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Bear Market Bait (Say Goodbye to These 4 Coins That Will Fail) - YouTube
Channel: BitBoy Crypto
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the rocket ship is finally back in orbit
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again but it's going to need to come
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back down to earth at some point
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most of the best estimates that i've
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seen say that this bull market will come
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somewhere to an end
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in the fall and we're going to do our
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best to protect our assets during that
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time
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there's no easy task though timing the
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market can be extremely difficult
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especially in crypto
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where prices can crash without warning
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in a matter of minutes
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during those times of extreme volatility
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the weakest assets in the market suffer
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the worst losses
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so you want to make sure that you aren't
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holding bags of expired food tokens
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when the bears come out looking for
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lunch let's get it
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welcome to bible crypto home of the bit
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squad the largest and greatest crypto
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community and
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all the interwebs my name is ben every
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day on this channel i show you how to
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make money in crypto
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if you like money in crypto then make
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sure to hit that subscribe button
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in this video i'm going to be calling
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out some coins that will have a hard
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time surviving through the next
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bear market but also don't forget about
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our 5 8 to 5 million giveaway
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we're growing the bet squad community to
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5 million people and when you enter
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you get a chance to win 5 eth and one
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thousand dollars worth of ada xrp
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v chain or polygon click the link down
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below in the description
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to enter so i know everyone is probably
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sick and tired of hearing about
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bears now that the markets are green
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again but they
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will be back sooner or later we need to
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be prepared for when that day of
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reckoning comes
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of course we all know that crypto is
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going to the moon
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over the long term but to get there we
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need to go through a progression of bull
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and bear cycles
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filled with big gains and big pain
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that's just how these markets work
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in fact this is how most markets work at
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some point buyers take profits and
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become sellers
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driving the prices down until investors
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are convinced to step in
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and buy the dip if you're holding assets
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with weak fundamentals
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during these times of extreme volatility
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you can potentially see the value of
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your portfolio cut in half or worse
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a matter of minutes you carry more risk
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with certain assets
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because there are not as many true
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believers who plan on holding for the
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long term
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so they have no problem dumping their
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stack at the first sign
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of trouble the following are some of the
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coins that i think are
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most dangerous to hold during a bear
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market
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number four eos 2018 eos was able to
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raise an insane 4.2 billion dollars
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through an ico that ran for a whole year
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put this into context figure was larger
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than the three biggest venture funding
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rounds
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that year which were epic games jewel
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and uber eos raised more money than
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these three companies combined
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and all of them were billion dollar
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unicorns that totally dominate their
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respective industries
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like many blockchain startups at the
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time eos was able to raise all this
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money without a working product
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project's founders promised that it
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would be much faster and cheaper than
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ethereum
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but the final product didn't really live
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up to the promise
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it actually didn't do much of anything
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only a few applications ended up using
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the blockchain
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and even then it still faced serious
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congestion issues
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which forced many of these applications
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to switch
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to we guessed it other networks at this
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point confidence in eos
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is at an all-time low even dan larimer
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the project's founder
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stepped down at the end of 2020 lermer
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is notorious for abandoning projects
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and leaving them unfinished as soon as
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problems begin to arise
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larimer is responsible for starting and
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then leaving steemit
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bitshares and numerous other projects in
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addition to eos
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there were some rumors the beginning of
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this year that he might be returning to
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eos in some capacity
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but these rumors were put to rest
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earlier this year when he announced that
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he would be launching
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his fourth blockchain project
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clarion which promises to be a
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decentralized social media platform
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big on promises this guy is we're
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certainly in need of a decent social
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media network so
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i hope this is a success but many
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investors have already given this guy
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well more than three strikes blockchain
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projects the team behind them
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is everything while dan larimer may be a
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very
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smart person he still has yet to prove
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that he can actually
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follow through on his promises
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number three icp back in its ico phase
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this project was originally called
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dfinity
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but for some reason they wanted to
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remind us of the insane clown posse
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every time we check coin gecko
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don't even get me started on internet
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computer protocol
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my only guess there is that they were
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shooting for search engine optimization
