The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Oct 8: India McKinney Earn It Act, SBF Says DEX Volume is BullS*it, Square Buys $50M BTC

Follow The Decrypt Daily Twitter: @decryptmedia Website: Follow me on : Twitter: @TheDecryptDaily IG: @heDecryptDaily EARN IT Act a Dire Threat to Encryption, Speech Online, Critics Say BitMEX CEO Steps Down After CFTC, DoJ Accusations Christie's Auctions Off Its First-Ever NFT-Linked Artwork For Record $131,250

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From the Crypt. Co this Matthew Aaron today on the show. Did Mac CEO steps down Sam Baker freed says volumes are bullshit and 70% of ethereum. Nose are hosted on centralized Services coming up today and more on the decrypt daily.

What's up, everybody? How you doing? Today is Thursday, October 8th 2020 in the only thing that everybody's talking about today out of the purple face cord is the vice presidential debate and the damn lie. I've seen hilarious tweets coming from that fly. The fly won. The debate. The fly is Mike Pence's only black friend. Anyway, is this been hilarious? The fly honestly stole the show for me. I was sitting there watching the debate with my girlfriend and I was like, is that fly on my pentas head and I'm not going to say all of the tweets or the memes that were made because home a little bit but if you have a good sense of humor, they are hilarious. My opinion of the debate was that it was refreshing is refreshing to see two people sit on stage and kind of answer questions and talk about what they think that they're going to do for the next four years of the presidency. Whoever wins and Rihanna's is kind of boring because I think it's just because we are coming from the MMA fight those organized by the UFC and I get score needed by Dana White that last presidential debate with Trump and Biden.

It was all over the place. This one was refined a lot better decently respectful and kind of answered questions and should answer more questions with the questions that they didn't answer and on with crypto. I think that we're having a good day. I just feel in my bones. Let's go check those crypto prices cuz I'm feeling great.

And I'm recording this at 2:30 Eastern Standard Time Bitcoin to send that $10,192 up 2.5% from yesterday at 3 a.m. 350 75 up 3.8% from yesterday Litecoin 4726 up 2.3% from yesterday chain link 943 up 7% from yesterday.

Xrp $0.25 even up a percent from yesterday total market cap for all of cryptocurrency is 344.4 billion dollars with a BTC dominance of 58.6% I told you I fell green. I told you I fell green. It feels good.

And moving on to today's news pick one figurehead Anthony pompliano point out that popular apps on ethereum run on centralized cloud service providers. It's during a heated debate and he probably hours that the most popular defy apps to be shut down by Amazon web services or further known I will say AWS in an ISO. He says that a 3mm can't be totally decentralized if their products or the dabster being built on ethereum are using a centralized server, especially the same one. He tweeted Jeff Bezos could shut down most with their hands base defy as by simply shutting off AWS. You are not to centralize abuse. Just been up the servers with Uncle Jeff ever in a rebuttal to that statement is Camila Russo who has been on the show by the way, look back as much of the total episodes like maybe the first or second week of the show tweet and reply to pump a 3mm nose could definitely be more decentralized still facts don't support your argument and after that rebuttal people started jumping in and we started the slippery slope conversation that we all

Get into well, you know if Amazon web service is actually hosting website web pages that access the blockchain nothing is decentralized. Well, all Amazon have to do is shut down or website and there you go. We're shutting down the apps on the network, but we can really slippery slope this all the way to the end and pop is right or he's right Camilla Rosso is right. The fact is we're not totally decentralized. But how decentralised are we and how safe are we from say a government agency or a business owner shutting down lots of dabs or parts of the network? That's a good question, but we ever get to the bottom of this.

Do you know what the early actors? Well, it's Advanced the house and a lot of people are calling it a dire threat to encryption and speech online and here to tell you about the artifact is the Electronic Frontier Foundation director of federal Affairs India McKinney important topic because people in space really appreciate and want freedom of speech and privacy and the Ernest bill is something is going around right now that we need to pay attention to their original Bill. There is an early bill now after markup Steve, please tell us about the original bill and the evolution of the earth build that we see it as today. The original arnaudville as encrypted was very concerning build was one of the big parts of the bill that been concerning part was it created a non-elected 19 person Federal commission that included the head of the doj that included the head of DHS as well as a non-governmental people on this.

So originally on this commission they were going to decide what the best practices were for the internet and then if individual platforms individual companies didn't choose to abide by the regulations written by the commission than they were going to lose any of their protections that were granted to them under Section 2. Now the idea behind the section 230 legislation as it was written is to make sure that users are responsible for their individual speech online. Not the platform that hosts the speech there are some exceptions to that but that's generally what section 230 main so generally speaking what that means is if a state prosecutor wants to bring a criminal case to something that was said online or a private lawyer wants to sue Twitter for something that somebody tweeted out Twitter is not responsible for the content. It's the individual user that is responsible for that content. And that's a really big protect.

