The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Jan 20: Tether FUD OpEd, Biden for Crypto, Soulja Boy Coin

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Content Keywords: Bitcoin
00:00:00
Video of this is the Rebellion. My name is Matthew Aaron today in the show tether. It's a controversy. Soulja Boy wants to make his own crypto and the bite Administration. What does it mean for coming up today? I'm just recruit daily.

00:00:18
What's up, everybody? Today is Wednesday, January 20th 2021 inauguration day. However, it's not starting off. Well, because those purple prices are not looking good before I get into is crypto prices. I just want to say I hope that everything goes well, there's 20,000 + National Guard in DC right now in around the country in States capitals. So best thoughts wishes and hopes that nothing goes. All right today was just have a cool day going to January 21st with some new Bitcoin all-time Highs. But today we are not looking pretty here are the crypto prices.

00:00:57
Do we do Monday at 11:10 Eastern Standard Time? And it is bloody out there everyone it is bloody Bitcoin is send that $33,493.22 down almost 10% from yesterday. Aetherium $1,255.42 down 10.8% light down 14.2% chain link 11% and xrp 28.3 cents down 7.2% Total market cap cryptocurrency dropping below the one trillion dollar market at 972.3 billion dollars of lost 8.5% from yesterday with a BTC dominance of 65.3% is wondering why we're having such a big pull back today. But yesterday we had a pretty good run up. We saw 37000 + dollar Bitcoin. We saw all time high for ethereum. We also saw good or Cream prices across the board. And so it's natural that the market. Is it going to cool off a little bit. I think it's a lot of it for what it did yesterday.

00:01:57
Is a little bit abnormal. However, I think it's missing the Natural Market Ebbs and flows with a little bit of caution about today, you know sisters the inauguration. We saw what happened on January 6th. People are probably take a little bit of caution with the market right now to make sure everything goes smoothly. So they're pulling a little bit of money out that with a natural correction. We're seeing a little bit bigger pull back to normal and come tomorrow when I see it just start to itch back up again. We're taking one step back one large step back for possibly two big steps tomorrow. So I guess it's probably two things one the natural abs and flows were just taking a big step back because of a big Leap Forward yesterday and with a mix of caution because of the inauguration.

00:02:40
Emily answer today's news about fully fledged Bank in Gibraltar is in its final stages of getting full accreditation institution license the new bank expects to serve wealthy clients in Emerging Markets Gibraltars Finance Minister album islah who was on the show by the way, November 27th. You can look that up for a conversation. He said the quote that bill has been licensed here for some time. And obviously what happens when you get to know a jurisdiction The Regulators get to know you forever for always being stay in their licenses to cover more and more different things and that progressed into a fully accredited institution here at Isola. This works directly into the top has plans in there may 20/20 blog post where they said they would expand Beyond acquaintance and become a fully digital thing. They want to focus on clients that are mostly in Emerging Markets require a lot of time and investment would also require a separate organization within Zappos who supported and was still the worst product then we can offer International.

00:03:40
Soulja Boy the rapper that made Crank that has teased that he might want to make his own cryptocurrency the response on Twitter after he asked a question thoughts on me created my own cryptocurrency what pretty negative let me read some of these replies to purple suede 22 said bad idea bro. Just buy Bitcoin crypto. India said I would just make any fees in mines has with that like when Moses he said it would end badly for you and the crypto mom said best way to get in trouble very quick many celebrities have faced legal trouble for promoting cryptocurrencies. So I guess the consensus is why deal with that when you can own let's hope Soulja Boy takes the professionals advise.

00:04:22
A title I wish I had but I do not not by a long shot a crypto whale the number of Bitcoin addresses or crypto Wales holding over a thousand Bitcoin roughly 35 million dollars has served since beginning 2021 there been 64 new Wheels already since January 1st, how many addresses hold more than 1,000 Bitcoin all together. That's 2448 confuse that there are 2440 people out there with 35 million dollars in Bitcoin. That's probably not the case. It's probably that there are multiple addresses holding this one person's Bitcoin. So maybe there's a thousand and one address. The person has a thousand another address and I felt it in another address which makes them even richer than $35. But total people holding a Bitcoin down to keep in mind is that a lot of times these companies say how many active Bitcoin wallet address is there are which means that they hold a little bit of use

00:05:22
Closet or they are handling or whatever. Just remember that one individual person can have multiple addresses. So they say for example, there are a hundred million active Bitcoin wallets out there. That doesn't mean that is a hundred million people had to leave because one person could have say example A bittrex A coinbase to binance plus Mobile Wallet plus Hardware wallets like a ledger in a trezor and they have to be 10 to 15 Bitcoin addresses themselves with a limit of Bitcoin in all of them, which is an uncommon. So it just all so keep that in mind.

