Facebook’s Plan for Libra Coin Revealed (Bitcoin News)

alright guys I’m back from vacation. I
had a really fun time in Disneyworld with my family over the last week, but
now we’re ready to hit the crypto news running. today we’re gonna be taking a
look at how Facebook is actually going to centralise Libre coin and also we’re
going to be taking a look at what Finance thinks is going on with the
markets they put out their monthly market report has some very interesting
details on why they thought that people were not buying the dip at $8,000 so
stay tuned for those stories and more welcome back to bit boy crypto your
one-stop shop for all things Bitcoin and crypto currency today we’re gonna be
looking at some Bitcoin news involving a binance report that was put out that
has a lot of research that kind of explains what happened from this drop
from 10,000 to 8,000 dollars we’re also gonna be taking a look at
some very interesting things going on with Facebook Libra Libra coin the
companies that are associated with that and some connections they have that some
people are growing very concerned about so first let’s check out the markets
here we got Bitcoin coming in at 8200 it was on a bit of a pump this morning went
up about 200 or so dollars it’s kind of may stable off here for a little bit
around 8200 always have to see I personally think it’s gonna go back down
some people think it’s gonna go back up but hey that’s another here or there
my opinion doesn’t matter so here we go 24-hour gainers we got Liske verge did
you buy cosmos and Tron and quant all coming in at about 10% to 12% biggest
losers of the day only notable one there really is silica down 2.5% not a lot of
big losers today I mean maximized coin down 20% but that’s a pump and dump poin
if I’ve ever seen one so let’s move on let’s look at the chart here so this is
the what does the daily chart right here I’m using my market cypher indicator the
a in the B here definitely guys you check that out crypto face
I’m a big fan of this indicator I’m actually in just a few weeks of leverage
training I made a good amount of money doing this um I don’t know lever trading
enough to do it without these indicators but these indicators kind of tell me
what to do we talked about this a little bit on the livestream the other day I
was able to short Bitcoin yesterday and long it today for some nice gains in
both directions so if you’d like to deleverage trade on by a bit you can do
that by going to buy bit bit Boyd live but keep in mind it’s not for beginners
you know this is definitely something that I’ve eased myself into and I
suggest you do the same so we look at the chart here and you guys can see like
we were in this descending triangle descending triangle that we stayed in
for a long time let me see it now so we’re it is descending triangle and
now we’ve broken through that support so you know will we see some sideways
action for a while some people believe that we are going to see some sideways
action I don’t think that we’re gonna be moving up very quickly back over 10,000
I think it’s probably gonna be maybe a month or two before we can start to
challenge that again but hey I could be wrong so we don’t have enough
information I believe once we broke that support there to really determine
whether or not there’s gonna be a bigger move down or a bigger move up but let’s
let’s move know what finance thinks about this finance research points to
Bitcoin going lower you can find this on bit boy crypto calm and basically here
is the story finance put out their monthly report and
they said that backed had a big role in pushing the price down now it doesn’t
necessarily mean that institutional investors were pushing the price down
what it means is that we had a classic example of buy the rumor sell the news a
lot of people were waiting for back to launch to get a pump and when it didn’t
come a lot of people sold off so the institutional manipulation may not have
been as strong as just the average investor saying you know what this just
wasn’t what I thought was gonna be I’m gonna pull out because I don’t think the
price is gonna go up and especially as the price started dropping there was
probably a lot of panic selling now there probably is a little there
definitely is some institutional manipulation going on there I don’t
really I don’t know a hundred percent in game here with this the volume for
back has not been great but with the CME’s we saw something similar the
volume over time should be picking up but a couple really interesting things
occurred first the altcoins did not sell off last week which is very interesting
or sell off during the during the dump a lot of people were moving their money
over into stable coins but we didn’t see the alt coins drop the same way we saw
Bitcoin drop which was very very interesting the other thing is is that
binance believes here we go well where is it let me see where I was
off to here oh here it is while backed while the back sluggish
start certainly attributed to the sell-off the market seemed to suggest
that its recovery may be slower than many anticipated investors were scared
off by the aka price and did not see it as a buying opportunity this begs the
question if a que is not a buying opportunity then the numbers investors
would feel comfortable buying Bitcoin that again may be much lower so the
point here is there’s a little typo in there um that was not a question there’s
no question mark here that boy but the point here is is if 8k is not the buying
opportunity if buy Nance believes that investors are not buying the dip at
eight thousand then where is that buying opportunity I’m gonna give you guys
example you guys may know I I sell football helmets so you may not know
that you guys can look us up on Facebook headliner sports breaks we sell sign
football helmets the very interesting business and the long and the short of
it is we have certain price points for helmets so when we start to get to a
point where we hit a lull and we’re not selling a lot of helmets it’s amazing
what happens when you just slide that price down even a few dollars even a
five dollar difference can be the difference between people not being
