I appreciate all the support. All the likes comments and subscribes. You guys are awesome. You guys are helping my channel grow and i really appreciate it anyway in today’s video. I want to talk about none other than one of my new favorite projects. Uh well it’s, not really a new favorite project, but it’s one of my favorite projects. You know pretty much since i got into crypto and that, of course, is digi bite. So digi bite is an awesome project um. I know you guys have probably seen my other videos about it. I’M, just going to give a quick update on digibyte, but before i do that, i just want to do a quick market update just to talk about what’s been going on in the market um and i’m sure you guys already know the big news, which is elon Musk is over here, trolling, bitcoin and uh. You know i don’t think anyone can figure out why he’s doing this uh it’s just so strange to me um, he tweeted out probably three days ago, three or four days ago, that tesla will no longer be accepting bitcoin. As payment uh, you know for the teslas um honestly, i don’t think that that was really a bad move. I think that that kind of made sense, if, if you think about it, because bitcoin really isn’t a good currency to be using, i think, it’s more of an asset, something that you hold on to for store of value.
So why would it you know i’m sure nobody has even purchased tesla’s using bitcoin and if they have there’s, only ever been a few of them um and if you were to actually go buy a tesla with the bitcoin. I think it’s pretty stupid, because the whole concept of bitcoin is that its press is gon na go up over time. So why are you gon na use a deflationary currency like bitcoin, a deflationary asset to purchase, basically a liability, a car, something that’s going to lose value over time? It’S just it’s, not a good trade. I think dogecoin much better trade, because gauge coin is inflationary, so yeah let’s use dogecoin let’s, not use bitcoin um and then, of course you know yeah. I think it was last night or the night before he tweeted out in the middle of the night. That tesla was some something about tesla’s gon na sell all their bitcoin, which caused huge panic and then a couple. A couple hours later, he tweeted clarification. Tesla is still holding all of our bitcoin we’re, not gon na sell it. So i don’t know what’s up the mixed messaging. I think he’s just trolling, i think he’s trying to just get the price to go lower so that he could buy more that’s. Really what i think, but i do have a video talking about what he did and what my whole thought is on the the entire process i’ll make sure to link that video.
If you guys want to go, watch it um, but basically yeah bitcoin goes down what happens to the market, guys it tanks so yeah i mean if we look at the total global market cap it’s still above two trillion dollars, which is fantastic right. It’S, great news. We’D love to see it above to trill right, but seriously. Over the weekend, the market cap lost half a trillion dollars. 500 billion dollars was pulled out of the market. Because of this, this funny business – and you know 200 billion of that came straight from bitcoin. You know because bitcoin was sitting around one trillion dollars, so almost half of that amount came strictly from bitcoin um and then another 100 billion or so from ethereum. So you know, like i’ve, always been saying guys from my videos and all my videos i’ve been saying you know. Basically, when bitcoin moves, what does it do? It takes down everything with it. If bitcoin moves to the downside, usually what’s gon na happen is all the other. Cryptos are gon na do the same thing and then on the opposite side of that spectrum. When bitcoin moves up what tends to happen, everything else moves up. So i think that this is just another clear example of how strong bitcoin is and how much impact bitcoin actually has on the market. So that’s all i want to say about bitcoin um. You know moving on down ethereum, basically down quite a bit as well.
You know 17 on the week um, you know about a thousand dollars: it’s it’s lost uh. Since this dip started, you know it hit. Ethereum was hitting a price point of around forty three hundred dollars, pretty crazy to think about and now it’s down a thousand. So, to be honest, i’m, not too bearish, not yet not yet, because here’s, why? We know why the price is dipping on these different projects. The price is dipping because of elon musk and his fud, and also because what he’s saying about electricity use and the environments – and i think it’s, all bs, but you know whatever whatever you guys, can come to your own conclusions on that. I think it’s not a good argument that he’s trying to make. I think he has a lot of skin in the game right. The dude produces renewable energy, solar panels, batteries electric vehicles, so i think it’s in his best interest to make that argument seem like it’s realistic so that maybe he can – i don’t know i’m sure you guys have heard this argument right. Maybe he can set up a solar uh powered mining farm for bitcoin with tesla. So i think that maybe his end goal is something like that, but you know it’s all speculation there’s really no way to know there’s no way to get into elon musk’s head unless he wants to let you in so anyways moving on down the list. We’Ve got finance coin sitting at around 500 lost quite a bit 23 down on the week.
Pretty crazy cardano is actually up pretty great to see because since my very first video i’ve been talking about cardano and how much i love it because it’s a great competitor to ethereum, so it’s good to see when cardano’s doing good uh. You know, i think at some points it hit uh like a dollar thirty. Maybe i think it even at one point got almost up to two dollars and fifty cents or two dollars and thirty cents, something somewhere around. There was doing really good dogecoin uh, not much to talk about deutsche bank. I think it’s sitting around the same price point that it’s been sitting out for the past two weeks: uh down five percent huh, nothing too interesting happening there. A lot of these projects are down internet computer down 56 on the week. I love to see it because this is a project i’m trying to scoop up. So with that being said, if you guys are thinking about buying some of these projects, not financial advice, but i think it just makes a lot of sense to buy them on dips, like this 56 percent dip, it’s a great buying opportunity, uh, but anyways. You know just moving on down the list. We got uni swap down a little bit on the week coming back up, um v chain down 22 hate to see it, but i love to see it because price is still low, but now we can scoop up some more, but anyways let’s get right into the Topic of today’s video, which is none other than digibly, so digivite, is down 22 on the week hate to see it, but, like i’ve, been saying i’d love to see it too, because this means that i can scoop up some more at a nice discount um.
