The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Oct 26: PayPal & Bitcoin: The Good, The Bad, & The Moon

Follow The Decrypt Daily Twitter: @decryptmedia Website: Decrypt.co Follow me on : Twitter: @TheDecryptDaily IG: @TheDecryptDaily Paul McNeal #BTC20K @_CryptoCurator Links: How PayPal Changed Its Mind About Bitcoin https://decrypt.co/45937/how-paypal-changed-its-mind-about-bitcoin The Resistance to Bitcoin on PayPal Has Already Begun https://decrypt.co/45887/resistance-bitcoin-paypal-has-already-begun PayPal in Talks to Buy BitGo, Other Crypto Companies: Reports https://decrypt.co/46030/

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From the Crypt on HBO. This is the Griff daily and my name is Matthew. Aaron is ready for the future and in our main chat with Tom in the other group of curator or talking PayPal and how it could change the landscape for Bitcoin and cryptocurrencies all coming up today.

00:00:27
What's up, everybody? Welcome to the show. Today is Monday October 26th 2020 and I'm happy to be back. I hope everybody enjoyed my shows last week when I was off at some great guess and some great topics that I thought so great conversation. So if you did like them, please send me an email Matthew Aaron at the crib. Co and tell me what you thought about the show is why I thought about the format and if you missed this format, I was up in Essex New York for this past week on the other side of Lake Champlain outside of Burlington Vermont and I got to give a shout out to this Airbnb Airbnb. I was staying at was top-notch cut a DK Oasis up in Essex, New York 6 Acres beachfront. Great Decor wood burning oven. I had a relaxing weekend, but I'm happy to be back to work and I got to catch up to what's going on in crypto in the best way to do that is to read those crypto prices.

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$12,900 worth having a big pool bag at the moment to return refresh the screen. It goes even lower ethereal 388-5567 chain link 11 46 and xrp 24.7 cents. Total market cap of cryptocurrency is sitting at 388.7 billion dollars with a BTC dominance of with 61.6%

00:01:55
Animated story today, we have Mr. Paul McNeill the crippled curator to talk about the news I missed last week while I was off PayPal now being custodians to bitcoin Litecoin ethereum Bitcoin cash and more. Mr. Paul McNeill of the crypt of curator. Welcome to the decrypt a lessor vacation to some big news PayPal now saying Bitcoin Litecoin ethereum all kinds of other digital currencies, dude. Can you tell me what happened last week while I was off of going on but of course PayPal announced that they're going to enable consumers to begin to buy and sell I did to her assets through their platform bed, So that was a huge huge down the space. So everyone's excited. That's it. We're just excited.

00:02:52
Some people think that was the reason for pushing the price which I have an issue with I don't think it was just PayPal then they were doing nothing when the news came out that you know Bitcoin popped over 13,000 it spin its highest level since last year over after the Litecoin halving and we're just on our way up to my opinion that but in the year 20 K. What is your prediction on and I know I hate don't like to talk about price predictions per se but it seems as though it's almost like you set your watch by buy Bitcoins having and when they're going to see the Bitcoin reaching his last all-time high and then we can see it next Bull. What do you think about that schedule in that time is everybody talks about

00:03:34
Do not think there is some validity to it. I know croesus get a tweetstorm the other day talking about that exact point look into the time in Ovid. My good friends the Most Wanted he's guide technical analysis charts that show different metrics, right? And so my thing is when I look at the price and why I think the price is potentially doing I think it was Adam back who said something about where we going to have a $2,000 candle at some point and we had that this last week. It was actually $2,000 candle. I went back and looked at the charts when we had the big bull run there were actually $4,000 candles back-to-back week. So can we see some point that repeat possibly or I do believe there's enough momentum pushing Bitcoin that we could see it get somewhere between I say 17 or 20K by the end of the year, but there we go home and I'll write well, we are definitely bullish man bags aren't as heavy as they used to be. You know, PayPal has a huge user base / 340 million users.

00:04:34
This is going to do for cryptocurrency. When that many people are able to access holding Bitcoin in the funny thing. I find is that backwood Robin Hood made the announcement. We didn't get half of this press that we got with PayPal send her to do the same thing. But I think it's because the anticipation of PayPal coming in is what's driving is now that being said, you're correct. What's 346 million people having access to buy in PayPal lot of people have PayPal account venmo account is clear to say been more because I don't believe PayPal's gun enable it on the PayPal platform. It'll be so when that happens if people can buy it, but they're not really buying Bitcoin to be on

00:05:23
I want to go into that in just a little bit but when it comes to the PayPal's beat the hype about people you don't want incomes Robinhood is just like he starts his whole bottle. Let's try to make money investment, you know people look at have a different idea of holding stocks. It's like I'm going to pipe by Tesla or apple or whatever and I'm going to handle that for a longer. Of time to see if I can get my investment or Bitcoin has always been framed as a new kind of money a new kind of currency something that we can transact with when PayPal comes into the scene and says that we're going to offer this. This is all most fulfilling the destiny of which creates more hyped you agree that statement.

