Eggg yolk, what is up & going on, with the people I like to call the viewers of the tube!
Let me introduce myself as Tyler, & your watching the crypto channel, that like a swarm of bison
can stick your booty to the seat, while we stampede on through...you know how I deal
with Bison Jams, it’s time for Chico Crypto!
So, first why did I show a bunch of freaking bison in the intro?
Well I worked & lived in Yellowstone for a summer, and had to deal with them dang bison
on a daily basis & I miss the freak out of those ugly beasts.
But let’s talk about another B, that sweet ole BTC & the current state of the markets
& what I think is plainly obvious.
BITCOIN is following the stock market to the tee!
This weekend and the way stonks and crypto reacted on Monday’s opening... made it even
more loud and clear obvious.
Pulling out the 24 hour BTC chart, the price was hanging onto 9400, but once news about
stock futures were going down began releasing on Sunday, Bitcoin started to retrace.
FX street put out this article, covering that gold was defending key support, while S&P
futures were declining.
This article was released at around 1800 EST, and look at the BITCOIN chart, at 1800 was
when the fakecovery was nullified & the true collapse came.
And just looking at the markets, traditional, the dow jones...it had a steep drop, opening
yesterday from 25,600 points to under 25000….but then volatility….it rebounded, after the
grim news articles of futures spread...back up to above 25,400, and kept surging…..past
the opening levels!
And then Bitcoin decided to rebound as well!
It’s going….Up, down, and all around.
So I will say this now, stonks are no place to be day trading, especially if you are trying
to use leverage.
Market watch, covered a story that stuck with me, titled “Heartbreaking story of rookie
trader who racked up $700K in debt: ‘Finance isn’t worth losing your life over’ Unfortunately
a young trader took his life & they got exposed to leverage….the trader’s cousin in law
posted a tweet thread about the tragedy “My cousin in law was interested in investing.
He opened a Robinhood account.
And, he seemed to be enjoying the markets.
As many of us do, or have done, he got interested in options.
He believed he had “no margin” selected on his account.
So, he began buying and selling options.
Fast forward to sometime this past week and his account showed him owing $700k+.
How does a 20 year old with no income get access to that kind of leverage/exposure?!
The emotional stress from the exposure caused him to take his own life.
I don’t feel right sharing this, but I also don’t feel right keeping it from the world.
Why?
Because recently I’ve been joking about how much I love DDTG (a day trading twitter
portal).
I’ve laughed at the Robinhood memes.But here’s the truth.
AND PLEASE PAY ATTENTION TO THIS IF YOU’RE YOUNG.
The markets are bananas right now.
It’s not the time for amateurs.
Really really pay attention to position sizing.
Stay away from exotic instruments like options and futures.
And that is TRUE, the markets both stonks and the asset that is following it like a
shadow, crypto is bananas, b-a-n-a-n-a-s..thanks Gwen.
Remember Elon Musk, back in May just a month ago, he tweeted that Tesla’s stock share
price was too damn high.
And since then, what has happened to a share of Tesla?
Even when the CEO is loudly saying the share price is too high?
It surges by another 42 percent...yup his stonk, went from 700 just a month ago, to
peaking above 1k last week on June 11th.
And when it peaked above 1k, what did ELON tweet on that day?
Just LOL and then someone aksed him, not fair tell us what happened, why you laughing basically?
He replied...STONKS.
Calling it by its meme name, its new leverage nastiness, doesn’t make sense name.
It’s bananas name.
So you guys, I’m not saying don’t invest in things like Tesla...
Investing in assets and holding long term is one thing, but when you add that dirty
thing called leverage, the cards get stacked against the amateur where it’s pretty much
impossible to win for the large majority who try.
And in crypto we have sooooo many people, pushing leverage Sooo...I’m not going to
expose, or show pictures of who the leverage shills are in crypto...we all know who they
are, they know it, they know it’s wrong, but they keep on doing it.
All I gotta ask of those doing it, is take a look at what your doing for a second, and
not the bookoo bucks you are making...read your video comments, and see that there are
people this happens too, and by shamelessly promoting it every single video, you are helping
REKT people’s lives for a percentage of the money they lost.
