Bitcoin and Cryptocurrency News for 2/6/19

alright guys good morning it's that time again for a day of Bitcoin and cryptocurrency news it is February 6 and I don't really have a topic today there's just a few things going on and overall the markets suck so let's talk about it let's have a good good time today and thanks for tuning in guys as always these live sessions are 11 11 a.m. Central Standard Time every weekday right and all the usuals have tuned in thank you I'm still hearing from people like Lincoln a lot of people that has chimed in about quadriga CX and how a lot of people lost a lot of money on their so again I'm not gonna talk about this maybe that just talked about it yesterday but you know just a friendly reminder for those of you guys that keep your funds on an exchange if you have to do so make sure you do it on a reputable exchange otherwise you have to store it on your own because you never know what may happen with easy changes one day all right guys let's get started with the news first and then let's look at some price prices an undo Q&A so the biggest thing actually that's been going on that's been talked about since yesterday and today is Jack Dorsey there's a couple things that he has done recently and he is the CEO Twitter and square for those of you guys that don't know basically a lot of people deemed him as like the next like Steve Jobs almost and he's a big Bitcoin believer he he has been in a Bitcoin scene for a while keeps talking about how Bitcoin is gonna be the Internet's currency how blockchain is such a great use case for storing information making it transparent and immutable and he participated in the Lightning Network so I guess there was a torch experiment where like carrying a torch right where one person would send another person a micro amount and that person sends off and it sends off and it gets a little bit more and more more and he participated he was one of the participants people are trying to get you lime us to participate but he's not responding so far and this is just testing out the Lightning Network in general he's right now even though lightning networks growing right in terms of how it works is you either have to run your own node to participate or use it or you have to use some kind of wallet which I've here right now it's just mostly custody wallis that's in control by other people so I think there are ones that's being worked on where you actually control the wallet but right now it's still growing right and and stir it still in the experimental stage but Jack Dorsey is someone that truly believes in it now the second thing which is more controversial is people asked him on Twitter like hey can you add more cryptos to the cash app which already allows Bitcoin buying and selling and he said no and then someone else asked him what do you think about Tron and he responded something like I liked the movie so basically Jack Dorsey is a is a firm believer in Bitcoin and that's it he's not a believer and any anything else he didn't comment on any other all coins he just believes in Bitcoin which is fine if you want to be a big Clem Maximus that is fine a lot of people feel that way as long as you don't become a Maximus where you're saying everything else is a coin but that's so that's okay my book so this is good Jack Dorsey and you know outside of Twitter you know his Square his Square business which is a payment processor that's used by tens of thousands of merchants in the US and North America and around the world you know it's only a matter of time that he opens up crypto you know crypto payments on there which which will be a big thing right at the option is tell something that we're looking for right and think about this because maybe not only can he open up crypto payments but maybe the building a lightning Network somehow and all these terminals that's being used everywhere who knows right and now be a huge thing but I think Jack Dorsey is definitely a big big important part of bitcoins future all right let's move on finance finance coin like right now I tweeted out today how many of you guys are participating palms because right now right now it's just it's really stagnant right really stagnant there's no movement almost everything continues to either stay still go down and right now the only two things it's really going up is by Nance coin and B TT and B TT is taking a breather today but by task point continues to pump it is over $8 now I think last time I chose like 820 or something and why is this right is there any particular reason it's because well at least you know I'm theorizing it could be just because people are pumping it but because by Nance's Launchpad is now a new I sealed platform their very first one obviously the very first ICO sold was B TT which was highly controversial because it's sold out in 15 minutes but they're continuing with that so they're gonna do something else I think called fetch AI next and that is yeah the fetch AI and that is coming out February 25th so so if that's the case and people want to participate in these highly you know I guess highly you know anticipated I SEOs I don't know about fetch AI I know B DT with highly anticipated I don't know about that yeah but people that want to participate you know like would be TT was BnB and TRX but with fetch a I maybe it's only being be right so it's it's kind of following the footsteps of the ethereum where the heart go become a ICO platform and because of that people that want to participate have to have BnB so this gives another reason to hold on to B and be the first reason as you get trading discount right but now is Mouse to participate I see oh so this is probably the reason why it's going up again how much has gone up within the last few days and weeks shows that it could just be a pump rule but over all of you I'll show you the chart once that get through the news but the chart for BnB actually is very good so outside of these these pumps and dumps overall B&B has been slowly going up since since December and it's it's I mean it's a pretty good jump since its low so so another another thing that by Nance is doing for themselves now by Nance is starting to lose some credibility and cz is starting to do some credibility because of this Launchpad and because of BTT but only time will tell if this is just a money grab for cesium finance or this is something that they really want to grow and promote right all right