interested and then people swarming and wanting to buy I mean think about it if
all of a sudden well here’s a great example
Black Friday what happens on Black Friday Black Friday you got TVs that are
regular six hundred going for one hundred and fifty bucks and what happens
that people come out of the Woodworks for those people love a good deal and so
with Bitcoin it’s seen like 8,000 was not the deal everyone was
looking for because if it was then the price would have bumped if you look at
14,000 where we were in June or was that July they was in June yeah definitely
June at the end of June we were at 14,000 if I would have said man hey I’ll
show you a Bitcoin for $8,000 you would have been like oh sure definitely I’d
love to buy that Bitcoin at $8,000 but now that the price is down there and all
the bitcoins are at $8,000 no one wants to buy so could it be that that dropped
to 7,000 or 7,500 is what I just hit my desk is what we need for that big bounce
up I think it might be because we didn’t get it a and I just don’t think we’re
gonna see the momentum just all of a sudden moves move upwards I think that
we’re gonna see it’s either gonna take a lot of time or we’re gonna have to drop
lower to go back up so let’s take let’s take a look at this interesting story
here Facebook’s Lieber Association faces more scrutiny now a couple things happen
over the weekend PayPal pulled out of the Lieber Foundation they
said they our association they’re not gonna be part of it anymore
and also MasterCard and Visa are also looking at pulling out so is this bad
news for Libra I’ve told you guys from the beginning I don’t think it’s ever
gonna launch at least in its current format um so then came European Union
criticism of Libra which is not surprising because we’ve already seen
France and Germany both come out against it but I thought this was very
interesting here guys I’ve been telling you guys for a long time what if I said
about Libra coin it could be good if you look at the white paper you know it’s
not really supposed to be centralized as opposed to be decentralized that’s why
they have the Libra Association but I’ve been saying that we all expect Facebook
to do something in order to make it centralize even though it appears like
it’s on the path to not being centralized no one believes that
everyone’s waiting for them to trip up on themselves and reveal the
centralization plan well we may finally have it so one of the growing concerns
of the Libra association is the overlapping relationships between 15 of
the 27 members a wired analysis indicates that with so many intertwined
relationships the Liebherr association creates a
facade of decentralization so that no single company can be held responsible
for the management of the Libra system there’s also concerns that because of
all of these overlapping relationships that there could also be money
laundering fraud all kinds of stuff could go on within the Libra Association
and no one would be the wiser so let’s take a look at this chart here very
interesting that wired put this out this is a tech website or tech magazine used
to be a magazine don’t know if they have a physical copy anymore
who buys magazines the ties that bind facebook’s Libra so you look here you
see several different big companies you see coinbase involved Spotify lyft uber
never heard of ribbit capital or ribbit ribbit and then Facebook down here so if
you look at this chart it says investor board member executive board former
executive or board member or other or partner and you can just look and see
how all of these relationships are so intermingled
like for instance my Matt Kohler is a former executive or board member at
Facebook and now he’s an investor with uber we’ve got a lot of these investor
relationships going on Peter Thiel David Marcus who is in
charge of the Facebook blockchain sector are also in charge of Libre and you can
see he obviously is an executive I can’t remember what his official title is
chief blockchain strategist something like that chief technology strategist
something like that with Facebook but he’s in charge of Libre coin and he’s a
former investor or a former executive with coin base and we all knew that
right but he also is invested in Zappo which
is one of the other companies working with Facebook okay working with Libre
coin in the Libre Association so as you guys can see this thing is a mess an
absolute mess with overlapping relationships and so if you kind of
think of it like this all of the all these relationships come back to
Facebook so even though a lot of these companies are separate they
have ties which means that Facebook could still be pulling the strings on
Libra and I think the government’s are not gonna put up with this I do not
believe this is gonna launch I’ve said it many times I don’t care how much
money Mark Zuckerberg has people keep saying that I don’t understand this I
told people I don’t think it’s gonna launch they said well Facebook’s got too
much power there you know too much money you know who has more money than
Facebook the government you know who would like to keep more money than
Facebook the government we’re seeing that in governments across the world
including the United States so definitely gonna be very interesting
to see what happens here with Libre coin but like I said I don’t think it’s gonna
launch in its current form at all I think it’s got almost a zero percent
chance of doing that so um you guys let me know what do you guys think do you
guys think Libre coin will launch let me know down in the comments below that’s
all I got for you guys today got a lot of videos playing for you guys this week
really looking forward to getting back in the swing of things the boy out

12 thoughts on “Facebook’s Plan for Libra Coin Revealed (Bitcoin News)”

  1. Your last point is well received (that the gov't has more $ than FB).. BUT, there's one thing that I can't shake: that they're all in bed with each other anyway.

    So the gov't will figure out a way to profit off of Zuck/Libra, to keep themselves richer, and it's that that point, it'll gain traction & support

    They're all crooked!

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