You know like i’ve, been saying not everything it’s not going to continue to go up forever right. There has to be moments in this market where things pull back that’s just common sense. You know the markets ebb and flow, they go up, they go down, they don’t go straight up. If they went straight up, then this would be an infinite money, money printer, basically and uh yeah that’s, not how it works. So yeah i mean you know it’s down. Quite a bit on the week why right i’m sure a lot of you guys are wondering why is digibyte now well, i said it right at the beginning of this video. It is down because of bitcoin elon musk talking smack about bitcoin. What do you think it’s gon na do it’s gon na drop the price of bitcoin when bitcoin’s price starts to go down? Retail investors, like you and i you know unless you’re trained and you get those diamond hats like i do these retail investors that got in at the top of the cycle. Yeah they’re scared. You know some of these people. This is the first time investing in anything. So when they put their hard earned dollars into a project at its top right thinking that it’s going to continue to go up, go up, go up, go up, and then what does it do pulls back 25 that’s hard to see it really? Is it sucks? Nobody likes to see them put money into an investment and then that investment too bad right off the bat.
So you know this is why you got to you really: either got ta, wait for a fat dip right time, the market, which, statistically speaking, is harder to do than dollar cost averaging, which is something that a lot of these really smart investors do. They dollar cost average, which means every paycheck they put the same amount of money in no matter what the price is. That’S dollar cost averaging. That makes a lot of sense too right, i don’t know i like to time the market i like to try and time it just wait for a big red day like what we’ve been seeing these past five days, pretty much nice red days, because i don’t know. I just i think, it’s more fun. I think it is more fun to time the market, even though, technically speaking, it’s a little bit harder, but you know, actually you look at the numbers, the statistics of people that invest their money and try and time the market. They do actually end up making a little bit more money than people that dollar costs are just a little bit but it’s just a lot more stressful. So you know you guys make up your own mind. You want a dollar cost average. You want to time the market i don’t know it’s up to you guys right now, i’m, trying to time the market eventually one day, i’ll, probably start dollar cost averaging um, but yeah, basically that’s that’s.
Basically it for uh digibyte it’s down because of bitcoin, and then you know you got these these news sites like this talking about. Oh my gosh it’s, the end of did you bite it’s down because of this and blah blah blah? I don’t even read these articles, because why? Why are you going to get your crypto advice from people that don’t believe in crypto that’s? How i feel because people don’t know what they’re talking about they probably don’t hold any crypto whatsoever. So i just try to stay away from people that don’t know anything about crypto trying to give their two cents on crypto. So you guys have people in your life like that. That know that you have crypto right and then something like this happens over the weekend and then they start tweeting you and sending you messages on instagram like i’m, so sorry bro, oh my gosh you’re losing money and they don’t even know what’s going on. I mean let’s be real i’ve. I had that happen over the this weekend, it’s like uh, actually i’m, pretty far into profit, land, man and uh. You know, i hope you’re buying some, but i know that they’re not because well, some people just can’t be saved so but anyway, moving on to bigger and better news with this whole narrative that elon musk has been talking about and pretty much mainstream media has been Talked about with renewable energy and bitcoin is using so much energy.
Oh my gosh it’s. The end of the world is next week crazy with people talking like that, i thought it was great to see this tweet come from digibyte it’s, just beautiful really is it’s. Like did you buy jared tate whoever’s running the? Did you buy twitter feed playing 4d chess man they’re playing 4d chess? I mean look at this disneyland and proof of work benefits over 75 of dgb miners use renewable energy right i mean first of all. This only makes sense right, i’m sure some of the newer miners out there like myself to be honest, i’m brand new into mining. I started mining about a month ago and i’m using nice hash so i’m, like super newbie, miner, um and, of course, i’m using my computer, plugging it into the wall i’m, not using renewable energy, but once you start mining right like me, i started mining i’m, making Profits i’m, loving life it’s so awesome to make passive income not have to do anything at all. Just leave my computer plugged in running non stop. The the potential of making gains through mining makes me want to scale the scale the operation and scaling. The operation means that i’m going to require more electricity in order to run the operation right, which means less profits, because the more energy that your house is using, the more it costs and then here’s. Another thing that a lot of people don’t talk about. Once your house is using x amount of kilowatts per pay period, they’re gon na put you on a different pay rate right, a different um, a different price per kilowatt.
Once you reach a certain amount of kilowatts used, so it just naturally leads you into thinking about renewable energy. Getting you know solar panels, or you know reusable batteries or anything that will improve your profits because that’s the whole thing profits. You want profits, that’s. Why you’re doing this, you want to make money doing this and the best way to do it is with renewable energy. So i just thought it would you know throw that in there, but anyway, djibout is energy efficient with low transaction fees and fast speed. You guys already know that though, and then of course, there was a link to this article right here. Talking about digi byte and some of the benefits you guys could go read that when you want um, you know it’s just put out yesterday uh but yeah it’s, a great read, it’s, pretty short um. You guys should definitely go check that out, but really that’s. All. I had for today just a quick little update on digibyte. I think it’s still a good time to buy it’s, not financial advice. I think it’s, just common sense, wait for the red days. Buy the dip, sell it when it’s high. You know if you’re selling dizzy bite right now, unless you bought it at one cent. I don’t know what you’re doing you know just hold on wait until a beautiful green day to sell and take profits um. But you know, none of this is financial advice.
It’S. Just common sense anyways guys, thank you so much for watching.