“‘We should shut down the cryptocurrencies’”

by birtanpublished on September 28, 2020

We should shut down the crypto currencies right right what's going on everybody it's your boy crypto Bobby I hope you were having a great day great night wherever you're watching or listening in from and there is a lot of exciting interesting things to talk

About today when it comes to the crypto landscape things that happened over the weekend and as of the time of recording this on Monday we have fidelity only a few weeks away from launching their crypto trading platform which could

Potentially be a really really big deal and is somewhat flying a little bit under the radar right now you also have a ton going on with BitFenix and tether from BitFenix literally being in court this second as of recording this right

Now in new york city to launching their new ieo token which is also Leo so talking about that and then also ether having a really big day a lot of you might have seen ether unning why is it running well some positive comments who

Are potentially positive comments from the CFTC in regards to ether futures has also just come out so a lot to dive into a lot to unpack but probably your favorite topic here is going to be rich old dudes complaining about Bitcoin and

Crypto currencies and we'll talk a little bit about why I think that they do as well as what you should think about it does does it mean anything to you does it not but if you love rich old dudes complaining about Bitcoin

Complaining about cryptocurrency Friday your great names like rap boys and make sure to hit that thumbs up button if that like button helps to get this video out to as many people as possible and the more of you that press the like

Button the less rat poison there is in the world I think I don't know we'll go with that so with Bitcoin where it is so far in 2019 there is some positive momentum behind Bitcoin and cryptocurrencies as a

Whole and you're starting to see more media coverage more mainstream media coverage again CNBC Bloomberg people not afraid to talk about cryptocurrency and that is also bringing out the negative coverage of of crypto as well

Because that is something that does get a lot of pickup and a lot of discussion now if we look to a few for articles that have come out recently a few different points of coverage one of the big things that people like to do

Is a ask Warren Buffett and Charlie Munger with anything about Bitcoin and then be asked a number of prominent economists what their thoughts of that coin are so I want to talk a little bit at a high level about this as well

Because it is a trend that kind of continues to happen and continues to happen when Bitcoin is going up people will kind of bash it and slam it and then when Bitcoin is going down it's a bunch of I told you so's from these

People and then with Bitcoin as things tagged it there's no conversation because nobody cares about it but most recently this came out from CNBC shout out CNBC your most trusted coverage for your most trusted source for

Cryptocurrency news coverage but this is Joseph Stiglitz who is a Nobel Prize winning economist also goes by the name of Joey Stig's at the Jersey Shore spins a little bit he actually does not but Joseph Stiglitz said this when talking

About crypto currencies says crypto currencies should be shut down worries that they enable illicit activity by making money transactions less transparent then goes on to say that he does see value in digital payment

Systems and supports electronic use of government backed currencies like the dollar so there's two different points of this that I think are bad and equally ridiculous first of all the fact that shutting down these crypto currencies is

A lot easier said than done for some of these smaller crypto currencies you can't just like press a button and for some of the smaller crypto currencies you basically can shut them down through pressure and because no one's really

Adopting them at least for some of these block chains but for something like Bitcoin for something like aetherium for something like there's some of these top 10 maybe 20 crypto currencies that have a large pool of miners and people that

Are dedicated to them just because somebody says they want to shut it down it is going to be interesting whether or not that can actually be done and I don't think it can or at least some of the larger crypto currencies out there

So the fact that you're saying hey you know we should shut these crypto currencies down like there is a CEO of Bitcoin that you can just reach out to and be like hey sir you're violating the law you need to shut this down it's kind

Of the whole point of a you know decentralized payments right right although in the case of Craig right obviously you can't just send it to the CEO of Bitcoin the creator founder Satoshi Nakamoto weekly

But on the opposite end of the coin here you have this discussion and it is really interesting and really scale scary at least my opinion PS you have this subject of surveillance capitalism as well as the digitization of just

Money in general really leading to heavy government surveillance heavy surveillance from companies just everything you do being tracked and Bitcoin is even like that now with all the blockchain Analysis companies like

Chain alysus and you know all the ones that basically every large cryptocurrency exchanges is using now so going on to say you know what I don't like crypto currencies I don't like Bitcoin essentially because illicit

Activity but also just privacy that is a massive component yes there are some illicit activity but also it does provide an element of privacy financial privacy for people but going to say you know what we can have a better regulated

Economy knowing what people are spending what if you don't want everybody to know every single thing about everything you do I personally I don't need that I don't need that in my life not that I'm doing anything nefarious but I don't

Want every corporation and the government to know every single thing I'm spending my money on and that is what certain people like Joseph Stiglitz I think are pushing and not a fan of it now on the other end of the spectrum –

You have Warren Buffett here who has repeatedly come out and said that he does not like Bitcoin does not see value in Bitcoin and continues to say that and I do have sympathy for Warren Buffett in this case because he is at his annual

