Binance Cancelling! Crypto Collapse CONFIRMED — Transcript

Full transcript

1. 0:00oh man the drama drama drama continues
2. 0:04uh BTC sitting at about 17 000 right now
3. 0:06very important level if we break this
4. 0:08level things could get
5. 0:10ugly and there's the possibility of
6. 0:12binance canceling on FTX let's talk
7. 0:15about this I just want to give a very
8. 0:17clear uh upfront warning that the FTX
9. 0:21near bankruptcy affects the
10. 0:23international version of FTX the US
11. 0:25version is supposedly okay personally I
12. 0:29don't buy it if I or having any money
13. 0:34right any money in FTX I don't want to
14. 0:36contribute to a bank run here but let's
15. 0:38just say
16. 0:39I wouldn't keep any money in it okay I'd
17. 0:42be like not let me take my money out
18. 0:43they got it all figured out maybe I'll
19. 0:45come back okay now look I know on the
20. 0:47channel we've talked about FTX before in
21. 0:49the past
22. 0:51I'm giving you a fair heads up now just
23. 0:53like I did yesterday okay so what's
24. 0:56going on so yesterday CZ who's not
25. 1:00exactly uh you know got the best
26. 1:01reputation for transparency according to
27. 1:04that video we made yesterday just
28. 1:05watched the last 13 minutes you'll see a
29. 1:07complete breakdown uh of why people
30. 1:09believe that CZ doesn't have the best
31. 1:11potential reputation for transparency
32. 1:13yesterday binance and owner and founder
33. 1:16CZ suggested they have written a letter
34. 1:18of intent to acquire FTX and now we're
35. 1:22hearing that FTX actually before going
36. 1:25to their competitor binance actually
37. 1:27first went to okx uh and a SAM bankman
38. 1:31freed reached out to them on Monday uh
39. 1:34hoping to uh to get uh a deal before
40. 1:37having to go to binance well okay X
41. 1:42declined and now FTX wrote a letter of
42. 1:46intent to take over a letter of intent
43. 1:48it lets you open up the books at FTX and
44. 1:50go oh okay let's see what's going on
45. 1:52here
46. 1:53in yesterday's video on this topic
47. 1:56I mentioned that here's what happens
48. 2:00if binance opens up the books and says
49. 2:02okay you guys need to provide 500
50. 2:06million dollars in withdrawals you only
51. 2:08have 300 million dollars binance has to
52. 2:12look at that and say okay we'll give you
53. 2:14that 200 million but we want your book
54. 2:16of business right we want we want our
55. 2:17all your clients but then you have to
56. 2:19evaluate is that 200 million dollars
57. 2:21worth the clients are getting and if all
58. 2:23the clients are fleeing then the number
59. 2:26of clients you might be getting is
60. 2:27actually shrinking so the deal becomes
61. 2:29less interesting and if you open up the
62. 2:31books and the numbers are actually way
63. 2:33worse and you potentially have to pay
64. 2:35billions of dollars because we think
65. 2:37outflows are somewhere between three to
66. 2:39five billion dollars at this point from
67. 2:41binance and if binance or if from FTX
68. 2:43and if FTX maybe only had 500 million in
69. 2:46the books binance might look and go dude
70. 2:48we're not giving you guys four and a
71. 2:49half billion dollars to bail out your
72. 2:51customers forget that cancel the deal
73. 2:53well now we have reports from uh
74. 2:56coindesk that people familiar with the
75. 2:59matter are suggesting that binance is
76. 3:02now strongly leaning towards scrapping
77. 3:04the FTX bailout after first glance at
78. 3:09the books look nothing gets better after
79. 3:12the first glance of books this is bad
80. 3:14this is really bad because that that
81. 3:16means you know when when the bail the
82. 3:19one company doing the bailouts is like
83. 3:21yeah no you're way too toxic that's
84. 3:24really bad so and again personally not
85. 3:27trying to create fear I would just even
86. 3:29though this is the FTX international
87. 3:31branch I would get my money out of FTX
88. 3:34us I understand that could potentially
89. 3:36lead to a run uh uh you know if
90. 3:39everybody did that it would lead to a
91. 3:41run on the U.S and a collapse of the U.S
92. 3:42business as well but this is business
93. 3:45you have to look out for yourself uh and
94. 3:48I think that would be prudent but anyway
95. 3:50cryptocurrency exchange binance is
96. 3:52highly likely highly unlikely to go
97. 3:55through with its proposed acquisition of
98. 3:57struggling rival FTX less than a day of
99. 3:59reviewing after less than a day of
