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Robert Kiyosaki Advises to Buy Bitcoin Before Major Banking Crisis

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Rich Dad, Poor Dad Author, Robert Kiyosaki, has advised investing in precious metals like gold and digital assets like Bitcoin as crisis looms in the banking sector.

Earlier this week, headlines on mainstream media revealed that American billionaire investor Warren Buffett dumped US bank stocks to purchase gold mining stocks.

Buffett Dumps Bank To Invest In Gold

Per the reports, the business tycoon slashed a bulk of Berkshire Hathaway’s holdings in some major Wall Street banks, including JP Morgan Chase, Wells Fargo, and PNC.

But that’s not the first time. In May, the conglomerate also said it reduced a large portion of its stake in Goldman Sachs Group Inc., despite being a major shareholder in the bank at one time.

Following the sales of the shares, which could amount to billions of dollars, Berkshire purchased stock worth nearly $564 million in Canada-based Barrick Gold, one of the world’s largest gold mining companies.

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How Much Bitcoin Do You Have?

Advising his fans, Kiyosaki said Buffett’s decision to dump banks and move his investments into gold was because banks are bankrupt, and a major banking crisis is at hand.

“WHY BUFFET is OUT OF BANKS. Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over the banking system? Fed and Treasury ‘helicopter fake money’ direct to people to avoid mass rioting?” he wrote.

He continued saying that this is not a time to “think about it.” He then concluded his advice with the question, “How much gold, silver, Bitcoin do you have?”

A Bitcoin Proponent

For a long time now, Kiyosaki has been a Bitcoin advocate and always dishing out advice on his social media accounts, asking young people to invest in Bitcoin and Gold, as both assets will outlive the US dollar.

While admitting he owned some Bitcoin and Ethereum, the author described the dollar as a scam that is toast because of the existence of digital currencies.

In July, he noted that Bitcoin and digital assets not only making people richer but also smarter. According to him, these assets would help Americans fight against the “corrupt Fed” since cryptocurrency also helps educate millennials.

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Source: https://cryptopotato.com/robert-kiyosaki-advises-to-buy-bitcoin-before-major-banking-crisis/

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The Bullish and Bearish Scenario of Yearn Finance’s YFI Token

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Yearn Finance’s governance token YFI continued its winning spree entering the Thursday session as its price maintained its weekly gains of about 30 percent.

The YFI/USD exchange rate surged in the early European session, hitting $31,884 before turning lower due to profit-taking sentiment. That marked the second time in the previous 24 hours that witnessed the pair attempting to break above the $30,000-level.

Nevertheless, YFI appeared oversold after rallying almost parabolically from its quarter low of $7,015. That amounted to a downside correction — or consolidation unless the trend neutralizes to provide traders a stable buying level.

Looking from the technical perspective, YFI found itself catering to two separate bias indicators: the Head and Shoulder pattern, which is bearish, and the Ascending Triangle pattern, which is bullish. Here is a detailed outlook.

The Bearish YFI

The chart below shows YFI on the cusp of completing a Head and Shoulder pattern.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance's H&S Pattern in an uptrend. Source: YFIUSD on TradingView.com

In retrospect, the H&S chart formation appears when an asset forms three peaks consecutively on baseline support, with the middle being the highest than the other two that are of almost the same height. Traders interpret H&S as a bullish-to-bearish reversal pattern, pointing that the running uptrend is coming to exhaustion.

YFI has just formed the right and final shoulder (or peak). Technically, the cryptocurrency should follow up with a pullback towards the baseline (the longest black trendline). While that would make an H&S pattern, it would take another bearish breakdown below the baseline to confirm its whole.

Should it happen, the YFI/USD risks falling by as much as the length of the highest peak. It is roughly $10,000-12,000 long, which puts the pair en route to at least $20,000 upon an H&S breakdown.

The Bullish Outlook

There is also the possibility of YFI not pulling back from its so-called right shoulder’s peak towards the H&S breakdown target. Instead, the cryptocurrency could keep testing the $30,000-resistance level while receiving support from the H&S baseline, which would now be Ascending Trendline support.

Such a case would prompt YFI to form an Ascending Triangle pattern — a bullish one. Should it happen, the cryptocurrency would attempt a breakout above the $30,000-level. Once it happens, its upside target would shift to the level that sits near $50,000.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance's Ascending Triangle formation. Source: YFIUSD on TradingView.com

The technical bullish triangle’s technical breakout target is as much as the maximum distance between its two trendlines. That is about $20,000.

Source: https://www.newsbtc.com/news/yearnfinance/the-bullish-and-bearish-scenario-of-yearn-finances-yfi-token/

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Finance Redefined: What’s a DeFi merger, anyway? Nov. 25–Dec. 2

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The biggest events in DeFi this week all involved Yearn.finance, the yield farming optimization protocol. I covered the first, Pickle Finance, in my last installment.

Since then, we’ve seen integrations with Cream Finance, a lending protocol similar to Compound; Cover Protocol, an insurance provider that recently paid out users for the Pickle hack; Akropolis, another protocol primarily dealing with yield optimization; and as the most significant of all, SushiSwap, the decentralized exchange born as a Uniswap parasite.

The Yearn ecosystem now includes all the major building blocks of DeFi (yield, lending, exchange of assets), especially thanks to the Cream and SushiSwap integrations.