so let's move on to another exchange Gemini now not a lot of people paid attention to those I tweeted this out so again if you guys aren't following me on Twitter please do so and the link is in the description of this video well Gemini as you guys know is one of the top two exchanges in the u.s. or top three exchanges in the u.s. right but they also have their own stable coin the problem is when you have stable coin you're supposed to have everything backed right and if everything is backed by it's a one to one ratio it's fine but what Gemini did which is I guess a little controversial is they issued a 1% discount for many market makers and OTC desks because they wanted to sell G USD in bulk and want to make a big splash they made an exception for people probably that want to buy tens of millions or millions they will give them one percent discount but they were told that if you were to buy these with a 1% discount you cannot just immediately redeem it there's there's some kind of timetable or limitation so that hey if you buy a million dollars worth G USD at you know 990,000 or not 999 990,000 you can't just redeem it for a million dollars and instantly make $10,000 right away right so they had stipulations like that but now now some people are trying to redeem all those GU s DS in the millions and they get their account shut down so it's unknown if if it's those OTC makers or money makers that's doing it or just other people that have accumulated so much G USD and they're like hey we want to cash out and then they get their accounts shut down which is kind of iffy so this does not sound good so this is one of the things if your goal issue a stable coin back it up right if people want to withdraw let them withdraw and if you wanted to take the risk and give out a percent discount right you have to eat that you know that it's gonna come back to you eventually right so not a fan of this after hearing about this but I just want to share overall I'm just not really a fan of stable coins it's like the hot thing everyone is getting into a stable coin I hear Hawaii B is getting a stable coin I'm pretty sure coinbase it's gonna come out the stable climb pretty soon because it's it's just a money grab right you offer a stable point people buy it you get a whole bunch of liquidity and hundreds of millions of dollars what do you do you put that in the bank and collect interest and that's free money so why wouldn't this exchange offer it so alright so moving on from Gemini another exchange is making news which is a bruh and they are following the steps of basically like what DX Exchange was doing right now DX exchange I've clarified that the founders are really iffy so I can no longer back that exchange however the concept of it tokenizing stocks I said was very interesting especially for those you know out of the country wants to participate use US stocks and so forth and you can buy fractional stocks and that is exact actually what Abra is doing so they opened up their app which basically allows people to buy fractional pieces of stock and ETF investments such as gold ETF and so forth and it's mostly us stuff but they said there's 50 new investment assets like Facebook Apple Amazon Google and Netflix and commodities like gold trust and UTS from Vanguard and SMP 500 Russell 2000 and so forth right so basically opera has lots to do that now I brought a lot of you guys have told me in the past you used it it's more for beginners kind of like coinbase I have personally never used it but I have heard people use it so it seems like it's more of a reliable exchange the one caveat to this is people have asked do you actually own the stocks if you only frack fractional peace and according to their faq No according to them you do not technically owned the underlying asset when you purchase stocks on a bro you're purchasing exposure to the stocks this is similar to a gold ETF where you gain exposure to the price fluctuations without owning the underlying asset persons exposure to stocks works the same way as synthetic cryptocurrencies will tenebra your investments are tied to a hedge to the underlying asset so basically you're it's it's it's gonna be based on some kind of price index right and they have they have they own the underlying assets of the stocks that they're gonna be selling on the exchange they do say that you do receive you may receive dividends based on your two investments for eligible assets you will not have any voting rights you won't because you don't own them a bro will actually have voting rights because they own the stocks so so you don't actually own the stocks ibrid us but you're buying fractional pieces of what opera has and it's it's based on the index so so just to clarify that but overall I think it's interesting I like the idea I really do now you could be able to buy fractional pieces of stocks and do it 24/7 utilizing cryptocurrency so I love that idea I hope that this actually spur and catches on and more people get involved with this but I don't know I don't know anything about the legality of this and stuff like that and and what happens if you're if you get people that's buying a ton and I guess consider aftermarket which is at night and then in the morning then IRA Mike I don't know I don't know if they can handle it right I don't know a logistics of it but it's interesting it's interesting all right moving on research shows that bitcoin is becoming more decentralized and that's positive so this compares the mining hash rate I don't know why in 2014 to 2019 which shows that there's a lot more there's a lot more mining pools and Giga hash which used to control 50% and they they purposely decrease their mining or a or their the hash rate like an eternity total hash ray I think they decrease it to 30% on purpose so that you know we won't ever get into 51% attack kind of scenario but if you look at what's going on here and and pork both controlled by bit main so if you add those two up they're still controlling 32 percent of the hash rate so that is pretty significant they don't only have to pull but nevertheless that's 32 percent that's controlled by one company which is something to still be concerned about and I and they they split this up on purpose because then people can't see well it's just one giant pool but overall I mean in terms of yeah if you're looking at this it looks very good centralized right but you look at how many of these are