🧠 48 hour life lesson

GM Seedphrase Nation 👋 The last 48 hours have been absolute insanity. We're here to guide you through it.

If you're still here, reply with your Twitter @ so we can follow you.

Today's Agenda 📓:

• 🔍 Market review: What the hell is going on and what to expect

• 😂 Meme of the Day

This has been one of the worst days in crypto history. But this isn't our first crypto crash, and we're here to coach you through it.

The Facts:

• FTX is insolvent- the 3rd largest centralized exchange

• thousands have lost their hard earned money, tied up in FTX

• Binance ultimately decided NOT to bail out FTX

• BTC hit a new low of $15K

• ETH dipped down to $1K

• trust has been completely lost in the market

The King of Rug Pulls

Crypto OG's are calling Sam Bankman-Fried the biggest scammer in crypto history. Do Kwon has been dethroned. We have a new king in town- we crown him the Rug Pull King.

And of course, Twitter is exploding:

Even Tom Brady entered the chat

People are trying to figure out what to do now. What's next? Have we bottomed? Is crypto dead?

Here's what experts are saying:

Do not "buy the dip."

Because we haven't seen the bottom yet. It has only been 2 days since the FTX crash. Not only does FTX have a long list of investments that are in line to get wrekt, the cyrptos on the FTX exchange are affected too.

Here is a list of SBF ventures that may plummet:

⚜️ Gold Nugget: We're waiting to see the full picture of who has been tied up into FTX. Crypto is a web of interconnected players. There's going to be a significant domino effect, and we have to be patient to see it. We're not making any more moves for at least a week.

The lesson you need to learn:

If your money is on a centralized exchange like Binance or Coinbase, for the love of God take it off. Just because they seem okay now, doesn't mean they will be in the future. FTX insolvency proves that ANYTHING can happen.

If these exchanges ever run into problems, you will not be seeing your money back.

Where did all the money go?

So glad you asked, Mr. Dave Portnoy.

Our answer: When you "buy" Bitcoin on a centralized exchange, you don't actually buy Bitcoin. What you're buying is a claim to the Bitcoin. Essentially, a piece of paper which you hope will be redeemable when you want to pull out funds. The Bitcoin was never yours, you gave ownership of "your" crypto to the exchange and trusted that they'll give it back when you ask. They can do whatever they want with the crypto you loaned them. In this case, Rug Pull King was using client assets to make risky investments. Your crypto is gone el Presidente.

Sounds messed up right? Because it is. Get some cold storage and never worry about this again.

Here are the 5 best cold storages of 2022.

Let's review price lows 📊

BTC was down to $15K. At the time of writing, it is back up to $17K. Ironically, November 9th, 2021 was when BTC had hit its ATH of $69K.

ETH was floating at $1000 and is now back up to $1.2K. ETH will decline with everything else. This is one of the few coins that will survive this massacre.

SOL is almost down 50% at $14. Also, $1B in SOL was set to be unstaked today. This could have tanked SOL to its death- but the Solana Foundation announced it is postponing this event.

No doubt, one of the worst days we've ever seen. More disgusting than the LUNA crash. FTX was supposed to be THE exchange for normies.

Now, many will never look at crypto again.

We're here to help you prepare in case things get worse.

1. Move your assets to cold storage

2. only hold QUALITY, like BTC & ETH

3. wait patiently to see how far the FTX fire spreads

4. decide on price targets and stick to them.

Bad News: This crypto winter might last a year, or more. We're only 6 months in.

Good News: It won't last forever. Markets move in cycles. A bull market is coming, because there's always a bull market coming. This is not the first time crypto has tanked:

We have strong conviction that blockchain technology is the future, and crypto is not going anywhere.

BTC has been pronounced dead more than 500 times since its existence. Yet always comes back more robust and is now the best performing asset in history.

ETH will also last the test of time. Massive ecosystem. Hella devs. Future applications.

When will we see the next bull run? 🧐

When institutions are trusted again by retailers, and there's insurance on assets.

For that to happen, the government needs to regulate, and people feel more comfortable reinvesting. BTC could continue to plummet to $10K-$12K, BUT this is good. Hear us out.

With all the noise going on, the largest exchange being a rug, and even more players being flushed out, it sounds like the end. But really: these are growing pains.

With more scammers out, it will allow the real deal to build.

But don't take it from us. OGs that have been in crypto since 2012 have seen the impossible happen. Vitalik just retweeted his conviction in SOL surviving:

It's been a tough day for everyone. At least there are people making light of the situation. 😂

Will crypto see the light of day? Will people trust institutions again? Find out next time… with Jonah Hill.

And something to look forward to if we do fall. 🙊

🧠 Final thoughts

BE CAREFUL. This is not the end of it. As more news comes out and macro factors pile on, the market could see more blood than a COD lobby. Many projects will face the greatest test of their life, and some won't make it. So act accordingly,

⚜️ Golden Nugget: If you have any assets on exchanges. Transfer them to a cold storage to preserve your wealth.

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😂 Meme of the Day

Crypto coming into 2023

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research