But I’m sure many will have questions about what’s going on here. How can there be mergers among decentralized protocols? Who decides on them? Are they actual mergers?

The comparison with a corporate merger

I think that the key to understanding these events is looking at what happens during a traditional corporate merger.

From a practical perspective, two companies merge for fairly obvious reasons. For horizontal mergers, it’s usually about expanding total market share and consolidating development. Think about Fiat-Chrysler merging with the Peugeot-Citroen group, or any other car company merger — their cars become virtually the same after the union.

A vertical merger instead unites different companies into one vertically integrated stack — for example Disney joining with ABC back in the 90s. Their products are usually different but may be still part of the same supply chain, thus benefiting from being combined as part of a single company.

We saw both types among Yearn’s five mergers. Akropolis and Pickle Finance are very much like the car company mergers. The absorbed protocols will build their “cars” (yield strategies) on Yearn’s platform, making them functionally the same. At most there should be some differences in taste — similar to how an Audi targets a different niche despite usually having the same platform as a Volkswagen. Maybe Pickle’s strategies will have higher risk than Yearn’s?

The vertical merger is what we saw with Cover, Cream and SushiSwap. Here we see pretty clear synergies between Yearn and each of these protocols. Yearn yield strategies will now use Cream lending to enter leveraged positions, and if they need to swap some tokens, they’ll use SushiSwap. Finally, Cover will provide insurance on these products for those who want it.

But the thing is that these product integrations are not enough to constitute a merger on their own. For example, Renault and Nissan have been sharing technology for the entirety of the 21st century without formally entering into a merger.

An actual merger requires either the creation of a new integrated company where the existing shareholders are bundled together or, at the very least, one company “buys” all of the other’s circulating shares by exchanging them with its own. Only the SushiSwap integration comes somewhat close to this definition.

The financial aspect of Yearn’s “mergers”

In the case of SushiSwap, the collaboration will involve exchanging part of each other’s treasuries for the partner’s tokens. The two protocols are still very much independent, and you will note that “exchanging part of the treasuries” is not “replacing all SUSHI with YFI or vice versa.”

The lack of actual financial relationships is perhaps the biggest reason why none of these mergers — except for SushiSwap — were ever put to a vote. You don’t really need to throw in any DeFi term to explain what happened here. More than true mergers, these are simply tight partnerships — in the corporate world, partnerships are usually not decided by shareholders.

Indeed, I am somewhat curious why these “mergers” were necessary in the first place. Yearn strategies are using other platforms like Maker and Curve perfectly fine without any merger — that’s what the permissionless nature of DeFi is all about. Although in Maker’s case Yearn did need to request access to Maker’s oracle.

Perhaps the bigger point is what will come next: The union of development teams to build new products. That, once again, can also happen in the context of a partnership.

I suppose “merger” sounds much cooler than “partnership,” though a “DeFi protocol partners with another DeFi protocol” headline is just as interesting, in my opinion. But it’d also be weird in a sense — how can a decentralized protocol partner with another? Well, it’s all about the development teams’ decisions to do that. That shouldn’t be too surprising. Every decentralized team is still a list of names and surnames just like the staff of a traditional company.

The question of whether a “decentralized” development team should be taking these types of decisions is a philosophical debate I’d rather leave to the readers.

In other news

Source: https://cointelegraph.com/news/finance-redefined-what-s-a-defi-merger-anyway-nov-25-dec-2

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Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails

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The Australian cryptocurrency exchange, BTC Markets, has inadvertently exposed more than 270,000 emails of its customers. The company apologized for the inconvenience and reassured that all other data, including users’ funds, is safe.

BTC Markets Exposes Customers’ Emails

A user going by the Twitter handle Stevosxrp.crypto took it to Jack Dorsey’s social media giant and Reddit to first complain about BTC Markets’ screw up. The Australian-based exchange later confirmed the breach on its official Twitter account.

The statement explained that BTC Markets “uses an external system to send client-wide emails.” Although the exchange has used this service for years “without an incident,” including sending test mails, this time, the testing “didn’t pick up that the sample email addresses in the batch were added to the same email, rather than sent individually.”

Consequently, the names and email addresses of account holders were exposed. BTC Markets claimed that this process was instant; therefore, “it was not possible to stop the batch send once the error was realized.”

The CEO of BTC Markets, Caroline Bowler, later revealed that all account holders were affected because the emails were sent in batches.

Funds Are SAFU, But The Damage Is Done

The exchange said that it will “self-report” to the Office of Australian Information Commissioner and “fully comply with the data breach reporting requirements.” Furthermore, the company plans to conduct an internal review.

Despite the data leak, BTC Markets reassured its users that the platform is still secure, no passwords were revealed, and all customers’ funds are safe.

Nevertheless, the exchange suggested that users’ should enable two-factor authentication (2FA) to enhance the security of their accounts.

None of those reassurances seemed to have an effect on the users, though. The Twitter thread explanation was met with numerous complaints from customers.

While most highlighted their disappointment with having their personal emails and names revealed, some took it a step further. One user claimed that the BTC Markets’ name is “now as good as dog s**t.”

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Source: https://cryptopotato.com/australian-crypto-exchange-accidentally-exposes-over-270000-customer-emails/

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