ALL Markets Exploding With GREED & DUMB MONEY. Goldman Sachs + GOLD Helps BITCOIN. Ledger Hack

published on August 2, 2020

Welcome to your last set news take your top stories and cryptocurrencies assets and break them down to bite-size pieces today we got a lot of stuff to go over so let's get to it so first up everyone's a trader and we're talking

About day trading surges amid the pandemic and this is greg zuckerman he's a special writer for the wall street journal he's going to talk about dumb money

Bubbles and cryptocurrency also goldman sachs warns us dollar risks losing world reserve currency status as gold and bitcoin soar so it makes you wonder why did goldman sachs not call bitcoin

And cryptocurrency an asset class on top of that there's a day of reckoning for ceos of facebook apple amazon and alphabet square off with congress and this is a backdrop as youtube is

Being sued by three power players and next to last ledger got hacked and we'll go over that momentarily but finally there was a question posed to me and it talks about

When should you stop dollar cost averaging which i'm going to answer live in my office so before you break into today's top stories and the market itself i just want to go over this real quick because i got this via email and

It was uh concerning until i actually read it and actually reached out to nana ledger just to just to verify and they said yeah this is what's going on so what it states is here is our e-commerce

And marketing database leaked we immediately fixed the breach contacting our details were involved but your funds are safe so here's what happened not too long ago in july 14th they had

Some type of bounty program and one of the hackers or the people that actually not hackers the people that actually took part in this bounty program said hey there's a potential

Breach needing to actually look at this so while they actually conducted the investigation we they discovered an unauthorized third party hand had gained access to custom information

So what do they do well contact and order details were involved mostly email addresses of all the customers further to investigate the situation

We've been able to establish that for a subset of customers that were also exposed first and last name postal address phone number and ordered products but here's the most important part

Payment information credentials such as passwords or crypto funds are not impacted by this data breach this data breach has no link nor impact on our hardware wallets and on the ledger live application your crypto

Assets are safe and not in peril so here's what they're doing they're basically reaching out to governmental agencies like the french data protection authority on july 17th and they're in

The process of filing a complaint before the french public prosecutor running unauthorized access will support law enforcement investigations so what you can do exercise caution always be mindful of phishing attempts by

Malicious scammers and as a reminder ledger will never ask you for the 24 words of your recovery phrase if you receive an email that looks like it came from ledger asking for your 24

Words definitely consider no not definitely no it is a scam so here's a big thing um everything looks to be safe so far there's nothing that would uh

State anything otherwise i've checked my ledger accounts everything seems to be on the up and up uh but just take the advice here and anything that just to make sure it's easy for you treat

Everything like a scam until proven otherwise and you'll be a lot safer for it all right so that's it for that let's jump into today's top story so first up this is the thing that has been concerning me

For a very long time and that is that the economy is sucking but the traditional markets are flying high so i'm like what the heck's going on before we start and before we go over this um i want to

Tell you about a story and this was from we just talked about the stock market crash in 1929 and there's a story that i always remember and it says this it's a famous story how in the late

Summer of 1929 before the actual crash a shoeshine boy gave joe kennedy one of the big traders at the time stock tips and kennedy being a wise old investor thought wow if

The shine boys are giving stock tips then it's time to get out of the market so the story says that joe joe kennedy sold all of his stocks and made a killing as everything took a

Nosedive so it's like the same thing is happening here it's like history keeps replaying itself right you've got i've got everybody in their mother telling me what to invest in

Right now and i'm like i just um like i got my position so i'm good but thank you so much for trying to help me i appreciate it but no and uh this is a great uh small piece which really talks about smart money and

Dumb money and what's really going on behind the scenes and it concerns me so take a listen tell me what you think what do you make of the rise of the robin hooders and the other day traders good thing bad

Thing hey brian so the temptation is to be concerned uh generally speaking we call these people the dumb money for a reason they panic they agree they get into the

Wrong time in the market they really aren't based in their trading on much in the way of knowledge um i hesitate to some extent just because the evidence suggests that in march at

