✅Cryptocurrency Market Update – Bitcoin Cash Hash Wars Heat Up


Hi guys thanks for tuning in to another
episode of Nuggets news well what an eventful week it’s been a save rate
across the board apart from ripple and I want to talk
about why that may be as well as a couple of being ticket news items that
the market has overlooked this week so before we get into it just a reminder we
are heading to Sydney this week hope to see plenty of you there on Tuesday night
at our security tokens event on this day in crypto history well it’s only been a
year since Bitcoin fell over two thousand dollars in just a few days on
fears about segue to X and that hard fork now if you’ve been through these
sort of things your experience do you kind of understand what’s going on I
think that’s very important and why I focus on education because you’re less
likely to panic if you completely understand what’s going on around you
it’s been two years since India banned those high denomination notes and that’s
a theme we’re gonna see continued to play out as governments pushes towards
this cashless society Microsoft has been using a theorem for three years now and
they continue to roll out support on their cloud-based products as well which
is great to see these days the final thing I want to mention here is 80 years
since Albert Hoffman first synthesized LSD
now speaking of LSD and MDMA dr. Pratt from Carbon Brown who most of you know
is a doctor in Psych medicine now last night he won this award the young
executive at the Business Awards Indian executive club but I’m gonna continue to
get him on the channel to talk about this research he’s a big advocate of
pushing LSD mushrooms MDMA for all these different clinical trials so that’s
great to see it certainly fascinates me with my pharmacy background a real
estate video this week 15,000 views in seven days so thanks to everyone that
watched and shared that around we’re gonna continue to talk about that
housing market I want to make a micro documentary for the channel but this
week we got out more data that New South Wales has seen people leave the state
and that’s where property prices are most expensive so not only that we also
got data that birth rates are really a multi-year lows and this is the
demographic shift of people that are having less children having them later
in life you know it’s very financially difficult to raise a family of three or
four or five kids as people with doing you know a generation of Torgo so this
all plays into this theme about the Australian economy and housing and we’ve
seen it in other countries now with governments of coming up with ad
campaigns so if you want to laugh check out these do it for Denmark videos where
governments are encouraging young people to hook up and have children essentially
because there the birthrate is at twenty seven year lows from Denmark to
Switzerland now guys we’re the world’s first crypto ETF is gonna be listed next
week now this is the first item that I want to talk about that I think has
completely snuck under the radar in terms of what they’re listing they have
said that they’re gonna use Bitcoin cash ABC version as what they’re going to be
including in their investment product but well done sir obviously bitcoin
etherium report and litecoin as well getting some weightings in there if you
want to check out the details next I wanna talk about is maker dye and at the
moment we have 1% of all aetherium locked up in their smart contracts now
you’ve got to lock up that aetherium to mint the dice table coin so that we know
that it’s always over collateralized plenty of you are big fans of maker I’ve
been talking about this one since it was case is that good projects start to roll
out there working product in SVM is you know that oil of the system or literally
the gas of the system as we build out this new web 3.0 check out maker
currently 76 million die out there in existence
check out that jus toriel idea this is very easy to use to meet die and to take
out loans good news this week 0x launch they’re very easy to use plug-in kit so
anyone can become a real layer and start to add liquidity liquidity to all the
decentralized exchanges and apps that are built on top of that 0x base layer
protocol good news out of bat this week as we see their new speed-reader update
so radical performance gains 20 times faster using less bandwidth and
downloads memory reduction and so on so guys I’ve never looked back since making
switch to the brave browser I highly recommend you try it it’ll save you time
get rid of all your ads and so on a theory of GPU mining profitability is to
clear decline dramatically so this is a theme that is starting to affect even
the major markets someone like in video that’s a big producer of these missed on
their earnings and loose twenty three million on their market cap so GPUs were
you know very hot when everyone wanted to buy them to mine all these different
crypto currencies I want to talk about this towards the end of the video as
well but it’s very much affecting Main Street this downturn that we’ve seen
across markets but again I want to paint a bullish scenario where I think going
forward we’re only going to be using more technology and more graphics cars
