BTC and ETH UP, Dumb Crypto Tax Laws, Binance in China – Crypto Happy Hour

by birtanpublished on August 22, 2020

Your boy Krypto Bobby I hope you were having a great day great night wherever you are watching or listing in from and today we're gonna test the old Krypto Bobby YouTube live Krypto happy our dump theory in practice because as of right now the crypto markets are actually in

The green shockingly we have seen Bitcoin up 5% today eath up about 7% basically everything in the top 20 in the crypto markets is currently up between let's say 3 to 10 in some cases even a little bit above 10% thanks to

Hashtag the link army and the link Marines but today I want to talk about a bunch of different topics there's a lot of interesting things that actually happened today unlike a lot of other days I think

Recently there hasn't been that that much going on most recently we've had some some worthy subjects to talk about number one finance is now accepting Fiat through a few different gateways in China relatively interesting to to learn

A little bit more about the Chinese market because it's something that at least for it for somebody sitting in New York I don't have a ton of exposure to the Bitcoin market in China I don't have a ton of exposure to the crypto market

In China I don't really know all that much about it seems kind of opaque as it band is it not band are there some types of loopholes how can people in China buy Bitcoin and we'll dive into a little bit more on that

Also the IRS came out today with tax guidance for US citizens that was being drafted by 12 year old with crayons so not not it not super super ideal there's some some definitely some points that need to be disputed on the tax guidance

Because it is not ideal in which how they mentioned the treatment of air drops as well as orcs and then also want to talk about Libra and then open Libra to what the hell's right talk about Libra open Libra but

Mark Zuckerberg is going in front of Congress so we know that'll be a relatively interesting one right what's going on guys Stephon was good to see you in New York everybody say hi to Stephan Stephan Julian Ricky what's up

Lincoln Kaye Joshua hope you guys are having a good one so far and yeah today we'll hop into like I said a bunch of different things gonna give folks a little bit of a second to log in here but like I spoke about before it was a

Relatively busy day in terms of crypto news there hasn't been all that much recently there was a little bit of an aetherium news dump because of Def Con pretty jealous for a variety of people that are out in Japan right now

That would have been a fantastic I went to Def Con last year in Prague it was a great time really good conference if you're interested in etherium but would have loved to go to japan but was not able to to get out there this year

Because i'm focusing on on getting some things off the ground with proof of talent but hopefully next year for Def Con wherever that might be I'll be able to head to that so first we'll hop into finance and this is

Something that is probably a little bit misconstrued by some people but there was some some misreporting early on we have by Nance now accepting Fiat through alley pay in we and WeChat in at China and you

Probably are a little bit confused because maybe you've heard in the past that China is actually or China actually banned cryptocurrency trade right like that's that's personally what I thought there was there were numerous market

Crashes in the past where China bans crypto trading China banned script on mining kind of bans this China bans that the NBA yada yada yada all kinds of crazy stuff right so there is apparently a relatively decent loophole with how

Things work in China and I'll pull up in another screen I asked this question there is a telegram group of men with a lot of always great answers and I talked about this and I said you know hey for somebody who is zero familiarity with

Bitcoin and crypto in China what's the significance of this with finance or lack thereof and so when you look at what by Nicias did it turns out Hugh Obi or Bobby however you want to pronounce it gob OTC has been the main on-ramp for

Most of the players in China basically power phrasing / reading this word for word and from a friend of the telegram group the hue OB probably has about 90 percent of the market share in China and he said goes on to say the way he sees

It finance is trying to compete with you OB UOB lets you buy bitcoin with WeChat and Ally pay this is a specific platform that by Nantz is doing as it is peer-to-peer or what they also call c2c OTC they only act as the matching

Platform so I can buy if I'm in China I can buy with with CNY and you get BTC and the exchange basically stands in the middle using WeChat or Ali pay in case of and it's in case of a dispute so it's a little bit more like a local bitcoins

Scenario then this is it's kind of like local bitcoins on Ali pay or WeChat in comparison to like your traditional order book exchange and then they went on to mention finance is actually lagged quite a bit

In Chinese penetration and hue ob has been kind of the by far and away the biggest baddest onshore exchange in gob and in a single quarter they beat OK X and future's in finance and spot so he will be apparently is a pretty big deal

When it does come down to OTC trading in China and that is primarily where the market is it's mostly peer-to-peer on WeChat and Ali pay or Ali pay and not on order book traditional exchanges like you've seen in the past so this is a

Competitive move for bi Nance trying to get into that market however a few other folks have noted that this is the type of thing where you really need permission from the the government to really do anything so the companies that

Have been doing this in the past have kind of had those government relations perhaps finances not and and now you're starting to see that come to fruition so it'll be interesting to see how this really ends up panning out and one thing

That's relatively maybe not has talked about any more because this was a while ago but if we pop back here this was from from Willy woohoo I'm sure a lot of you remember or not necessarily remember he's still on Twitter obviously but I'm

Sure a lot of you have follow on Twitter he wrote for coin desk for a while and and had some guest features for coin desk for a little bit and he broke down China's actual trade volume because for a while if you were around in 2017 2016

2017 the volume on Chinese exchanges was massive it as he mentioned in on January 17th of 2017 China Chinese exchange is made up ninety-eight percent of the global volume and I'm assuming that was on coin market cap and as we know data

On coin market cap is not always real not always great and there were a bunch of different things but 98 percent of global volume was from China but if we pop down here the actual estimation of the demand in China was that the real

Market share of of Chinese trading for for Bitcoin and cryptocurrency was between 50 to 80% a fairly large range but a lot of that went away or a lot of that moved to different avenues when China banned

Bit coin and crypto trading so the more avenues that you see there will be I don't want to say this is like a hugely bullish thing it seems like finance is doing something that's kind of been done by other companies out there so it's not