The panic at the lows it was sort of hedge funds that were panicking and selling and it wasn't individual investors so yeah most of me is concerned but part of me embraces the fact that small

Investors individuals are getting into the market and are saving a little bit and to extend they don't blow it it'll be okay phenomenon okay so that's perfect right he talks

About look there's dumb money out there we know that's true and i'm not saying every investor that uses uses robinhood is dumb money i'm just saying that they're people that are doing

Just the silliest things out there i mean they're investing in bankrupt companies they're over leveraging themselves they're just doing like the most ridiculous things because

It's just something that they hear and there's no real i guess i could say like like stoicism or plan of action or things to do and what to stick to it's just some basics

And it's kind of like going out there just going well i gotta buy i gotta buy to buy and it's just not always the greatest plan so that's just one of those deals so really what's going to happen this is

What actually happened to me because sometimes you just got to learn your lesson the hard way so take a listen exactly i mean for years people screamed oh the retail investor is gone where's the

Now the retail investor is back and the same people are screaming oh there's too many retail investors they're gonna get burned i think yes people will get burned but you know how you learn lessons you

Learn lessons by failing and coming back up often i mean this could ultimately be a long-term positive for the equity market at least in my not so humble opinion it's a good argument so listen i got two

Boys upstairs who are on the robin hood accounts they're sleeping right now but they will be later today and will they lose their money they probably will i look at it as an

Inexpensive lesson but it gets them into investing and they learn about companies uh there's some value in this you don't want people to be blowing important money now what we wrote about is this phenomenon where

Too many people are taking their employment checks the six hundred dollars and day trading it often sort of penny stocks and that's a little scary um especially since they

Kind of acknowledged not knowing too much about the market and the stocks themselves that they're investing in but there is a happy medium where we embrace a new group of young investors and frankly for years at least at the

Journal we were hearing about young people who are ignoring the market so there's a and not even saving so perhaps there's something good that comes from this so first of all i like how that was all stated and i

Really like the fact they actually showed cryptocurrency and uh people can say oh wow cryptocurrency i've heard about that so the more exposure we get the better but i think the big thing here is that uh

He's he's really saying the basics which is like yeah you know sometimes you don't know everything sometimes you got to learn a lesson and really what it comes down to is you so for me i always think like this well

Elon musk had a very great point during one of the spacex launches he said if this actually goes and works like i we think it is it is because i have a great team around me and i give all the credit to them

If this screws up it's all on me so really if you think about these types of things these are the types of mentalities that um you know really successful people have they're like it's all on me it's on me

To learn it's on me to know it's all on me if i make mistakes so if we own it we should be okay so that's that part and then the next part is going to talk about the investor of the trader and the

Gambler and it was it was something that i really didn't think about but it makes a lot of sense now one has to be cautious here a lot of these people are used to gambling and there's some

That i've talked to who say yeah i'm having fun here i'm learning a little bit playing the market i can't bet on certain other things let's say go go to vegas so they embrace the risk

Just like you go to vegas you lose some money you've had a good time that's fine i've talked to a number of those people you don't really want people to put a chunk of their savings or

Their their wealth into the market without much in the way of knowledge but to the extent that they're learning about it and not risking it all and i embraced that

So somebody used to live in las vegas i can tell you this gambling is huge right so right now you can't gamble on sports there's really no really sports going on i mean major league baseball i suppose but you know yawn

Um so when he talks about like hey gammas want to get in there and they want to you know just a little bit of gambling but they're learning they're not you know betting like selling their entire house

And going i got my mortgage money and i was gonna put everything on uh you know tomato coin it's just that's what would worry me and i think everybody else out there but we're just doing little things like this and just

Learning hey so much the better great and the last part he's going to talk about i think this is the most important part to to realize and that is that be careful about

Who's on the other side of the table who are you betting against or with and hopefully that person's on your side take a listen but very quickly greg since you've written about jim simons probably the single most powerful

Individual in the stock market in history maybe the exception of you know like i don't know jesse livermore 100 years ago the individual investor doesn't have a play a way as

Easy to play downside moves it's not like these people i mean they can short but it's expensive there's a cost associated with it's not free you've got to borrow the shares that's the ultimate risk right is that