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but failed miserably what a bunch of
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juggalos aside from poor name choices
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icp has experienced some of the most
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drastic price action that we've seen
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this cycle
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after launching it around 400 icp took a
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massive nose dive
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all the way down to the 30 dollar range
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miguel morell the founder of arkham
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intelligence
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crypto analysis firm told the new york
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times the icp
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quietly allowed the treasury and
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insiders to sell billions of dollars of
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icp
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to exchanges while making it extremely
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difficult for their longtime supporters
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to access the tokens they were promised
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firm found 44 insider addresses that
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deposited 10 million icp tokens
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worth more than 2 billion dollars to
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exchanges around the same time
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of the prize crash meanwhile all the
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retail investors who contributed to the
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ico were unable to access their tokens
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and got stuck holding the bag for the
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insiders
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of course the vcs behind icp deny this
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and
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instead went on the offensive against
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day traders who use social media to
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confuse the public about their project
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oh how noble nice marketing strategy
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guys turning on your community
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let me know how that one works out for
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you
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number two bitcoin sv bitcoin sv has
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been the butt of many jokes in the
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crypto industry
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over the years and it's not just because
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maxies hate forks
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bitcoin sc's founder craig wright claims
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to be satoshi nakamoto
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the anonymous creator of bitcoin even
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though he doesn't have any proof
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he may have been around in the early
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days of crypto and involved in many of
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the online forums where bitcoin
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development was discussed
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but without any proof the industry is
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finding his claims very hard to believe
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the bsc network has also been facing
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some serious security problems recently
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throughout the month of july a string of
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attacks were leveled against the bsv
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network by hackers who were able to
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exploit
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a double spin bug the attacks caused
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many exchanges to temporarily suspend
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deposits and withdrawals
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and in some cases bsv has even been
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delisted
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over security concerns the double spend
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attacks were made possible because a
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single mining pool was able to capture
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78 percent of bsv's hash rate which
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allowed an
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outside hacker to hijack the network and
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create more coins
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luckily it seems that no investors or
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traders had their funds stolen in any of
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these attacks
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but maybe that's because there aren't
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many people out there who actually hold
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bsv
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we see this happen quite a bit actually
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zombie change that nobody uses are often
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targets 51
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attacks because of the mining
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communities are so small but it doesn't
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end up being that huge of a deal
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because nobody's using the network well
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you can join
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our network and smash the like button
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and hit subscribe
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it puts you in the bit squad and keeps
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you in the loop on the latest in crypto
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asset
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news gives you a chance to win 5eth
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number one bitcoin cash what's a bitcoin
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hard fork to do when your network isn't
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strong and your price action has been on
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life support your entire life
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bch was born of the small block big
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block schism
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2017 that rocked the bitcoin community
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the maxies wanted bitcoin to retain its
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properties as a store of value but
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others including roger beer
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saw that deviating from the white paper
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which called bitcoin
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a form of money that satoshi himself
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called cash
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in the end the maxis one and a hard port
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called bitcoin cash
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was created bitcoin cash has bigger
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blocks in its chain which means it can
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process more transactions per second
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than bitcoin but just as the crypto dust
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was settling
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bitcoin cash had another contentious
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hard fork over block size again this
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time splitting off
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with another coin we have on this list
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bitcoin sv
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it's been a tough road for bch and its
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use of the term bitcoin in its name
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has only made it more difficult to make
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a name for itself in the cryptoverse
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always living in the shadow of btc is
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going to leave bitcoin cash
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out in the cold when the winter sets in
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you may be surprised that i didn't
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mention any meme coins like sheba or
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safe moon but i figured that much should
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be obvious to you by now
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there will be an old country buffet of
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meme coins come the bear market
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none will survive dogecoin probably has
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some staying power because of network
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externalities and celebrity endorsements
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but all the derivatives are going to be
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serious bear bait
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when the markets turn red same can also
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be said for those first generation
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projects that refuse to die like
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digibite or ethereum classic they have
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the support of the market makers in
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their communities
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so they will probably be around for a
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long time but will also get punished
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when it's time for institutions
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to take profits that's all i got be
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blessed
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boy out
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[Music]
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you
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