The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Feb 15: Clear Regulation Needed, Tokenized Love, NFT Boom!

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Content Keywords: Bailey NFC
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From the group media. This is the decrypt Bailey and my name is Matthew Aaron today in the show the SEC commissioner calls for a regulatory Clarity more. Nft news and talk about what is NFC and can you talk in his love? Well this professor surely think so that's coming up today on the decrypt daily.

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Good morning, everyone. Welcome to the show. Today is Monday February 15th, 2021 the day after Valentine's Day. I hope everybody had a great Valentine's Day. It was on a Sunday. So you got a chance to just kick it relax. Watch MTV Movies Snuggle go out do whatever you need to do. You had all day Sunday to spend with the person that you love my girlfriend and I stayed home and we planted our seedlings. We have a garden every year which you'll probably see on my Instagram or my Twitter coming this summer if you didn't see it last summer, so we started our before Frost vegetables use some vegetable they put out in the garden and we have raised beds put on the garden before the last frost and it's like broccoli and cauliflower kale and lettuce and onions. Anyway, I know this is super exciting for you, but it's a great day for me because I love eating fresh vegetables from my garden. That was love looking at those crypto prices.

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Here we go money talks and I'm recording this at 10:15 Eastern Standard Time Bitcoin. Is it at $47,751.40 down 2.5% from yesterday when she had quite a big pool back last night went down to about $46,000 by spring back up to 47 pretty quick. I saw 48 this morning, but now we're at 47 7 if they're a.m. $1,794.06 down 1.1% like Quinn 20847 down 5.2% chain link 3351 down .3% and xrp, 56.4% down 3.5% for sitting around the same price as we were four days ago at one point 464 trillion dollars down 2% with a BTC dominance of 60.6% Let's take a look at those top 10 coins for Monday. BTC. Number one. Aetherium Heather. Cardano xrp polka dot number 6 binance Litecoin

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And Bitcoin cash comes back into the top 10 at $714.07 or a 13.2 billion dollar market cap.

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And for your headlights today, all you have is meme but let's get started. Steven recently know who is a strategy editor at the Wall Street. Journal tweeted doesn't get more institutional in this Bank of New York Mellon America's oldest bank plans to eventually treat Bitcoin and other cryptocurrencies, like any other asset digital assets are becoming a part of mainstream. I want you to read into the street a little bit and pay attention to the wording. It says eventually eventually treat Bitcoin and other cryptocurrencies like other assets and it's eventually because the regulations are really to clear and we need to make sure that happens bny Mellon is an investment bank that manages to trillion dollars worth of assets. Imagine if they put just the percentage of their portfolios into cryptocurrency. Will SEC crypto. Mom has her peers interview that bny Mellon scripto fast will push Regulators to bring more clarity to crypto in an interview with Hester Peirce quotes Hester Peirce the same Regulators have not done a great job and quote.

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Also told the crib that her regulatory colleagues there not an easy box thing that more clarity and regulations will also encourage a higher uptake of digital asset to be a slave summary these institutions these Banks need to know how they're able to play just like any Milton Bradley game that you pull out the cover guy just play Scrabble the other day that has rules the bank wants to know what are the rules so we can start playing this game.

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We've been saying it on the show over and over again and if these are blowing up for the NFC Market has blown up so much that it's not worth 250 million dollars virtual worlds are the most popular segment with 25% of the market share, but art is quickly catching up and it grew by around two thousand eight hundred percent in 2020 of people that was in the store like what are and if he told her imma let you know what NFC stands for non fungible token. It's a special type of cryptographic token, which represents something unique non-fungible and thus not mutually interchangeable. Okay. So first there's a lot to unpack their what is fungibility fungibility in economics is a property of a good or commodity whose individual units are essentially interchangeable and each of its units are indistinguishable from other parts. All right, let me put this into layman's terms. You have a $20 bill you can exchange that $20 bill for two tens or fives or two fives.

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Attend the $20 bill that US dollar bill is also exchangeable to the British pound in a certain amount of nation. Maybe it's 16 lb in a Yen for the Vietnamese dong. It's fungible about gold with a pure percent of gold as we know that you know, what you can have 99.99% pure gold. Will they also have percent of pure gold and other coins or other things that amount of pure gold and save gold bar is fungible to the amount of pure gold worth in a 24 Karat necklace or an 18 carat necklace or a gold coin that might not be pure gold but does have a percent of through golden it there for the amount of pure gold is worth the amount of pure gold in that coin that is fungibility is an actual interchangeability between values because they're set values now looking at 9 fungible tokens non fungible tokens are something that just as linked to a specific item for example art. You make a piece of digital art.

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And then you put a cryptographic signature on that art meaning that if you have it, it's one-of-a-kind. There's no other ones like it it has that signature to it and no one else will have that signature. And now you want to sell it you can sell for $1,000 to $2,000 or $1000000 but there's no way to exchange it for like kind that isn't like. Oh that one piece art is worth two of those arts in Milo's Arts. You know, I paid $1,000 for it. It doesn't mean it's worth $1,000 if you worth $2,000, there's no set interchangeability between the art that you purchased is a one-of-a-kind that is cryptographic Lee signed and sealed on the blockchain. You know, it's yours, you know, its original be just can't interchange it like you can a $20 bill. So in summary non fungible token. It is a cryptographic signature on something that is unique for a couple items. That is unique. There's no other ones besides the one with a cryptographic signature and you cannot easily.