The guys like the simon's is the ken griffins the world they can push the market around on the downside of profit they don't care which way it moves well the individual individual investors

That we've written about who play robin hood they can do things like buy options and frankly too many are doing that but that's sophisticated trading and when you get into those kinds of

Trades you're going up against jim simons and ken griffin of citadel and frankly those are the people that are loving this phenomenon because they're on the other side

Of often these trades and that's what i do worry about when it becomes uh when the individual investors embrace much more risky kind of option type dangerous behavior or risky behavior so that

Really gets me concerned so yeah right there i mean we don't really know who is in this space and what he was talking about there was really traditional players in the traditional

Market but how do we know that these traditional players in the traditional market haven't crossed over in some way shape or form and are really pushing the numbers for a

Cryptocurrency digital assets in our market and that's the thing that would scare me if i was a trader like i was like well who am i really going against because sometimes these whales are just crushing

Me anyhow that's it for today just food for thought uh let me know what you think in the comments section let's move on next up goldman sachs warns us dollar risks losing world reserve currency and

I've heard this uh song of dance for quite some time but hey who knows this could be the time any out states here goldman sachs has warned that us dollar may lose its status

As rulers of currency investment bank is bullish on gold as fears over governments debasing their fiat currencies grow and real estate rates are pushed to all-time

Lows and i just want to say this a couple things first of all it's amazing how goldman sachs comes out and says this publicly you know this world reserve status and there's all these things but you can

Manipulate any kind of number that you want to but if you're heavily invested in gold why wouldn't you say that hey the the risk of the dollar losing the reserve

Status is going to happen or may happen whatever else then just push the price of gold up and you make i don't know for every hundred dollars i don't know how many billions of dollars goldman sachs makes but i'm sure it's

It's a pretty penny and then uh so there's that part and they only believe in gold and they've invested in gold heavily uh but what they haven't invested in or talked about uh positively

Would be bitcoin they even came out and uh they had this little uh presentation where they talked about how bitcoin and cryptocurrencies are not even an asset class they're not having

An asset class even though they're the highest performing asset class in the last decade so when they start talking about these things it just infuriates me that they're just

A bunch of liars and quote me that's true so when we just start talking about this i get it i mean everybody wants to make a bunch of money but come on let's just let's just be real

Here anyhow goldman sachs they state real concerns around the longevity of the us dollar as a reserve currency has started to emerge the strategist explained the us dollar faces several risks citing that the debt

Level us has now exceeded 80 percent of the country's gdp think about that for a second that that is interesting 80 percent of the country's gdp it's been exceeded uh so as far as debt goes uh that is a

Scary uh situation to be in uh they anticipate the government at central bank may allow inflation to accelerate the resulting expanded balance sheets and vast money creation

Spurs debasement fears they describe adding that the this creates a greater likelihood that at some time the future after economic activity has normalized there will be incentives for central

Banks and governments to allow inflation to drift higher to reduce the accumulation debt burden other factors such as increased political uncertainty and growing concerns of another

Chronovirus infection spike also impact the dollar and i even said a lot like uh political uncertainty like if joe biden wins versus donald trump perhaps don't know and uh gold's record-breaking rally even

At goldman sachs revised its forecasted 20 to 2300 instead of 2 000 and gold is up over seven percent uh this past month while the ice us dollar index dropped three point

Seven percent more than a bit so the goldman strategist explained gold is the currency of last resort particularly in an environment like the current one where governments are debasing their fiat currencies

And pushing real interest rates to all-time lows which is very true if you're trying to refinance your house it's a great day because you can get super low rates anyhow then it goes to talk about mike

Novogratz and what he said i'm just going to show you what he said and this is on the unchained podcast which if you haven't subscribed to that uh i have i've liked it it's uh fantastic

Um i've got the ladies name who does the julie nah that's not it but she does fent she's a real journalist and she asks fantastic questions very smart and let's listen to this little uh

One-minute snippet when she talks to mike novogratz about what's gonna you know spur on uh the whole movement so it sort of sounds like you're saying the decision makers have made the

