Crypto Extinction – The Fud & The Facts – Bitcoin & Cryptocurrency News

is it over yet yeah what about now yeah you know what I'm done I'm done I'm selling I'm out I'm out I'm selling all my crypto right now yes insult pump it welcome everyone to this August 15th edition of what's happening in crypto with the crypto lurk broadcasting to you from New Zealand are bringing you all of the latest from the crypto world and beyond today's top stories old men shaking their canes at Bitcoin once again Bitcoin retirement funds and High Times and playboy or in the crypto news again but this time it is not for a happy ending Bitcoin 6282 dollars up 4.3 percent in the last 24 hours in fact there is a lot of green happening right now in the market that is not to say that we are at the start of a major bull run or anything like that but it is nice to see a little bit of green recovery happening in the market after some really really serious downward movements and for a lot of the altcoins that are getting crushed right now it is a great opportunity for dollar cost averaging in is a great opportunity for picking up some real bargains that may have some great opportunities on that next bull run but of course this does not mean we are at the bottom although it seems like there is a lot of seller fatigue happening so we may be getting close to that point of final capitulation on to our first big story of the day Bitcoin is useless as a payment mechanism and ridiculous as a store value says the ex PayPal c-e-o now I watched this interview and it's another typical example of people that are either intellectually dishonest or are actually ignorant of the facts and yet they get invited on TV to give their opinion about something they either don't understand or lying about and in Bill Harris's case it could be a situation of both it's hard to say he says the cult of Bitcoin makes many claims that it's instant free scalable efficient secure globally accepted and useful he says it is none of those things now the guys on CNBC fast money did hit back quite well it was a quite an interesting exchange there for a few minutes but he is wrong on so many levels it's actually hard to deal with of course he has moved on from PayPal and he now has this personal capital dot-com helping people achieve net worth planning your future analyzing your portfolio free financial tools he is of course selling what bitcoin is not selling so for him bitcoin is a direct threat to his personal business model as it does not fit his narrative and of course just something that I feel like he may not fully understand or if he does understand it again he's lying on TV to try and get people scared again once again guys over on Mad Money host Jim Cramer argues that the tide is turning against bitcoin I love how these people always slither out from under their rocks when the markets are going down I think the tide has turned against it I'm not saying it's time has passed but there is a notion that the Sun seems to be setting God how many times we heard this it's just it gets to the point where it's like guys it's just quit beating the same old drum what are you doing now his guest went on to say that bitcoin is the requirement of most of these hackers and particular reference to ransomware and many companies choose to buy a Bitcoin in some state or fashion and pay them off basically saying that the only use case for Bitcoin is to pay ransomware hackers what reality do these guys live in it's absolutely crazy now obviously that is one of many possible use cases for Bitcoin and yes it's very easy to point to the bad things that Bitcoin does whether it be ransomware or paying for human trafficking buying drugs money laundering financing terrorism yeah all that happens in Bitcoin guys all that stuff also happens with dollars in Euros and everything else you gotta keep it real money is money and bitcoin is a medium of exchange and it's actually a very utilitarian meeting of exchange so of course the criminal elements will see the utility in that just like everyone else does except unless you're this Kramer dude or the ex PayPal CEO anyway bitcoin falls through $6,000 support as these Apple president warns of an alt coin extinction event that's some pretty serious words they're an altcoin extinction event and to be honest that is going to happen to a lot of all coins we currently have with 1600 just listed on quite market cap that doesn't even represent all the digital assets that are out there there are lots that simply are not listed on quite market cap or list on other market cap websites there will be a lot of these that do not make it now he's calling for a 90% cull in altcoins that's interesting so that we'd only have 160 for example left on quite market cap well if that were the case maybe I'm not sure it's gonna be 90% because there's really two camps when it comes down to it there's the camp that looks at it and says we're gonna see a future where everything is tokenized and you have tokens for everything and there's another camp that are more maximalists when it comes to you really don't need anything past the Bitcoin and there's a lot of conversation in the middle of those two points about where we're going to end on how many alt coins there will be but the reality is that a lot of alt coins have already failed if you go down to some