00:05:53
With all the talk recently about freedom of speech privacy and censorship. Would it be great to search the web with the uncensored web browser with brave browser a web browser built on privacy, you know can do it using the IPS system the interplanetary file system. This is a Distributive protocol for file sharing and to do this. There's instructions in the show notes put this link will tell you how to do this. But one thing I can tell you right now is update your Brave browser or download it and make sure you're downloading or updating to the 1.19 version and then follow the instructions in the link and enjoy unsensible web surfing.

00:06:32
Tomorrow I have general counsel of horizon labs. And when we talked about their vitamin A ministration appointments and what does it mean for crypto? I'm looking for that conversation. But real quick. My opinion is that government is always hindsight 20/20 what I mean by that is that they look back at certain situations happen and then they just say I have a solution follow me instead of proactively trying to free Solutions before there are problems. Let me hear some examples the internet the internet for years already. We've been talking about having control over your data for a long time. At least I've been talked about for 5 years did the government still allows Facebook Instagram Twitter and all these companies to mind your data and use it basically against you I mean Cambridge analytica example and all the ads that pop up all the time that are somehow crazily e really directed at you about something you just said 5 minutes ago. Totally bizarre cryptocurrencies not going to be any

00:07:31
Do with cryptocurrency and blockchain Technology. It's only going to be hindsight 20/20. What is the biggest mainstream cryptocurrency news right now is that $500,000 in crypto was sent to somebody to use it and January 6th against the capital and now because of that minor transaction return but we have billions and billions of daily volume. That one transaction is going to make a hindsight reaction from the government. And then you have Janet Yellen, who's going to be appointed to the Biden Administration is going to come out and say Bitcoin is used for fraud and money-laundering and yada yada yada for the majority of all transactions and use cases bass bass bass majority. So what I expect from government in general is to not before thinking not to have any colonies and put their self out on the line to try to make proactive policy. But to wait till everything has a political motive and make Genie jerk regulation and reactions to some policies that hinder Industries.

00:08:31
And not protect the people or Foster Innovation and growth. That's what I'm expecting others by the administration, but I'm looking forward to talking to him tomorrow.

00:08:41
And finally every time does Bitcoin right upstairs always Heather Fudd in the photos using that tether isn't fully back by the dollar Heather is a stablecoin and that means forever u.s. Dollar given they can meant when usdt so $1 given one usdt minted currently tellers market cap is 24.7 billion minute for the 24.7 billion USD in existence there needs to be 24.7 billion US Dollars backing it and the New York attorney general says we want to make sure so tether and Bitcoin X owned by iPhone x has produced 2.5 million documents and give it to the New York attorney General yet. It said he's sending about 30 days to finish training over all the documents that the New York attorney general might need for this evaluation the company maintains that the usdt is fully back by the reserves. No, things are warning everybody. Is that Heather? And I was at one point that the weather is for me back by around 74% by the US dollar.

00:09:41
I totally the US dollar but US dollars or equivalent now. What is that equivalent is a Bitcoin for example, is it kind of like a Ponzi back where you have vikrant $1,000 equals to $10,000 then use that $10,000 Bitcoin to back $10,000 board tether. So therefore you have $11,000 at other printed for $11,000 of the same Bitcoin feel biggest thing about this is that what happens if they prove that tether isn't backed by anything which I highly highly doubt that that's the case it would happen to the market if it comes out that it isn't fully by Dan Howell. Turn on the breakdown podcast that tethers market cap is only 20 4.7 billion dollars. This is just opposed to Bitcoins market cap around 650 billion dollars. It's only a small percentage is so fine. 24.7 billion dollars. We have a major pull back in Bitcoin and we can continue on with the Bitcoin normal Cycles as we always do with another stable coin USD.

00:10:41
Busd or any other stablecoin that could fill in for tether. So what's the big deal second of all, I love you will say that you can't redeem your tether for US dollars with Sam bikman free said the CEO and founder of FTX exchange is it is funny that you hear people claim that you can redeem usdt for US Dollars. Like I don't know what to tell you you can because we do it all the time. He's implying that for his exchange at the SEC teams with handles. A lot of OTC what channel is millions or hundreds of millions of dollars of transactions that day he deals with usdt for those transactions and guess it US dollars for them. So in the stable qualified in this, but I'm on your way to be not too worried about it a little bit but it's fraudulent probably not is it a hundred percent back maybe not but whatever the case is, it can be a temporary setback and where there's a gap in the market say a stable coin that has a lots of volume at about a hundred billion dollars of volume, by the way in the market. It will be filled in by

00:11:41
Stablecoin because they need is there so whatever command is let's relax that the Attorney General do his job get all the paperwork. There have them go through the paperwork and evaluate it in at logical sense commander and then make a statement in a statement more than likely can be across from teeth and we'll be good to go.

00:12:05
Listen to this episode of the decrypt daily will be back tomorrow with two interviews. We have Sergey nazarov co-founder of chain link and we're going to talk about their dreams all time high price. We also have Dean stanback The General Counsel of horizon talking about the vitamin and talking about the vitamin ministration and what it means for crypto. I'll see you tomorrow. Happy Holi everybody.
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