Decision it's just kind of a matter of time to let those decisions play out in the market and we should see the price rise but i'm wondering like so what is it that's driving

Those decision makers um like what is it about bitcoin that makes them think that this is the investment to make now during the time of the chronovirus is it just as simple as like bitcoin is scarce and we're about to see

Unlimited quantitative easing or is there anything kind of more it's just that simple well like so people ask me all the time i i bought more gold yesterday even and so i hope i own gold and silver as well

But why bitcoin versus gold if you want to buy gold there's 16 different ways to do it it's very easy and you pick up if you buy an etf and so there's no adoption curve in gold where bitcoin there's

Still an adoption curve right a small portion of the institutional world has participated yet and so as that adoption grows you've just got a jacked up upside versus gold it's a

Jacked up but upside so it just makes sense as everything has to falter and people are getting scared about what's happening with the us dollar they're like hey you know what i know

This monetary policy is going on i don't know what they're doing but the 80 percent debt and the quantitative easing i got to get into something a little bit more stable and uh i like gold i like silver and i

Like bitcoin and uh that is the big thing so there's one more piece i forgot to mention which was i supposed to do because i made a note just forgot to do it it states here even jp morgan's analysts

Wrote in a february report that cryptocurrencies should be in a portfolio because they can uniquely hedge a yet unseen environment in telling simultaneous loss of confidence

In the domestic currency and its payment systems like goldman sachs jp morgan has also questioned the us dollar status as a reserve currency the company outlined a report in october last year so again who knows how much

They have the gold but if they're saying hey cryptocurrencies are actually good and should be a part of that portfolio you bet your bottom dollar they got cryptocurrency somewhere let's

Move on next up this little short little snippet ceos of facebook apple amazon alphabet square off with congress what's going on so this hearing and it's going on today right now

Is entitled online platforms and market power part six examining the dominance of amazon apple facebook and google all these firms except for facebook's facebook have market caps of over a

Trillion dollars let me read that again all these firms except for facebook have market caps of over a trillion dollars they also face long-standing accusations of muscling out competing businesses

And misuse of customer data prompting uh the question of whether they make their money by violating google's one-time credo of don't be evil i'm not going to go into the big

Things the hearing's going on we'll figure out what's gonna happen with that but this is a bad situation to be uh if you're ever in ward you don't wanna fight a two-pronged attack

Uh or two-pronged defense so when you have something like google and youtube has to go to fight against congress that's really what's going on it's a fight then you also have these types of issues

Where uh youtube is being sued uh by a ripple uh because they're using the likeness of their ceo brad garlinghouse and all these scams which i'm sure you guys have seen uh apple co-founder steve wozniak

Or waz is also suing youtube and there's also a class-action lawsuit based on the ban of cryptocurrency advertisement in early 2018 so if you didn't know they banned all cryptocurrency ads on

All these different platforms facebook google youtube and everything else the only types of ads you can see is regulated exchanges nothing else so that's why you don't see ledger nano and all those things out

There and um this is a problem and that's why they're being hauled into court and all these things are going on so we will see how this happens but i gotta tell you i would not want to be youtube

Right now fighting all these battles in all different different directions gets kind of pricey all right let's move on so in one of my in the new section i'm talking about is

People will they will send in the questions in the email if they can't or don't want to do it in the comments section i always recommend you guys in the comments section because it's very easy

Because emails i'm not going to answer every question it's impossible i've got we're approaching 70 000 subscribers and we get you know around 20 000 views every video so to answer all the emails is impossible

Um but i can't answer i know when they're in the description it's only a couple maybe like 300 400 500 comments i can go through that so ryan's got a question i'm going to read that real quick uh let's jump into

My office alright so welcome to the new section where i answer everybody's burning questions that i get from email so welcome to the office here we are i know it looks great and

Everything else but this is where i do probably some of my best work cause i'm outside and i get to you know get away from the hustle and bustle of the house so ryan here

He asked the question i have been watching the channel for two months uh since i first dove into crypto before the having and your content take it and think it's great as i'm a new crypto investor i'm sure there are many out