100. 4:01reviewing the company
101. 4:02a person familiar with the matter said
102. 4:04finance's non-binding letter of intent
103. 4:06for the Takeover announced Tuesday
104. 4:07appeared
105. 4:09um as as ftx's financial position
106. 4:11appeared to be spiraling out of control
107. 4:13hinged on binance performing due
108. 4:15diligence roughly half a day into that
109. 4:18process after reviewing ftx's internal
110. 4:21data and Loan commitments has led
111. 4:22binance to strongly lean against
112. 4:25completing the transaction binance
113. 4:28declined to comment on the status so did
114. 4:30FTX after coindesk released the story
115. 4:34losses in the crypto Market uh worsened
116. 4:37BTC visited its 2022 low of around 17
117. 4:40100 which we saw yesterday ether back to
118. 4:451160. wow really did we get that low
119. 4:48hold on a sec let me see here so I know
120. 4:50BTC is sitting at 17-2 right now let's
121. 4:52look at eth USD weren't they like 1600
122. 4:55just like a day ago uh
123. 4:57um yes they literally were they were at
124. 5:011600 now they're under 1200. this is
125. 5:03remarkable
126. 5:05um that's pretty painful uh all right so
127. 5:07uh definitely get some pain here now CZ
128. 5:10did release a letter this morning and
129. 5:11what I thought was really interesting is
130. 5:14yesterday in my finance video especially
131. 5:17sort of my CZ uh expose dare I say uh in
132. 5:23that video I talked about how binance
133. 5:26was talking about this seifu fund which
134. 5:30is their insurance bailout fund uh in
135. 5:33the event there's any kind of issue with
136. 5:35their their customers being able to
137. 5:36withdraw funds uh that bailout fund was
138. 5:41previously estimated to have a billion
139. 5:43dollars of uh of assets in it but those
140. 5:46are all b and a lot of those are B and B
141. 5:48which is now worth a lot less and so
142. 5:50yesterday we were estimating that there
143. 5:52was maybe only about
144. 5:53460 million dollars actually in that
145. 5:57account not anywhere close to a billion
146. 5:59dollars since we could see the wallets
147. 6:01and so uh just a few hours ago actually
148. 6:0410 hours ago which is about what maybe
149. 6:07eight hours after I posted my video uh
150. 6:10binance's CZ has come out and posted the
151. 6:13following to adjust for recent price
152. 6:16fluctuations binance has topped up the
153. 6:18seafood Insurance Fund to one billion
154. 6:20dollars again now that's interesting
155. 6:22because this this uh uh Insurance
156. 6:26account has been underfunded under a
157. 6:29billion dollars for like 10 months of
158. 6:32the year
159. 6:33and within 10 hours of me bitching about
160. 6:37it in a video they filled it up again
161. 6:39now I'm not trying to take credit for
162. 6:41that I'm sure many people were
163. 6:42complaining about this I just think it's
164. 6:44interesting that it's like really you
165. 6:46kind of let it suffer that long all year
166. 6:49and and all of a sudden now you top it
167. 6:51off okay but again it's being topped off
168. 6:53with with Bitcoin and BNB and if the
169. 6:56value of these collapses then again the
170. 6:58value of the insurance goes down uh here
171. 7:00we've got his letter to uh uh you know
172. 7:04basically the binance staff he just
173. 7:06posted this uh to everyone given the
174. 7:07events that have transpired over the
175. 7:09last couple days I want to reiterate a
176. 7:10few points we did not master plan this
177. 7:12or anything related to this this is
178. 7:14because there are rumors that basically
179. 7:16binance purposely tried to bankrupt FTX
180. 7:18to get rid of their competition
181. 7:20you've got uh uh uh CZ here saying I had
182. 7:24very little knowledge about the internal
183. 7:26state of what was going on at FTX until
184. 7:28SPF sandbagment freed called him send
185. 7:30bankman freed by the way has not had a
186. 7:32had a good day last couple days uh Wall
187. 7:35Street Journal
188. 7:36has a piece out uh indicating that his
189. 7:39net worth collapsed from 16 billion
190. 7:41dollars to potentially under 1 billion
191. 7:44dollars uh within a day now marking a 94
192. 7:49Wipeout the biggest one-day collapse
193. 7:51ever amongst billionaires tracked by
194. 7:54Bloomberg Bloomberg index gave a value
195. 7:57of just one dollar to FTX and Alameda
196. 8:00research
197. 8:01and the only reason
198. 8:03Sam bankman freed might actually have