Necessarily a new feature or a new on-ramp it's more just a a different option for these people but this is a a country that loves their Bitcoin or loves their speculation and loves their crypto trading and has been responsible

For pumping and perhaps other aspects of the market in the past worth keeping an eye on and if you are watching right now make sure number one to hit that thumbs up button it's a like button helps to get

This video out to as many people as possible number two if you are drinking anything interesting I haven't cracked this open yet but as you guys know I am a fan of the Montauk beer so I got my pumpkin ale got a new six-pack the other

Day and yeah I'm also wearing my sponsor t-shirt I'm actually actually not sponsored but seriously Montauk beer sponsor me I'll take all the free beer you want and that's all I need so shout out Montauk but yeah let me

Know what you're drinking in the comments and would love to hear about that you you and as you folks are putting in your

Evening drink as well and hitting that thumbs up button cuz I know you are want to talk a little bit about the IRS and what has happened with the cryptocurrency tax guidance if you are in the u.s. maybe pay attention maybe

Not who cares if you are not in the u.s. you might not care that much but still interesting to hear about how a government is looking at at taxes so the IRS is the Internal Revenue Service the government body responsible for taxes in

The US and they came out with their first cryptocurrency tax guidance in five years so this was five years in the making I'm sure they didn't spend all five years in this but this was the first guidance that

They have provided at all for cryptocurrency since 2014 and safe to say it was not received well by really anybody in cryptocurrency it wasn't that it was like you have to pay taxes that wasn't it at all it was like the

Treatment of Forks and air drops that was really ill conceived and and stupid so if we pop over to coin Center not coin desk they wrote an article shout out to coin Center by the way if you guys don't follow coin Center

Occasionally donate to them I definitely would recommend it they are a basically a lobbying firm that works with government entities in the US to educate them on the cryptocurrency industry they are an advocate for Bitcoin and for a

Variety of just favorable treatment for decentralization focused projects as well as digital assets and cryptocurrency so coin senator does God's work there fantastic and they wrote the IRS cryptocurrency

Guidance answer some questions while raising messy new ones so I don't want to dive too much into I'm not an accountant I also don't really give a shit about it but they dive into fair market value and tax bases as well as

The accounting standards that are clarified basically you're supposed to use first-in first-out or specific identification but what really matters here is that the IRS came out and said with any hard fork or

Airdrop that will create a a taxable event so why does this matter why is this so stupid and egregious well I'll explain the scenario for you okay so let's say right now let's go back to the let's perhaps go back to the Bitcoin

Cash fork you had Bitcoin in your wallet and you have Bitcoin cash as soon as that Bitcoin cash fork happened that was a in the IRS is new guidance that is a taxable event so I don't recall the exact price of I don't recall the exact

Price of Bitcoin cash at that time let's say it was $400 and now you have the price of Bitcoin cash at $238 well when that Bitcoin cash fork happened you had to pay taxes at

$400 even if you didn't touch it even if you didn't want it even if you didn't do anything with it you have to pay taxes at that market rate at that at the time of the fork which is this was sound too bad when you

Go from maybe four hundred to two hundred thirty-eight dollars but what if that fork was at a thousand or five thousand dollars or something crazy or alternatively it's some crazy shitty fork like a Bitcoin private or a Bitcoin

Gold where yes it was worth maybe a decent amount about at the time but it is down ninety-nine percent against Bitcoin you're not actually paying for it if it just sits you're not recognizing the taxes when it sits in

Your wallet you're recognizing taxes at the time of the fork which is not a not a great thing because most of these Forks don't sustain their value so you essentially want to you're you basically get put in a situation where you pretty

Much have to sell it the second it hits your wallet so that it doesn't dip on you which it probably is going to anyway and funny tweet from neeraj from coin center you know if you according to the IRS is guidance you are now supposed to

Be paying taxes on all of these forks Bitcoin rhodium Bitcoin private Bitcoin pizza Bitcoin boy Bitcoin uranium Bitcoin God Bitcoin top Bitcoin file quantum Bitcoin super Bitcoin Bitcoin X Bitcoin hot Bitcoin stake lightning

Bitcoin Bitcoin cash oil BTC pickling gold bit core Bitcoin diamond Bitcoin nano have you paid your taxes on that not sure should have it you

And the same thing can also be said about air drops so in addition to Tania's joking about this I tweeted about so if you guys have you know aetherium wallets and you have any amount of money in your aetherium wallet

At least in the past if this was something from 2017 early you know late 2017 maybe early 2018 you had an aetherium while it was some eath in it you probably got a bunch of these weird air drops in it so like

Water to world you betoken excel token vie you my Seon I have no idea what any of those are but those are like the type of random tokens that might be in your wallet I don't even think these actually have a value to them so I don't know but

According to the IRS you were supposed to pay capital gate you're supposed to pay basically capital gains on those tokens that were air-dropped to you as a gift and incentive or whatever it was even if you didn't want them you just

Had in a theory immature ask yeah denieth the dress and boom you get airdrop this stuff you're actually supposed to pay taxes on that or you're supposed to recognize the taxes on that when it happens

Crazy crazy seems like ill-conceived guidance and the the relatively I don't want to say I'm shocked because it's the government right that what what is the government actually I I'm not shocked by this at all but you would think if the

Folks at the IRS spoke to any and I'm not just talking about any Joe Schmo but if they spoke to somebody a coin Center if they spoke to people that are high up in the cryptocurrency industry and they provided this information to them before

Handle like hey what are your thoughts about this these recommendations this guidance I'm sure people would say pretty quickly you know maybe you should only tax for Forks and for air drops when there is a actual what should be a

Taxable event which is a sale of that asset now if I if I get forked if I'm holding Bitcoin and something else Forks off of it and I received that for free I should only be paying taxes on that when I sell it when there is an actual

Taxable event not when the fork itself occurs that just it's it's blatantly nuts but that's the government for you and they probably didn't actually talk to anybody and just made this shit and kind of pulled it out of their ass so