more chips in our in our life so if we do get a big stock market correction
we’ve already had a pretty decent pullback I’ve been looking to buy some
of my favorite stocks or you know sell puts in terms of AMD Nvidia and those
sort of stocks so again trying to build a thesis invest in it use options and
and really gain profitability by understanding what’s going on where
everyone’s getting overly bearish now the second announcement that stuck under
the radar if you go to Cassidy coinbase comm this is their digital asset suite
for institutions and the little media here a little display for supported
assets and you’ll notice that it’s got ripple and a Mesa go so a couple of my
favorites I have said all along that I think in Mesa go is one that he’s
sneaking under the radar that they haven’t necessarily said they’re
thinking about adding and a little bit surprised I always I always thought
they’d wait for more clarity around whether or not ripple gets the all clear
in terms of being a security but who knows maybe they’ve got the green light
to lift it even if it is a security but keep an eye on these two guys ripples
already start to perform well but a Mexico hasn’t so these are the ones that
I’m looking to to play to trade where the market hasn’t priced it in already a
Mesa go also had some good news this week
partnering with hailing app I think it’s so an app possible hundred thousand
users we want to see real businesses adopting this technology and guys just I
don’t like to speculate here but I have heard rumors from a couple of people now
saying that Microsoft and the Mesa guy are in some pretty you know advanced
Hawks to also partner up and that would just be huge for a Mesa go one of my
favorite projects going forward so now the us again this week the sec starting
to crack down on certain IC o—- so this affected paragon and air token i
know a lot of people are scared about what’s going on we’ve heard rumors that
you know souls are gonna get crackdown on as well but if we look at the outcome
they basically got slap on the wrist two hundred fifty thousand dollars is
not really that big a deal for these companies that raised millions and
millions of dollars so in the end they might have to refund even investors
which is probably a win for you they get a slap on the wrist so look the sec
they’re taking a lot handed approach if they really came down and completely
ended all these projects i think that would be a really bad press really bad
rap for america and innovation so i actually think that they want to be
taken seriously but taking a light touch so let’s see how this continues to play
out onto the major news story of the week so the bitcoin cash hard fork and
there’s still a lot of people that don’t understand what’s going on and that’s
very very understandable but this website cash coin dance it shows you the
comparison of hash rates for the ABC and satoshis vision networks but also the
combined proof-of-work so a lot of people saying it it’s the longest chain
is the winner but it is the most you know combined proof-of-work and then
what does that mean in a nutshell if I start a Bitcoin blockchain you know a
hard fork of the or a clone of the code if it’s only a couple of people mining
the difficulty is very low so I can quickly add lots and lots of blocks if
it’s not that difficult to mine so it takes into account difficulty as well as
the number of blocks for cumulative most proof-of-work
now just because there’s more proof-of-work doesn’t necessarily mean
it’s the winner and that’s what these complicating these so much that
some exchanges are you know are waiting to see which one does have the longest
chain the most used network others have just said look we’re just gonna call
them ABC and SV becoming BitFenix is taking a different approach and called
them B a B and BS visa so much complication going on I just think it’s
it’s not helping anyone it’s not good for the space but I’ll talk about that a
little bit more at the end in terms of the two that are mining each different
chain now they are mining it a lot so as we see here you know we see these
numbers getting thrown around there in the hundreds of thousands of dollars and
that’s also compared to how much money they could be making if they were mining
mining Bitcoin so nobody really wins here this is what the hash wars are all
about seeing who can you know this is a standoff who’s gonna back out first
they’re both losing money they both believe that they’re the true Bitcoin or
Bitcoin cash you know this is just so complicated I do feel sorry for anyone
that’s coming into the space at the moment next thing I want to show you is
a few of these really cool website so you can see the number of nodes that are
running the different implementations here hash wars with our Star Wars
characters but this is another great website that I found so TX street comm
what this shows us is all these different transactions that are coming
in we have bigger transactions as well as smaller transactions people that are
paid a higher fee moving faster so this is a view representation of people
sending transactions and they’re waiting to catch a bus which is a block that
gets mined every 10 minutes so roughly every 10 minutes we should
have a bus leave now sending Segway transactions that strips