199. 8:05still relatively a close to maybe one
200. 8:09billion dollar uh net worth is because
201. 8:11of his investment into Robin Hood
202. 8:14Sam begman freed invested in a Robin
203. 8:15Hood when it was like seven or eight
204. 8:17dollars I think the thing's trading for
205. 8:18like 12 bucks now or something and uh he
206. 8:21invested quite a a good chunk of change
207. 8:24uh and uh yeah well actually wow dude
208. 8:27even Robin Hood just fell look at this
209. 8:29Robin Hood's down 9.9 today never mind
210. 8:32there goes the rest of his net worth
211. 8:34well at least it's preserved some of it
212. 8:36I think he bought it like 750 or
213. 8:38something like that but it's at 877 now
214. 8:40wow uh Sam bankman freed Robin Hood
215. 8:44investment let me see this was somewhere
216. 8:46in April
217. 8:48uh he uh he uh even suggested
218. 8:51potentially buying the company he has a
219. 8:547.6 stake in Robin Hood 56 million
220. 8:58shares May 12. 56 million and if we
221. 9:03multiply 56 million shares by 878 he has
222. 9:07about oh that is not even close to what
223. 9:11the Wall Street Journal is estimating
224. 9:12anymore if his other businesses are
225. 9:14bankrupt he's only worth about 491
226. 9:16million right now and that's all thanks
227. 9:19to Robinhood who would have thought that
228. 9:22Sam bankman freed could thank Vlad tenev
229. 9:26to help him continue to stay rich
230. 9:29who would have thought anyway
231. 9:31um wild let's go back to that letter
232. 9:34though and continue to see what CZ is
233. 9:37arguing here
234. 9:39which is right here
235. 9:41all right so as the due diligence for
236. 9:43the deal is ongoing I want to remind
237. 9:45everyone do not trade the FTX tokens if
238. 9:49you have a bag you have a bag do not buy
239. 9:52or sell as soon as I finish the call
240. 9:54with Sam bankman freed yesterday I asked
241. 9:56our team to stop selling as an
242. 9:57organization so keep this in mind over
243. 10:00the weekend CZ said we're gonna dump
244. 10:03like 500 million coins of the FTX token
245. 10:06that was before this collapse and now
246. 10:09with his call after his call with Sam
247. 10:11bankman freed where who knows maybe Sam
248. 10:13bankman freed is basically begging CZ
249. 10:15not to sell Finance tokens or the FTX
250. 10:18tokens now CZ is recommending that if
251. 10:21you're losing money on the FTX token
252. 10:23don't worry just wait I mean that sounds
253. 10:26like a bunch of BS to me but whatever
254. 10:28yeah exactly only 490 mil what a peasant
255. 10:32exactly
256. 10:35um how safe are funds with binance you
257. 10:37know I don't trust binance I said this
258. 10:40yesterday as well and the problem is if
259. 10:43binance doesn't buy FTX you're going to
260. 10:46have massive Liquidations in not only is
261. 10:50the FTX token going to go to zero but
262. 10:52you're going to see pressure on the
263. 10:53binance token you're going to see
264. 10:55pressure on bitcoin and ethereum more
265. 10:57than you've already seen if we break
266. 10:59this 17 000 level on BTC you could see
267. 11:02BTC fall lower in fact in my video
268. 11:05yesterday I put in a little quote of me
269. 11:07saying the only thing holding BTC up at
270. 11:09around nineteen thousand dollars then is
271. 11:11is s uh is FTX same bank but freed and
272. 11:15the bailouts like if and I even said if
273. 11:17he runs out of money
274. 11:19TBD that's what I said if he runs
275. 11:21Automotive TBD in other words like it's
276. 11:23probably gonna get bad and that's
277. 11:24literally what's happening right now
278. 11:26which is
279. 11:27kind of scary so the problem is
280. 11:30binance says they're good but I don't
281. 11:33trust them if BTC drops under ten
282. 11:36thousand dollars I would not be
283. 11:38surprised
284. 11:39it's entirely possible you see CZ take a
285. 11:42few bill disappear binance collapses
286. 11:45not saying it's gonna happen I'm not
287. 11:48making any guarantees but let me put it
288. 11:50this way would I move my money from FTX
289. 11:52to binance hell no if I had money in
290. 11:55crypto it would either be cold wallet
291. 11:57like not your keys not your coin right
292. 12:00not your crypto I'd have my money out of
293. 12:02any kind of centralized exchange or I
294. 12:05just wouldn't be in crypto while these
295. 12:07uh these collapses are happening around
296. 12:09because it's going to put downward
297. 12:11valuation pressure on on the coins uh