actually in one geographical location like meaning a country which is whom it's just China and I'm it's more than 51% so from that perspective is it decentralized spread out across the globe not really because it's mostly in one country so that is still of concern right now all right all right so speaking of decentralization let's talk about metallic metallic whose co-founder and current leader of ethereum says that any project that claims to have a high throughput is a centralized pile of trash so he's not a fan of any projects that's delegated proof of stake basically okay and many of the new coins out there are all utilizing this kind of consensus neo Yost Tron Nano the list goes on and on and on right and that's because when you have a smaller set of servers that's handling all the transactions or block producing then the transaction is quicker because compared to you thorium or Bitcoin right now every single node out there has to verify in process the transaction and there's there's different ways of doing it so that's where sharding comes in sharding will allow you to have a certain number of nodes that actually grease on the entire network doesn't have to agree and so forth there's different variants and dag setups are definitely totally different – but vitaly basically says they're all piles of trash I don't know I don't know if I totally agree with this because if you're looking at proof of work right and you can argue that proof of work is totally decentralized well is it really when when people can do 51% attacks get most of the hash power and take control of the network that doesn't sound very decentralized right and I just showed you guys the fact that well you have all these mining pools that there are located in one country so from that perspective is not very decentralized either so this this topic of decentralization it's just it's ongoing it's ongoing and if you look at Charles from Cardno he also emphasizes decentralization of power right so projects that have a main leader like metallic for thorium Charlie for litecoin he argues that those are not decentralize they're too sighs these one persons making a decision so you need to have groups that's why cardano's was actually loved by three groups now they kicked out one group so it's led by two groups but still I mean he's taking it a step further so in terms of decentralization there's so many layers okay and it's just at this point I mean there's no right or wrong it's just what you believe in all right so moving on lastly I just I started out talking about exchanges and safeguarding your own Kryptos and being safe about that well there's their stuff still coming out of the crypto Pia probe and this is pretty sad I guess piete piete Dotson the sole director of crypto P had a recent meeting with stakeholders okay he doesn't have a very happy face but basically people are questioning 23 million from crypto Pia do the police really have the skills to handle this kind of hack you know theft right a crypto currency theft you got to scan a lot of wall addresses and you're gonna make a lot of dots right you're gonna track every wallet just going to this wallet is going to this wallet is going to this wallet which one belongs to exchange which one doesn't there's I mean this is this is a lot of stuffs that they have to do right so people are doubting that the police can really get to the bottom of this so unfortunately it doesn't seem like the 23 million whoa will come back and probably this means the end for crypto Pia all right and that's pretty much it for the news let's take a look market cap did go down slightly from 113 point five billion to one hundred eleven point seven because BTC did drop a little bit now I told you guys right you know this pattern that we're in it's just controlled by the bots it's the same pattern over and over and again we have a wedge it jumps up goes down right but then you could see that the other wedges start losing right they lose momentum there's not even pump anymore this is the day charge so you don't see a lot of details but you can see the second wedge a much smaller pump and then the third wedged it was almost no pomp at all and then this last was that we were in the last I was movement and again no no pump and just we went out but you know the interesting thing is what's gonna happen once we move to the 200 weekly ma which is what everyone is waiting for right around 3300 we're right around the corner our we go bounce from here and go back up like this to four thousands or is it is it go drop further which a lot of people say well there's not a lot of support levels after this then you could be looking at 3100 or you could go much lower to like the 300 weekly on me or 400 weekly on May which would put us in the 2000 range and then the 1000 range there's just a lot of speculation going on right now so we won't know until this happens and I mentioned at the beginning a show you know overall almost everything's down what's not down is stable coins obviously tether has moved up once again and it's gonna move up to number four again if things continue to go go down tron even is not going up I saw some tweets asking why is trying not moving because of Finance and BTT and you can see by Nance coin 816 is one of the only ones going up Bitcoin sv is being pumped right now which is why I showing green but it was in red and Finance coin wasn't in the top ten and this is because of this launchpad right people are have another use case for BnB they may want to participate in this new ICO or or people are just simply pumping right now so wanted it to and outside of that you know there's really nothing I mentioned about BTT a couple of days ago they pumped up ever since that video pumped it like another hundred percent but today is coming down a little bit but overall I said I think it's go stay even after the 11th it'll probably drop down a bit more because the air drop but overall I think dole the excitement in the space there's just not a whole lot and a lot of people are watching BitTorrent and trying to see what they're doing but I'll tell you that you know there's just not a whole lot of movement right now guys I mean that's the honest truth it's just there's not there's not anything really going on and everyone is just too fearful consumer confidence is just shattered no one is really really trusting any of these rallies well and no one's really putting a faith into putting