of the sub 1 million dollar market cap coins those aren't gonna come back those aren't gonna have a bright future moso and some of them will and some of them will there is a few out there that might do very very well moving forward they've just been wrecked by the market that came out at the wrong time whatever it might be but most of these will not last the test of time but that's part of the process that's part of the experimentation it's trying new things seeing what works and what doesn't work and there'll be plenty of things that don't work but there will also be some that really do work again if you look at that parallel with the dot-com bubble lots of ideas didn't work but lots of ideas did and those became some of the biggest companies in the world if you would like a more measured view on basically Bitcoin go ahead and have this watch of a short interview with meltem de Mears talking about Bitcoin bitcoins value will come in time even if investors are spooked now wholeheartedly agree we are at a time of maximum fear and panic and people are capitulating and it's it's really rough and it's an a it's an emotional journey that people go through when investing and the crypto markets are particularly brutal this kind of message is important Bitcoin does have a strong value and that value will be fully recognized by the markets at some point in the future because a six thousand dollar Bitcoin is like a screaming steel and if it's five thousand dollars I'm great if it's four thousand dollars great those are all great prices to get into Bitcoin app and moving forward into the future the potential for Bitcoin to become a global currency not to say it's gonna be the global currency but a global currency on a truly mass adopted level it's very interesting to see where the price of Bitcoin will come at that stage despite it's 70% price drop Bitcoin has surpassed gold in settlement volume now look obviously when it comes to gold gold is not being used massively for settlements but that is an interesting milestone for Bitcoin to pass over there aren't good friends over at the SEC just watching out for your good well being and got to keep that in mind they wouldn't want you to go ahead and get rich now would they retiring on Bitcoin the SEC says no no no be careful of those cryptocurrency IRAs apparently though Venezuela has not got that message Venezuela to peg their pension salary systems to the petrol crypto-currency fascinating idea of course the petrol cryptocurrency being linked to the country's oil reserves which I do not feel like that is a good long-term strategy Venezuela considering the move globally towards renewable energy Playboy trials fraud lawsuit against a block chain start-up now according to the lawsuit filed in early August playboy and global blockchain technology signed an mou in March stating that gbt would help playboy integrate the Weisse industry token onto its platform playboy plans to use the token to reward its audience for watching videos writing comments and voting on content however unfortunately that situations not quite move forward in the way that playboy wanted it to and of course a lawsuit is the resulting situation out is unfortunate because playboy is a big publication having them on the blockchain train would have been valuable to some degree without a doubt High Times will not accept Bitcoin in its initial public offering this is such a high Times story I seriously feel like they were just sitting around the room so he's like bro you know it's gonna be cool man we're gonna take Bitcoin for our IPO man ah dude I don't know but it's not gonna happen they will not be accepting Bitcoin or aetherium for their initial public offering for the stocks this would have been a very interesting first and it would have been really cool to see High Times being the one to do that but they are now backtracking on those statements however over in Jamaica stock exchange plans to offer crypto currency trading very cool to see more and more nations all of the time getting involved in cryptocurrency offering those options to people the more it grows the more customers there are the more likely there are for price potential in the future and the Caribbean central bank explores issuing it's own digital coin particularly the central bank of Curacao and st. Martin looking at issuing out their own digital currency we have seen a few small island nations doing this already to see a few more hopping on board I would not be surprised in terms of central bank issued crypto assets and crypto currencies not a fan personally but they are coming and they are going to be part of that ecosystem moving forward and a final announcement for today make sure you go ahead and check out our latest episode of token tank sonow blockchain Brad crypto zombie and crypto candor interviewing wrong Chen from alas those really great chat answering some of the key questions that the community has about Alaska's at this time thanks so much for watching today's episode let me know what you think about any of today's news stories down below in the comment section thumbs up the video and share these videos around the internet to help our community grow join the conversation over on Twitter or telegram long live the blockchain and peace out til next time

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