The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Oct 16: Are You OK..EX? Coinbase Executives Leave, Coinbase Giving Info to FEDs

Follow The Decrypt Daily Twitter: @decryptmedia Website: Decrypt.co Follow me on : Twitter: @TheDecryptDaily IG: @TheDecryptDaily Crypto Exchange OKEx's Founder Has Been Taken Away by Police https://decrypt.co/45264/crypto-exchange-okex-founder-has-been-arrested OKEx Suspends Withdrawals, Bitcoin Dropped 2.5% on News https://decrypt.co/45248/okex-suspends-withdrawals-bitcoin-drops-2-5-on-news Digital Yuan Rolls Out for Use in Shenzhen Gas Stations https://decrypt.co/45254/digital-yuan-roll

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00:00:00
From the Crypt I see how this is Matthew are in the show the digital Chinese man rolls out two major Executives leave coinbase after controversial stands and in our main story founder. Okay ex asked by the police.

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40 all coming up today on the decrypt daily.

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Yo, what's up? Everybody? Today is Friday October 16th, 2020. And before we get into the prices, I want to remind everybody that I am going to be off all next week. And because I'm off all next week. I have to line up and pre-recorded some great conversations such as Bitcoin vs. Gold and silver in between rival gold and silver exchange is decentralized exchanges not go through the whole year of crypto news with me camping there free talk about dex's volume is being bullshit and voting on The blockchain. So don't forget to tune in every day next week. There will not be news. They're one of the prices but there will be amazing conversation to go deep down the rabbit hole to see where this trip to space is going and now we're going to the crypto prices.

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Dorito funny talk and I'm recording this at 1:30 p.m. Eastern Standard Time Bitcoin sitting at $11,345.36 down 2% from yesterday during 368 down 2.8% from yesterday Litecoin 4730 down 5% from yesterday chain-link exactly the same as yesterday at 1071 actually flustrated to sense, but we're not going to worry about that and xrp at $0.24 even down 3% from yesterday total market cap for all the cryptocurrency is a 5.9 billion dollars worth of BTC dominance of 59.1% top five coins Bitcoin, ethereum, tether xrp in Bitcoin cash.

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And obviously I mean sore today is going to be the founder of okx shooting scene getting taken by the police or ask 40 by the police and here to talk about that is my good friend Ryder from the Crypt Scott. Chipolino Scott to Ballina. My co-host will come back to the show. Thanks for having me about how are you? I know that this is breaking news for everybody. Everybody's trying to scramble to figure out what's going on. I am running around voting today and trying to figure out what's going on as well. Okay X the founder got taken away from police were not allowed to say he got arrested he got invited for tea. Is that what I'm saying? Can you can you please explain what's going on? Yeah, so nice and puts it at the owner of the exchange of gases and taken away by the police. It's important to clarify necessarily mean that he's being arrested.

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The suspension of withdrawals from The Exchange Place know to come out today publishing some interesting data that shows a little bit about 10,000 Bitcoin which is worse West brother over a hundred and ten million dollars has been like with drone within the last two days which are some interesting backstory. I suppose that's that's what I would say about that China for 13 years. And when you go to have tea with believes, it's usually never a good thing of so I know where. I know it's not an arrest but there is definitely something going on and it will see if the accounts are frozen and not able to withdraw. I see a buddy of mine just texted me before I have to the phone with you and he said that he's not able to withdraw almost a whole full Bitcoin off the exchange that he has been pulled in there by the way to everybody if you have a point on your exchange do not keep my exchange. We are so where do we see this is going in the future to be under to have any

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Inkling how this is going to roll out after Jay-Z on this information spelling on the wraps. I mean the company statement that's been issued. I'll just for the sake of clarity private key hole is the County Cork racing with a public Security Bureau in investigations were required adding. We have being out of touch with be concerned privacy Jose anastacio. So be associated with so right now that doesn't technically we just know that withdrawals have been frozen Scott. I don't know what else we can talk about this but besides that we hope everything works out for the best, but I do wish you have one last question before we get off a bit Max and we did see okx we see that baby governments around the world. I was total speculation. This is total opinion. This is us because we are all the news we talked about it every day. Do we do we see that? There's a global Crackdown on maybe money laundering or exchanges.

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Abiding by regulations within their home countries that's being taken by the first directive and international standards are driven by side effects. Yes to financial then I'll getting we should be surprised by stories. Like the next bit is at the end of the street has experience is like this one could say cripto is becoming stream and wisdom Frozen without Evolution. There is a gross an evolution in the regulator system that governs crypto. So. I suppose that's just the way that the story of the last question but you've worn in traditional Finance for a long time and you see any juxtaposition, but with what is happening here with traditional Finance. Do you know any history about house?