Hey here we are and now we have this so everyone's favorite man the myth the legend who's gonna be sitting on a booster seat in front of Congress looking like a stud Facebook CEO Mark Zuckerberg is

Testifying to before Congress over the Libra crypto movement and this is something that is happening on October 23rd during a hearing entitled an examination of Facebook and its impact on the financial services and housing

Sector and this is gonna be a hell of a hell of an event I would say that I'm slightly jealous I'm going to be missing it but I'm probably gonna be on a flight to Jamaica so hey I'm being jerk chicken and drinking red stripe and so I don't

Have to watch Maxine Waters yelling at Mark Zuckerberg because that is absolutely what's gonna happen so I'm not too worried about that but this will be an interesting watch I'm sure there's gonna be a ton of people on on Twitter

Or on Twitch periscope YouTube that are gonna be streaming this and talking about it but I would imagine Mark Zuckerberg is going to get absolutely grilled in front of Congress and I really at this point in time I just

Don't know if the juice is worth the squeeze for Facebook they have PayPal recently left though the Libre Association and I do think that there's gonna be a lot of pressure on the other members that the founding members of the

Initial announced members of the Libre group such as Visa or MasterCard or those those folks I think there's gonna be a lot of pressure on them to to exit Libra and to get out of kind of the get out of bed with with Facebook and it

Will be rather interesting to watch this pan out because whether you're you are a Republican whether you are a Democrat basically nobody in the government likes Facebook and it's really easy for their cancer it's just a little bit pander to

Their constituents and I think that's definitely gonna happen here and I mean I don't know if you guys have watched Mark Zuckerberg before but I don't think he's necessarily very good when getting grilled I don't think he is

A great public speaker especially when he's under high pressure he's definitely more polished than he used to be and I'm sure he's gonna be incredibly rehearsed but like David Marcus if you watched the past hearing where they had David Marcus

Who's actually the guy the former president of PayPal and he's now leading leading the initiatives at Lieber or Calibra David Marcus was actually pretty good in front of Congress like very very calm very composed I thought was able to

Like poke and a few laughs here and there just was a was like who you want in front of Congress it handled themselves extremely well whether or not you like Libra or not handle themselves extremely well on the other end of the

On the other end of the spectrum you have folks like Mark who are probably not going to be in that scenario at all and I'm gonna pull up something to that is something that got a ton of interaction and kind of engagement

Within the etherium community is so Libra or excuse me open Libra has publicly announced their what they're doing and if you're not familiar with open Libra that's because again they just publicly announced what they're

Doing and this was announced at DEFCON on the mainstage and it is essentially for King Libra in many ways so they are they've been working for the past four months they are basically removing Facebook

From the the Libra landscape and creating what they're considering to be like open source or open Libra more open source Libra and some people are pretty you know pretty excited about it really really pumped up and then there were

Other individuals within the etherium community again this was at this was announced at etherium Devcon which is the largest developer conference for etherium it happens once a year and this is Vlad's an fear is what a I don't know

If he's still a chord F or aetherium he's worked on a bunch of other he's worked on some other projects as well in the past like caspere elapsed and some other ones out there but you have some folks who have been developers for

Aetherium before saying hey we're we're pumped about this and participating in this open Libra and then you have other folks that are you know shame on us for for legitimizing or adding legitimacy to – Libra at all with this open Libra

Movement and if I say Libra one more time that's the drinking game you have to chug your beer in the process of doing so but the the thing that you would want to note about this and that I feel like folks love to maybe forget

About or ignore whatever it might be and and other people have mentioned this but the value to most people is not libras technology itself it might be great technology Facebook undoubtedly has some of the best if not the best engineers on

The planet like there's no debating that Facebook has phenomenal engineers phenomenal data Sciences phenomena product managers among the smartest people in the world but the value to to libre into facebook behind it and to the

Developers they're building it isn't necessarily the tech itself it is the fact that Facebook has billions and billions of active users and is the most powerful social media company in the planet due to its user base so if you

Remove Facebook from the picture who really cares right does anybody actually care is that even slightly important me thinks not I I don't really believe so I don't think it is I'm not super excited about Libre without Facebook I'm not

Super excited about Libre with Facebook because I think the more government pressure that comes down the least the less likely it is to to launch just because I think that the US government and you have other governments out there

That are gonna just go apeshit as as per usual but this is one of the this is one of the times where we're taking something that who knows if it's going to be successful in the first place then you're removing the biggest

Value proposition out of it which is Facebook's users you and folks if you have any questions gonna start answering those over time so start sounding off in it the comments

And we'll definitely be making a move on that and yeah we're down about 80 cents on the theorem right now so the crypto Bobby Jenks is definitely in session I'm good you

You gordy boy says libro without facebook is nothing but libra with facebook is something and yes I would agree and that's also why you're seeing the mounting regulatory pressure from the US

Government because they know that Facebook is immensely powerful Facebook and Twitter and these social media platforms have literally affected elections and the course of human history

You know therefore potentially so giving them the opportunity to create their own money is terrifying to these these government officials because it removes control from them and in some cases I'm actually rooting for Facebook because

Hey if you want to if we're gonna remove power from the government sure more power to it I'm not like an anarchist or anything like that but I am I I do think that there should be a free market and a Facebook wants to go ahead and do it

Shit go for it this is an interesting question red fox Krypto thoughts on coinbase raising fees you this is something that went let's see

Here I'll see if I pull them something that got a lot of people pissed off and would love to hear your thoughts in the comments as well coin based Pro recently raised their fees to about so the the fees now are

About fifty basis points for anybody trading under ten thousand dollars a month on coin based Pro both for the maker and for the taker and then on the other side you have a pretty severe reduction in fees for the higher volume

Trading partners that they likely have so basically if you are trading above a million dollars a month you have pretty minimal fees if you are trading above fifty million dollars a month you have no maker fees very low taker fees etc