298. 12:14I'm sure many of you remember this but I
299. 12:18have regularly been asked about hey what
300. 12:21about
301. 12:22um you know the uh the potential for uh
302. 12:26nfts to maintain value right and people
303. 12:28were always wondering like Kevin when
304. 12:29are you going to get into holding nfts
305. 12:31more long-term I'm like I'm not because
306. 12:32here's what happens when you get in this
307. 12:34I've always said this even in the bull
308. 12:36run when nfts were killing it right I'm
309. 12:38like the problem is if you go into a
310. 12:41recession the last thing that has
311. 12:43liquidity is going to be an nft
312. 12:45and it's going to be the first thing
313. 12:47that gets dumped the same is going to be
314. 12:50true for a lot of other assets you have
315. 12:52to look at when companies have to
316. 12:54liquidate they have to dump assets and
317. 12:56when liquidity goes down price plummets
318. 12:59even faster it's really scary so uh you
319. 13:02know I'm not trying to like fear Monger
320. 13:03here but like I just want to be clear
321. 13:06I would not and I said this yesterday
322. 13:08too I wouldn't have any money in FTX the
323. 13:10us or International Version and I
324. 13:12wouldn't have any money in uh in binance
325. 13:15uh I also right before Voyager digital
326. 13:18went bankrupt I made it very clear on
327. 13:21the channel get your money out of stable
328. 13:22coins they're not safe right now and
329. 13:25then all of a sudden we get the Terra
330. 13:26Luna collapse and everything it's crazy
331. 13:28uh and I'm not trying to like Pat myself
332. 13:29on the back for like oh you know
333. 13:31predicting or whatever I'm just I'm
334. 13:32trying to provide warnings that's all
335. 13:33I'm trying to do and I'm trying to be
336. 13:35even more clear because like when I said
337. 13:37cell Peloton at 113 I'm dumping it
338. 13:39because things are changing people then
339. 13:40later made slander's videos about me
340. 13:43going haha look Kevin's investment
341. 13:44Peloton went to twenty dollars or ten
342. 13:46dollars it's like
343. 13:47I guess you missed all the warnings so I
344. 13:49just want to be even more clear but then
345. 13:50again people are always going to hate
346. 13:51but they just hate us so okay what else
347. 13:55do we know let's go back to that letter
348. 13:56uh so I again I think this is nonsense
349. 14:00this is just CZ oops this is CZ trying
350. 14:03to tell his friend that uh hey I'm
351. 14:06helping you try to make sure there's
352. 14:08liquidity for uh the finance token by
353. 14:11encouraging people not to sell uh
354. 14:14um okay U.S Finance Regulators are now
355. 14:18investigating whether FTX properly
356. 14:20handled customer funds yeah this is
357. 14:22going to lead to a lot of Investigations
358. 14:25U.S probes FTX over handling of client
359. 14:28funds uh well yeah no kidding
360. 14:32so let me see here
361. 14:38okay yeah so continuing on with the
362. 14:40letter three obviously do not comment on
363. 14:43the deal publicly or internally you know
364. 14:44it's kind of funny that like hours after
365. 14:46this letter comes out of CZ saying oh
366. 14:48please don't comment on the deal
367. 14:49somebody comments on the deal to
368. 14:51coindesk and and the story leaks right
369. 14:54away duh FTX is FTX going down is not
370. 14:58good for the entire industry we don't
371. 15:00view it as a win for us user confidence
372. 15:02is severely shaken Regulators will
373. 15:03scrutinize exchanges even more licenses
374. 15:06will be harder to get yeah you're going
375. 15:08to end up having a Federal Reserve that
376. 15:10has to supervise all this stuff because
377. 15:11nobody's going to trust it
378. 15:15not to mention price swings and
379. 15:17insurances blah blah blah speaking of
380. 15:19prices ignore the prices let's keep our
381. 15:21heads down and focus on Building
382. 15:22Products people use dude nobody uses
383. 15:25Bitcoin
384. 15:27just as an example right you don't
385. 15:29transact with it at least not yet maybe
386. 15:31in the future you go to lightning and
387. 15:33stuff but like blockchain technology is
388. 15:35so good but there's still a fundamental
389. 15:38disconnect between how much blockchain
390. 15:41Technologies actually worth
391. 15:45and how much tokens are trading for
392. 15:47which obviously have voting ownership in
393. 15:49the blockchains
394. 15:50but I I don't know really proud of every
