“Wright is F%$ked” and Crypto Companies “want to eat” JPMorgan’s lunch

by birtanpublished on September 10, 2020

What's going on everybody it's your boy Krypto Bobby I hope you were having a great day great night wherever you are watching or listening in from and apparently our friend our dear Lord and Savior the founder the creator of Bitcoin Craig Wright is not having a

Super great day or night wherever he is watching or listening in from and I hope he doesn't watch or listen in because if he does I will probably get sued for saying anything remotely negative of course no this is all parody this is not

This is not in actuality and and this is a legally binding document by watching this you cannot sue me but Craig Wright was in court today and apparently broke down sobbing during his cross-examination and we have some

Information from the crypto Twitter legal team which as always is fantastic shout out to our man pally on that we also have a JP Morgan and Goldman Sachs apparently talking about crypto in some way or another really interesting stuff

Now that Facebook has kind of opened the door after Jamie Dimon and JP Morgan already in the door a little bit but a lot of things to discuss and to have a conversation about in today's episode I do want to say a quick thank you and

Shout out to a lot of individuals for their support on yesterday's announcement both on Twitter a lot of you guys have had some really nice things to say via email as well as in the YouTube comments so I do want to

Thank you after yesterday's announcement of the launch of proof of talent the response so far has been really strong we have a number of positions that we're recruiting on right now I've seen a lot of your resumes as well so we'll be

Reaching out according to the you know the availability that that we have and really excited about continuing to serve the industry as a whole and we'll we'll keep you guys in the loop on the different positions that we have open at

Proof of talent because there are a number of opportunities available right now but I really just want to say thank you guys for your support it really means a lot it's it's a definitely a risk that I'm taking doing this so

Having some people say some somewhat nice things is always fun too you know and and and helpful to see but hopping into it outside of the you know not so nice things there's so nice things they're happening we have our man the

Alleged or not so alleged Bitcoin inventor Craig Wright AKA Satoshi aka potentially fake Toshi a ka dr. litigious likes to sue people Craig asked right and so he's been in court or a lawsuit between Dave climbin and his

Estate so Dave climbin died and apparently with Dave climbin his estate or the basically the people that have some of ownership over his assets are suing Craig Wright saying that Craig Wright owes Dave climbin a bunch of

Bitcoin to the tune of billions of dollars worth alleging that he is actually Satoshi so kind of putting the ball into Craig Wright's court to prove that he is indeed Satoshi which he obviously says all the time so in

Today's in today's court case or in today's kind of cross-examination there were a number of different components where Craig was visibly upset kind of on the verge of crying sobbing and I thought it was number one kind of funny

Because I think he is he's put some people and some interesting scenarios but looking at the reaction from the crypto Twitter squad of lawyers there are a number of lawyers out there that like to kind of look at the cases that

Are occurring in the crypto landscape and Stephen Paley is one of those and he was he's been following this case really from day one which is been great to see if you want to follow Stephen if you don't do so yet I'd recommend it just on

The topics of legal information in the crypto landscape he is amongst the best if not the best I've met him in person good dude likes beer likes a lot of great food so that's that's that's my sales pitch for Stephen but going down

To going down to what this case or what the issues with a lot of this case is is actually Craig Wright being held in contempt and the one thing that Stephen said is his read from afar and this was as of this afternoon after the court was

Was finished but basically his read from afar is that Craig Wright is fucked or excuse me Wright is effed and saying that it is played out almost exactly as he has expected and then said forgive the

Language but it's hard to understate how completely fucked this guy is so it's gonna be really interesting to see what ends up happening with this court case because you have a person in the crypto space that has obviously number one said

He is Satoshi number two has kind of played up the court system as as like a moat for himself and that he can use to his own advantage and it seems like the court system in the United States is is not a fan of the way mr. or dr. Craig

Gass write conducts business so how this will pan out should be kind of fascinating to watch in the initial reactions from the lawyers I've seen have not been good and that's something I think you want to consider if you are

A big satoshis eyeball vision guy in the Bitcoin space if you are I don't know why you are I think you should get your head examined but something to consider because I think a lot of the trading goes on how these how the courts rule in

This stuff because it is so dependent upon that the other kind of counterpoint to that though if you're looking at this from a BSB price standpoint and you're looking at speculation one of one of my friends in the space said this you know

Craig Wright basically got embarrassed in court today so where does somebody with a maybe you know fragile ego do that has a lot of money when he gets embarrassed in court pumps the price of his cryptocurrency so that individuals

Actually expecting you know you might look at this and say oh wow DSP is is screwed because Craig Wright got embarrassed in court today and there is a legitimate possibility that he's in in some pretty big trouble with the course

In the United States now if the logical thing might be for you to think oh I'll be sv screw P is it so relying on Craig on the other end of the spectrum though it is a highly illiquid cryptocurrency with somebody with a lot of money that

Can potentially pump the price of it so so just something to keep in mind when you look at playing one move or another if you're looking at this just from a bsv price speculation standpoint thing I think worth tracking is JPMorgan

And Jimmy diamonds comments that came out today on cryptocurrency and on the companies in this space and this is pretty interesting and I do think it's it's actually relevant in and he in some cases understands and

