk. You want as low volatility risk as possible, as humanely possible. Okay. Are you going to ask any questions at Box Money? What do you mean ask any questions? Okay, whatever. Um, oh, this is a really good question from Roger Clemens. Do you think Uniswap has liquidity pool is worth it? Uniswap liquidity pools are extremely profitable if you know what you're doing, but you can also lose a lot of money with impermanent loss if you don't know what you're doing. So I've been in and out of a few pools. Um, I'll talk about impermanent loss in a future episode. I prepared half the episode for that, but I'll, I'll make an episode about what is impermanent loss. I think that is quite important and, um, that's going forward. So we also have comments about, uh, from Dapadon data says, Michael, any thoughts on hash guard? I saw Ivan on tech push that out. Um, it's polka dot ecosystem. Yet again, high risk, maybe high returns. Who knows? Right? It's one of those situations where you have to put your big points boy pants on and figure it out right now. Same goes with Daya. Like I hold both I'll say, but I don't hold much of both. It's one of those both of currencies are which were where I just threw like, say a hundred, a thousand dollars at it and call it a day. I'm like, okay, whatever. I'm I'll take a look. I'll try to figure out like what the project is doing and if their tech team is strong, but neither of them, I've got the time to look for it. Time is money, friends and frankly speaking, don't have enough time for it yet. Um, okay. We got all these hex shells here. So I think, um, the thing with like hex and what I don't like about it is that people who love hex really love it and shove it down people's throats. So what we're going to do here is we're going to start a ban on hex itself. I think a lot of these meme coins, if people say, yo, this is a meme coin, you know, it's, it's all fun and games and, you know, just take it like that, then it's fine. But if people feel like, oh, it's got actual long-term value, it doesn't. Um, that's when it gets dangerous. So I think just that's going to be pretty much it for hex on this channel. I think we concluded that discussion is no longer worth my time or your time to look at it. You guys put your big boys hats on, make your own decision. For me, it's a game coin. Same with, same with ample forth. You can classify as a fun game meme coin, a game meme coin where it has some form of fun economics with it, where it just rebases. There's probably some fun of that, but yet again, long-term usage, not really. And I think that honesty is what we need in this space. So anyways, um, um, Marcelo SSD says, are we still bullish or just a bit bearish? So I'm bracing myself for a pretty big dip before we rally up again. So I'm actually very, very medium term and long-term bullish. I feel like what's happening with politics, et cetera, is just rapidly taking this road out of order and we need something decentralized, especially for currency. So just rewind the video a bit. I'll explain everything. And even if you take the look at what's happening with China, centralized coins are coming in. And I think very quickly, people are going to discover the value of decentralized coins. I think that's very, very interesting. So I feel like long-term, super, super bullish, cannot be any more bullish than this. But in the medium term, I'm actually bracing myself for a potential drop. Like if there's a drop, I will have enough funds to a, make sure that I don't freak out and panic. I think a lot of people will. So I'm just telling you guys heads up ahead of time. If people start panicking and stuff, you know, you guys brace yourself for it. You won't panic if you brace yourself for it. And also I have enough funds to buy back in to buy the dip if necessary. So yeah. Anyways, guys, um, that's pretty much it. Um, we want to be pretty honest on this channel. A lot of, just to be honest, a lot of these meme coins, they're not going to last. Like something like cream, I actually, um, flip back flip on because like now they have value, right? They, they actually do something. Like if you look at cream, you actually have like actual functionality here where you can actually start loaning, you have a platform, you can do some stuff with it. That's valuable. But if it's just a pure meme, nope, nope. And same with Axion or Hex2t. I mean, literally it's yet again, it's a game coin, right? Um, can you really create value infinitely by getting people to buy it? Nope. It's called a pyramid scheme, right? You got to do a functionality or create value for it. So yeah, I don't not a big, like I'll be very blunt, right? I don't think there's any, there's no time in crypto to be around the bush. But anyways, that's pretty much what this talk is about. Um, yeah, anyways, um, that's pretty much it. Thank you guys so much for watching today. Um, we have a question for Bernard. Michael, what about projects that offer reasonable APY on locked up coins for loans, like 8% APR? So I think this is a good question, Bernard. Um, there's a lot of crypto projects that offer annual percentage yield. So even on Binance, you can start, um, saving your crypto for around 8% annual percentage yield, which is a lot higher than banks, right? So I went down to HSBC. I asked, you know, what's your highest interest rate? They're like 0.05 or something stupid like that. Like, like, I'm like, are you serious? Standard charter is a little bit better. Like the last rate they offered me was 1.25%. And then I think ZA bank here offered me around 1.6%. So very, very low interest rates on my money. So 8% sounds really good. Um, you know, that's like eight times better than banks or maybe like 50 times better than HSBC because HSBC sucks. Um, but the biggest problem is here is that you put your money into a centralized entity, right? So I've seen programs like Celsius. I've seen, I mean, I know Data Dash is starting his own one called Digifox or something like that. And then there's a couple, a bunch of these loan, crypto loans where you get a annual percentage yield out. I actually view those as high risk because they're centralized entities. So that's actually quite scary for me. You're literally giving your money, like say in the case of Digifox, you're literally giving your money to Data Dash, right? Like as much as I like giving, like, as much as I like Data Dash, I'm never going to give him money. That makes no