more coins in because I mean putting more money into the market is everyone is just waiting for bottom waiting for bottom and we won't know when that is right now just doesn't seem like it's it's coming I think overall in the market in my opinion we're waiting for a trigger I've talked about this thing for a while trigger we need something to trigger the market right and that could be from institutional money from backed and fidelity and ETFs so forth it could be from true capitulation where the market moves so low that the whales get bored and they leave and people start finally buying once again right it can also come from retail space meaning someone like Amazon starts adopting Bitcoin something like that so number of ways it could come but right now that's where we're waiting for and also I mentioned yesterday that because of China knew the air volume could get lower and this could be the this could be an effect of that – all right guys that's it for a while I have to say so let's leave the last 10 minutes or so for Q&A Jake says 2019 will be a damp squab squib a patient is a great virtue yes it is yeah I mean all good things come to those who wait basically right patience is really a great virtue to have mom guys has to stop dumping I said that cover that yesterday because more was revealed like 300 more million was dumped between May and June of last year and it was kept a secret until now right who knows who knows because every time mount GOx has dumped the market loses his momentum and comes down I mean every time yeah back in me you know the market was doing good Bitcoin hit 10,000 again right I even mentioned it to you guys and to my friends like hey Bitcoin is coming back we're at 10,000 this is a really good milestone and guess what BAM it falls from 10,000 down to 6,000 within the month and the only reason that could happen is because of someone dumping and guess what it was Mount Cox so now we know I mean hopefully this whole Mount GOx thing has to really go away because if there's still hundreds of millions of Bitcoin that's gonna be dumped and not sold on the OTC market which apparently I don't know why they just are not doing this is gonna happen I really think the trustee has something against Bitcoin I think he like wants to teach everyone lesson like this is this is this is a bad thing you know I'm gonna dump it and then and cause everyone to get out or something I know I don't know you're my favorite youtuber from cryptocurrency thank you I appreciate it I've you open up XRP tip out of cow I've never heard of it but if you want to send me tips you could do a super chat or you could join my insider or you could do it through uptrend I haven't given out any Walla addresses but you know I don't feel like I want it you know I don't feel like I I need to beg but if you guys want to then create I appreciate it appreciate the support Pedro I know you're a big fan of quant you add as a few other stuff Eid card stack DC and hollow chain Komodo fusions in my favor it's great uh forget the price just stock on BTC and a handful good coins that that's basin and named a game right right now you know if you're if you're looking at the market in terms of the glass half-empty which is basically everything's go go down nothing is gold recover everything is gonna be a coin basically but you're looking at the glass half-full you're looking at this is the perfect time to learn to get into projects learn about them get involved with them and buy as investment while things are low so that when they do recover you're gonna be making life-changing wealth right so this is the name of the game right now and that's where patients come in and also there's work to be involved right you got it you got to do your homework too right so this is past the times where you know back in 2017 and even early 2018 people most people only judged based on price in terms of how good a project is wow this company is pumping up it must be good that's no longer the case right we're seeing a lot of those companies pretty much dead or a lot of those companies that's out of funds so right now is definitely the time to do your homework look into the team looking at the leadership not only from a technical standpoint but from a business perspective do they have do they have are they thinking about operational funds right are they thinking about growing and and investing and doing other things business stuff right and also look at the tech and and how how how they're doing in this space really in terms of keeping the community involved right letting people know what they're doing are they progressing on the roadmap because a lot of these companies just they release the roadmap like two years ago and have an update and then you have no idea what's going on like stuff like that right are they still continuing is there progress stuff like that so definitely the time definitely the time to be looking at that Crom BDC yes you probably missed out on it it will let you by opera will let you buy stocks fractional stocks but you don't actually own it all right you're buying according to them you're buying exposure to the stocks but you're not actually buying the stocks themselves because opera actually controls the stocks but it is an interesting concept I do like that concept do I like Jenna's vision no I do not any winner from the crypto competition last year I unfortunately David ended that I ended that early because the people playing was just less and less and less and it was just turning out to be the same people so I under that before before actually ever concluded China backs BTC while USA backs XRP Trump I'm not sure that's entirely true but okay so you get money out of it what for my competition no I didn't I gave out money or are you talking about something else do you like you Tom Neutron um you know rich lay the concept between for blockchain to have both you know features from your tharam and Bitcoin in one sounds great so you could have you could have the security of Bitcoin and the smart contract development of ethereum but right now you're tharam isn't doing too hot either so overall this concept I don't know I don't know how it's gonna be in the future really hello second pump soon I mean right now one thing I noticed on Finance is that all the coins are being pumped have very very low Chateau she value versus BTC so you're talking about like seven decimal points and then like you