Actually very much understands that there is a pretty realistic threat and there are a number of companies that are looking to replicate the banking system and kind of twofold you have number one you have you know things like Bitcoin

That are looking to replicate what central banks provide to humanity really at this point in time in terms of a fiat currency but you also have companies out there like places like maker Dow as well as other companies maybe things like

Block Phi or compound finance or Dharma things like that that are replicating certain aspects of the banking system within cryptocurrency the essentially loans on the blockchain a lot of you heard things like that so Jamie Dimon

Was interviewed in Yahoo Finance and then said that number one he hadn't spoken to Facebook about Facebook coin but said blockchain is very real he doesn't like to say Bitcoin but he says blockchain the whole blockchain not

Bitcoin I think Jamie is firmly in that in that camp but he says I think the competition is very real work I want to have competitors whether it's a cryptocurrency competitor specifically competing that you would think with JP

Morgan coin or if another FinTech competitor we're going to have competitors I tell her people don't guess you know they're they're you know they're coming you know they want to eat our lunch assume it and I do think it is

A good point because there are and I've talked to a lot of companies in the space that definitely want to eat JP Morgan's lunch when it does come down to banking and the financial system as well as the services that they offer so the

The fact that he recognizes that is is good in some ways maybe bad in the other because when you look at that there is no maybe there's no real naivete as far as you know these companies aren't a threat to our business they're not

They're not competition I think it does sound like the first step is is maybe the first that might be denied but the second step is oh I realized that there actually is competition coming from this space and there

Actually are companies that are developing tools and solutions and technology that might be beneficial to the customer that we're gonna have to compete against so I do think it is pretty interesting watching how this

Space is unfolding and to that point obviously JP Morgan has been in the space for a while or in talking about it publicly you know Jimmy diamond has said bitcoin is basically bullshit before but then they come out JP Morgan coin now

You also have Goldman Sachs hinting that they may might launch their own JP Morgan like cryptocurrency which is pretty fascinating and this came through they have a new CEO in place David Solomon who's also a DJ which is funny

But Solomon continued to say that assume all major financial institutions around the world are looking at the potential of tokenization stable coins and frictionless payments so when you look at that quote and you think about your

Thought process on the industry and I think this is be honest a pretty bullish statement in general not only is this about hey maybe you know they're they're looking at they're looking at doing a similar type of cryptocurrency to what

JP Morgan is doing but if you look at that statement and if you think about what that means or the industry that is massively massively bullish and positive for the industry you have the CEO of one of the most famous banks one of the most

Famous firms in the world saying that you have to be assuming that every single major financial institution around the world not just the United States not just in new Europe not just in Asia or you know spread about assume

All major financial institutions around the world are looking at the potential of tokenization which is one thing stable coins which is another JP Morgan coin things like USD C die tether or whatever and frictionless payments so

Things may be like Libre things like some of the rapid cryptocurrency payment tools whatever it might be I think that alone goes to show how much thought and emphasis and in mind space is being taken up in this industry and I think it

Is really being taken seriously I think you are absolutely crazy personally to think that the traditional finance world is not conducting significant research doing significant trials on the benefits that they might receive whether for

Themselves internally externally to pass along to clients to pass along to themselves to shareholders whatever it might be it is a really positive development for the industry as a whole and if you look at how big the industry

Is it is still so small and the use cases are still going to be growing so rapidly I think that you know whether or not you like Goldman Sachs they have a reputation is the vampire squid they have a bad reputation from the financial

Meltdown in the you know 2008-2009 whatever whatever you think about goldman sachs the fact that they were looking at this and saying that every single major financial institution is evaluating the potential and determining

If they might be able to utilize some of these technologies that is a very very positive thing for the industry and if you don't think so I think you're a little bit nuts so definitely something to keep in mind now not everything in

This is related to speculative assets everything here is is related to Bitcoin which I think does still power the majority of other crypto currencies out there but it all is worth considering as you continue to look at the industry I

Remember I made a video it was I think in in February of this year where I created a video kind of in the heart or pretty close to the heart of the bear market but I think a lot of people were feeling down about things and I think a

Lot of people are feeling more positive about the industry as we go forward but I think a lot of people are feeling down a lot of people are feeling negative and I made a video about no reasons to feel positive about cryptocurrency and I

Talked about all the different companies that are building in the space the you know that had platforms available whether it was AWS Amazon rolling things out Oracle IBM JP Morgan with quorum all the different development that was being

Done all the different investment into the space and I think this kind of continues to layer on to that where the industry is here to stay in my personal opinion I don't think it's going anywhere I think it will continue to

Absorb absorb a value from traditional players I think traditional players will contain you to evaluate how they can either benefit from that or learn from it as much as possible but the cats out of the

Bag as far as what's happening with this industry and I don't think people can put a stop to it it's a matter of I don't think the traditional players the entrenched players can put a stop to what's happening in cryptocurrency the

Only thing I think that they can do is evaluate it and learn how it can help their business and improve it as much as possible and I think that's what a lot of them are doing so we'd love to hear your thoughts on that as well in the

YouTube comments if you're watching there or on the podcast as well outside of that guys like I said I really do appreciate all the kind words yesterday whether it was on Twitter on YouTube meets it's done for me thank you so much

Crypto Bobby signing out I hope you have a going pace

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