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Hello everyone, I'm Terry. I haven't talked to you for a while. I've been busy moving house for a few weeks. That's right, I moved house again. If you are paying attention to cryptocurrency, there have been a lot of big losses recently. Even if you are not paying attention to crypto, you don't care about crypto, I think you can finish watching this video today. This video summarizes the big events that have happened in recent months, and they are all related to each other.

I believe you will have a better understanding of the entire cryptocurrency and financial market after watching the video. Before the video starts, remember to like it first. Because you know I also spent several hours in the middle of the process to organize this video. And the like will only take you 0.69 seconds. That's the biggest support for me.

Of course, my channel also has a membership, but there is no use in becoming a member at the moment. Then we will push back the time to May 7th this year. UST is the world's largest settlement currency at that time. The first day of the start of the decoupling. Of course, that was not the first UST decoupling.

In fact, UST has been decoupled many times, but it has been returned in the end. As for the principle of the settlement of the law of the currency, I won't talk much about it. I have talked about it in many videos before. If you are interested, you can watch the previous video. The purpose of UST US dollar currency is to maintain the equal exchange rate of 1:1 with the existing legal currency.

If the stable currency is decoupled, it means that it is impossible to exchange US dollars with a value of 1:1. The users of stable currencies will panic and cause liquidity contraction, or liquidity crunch, or so-called bank run. The more people want to sell and escape this risk, the more selling pressure will be created, and finally a dead end will be created, leading to the last stable currency being further and further away from US dollars, and finally becoming a waste.

This Lunar UST incident in May was called the "Hardest Crypto Black Swan Incident in History" and caused a value of $60 billion to surge What is $60 billion? This is a $100 dollar line

I know it's not 100 US dollars, but let's pretend it's 100 US dollars. If you use 100 US dollars to stack up to 100 million US dollars, it's about the size of a factory truck pulling goods. That's about what 1 billion US dollars looks like. 600 million US dollars is about this much. A total of 600 goods stacked up to the size of a truck.

We use the US's annual income of $50,000 per year to calculate, a person can earn $1.5 million in 30 years of working. The $6 billion concept is the money that 40,000 Americans can earn in their lifetime. So this is the most serious cryptocurrency collapse event in history. I myself lost about $15,000 because of this incident. After the Luna and UST incident, it has had a very big impact on the entire cryptocurrency market. It hasn't recovered yet.

Especially those risk-based companies that invested in Luna at the time and hedge funds like Jump Crypto, Three Arrows, and SunAC have suffered serious losses. SunAC, a risk-based company based in Singapore, applied to the court for bankruptcy protection in July this year.

It is a risk-oriented company that has been raised by crypto. It has invested in many successful blockchain projects at its best, such as AVAX, NEO Protocol, and Axie Infinity. It has managed a risk investment project of more than $1.8 billion.

But in March this year, because of Axie Infinity, an online game based on NFT was hacked into the market, stealing a cryptocurrency worth $600 million, causing their investment in CYAC to suffer a serious loss. Next is Luna's investment. CYAC once invested more than $500 million in Luna and UST.

After these money collapsed in the Luna UST, only 760 dollars left in a few days. Due to the Luna incident, the market of all encrypted currencies lost confidence and began to plummet. It is believed that relatively stable indicators such as Bitcoin and Ethereum have already evaporated nearly half of the market value since May this year.

Of course, this also includes the trend of the entire macroeconomic economy. When high interest rates are in the case, these high-risk encrypted currencies are hit. It's as heavy as those high-risk technology stocks. The higher the interest rate, the more natural it will be transferred to low-risk assets. Like 3AC, which uses a leverage to encrypt currency. The contrast between these high-risk projects is also seriously hit by the bear market. Facing a bunch of margin calls, the announcement of the best guarantee

They had no money to pay for the lack of insurance, and even tried to borrow more money to fill the gap. This is how the so-called "Pang's scam" is used to borrow new money to repay existing debts. Finally, because they invested in Luna, Exit Infinity, and Margin Co., which can't hold the debtors, SignAC applied for bankruptcy protection in July this year. The total debtors owe $350 million in assets.