out that witness data so the actual transaction that gets including the
block is a lot smaller so really cool stuff check this website out if you
haven’t already both networks are running a bit slow in ten minutes at the
moment though because Myers have been taken off a Bitcoin on to Bitcoin cash
as we see those hash Wars playing out and Bitcoin cash now it’s split the
difficulty you know it’s a bit higher and they’re also not mining blocks every
10 minutes but this afternoon was the stress test and this was flooded with
transactions each bus represents one megabyte and we
had very big in terms of transaction size blocks for the stress tests where a
lot of buses were leaving now at the moment that stops we see very
very few transactions per second actually going on on that network
currently as well so keep an eye on this this is a good little reference
particularly when those stress tests are on I’m not sure what’s going on I
thought this stress test was running for 24 hours and it has really dropped off
here as well so I’ll do a whole episode dedicated to this going forward because
it is it is a really great tool onto the situation now by understanding what’s
going on guys there’s gonna be continually opportunities to make money
so last week I did say that I believe that the SV camp is gonna gain get gain
ground in terms of the amount of hash power and it’s likely to rise to parity
with the price of ABC now that trade played out fantastically well from a
hundred dollars to over two hundred dollars now how many of you are so
sitting there huddling and continue what your portfolio going down and it was
really encouraging this week for me to get messages like this about hey I’m
finally understanding what’s going on I’m finally learning to trade and short
and make money on the way down that trade we made made a hundred percent you
know where else if you doubled your money this week what everyone else is
losing money so I love getting these messages we have over 1400 people in our
group me out to continuing to grow in a time when you know markets are down
everyone’s negative on their sentiment we have a fantastic group of people that
are learning to trade learning about stocks you know learning about how the
world of Finance or works and understanding what is going on in the
crypto world because it’s gonna continually be important going forward
when we see things like the next segment I want to talk about now so shark pool
have come out and said that they’re going to mine empty blocks and basically
try and destroy all old coins and here you can see he can sign up early so
basically they’re gonna mind blocks you know what’s the video I’ve done about 51
percent attacks and the longest chain rule but by dedicating your resource
whether it’s to you know the Bitcoin algorithm or you know other coins using
different algorithm effectively they’re gonna target coins
you know they have a telegram group here and they’re talking about maybe
targeting like coin or you know Bitcoin gold whatever it is but they want to try
and take down everything else everything their mind they’re gonna send to
exchanges and dump and destroy and use the profits to buy Bitcoin cash now I
just don’t know how this is good and helping anyone saying you open when they
want to destroy other coins so I don’t think this is a huge group of people I
don’t think they’re going to outweigh a community like like coin that I’ve said
before has been around for years it’s very strong there’s lots of miners in
there I just don’t see how they could get enough hash rate to destroy
something like like coin and if you’ve got a really tiny coin that uses
proof-of-work I think you have to be mindful but this is also maybe why we’re
seeing some weed trading action on coins like Bitcoin gold and vert coin and
these GPU coins which people are viewing is maybe so on so this is all people
hedging their bets on what they think is gonna happen what coins are gonna get
attacked first I really don’t think this is anything to worry about for the time
being but I’ll certainly keep an eye on and keep you guys up to date next up
here we’ve got Andreas Antonopoulos who’s mainly stayed out of all this he’s
probably the most mature figure in the space and he commented look this Satoshi
account has since been blocked by tweed Ark I’m almost certain that it was Craig
ride a lot of people have said this as well somehow got ahold least account you
know it’s only a year or two old so I’m not really sure what to make of this why
he was even coming out and tweeting and pretending to be Satoshi but you know
every time he he’s tweeting at the moment he is basically embarrassing
himself now the flip side of this is one of the tweets I put out here someone
like how Feeney a lot of people maybe think was Satoshi or worked with that
group of initial people and you know read this post and my tweet if you
haven’t already he was a fantastic human being but we have people on the Bitcoin
cash camp site someone like George are actually really respect so saying you
know you’ll see you’ll see and a lot of these Bitcoin cash guys that are
followers of cray genuinely believe that he is Satoshi or
that we’re going to have news items come out that shocked the market and people