00:06:03
Did to a certain extent and will probably get into this little bit later to but again what PayPal is enabling is your ability to cortical to access Bitcoin is so like gbtc right for the institutional players when they want exposure to bitcoin, but they're not really getting realest for they don't hold back on their buying a share of gbtc. Grayscale Bitcoin trust, but it's not Bitcoin you're buying grayscale holds the Bitcoin PayPal is going to hold the Bitcoin you're technically buying an IOU of that Bitcoin. So it's it's a little different little misleading. This is why some people in the crypto space gets up in arms, but It's Tricky Tricky. So what's the difference between this I owe you that you say in say a gold-backed dollar. This is basically a voucher for Bitcoin which has value D digital gold. The Greenback was the Greenback for the for the for gold in the Federal Reserve a long time ago. Why why?

00:07:03
Have any pushback on something that we in the crypto space very much vehement Lee support like a gold-backed dollar opposed to Fiat no back currency. Definitely and I think a lot of people in the crypto space tilted hat to PayPal for finally sort of getting off zero. I think we're excited about this. I think there's a lot of potential for but again what you're getting access to is pretty much pick up again. We've heard it before not your keys. Not your coins. I get it right and so you don't hold the keys to that Bitcoin PayPal. So when you go to buy a c a hundred bucks in Bitcoin on venmo, you're going to be buying a hundred bucks. That didn't exchange. They're going to give you an IOU to say in the larger call owns $100 via venmo attack said, we'd PayPal actually hold the keys to those Bitcoin. I can't move that big Queen off of them. It's going to stay on venmo.

00:08:03
Will you still be able to track the transactly all the people that are using venmo PayPal in the other Merchants that are accepting you as well? So this is really a big step up know it is now what you just don't think you realize did listen. We will not use Bitcoin as an actual currency for at least and I'm going to quote Mike novogratz five years 2025 and the reason why the laws are not written so we can use Bitcoin as a train to get listen to no one's going to track every time they transact with Bitcoin to buy a cup of coffee or to buy whatever they are going to do a big ticket items may be small ticket items that are not so you made a big statement there and I I I want to just touch on that a little bit is like you have a presidential election coming up we have you know by 10 or trunk, which is one of those two are going to win. The libertarian Joey jordison.

00:09:03
Progressive saying 20-25 at 1:25 to look a lot different depending on which person becomes president. Which one do you think is more bullets for Bitcoin in the implementation of Bitcoin being used as a payment method. I'm going to forget who said it was in my brief, but someone said that if Joe Biden wins, it's going to do great things for Bitcoin. Right? We'll probably see the price move significantly if Trump win. It'll be a slower appreciation and pricing and I have to agree with that. Why because when you look at the policies of both of these gentlemen and their parties, I think the Democratic party probably will continue to move more socialist and

00:09:48
We make these assumptions but that's what I read the media that most people think that if I'd when's it's going to go up front when slower appreciation the low-hanging fruit. I try to ignore that we have to talk about is, you know, not your keys. Not your points. If this is an IOU, where's my boy? He was just on the podcast the other day and he said, you know, that was all it is is I O use as you just said is well Brad garlinghouse of xrp Ripple. He said two steps forward one step back. Is this really to step forward 1 step back. Is this really a problem? That's an IOU is this Bud speak really necessary at this point. I'd speak is necessary. But I do believe that people need to be made aware of what they're getting access to that. They're not actually on a Bitcoin. Now that being said, I'm like, I not forget who actually mention this and maybe it was in one of the article that I read in time, right? So right now today it's an evolutionary process. Of course, they're taking the first step and that is getting you a

00:10:48
The Next Step they might do with each other again, they might switch the game. It's okay. You can now move the apps that off the platform but that's not built out yet. So it's a step-by-step face by face approach and who knows what's going to happen in the next 3 to 5 years and what paper has openly going to balloon this into but yeah, it's a it's a piss process.

00:11:10
That's when is my conspiracy theory is just interesting that when you have big companies, you know who people have been, you know, companies investment companies in companies that have nothing to do a big one have been buying up Bitcoin lately. Now, we have PayPal way to the payment service should have probably been dealing with Bitcoin back in 2013 when they first started talking about it didn't get into it. Now. They're telling their teaming up with some really big players in the space. We talked about big guy says claims that they have, you know, 15% of all Bitcoin transactions in the space of going through them and they're talking about baby acquiring big go PayPal acquiring big ol conspiracy theory. Do you think that this is a little bit weird that all of these big kind of institutional players are getting into the game. Is it a maybe I was Lucy listen business before people coming to the game start buying up these these companies getting their own institutional hands into or bigger company hand into the smaller players players and then just wiping them out of existence or bending their development.

