Crypto FLASH CRASH | Is There More Pain To Come?
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- čas přidán 3. 07. 2024
- Crypto just flash crashed. What comes next?
0:00 Intro
3:10 Time to buy, sell, or hold?
5:15 The Liquidation event
7:10 How I adjust my portfolio allocation
9:00 Technical analysis/historical data
16:15 Is the price going lower?
21:05 Placing my buy/sell orders
25:20 What I'm actually buying
More crypto updates/articles: mylesdunphy.com/blog
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New type of video... what do you think? 👍
IMPORTANT: I'm just a dude exploring & learning in the crypto wild west, like you. Do your own research, protect yourself & make your own financial decisions etc.
Glad to see you again on youtube Myles! On whatever you putting your hands on you doing it great!
Happy to see your thought process. 👊🏻
Love it Myles!
Thanks Myles, as always a valuable perspective!
New style of video is great. Crypto, fba, or any sort of video that deals with self improvement and finance is always appreciated.
Thanks for sharing your crypto thoughts Myles. I do like this video!
love these videos, thank you
Thank you so much!
I like Amazon FBA and Crypto too.
I'm looking forward to new videos!
Great vid Miles. BTW your mouse glitch was Power Toys. Pressing ctrl twice
Oh thanks!
Ooo yay ... some of my favourite things combined Into one. Myles and crypto !!!!
Im seriously spoilt 😆❤
Hey miles do you mind sharing idea on how to secure your crypto assests, since now you may a bigger position in crypto compared to your ecommerce days?
Hi Myles, will you try the Dan Hollings' Plan Method to gain in the volatility?
❤️ the explanation on your allocation and thesis here, really appreciate it. So much panic 😱 right now and your explanations bring more logic to it. Reminds me of the tortoise and the hare scenario story. I agree long term crypto total will continue to go up.
Would love to hear your thoughts on Luna and Solana.
luna and sol are one of the few alts in the top 20 that will probably be around next cycle. Part of my hodl stack along btc and eth
Appreciate the video. Although alot of people are calling crypto a Fad/ponzi scheme, I'm in it for the longterm. I think the market will continue to rally next year until they start tappering. The market cap of crypto is still relatively low & has alot of upside.
Curious what else you are up to besides crypto?
be great if you could be more regular with these mate... seems like a different world since this vid haha!
Hi Myles, I'm a big fan and love your work! I'm also excited that your into crypto and look forward to following and learning. I thought I'd mention a few points a) It's best to plan your strategy (buy/sell) before these events, less stress ;) and you can catch the wick b) I guess whether you stay in or not should also consider your fundamental thesis and if it's still intact (eg. ETH as a revolutionary smart contract platform) c) might get some slight optimisation by placing orders above support TA levels d) The narrative behind ETH outperformance has got to do with it's greater number of use cases and you may be across the ETHBTC chart, during this recent event the ETH price broke up from long standing consolidation area and a lot of speculators would have been ready to buy ETH and sell BTC on the breakout. d) Might be worth considering PUT options for occassional downside protection (on an exchange like Deribit), it's relatively easy and can provide peace of mind for awhile. Best of all is that you don't need to sell your holdings and possibly trigger a capital gains tax event (in some countries).
Get some ADA. Smart contracts are here and Dex's like sundaeswap are coming likely Q1. Been on a nice dip from the $3.00 high and will surely rip once those dex's go live. Plus you have lending and borrowing coming with MELD and liquid which will also bring great value and TVL to the ecosystem. Im not even a ada fanboy like but will be allocating some more funds because I think it's a +EV play. At least take a look at it and consider it DYOR.
Any podcast recommendations for Blockchain, Crypto, NFT?
Ya, I put together some useful links here: www.mylesdunphy.com/blog/crypto-101
@@MylesDunphy thanks a lot
I'm sure some people find this helpful but I find TA extremely boring and there are a million and 1 channels doing TA pretty competently. I think what makes you unique is your strong macro analysis and being able to tie that into different complex systems or concepts of which there are many within the crypto ecosystem. For example, talking about where you think the wind is going to blow in the industry based on emerging trends. Not sure if you are into the idea of conducting interviews and diving deep with industry people but you are quite good at that as well. Just my 2 satoshis, cheers!
Appreciate the comment!