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Looks like I'm asking this because we are totally fine with Regional Finance or not. We are totally need to be trusted even though things are happening in the back where we don't know what's going on. Everybody has their their money in a bank teller by using their Visa cards. Everybody's buying it would have you nothing to worry about it? We have a lot of speed bumps in the crypto space that we hope gets moved out in the future. Do you see there's a juxtaposition between the two historically and you think that we're going to be in the future with crypto systems that should be the goal is to pursue that as a go on over the overtime rule will improve on that in times of whether another position between the two of the wheels of Fiat crypto.

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I don't really know what to say that I mean one thing that I that I think is worth noting as a as a major distinction between the two at least is the pit bulls and fiat currency in pixels and traditional choir and they tend to be based on human behavior. If you look at a lot of the corruption stories that come out of special Finance. It's about unethical human behavior was that comes out of a major corporation a regulator in crypto. I don't think that's necessarily the same the same road that we take because the technology is I hesitate to say mutable, but at least that's golden. That's what that's what it's just so I think that to achieve transparency and Justice and all these words about financial priorities that we can talk about in crypto. It's more about access to technology and public understanding of the thing that comes across the world. We all moving towards the same goal of making sure the crypto is regulated and sings A Fab at it. We have to come at this from a different perspective when when we read about, you know, when exchange has been hacked and it has

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Different nature to it. Then when we have a similar stories in the Fiat World. They just called different by their nature different mother nature human behavior. I'm so agency in unethical actions in crypto. Yes, you can receive describe packing for example of an unethical action Reliance is a lot more evident on the technology. Where is the tradition of all the finance that isn't necessarily the case the phrase under the table moving cash under the table that doesn't require anything any technology whatsoever. So, I think that's a really interesting distinction that we need to make as we continue making sense of a regulator system to govern this world that it has to focus on different problems and different ways to find solutions for those problems that make sense writer for the Crypt and sometimes my what are you my co-host and sometimes my car?

00:08:44
And in other news two major Executives leave coinbase following a controversial stands by the company in the company's founder Brian Armstrong those two employees join another 60 employees that left coinbase for 5% of the workforce because of the Stanton this dance is no politics at the workplace. Don't talk about it don't advocate for it. Don't bring it in not at coinbase. Keep your politics out of work know some people raise this other people are saying, that's not what Bitcoin is 4 Bitcoin is about freedom freedom and liberty freedom of speech freedom of finances and among those people is Jack Dorsey advocating that Brian Armstrong across the line and we will not let that irony past that just yesterday Twitter. It was found censoring posts from the New York Post regarding Hunter Biden. So Jack we will take you with a grain of salt there, but that is linked Bitcoin is about Freedom. Why stifle it in the workplace? I left side of that coin for the flip side of that Bitcoin.

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How can you have a financial company that handles finances credit card information personal information of people from all walks of life and then have within your ranks people with certain individual ideas or political ideas that are advocating for them visibly. And then what happens if something happens is that going to be looked at as a political bias. If somebody you've saved from one side of the aisle doesn't get a fair shake when it comes to a coinbase and then it's obvious that the person from Another Side of the aisle is handling that case he could get very convoluted and messy. What do you guys think about this at home? Email me Matthew Aaron at the CEO and if you want if I get enough emails will come around and talk about that and how it relates to cryptocurrency and Bitcoin.

00:10:29
The digital Chinese year animal for the Chinese Renminbi is being rolled out in gas station in Shenzhen right now. This is just a test project to see how it work. Things are being made by mobile apps without the need for internet connection be back so far has been promising but this is just one step closer to a digital. You hadn't the blockchain.

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And finally coinbase is in the news a lot today going to be to get a lot of data requests from feds mostly from the FBI between January 1st and June 30th of this year law enforcement request information 1914 time 96.6% of these requests concern criminal investigations. These request a large income from subpoenas, but also include search warrant court orders and other form of processes within the United States FBI made up 30.5% of the request Homeland Security 16.5% thinking local police 16.2% And the DEA is the Drug Enforcement Administration made up 9.3% and the IRS 8.8% of all requests quickest is Chief legal officer said in a blog post quote respect a legitimate interest of government authorities in pursuit of Bad actors who abuse others and our platform and quote to say that transparency is a crucial part of accountability and maintaining customer Trust.

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Thank you for listen to this episode of the group daily. You guys have a good weekend stay safe and just remind her again. I'll be off all next week. So you'll just hear a different format and bomb from podcast with great gas and gray topics that comes episode that Matthew Aaron at the crib. Co. Don't forget where we were listen to this podcast subscribe like share comment people need crypto news. Happy Hollow. I will see you back on the 26th.
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