XRP Live News: US Senate Bank/Blockchain hearing!



you how we doing can't hear me now all right I think we're good we're good now right cord came unplugged sorry about that guys some green crack last night Chris Harvey yeah I wish I wish man I ain't got no green crack I didn't sleep last night though so if I'm looking a little bit retina as a swear I'm uh I'm just dead right now I was I was watching comedy skits all night last night I don't know I don't know what I was thinking you you should be able to hear me now you can't hear me now test test one two hold on oh I'm just yeah we got sound yeah I mean all right all right cool all right so we're having an interesting morning for starters for price right I think this might be because we just got you know official word in the last few hours the SPI virtual currencies is absolutely going live in t-minus 10 hours 10 hours what happens in 10 hours do we all just lose our last chance in 10 hours to buy XRP below $1 oh no guys that might be a little bit of hype I don't know I might be a little bit high P today I'm might a little bit hype because I really expected SPI to be delayed so how's everybody doing today let me shout y'all out human tripod the crypto dracula Matt LaRoche cashing out Dyson Gilmer how's it going dude I remember seeing you in I think he might be one of the first time to tune in thanks for tuning in whether Dale Willis KB Hadouken how's it going hi do Chris Harvey who else we got in here today we got Jared a Harvey so we got double Harvey's any relation Chris and Chris and Jared a y'all uh y'all cousins by chance maybe maybe we're all family in here right xrp a little or insects therapy how you doing dude let's see let's see who else Josh right thank you for stewing it tuned in Ben how you doing today dude em Grimes Mill way glad to see everybody in stream I hope you all are ready for this hearing let me pull that up because apparently okay let's refresh and see if it went live yet it should be going live in the next 7 minutes so we got a little bit here if you smoke after a nice little break oh no it's it I I totally agree did I that's actually one reason why I like taking breaks I'm not gonna I'm not gonna mention what we're talking about there Dyson but you know yeah I keep getting flagged every time you know I can't do a live stream it seems without YouTube being like hey you're not allowed to monetize this cuz you said some stuff that's inappropriate sorry oops sorry guys I'm a little too real for YouTube I guess how's it going Richie xrp I do anything Jay killed what's up dude alright so I was doing a little bit of research last night because I had read an article maybe like two three weeks ago they had mentioned uh that the US dollar actually about well what I have read previously was about 80% of the US dollar is used is utilized for cross-border exchanges for an exchange of the foreign exchange market but I found this article and it's a bit newer this was published just this year and this one's claiming that only 62% of the central bank's foreign exchange reserves are in u.s. dollars and so that accounts for ah did it show the figure down here I think yeah it's just says the 65% of all physical cash is actually used for cross-border payments so the reason I was looking this up for anybody that's wondering why I just went on to this real quick while we're buying some time um I was I've had some people coming into the comments in my last video I did the other day about the five eight nine you know how we get up past uh get into the six-figure or the three figure price range and people are like you know you're just being like the most optimistic possible example and I'm like no actually I didn't even factor in the the like effect that this adoption will have on the US dollar if this affects arterial places the US dollar as the GCC the global reserve currency as far as like used for a cross-border foreign exchange right if that happens the US dollar is going to lose as we can see here 65% of its current value so the $600 $631 whatever it was that it came out to with my previous video you can basically double that because if XRP absorbs 60 well it's actually triple it because 65% is two thirds of the u.s. dollars utility value is is provided through its demand in foreign exchange so if XRP takes control of that demand the US dollar could lose up to sixty sixty five percent of its value meaning that the value XRP is going to gain out through absorbing the foreign exchange market we'll put the price at equivalent to what is now worth $600 but the US dollar is going to lose value therefore you're going to see that $600 value actually represent in that day in eight that day that that comes when the day comes that XRP absorbs all the global market all the global remittance markets right when that day comes you'll see XRP go not to 600 but to $1,800 yeah this is assuming the XRP is able to absorb the whole remains market right I just want to touch on that because fun little thing fun little tidbit get you all hyped up get you all thinking about the fact that we can see some really big numbers when SPI goes live and we start seeing institutional volumes start really rolling in I can't wait to see what's gonna happen cough we lose 65% value how much would our stuff be then to you the US doll oh yeah so that's an interesting question right middle weight basically you're gonna see everything in the United States triple and triple and cost because we're not going to have the luxury of being a nation that lives and breathes by exchanging the the global reserve currency we don't get that luxury anymore we're going to lose that because we abused that privilege for the last 50 plus years so if if if anybody is upset that everything in America is gonna start to cost a lot more money in the next two or three years you can blame you can blame the government I don't know what to tell you I don't know what to tell you you know I think we've all I think anybody's been following finance for any amount of time falling to global markets for any amount of time you know it's been kind of obvious that these guys have been uh have been breaking the system and that they've been exploiting it for their own personal greed and the wealth of the upper class right but we won't get into that too much um I want to get too deep into that I just want to throw out a phone number two you guys assuming that we actually the XRP actually is successful and it's it in the roadmap that ripple has before it for the four XRP right purchasing power will be massive for XRP against all yes it will it's going to be disgusting what's going to happen and I mean yeah it's like yeah I just don't I don't think people really understand what it is that we're in we're in money we're investing in money we're not investing in securities you know that's something to keep to drive home to everybody all day every day Gaming crypto xrp thumbs up thank you for the thumbs up brother appreciate very much uh I thought you were about to say absolutely going to I I know right I thought I was going to be coming on today or tomorrow being like sorry guys I warned you SP I know it's gonna be delayed but I don't get to do that do an ad all excited I am for that guys I'm not gonna lie I'm not gonna lie I think I think now I'm gonna be the skeptic for everybody right y'all know that I really think that the price is gonna go booming tomorrow bum be the skeptic and say guys nothing's gonna happen tomorrow okay the price you're gonna wake up tomorrow and the price is still gonna be 30 cents it might even be 29 cents cuz good news it doesn't affect the price guys there's no such thing as a fundamental catalyst that drives price up it just doesn't happen never happen in the history of any market ever so don't expect it to happen not being totally facetious right now but you know did you see the Kevin cage video claiming SBI is already trading I thought they're coming tomorrow they are coming tomorrow um I think what he is referring to is the fact that they were doing trials there they had a test net for trials that were being performed back since 2018 actually since since last year they did a they they went live with their test net in June of 2018 but that was that's that has very limited pool funds and that is a a walled garden in sorts right like those funds are are traded only there and there purely for for testing purposes has it started yet let's refresh this real quick and we'll see cuz it should be up I got a gray screen oh I need the yeah I need that enable cookies that's where it is your script that's where it is all right ooh you okay let's see it's saying that it's been live for 14 minutes but I'm not seeing anything yet so we'll put that right there I love the sound on here so hopefully as soon as it starts up y'all's hear it and you'll be like what's the odd noise to the streamer dude you are hi shut up and talk quieter but ro you offend me oh my gosh guys I talk way too loud did anybody even hear me oh no I'm I'm gonna go back to talking normal cuz I don't give two craps about you Polack sorry bro no I love that people come in here about like trying to throw some shade it's like they don't realize that I setup like I understand that there are trolls out there so I've created multiple shields around myself based upon the persona that I present to you so that I can just laugh at these people it's it's really fun what's up Otis how's it goin brother I'm offended by everything a lot of dude I love it's the Han Solo maybe he has his subs on oh uh maybe maybe yo it does go down to ten you don't have to have it past eleven all right I think I hear you fine well you know that's good for you Josh I I'm just I'm just a loud person you know I like to especially when I'm excited I'm so excited today nobody can oh sure he will come to order order in the court all right Congress this committee held two hearings examining the digital currency ecosystem in those hearings we heard about some of the developments that have occurred within the digital currency marketplace since the creation of Bitcoin in 2008 the potential benefits of digital currencies and the concerns about value stability fraud and illicit uses market manipulation and privacy since then Facebook announced its intentions to launch a blockchain based payment system and digital currency Libre that will be governed by an association comprised of up to 100 financial and non-financial members including Facebook's digital wallet service Calibra Facebook's Libre project has generated renewed interest in digital currencies in blockchain generally including how they interact with us and international regulatory frameworks the potential benefits and challenges they pose and concerns around issues like anti money laundering and counterterrorism efforts including data privacy consumer protections commerce and monetary policy a few weeks ago the head of Calibra David Marcus joined the committee to provide an update on Facebook's proposed digital currency during that hearing mr. Marcus emphasized some important points and commitments including that there are a number of regulators globally that are currently engaged on the Facebook project including the Federal Reserve F sock fencin financial conduct authority and the g7 and more Calibra and the Libre associate we'll have the highest standards when it comes to data privacy and no financial data or account data that is actually collected in Calibra will be shared with Facebook and that the Libre Association