Today, the founder of 3AC, Suzu, and the founder of Luna are almost unknown. They now often go on YouTube and podcasts, but they do not disclose their specific location. After the collapse of 3AC, a total of $3.5 billion in debt, all borrowers of 3AC have suffered serious losses.

Especially Voyager Digital and Genesis Voyager Digital is a crypto lending company based in the United States Because of the bankruptcy of 3AC, a total loss of $600 million was made The way Voyager operates is that retail users can put money on their platform The platform will give customers a fixed annual return rate In order to make money, the Voyager platform will generate higher returns They will lend the money of these customers to companies like 3AC to earn higher returns

So when Luna exploded, the entire cryptocurrency market exploded, and so did 3SE. This caused the explosion of Voyager and similar debtors. In July this year, they applied for bankruptcy protection from the court. After that, Binance, BN, and FTX bought Voyager. Finally, in September this year, FTX won the bid at a price of $50 million. Another company affected by the collapse of Luna's stock price effect is a headquarters in the United States.

a cryptocurrency-based platform called Celsius. In June of this year, Celsius frozen the assets of its customers. I am also a Celsius user, but fortunately, I only have $10,000 in Bitcoin and Ethereum. Celsius is similar to Voyager in terms of operating method. It is also a medium-end user who saves money in it.

and the platform will give a fixed annual return rate. The platform will take this money to make other investments. At the same time, as a user, you can also borrow money from Celsius. Then you will need to deposit a mortgage. Celsius applied for bankruptcy protection from the bank in July this year. They are compared to the modern Rayman brothers.

The main reason for bankruptcy is to get the money from the borrowers without any limit and then to hold the debt and borrow more money This kind of operation is called rehypothecation which is very common in the financial market Especially in the financial sea of 2008, one of the reasons is this

They also invested in a DeFi project. In the end, the entire cryptocurrency market was affected by the red-light economy. Many investors lost money. Users began to panic, causing a large number of bank robberies. As a result, only Porsche was able to collect. Celsius once managed more than $450 million of assets. It was also the largest crypto bank ever.

Today is still a result of bankruptcy And this kind of company investors are very famous big corporations Such as Westcap and Kuibik Retirement Fund It can only be said that not only did our money hit the water, but also the money of these investors hit further. Back to now, November 11, more than two weeks ago The world's third largest encrypted currency trading platform FTX with more than 1 million users applied for bankruptcy protection from the court

The incident happened on November 6th. The world's largest exchange, Binance, the founder of Binance, said on Twitter that they would sell all the FTT tokens worth nearly $450 million. FTT tokens are a encrypted currency issued by FTX. This rumor immediately shocked the entire market. Then rumors that FTX will bankrupt immediately came out.

which led to panic and want to take money out of FTX. You can guess that FTX does not have the money to support these funds. As a stock exchange, customers can put money in and make transactions, and should be able to take it out at any time.

These money shouldn't be used for other things But FTX put the money in their paper company called Alameda Research Then they took the money and continued to invest Because the market has been in a state of crisis for a while, these investments have all been lost So when FTX has a bank run, they certainly don't have money to pay the customers The best thing about FTX is that the ultimate goal of creating this FTD token is to achieve unlimited reading

No, it's a cashless mint. After these tokens were created, they packaged it and marketed it as a very promising investment. How powerful the future will be, these empty words are very nice. Then they first bought most of the tokens at a low price, and then burned the other part of the circulation tokens to reduce the total market supply.

to increase the value of this token. The Alameda Research company mentioned earlier can use these FTT tokens that have risen several times to make a mortgage with other companies, borrow more money, and then transfer the money back to FTX. This kind of "godly" operation, in theory, can be done by constantly looping the money until they know which day they will be exposed.

