I see the following problems (but of course it is difficult to tell from a low quality video):
1. driver is too fast
2. driver brakes too late (I actually think he doesn't brake at all BEFORE the curve)
3. driver enters the curve at a way too high speed
4. driver panicks and brakes hard, car gets a little bit unstable, driver moves steering wheel too fast left/right...STUPID THING TO DO ON A CAR WITHOUT PSM/ESP...car starts to get unstable...driver looses control
My personal conclusion: the driver was dreaming when driving, he may have been caught up with the high speed and underestimated the narrowness/angle of that curve, it is also possible that he didn't know the Nordschleife too well.
He could have saved the situation by sliding through the curve while at the same applying some brake force and eventually trying to stabilize the car's rear with the throttle to be able to go through the curve.
His biggest driving errors: too high curve entry speed, too late braking point (if he braked at all before the curve, I can't see it from this low quality video), working too much and too fast on the steering wheel and applying too much brake force in the curve.
In my opinion, this guy was lucky he got out alive. Especially since he drove THAT fast and didn't use a helmet.
BTW: have you seen the other [censored]? He stopped right after the crashed GT3 (in a curve!!!) to help the GT3 driver, putting his own life in danger. He even didn't look what is happening behind him after he checked out the GT3 driver.
Then...oh boy, so much stupidity...this guy runs over the track to the other side...in a CURVE!!! He was lucky he wasn't killed by another driver.
I know it is easy to judge people from a warm chair in the home office but I suppose some people just have to learn it the hard way. Both were lucky.