The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Oct 6: John McAfee Arrested, FCA Bans Derivatives in the UK, TUSD liquidity Fund Opens

Follow The Decrypt Daily Twitter: @decryptmedia Website: Decrypt.co Follow me on : Twitter: @TheDecryptDaily IG: @heDecryptDaily Scott Chipolina @ScottChipolina Tim Copeland @Timccopeland John McAfee Was Playing With Fire—and He Knew it https://decrypt.co/44053/john-mcafee-was-playing-with-fire-and-he-knew-it?utm_source=twitter&utm_medium=social&utm_campaign=auto FCA Bans Cryptocurrency Derivatives in UK After BitMEX Charges https://decrypt.co/44035/fca-bans-cryptocurrency-derivatives-in-

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Content Keywords: currency liquidity fund Eunice La patrie USD people
00:00:00
Under courtesy old is Matthew Aaron today in the show the John McAfee saga continues as he gets arrested the FDA ban cryptocurrency derivatives in the UK after bitmex charges and Trust token true currency liquidity fund is now open coming up today on the decrypt daily.

00:00:19
What's up, everybody? How you doing? Today is Tuesday, October 6th, 2020 and I started my morning at the DMV or DMV or what? I'm going to call the bureau of motor motor vehicles the Department of Motor Vehicles, whatever they call it in your state getting my address on my license updated so I can vote in the election but interesting why I heard that in my district for my town if I want to vote in local elections. I have to have the address on my ID and I could have got that wrong. But anyway, that's what I did so I can vote and I want to share with you my on popular opinion about voting and I stayed I think everybody should be able to vote. I think that everyone who is born in United States or has became a US citizen should be able to vote no registration needed. Nothing. You are here you're born if you are able to vote at 18 years old. I don't understand why they make you jump through hoops. I don't understand why they make you do this or that or have some restrictions and not restrictions and people always say do you think that people who commit a crime or a felony or this should be able to vote? I think everybody should be able to vote.

00:01:19
Part of society and it's just every time you go through these situations or this rigmarole to be able to register to vote. I don't know some people have more things to do if you ever left things to do, it just goes to show you that you could just make this very simple. Everybody is able to vote. I don't know if you believe that but I would love to have the debate with you. If you don't believe everybody should go to vote at the Araneta crypto Ico. Send me an e-mail tell me what you think about voting in the United States. And also if you want to know my ideas about how you can vote on the blockchain, I think I put in this podcast series before but it probably overlooked by some people that was just joining recently. Send me an email. Let me know I would love to put on episode about body on the blockchain because I think it's the only way we're ever going to have fair and free elections is some system that is decentralized that you have your private key that you can securely put your vote cast your ballot on a black chain transparent. Everybody can see it that a vote for x or y comes in and no benefit Elation, maybe one day maybe one.

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Digital is Pete buttigieg in the Iowa caucus has nothing to do with building that black change we could be okay now for the crypto prices.

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Woody talk, I'm recording this at 1 p.m. Eastern Standard time between incident at $10,715.35 1.7% from yesterday. If they're real 350-10 up 1.5% from yesterday Litecoin coming into the top 10 against sitting at number nine spot for total market cap of cryptocurrency at 4759 up 5.7% from yesterday Tinley 921. Exactly the same from yesterday and xrp skyrocketing over the $0.25 mark to 25.2% up 8.3% from yesterday. Total market cap for all the cryptocurrencies is 341.2 billion dollars with a BTC dominance of 58.1%

00:03:16
Enterprise story today we have true currency liquidity fund is now open in here to talk about is the co-founder and CEO of trusttoken Raphael cosmin Raphael. Welcome to the show. Thanks Nat get to be an exciting news coming out of your company today the true currency liquidity fund is now open. I can't wait for you to tell me about this. However, I need you to do me one quick favor. Define liquidity for me liquidity is its death on an order book. So if you go onto an exchange like binance or will be on each other's you know, you'll see that there are trees. They're sitting on the order book waiting for you as a taker to be able to buy and sell a certain currency, but the same thing happened in defy products like Ave or compound where if you want to provide like whatever you want to put in Capitol or going to go to borrow Capital to see when I borrow some true USD or some ether from off a that liquidity has to be there in the protocol ready to go.