Etc there's there's two sides to the to the to the coin here number one with coin base and with these exchanges in general I do think that there is kind of a race to zero we've I think in the last YouTube live I talked about how you had

Each trade and all these different all these different traditional online retail brokerages removing their fees from the trading experience a lot of that brought on by Robin Hood Robin Hood kind of opened I think a lot of minds to

The the thought of of free trades and you've seen that happen in the traditional financial world and at some point in time that might happen in the crypto were all too there's there's a couple things that you have to keep in

Mind though you also have to look at spread and liquidity and the actual I mean really spread and liquidity there are a couple companies out there now that order or that that offer free trades in the crypto world but their

Spreads are huge so you might offer free trades and retail might get really excited about that but if you have a 1% spread between male bias between the bid and the ask then that might be you know that that that's

Worse in in many respects or could be worse than having a you know 50 basis points II for a maker and taker however I also would you know think to say that raising fees is never gonna be something that people look highly upon and coin

Based Pro was one of the places that you used to be able to go to and I mean I had a video on it I'm sure a lot of you folks found me through that video it's the most popular video I ever made on the You Tube channel and it was

Literally just how to buy Bitcoin on coin based Pro at the time G Dax with no fees and you just had to be a quote-unquote maker and by being a maker you just had to put a limit order in that's all you had to do being a maker

Is using limit orders and not putting in market orders market orders are being a taker so now you used to have a scenario where the taker fee was I think I don't know whatever point five percent something like that the maker fee was

Zero for anybody for five dollars for a hundred dollars for a hundred thousand for five million the maker fee was zero and when you raise that people are not gonna take kindly to that I do think it is worth adding here that this opens up

The door for other competition in the industry as well this could be helpful to buy Nance u.s. getting it off the ground you have a new competitor that now has what looks like a good amount of liquidity in you know in Bitcoin and

Some other assets does this help finance launch when you have retail maybe instead of going to coin based Pro they'll go to buy Nance it's possible it's somewhat a confounding move will it really help to reduce the what will it

Help to improve liquidity will you start seeing a lot more makers and better pricing on coinbase I somewhat doubt it I don't really know you I'll pull up

You so interestingly by Nantz us has been doing pretty well in terms of their liquidity still behind coin based Pro but I am relatively curious to see how I'm relatively curious to see how this

Ends up panning out for coin based are they going to maintain volumes are they going to lose volumes does this make a difference our people really that – people really care all that much about it we'll wait and see what happens

You Fabrizi asked a good question in regards to but breezy asked a good question in regards to long-term capital gains tax and using lastin first-out vs. first-in

First-out and I am NOT your accountant so I I would I would just talk to your accountant about that I have not the III don't have tax advice for how to both hold long term Bitcoin and then trade

Bitcoin without losing you long term cap gains tax on it not exactly sure there might be some segmentation if it's maybe on exchanges or if you can kind of prove the asset is from one place or another I don't necessarily know there but

Definitely something worth asking an accountant about you going through some of these comments as well and folks answer as many or ask as many questions as you'd like and then in

Addition to that make sure to hit that thumbs up button that like button get this video out to as many people as possible Ram says Bobby what do you think about the ETF deadline on Monday

Ram I would say there's not a chance a there's not a snowball's chance in hell that a ETF related to a Bitcoin is approved in our lifetime now I'm not getting not in our lifetime but I don't

Think there is a Bitcoin ETF that is getting approved any time soon so I would have approximately 0.0 times zero point zero then minus one expectations of that actually panning out in any positive direction and I also

Haven't really seen many people talking about the nobody's really nobody's really talking about it anymore I would say in the past people used to like look at the ETF dates and they build ed lines coming up yeah a deadline is coming up

Maybe it's finally the chance maybe it's finally the chance and then every time it's just like a game of whack-a-mole it's like deadline nope deadline nope deadline nope and here we are it's October of 2019 and we are still

That doesn't look like any work closer to an ETF I don't think it's gonna happen anytime soon etf denied look at coin desk let's see it wisest proposal let's take a look okay

So let's also keep an eye on the price of Bitcoin is anything happening probably not so we'll take a look live on this so I haven't gotten a chance to read it but shout out dakota for mentioning it so

This happened as of six minutes ago the SEC has rejected the latest attempt at creating a Bitcoin exchange traded fund and ETF did I tell you or did I motherfucking tell you so the SEC announced Wednesday that the etf

Proposal filed by bitwise asset management in conjunction with n ys e New York Stock Exchange ARCA did not meet legal requirements to prevent market manipulation or other activities the order read the Commission is

Disproving the proposed rule because as discussed below the New York Stock Exchange ARCA has not met its burden under the Exchange Act any commissioners rules of practice to demonstrate that its proposal is consistent with the

Exchange Act section 6 B 5 and in particular the requirement that the rules of the national securities exchange be designed to prevent fraudulent and manipulative acts and practices interesting for a few

Different reasons so bitwise I guess filed it first in January of 2019 this was the most recent push for a regulated bit biklen product alongside van eck and who Vanek in solid X or Van Exel X and the CBOE bzx van eck pulled its version

Last month perhaps they got some feedback that hey you're gonna get a similar treatment here who knows but with this scenario you are seeing the effects of the Bitcoin market hitting relatively pretty blatant I don't I

Don't know if it's fraudulent but Bitcoin is still relatively illiquid and you can see people manipulating the price in a number of different ways that's happened before with different exchanges where you've seen this occur

On a somewhat consistent basis where somebody might be abusing the bit Mex index basically or really hitting one of one of the the exchanges that is composed of the bit Mex index maybe it's something like bitstamp in the past

Hitting that hard with sells cars in the price of crypto to crash across the board because that exchange was included in the bit Mex in the bit Mex index and then all hell breaks loose across all the other