know something after that right and I don't know why that is and there's large volumes behind them but it just seems like very low Chateau she coins things like Hollow and Pondy and BTT now and several others they pulp because they pump a lot more than other coins so that's just something interesting to me to be watching I don't know why that is no update no update on stellar there's nothing nothing coming out of that group right now I haven't heard anything else about they're dumping still bullish on nulls yes it's still one of the coins I believe in and and they're still executing right so that's what I did my whole spiel about you guys do your homework find out the project is still executing during this down market and all's is one of them a bill was recently passed considering BTC and other alts as legal tender a federal court just ruled consider and BTC and other artists legal tender that's interesting I heard Wyoming did that right I don't know if it's a federal court I'll have to look into that because that'll be interesting one other thing that's going on right now I think a lot of you guys know is how to categorize cryptos in Bitcoin is every single you know entity out there is trying to classify something different so once that gets settle I think that actually helps the overall community right still bullish shiny last dose yes and no alas dose I think it's led by a good leader I think overalls are good but there was some concerns I had about them layer and proof of stake a hybrid consensus right and and that led to other things like I did a reporting where showed that Ron was saying that while they're at the mercy of because they wouldn't they wouldn't give out I need to merge mining awards and basically they have to implement proof of stake first so they can move off their network or merge mining into another pool but they can't do that until proof of stake a so right so there's some concerns that it's it's going on and on and on alas those keep in mind outside is just crypto space it's it's been a work in progress for 17 or 18 years and it's never been finished it's always been moving on and on and on into something different like a different variation of the original idea so I would like to see lassos finally come out with the finished product and hopefully and hopefully perform right is I think right now I think right now a lot of people just keep waiting for it and I am – suddenly six ears will face the Warriors haven't be finalists I think so they're looking they're looking very strong in the yeast so I don't know I don't know yeah I don't know like someone like Toronto and Milwaukee could really challenge them maybe maybe because they're both really strong teams to do you think whales are accumulating I do think so and in terms of whales I'm talking about I think companies and institutional investors right they don't want to come out with it publicly they are accumulating but they're doing it through the OTC market so that's why you don't see you don't see the volume I mean the price go up right because we have a lot of these trading OTC exchanges to have come out with data that says that 2018 the volume went up like 2 X 3 X 10 X a lot more to talk 17 right and that's because people are buying so yeah I do think so hopefully crypto Pia if crypto Pia opens back up hopefully those of you guys have funds on there you learned take it all out immediately take it all out do not leave it on there do I was still like not lun know I've said that a while I've gotten off of that lund because there's no one using the platform if you visit their website or at a platform I think they changed it actually it used to be open platform you know go to now I think you have to access it through a node of some sort but basically no one is using it so I'm not a not a fan of them anymore what will happen to grant and beam of light quanta implements minimal Wimble nothing they'll be there'll be their separate projects – I mean even mineiro is trying to come out a tardy that's based off of it it's just another another way to implement privacy it could be done as a side chain or its own blockchain it just depends on how good the project leaders are now grin is more like open source so I'm not sure they can even survive now beam is more like a startup which looks more interesting so I think beam will probably survive but if like when I'm on set but who knows how long that's gonna take that'll be interesting though definitely be leaders in this space until Manero introduces theirs do you think Bret brings it a Brit exit I don't know how to say it have any about that crypto no I don't think so I do think that the world financial you know system crashes once again like back in 2008-2009 if that does happen again I didn't think that will have effect on crypto I think a lot of people have diversify move their funds into the more stable things like bonds and gold and possibly crypto at that point alright guys thanks Jake and I think that's it let me wrap up I know a lot of you guys are tuning in right now but overall today is somewhat of a boring day real quick to wrap up for those of you guys are tuning in late Jack Dorsey CEO of Twitter and square basically participated in this torch experiment of lightning and everything went well it was actually all done on Twitter and also she is a firm believer Bitcoin only people asked him about adding other kryptos under cash and he just said nah that's it finance Queen is still going up because of the launch pad right people are excited about participate is or it could just be soap like pump but right now that's what it looks like and then there's other things like a bra which is opening up stock investments but you don't actually own anything they're they're owned by our bro so you just buy a fractional piece you're buying the ownership from our bure up basically based on an index price so but I do like the concept of tokenizing stocks in general and then that's it overall overall the market is moving down we'll have to wait and see we're getting closer and closer to that weekly 200 weekly ma so then we will see if we have a good pump up a good sustain rally up or if we're gonna move down so that's what we're all waiting for alright and that's it thanks for tuning in guys make sure you hit the likes always appreciate that subscribe to the channel and I will see you guys tomorrow at 11 a.m. Central Standard Time alright take care bye bye