will be headquartered in Geneva Switzerland but will still register with fencin and have oversight from US regulators though while Libre may have begun this conversation the blockchain and cryptocurrency system is diverse it seems to me that these technologies and other digital innovations are inevitable they could be beneficial and I believe the US should lead in their development that can't happen without clear rules of the road as the u.s. develops a more comprehensive regulatory approach care must be taken in determining what gaps may be present in the existing framework in mid-july Treasury secretary manoosh ins said to be clear the u.s. welcomes Responsible innovation including new technologies that may improve the efficiency of the financial system and expand access to financial services that being said with respect to Facebook's Libre and other developments in crypto currencies our overriding goal is to maintain the integrity of our financial system and protect it from abuse he also noted that Treasury has serious concerns regarding the growing misuse of digital currencies by money launderers terrorist financiers and other bad players as digital currency efforts move forward I'm particularly interested in better understanding how these technologies may impact individuals ability to exercise control over their data including the right to receive information about and access bad players alright so what the hell why are you all saying that there's no sound I literally just press play on my end and it's loud what are you doing put headphones in guys if you can't hear you need to put headphones in or stop being a machine shop I'm getting tons of people saying that sounds fine so if you can't hear it's your end alright I'm gonna go back there data correct inaccuracies and delete their data during this hearing I look forward to hearing more about how the market for digital currencies has grown and evolved over the last decade different types of digital currencies in the marketplace including their differences with Facebook's proposed digital currency how other countries are approaching the regulation of digital currencies and blockchain technology and what we might learn from their successes and failures potential gaps in existing regulatory frameworks whether distributive ledger technology can help to facilitate meaningful privacy for individuals data and approaches Congress should consider in developing a comprehensive regulatory regime for digital currencies including ensuring individuals have real control over their data with the appropriate balance of regulation digital currencies and their innovations and their innovative underlying technology could provide meaningful benefits and I look forward to learning more about the ecosystem during this hearing senator Brown Thank You jerod Crapo and I'm welcome to our three witnesses thank you all for joining us some of you more than once thank you this committee hearing earlier this month many of us in both parties as you can hear from the chair voiced concerns serious concerns about Facebook's plan to run its own currency out of a Swiss bank account by and large we mostly heard deflections and dodging exactly what we mean when we say Facebook doesn't understand accountability Facebook has proven over and over through scandal after scandal that it cannot be trusted but they just don't care they move fast they break things you know minor things like our political discourse and journalism's and and relationships and privacy now they want to break our currency and payment systems hiding behind the phrase innovation they want to innovate Americans right out of their hard-earned paychecks look around at what happens when big corporations say they want to innovate before they blow up the economy in 2008 bankers were pitching an innovative new product called some subprime mortgages just like Facebook which claims its new currency will help the unbanked and the underbanked a bit of an afterthought I think as they were selling it these mortgages are supposed to help people who never had access to credit achieved the American dream of homeownership in reality these mortgages ripped off millions of families who ended up losing their homes they wrecked the economy they made the staggering inequality in this country even worse the only innovative thing about the financial crisis was how the bank's managed to stick everyone else with the bill not exactly the kind of innovation most of us were hoping for so I'm all for innovation especially if that innovation delivers on its promises of improving people's lives but big tech companies Wall Street banks are hiding behind innovation as an excuse as an excuse to take over important public services we all benefit from and should have we'll all have a say in there are some things our currency our payment system the protection of our savings accounts that everyone in the country has a stake in we shouldn't be handing those kinds of public resources over to wealthy special interests so they can squeeze more profits out of ordinary Americans think how hard it is to get quality service from Comcast to know how your privacy was invaded by Facebook or to know how much of your personal data was Lee was was leaked by Equifax and we just learned in the last 24 hours Capital One and who's next we don't know so we should be a little suspicious when someone tells us that only big corporations can be trusted to provide critical public services I recently moved into a new office it was John Glenn's office I'm when he served in the only obviously served Ohio in the Senate he and a and I moved there you see a nanny or longtime friends we've known each other for 30 years John Glenn spoke at my Eagle Scout dinner in Mansfield Ohio 50 years ago but I moved into that office because primarily he was an innovator he was the first American to orbit the Earth as we know as part of the mercury project which will be followed by the Gemini and Apollo missions that will eventually put Americans on the moon many of us who are old enough joined in the celebrations of the 50th anniversary at least some of us on this podium were old enough joined in the 50th anniversary there we all did that but join remember the day 50 years ago that's just this month none of the astronauts did it alone it took the hard work of thousands of innovating scientists and engineers most of them unknown people like famed mathematician Katherine Johnson or immigrants like engineer Miguel Hernandez these Americans didn't do it for profit they did it to serve their country and their successes were shared by every American who saw USA emblazoned on the side of Apollo 11 it's a reminder that some infrastructure works better is a public good and we shouldn't let big banks or big tech get their hands on those public goods the Federal Reserve and other watchdogs need to continue to be leaders in banking innovation if we don't move quickly to improve important infrastructure not just roads and bridges and highways and water sewer system sewer systems but our payment system too if we don't move quickly to improve it we'll end up with big corporations that have broken our trust again and again and again and that doesn't make any sense I look forward to hearing from our witnesses today about which of these technologies might actually help regular Americans thank you senator Brown today's witnesses are mr. Jeremy allaire co-founder chairman and CEO of circle on behalf of the blockchain Association dr. Rebecca M Nelson a specialist in international trade and finance at the Congressional Research Service and professor mehrsa baradaran professor of law at the University of California Irvine Law School of Law I'd like to assure each of you your written testimony has been entered into the record we encourage you to try to follow our five-minute rule by watching that clock in front of you so that we have time to ask you our questions and with that let's begin in the order in which I introduced you mr. Alera Thank You chairman Crapo ranking member Brown and members of the committee it is my pleasure to appear before you today to testify about the promise of digital assets and blockchain technology I've spent the past 25 years building Internet technology platforms and companies in the United States serving millions of businesses and hundreds of millions of consumers in 2013 I co-founded circle a global digital currency company seeking to make it much easier for people and businesses everywhere to create an exchange value with the same ease that we create and share information and content on the internet I'd like to start by touching on some of the challenges I see in the global financial system today billions of people lack basic access to financial services those who do have access face a system with exorbitant fees an excessive risk our banking system is riddled with money laundering and crime with annual illicit proceeds laundered through our financial system exceeding two trillion dollars and with 99% of laundering going undetected our financial system is also overwhelmed with privacy violations and data breaches cyber criminals and hostile nations continue to take aim at our financial infrastructure the cost of this are spiraling and the situation seems to be getting worse access to capital for small businesses is extremely limited with capital markets reserved for only the largest companies and those with access to venture capital and very few people have a chance to even invest in these startup companies there absolutely can be a better future had one built on digital assets and blockchains these technologies represent one of the most significant innovations in modern history I believe that blockchains and digital accidents will be viewed as more impactful than the rise of joint stock corporations double entry bookkeeping and modern banking in the coming decade will see a series of profound changes Digital Korean these will proliferate and become usable by billions of people on mobile devices payments will become a commodity free service on the Internet a new set of internet-based global capital markets built on digital assets will emerge opening up capital markets for businesses and investors everywhere scaling from today's thousands of companies to a world where every person and business can directly access global capital markets with the same ease that they access ecommerce marketplaces commerce relationships will increasingly be running on block chains providing a commerce environment with greater security efficiency transparency and enforceability and new decentralized forms of digital identity will become available allowing for much safer use of digital services and which will radically improve our privacy while more effectively thwarting financial crime as a new fundamental layer of Internet infrastructure block chains will transform the global economic system with respect to the policy and regulatory issues facing the world with the growth in digital assets there are significant issues at stake in the United States regulatory uncertainty and the application of laws that do not contemplate digital assets has led to the loss of significant opportunity the Securities and Exchange Commission for example is forced to apply federal laws written in the twentieth century to technologies created in the 21st this has had a material impact on the competitiveness of US companies with Asian based companies beginning to dominate the market and is backward rather than forward-looking Congress