Exchanges because everybody else follows bit Mex etc etc I level here the ETF the Bitcoin ETF from bitwise is not being approved because they say they did not do enough to prevent fraudulent and manipulative acts and practices do I

Agree I don't know I didn't fully go through the process of looking at that I don't also know how this compares I'm not a traditional finance guy in the sense that I have a deep understanding of other ETFs and how or if they prevent

Market manipulation or fraudulent activity within the asset class I have no clue I again I was not expecting this to be approved I have not seen a lot of positive commentary around ETFs before this seems like something that

The market I just don't see the market reacting at all with this so who knows you and Ricky Thompson says this is another way to manipulate no there is there's pushback from people in regards to the

ETF's and we don't want people to manipulate yada yada yada it's partly I think liquidity partly the ease of the I think the fragmentation of liquidity across these markets partly a lot of improper setups in regards to

Indexes there's a variety of things do I think an ETF will be bad I don't necessarily believe that I don't think that is totally the case but we have Gordy boy who says when you trade in Bick when you are putting your faith in

The whales and exchanges that's also some of the reason – I mean trading bitcoin is and trading cryptocurrencies are it's incredibly difficult for a variety of reasons but in many cases you can get screwed by the quote unquote

Whales it also gets screwed if you are investing in companies with projects with a large degree of centralization and ownerships behind projects or companies dumping their token or whatever it might be that's happened in

A lot of scenarios in the past that I have certainly seen so yes you're putting your I don't want to say you're putting your faith in Wales I don't think you should have faith in anybody I also think that most people are not

Built to be trading cryptocurrency in general wirdy boys does any man that's unregulated is open to all sorts of manipulation well at least in the u.s. bitcoin is definitely not unregulated so

I would say in the United States bitcoin is not unregulated are there entities out there that have a ton of prominence that are loosely regulated or maybe not in more regulated jurisdictions yeah of course I mean some of them look some of

The most liquid derivatives exchanges out there that are basically powering a cryptocurrency market right now and driving the crypto currency market or I don't want to say they're not regulated but they are places where the strict

Adherence to certain types of regulation that might be common in the US or in more regulatory focused environments is not required but I don't think that anything that I don't necessarily think bitcoin is unregulated in totality and

Therefore more open to manipulation and Keith says do you think there is a consistent correlation between the Fed announcing quantitative easing QE and lowering interest rates and Bitcoin pumping if if you can show some

Statistical I mean I think they're relatively easy thing to do there would be two and a back date that statistically speaking and see if that's there is a correlation there I I'm still of the opinion that there really isn't a

Huge correlation to the markets as like the to the external cryptocurrency markets as a whole there there's a lot of different things that people want to draw correlations to and want to talk about Bitcoin being a safe haven asset

From the stock market is brought up all the time bitcoin is when the stock market goes down people are gonna go into a store of gold I don't necessarily restore value I don't necessarily agree with that line of thinking I think

People talk about Bitcoin being a risk on or a risk off asset and I kind of think it's a risk on asset that's that's my personal personal preference is it something where with Bitcoin you have this tool that is not necessarily a

Hedge against the stock market but maybe it's more of a hedge against again quantitative easing and this these lowering interest rates and these negative interest rates that seems a little bit more likely to me but again I

Don't I don't think we've seen enough data at this point in time to really draw these incredibly strong correlations I do believe that we are setting ourselves up in a macro environment where Bitcoin can be really

Attractive where we're having these situations where you have these governments that are kind of going out printing a ton of money negative yields are not incredibly attractive it's not a super attractive store of you know store

Of wealth I personally have no interest in in buying a bond and buying Treasury bonds that paid negative one negative two percent no thank you no thank you I would rather put my money elsewhere

And put it to work on my own or put it and basically anything else besides getting negative yield no freakin thank you but I think we're still in the early stages of drawing these correlations where the where the Bitcoin market is at

A big enough scale I also do kind of getting back to the point about manipulation in Wales and this and that yes I think Wales and manipulation is kind of an overused like boogeyman spooky term but I think that things like

I think – behind the scenes type stuff in the crypto markets whether it is some dude that is or some company or some entity that is buying into buying into Bitcoin with significant money or if it's some somebody behind the scenes

That's dumping or whatever it might be I think that that probably holds more weight with the size of the cryptocurrency market at this point time then some type of correlation between certain other public markets

You so Mirko says you can predict what will happen in serious financial Fiat related crisis just by observing what is happening in Venezuela right now we aren't there yet but we can be there one

Day I would hope the government's I would hope most governments do not fuck up as badly as Venezuela has because that situation is dire it is sad it's it's depressing it's it's not good and I definitely feel for the people that are

In that situation I also I mean I'm of the opinion that like I would rather have things be the way they like there are some people that are like I want Bitcoin to pump forever and you know everything is gonna be great and that

The whole world is gonna collapse what bitcoins gonna pump I would rather have Bitcoin kind of move steady than have the United States store any like developed or other developed countries turn into Venezuela where people are

Basically burning money for firewood instead of actually using the money pieces devaluing so quickly and you have to buy a good that day because it is going to be a different price next day like that is a terrible place to be

It's a horribly mismanaged government it's not great and also that those are the types of places where Bitcoin and some crypto assets really make sense and the developed nations right now storing your wealth in

Bitcoin might not make as much sense for some people as putting in the dollar the dollar has been mostly stable yes it's lost purchasing power and people want to put up fancy graphs and things like that but yes the dollar has lost purchasing

Power over you know they decade after decade but for a short term it's not a it's not a place where you gonna lose 20 percent in a day most likely so I do think that the use case for store value continues to be strongest in these

Really difficult situations in these developing nations where you've had really bad things happen with fiscal policies for you know from their governments and I hope that doesn't happen you know wherever anybody's

Living at all you so unrelated to will relate its crypto unrelated so xblock says this he says hey Bobby I have a question regarding your business if you don't know my