Meeting for Berkshire Hathaway in Omaha Nebraska I believe last year they asked him about it I believe in 2017 they probably asked him about it as well and every single time Warren Buffett just doesn't like

Bitcoin and people continue to ask him about it as if there's going to be a new answer there and there just has not been and I don't think there ever will be dudes over 80 years old he's not gonna change his mind most likely and he has

Gone out and said it's a gambling device there's a lot of frauds can with it yada-yada-yada well in my mind this is kind of two different things number one negative press about Bitcoin gets clicks this is something that

Happens every year journalists know what the answer is gonna be to the question they still ask it because hey oh it's an article I can write that'll be in Bloomberg or in CNBC or in coin desk or Wall Street Journal or whatever that

Says hey Warren Buffett says this thing about something that's hot that other people are passionate about so we're gonna go into that also too you have to come in respect in some ways where Warren Buffett is coming from and what

He invests in things that he can clearly assign value to dividend paying equities things like that Bitcoin doesn't necessarily pay a dividend it is speculative in nature there are a lot of components to Bitcoin that Warren

Buffett wouldn't like doesn't like and it is what it is but the fact that people keep asking about him is somewhat frustrating also too though like if we're looking at Warren Buffett and Charlie Munger are we really respecting

Or are we really expecting let's say 80 plus 90 plus year old white dudes who probably don't know how to use a laptop efficiently to understand the value proposition of digital assets just might not be in the wheelhouse

Like if if we can sit back and admit that hey maybe these dudes just aren't the target audience right now and they are part of a bygone era and there is an error that is coming out and we can obviously see with the market

Capitalization of Bitcoin and of other cryptids and for these assets there is actual interest in the digitization of finance so that's my point so getting away from the conversation of older dudes that

Don't like Bitcoin or cryptocurrency here is something that I think is definitely being discussed but perhaps not being discussed enough and that is fidelity offering cryptocurrency trading within a few weeks for those who are not

Familiar we've talked about fidelity before in the channel fidelity is one of the larger names in the traditional finance world they have over a trillion dollars in assets under management for context even at its peak

At its absolute absolute peak in the bowl around the cryptocurrency market was about eight hundred billion dollars was never even close to the assets under management that fidelity has now this is something that I think is really

Important because it provides an on-ramp not necessarily for retail traders people like you and me but for institutional players that are interested in trading crypto assets investing in crypto assets specifically

Bitcoin in this scenario perhaps others in the future but really focusing right now on Bitcoin but when you do look and you think about it it doesn't necessarily just affect Bitcoin if this is a positive situation for Bitcoin a

Lot of times that will flow into other cryptocurrencies as well whether it's Bitcoin lifting the entire market or institutional players putting money into Bitcoin and perhaps retail kind of exiting that into all coins don't really

Know until it happens but long story short this is a very positive development for infrastructure development in the cryptocurrency space when the entire market ran in 2017 early 2018 there was definitely no legitimate

Like real real legitimate on-ramps or a lot of the institutional players if if and I'm saying if I'm not saying when but if we do see another big run not only do you have people like etrade now that are coming online for retail

Investors you have better solutions with places like coinbase and Gemini and Robin Hood and then finance and all these other exchanges out there everybody is just so much better positioned be it the tech customer

Support Insurance whatever it might be to actually uphold a influx of potential customers or investors or whatever it might be so seeing this is a really positive development and if you don't think so your big dummy so that's just

My mind speaking of institutional adoption ether actually ran up ether in a pretty nice against Bitcoin today if we pull up the eath BTC chart eath today is up about eight percent close to eight percent against its Bitcoin trading pair

Up about 7% $12 or so in USD value and a lot of that is on the back of this conversation a CFTC Insider said that regulators are ready to prove regulators are ready to approve aetherium futures and said the CFTC is willing to let an

Ether futures contract go to market after soliciting market feedback in the last year and then coin desk goes on to say a futures contract might bring fresh institutional funding to the crypto space and also lead to retail investors

Looking into cryptocurrency one thing that I will say and will point to however though is this is definitely good news as well I think the more in my mind the more investing products and the cryptocurrency space the better whether

Or not it is a fully bullish thing for everybody it's not always a lot of people look to Bitcoin futures as something that the the hype about Bitcoin future has really caused a lot of the run-up in 2017 for Bitcoin to get

All the way up to $19,000 and basically on that basically the top of the cryptocurrency mark at the top of the Bitcoin market was when Bitcoin futures went live and then the markets Bitcoin specifically and then a lot of the other

Markets and a plummeted after that so one might look at this and say okay you know maybe this is bullish in the short to near-term for either because you have the hype or the potential hype over futures with the CFTC

But is that actually bullish once it goes live things don't exactly play out the same the second time around they probably won't play out the exact same time for Bitcoin to either but overall again the more institutional grade