should consider new laws that protect consumers will not causing companies to fixate on nearly century-old definitions the result of the uncertain and restrictive regulatory environment has led many digital asset projects and companies to domicile outside of the United States and to block us persons and businesses from accessing products and technologies in circles case we have received a license under Bermudas forward-looking digital asset business Act which provides a comprehensive regulatory framework for companies in the industry and we are in the process of moving our facing products and services out of the United States it is vital that we allow innovators room to grow in the United States Congress should adopt national policies that define and establish digital assets as a new asset class including appropriate rules and exemptions without a national policy framework for digital assets I'm concerned that the United States will not be the world leader in this critical new technology that it will continue to fall behind and that it will not fully reap the benefits of economic transformation that digital assets will bring thank you for your increased Inchon interest and attention to this significant area of opportunity and I look forward to hearing your questions and opinions thank you mr. Alera dr. Nillson good morning chairman Creepo ranking member Brown and members of the committee thank you for inviting the Congressional Research Service to testify on examining regulatory frameworks for digital currencies and blockchain my testimony focuses on the international landscape of digital currencies I will summarize my statement with these brief remarks in 2009 bitcoin was launched as the first cryptocurrency cryptocurrencies are digital representations of value they are generally administered using distributed ledger technology and have no status as legal tender cryptocurrencies strive to make payments cheaper and faster today more than 2,200 cryptocurrencies are in circulation in terms of market size however cryptocurrencies are a small niche market some central banks and large multinational corporations are looking to take cryptocurrencies into the mainstream if these initiatives move forward there could be numerous policy implications for the United States including for its financial stability the role of the u.s. dollar consumer protections money laundering privacy considerations and sanctions policy I'll make three points today first the patchwork of cryptocurrency regulations around the world second the growing interest of central banks and cryptocurrencies and third fate Facebook as a potential game-changer for the market so the first point is the patchwork of cryptocurrency regulations emerging around the world cryptocurrencies are international in nature but they are regulated by governments at the national level there are more than 190 countries in the world and they are taking different approaches to the regulatory issues to buy crypto currencies for example cryptocurrency regulations have permitted on focused on permitted uses consumer protections securities regulations licensing and reporting requirements any money laundering regulations and tax treatment broadly speaking government approaches fall across the spectrum at one end of the spectrum some countries such as Malta Singapore and Switzerland are striving to become cryptocurrency hubs they be a crypto currencies as a potential source of growth and they actively attract cryptocurrencies with favorable regulation and tax regimes at the other end of the spectrum some countries including China India Egypt and Taiwan have banned or strongly restrict restricted crypto currencies their concerns focus on government control of the financial sector financial stability and consumer protections in the middle of the spectrum some governments are allowing the development of crypto currencies while developing regulations to minimize risk most major developed economies including the United States in the United Kingdom have adopted this approach differences in financial regulations across countries can lead to instability especially if crypto currencies are adopted on a larger scale the second point is that some central banks are exploring the creation of their own crypto currencies some countries plan to plan to develop crypto currencies as a second legal tender for example the Marshall Islands is planning to create a crypto currency called the sovereign to raise government revenue Venezuela launched the petrol a crypto currency backed by oil as a way to raise money and evade sanctions Iran and Russia are also reportedly considering crypto currencies at least in part to avoid sanctions other governments are considering making digital versions of their existing fiat currencies directly available to individuals for example Sweden's ich Rona project strives to reduce its reliance on private payment processing companies the policy implications of such initiatives for the United States would largely depend on which countries are involved and how the new currencies are structured the central banks of most major developed countries are refraining from such initiatives at this time the third point is that Facebook has the potential to be a game changer for crypto currencies in June Facebook announced its proposal for a new global crypto currency believer to be used by billions of people the Liebherr would be backed by a reserve fund of safe assets denominated in a basket of currencies the livre Association the nonprofit to oversee the currency is headquartered in Switzerland many of the details about how the Liebherr would operate remain uncertain the Libra has raised a number of question due to Facebook's lack of experience in the banking sector the size of Facebook's Network and concerns about Facebook's handling of user data there are also questions about who would regulate it and how earlier this month the g7 finance ministers and central bank governors agreed that the Libra raises regulatory and systemic concerns as well as wider policy issues that would need to be addressed before the project is implemented mr. chairman this concludes my brief remarks thank you again for the opportunity to testify and I look forward to the committee's questions thank you dr. Nelson professor Barratt Erin thank you and chairman Crapo ranking member Brown and members of the committee thank you for the opportunity to testify today in the aftermath of the 2008 financial crisis many Americans were frustrated with our banking industry that had engaged in reckless risk-taking and predatory practices that harmed their customers they were frustrated again by government bailouts that seemed to save just the perpetrators of the crisis is it any wonder that as so many people lost trust in the system that they enthusiastically embraced Bitcoin a new alternative non sovereign currency introduced at the on the heels of the crisis to respond to the very problems of the financial sector which as mr. delare wrote is rigged against average people I wholeheartedly agree with these concerns I spent my career trying to bring attention to issues of inequality and exclusion in banking while I'm glad the cryptocurrency industry aspires to help the unbanked I do not believe that in the United States this is the best solution to the problem the blockchain ledger is a big technological leap forward but problems of exclusion and financial marginalization in our financial system are not a result of faulty technology but faulty policy one stated goal of Bitcoin and digital currencies is to establish an efficient and public payment system available to all in fact Congress already established a public payment system the Federal Reserve the feds explicit Charter is to serve the public interest and to increase the integrity efficiency and equity of US payments the Federal Reserve can and should seek to open its payment system to all Americans currently the payment system is only open to banks even mobile apps and FinTech providers have to go through a bank but for a host of reasons banks are not serving low-income and low profit customers and communities as a result a quarter twenty five percent of Americans are unbanked or underbanked these low-income families spend billions of dollars and valuable time paying for checks to be cashed refilling prepaid credit cards and paying bills in person practically speaking the most direct path to financial inclusion is by opening the doors to our already established payment system it can and must be updated but the system is secure handles millions of transactions a day is accepted by all merchants and is widely understood the alternative path of financial inclusion through cryptocurrency relies on waiting for entirely new currencies to be developed on new and untested technological platforms waiting for wholesale adoption and use and then waiting for technological advances to penetrate banking deserts all while unbanked populations continue to spend hard-earned wages in fees and even if technological solutions are right around the corner and we decide that this is the answer to Financial Inclusion we would be reserving the highly subsidized and public federal banking system for those with enough means free banked and relegating the unbanked to the private corrupt or currency markets this is undemocratic and unfair the Federal Reserve and this Congress are in the best position to make this possible by offering real-time payments and retail point-of-contact operations such as a post office checking account as far as regulating these cryptocurrencies I ask the Congress and regulators approach these financial products with a healthy bit of caution it's the innovators job to imagine a bright and better new world of disruption and change that will benefit everyone it is a regulators role to imagine what could go wrong to create system-wide crisis that could hurt everyone when it comes to regulating finance an ounce of prevention is much better than a trillion dollar bailout as innovators look forward regulators and Congress must make sure that we've learned the lessons of recent history though no one wants to stifle innovation or to see the u.s. lose its competitive edge we should remember that much of the deregulation that led to the financial crisis was justified on these very same worries just two examples the derivatives market was deregulated because injury industry experts promises innovative and complicated new products hedge risks investment banks and regulators relied on very sophisticated mathematical risk models for risk management instead of old and outdated rules not wanting to stifle innovation derivatives were deregulated in 2002 which led to a 600 trillion dollar market that no one was watching too closely as financial regulators discovered in 2008 the complex risk models had not hedged its risk at all but had merely placed many of them on books of their counterparties the entire sector was exposed the innovation the math and the technology was not the problem the problem was the humans similar promises and assumptions were made about the new and innovative money markets in 1980s that were also similarly deregulated money markets were pegged to the dollar 1 to 1 just as Libre and digital fiat currencies are they promise to be stable and liquid and liquid and not susceptible to runs and they were fine until they broke the buck and threatened a potentially catastrophic run the Treasury had to step in to guarantee these markets crypto currencies