Business is proof talent you see it on the bottom left proof talent co it's a recruiting firm I work with companies in the crypto and blockchain space so I work with about it's 13 companies right now pretty much they're all based in the

U.s. actually ones in Europe but mostly all based in the US New York San Francisco Boston and so he mentions who has the quote-unquote power right now in recruitment business candidates or companies is it easy to find companies

Willing to work with you Thanks for me it's easy to find it's it's pretty easy to find companies that are willing to work with proof of talent it is definitely a candidate market in my opinion especially for technical talent

If you are a experienced engineer you're gonna have your pick of the litter of job opportunities for the most part and it is definitely a candidate driven market as far as choice at least in the United States

Unemployment is basically towards a record low I think we're at three and a half percent unemployment which is really low and for technical jobs that's probably closer to zero so it is a it's a it's I want to say both company you

Know both sides definitely have have power in the situation but it is for me it is harder to find candidates that are a good fit for companies it is necessarily to find companies that need assistance hiring and are also willing

To pay a recruiting firm for that assistance you ah Samanta says if bitcoin goes to 1 million would you stop working well what happens in the rest of the world so I

Mean is the dollar going nuts it but if bitcoin is at 1 million for the time being I don't think I would stop working but I would have a beautiful penthouse in New York City and probably buy myself a new Jeep and maybe a shore house and a

Ski house so yeah Bitcoin 1/2 million I would continue to work because otherwise they'd be bored out of my mind but I'd probably buy myself some property yeah a little you know little New York City penthouse a little little beach house a

Little ski house yeah why not right you got a dream–big now bitcoin goes to a mill what are you buying what are you doing are you are you working are you buying are you doing nothing you even have a Bitcoin I don't

Know you tell me sound off in the comments you um noses pick coin at 1 mil no way yeah I mean let's hope for John Maccabees penises sake that yeah we're gonna see

Bitcoin at 1 mil but I think he's gonna be eating that thing like a hot dog in a near-future so yeah for it for let's see let's find the john mcafee Oh John McVie is screwed

So if you don't remember this this is this is good stuff you're not buying the Jets Kyle don't do that to me although you're probably better than the Chris Johnson so John McVie made a bet on July 17th of

2017 if you've been sleeping under a rock and missed this actually it wasn't the Middle's $500,000 John Mackey made a bet that one single Bitcoin would be worth $500,000 in three years the closing price according to coin desk at

That time was two thousand two hundred forty-four dollars so where are we at right now to be on track for when he made the prediction there was a certain point time where it was actually well above

And was kind of tracking very nicely to be in a good spot we are right now John McAfee is 93 percent below where he needs to be really realistically needs to be at about a hundred and hundred thousand dollars per Bitcoin is where

The prediction should be so I would say there's about a 92% chance John McAfee is gonna eat his own penis which should be it should be good fun to watch on television if not I will eat my dick on national television

So welcome John McAfee it'll be it'll be fun oh he doubled down excuse me when I predicted Bitcoin at five hundred thousand dollars by the end of 2020 it was a model of that predicted five

Thousand at the end of 2016 Bitcoin has accelerated much faster I now predict Bitcoin at 1 million by the end of 2020 20 I will still eat my dick if I'm wrong gotta love drugs folks kids if you're

Listening at home number one I apologize for for hurting your ears but folks if you're listening at home stay off the drugs just drink pumpkin beer instead it's it's a lot better for you it's better

For your sanity and you're gonna be 93 percent like less likely to eat your own penis on national television and that my friends is a good place to be you Gordy Bush says Bob how come businesses

Are prepared to pay proof of talent rather than just advertise so I mean just just for general to like when you look for talent nowadays you can post a job you're not gonna get the best applicants like most of the time if you

Are looking for a job if you are experienced and work in a specific industry you're gonna be approached numerous times probably a week by recruiters headhunters internal recruiters and so that's what we do we

Go out and we try to seek people that are not looking for jobs they're not applying for jobs but they might be interested so put in a lot of legwork a lot of groundwork send out a lot of messages reach out to a lot of people

Where that's LinkedIn github on Twitter their website just trying to find like people pay proof talent because we find people that they couldn't find otherwise that's that's why we get paid so what Network would air that I would air

It on the crypto bobby channel I don't know if YouTube would be happy about it but I would I would air that I would I would welcome John McAfee to to to eat eat it up on on the crypto Bobby YouTube channel maybe on switch or not alone I

Mean type of censorship resistant maybe we could do it on steam TV alright gotta be censorship resistant right you a lot of talk about the next bull run in the comments I will use led by a few

People my thoughts on the next crypto bull run right everybody's waiting all season bull run Bitcoin back to all-time highs Bitcoin above all time highs altcoins back I'm gonna make mama I'm gonna finally

Breakeven again from all-time highs I'm gonna make more money I'm gonna be swimming in money again etc etc I don't know if we will ever see the level of craziness that we saw in late 2017 early 2018 again I am NOT positive

That we will see that at the same scale because of the hype around I cos I do think in many respects there was a ton of I SEOs were a wild wild wild time I don't know if any of you remember like any you guys participated in I SEOs back

When I SEOs were just sending eath to an ether dress and then a smart contract would literally just spit tokens back out of you there was no kyc for some of them or the who there was relatively limited kyc

Whatever it was it was basically just you would send in eath you'd get tokens back and then within maybe hours or days those tokens would be on ether Delta or on another exchange and people would be buying those tokens four three four five

10x of what you just bought them for because the demand was so high and so literally like all you had to do at the time was like I'm gonna take 10,000 bucks and I'm gonna shove it into this IC o—- and I'm gonna sell it a week

Later for 50,000 dollars rinse repeat rinse repeat rinse repeat and that just rocketed the price of the entire cryptocurrency market up and I I don't believe that people are sold on icos anymore nor should they be a lot of