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Why they can't really serve you as a customer. Okay, so I'm going to try to just done this down a little bit. So I want a one I would say definition of liquidity would be the money or the the pool of tokens at USM. I want to buy was is a pool of tokens. That's that's sitting there available for someone to buy or to borrow. So that means anytime somebody wants to buy there's no like delays and I think they're older is not filled their getting as much as they want because of the liquidity exactly. That's right. So it's like if you were to go into the store and they say hey, we're all out of shoes today. You have to wait until next time I still didn't what is true currency liquidity fondant, the true currency liquidity fund is a new fun that we just launched which provide liquidity in all five true currencies. That's true USD to British pound Canadian dollar Hong Kong dollar and Australian dollar to provide liquidity in all five shoe currencies to new and existing defy protocols that are looking

00:05:16
To grow true currency usage on their platform Old Skool with this is that I have something to sell you have something to buy more people have something to sell a lot of people have something to buy therefore. There's liquid in there. So I have something to sell like so we make up the liquidity for how is a liquidity fund set up if there is no people they're selling what people want to buy. Well what people want too often times trade or borrow our true currencies themselves to let me give a specific example. Let's say you were launching a new protocol for Lending and defy. Thank you kind of like Ave or compound right on D1 you launch and let's do you support through USB. But if you don't have any true USD that's sitting there in the protocol then when someone comes and I say, hey, I'd like to borrow $10,000 to USD. Well, there's nothing they can do this note for USD. They're so what the liquidity fund will do is it will put up ten thousand or a hundred thousand even a million true USC that will be waiting there in the protocol.

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To help bootstrap the market. So now when someone comes and says, hey, I want to borrow $10,000 to USD is already there. They can take out that loan immediately. They can pay it back and all of a sudden you got that flywheel started and people are really using the protocol. Okay, so I am still confused and I apologize about this. Can you do me a favor? Can you walk me in a very briefly walk me through find a currency decentralised in Spanish in that. What do you use true USD example if you're trading on Eunice with which is one of the most popular I think it's the most popular decentralized exchange right now and you want to buy some token. What was the token you want to buy rsr? Okay, if you go to unit Swap and you look at let's say you know that looks like you got you your trait. Are you got a lot of your money? I'm sitting in tree UIC right now you go to the you go to the market on Eunice La patrie USD vs. RS are well today, you know, there might not be very much liquidity.

00:07:16
Market, and it depends on how popular the token is and how much you said there is but he's there isn't much liquidity sitting there for USD vs. Rsrr market then it doesn't matter if you want to buy a race are tough luck. The market just doesn't have liquidity. But what the liquidity phone will do is it will provide liquidity suits that market might take a pile of Imagine It Takes $10,000 and 4 USD and $10,000 of rsr and it puts it into that market on unit swap out that look pretty is sitting there in the unit swap protocol for anyone to use so you can now go and say hey I got some for USD, and I want to buy rsr unisoft. It's got to look at it. Okay, you can do it or if you want to sell your rsr get to USD. No problem. You can do it right there as long as look pretty there in the protocol. You can do your trade as a traitor. Well there you have it. Thank you very much for explaining liquidity and true USD and how it fits into the device space Raphael. Thank you very much for coming on the show. Thanks, Matt the Persona 5.

00:08:16
Parental Advisory sticker, John McAfee has been taken into custody and to talk about the whole shebang is managing editor Tim Copeland. Hey, Tim, how you doing? Welcome to the show an excellent man. You just covered a report of John McAfee getting arrested in Spain. But before we get into his arrest and what he got arrested for who is John McAfee? And what is the story behind his arrest? So jump is it so Security Antivirus green suit on computers and then does kind of Fear River the millennium bug made it made it quite successful made him very well known even so your company for a hundred million dollars and then you went and did a bunch of stuff. I stopped at the yoga studio in the middle of nowhere else. I remember you moved the police. He ended up having with it.

00:09:16
Working with the police. Choose for murdering his neighbor and then he left the country and then eventually going to regulate is what what sending him letters and things like that. He going to boat sailed away from America mentioned in the Dominican Republic's through London and then kind of Europe Spain. What was he doing? They got him arrested last time the names of his wife and people, you know, which is actually something I've had confirmed from people who know him closely. The SEC has separately charged him with a unregistered Securities. In this case I series on Twitter they claim his tweets recommending certain I see are cryptocurrencies.

