The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Oct 27: JP Morgan Coin, DBS’s New Exchange, Send $1.1B BTC Only $3.57

Follow The Decrypt Daily Twitter: @decryptmedia Website: Decrypt.co Follow me on : Twitter: @TheDecryptDaily IG: @TheDecryptDaily Scott Chipolina @ScottChipolina Links: Asian bank DBS jumps the gun with Bitcoin trading announcement https://decrypt.co/46393/asian-bank-dbs-jumps-the-gun-with-bitcoin-trading-announcement Someone Just Sent $1 Billion in Bitcoin, Paid Only $3 in Fees https://decrypt.co/46346/someone-just-sent-1-billion-in-bitcoin-paid-only-3-in- fees Ethereum Dev Fights to Ge

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00:00:00
From the Crypt. Co this is a Crip daily. And my name is Matthew Aaron today on the show Asian paints DBS starting an exchange of fights for freedom for peachy North Korea how to use aetherium main story JP Morgan the her back on the scene. But this time the black teen scene coming up today.

00:00:25
What's up, everybody? Welcome to the show. Today is Tuesday, October 27th, 2020 and where to get into a mean story here in a minute before we go into it and I probably do this rent in the interview, but I want everybody to remember if you were here in 2017 to remember JP Morgan in GB Diamond Back Then the fud that they put on Twitter that they said about Bitcoin JP Morgan and Jamie dimon. The CEO of JPMorgan was basically the biggest Buster's in the space between Tascam be Quinn's going to amount to nothing be quite useless. They said this all through the pool and then to find out that they were always investing into Bitcoin at the time they were using and I'm this total speculation, but it seems as though Jamie dimon would go on Twitter to fund Bitcoin to see if they can it dropped the price.

00:01:25
Only to find out in this the news today that JP Morgan has finally use their black teen Solutions JP Morgan coin that they created back in 2019. I just want to say I just want to say how pissed off this kind of news. It's looking bad in a way. It's good that they saw that are in the way that they are repenting in some sort of wave near going into driving into the Bitcoin blockchain digital currency realm and that we have some sort of you no satisfaction that we were right all along but during that time during the time of their fudge during the time of their hate them in the time of somebody so influential as JP Morgan and Jamie dimon tweeting and talking and fud crypto space manipulating the price so it went up and down because of these tweets these Brands these charges against Bitcoin now to have the JPMorgan going to come out.

00:02:25
Come on, man. Come on. Come on. Come on. Come on. This is damn frustrating. But you know, what why they scramble to get their JP Morgan coin out and we're working to look at these crypto prices because I think we might be very happy today.

00:02:45
Here we go money talks, and I'm recording this at 2:30 Eastern Standard Time Bitcoin at $13,683.83.

00:02:58
6% from yesterday, aetherium 40851 up 5.3% from yesterday Litecoin 5818 up 4.5% chain link 12:35 up 7.77 this trip sevens baby from yesterday and xrp 25.3 cents up 2.4% Total market cap for all of cryptocurrency is over 400 billion rat 407.8 baby and a BTC dominance of 62.2% top five coins Bitcoin Litecoin tether. Xrp Bitcoin cash. Then let's go to 6 chain link.

00:03:46
And as you can tell from my rent at the beginning of this episode where we talked about JP Morgan coin how this interview is going to be unbiased objective. Like I try always to be I'll be asking some questions, of course, you know, but it's got to be a writer in the crib mostly because he always comes on the show when I asked him to his always happy to talk to the show, but we're going to get straight into this JPMorgan call you thank you for having me my I'm glad that you always are there in a minute in a clenched when we have some good news, and I need a decrypt brighter to come and tell me about it. And those three were talking about today is JP Morgan and JP Morgan coin tied Ivan podcasting since early 2017 in JP Morgan has always been in the news for cryptocurrency because they never they were always little funny and their CEO Jamie dimon has been with like the Peter Schiff of 2017, but they've changed their tune and now they have a GPM coin that's working on blockchain technology. Can you tell me a little bit about that coin?

00:04:46
Nubian queens been used in a commercial context. We don't know the name of the client. It was the it's been described as a large technology client. So that's where do the top news of the day. And in terms of what is like really is what it's a lot of people like in bed to being so that I can a competitive Ripple if you look at xrp, so xrp is used to like as a Gateway into crypto answer make transactions have been withdrawn back into fiat currency in in many ways that serve a similar to the JPM coins. That's the nature of the coin but the most important thing is to emphasize as I get to stable coin in spite of you are still there, So I'm going to assume that they are planning to use transactions and have like very low fees and latency that that is inherent to blockchain technology. And I correct this large technology client is using the champion coin is that they are using it to send payments globally that does not that's not a lot of information but that's what we do know. So yeah another thing about this

00:05:46
That it is that it's one of its is prompting JP Morgan as a company to submit come a little bullies. Then I think previously spent on blockchain technology and Sullivan concert with the coin itself is Dexter up on EX which is an umbrella organization for blockchain and digital currency initiatives. They believe the blockchain can provide a rock intern or I should say can provide a lot of solutions to banking I can save Banks like if you moving quite a lot of money for a long time, like what do you think that boxing technology now that you are in both of them. You definitely know Bitcoin and cryptocurrency and blockchain and you know, the financial face, how do you think of blacks in technology can really help the financial sector sector in and what do you think the improvements would be the high level of your syndicators hair adjust transparency of information and accessibility of information as well. One thing that JP Morgan has cited as a potential benefit of real can't say no again, I would happen to agree with this.