Means that these platforms can host user speech and so a lot of the attention of section 230 focuses on big platforms like YouTube and Google and Facebook and Twitter, but it's also as simple as comments sections and newspaper anything Reddit does Yelp TripAdvisor anything that depends on an individual user to put their thought that exists because of section 230. So the way the original earnit bill was written as if you didn't abide by the regulations written by this commission that Congress did not have the ability to change at all. Then you would lose the section 230 protection. So one of the big things that you're when we started looking at this bill that the commission wanted to change was encrypted messaging and we know this because the head of doj and the head of DHS actually said that part out loud they've been very clear that they want to get rid of

Encrypted messaging because it's more difficult for them to read all of our messages and find out who's doing that stuff. They know that they want this they think it is it contributes to all of this other stuff. And so they know we know they want to get rid of encrypted messaging after the bill went through markup. They changed Bill significantly, but they got the critical part is rather than the commission the commission still exist, but rather than the commission making these laws that the internet companies have to follow instead the commission still makes their recommendations. They have no force of law whatsoever, but it does change the law to mean that there is no 234 tection anymore for state laws. So any State anywhere or jurisdiction could create their own laws for internet regulation and if a platform violates any of those laws, they could get sued and so it's just a concerning way of giving more people the opportunity to sue internet platforms.

For unknown reasons really quick. I just want to say one thing that you said briefly. You said that the comment section peoples of speech tweets Instagram post those could be subject to lawsuit if either suing the company has a YouTube or Twitter or the individual somebody on Twitter you as the individual arsip responsible for that but Twitter is not so let's take something like Instagram. If you post something on Instagram and somebody in the comments on the Instagram page, you know, you post a picture of something and somebody else post something defamatory. Not you as the poster of the picture but he didn't the commenter right now is responsible for the content of their messages. So section 230 wood would protect you the picture poster as well as Instagram the company from liability in that particular section.

Slippery slope. I want to know about the average person using the site. Let's just say we're talking about that picture poster in Instagram, excite the section. What do you think would happen if we erase section 230 a lot of those it's a liability game one of the things that's definitely going to happen. This is going to be more difficult for new competitors to Big existing platforms to get enough funding to get enough market share to compete Facebook has quite a lot of money quite a lot of lawyers. They are going to be fine and any new regime but a garage startup Facebook competitor is going to have a much harder time getting a foothold in the industry, especially in a tie which is a problem, especially when we want to see more competitors to people like Facebook India. I want to say thank you very much for coming on and explain about the early bill and I think that this is any time we start messing with privacy or freedom of speech. This isn't that the everybody needs to pay attention to it. So I really appreciate you.

summary on this

Mxc, you are there Hayden ctl70 read a step back from all executive responsibilities of the platform this in the wake of the cftc and doj accusations, which were on October 1st of money laundry and operating illegally within the United States during the wrong chairman of the 100x group said and quote have an exceptional senior leadership team who are well placed to continued growth and development of the hundreds X group including completion of the bitmex user verification program and quote and at the same time Bitcoin continues to flood out of it Max. We'll see how this develops in the future.

And in a bit of good news you remember on September 30th when I had on the show, then Gentilly the artist Robert Alice is lunch included art at Christie's. Will he give me the story of him working on crypto art it take 3 years. He made 40 pieces. They're pretty cool. It was being auctioned at Chris Christie's and it was and it was auctioned off yesterday for $131,250 7 times what they thought the highest price they're going to get congratulations to the artist. I am in love with this heart. I love the story. I love how he did it. I love you aesthetic. I love T's it's pretty damn cool. Take a look links in description. I think it's a big win for crypto card.

And Jack dorsey's company Square buys 50 million dollars in Bitcoin. How much is $59 in Bitcoin? Well, that's 4709 Bitcoin, which is 4709 Bitcoin more than I have. So Jack Dorsey if you're listening and you like crypto news Bitcoin, I really appreciate it. Come on Jack. Well, that's all the news I have for this there's nothing to say about that. But you know, what pay attention to who's buying Bitcoin these days we have square buying Bitcoin. We have microstrategy last week buying two hundred million dollars worth of bitcoin. This is becoming an addition to people's investment portfolios. So I think more companies are going to be investing in Bitcoin in the future. What, do you think's going to invest in the next email me after you're in at the crypto Ico that's coming. So far Cinnabon Cinnabon will buy Bitcoin.

And Leslie are good old friend Sam bikman freed. See you over the situation exchange ft x he was on the show a couple weeks back said text volumes are and I quote bullshit between volume and decentralized exchanges has served in the recent months, but these Newfound billions won't last ft x 2 cos and bacon fries said today at the LA blockchain Summit defy. We need to focus on improving user experience. Not just the attendance Problems by governments tokens to become sustainable. He said and just a note that I did reach out to Sam bikman freed for comment on this if he does get back to me, I would love to have on the shown has asked him about this. I mean, we all see red flags or if you see a decentralized exchange that just came out with billions and billions of dollars of liquidity of Valium and we're talking about getting on par with the decades-old exchanges, but years old exchanges, which is decades-old encrypto years, like binance and coinbase and Gemini and cracking he has to be red flag. So when he

Cuz it is and I quote bullshit. I would love to pick his brain. So what he means.

Beaver listen to this episode of the decrypt daily. I'm going to remind you this every time until I'm up 2,000 comments on Apple podcast. If you never want to hear this again, just really about your friend becomes an apple podcast get to a thousand. I would never say this again. Hopefully is better Apple podcast like subscribe and leaves, to help sustain visible. I'll see you tomorrow. Happy Holi.
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