00:12:10
To go into more of the mainstream or what they want the future look like PayPal entrance into the space is not a surprise to anyone. I think a lot of people actually anticipated that happening. It's a little like the Blockbuster Netflix, right? Blockbuster should have been there flex but they they missed the went to PayPal that I should have been a huge signal to everyone that guess what they're about to play because why would they bring went to say those? I'm bored. It's like the office of the Comptroller. Why would you bring Brian Brooks who is obviously a crypt a person into that position because they're about to get ready to shift into that. Muck. Did you ask sit and look what he did he did he would be able to pick one and this is what's going to happen with paper. I believe you're going to see PayPal require several companies in the space is this is a land grant and as a result of PayPal

00:13:10
The other large corporations do the same I wouldn't be surprised if you wind up seeing a Google or an apple or what is companies to get into the space snatch and grab it and throw it away. I think they're going to build upon it. We're watching the entire Financial infrastructure be rebuilt on top of blockchain. This is how it's going to happen. You said landgraab I think of ethos of my question was that do you think this land grab is for the promotion of digital assets and blockchain and cryptocurrency or the destruction of it?

00:13:44
This is what I just said. We're watching the entire Financial infrastructure get rebuilt on top of blockchain if it was to squash it. Why did Ryan Brooks say that Banks can now cuz you're not going to give that signal if you're going to squash it. Listen to the same thing. Very silver came out there and Telegraph that announcement for Brian Brooks by saying I am

00:14:08
Sure, Bitcoin will never be banned. How can he say that with such confidence? Because he knows where we're going. The entire world is going digital. This is this is this is going to promote last question, even though I think it said that question already, but I lied to you last question. I tend to do that quite a bit. If everything's everything's going black chain blockchain, you're watching the pound blocks in the UN already blockchain. Where does Bitcoin fit in entire Financial structure get 100% like controlled by government and people are going to fight against that so if everything is digital all monies digital all monies CBD sees, so to speak write on a sudden people like women, there's some failing all of that. I don't want to be surveilled. I want to do things outside of that the only option you're going to have his big

00:15:08
So that's why Bitcoin will always like this is the only the only that's what you're persistent decentralized store value as well. So eventually people are going to say, you know, what we don't want to deal with this highly surveilled acid like the CDC we need Bitcoin and Bitcoin is always going to have them Paul McNeill the crypto curator. Thanks for coming out as always in a good talk to you and another news quantstamp CEO Richard my window was on track to deliver phase 0 in the very near future Earth 2.0 is a long-planned of date for the aetherium that work at addressing scalability and security through switching to a proof of stake consensus. Mechanism as 2.0 is a three-phase process of a 01 in to know if you go back to my conversation last week with Jameson lopp.

00:16:08
He says to everybody is really overestimating and being very very bullish and when it as 2.0 will be actually ready actually wrote out and it's full Sophie 0 is just a very small step in to get into that very big goal of a fully thawed out F 2.0 which has Jameson says is going to be years down the road lyrics for the podcast is in the show notes also at 3 a.m. 2.0 researcher just an angel I-20 Genesis in 2020. Not a day late. The Gold's said, let's ship it out. I'm excited to see what ATS 2.0 has to offer.

00:16:47
Jack ma founder of Alibaba said that digital currencies are the future check. My apparently was speaking Chinese when he made this statement because of account tweeted. What does shoot the hobby mean? Where is CDG out of binance replied the literal translation of that word? She was a hobby of what Jackson is literally digital currency in the Chinese culture. CZ said the meaning is a for Shepherd station. That's pretty much as far as he can push it without getting too serious trouble for such a speech. He did push a lot of buttons of respect says CZ check my also attacked the global banking regulations saying that International banking supervision framework introduced in 2010 was outdated like an old people's Club. Everybody's bullish for digital currencies in what form I think we might as well just reflect on the conversation. We just had with Paul.

00:17:43
And finally Harvest Finance issues $100,000 bounty on a hacker this bounty follows the hackers 24 million-dollar hack on harvest Finance liquid equals. I'm having because $100,000 for a reward for finding 24 million. If you know who the guy is, you know, who it is my just reach out and say hey give me under 50000 Harvest B12 kick up the dates little bit for getting 24 million dollars back but has placed a bounty of $100,000 and a hacker. The defy Portico said that there is now enough information to identify the hacker to hack is a latest in a long line of growing pains experience for the young defy industry will defy industry. If you don't want more Growing Pains take my advice don't offer $100,000 for 24 million dollars.

00:18:38
Thank you for listen to this episode of the decrypt daily. I'm happy to be back a little rusty, but happy to be back. By the way. I just made a Facebook group. Decrypt daily. So join the Facebook group joined the Facebook page like the Facebook page. I am posting videos to the interviews that I do there their unedited videos with see the people join the Facebook page. I'll be interacting going live there quite a bit and vanilla questions when I reach out if you aren't at the crib. Co happy Halloween everybody.
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