Just wanted to leave my opinion. You did everything right, you left a succesful business which required a lot of effort to run, in comparison with crypto/financial markets to get the "same" outcome. But all this financial markets stuff (and again this is my opinion) is working well in the long term for people that have some important capital, so you get to the point where the capital is "working" for you.
All the people that doesn't have at least 300-400k$ at the bank that are not being actively used (most of the target audience that is willing to start an Amazon business), will simply start gambling following this, or the returns would be far from replacing even a low paying job if following a lower risk strategy (which is the only way to survive in the long term in this business).
This content could mislead the target audience that used to follow this channel to think that this could be a nice or better alternative to an Amazon business. I think it would be wise to advise such people that could have other expectations.
Otherwise, all the information that you are giving out about your new journey I'm sure is legit, as you are a very smart person.
Cheers
I'm honestly more and more in the camp that the demographic of people you refer to is dominated by people who should NOT start an FBA business and who SHOULD instead start learning about crypto for the long run.
someone last night asked me this. They have $1k spare and they want to start an FBA business. They have no business or investing experirence. Heck no, they have a much better chance of turning $1k into $10k with crypto.
Not everyone should, and that is just one specific example.
But my overall point is that crypto is in the end more accessible and has a better average outcome, for the average demographic we're talking about.
So yeah.. time to start learning. 🤷♂️
@@MylesDunphy I would agree with you on the example given, as with $1k it's very difficult to start (but there are still ways with way lower risks outside Amazon FBA). But I think the question to ask to this people is "Do you want something for the short-term or long-term?".
The problem I see with crypto and other financial markets is that it's a zero sum game business. One person, in order to make money, needs another person to lose. There is no added value during the process.
On the other side, creating a successful business with a brand that sells a product or service is a long lasting value-providing system (you can make a search to find that there are brands/companies created more than a thousand years ago that are still working to this very day), which either helps other people to cover their needs, make their life easier, or helps other people to run their own businesses. So when they choose to give you their money, they are not losing it, but getting value in the process.
With your help (I really do appreciate that by the way), I have started a business (outside Amazon, as I consider it's risky to depend on the will and rules of only one company) that is growing, and the last thing I'm worried about is what kind of currency I have on my wallet (dollar, bitcoin, stones...). They can even all disappear tomorrow, and this system will still provide value, and there will be people that want to benefit by receiving this value.
That is in fact one of the "downsides" of the capitalist system, where people that have accumulated significant capital (either by creating businesses that provided value to other people, or by inheritance of parents/grandparents/... that have provided great value at their time), choose switching to living off rent, financial markets and so on, because usually there is less effort and risk involved in order to generate income. And this in fact is a logic step by the rules we are playing (why to spend more energy by creating value, if there's an easier way for the same "financial" -key word- result), so it's not their fault.
But that's problematic, because by these rules, many talented people that are able to create value-providing systems (or either have the genes of past talented people) are not pushed to develop their skills, connect more with society and get fulfilled in life; so society are somehow losing them.
Like in your case, when you receive a thank you message from some person that you have helped to improve their lives, that kind of connection with the world feeling.
And again, that is simply my honest opinion :)
Agree with your point re capitalism. It's a balance that every society makes though. Ours isn't perfect, but as you say - them's the rules.
The act of creating a business in itself does not necessarily create any value. The problem with most people, in the demographic of which we are speaking, is that their attempts at amazon businesses are in fact zero sum. When their product goes out of stock the only people that care or notice are their competitors who now have a slightly larger slice of the market.
Those people may as well play a better zero sum game - crypto. Otherwise I whole-heartedly support anyone who genuinely wants to create value for others! 🙂
Thanks for the great discussion and insight.
Good to see more crypto content brother 👍 (PS to others, not related, just another nomad 😂)
Thanks dad 😅
@@MylesDunphy haha 😂. I've since watched the entire video and agree with your sentiments. I see a volatile December with the market potentially getting back on track in January, ie not another May event. I the meantime, your limit order strategy is about perfect for these conditions. Great first crypto video and looking forward to the next ones. What's good to note, this dump wasn't weakness in crypto but rather a much broader combination of events which personally gives me confidence in the future upside of crypto, be it December, January or whenever.
💙💙
Why is it painful for you to have Bitcoin back in 2018? Isn't it a great news that you had an opportunity to buy it when it was much cheaper.