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Of course, my name is Ben.
Today, we are going to be talking about Terra LUNA
and really the No. 1 lesson that you need to take away from what has occurred this week.
I want to be clear here. I've said this several times if you've been watching the show this week.
We've never seen anything like what we just saw.
We've never seen anything like it.
The market manipulation that occurred this week with Terra LUNA
to push the price down was awful.
And usually, we go after those market manipulators.
And we have gone after them this week.
BlackRock
Citadel
Gemini
You are all players in this game.
Now,
how involved Gemini is, we don't really know at this point.
And I know there's been a lot of denials.
I don't believe the denials at all.
I do believe that the information we got earlier this week was correct
and it was true that they are behind this. Okay?
The difference between what we have now and what we've had in the past
is now everything is on blockchain and is open ledger.
And this week people are going to tear into this, and they're going to figure out exactly what happened.
But I did see a gentleman on TikTok. I don't remember his username. Sorry.
I'm not trying to not give him credit. But he was discussing--
you know what? I think it was from @Bankless, maybe.
Maybe that was it.
But he made the point this week that it doesn't matter if it's market manipulation or not.
And I agree with this.
If there was something exploitable about Terra LUNA,
it was always going to be exploited.
It didn't matter if this market manipulation was done for financial gain
to the tune of $900 billion-- or, excuse me, $900 million
or if it was done to specifically try to sink Terra LUNA.
It doesn't matter. The intention, the motivation behind what occurred this week does not matter.
What does matter is that there was something that was vulnerable.
There was a vulnerability with Terra LUNA.
And anytime you have a vulnerability, it is always going to be exploited!
So you have to be extremely careful with the projects that you choose.
And people will bring up, "Oh," people brought up, you know.
People said there were issues with Terra LUNA.
Well, yeah, but I can go down the list of every top 100 coin,
and I can find somewhere where someone has called it a Ponzi scheme
and where someone has said that it has issues.
Ethereum has issues.
Bitcoin, the network doesn't have as much issues,
but Bitcoin has a little bit of a reputation problem when it comes to, you know,
the environment and criminality.
All these are false, but it doesn't matter.
There's a little bit of a reputation problem,
so there's people out there that will throw Bitcoin under the bus.
Here is the point.
Here's the No. 1 most important lesson you need to take from this.
Diversify
You must diversify when it comes to your investments.
Do not go all in.
I don't care if you believe XRP is the next Bitcoin.
I don't believe--
I don't care if you believe that a coin-- that Cardano is going to destroy Ethereum.
Those are beliefs and opinions!
They're not facts!
Point blank period.
So what you need to do is you need to stay diversified and do not go all in on any one project.
That is a recipe for disaster.
And people with Terra LUNA this week that did not diversify,
they lost everything!
There are literally people out there suicidal and homicidal because of what occurred.
And I don't want to sound harsh here.
I know it's very difficult. There's a point I made on Bloomberg.
I don't want to sound harsh.
My heart goes out to those people.
But remember this.
If one project can sink your portfolio,
you did it wrong.
The responsibility is on you.
We say this until we're blue into the face here.
You've got to have a long-term mindset.
You have to build a balanced portfolio.
You have to understand market behavior.
You have to become an expert in an area of crypto if you really want to flourish.
And our last, you know, philosophy of course is now get crypto safely, be careful with scams.
And part of that is diversifying.
So make sure that you're doing that.
Sorry. Video is a little bit late today.
I got a lot going on.
Both my kids are playing baseball tournaments.
Both my sons are playing baseball tournaments this weekend,
so I'm back and forth a lot.
But I'll be back tomorrow with a live stream.
We got a vlog coming out later today.
That's all I got.
Be blessed.
BitBoy out.