Investment products the better it just goes to show the legitimization of the cryptocurrency space as a whole and I'm happy about that so we've gone from news that I think is very expected where you have some old

Dudes that don't like cryptocurrency to news that is what I think is pretty fantastic with fidelity getting into the Bitcoin trading space and the potential for ether futures according to a CFTC in neither source now you have something

That I really have no clue what's gonna happen with I have not a damn clue and my expertise in this situation really comes down to the fact that about you know 10 plus years ago I took a pre-law class my freshman year in business

School so I would say I am you know about as good as any other lawyer out there I I have full full knowledge of the situation and I'm I'm solid on it so there's two things here number one we have bit finex and tether who have

Gotten in trouble with the New York Attorney General and that has led them to as of the time of recording this video they are right now in court in New York and my buddy Zach Valle is actually in the courthouse

I believe with Katherine whoo it is an open court so just stroll right on in and they went to the hearing right now they've been there for the past two three hours I believe I'm talking to Zach a little bit to hear kind of his

Thoughts on it so no kind of full statements right now as of the time of recording this but this is really interesting because what is happening right now is you're seeing whether or not the New York Attorney General can

Continue to go after their injunction and investigation against BitFenix and tether and they have to go ahead and what they're doing today is is trying to prove to the New York Supreme Court that they are able to do so and bid for Nexus

Says you know I said no we don't think you should be able to do so so there's an ex parte order and that's where we're at right now but as all this is happening as all this legal uncertainty is happening with the New York Attorney

General you have 15x saying and what we don't really give a about what's happening with the court system in New York we're 850 million dollars in the hole right now because that money has

Been seized from crypto capital and guess what we're gonna do because we're 850 million dollars in the hole or about that let's say roughly what's a few million dollars between friends we're going to do a token sale and not just

Any token sale we're gonna do what's hot on these Internet streets and we're going to raise and ie oh and it's gonna be for about a billion dollars and we're gonna do basically something very similar to what

Bye Nance has done and this has been fascinating to watch because there are people that hate hate hate BitFenix and there are people that are willing to throw a bunch of money at benefit acts for this token sale I mean a billion

Dollars is about as big of a token sale as we've seen from almost anybody I mean outside of Eos and maybe a few others that is a massive massive token sale granted it is already a big business and what some potentially might consider to

Be a profitable business I haven't seen the entire financials I don't know how profitable they are in a continuous basis I don't know where their money is held up there's a lot of uncertainty around PIFAN acts but there are people

That are willing to throw a bunch of money at BitFenix and Tom Lee aka fun strat on Twitter I'm sure a lot of us follow him or see him on CNBC occasionally tweeted this out hearing the BitFenix Elio is oversubscribed

Meaning that there are more people that want to invest in it then there are investable assets to be had again affirming our sense that the bitter that bid finex has earned the trust of its customers and clients generally speaks

Well of them one notable comment here Jesse Powell who is the CEO of crack and actually responded to that tweet and said I find this hard to believe given the risks and versus the upside potential of this asset versus the

Opportunity cost and performance of lending markets and recent financing attempts we'll see when it comes time for people to commit so interesting hearing that BitFenix apparently has a significant amount of interest in their

Token sale to the point where there are apparently over a billion dollars worth of investment commitments to their token sale of people that want to invest now for me personally I wouldn't give bit for next dime I am NOT able to I

Certainly couldn't meet the million dollar threshold the minimum of a million dollars to invest in BitFenix but if it were me I wouldn't touch a bit for next token with a ten-foot pole I am not

Necessarily a massive fan of kind of the the transparency of the company and certain other elements of it on the other end of the spectrum though if BitFenix is able to pull off their ieo rays and go about their merry way with a

Replenished bank account and essentially getting that eight hundred plus million dollars back that they have seized from her that has been seized from crypto capital that is no longer available to them they're able to restock their

Coffers and get back to business as usual or kind of as close to usual as possible that's probably a pretty bullish thing for the market in combination with what ends up happening with this bit for next hearing in New

York I will definitely keep you updated as soon as I hear anything about what ends up going on with the court in New York and bid for NEX in the New York Attorney General's Office probably something you don't care that much about

However you might see a direct impact on the price of Bitcoin and other Kryptonian something that I think is worth at least listening to other opinions on there as well I personally am hoping for a positive

Resolution I am again not a big fan of BitFenix and just the level of transparency that they bring to the cryptocurrency markets I also don't feel like having bit next crash my crypto bags down to the gutter

Again so will ends up see how that will see how it plays out now outside of that guys I hope you enjoyed this video and podcast if you did make sure hit that thumbs up button hit that like button if you enjoyed the video and if you're

Listening on Apple Spotify or Google Play wherever that might be make sure to leave a rating and a review thank you so much for your time crypto Bobby signing out I hope you have a good one peace

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