00:10:16
Is two different legal actions here. Let's do this is civil case by the SEC and the criminal case by the tij SEC want some for stealing ico's during the 2017/2018 Ico crazy. Am I correct? How much money does the SEC say that he made off of ceiling ico's 2.3 million dollars of sweets and things like that that he charges $100,000 for is this correct Benicia, but with him, I spoke to his former CEO who was also named in the SEC charges essentially the Ico proceeds.

00:11:16
What with him is he would often take the payment stupid of emotion and then kind of turned around to say you need to pay me my money. This is something that kind of several company said that what with them and then because his influence is so strong. They said they can complain because he could be a cross that is price. So now that John McAfee is arrested. What do you think? The future is for for John Dennis his wife that statement today saying that has been arrested for that. He has that she contacted to try and get him. Much for coming out and summarizing The Saga of John McAfee. And here is the Tweet tweeted By Janice McAfee who everyone I would like to stay they're both mine and Johns accounts are staffed by insurance and they were not privy to what happened with John yesterday. Unfortunately would have been reported is true. John has been detained in Spain. I can come in on the details of the situation, but I can tell you that I have been in contact.

00:12:16
With him through the team of lawyers that have been working tirelessly on his behalf. He has been in good spirits and wanted me to thank you all for your support during the entire ordeal his we've left. The United States is meant the world to both of us knowing that you are doubly Rosa Freedom all over the world regardless of whatever John may or may not have done. He has been mostly retirement find out only for his own food and everyone's freedom in America in Cross the world for your freedom and the right to make your own choices in life. Now more than ever. He needs your support in his battle against Injustice. I will be limited in what I'm able to say going forward. So please bear with me in the coming weeks while John is attained. We will continue to staff his Twitter account and provide whatever updates we can thank you all so much for your best wishes. They mean a lot to both of us and we'll get through this from John's wife Janice McAfee Twitter Link in the description.

00:13:07
In our final story, we have our favorite RipRider Scott chipolino coming on to talk about the FCA in their ban on derivatives in the UK Scott my man. How you doing? Welcome back to the show. I'm good. How are you? Excellent, excellent your article today FCA bans cryptocurrency derivatives in UK after bitmex charges before we get into the story. I think we need to be on a base level of a couple terms. Can you do me a favor and Define FCA? Okay, she'll think so. I'm yesterday is the financial conduct Authority now, that's basically The Regulators Financial Services in the United Kingdom is much like the SEC will perfect. What is a derivative. My friend Investopedia is definition. It's essentially a contract between two parties whose value is based on an underlying Financial assets. So it's basically like a security for like a set of different assets put together the news that's come out of my get ahead of you. But the news is that retail customers will no longer be able to buy cryptocurrency.

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Is why would that be different than buying a cryptocurrency say Bitcoin at $10,500 in what is a derivative and how does that affect the average person or the average is a investor? I guess there is at least listen to I see a size and distinctions between the average person and an experienced investor has been targeted specifically retail customers and basically other side it's it's it's an agreement which under that agreement. There is an underlying financial asset in this case is a crypto asset there wasn't no longer going to be able to be sold by exchanges like Queen chairs or Cracker and get it registered in the UK retail customer specifically have any influence over the FCA charges? So what's happened was the next is that she just a story that occurred last week on the the owners of The Exchange?

00:15:07
I will lie so short while they're involved several regulation requirements, like implementing property of money laundering procedures Ransom money laundering believe you like you say so really this is just an additional story that relates to this, There's some pretty big news relating to bitmex understood and my last question is how do you think this is going to affect the crypto Market? I mean is derivatives a big I guess mover of price or Capital with it to the cryptocurrency space or a Bitcoin from guessing so much but sometimes things like this results in a short sound drop in the price of Bitcoin, but then there's also pissed but then maybe some Market moves pictures of the news I mean

00:16:07
Do you think that this could influence other countries to take the same route as the FCA the FCA has always been seen as one of the most prominent International regulates is a regulated International scale would be speculation at this point. Thank you very much for summarizing and writing this article and I'd always come in on the Shelf. No worries. Thank you. Thank you all so much for listening to this episode of the decrypt daily will see you tomorrow. Happy Halloween everyone and stay safe.
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