00:06:46
Is the banks couldn't save a lot of money in processing transactions it sent out to be mistaken in some way or another. That's also a lot of opportunities to be enjoyed hearing sons of processing checks August information. That is that say it's labor-intensive Arsenal physical labor league labor-intensive, but it's time-consuming for a bank to process this information with blockchain technology getting introduced then that's no longer the case and things get spit up a lot of money to save. So I do think that there is a lot to be said about how blockchain help to streamline the way that we use Fiat currencies in the way the big institutional oceans in the traditional Finance World upgrade as well when it comes to transfer money and how much things cost just had a transaction the other day off when filling out a Bitcoin that cost only a little bit over $3 sister Banks make the fees makes the the transaction cost. Does this really save the money as we are looking at from a consumer point of view?

00:07:46
There's some of the estimates out that put it the JPMorgan move about six trillion dollars every day for about a hundred different company a hundred countries everyday or six billion 6 trillion. So I think the best figure that out and that's what I imagine it in your mind, but with a lot of money on MoneyGram places so really it's strikes me as a little bit of a no-brainer how blockchain technology can help facilitate, you know, the biggest movers in the traditional Finance pays. Well, I'm a slippery slope and I'm also skeptical and you know this already but when I'm looking at these institutional companies started using blockchain and I see the central banks around the world trying to shift their Fiat currencies to digital Do We sync up these Banks would you say that these Banks maybe or setting up the infrastructure for the US dollar say digital US dollar or digital Dollar on the blockchain?

00:08:46
I like the UN on the blockchain. I mean, I think it may have in the future. It's interesting cuz you just reminded me that I'm so drunk Jerome Powell who's the chair of the Federal Reserve? He spoke of the IMF. I think it was a week or two ago now and he sort of pressed a little bit of a pause button and Sons of what the US is doing with digital currencies. They're obviously very interested. But one one line that stood out for me that I remember to have taken away from this thing to him was that he says it's more important to get it ripens me first. So I think it is just a currency's at least in the US that coming but you know America's I'm scrambling for this is not trying to rush and get ahead of the Chinese for example, so I think when you look at the behavior of certain institutional Giants a JPMorgan you can sort of see that the environments being set up for this but I think we also have to take heed of some of the Woods at drum Powell have had has has David in recent weeks and realize that it isn't Messi.

00:09:46
Around the corner. I think it is coming, but we have to wait a little while still, but I'm in and if I was going to summarize this whole conversation that we just had about JP Morgan coin into one sentence man. What would that be JP Morgan following some other big names in traditional finance and enzymes of how they are embracing digital coins and how they are embracing blockchain technology generally speaking another. I actually think that was two sentences with a couple. I'm not late picking Scott to balena by fare better dick up. Thank you for going on sale. Thank you.

00:10:28
And another news Asian baked BBS jumps the gun with Bitcoin trade announcement DDS the largest bank in Southeast Asia, by the way of assets has published and Pen remove an announcement that it's mounting a Fiat to crypto currency exchange for Bitcoin ethereum and xrp out the bag. The bank has a play the institutional Greek custody solution DPS digital Cassidy to safeguard customer assets that the announcement at jusu said this would immediately become the easiest and around for those who Bank in Singapore and see JoJo CEO of binance tweeted a step in the right direction.

00:11:08
Show me ask you guys a question. What would make your palms sweaty in your butt clench billion dollars in Bitcoin in only two transactions. This just happened yesterday, by the way to back-to-back transactions 1 of 45671 Bitcoin equaling 602 million dollars. And another one of 43185 Bitcoin equals. $570 left is Apple account to other wallet into transactions. How much did this over 1.1 billion dollars in Bitcoin cost in total transaction fees $3.54, but I can tell you what the cost much more than that in stress and sweat and anxiety. I tell you right now if it was me, I'll be sitting this transaction in 50 million dollar each transaction. I mean if you ever sent a Bitcoin and it just had a delayed pop-up on the other end or in your wallet or near exchange you are.

00:12:08
Passing out. This takes nerves of Steel. And like I said, I would have done this in 20 different transactions of equal up to a what I need to send because there's no way of an only two transactions. So I just said it cost $3.54 to send all that money. How much would it cost if you're doing for digital banking it will cost about $117,000. And by the way, I wasn't transferwise.com and price out their solution and would have cost and it would have cost 2.59 million dollars with their fees. Well, I'm going to say Bitcoin. That's a deal. What are the reasons for moving this much Bitcoin will some people are speculating could be just moving to cold storage for safe keeping. It could be moving to diversify. It could be more moving because well, it's 1.1 million dollars. We need to buy some things like me would love a Tesla Model y but if I had 1.1 billion dollars that why would I stop there? I'll buy all the Tesla's anyway, you can speculate all you want.

00:13:08
Make money mood for only $3.54.

00:13:12
And finally former aetherium researcher Virgil Griffith, once the US government to throw out a case alleging that he helped North Koreans use ethereum to skirt us sanctions while attending a conference last April. So how did he do exactly on his own time. He gave a highly General speech based on public available information that he does almost monthly at conferences throughout the world says his lawyer. And what does the US government say, they say that he taught North Korea how to skirt stations using aetherium like you really need to teach somebody how to do that. His charges is crack me up. Anyway, long story short. Mr. Griffith is asking the US government to drop all charges. Good luck, sir. Good luck.

00:14:01
Thank you very much for listening to this episode of the decrypt daily. My name is Matthew Aaron. By the way, we have a Facebook page and a Facebook group like the page and join the group so you can see the videos of the interviews that I have on this podcast. We don't want to listen if you want to watch join that and I also will be going live around two to three times a week to voice my opinion and talk about the news that we were Port Huron the decrypt daily live on Facebook. So if you want to hear what I have to say, please join the Facebook group and page and don't forget Apple podcast subscribe, like how many share and helps us stand out. I'll see you tomorrow. Happy Holi.
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