create new money like instruments that are tradable and have inherent value this is not significantly different from derivatives markets commercial paper markets repo markets even historic markets in private bank notes these shadow banking markets were unregulated for too long and created big problems so far none of the crypto currencies have reached the level of scale where they would present a systemic threat but if their ambitions are believed they will and we have regulators for that that should look to the safety and soundness of the financial sector technology has and will continue to fundamentally transform finance but there is yet to be an innovative technology that has eliminated the risks and frauds and crimes the financial regulation is meant to combat despite many promises to the contrary cryptocurrencies are either store value tradable currencies investments commodities or payment system or some have promised they are all of these things there's nothing about all of these things being put on the blockchain that makes it any less likely that it could lead to systemic risk fraud insider trading criminal activity panics bubbles etc if our securities or commodities or banking laws have become outdated or unnecessary or if Congress believes that they are too cumbersome then they should be repealed or changed for all applicable parties not just newcomers technology and innovation cannot undermine public policy thank you Thank You professor I mean I used my first section of time to talk to you mr. oler it's been 10 years now since bitcoin was first issued and the digital currency marketplace has evolved and grown I think one of you said 2200 currencies right now crypto currencies right now given this innovation and their complexity it can be difficult to understand the differences between products and their benefits and the challenges that are raised for regulatory climate mr. Alera how can the u.s. develop a more comprehensive approach to digital currency and blockchain regulation while still acknowledging the unique aspects of different projects I think your comment is is very accurate in that we have seen tremendous development over that period of time as noted in my testimony there's over 2,300 different digital assets that are available publicly in some form in my testimony I do outline in great detail the kind of different categories of digital assets it's it's very easy when one hears about Bitcoin or Libre to sort of assume this is all the same stuff and so I think one of the very first things for regulators and policymakers is to really distinguish between the different types of digital assets that are emerging we see obviously these kind of non-sovereign digital monies like Bitcoin there are dozens of others like that that have a focus on kind of privacy preserving you know transmission of value they implicitly have a kind of monetary policy associated with them and these kind of new commodity monies need to be regulated as we've regulated other commodity monies with appropriate types of Financial Crimes controls as we've seen put forward in with FinCEN and and fad of guidance but also there's I think new things that happen in this space the firm's that store these assets these are these are effectively digital bearer so not unlike diamonds or gold or some other bearer instrument but they're digital which makes them very very attractive to people who might want to steal them hence so much of there's been so much activity around theft on these kinds of cryptographically secure to assets and so regulations around the custody of digital assets is a is a really critical need and something that a number of jurisdictions have actually put forward and built very specific rules around how do we custody these types of digital assets I think as I've also talked about you know some of the most innovative technology in this field are what I call blockchain platforms and these are really general-purpose infrastructures for record keeping transaction processing writing code that executes different types of contracts and this is I think one of the most important breakthroughs that we've seen in frankly in the history of modern computing and ultimately can lead to things like secure voting new forms of governance mechanisms within firms as well as innovations in in financial assets these types of assets I think have the broadest applicability and should be encouraged in their development I think in the same way that we encourage the rapid development of technical standards that made the commercial Internet flourish let me interrupt and ask a further question as I understand it when it's been recently that Polonia acts the subsidiary of circle transferred its registration to Bermuda and cited in that process it was cited that there was regulatory uncertainty in the United States which was a primary motivating factor could you explain that a little better yes absolutely I think the the really critical issue is that many of these digital assets do not easily fit classifications that we've had in our financial system we'd like to say oh this is like a currency or this is like a commodity that you'd use or utilize in some way or this is has some feature that maybe makes it look like an investment contract many digital assets have features of all three it's what makes digital assets I think very innovative is that you can construct a asset that simultaneously incentivized capital incentivizes customer behavior provides value in terms of access to goods or services and payments and that's a breakthrough in in how we can develop corporate forms it's a breakthrough in how we can incentivize and develop businesses and technologies unfortunately in the United States the guidance that the SEC has has given is extremely let's just say narrow in terms of what they would deem to not be a security the vast majority of digital assets if they were in fact treated as securities as the the Howey test application and the most recent staff guidance provides effectively we would mean that those are not accessible to us persons because the utility value of the asset would not be possible to function if it's treated as a security so there's a fundamental mismatch between the regulatory structure that and guidance that we have here and the nature of these digital assets and so markets around the world are adopting these and not just Bermuda but Singapore Switzerland even jurisdictions like France introducing Taylor purpose-to definitions of digital assets so that issuers can feel comfortable with their obligations there's investor protections associated with those and security and the like but which don't try and jam these into the respective classifications we have today so my times experiment to be be sure I understand your point here it would be as a part of our policy approach you're suggesting we should not regulate this set of innovations as securities to the contrary so I'm sorry I misunderstood the question yes we should we should regulate these I believe we need new definitions of digital assets as a new asset class and that there are circumstances where there are investor protection considerations there trading and market considerations there are also circumstances that have to do with utility commodity and end-user usage and you have to be able to define these in a way where that can work all right thank you senator Brown Thank You mr. chairman professor broader and welcome congratulations on your move to Irvine thank you very much you seem to like you might be skeptical of Facebook claims of two weeks ago in this committee like the one at that it's some barging head with it with an innovation that will serve the the unbanked and underbanked would you would you if you can kind of cite some history when I innovators financial service companies others said that they wanted to bank the unbanked and the underbanked and what actually happened with those kind of innovative financial services products yeah this is not the first time we've heard that the main and as Calibra says their their fundamental mission is to serve the unbanked and underbanked and I've heard this a lot from the crypto industry over the past decade we heard access to credit being offered earlier and one of the the ways that that was offered in the subprime crisis so the idea was we're going to lower underwriting standards and we're gonna do this subprime market the mortgage-backed securities market and the CDO market and one of the main justifications was to provide access to credit to increase financial inclusion with the tech companies some of the FinTech companies as well they they usually list that as the prime issue thank you on mr. Alera address this I'd like you to is any reason to treat cryptocurrencies and other financial services offered on blockchain to treat them differently than the products that have existed from I want you to answer breath professor Brian he spoke to it a bit in here your thoughts on treating them differently from what we've done over the years I mean the blockchain is new technology absolutely it's amazing and maybe we'll all be on it soon that that's that's all fine but what we're talking about is the digital assets I mean this hearing is about the the value created the assets on the blockchain and so it's sort of a red herring to just talk about the blockchain technology we need to be talking about what actually is going on in these markets and so I don't think there's any reason to put whatever we're going to call it whether it's an investment a currency some product of value it doesn't matter what technology undergirds it what matters is the risks presented by this and there's nothing about the blockchain that diminishes these risks like any of the other sort of models that we had previously that that is not something that that fundamentally changes the things that regulations are meant to combat why am discuss your skepticism of the technology alone like like Facebook Lieberson cryptocurrencies can address unequal access yeah I mean the the problems of the problems of the unbanked like I said are not technological problems they're policy problems we have the technology to provide an ATM and a debit card to people this is what the the most popular product for unbanked communities is a debit card what they need to do is to take their cash in their paychecks to cash it someplace right so they need a safe and secure place to store their money and usually people want something old and dusty like a bank as opposed to some new startup to invest all their life savings in okay so they need somewhere to say their money they need a way to engage in digital commerce so we have all of these banking deserts especially in rural places and all we need to do is allow some bank some access for that point of contact cash digital and and none of these cryptocurrencies can do that until there is wide scale adoption and this currency would be acceptable by every single point node that these people are using these payments and that's just it may happen but there's many easier ways to do it you compare cryptocurrencies in some ways with going back to the gold standard but some of the feds have commented on that why is that a problem well you like mr. Alera said his company is a minority in this field most of it wants to rewrite monetary policy and go back to re-litigate those debates about whether fiat currency is a good idea our Federal Reserve has a charter to create elastic currency that is a debate that we have litigated in