395. 15:53one of you blah blah blah blah blah yeah
396. 15:55whatever
397. 15:57um I don't know man I'm glad you guys CZ
398. 16:00and binance I'm glad they topped off uh
399. 16:03their uh their Insurance Fund because
400. 16:06that was a joke uh yesterday he was
401. 16:09pitching how great seifu is and I'm like
402. 16:12dude what are you talking about it's
403. 16:13worth a whole lot less than what it used
404. 16:14to be uh they're obviously using this as
405. 16:16a marketing pitch uh here he is saying
406. 16:19he likes being bald basically because
407. 16:21it's kind of like a zero and they have
408. 16:23zero fees for BTC it's an ad what I put
409. 16:26money into this right now hell no like
410. 16:28let the cards fall where they may and
411. 16:31then if you want to go invest back into
412. 16:32crypto you can do that uh
413. 16:36oh yeah yeah what will happen to Voyager
414. 16:38they were being bought by FTX I don't
415. 16:40know I thought Voyager was going through
416. 16:42bankruptcy I didn't know that FTX was a
417. 16:44potential Suitor uh that's possible
418. 16:46though because through bankruptcy you
419. 16:48could see that uh occur customers of
420. 16:53bankrupt crypto lender Voyager
421. 16:56uh
422. 16:57um
423. 16:58oh yeah Voyager to October oh that's
424. 17:01very interesting yeah uh FTX was
425. 17:03considered one of the potential
426. 17:05purchasers for Voyager
427. 17:07customers of bankrupt crypto lender
428. 17:09Voyage or could recover 72 percent of
429. 17:11their funds if FTX sale is approved too
430. 17:13bad now FTX is going bankrupt so there
431. 17:16goes that there goes the potential of
432. 17:17getting 72 percent of your money back on
433. 17:19on Voyager oops
434. 17:25nope
435. 17:28Bankruptcy Court approved an arrangement
436. 17:30where Voyager can scrap the FTX deal of
437. 17:33a better offer materializes yeah right
438. 17:35fdx's offer would just went away
439. 17:38oh yeah yeah
440. 17:41uh yeah I I am hearing a lot of Solana
441. 17:44drama
442. 17:46I actually don't know much about this
443. 17:49uh but um I'm happy to do some research
444. 17:53into Solana and see what's going on uh
445. 17:56let's take a look at coindesk over here
446. 17:58salana
447. 18:01Solana continues its plunge okay Monday
448. 18:04war on Solana sunk deeper and deeper uh
449. 18:07okay why investors speculated about its
450. 18:10paw about its possible place in the
451. 18:12ongoing drama around FTX okay
452. 18:14a copy of the Alameda balance sheet seen
453. 18:17by coindesk shows that Alameda holds 292
454. 18:21million of unlocked Solana and 863
455. 18:24million of locked Solana and 41 million
456. 18:27of Solana collateral one theory is
457. 18:30Alameda might try to dump its Soul
458. 18:31tokens in a bid to raise liquidity of
459. 18:33course of course if they're going to go
460. 18:36bankrupt and this is true that Alameda
461. 18:38holds all the Solana it's all going to
462. 18:40get dumped that's what I said is is when
463. 18:42you have these liquidity problems you're
464. 18:45going to see a dumping of whatever
465. 18:47assets you could possibly get your hands
466. 18:49onto
467. 18:50uh this now oh my gosh this was 21 bucks
468. 18:54yesterday it's at 16 now
469. 18:57year-to-date Solana down from 170 bucks
470. 19:00to now 16 look at its move here it was
471. 19:0437 November 5th four days ago
472. 19:07it's it's down more than 60 percent in
473. 19:10four days
474. 19:11ah
475. 19:14ah
476. 19:16yeah the Tom Brady partnership with FTX
477. 19:18you know one thing I will say and we'll
478. 19:21end it on this but this was remarkable
479. 19:22and no it's not yes we have the Black
480. 19:24Friday coupon code down below email
481. 19:26kevin.com if you have questions about
482. 19:28bundles or the courses although it's
483. 19:30pretty self-explanatory in the link down
484. 19:31below here's the big crazy thing okay I
485. 19:35remember asking sponsor companies I'm
486. 19:37like how the hell does FTX have all this
487. 19:41money they're being stupid with how
488. 19:43they're spending their advertising money
489. 19:45and this is because I was seeing what
490. 19:46was going on in the YouTube community
491. 19:47and they said well their boss told them
492. 19:50you have the money spend it and I'm like
493. 19:53that's not how to run a company so the
494. 19:55red flags were there I wish I made a
495. 19:57video about that oh well anyway see ya
496. 19:58good luck