There who have the same issue especially after seeing this 2000 price jump and i can tell you i'm sure a lot of you have the same problem as far as like dollar cost averaging it so he asks at what point do you stop

Dollar cost averaging do you keep going as it goes on parabolic spikes up and hits eleven thousand fifteen thousand twenty thousand hundred thousand i understand the fomo aspect of a bull

Run at the same time since i bought in last month at lower values it's also mentally hard to keep dollar cost averaging at higher levels even knowing the return will outweigh in

The long run and i can i can show your frustration ryan i can see uh the issue that you and probably a lot of other people are going to have because the thing is when the price starts going up

Uh the fear of or the feeling of fomo starts to really take hold and i can just tell you this just hold on and keep all the cost averaging if you don't you'll end up like me

And i'm just going to tell you from experience this might actually help out a little bit in 2017 when the price again went from 5 000 8 000 10 000 15 000 20 000 i felt the same thing

You're feeling right now i need to get in right now because if i do not want to miss out on this golden opportunity guess what there's another train coming just around the corner

You just gotta wait so if you don't wait and you start to jump in let's say you jump in let's say it goes to 13 tomorrow it's crypto we could do that so you jump in at 13 000 and then guess what happens it drops to 11 now you're feeling that

Tightness that pressure that you have in your chest you're like shoot it needs to go up and then it goes down to 9000 to 7000 and something else happens some fun

Article comes out before you know what you're down to six thousand so i'm just going to stress this try to go on the way of err on the side of caution and stick to your plan whatever your plan is my plan is dollar cost averaging

Some people's plan is just to leverage trade at 100x whatever your plan is go ahead and you know go with that but stick with your plan and i think you should be okay and there's another thing

I want to make mention that is that remember these things that are happening there's so many things happening in this space that there's no way to really make mention of everything that's going on and to

Aggregate all the information into a perfect scenario and give you the you know uh the perfect uh prediction just doesn't ha it just cannot happen but i will say this or this is from bitcoinuscom and it

Talks about uh there's a big catch to this week's bitcoin pump and it involves the dollar and what it says here is that bitcoin price pump this week to above eleven four well that uh 14 intraday move however

The rally being so powerful they have more to do with the dollar's weakness and less do to strengthen the bitcoin and if the dollar reverses sharply from here it could cause a corresponding

Correction in the crypto i'm just going to scroll all the way down the rest of it's just fluff and here's what we're seeing as more dollars are printed

The value of usd is in decline against other currencies including gold silver and bitcoin the dxy or dollar currency index compared against these assets assets shows the striking divergence

And valuations so we can see right here bitcoin popping up gold popping up as i was talking about yesterday i think bitcoin and gold are gonna be best friends for a long time and here's the dollar index going down

To the ground which is one of the things that we talked about in our first articles that we had so this could remain the same the dollar could weaken and go even farther uh the reserve currency status could go

Out the window who knows i i don't know but i can tell you that if you're gambling if you're betting on that and you just want to go all in um you can do that but i think you're

Gonna you're gonna fall prey to the same situation that i was in uh when in 2017 into 2018 and then far as 2019 so that's all i'll say yeah so great question

And uh hope uh that answers all your questions and also to you people out there who have that same question about dollar cost averaging all right let's jump back all right that's it for today so i want to say

Thanks for all my subscribers if you don't know the join now button underneath it's not a big deal don't give anything special it's just like a tip really it's a buck nine nine

And uh everybody gets these little cool little badges when we do uh live streams but i just want to say a shout out to the new one eric might go johnny bitcoin and then jarkey

Burgesson i hope i didn't screw that up uh dreamer i'm not gonna try it for this one uh steven hewlett let's see who else it uh bill jerky the jerk i'm sorry uh tvg david mills jack allen young

Boone beloved uh and chris barnett so just random shout outs thanks so much for sticking with me if you like those types of videos it's gonna be too much gonna pop up in your

Left and right don't know what they are because youtube has control of that i do absolutely nothing so whatever videos pop up fantastic and that's it so thanks for sticking with me

See you on the next one you

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