this Congress and if we want to relitigate the merits of gold versus fiat this would be the place to do it not at some startup and so what's happening in in the Bitcoin in the cryptocurrency market is a lot of these companies just want to create an alternative to the US currency to the US dollar and I understand their frustrations I just I can't imagine this body would want to delegate that money-making authority to the private market Thank You mr. chairman I'll just close I your comments about the Federal Reserve I think ring true that they have the authority the ability to modernize their payment system and I'm worried that if they don't move quickly Facebook or Wall Street or some tech company will use it to squeeze more profits from hard-working families and community banks and and will break that critical public infrastructure so thanks for your comments thank you Thank You senator Warner Thank You mr. chairman I want to say I really appreciate the fact that you and ranking member Brown and you know had this second hearing on this issue I think it's really important I do think you know blockchain distributed ledger technology the professor indicated mr. Lawry indicated has great potential a little intrigue that we're basically 10 years almost into this and even in countries that have not had the kind of regulatory oversight we've had we've not really seen a full break out and I'd like to get to that some point I want to start though with the professor one of the things that mr. Marcus from Facebook said the previous hearing that if we're gonna go with Libre there was gonna in a sense be a one-to-one relationship to me that does sound a little bit like gold standard and you know what would be the effect if this were to become a extraordinarily popular currency how could this association the Libre association acquire and hold on to enough assets to be able to allow that one-to-one and them to have a brief comment 4-minute everybody on this it does seem like the gold standard or or like the money markets but one of the things that that differentiates is is every time we in the United States have had a gold standard it was still back to money created by the government so we've never had a pure gold standard and this is what Libra would would advise and so you'd have this bucket of currencies that would be worldwide so what happens if everyone in Greece all of a sudden invests in Libra that would sort of destabilize the US dollar so if we're gonna have a basket of currencies and no sort of central issuer there are potential problems another thing they can't be solved wouldn't you also have to have you know in a sense enough basket of currencies that would be available in a most a as-needed basis yes and again if you're talking not millions or billions but hundreds of billions or trillions potentially I don't mr. Larry do you think that really is what Marcus meant that there would be a literal one to one yes thank you senator my understanding is that yes it is a one to one based on a mixture of reserve currencies that they would ultimately specify I would like to comment on this particular topic I think it's critical which is you know the the first wave of these private monies like Bitcoin and decentralized private monies were very much focused on establishing a a global digital currency with a very specific monetary policy ideology and and those will continue to grow and very likely flourish to the degree that people are interested in pursuing that form of store value however the the critical mainstream use cases for the financial services sector built on blockchains has really required the development of what we refer to in the industry refers to as these stable value tokens or stable coins Libra being an example of that but these have been around for for a number of years and two years ago with one of the other leading companies in the industry coin base we created a consortium to develop an open standard for stable value currencies to work on block chains and we launched in q4 of last year the u.s. dollar coin which is not a basket it's US dollar coin and it did one for one backing model as well I still don't understand how you have fully aggregate that one to one back but I want to get to a couple more questions quickly one one is you know if you've got if the Libra approach has got a basket of currencies don't you have currency risk there and if you've got currency risk shouldn't there be again some additional at least information in terms of consumer protections absolutely I mean there's currency risk and there's also the same risk of the shadow banking market created right so the commercial paper markets and the repo markets and the money markets these were all dollar-denominated currencies they weren't new currencies but there's new money and value creation in a different format and this is exactly what we have here and and not to say that this they wouldn't have hundred-percent reserves just to say that what's the point all right we have US dollars that you want more of them the Fed could do that it also seems to me a little bit if you have a hundred percent reserves you know where's Lee we're gonna make money on this if you've got if you got that maintenance of that backstop all the time mr. lorry I got only a few seconds less I mean I do I'm open on this question around you know tokens easily secured you've said there ought to be a new framework a new structure you know where would you put the regulatory authority in the United States if you were to be able to wave that magic wand sure my recommendation would be the development of a national policy on digital assets definitions of digital assets specific rules and exemptions around those and have a single supervisor over the firms that are regulated I know that's easy to say that but you didn't answer my question would you create a whole new regulatory system for digital assets or are you going to pick you know and you gotta I've run out of time the Chairman's give me a second where would you place this within our existing regulatory structure or would you create something brand new it's a very good question senator I am certainly not an expert on the efficacies of the different regulatory agencies financial regulatory agencies and and how the best organized those thank you yeah I do think that the question about why there's not been a breakout beyond digital currency or something I'd love to get an answer to is well thank you thank you senator Schatz Thank You mr. chairman thank you to the testifiers professor Bharata Rana I want to ask you about the federal law that that says that only the government can mint a coin and of course the reason it was written that way is because that was the only way that it could be conceived that that a an entity could create a currency and so the basic question is knowing that okay only the government can meant to coin but these people are trying to do something that sort of rhymes with that although it seems to comply with this statutory language which is old what do we do now yeah so I do want to differentiate that not all like mr. Alera said not all cryptocurrencies want to establish new alternative currencies but certainly the majority of the market which is Bitcoin does and we do have laws against this and and I want to be clear that we created these laws because we had problems we have had problems of private you know issuance of coins the the UK had the Stamp Act before that so we've experienced what it's like to have alternative currencies and we have purposefully put that power in the federal government mr. Alera I want to see if I can find an area of agreement between you and the professor but I don't have a lot of time so so here's the thing it sounds like you think this will democratize the the use of financial products but I'm sort of stuck on what she said and tend to agree with what she said which is to say that there is a much more straightforward way to do that there are public policy proposals all the time there are things that our regulators could do under existing statute to democratize the process and to decentralize the process and so what I'm trying to get at is do you really think that in a society where in which only eighty-one percent of the public currently has a smartphone that we're anywhere close to democratizing the use of these products I mean it sounds like what it sounds like to me is tech people wanting to wave a wand and skip a bunch of steps and avoid the tough politics of doing things for people and saying we've got a new tech that will solve all this stuff so I'm just wondering whether you want to speak to the limitations societally of what you're doing I don't doubt the importance of the technology or that we'll probably all be using it in two decades but I think that that's a different assertion than oh and by the way it's going to solve all these other societal ills go ahead well first you know I think the the motivations for founding this company in particular Circle and I think a lot of the entrepreneurs computer scientists cryptographers and others that work in this field is not focused on financial wizardry and how to you know get rich quick there is certainly a fair share of that it's focused on how do we build a new global infrastructure for economic activity okay but what do you do about like just as a start nineteen percent of the American public doesn't have access to the device that you would use to execute a transaction and what do you do about the fact that adoption is nowhere near Universal are we just sort of supposed to place our bet on this tech as solving a bunch of problems and and and leaping over all the existing ones no I I don't think so at all I think you know first of all these technologies develop over time you know in in 1998 the while the internet existed but no one had broadband access the Internet you know personal computers were relatively new in terms of their adoption should should we not have focused on innovating and building the you know cloud infrastructure higher speed internet connections come up with policies that encourage broadband adoption should we not have made those investments no choice no but limit so since you're asking a question let me answer the question the the important thing here is to understand what this tech does and what it doesn't do because if we're gonna establish a regulatory framework for this tech we need to not be so triumphant about all the problems that it's gonna solve but we also have to be clear-eyed about the problems it may create but also the potential for it and so when when tech executives and their their funders talk as though all of societal ills will be solved by a new code you will forgive us if we're a little bit skeptical about all of that I don't doubt the potential for this tech I just don't think it's actually gonna bank low-income communities and I don't think you've persuaded anybody here that it's going to do so so there is no silver bullet from technology very clearly these are human issues and they're real policy issues I think the the risks that we have to address in the financial system whether it's access criminal abuse a security privacy those exists significantly this technology actually you know does provide an avenue to improve upon those but there's no silver bullet here this is people who have to build and innovate and collaborate with policymakers and I'll take the professor's uh answer for the record if you don't mind thank you Thank You senator Cortez Masto