So a few weeks ago, the action of BN directly broke the false value bubble of the FTX fund chain and the fake value bubble made by the unlimited support of FTT tokens. FTT tokens fell from the original 22 yuan to only 1 yuan. I am also an FTX user, fortunately I don't use it often. But on November 5th, I transferred about $9000 from FTX. If I was late for a day, this money would be frozen.

The last one is BlockFi. BlockFi is another big reception platform in the US. It's also a platform that many foreign YouTubers are often pushing.

They also started to freeze users' assets recently and announced that they will start to apply for bankruptcy protection I actually used BlockFi before and saved tens of thousands of dollars But I transferred it all out after the Celsius incident As for why they freeze users' assets and prepare to apply for bankruptcy protection, it's because of FTX They have a large part of the investment is due to the loss caused by the bankruptcy of FTX So according to what happened in recent months and the pressure of the entire red-line economy I personally think this stock market effect is not over yet

FTX collapse will only cause more people and institutions to lose their investment and will also put greater pressure on the entire cryptocurrency market. Of course, this is not an investment suggestion. If you think you want to go super low now, I would suggest you be very careful. My personal opinion is that winter is not over yet. The collapse effect of LUNA FTX stock market may have just begun. I think if the red-line economy

We will see more and more crypto companies applying for bankruptcy next year. So what have we learned today? First of all, big companies with star teams investing in them. Companies that are legal-abiding do not mean that they are safe. Generally speaking, we would think that at the level of FTX, there are legal companies in the United States. The companies that invest in them include South Bank, Ruin, Sequoia, BlackRock, Tiger. These are world-renowned large-scale venture capital companies. And the surface of FTX is very well packaged.

and once wanted to rescue the purchase of the bankrupt Voyager and Celsius. This is a safe trading platform that everyone has recognized including myself. I also once thought that it would become the world's largest crypto company. It's still the same. Today, the bankruptcy is the bankruptcy. It freeze all user assets. So don't believe the appearance.

My advice is if you believe in the future of decentralized cryptocurrencies, you will have the opportunity to create and reform the human financial market. You are investing in the future. I would recommend you put all your assets and investments in your cold wallet. I have introduced Ledger and Trezor in the previous video. They are the best cold wallets in the world. I will put the link in the information column below the video. Only by putting assets in the cold wallet can you ensure their safety.

No centralized company or institution can guarantee 100% that it won't freeze your assets. If you are trading, you should choose a safe and secure platform.

For example, I have a long-term official partner, Interactive Brokers, which has a history of 40 years of business in the US. Still, you can't guarantee 100% of your assets. But at least they have a very good reputation in the industry. And I don't think they will be greedy like FTX and take the money of their investors and make other investments. Because this is not the business that the trading platform should do. The business that the trading platform should do is to collect the transaction data in the middle.

And not only cryptocurrency, they are mainly based on US-based ETF transactions. I will also put the link in the video description. If you are interested, you can go and see it. Finally, I want to say some of my personal opinions. Many people will be because of these events that they lost confidence in the entire market of crypto. But if we take a step back today, these closed companies are centralized operating companies. In addition to Luna and UST, the cryptocurrency will rise because they can solve many problems that centralized management cannot solve.

而這些公司的倒閉 跟家運貨幣本身最終的任務 是沒有什麼關聯性的 這些公司的倒閉 都是因為跟人性的貪婪 還有無限的使用槓桿 造成了一個後果

I myself did not sell any of my cryptocurrency assets Including Bitcoin and Ethereum Now they are all in my wallet I still maintain my previous views and practices I will invest 5% of my assets in cryptocurrency It does not mean that you have to do this 5% for me Even if all of them are lost It will not have any impact on me

Of course, I will not let my money go to waste because of these things. I think revolutionary technology will need to go through a test. And the test we are experiencing now is the test of human nature. It is very similar to the "Docum Bubble" Internet bubble of 2000. Although I have not had decades of investment experience, I know that investment success requires two important elements: patience and time.

Alright, that's it for today's episode If you learned something from this episode Remember to give me a thumbs up And feel free to leave a comment below to tell me what you think See you next time!