go oh wow he did work with Satoshi or something like that so look it’s very
hard to put all your emotions aside and try and decide what the truth is but the
way that Craig’s carried on this week you know some of the names he’s calling
people on Twitter you know I think he called Eamonn Mayo guzzler and stuff
like these guys so Charlie’s so immature ah is he trying to stand out we’ve had
great letters in the past that have been pretty outlandish in their thought
process and action so look it remains to be seen make sure you let me know what
you think’s going on in the comments below into this video let’s talk about
this price action now with tether straying away from a dollar we do CB
sell off best on coinbase and other exchanges you know this descending
triangle that everyone’s been talking about we lost those levels the huge
volume of big sell-off but I’ve got on my charting setup on beat Phoenix as I
know a lot of you have so where are we looking now that we’ve lost these levels
now support can become resistance let’s see if we get up to this level here and
have a run but really this is not the v-shaped recovery that a lot of people
were hoping for so with the big sell-off as you’ve seen in the past we want
volume to come in and and really recover quickly and that hasn’t happened so a
lot of people are now waiting to see what comes of these hash Wars so in
theory this shouldn’t affect Bitcoin aetherium and other coins at all but
what have you heard me say a hundred times that sentiment is what drives
markets and at the moment newcomers are scared they don’t understand what’s
happening they’re reading headlines about all altcoins and Bitcoin being
destroyed by these other bad actors and so on so into that resolves itself I
don’t see a lot of strength coming in unless we get the market completely
sideswiped by a good announcement like back coming online we have to
continually be cautious because a lot of these traders out there are telling all
their followers that we’re going to you know three thousand thirteen hundred and
lower and I don’t think we’re going down that low I don’t think we’re really
gonna see a weekly close below 5,000 as I’ve said
number of times if we zoom out here you guys this really long-term trend line
depending on where you draw it comes in at around five thousand dollars
we’ve got psychological support there if we lose that level you know we’re
looking further down to previous hires again five thousand coming into play
there the next level under that is this level that a lot of people are talking
about here right down near three thousand so look they’re very very
scenarios I think we’d actually have to get more really disastrous news or the
newcomers get completely scared and panicked by headlines so make sure you
understand what’s going on don’t panic now some of these old coins are at radik
ridiculous you know ninety nine ninety five percent down from their all-time
highs I don’t see how a lot of them can go lower unless they’re the bat projects
that are going to go to zero so good projects that have natural utility and
demand for their coin are going to perform well at some stage the market
will turn around markets can stay irrational longer than you can stay
solvent so don’t trade on margin be sensible but know this is in some ways
good that we’re out of this trading range people are now waiting to buy the
next step and so on a bit of action a bit of volume this panic you know in a
lot of ways it is just people being unreasonable so hang in there guys I
want to talk about the game and how it’s played and we had futures expire last
week a lot of people think markets get pushed around into expiry we had those
headlines scaring people just keep in mind the backs around the corner and
this is how the game is played or I’ve told you about the scenario of the bully
in the schoolyard holding you upside down and shaking you wanting to buy all
your coins or near the lows and then we see that cycle and when it starts to run
and people tend to jump in at the worst possible time at the top Ron Paul
tweeted this week what would you do with ten thousand dollars if you had to hold
it for ten years look at these numbers fifty percent of people won’t be coin
and people on these anti dollar assets people don’t want to have anything to do
with the Federal Reserve or the US government and this is a pretty decent
sized sample hundred thousand people so there’s
demand out there guys people believe in this stuff it’s umberto it’s a really
religion for some people I know if you’re watching this video you’re
probably a big believer in this space but because faced great adversity in the
past and it’s one every time so look the market and the community has really
stepped up with people sort of ignoring Craig blocking me on Twitter whatever it
is if if he is Satoshi sign that Genesis block proved to the market and do away
with all this nonsense so look I don’t think he is true decentralization
thousands of nodes around the world thousands of businesses and millions of
individuals using cryptocurrency I’ll leave you on that note guys hit
that like button subscribe if you haven’t already share these videos
around and thanks for tuning in Cheers

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