thank you Thank You chairman Crapo and ranking member Brown for this an important discussion and thank you all for being here let me follow up on that and let me start with you mr. lair I do think that that blockchain technology there's potential for it it is the future it's a platform that has the ability to transform so many sectors of this country from what we are talking right now the financial sector to the energy sector right to healthcare records to everything I think there's potential here and it's not going to go away it's something we have to address because if we as a country do not lead in this technology China or some other country is going to do so so mr. Lee let me talk to you about this because we you talked about defining digital assets when you're talking about that are you only talking about it as opposed as it pertains to the financial sector or are you looking at other potential areas where blockchain can be used in in our in our economy so thank you senator you know these in my written testimony I talked about this category of digital assets which are often called you know tokens or tokenized digital assets so that's just as it refers to cryptocurrency some sort of currency it is not necessarily so you may have a token that represents votes you may have tokens that are you know associated with healthcare records as you said you know the the breakthrough here is that we but that digital asset also may be associated with some financial characteristic and the coupling of the utility and and financial characteristics is part of what makes these innovative and it's it's the definitions there that I think really need to be more clearly defined in the United States in particular in order for businesses who want to build on this to be able to innovate and issue new types of digital tokens that can be applied very very broadly in many many industries thank you and so professor what would you disagree with that and is your concern more on the financial sector piece of it yes my concern is on the digital asset side not the blockchain is neutral technology it can be used like mr. lair said in voting and all these other things I do want to point out though that the blockchain has potential to be more secure and reliable so far it has not been and there it has been hackable there have been security issues I think it again there's a lot of potential and it's been 10 years and billions of dollars of you know venture capital and and I still don't think it's better than some of the payment systems that we currently have though it could be okay so when you talk about and let's go back to the unbanked because in Nevada we have the highest rate of under banked adults in the state in our state as opposed to the rest of the country but can you do me a favor and can you expand on why you think new digital currencies will not meet the banking needs of rural and low-income residents that are not well served by our current banking system yeah I mean the problems of low-income and underbanked customers is not that they are unsatisfied with the current technology being offered to them the problem is that they live in banking deserts where there is no place for them to take their cash in Nevada is a huge cash based economy where do you take your cash to put it into a savings account that would then give you a debit card that you can use in e-commerce there is no place to do that because of a variety of reasons but mainly because banks have no longer are interested in serving those customers and so how how does any technology any digital based currency help when people are operating in cash do we need to get people off cash absolutely how do we do that I mean this is this blockchain conversation is you know four or five steps ahead of where we need to start which is how do we get ATMs that don't charge eight dollars per person and I'm just gonna say so the answer might be looking at why there is a charge of a fee for an ATM or why you have to have a minimum balance of fifteen hundred dollars or more in a bank account before you can even open a bank account yeah and this is where I'm I truly am grateful for this industry for bringing attention to these things because really there are problems with our payment system I'm not trying to defend them to say that they're perfect and we should use them there are huge problems accessibility issues they're slow they're inefficient etc but they have a public mission and we can fix them and we should fix them as opposed to sort of outsourcing it to the tech sector thank you I appreciate them senator Van Hollen Thank You mr. chairman and ranking member Brown and thank all of you for your testimony have been trying to listen from the TV monitors and I want to thank all of you for your testimony and I appreciate the series of hearings we've had on the subject of crypto currencies and new technologies but I was listening to you miss moderator and talked about the importance of planning for these technologies but also the need right now to move to a real-time payment system because our failure to have moved forward in this with this technology as so many other countries have already done is costing millions of Americans billions of dollars every day right absolutely and you know mr. chairman I hate to sound like a broken record on this whenever the Fed Chairman or their members are here I urge them to move forward right away on building out that faster payment system I hope that they will make a decision soon let me just if I could mr. chairman the record in article and the headline this is a post article from a little while ago headline a former Bank CEO named his boat quote overdraft now that the bank is in hot water over the fees the point is that for people who are living paycheck to paycheck the inability to access their funds in real time is costing them a huge amount of money in fees and overdraft could you professor just again elaborate on the what it's costing the public right now and how we have it within our power right away to move forward on it on this on this front yes and if we're worried about the US lagging behind this is a huge area where we are lagging behind other countries and in the bill that you introduced real time processing is essential so if you don't have a buffer of wealth if you don't have a big bank account and you need to spend your paycheck as soon as you get it and this is why people go to check cashers they'd rather pay 10% of their paycheck just to be able to use it to pay the rent and buy their groceries instead if they go to a bank they put their paycheck in and three to five days later or three to five business days later they would have to go back to the bank to be able to get that that that is a main reason a lot of people don't use bank accounts and so what does it cost them well that not just the check cashing fees but the money sucked out of their accounts and with these fees also makes them rely on payday loans and therefore seeing I've got three hundred percent APR and just more wealth being sucked out these are really simple problems and I think part of being poor is that there are a lot of problems that other people don't realize that you have and I think we need to have a little bit more compassion about what it's like to not have that much money and and how how we can make it live their lives better as you mentioned senator Warren and I and others have introduced legislation to move forward in this area but really the Fed has it within its power and authority to do this right away can you just talk a little bit about how they have that authority and your view that they should move forward immediately to catch up with many of our global competitors yes they have the authority I mean they say that they're studying it I don't know if how how high on the priority list it is but I think it should be and you know as the Brookings Institute pointed out the low income people are sort of spending billions of dollars in in overdraft fees we could actually just put that money back in their pockets through adopting this very simple technology and yes I think the Fed I should definitely do it I appreciate that I'm his chairman I'd also like to put in the record another article from FinTech entitled ghost slow on Libre speed up on fast payments and on objection thank you it makes the point that some of us have been trying to make which is that the Fed again could do this now and really provide relief and put billions of dollars back into the pockets of working people and I hope they'll move forward quickly in the meantime we will continue to push for our legislation thank you Thank You senator senator tester Thank You mr. chairman Thank You mr. Brown thank you or ranking member Brown thank you Tim folks were testifying dr. Nelson I guess the first question for you is do you believe that do you agree the cryptocurrencies are leaving the u.s. sure it's certain that other jurisdictions are sort of out ahead of the united states and trying to become cryptocurrency how and so do you think that they're leaving because they're looking for a safe haven to avoid regulation or is there another reason some of the cryptocurrency hubs are actually using regulation as a way to attract cryptocurrencies to their borders it's not as though increased regulation well not necessarily increase regulation but perhaps clarity over regulation that by giving regulatory certainty to consumers and businesses in the cryptocurrency market they're they're getting out in the out in front on that and attracting cryptocurrencies to their jurisdictions so one of the things that was brought up and it's been referenced several times in the hearing with Facebook but one of the things that is of concern I think with you and others is how do you prevent bad actors from laundering money that are financing terrorist activities or whatever any ideas in that vein sure money laundering is a huge concern for crypto currencies countries around the world are looking at their money laundering regulations and how to address crypto currencies even the crypto currency hubs like Switzerland have money laundering regulations they're working to make those more robust the Financial Action Task Force do believe they could be you believe those regulations could apply to cryptocurrency and have them work and have them work well I think money-laundering continues to be an issue financial aspect action task force is trying to update its regulations to get in front of the technology I think it's a continuing concern so the question is is that is there a way to put a regulatory design in place that will discourage money laundering money laundering with crypto currencies I think some of the licensing and reporting requirements transparency requirements can help address some of these concerns okay the Facebook fella who was here talked about I talked about I asked him a question about what happens if the accounts get breached the same way my credit card it has happened on occasion and it hasn't cost me any money the banks have taken care of it thank God and I think it may have happened it happens to everybody at some point in time through no fault of their own I might add so the same thing could be applied here in his response to that was is that they have a one-to-one backup on the dollars I don't know if you watch that hearing or not oh you did and any of you can respond to that that seemed to me to be I mean that's an incredible to have a one-to-one leverage do you think that's real I think one of