That is number one because most tokens have no use case number two the regulatory environment the SCC and all these other regulators they're not going to allow people to do what they did a lot of it was basically this regulatory

Arbitrage and you've had a lot of people lose money and I cos especially towards the tail end there was a time early on if you got in early enough where you made a lot of money on icos but as time went on as time went on

People started putting money into icos and some people never got that money back or you had like a sparkster scenario or something like that where they raised a bunch of money in 2018 and then like a year later they're like

Hey here's Ric oh here's your money back here's your tokens oh by the way this shit's trading 98 percent below what you put your money in ad so you basically lost your money and they kept everything so there were a lot of scenarios like

That I don't know if if I cos are not pumping the market what will what will create a a bull run is it's a macro global event is it is it Bitcoin pumps because of some crazy macro global event and then maybe money disperses to some

Smaller altcoins who knows are there some type of other situations where maybe aetherium starts rising into the launch of eath 2.0 maybe Bitcoin starts pumping into the havening there could be a bunch of different things that could

Potentially happen but it is it's a different situation than than in 2017 the regulatory environment is different if the human psychology is different there's a lot of things that are very much not the same as they they

Were previously Konnor King throw back to sub sub straddle surely that's 80 bucks that's the move man shorting you 80 bucks is the move and I mean as as always like I I still

Think that the best move is dollar cost averaging into Bitcoin and if you want to you can put your money like most people are shitty traders most people let psychology get the best of them and your end up giving your money back to

The market try to avoid that as much as possible I also don't think you know you want to sit here and fingers crossed and hope for the next bull run and be 100% in altcoins because you think that all coins are going to come back to where

They were I certainly don't think that that's gonna be the case I do think Bitcoin will at some point in its lifetime eclipsed the all-time highs that we've previously previously seen I most

Certainly do not doubt that happening at all I think the question is if Bitcoin eclipses its all-time highs do you see other crypto assets follow suit potentially either keep pace with Bitcoin in terms of their ratios their

BTC ratios or or at the very least USD or do they just lose and bleed out and that's the that's the interesting thing too a lot of comments around FOMO and human psychology and that's really what I think a lot of this does boil

Down to as well when you look at crypto there is no solid way to really fundamentally analyze this industry outside of John McAfee and his penis bat there's not a lot of things that you can really really substantially point to yes

There are very smart people out there that attempt and look to draw correlations two to positive movements within the industry into the price and whether that is on a macro scale externally outside of crypto whether

That is internally with on Shane data movements whatever there are very smart people that are doing their best to draw those conclusions however I don't necessarily know if I buy into any of them at this point in time and I do

Believe a lot of it is human psychology and people again like fear and greed is one of the one of the biggest things and not necessarily the fear that weird fear and greed index don't even know what website that's on all of its trading

View or some of those shit but if there's a fear and greed index that people always put you know post it's like yes the price goes up people are greedy of course price goes down people are fearful we know but I think

That is the one area in the industry that is something that you probably have an incredible amount of benefit if you do understand the psychology behind what people are thinking what people are doing and in addition to that

Understanding how that might relate to the environment as a whole and potentially in the future the coin collector is this live no I'm just I'm here talking with a big red live button and it's fake I'm getting

What's up coin collector Kryptos and tokens says Bobby have you ever heard of Fatburger the company is creating a 30 million dollar tokenized bond on aetherium I have not seen the tokenized bond on aetherium however I

Have not eaten fat burger I've never heard of fat burger but I will eat a burger anytime any day anywhere so if fat burger wants to to reach out send me a burger pay for a burger I was pay for myself ahmen

You so uh uh no says hopefully we will we will see our hopes people can't speak English right now also this is bad grammar on no really you really thrown me for a loop bottom kenny said

Basically says hopes to see more people coming to the crypto space investing obviously it makes sense in some cases and one of the biggest one of the biggest things in the crypto landscape right now one of the biggest criticisms

Is is no it's it's nothing but a ponzi scheme because you have people that are encouraging yeah bitcoin there's other cryptocurrency holders basically encouraging people to buy these assets solely to increase the price and people

Are saying you know that is the definition of a ponzi scheme because you are you just want more people in the space investing because you want the price of your asset to go up yada yada yada

I mean I think that's a bullshit argument number one but in addition to that I look at what I look at the industry as a whole and I'm not IIIi don't know what the the new flow of people is going to be into crypto

Because that's something that a lot of people have spoken about in the past is this going to be a you know a killer decentralized application a killer DAP that's gonna bring you know millions of users into crypto is it going to be a

Macro global collapse and everybody buys Bitcoin is it gonna be this is it gonna be that right now what's brought people into cryptocurrency if everyone is being honest the speculation most people are speculating I'm speculating you're

Speculating you know people can use fancy words behind it and say certain things but at you know in the in the long run the vast vast majority of people are buying cryptocurrencies or short selling

Cryptocurrencies but they're buying cryptocurrencies because they want to buy it and they want to sell it for more than they bought it at at a later date that is what they're trying to do whether or not they want to be

Altruistic or or say one thing or the other that's most of the reasoning behind what is happening in the industry at large so yeah we at this point in time there's not a ton of like fresh blood there's not a ton of newbies that

Are coming in to crypto on a continual basis there's also not a huge reason for them to be coming in there nothing has really happened that could be the potential impetus for those people that the driving force to bring a bunch of

People into the industry so yeah we probably need a bunch of people to join the crypto world and start putting their money into it for the prices of crypto to pump and that sounds like a Ponzi scheme but we'd probably need that to

Happen for the prices to go away nuts but I don't think there's any reason for them to do that at a at a macro level right now you so how people have asked about link

Chain link is doing its 4chan thing it is up close to fourteen thirteen percent right now I think I talked about Jesus man chain-linked is something else cane like is something fucking else so I think I've talked about this the other

Day when is that like two dollars knows like yeah you know looks looks almost interesting this short looks like it's about to fall off a cliff and I think since I said that it's up like a dollar it's up like fifty percent so it's a