And I hope we don’t get a crypto news article like the marketwatch one soon, but crypto
is following stocks like a shadow, and the leverage shills make it darker each day.
And the grips of leverage are getting weirder, and weirder each day.
Tokeninsight put out their 3rd bitcoin mining report, for post halving 2020 & they explain
their is the growth of mining derivatives.
Which means not only using the asset of bitcoin, as the underlying collateral in futures contracts,
but also mining hashrate now.
The report states “Derivatives exchange FTX recently announced the launch of the Bitcoin
hash rate futures contract.
At present, FTX has launched three Bitcoin hash rate futures contracts, which have maturity
on Q3, Q4 2020 and Q1 2021.
And the large outlet are covering it...Cointelegraph, at the end of May, put out this article….Bitcoin
Miners Will Use Derivatives Like Traditional Commodity Producers...and yes, I agree, bitcoin
miners, the large whales will use them, as they have been for a long time through Bitmex
and more, but if we are comparing this to gold, gold miners don’t put futures out
against their equipment or power it’s generating, they put it out against the asset they are
mining, gold...to capitalize on market fluctionas to buy more equipment and power.
Maybe, I’m just old school, and don’t see why….or maybe since there wasn’t a
way to quantify a gold hashrate, there was never a futures contract put out against it.
Although, I see the play, for these “futures contracts” Let’s just go back to the token
insight research piece….they post the mining derivative providers, of course FTX, but also,
Babel Finance, Matrixport, and RenrenBit...are the leading providers.
Haven’t heard of them before?
Neither did I, but now I know who they are, and who they serve….
Businesswire covered Babel Finance, and as we can see they serve “F2Pool, Poolin, Cobo,
Onchain, Genesis Capital and more” Well f2pool and poolin, are two are the largest
chinese mining pools, and control combined over a third of the hashrate….
They are serving some of the largest chinese whales, with financial tools...as going to
Matrixport’s website, we can see they serve bitmain, their mining pool antpool, btc.com...so
why the sudden surge from miners within the last year to trade derivatives, especially
from the Chinese?.It’s where all the mining related trading volume is coming from?
Well going back to that research once more, they show which section of the world has increased
their hashrate the most since late summer, September of last year.
And look who has pushed up higher in the number 2 spot for worldwide hashrate, the US in blue,
which increased it’s rate from 4 percent to over 7 percent as of today, a growth of
78 percent.
It’s obvious to me, China is financially weaponsing bitcoin, to protect their dominance
in hashrate.
We all know of the Gigawatt bitcoin mine being built in Texas, Rockdale to be exact...well
it’s damn close to being finished, construction kicking back into full gear after a delay
because of the Viral Panic, and northern data, the company behind it put out a blog post
last week titled “Northern Data AG update on the status of the build-out of the world’s
largest HPC Data Center” and in it, they explain it will be expanded to 1 gigawatt
by the end of 2020, and a further expansion to 3.6gigawatts is planned for by the end
of 2023.
And this bitcoin mine is already serving it’s first customers, as the blog states “Initial
commissioning successfully completed / Innovative cooling and proprietary AI systems are online
and running well and in the actual article “The first customers of the data center,
who are now operational, are large international corporations, including the multi-billion
dollar Japanese SBI Group”
Ya, that massive Japanese conglomerate is using the cheap sustainable energy of Texas,
to power their mining operations.
But Tyler, they said AI systems?
Well just go to SBIcrypto, the blockchain focused subsidiary of SBI group, and from
the about us “SBI Crypto, is the Bitcoin mining subsidiary of SBI Group” and below
one of their partners is….Northern Data….so it’s for mining bitcoin, not AI
But the fact that we have, mining competition coming at China..from all angles, including
from a multibillion dollar conglomerate, makes me thinks, volatility is coming.
Derivatives are a financial weapon of mass destruction, and the Chinese miners are arming
themselves with the nukes.
Get ready!
Cheers I’ll see you next time