the concerns about the Libra is how the reserve assets would function they pledged to have safe assets today but what's a safe asset today maybe less safe tomorrow so even if it's backed on a one-to-one ratio you know what will that always be true in a safe asset and then what happens if there's a run on Libra if it is being used as a global currency use by billions if so since you can answer this to Professor if you'd like glad yeah I mean it is there's there's what Facebook sometimes state that's going to do and then what they end up doing and then oops sorry we were going to do that thing it wouldn't kill cryptocurrency if in in the laws that we are probably going to be passing because I don't think we're gonna leave it entirely up to the regulator's since they brought it up if we stipulated that there had to be a one-to-one crypto currencies like we said before there's there's a variety I mean if you're just talking about crypto currencies they they actually are trying to be alternative currencies so they're not worried about one two okay let's talk about the Libra and specifically the codes because that and look I'm not an expert in this field at all but it appears to me that that they're trying to take the dollar because you can buy them with the dollar and then make it transaction across the country mines in that kind of a scenario which is what I interpret them to be offering up what a one to one be something that we could require without putting them out of business or would that be good prudent fiscal responsibility I think we still we saw are unsure one to one to what they're it's not just dollars it's a basket of currencies so what is that other one and libras games one two one every lever the they've got they've got the equivalent dollar amount behind it is it there I think it what you're saying is there's ways to game the system if they want a game it regardless of what we say and as we say in law I mean definitions are tricky you you know you can define something as a one-to-one but what what does that mean one two one two what right yeah well I appreciate you all being here I I would just say that I think this is coming and we have to be ready for it and I think that all three of you can be an incredible resource to us as we figure out how we're going to deal with it Thank You mr. chairman Thank You senator I'll go to another round of questioning and I want to start my questions this time with you dr. Nelson in your report you described the different approaches that different governments have had to cryptocurrency what are some of the key attributes of countries whose regulatory frameworks are considered more accommodative and how do their how do they approach issues relating to money laundering and the other types of issues that we're talking about here some of the countries that are trying to build themselves as cryptocurrency hubs are really trying to adopt clear regulations at the outset on how cryptocurrencies are going to operate this is to give regulatory certainty to consumers and businesses who want to use cryptocurrency regulations that said some of their regulations have been described as more favorable to cryptocurrency industries so for example in Switzerland I mean they have regulations for money laundering addressing cryptocurrency they have provided guidance on how ICO should be treated as in regards to securities regulations they provide guidance on what kind of licenses cryptocurrency industries need to operate within Switzerland so it's not that these countries are trying to shirk regulations they're trying to provide certainty while also balancing innovation to encourage the adoption of cryptocurrency so it's not so much that they're trying to create the Wild West so to speak and invite folks to come there because there's not really significant regulation is that they are providing clarity and well maybe mr. Alera you could you could address that sure you know as we looked at the ongoing expansion in our international business and operations we you know it was very clear to us that for our non-us business you know the u.s. regulations are the u.s. regulations and what we do here is exactly what the law stipulates but outside the US you know there are there are opportunities for digital assets and blockchains that are larger and so we spent time to look at all the different jurisdictions and the things that we were focused on as a firm were we wanted there to be high an actual high bar from a regulatory perspective meaning that there needed to be you know significant serious firms where fundamental risks were being supervised enterprise risks cyber security risk financial crime risk and a money-laundering risk and those critically in the case of digital assets custody risks the protection of these assets from theft having the appropriate insurance around them but also clear definitions and I think this gets to what one of the other panelists has said and I've said as well which is very clear definitions about what constitutes a token or a digital asset to provide that kind of clarity to businesses that want to operate there whereas I think in some other jurisdictions including the United States there's an incredible gray area it makes it very difficult for businesses to know where they stand and where to operate so those are some of the things that we considered and have have found in other jurisdictions so I want to get into data privacy and I may have to do that after senator Brown takes a another round but in the last couple of minutes that I have here help me understand if if a digital currency is to become global like Libra seeks to do how does it do that how does it get global acceptance if it faces 190 different countries with different jurisdictional issues and different regulatory systems and maybe another way to ask my question is if the United States were to decide and I'm not saying it it should if the United States were to decide we didn't want cryptocurrency to happen in the United States and tried to ban it I'm pretty confident we couldn't succeed in doing that because this is a global tech global innovation but how would a how would a company that wants to create a cryptocurrency that has global reach get into the United States or how would that impact the United States so you see the question I'm asking I'm happy to take part of that senator you know I think the the challenge that we all face with this is you know some of these cryptocurrencies are they're literally just a piece of open-source software there's nothing else it exists on the Internet it's open source software anyone can implement it it runs anywhere the internet runs and these are have a monetary policy where if these assets are algorithmically generated and they exist everywhere the internet exists they will soon exist you know interstellar they will exist again anywhere the internet exists that is a challenge that every government in the world now faces that money digital money will move frictionlessly everywhere in the world at the speed of the internet hopefully with a high level of security and and and data protection around it one of the promises of this technology very specifically is a higher standard around privacy a higher standard around confidential transactions and and data protection that's one of the core infrastructure focuses of these block chains and so I think those those those needs can be met there's the the flip side which is how this law enforcement get its job done and how to 190 countries get an agreement about that fat.if guidelines for example that are specific to virtual assets have come into place which I think could be a road map to that as well I'll have to ask professor Brad Aaron and dr. Nelson died either answer if I can get to another round maybe I will we can answer that question then buts Brown thanks mister a professor Brunner I want to have a series of questions for you mr. Alera said that he didn't really know who should recognize who should regulate digital assets and Facebook essentially said that two weeks ago let me ask you a series of mostly yes and no questions do we do we already have rules and regulations for currency yes do we have rules and regulations for securities yes and do we have rules and regulations for payday loans yes seven rules and regulations for exchange-traded funds yes are there any new financial products that have been invented that we've never seen before we talk about financial products and already existed but now run on blockchain yes yes I think these are not new to expand yeah these these are they're there the technology is new but the the sort of essence of the product is some is something that we've seen before so if there aren't if there aren't really new products why would we need new rules and new regulations I mean I think I think it's important to have clarity it's very important for people to understand what it is I don't think we have to reinvent the wheel on any of this stuff I think we we have clarity in each of the jurisdiction so to the extent a digital asset hits the currency model or the securities model we've already sort of debated those those models and and and we can enforce those rules are you I'm concerned that tech companies seem to be pretty strongly resist resistant to rules and regulations I think I think I think there's a lot of faith that some of the problems that we as a society face are solved by tech and I think sometimes there is a naivety on on the part of some of these tech founders in what tech can accomplish and what is is better for public institutions and so I think sometimes it's tech is great and can solve a lot of problems I mean he use the internet before and I think nobody wants to ban one saying ban blockchain no one saying ban these digital currencies all we're saying is let's just protect people in the ways that regulations are meant to protect them so if we had said in the early days of the internet look internet is gonna take over education soon so let's just not worry about fixing public schools and the internet will educate the young right and so I think this it's essentially that we still have these public institutions that are doing it and we don't go around them just because we have a new potentially revolutionary technology as it is the resistance of big tech companies resistance to regulation just does it remind you of of resistance by big banks to regulation there are similarities there there are similarities there yes what does that tell you I mean I I just think we need to be cautious I think we need to be again innovators dream big and regulators just need to also imagine bad scenarios I think we we as you know regulators and and and Congress people don't need to just swallow it wholesale it's good that we have innovators and entrepreneurs that have really beautiful visions of the future and I hope that they're right but it's also good to have a counterpoint to that where regulators say hey what could go wrong here and try to imagine those scenarios – I've said a number of times in this committee that many of my colleagues seem to have maybe we all do to a degree a collective amnesia about what happened to our financial system ten years ago what lessons do we learn from weakening regulations in the banking sector a decade plus ago what lessons do we apply to tech companies here and I think one of the things that keeps being said is you know we're gonna lose the u.s. is gonna lose it's you know leadership worldwide if we don't let these companies do