24 thoughts on “Bitcoin and Cryptocurrency News for 2/6/19”

  1. Join for more analysis and insight into the market. Check out the shop for Bitcoin and Crypto merchandise: New Channel for Car Enthusiasts:

  2. You always have interesting topics to say about the space . I appreciate the no BS videos .
    Peace from
    Sydney Australia

  3. Where are you getting your figures from. You are stating that BTT is up 800%, It is only up 70 percent since the time it was trading in the open market.

  4. NTK Coin Big Airdrop up to 1.5 Million Date 8 February 2019 so hurry up Buy before Price is UP.

    You can buy NTK from in NTK/BTC Pair.

  5. If the very reason for the BTC price has been going down was the Mt.Gox selling, price will go up when it’s done selling. ?

  6. George , have a look at,NEX exchange rebranded, mega team , security , REAL decentralised exchange , your audience will appreciate the quality of the project

  7. Next 'round' of Litecoin and Bitcoin halvings begins 2019 – continues into 2020 – mining reward is halved leading to less new Litecoin and Bitcoin entering the market leading to upward pressure on price. Last 2015 Litecoin halving signified the beginnings of 2015 – 2017 price surge!"

  8. Gox Trustee dumping on open market to accommodate a large buyer who wants to buy cheaper. Gox Trustee is price insensitive.

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