sense to me, right? It's illogical. Like as much as I like, like Smushkinjki for Celsius, I'm not going to give money. Like, hey, here's some money. I learned that the hard way actually. I actually had a really bad investment story where I actually literally gave money to someone for them to invest and they fucking just, sorry for squaring. They just took that money and just like, they made some really bad choices, lost it all. Never doing that again, right? You should always trust yourself with your money and you should know what you're doing. So this is why I'm much more for yield farming where it's much more transparent, right? Well, for yield farming, at least you know where the money's going. If you're smart enough, right? If you're not smart enough, then, you know, don't touch this stuff. It's dangerous as hell, right? If you're smart enough, you know what's happening, you know your risk, you understand what's going on and at least you get 100% APY out of it, right? My two cents, all right? Not financial advice, my two cents. That's why I chose to do the way, um, things the way it is. But you know, fun times. Anyways, guys, um, Michael Lewis says, centralize is low risk, but low reward. So if it's a bank, it is low risk. But if it's a crypto loan, I would view it as extreme high risk. Um, just because crypto, I don't trust anyone. Like, is it really insured? Really? Like, if they just closed down shop and just turn off the app, how are you going to get your money back? Anyways, that's it for this episode. So I just be smart guys, be careful. Um, I feel like a lot of people are really, they charge into decentralized DeFi. Like they didn't call themselves DeFi projects. Um, they're not DeFi. They're centralized. They're CeFi. Anyways, guys, uh, if you don't hold your keys, it's, um, Bernard Marcari says, if you hold the keys, it's good, right? It depends. Sometimes you hold the keys, but it depends on how it operates. Sometimes like this whole space is getting a little bit scammy. So there's a lot of centralized crypto where you still hold some keys, but they also hold your keys. In which case, if they hold your keys, you're not really holding your keys. Anyways, uh, long story cut short. Just be very, very, very careful. Um, lazy cat says, what's the purpose of yield farming coins with other yield farming coins? I don't get it. This is where I think crypto is going a little bit too fast. I mean, it's like, it's a case where I think a few people really just start shaking their hands and like, oh, shaking their fists up in their air. Like, oh no, they all these yield farmers are going crazy. You're creating an asset upon an asset upon an asset upon an asset. Um, yeah, it's like, you're sticking it in Ava. It's like the primary example of this. And this is a real story is that you can take your link chain chain link, put that in Ava. So put that on lend. So lend that out and lend, you'll get a link. Then with that a link, you'll put that into why earn to get to deposit that, to get why a link and then put the why a link into spaghetti and deposit that. So that you're doing multiple lending upon lending upon lending upon lending. It's, um, it's probably going to end up in disaster. It doesn't sound right. So a lot of people are against it. Um, a lot of people just mine it anyways. Uh, it will probably end up in disaster. I'll be honest. I'm not very pro it, but I'm not going to shake my fists and fight it either. I think it's just, it just, that's up. It's just miners will learn it the hard way. And, um, yeah. Be careful. You'll find me is not very safe either. Like be very careful. Watch this entire video before people take me out of context. But anyways, yes, that is for today. Um, uh, sure. He says, would I take a collateral loan on Ava to go into Y vault? So what I've done is I have collateral. I put my ETH up as collateral on maker Dow to pull out die. And I use die and convert that to Y curve. And I went into, um, not Y vaults. I went into curve vaults. So same thing, practically. It's around the same deal right now. So yes, I did do that. I didn't use Ava, but same thing, pretty much the same thing. Um, just be careful guys. Um, yeah, like I know what I'm doing and I can afford to lose it. Like if I lose everything where, which I'm farming with, I will be very sad. Like you'll see me crying in a corner and just like sobbing for a while, but I'm not going to be broke. All right. So like I said before, I have a big huddle fund for, um, for my huddle like Bitcoin, Ethereum, V chain. I also have a video about what coins I'm holding coming up very soon. Uh, so I just tell you what my medium bags are and then I'll make another video if you guys want about what my moonshots are, but, um, I'm well protected. Um, I also have a lot of, you guys are going to hate this. I still have enough fiat for a giant runway. So if I need to pay for the studio or I'm actually trying to hire people, I want to hire people with fiat. I actually have a runway that's quite big, substantial, like literally like eight years runway for whatever I can do. Um, in fact, much longer if I just want to live in Bali or something like that. So I'm not too concerned about all this. Um, you know, this is life, right? So yeah, that's pretty much it. Thank you guys so much for watching. Um, um, how I made this damn that sounds like a lot of work. Absolutely. I'm working like crazy in crypto. Like, yeah. Anyways, thank you guys so much for watching today. Make sure you smash up that like button. We also have another live stream going online on, uh, what's it? Friday? Friday. Let's, let's put that up Friday, Friday, Friday, Friday, Friday. Oh man. I broke my, I broke my stream deck. Oh, come on guys. Anyways. Okay. So I have the stream up. I'm essentially a link, guys. So you just don't forget it. Make sure you smash the like button. Make sure you click the notification bell. I'm going to try to make these videos more often. It seems like people do like it. We have like a 500 something people watching. So that's pretty good. Thank you guys for coming in. Uh, thank you for the audience. I hope this does help you guys, um, a lot and then we'll see how it goes. Let's see. Let's go to webcam. Let's take this out, manage that. Um, upcoming live get shareable link. Uh, we'll share this up on this one and that's it. So guys, yeah. Thank you guys so much for watching. Um, pretty much that's it for today's episode. See you guys.