Good thing I actually didn't follow through on that you know on that on that desire to potentially look into to shorting chain-link so thank God I didn't didn't do that but I don't know what's driving this I haven't paid too

Too much attention but chain-link has been one of the craziest assets in the crypto world I mean up seven hundred percent in the last year wild shit up 55 percent in the past month believe it's mostly outperformed Bitcoin it's it's

Been a crazy chain link is like define just chain-link defies the laws of everything and whether or not that's the 4chan armie whether or not that's like actually strong intelligent like use case and token economics you can debate

That and argue it in a bunch of different ways but chain links wild do they make chain-link fences I do not know but I mean if you're gonna have a how the market cap just at a billion dollars again so it's a billion its

Chain-link is a billion dollar chain-link fence company yes and Marco mentions this it's a good good thought for sure Marco says right now about 95 percent of the industry is still speculation I would tend to agree

Potentially even higher and the 5% use scenario but the development is stronger than ever the development in certain assets is stronger than ever that is what I will say but that is a good point Marco I would say there are certain

Companies projects places things that are are not being strongly developed and then there are some some things out there that are having as much development as they've as they've ever had and if not are looking as good as

Ever so I I do think yes we're still in a point of 95 percent speculation and then 5% actual use case but the development is as strong as it's ever been I'll caveat that and say in some cases a

Lot of other companies a lot of other projects are developing or might be developing things that are they're developing for things that may not actually be a need so they're like building solutions for problems that

Don't exist that's that is a big thing in the cryptocurrency world and in the crypto industry is companies projects especially people that did ICO is you know they're building shit for project or fur for problems that don't exist and

That that's not a place you want to be because if a problem doesn't exist if there's not a pain point nobody's ever gonna pay for a solution you know you Kyle Shepard what's up just turning in

What's up with the tax laws I talked about this a little bit previously at a really really high level though I'm gonna sum it up because I talked about it previously but so the IRS in the United States is the tax governing body

Is who you pay your taxes to it's everybody's favorite place you know everybody loves the IRS I send the IRS a Christmas card every year I send them a you know I send them cakes and chocolates and wonderful things send

Them beer they're my favorite people in the world they're probably your favorite people in the world as well so they sent they created updated guidance for cryptocurrency which is the first time that they've done that years five years

Actually to be exact so since 2014 the reason that this got a lot of bad feedback and it's pretty just not super well thought out is that they provided guidance on hard Forks and air drops so rather than doing some so we'll use the

Example again Bitcoin and Bitcoin cash or Bitcoin and Bitcoin go well do Bitcoin gold let's say Bitcoin gold because Bitcoin gold is how much is fucking Bitcoin gold worth eight dollars when the fork initially

Happened was the all-time high the all-time high was $484 around that yeah four hundred eighty five dollars so a Bitcoin gold came out and it was worth four hundred eighty five dollars and you had Bitcoin so let's say you had ten

Bitcoin and you this is the exact example so you a ten Bitcoin right now worth whatever or you had ten Bitcoin in January of December of 2017 when the Bitcoin gold fork happened at the time of the fork you for a very brief moment

Could have sold your Bitcoin gold for four hundred eighty four dollars so according to the new iron Cyrus guidance you had ten Bitcoin and you earned ten times 480 or 480 at forty eight thousand or four thousand eight hundred dollars

Excuse me that was that have been off by a longshot so you earn four thousand eight hundred dollars so depending upon your tax bracket let's just say you had to pay 20% taxes on that as capital gains so

You have to pay twenty percent capital gains on the $4,800 of Bitcoin gold that you earned at the exact moment of the fork or close to the exact moment of the fork now the problem with that is what happens if you got your Bitcoin gold and

Then you didn't do anything with it you didn't even realize it maybe just the Bitcoin Hodler you didn't realize that you didn't know what was happening and you look back two years later and you're like oh shit guess what

The price of Bitcoin gold is eight dollars and fifty seven cents so eight dollars and fifty seven cents is ten Bitcoin your Bitcoin gold is now worth $80 it was worth at the time for a thousand dollars so you had to pay about

Two eight hundred dollars in taxes in capital gains taxes for something that is now worth $80 that is the exact problem that this tax guidance causes is because if you're they're not they're not considering it a taxable event when

You sell Bitcoin gold they're considering when you get Bitcoin gold and the problem is most of these Bitcoin Forks and these air drops are pieces of shit and they're worth something one day and

Then the next day there are 90 percent less so there's your issue and Kryptos in tokens mentions breaking news the ETF bitwise was rejected by the SEC yes we talked about that a little bit earlier as well not something that I

Think anybody really expected to get approved I was not expecting an approval I don't think you should expect a Bitcoin ETF approval anytime soon do I think we need it no do I think the market would hat you know shit its pants

And go nuts if it did yes but I don't think we're gonna see an ETF approved any time soon specifically because the reason this was not approved was because they said that it was not designed to prevent fraudulent and manipulative acts

And practices and I would I would assume a lot of that comes down not necessarily to the actual ETF itself but to the Bitcoin asset class as a whole and folks at this time crypto happy hours been about crypto 75 minute hour

Not really but I am going to answer some emails go cook myself some dinner and enjoy the rest of the evening I hope you enjoyed hanging out with me tonight on crypto happy hour if you enjoy the video make sure to hit that thumbs up button

Hit that like button guess this video out and I really appreciate that but if you're new to the channel by any chance make sure to hit that subscribe button and a little notified bail cuz that things will catch you here when I start

So you don't have to repeat myself cuz fuck I don't like repeating myself but I hope you enjoyed the video it was great hanging out with you folks as always and like I've talked about for I do videos now every Monday Wednesday and Friday so

Monday Wednesday Friday videos always stay tuned be be aware be prepared Monday Wednesday Friday peace guys

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