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Change it for like kind of a $20 bill can be two fives in a 10 or 16 pound exchange rate is not worth one of those arts and two of those Arts.

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What can Bitcoin do what is the power Bitcoin those who've known me for a long time and know that I used to live in China about the impossibility to get money to China or get money out of China. They block you at every turn and especially if you're a Foreigner Foreigner living in China trying to send money out his nearly impossible. You do small amounts from Western Union in barely anything from the bank will be Queen allows you to transact to anyone anywhere at anytime no matter what country you're in what country you're from or what country you're sending money to which of course gives rise to questions about kyc and AML this headline really shows the power of the coin as Russian opposition leader. Alexei navalny has received over 658 Bitcoin since December of 2016, which equals around 32 million dollars this year alone. Alexei navalny has received about 6 Bitcoin or $300,000 if

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The Hue Lights in Livonia is please go down the rabbit hole and start listen to podcast. I don't know what an interesting story long story short. He wants to take who is job Putin doesn't like this who in want to have poisoned. It was allegedly having poison or the Russian government when having poison but Alexei navalny not only got poisoned. Better went back to Russia, but called the spies that poisoned him convinced them that he was KGB or high command of the Russian government or a Russian spy agency and got them to confess. I taped him by putting novichok in his underwear. Absolutely crazy story. You really have to listen to the story. This guy literally has balls of steel but people are funding them with Bitcoin saying that their suppression of the elections seen that they want Russian democracy and they're willing to finance his campaign with Bitcoin. The reason why I told you the story beforehand about how hard it is to send you a thousand round. That's nothing if Russia or China.

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Or any other government want people to stop funding their candidates or Weis repress democracy within their country turn off the banks close their accounts. Now the power of Bitcoin is you can close that account. You can't stop the transactions. You can't stop the network. Anybody can open a wallet anybody can send receive no matter where you are or who you are. So the question is is this good or bad depends on what side you're mine, I guess but it also shows you the power of the Bitcoin Network the dotting the I's and crossing the t's the ethics the right the wrong that's left up to interpretation. It's not my job to do but it does show you the power of the Bitcoin Network.

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Crypto artist that goes by the name of crypto graffiti Billboards Across America the project aims to help promote Bitcoin as a people's currency crypto graffiti criticized the US government for policies that have the value of the dollar here. Let me read some of these Billboards for you one says the fund their power and has a picture of the US dollar there. The other one says uncap money doesn't work has a picture of the u.s. Dollar modified to say Bitcoin on it that says a dollar from 2010 buys $0.42 of goods today. You know why Bitcoin vs. The fed you got wrong. The dollar is being evaluated daily hard-working people that made $50,000 10 years ago have nowhere near that much buying power today and wages have not been increasing with the level of actual inflation. Look the FED says 2% 3% but actual inflation is how much your goods cost at the grocery store. How much does a gallon of milk cost?

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At the grocery store and they're saying that inflation right now is around 8% Think about that when you make a dollar the next year will be worth $0.92 and the year after that maybe 84

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and finally Professor Olina tallied is convinced that non-financial value is the currency of the future. He developed a metric to measure sentiment is metric is called The Source earnings ratio, and it sometimes abbreviated SE. It's a single number metric used to measure the social impact of various organizations or things that you do. He's trying to measure things like love caring help wellness support happiness. He wants to find a way of measuring financial investments against Real social impact this weekend at the University of collaboration with another kingdom before becoming an international recognized form of measurement reminds me of a social credit tokens or social credit tokens for doing good things and reading causes time Banking and is a system in which people trade time and Bill credits within communities by performing various tasks on an item.

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Walking a dog clean up a yard cooking a meal providing a ride to the doctor and still want if you guys haven't read in dreams book the war on normal people. I really highly recommend it gives you amazing outlooks and ideas for the future Professor. He says this in this is a great thought experiment think about this. He says him quote to change the world. You need to become transactional like a bad. It's not enough to measure you must be able to transact as well. He continues the story of my bun divorces has been that I felt I love the person and they did not receive love they did not feel loved. So I measured Love in My Heart by Phil to transact it. I had failed to make them feel and if it's not received then it's not love people don't quite understand that money and values are actually related. I think that's an amazing thought what does abstract transaction look like and I think that's a really good way to look at it if you feel something for somebody and they fail to

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That means you failed in transacting your feelings to them and those feelings even though not monetary do have value. Anyway without getting too deep into that. Don't know if I'm even qualified to get too deep into that take a look at this article. Read it through very interesting.

00:13:26
Thank you for listening to this episode of The Daily. My name is Matthew Aaron. Don't forget to go to Apple podcast like subscribe share and leave us a comment. It helps us stay visible so far. We're still rated 5-stars, and we want to keep it that way. So please read it five stars. Leave us a comment and I'll see you tomorrow and until then happy houghtaling.
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