whatever they want and I think that that is not we can't compare the US economic system to Malta or Bermuda or to Venezuela or even China we we have the strongest u currency worldwide for a reason we have great technology companies for a reason we've got a very very strong and healthy sector not to say that it's perfect just to say that you know to say oh we're all gonna leave to Malta I don't think that should make regulators think that okay well skeptics of your view say that the reason we have such strong innovation is because government gets its gets out of the way and lets them let's big tech or let's Wall Street invent new products and do what they want I think we we said that until the financial crisis and then and then we have a trillion dollar bailout and the Fed is left holding the bag and so I think we just you know we say that on the on the front and let them do it but let's remember what happens when we we sort of don't regulate those things that matter it's not just all technology not all technology is similarly risk inducing I mean again the internet and email all of these things we keep complain comparing blockchain to these things but it's very different in a lot of ways are specifically digital assets on the blockchain we're talking about trading and markets and Finance we're not talking about just neutral tech here thank you senator Brown I have a few more questions as I indicated I'd like to get into the data privacy issue a little bit here as I'm sure you know senator Brown and I had together have jointly expressed serious concerns over the collection of data on individuals and the phenomenal explosive growth of that collection and in use of data that happens without use without individuals usually knowing that it's happening or when it's happening we're knowing what has been collected on them or how it is being used we'll and each of you could respond to this if you would like to you will this new technological innovation that we're seeing into digital currencies and blockchain technologies give us an ability to meaningfully enhance individuals privacy rights and protections and if so kind of explain how so be happy to start Thank You senator I've addressed this somewhat in my written testimony as well you know the if you if you step back from and you look at these public blockchain infrastructures that are being built they're designed in a way to provide a global open record-keeping system that is highly secure that is you know very tamper resistant and which can work in a kind of interoperable way all around the world one of the killer apps if you will that is being explored to build on top of these there are many many projects startups companies governments even that are working on this is the development of essentially new standards for what is often referred to as self sovereign digital identity the ability to have a digital identity where you as an individual have self sovereignty over who can access attributes of your digital identity how they can access it the ability to provably demonstrate something to someone say someone needs to know your age in order to conduct a transaction without having to disclose to them your address or other information so the ability to have much more fine-grained selective ways to attest through attestation methods to attest to who you are or what you do without actually having to transmit all of that sensitive personal information the data breaches that we have today the massive privacy violations that happen continually on centralized Internet services those are the core core issues that block fit infrastructure is being designed to try and address so it's one of the areas I'm most hopeful and when you couple that kind of digital identity model with global digital currencies you actually can't imagine a financial system that both preserves privacy provides mechanisms that are still highly useful to law enforcement to pursue the bad guys but you know keeps people you know keeps people in control and so I think those things are are you know very much becoming possible in front of us there are still needed policies around that around who can add elements to these digital identities and how they're accessed and reporting and other things so there's absolutely the need for very clear you know laws and policies but it is a technical breakthrough that is emerging that could solve some of these issues so before I go to dr. Nelson and professor Bharata Ron going beyond financial transactions could this innovation or technology that you are talking about could that be used outside financial transactions for example somebody surfing on the web or looking to buy a washing machine on the web and having their identity Grad or having their search identified and then utilize that in artificial intelligence to manipulate them it could be applied it could be applied in in putting people in more control over who's accessing their data and how when they're interacting with any digital service not just financial services so it's applicable very broadly all right dr. Nelson or a professor totally change the debate about privacy and crypto currencies we used to focus with crypto currencies on whether they gave users too much privacy and that it allowed bad actors doing agent of various activities now with Facebook's Libre the concerns about whether users of crypto currencies will have enough privacy and the potential for economic transaction data to be merged with other data about users on the Internet including other Facebook platforms and this issue then ties into the differences in regulatory approaches taken by countries around the world countries regulate privacy differently and so if you have a global currency with different regulatory perches relating to privacy this may be something that regulators really want to address and get in front of thank you professor yeah let's go Sam there's two different kinds of privacy there's you know do we want to privately buy drugs child porn or send money to terrorists no and we have laws for that right so we don't want that kind of privacy but we also want the privacy of you know Facebook not using algorithms and data to target me knowing you know oh she's sad and doesn't have enough money in her bank account so I'm gonna give her a payday loan when I know that she's going to take it up that's the kind of privacy where it's not individually maybe they don't know me personally but they know the type of person I am and what kind of mistake I would make and so those are the kinds of things and they're they're two very different types of things and like she said Facebook presents a kind of a different problem than than Bitcoin which is you know is popular for people who want to buy illicit and extra legal drugs and this is why you see you know Venezuela Iran and other countries with sanctions you know wanting to evade them using these platforms I think anybody want to add anything else to that well there are obviously tons of questions here I have I have a lot more myself and as we move forward I'm sure that we'll be communicating with you to get your advice we appreciate you all coming today and sharing your information and expertise with us this is obviously a very critical issue as I said at the outset I want the United States to stay at the forefront of essentially engaging in and hosting and managing and regulating this new creative technology and the innovation that will flow from it I do believe that it has some incredible potential that can be utilized for good and it does have incredible risk that can be utilized for bad and we just need to get our handles get a handle on that I appreciate your coming here today to help us out on that with that this hearing is adjourned all right Wow give me a second here to uh pause that was a quite the interesting straw hearing I'm honestly very bullish on everything that we heard to be honest I'm gonna be uh-oh what no they better not have just taken that down I want to watch this video later let's see if I can get this back okay good yeah can i okay good it's still there all right I'm gonna minimize that keep that guy up and we're gonna talk about the price now since a lot of people were we're talking about price there in the chat a little bit about the fact that we're seeing a nice little run up right now so we'll come over here and I'll we'll talk about what we just what happened what just happened and let me change over to my chart that actually has some resistance and resistance ranges drawn up here so we can see where we're playing at right now okay so I know a lot of people don't like my my spider webs that I create at least that's what somebody called him uh spider webs or that somebody said that it looks like their screens cracked and they ever they look at my charts because I like to have as many different ranges as possible to figure out see which ones play basically so what we're seeing play right now is obviously this horizontal resistance here at $0.32 and then this ascending resistance that has been in play basically since this dip right it's it's based off of this peak here but also the bottoms going back basically the beginning of the the run up to 40 cents all this it was active this this guy right here that the price is just below right now just popped above this is a support from prior from the 40 cent run up that we got now this is a pump I mean how do you know I call that a pump you know like that that's that's just the blatant pump but that's what's going on and I'm honestly I don't think that's gonna stop I think it's just gonna keep going until we see SBI virtual currencies go live so assuming you know we've had one two three four five six hours here that are in play well five and a half hours and play and we've gone up you know four percent for net 4.1% already now we're retracing down obviously they're about three to three point two right now but four percent at the peak of this so far so I wouldn't be surprised that you know again we have about seven to eight hours 7 to 10 hours something like that not exactly we're not exactly sure exactly what time its kind of launch I think crypto era might know the actual launch time because and she's doing a video on it maybe already has it up actually let's check let's check if crypto areas already posted her video on it because crypto era is I believe the first person in the YouTube community to have found it no she hasn't she hasn't uploaded it yet but I'm leaving that to her because she actually found a discussion that like oh what the heck would have be called a finding a meeting a board meeting basically of sorts for with SPI I think his yesh talked out specifically maybe at any rate she found an actual like press conference of sorts where they're discussing the fact that SPI is absolute spi virtual currencies is going live tomorrow in Japan and I'm assuming that that's gonna occur around 8 to 9 a.m. we're going to get the official live 8 to 9 a.m. in Japan which will be at about 6:00 or sorry 7 to 8 p.m. Central time which would be 8 to 9 p.m. Eastern Standard Time for Americans yeah absolutely anybody is not alright go follow bio Science Academy on Twitter he dudes genius and definitely on top of his stuff so that's why that's why I made you a mod obviously because definitely trustworthy dude I just slide in to borrow Darrin's DM wants my exert be backspin shot that's great dude this is amazing get them talking USA wants a handle on the risk associated with crypto absolutely and and keep in mind how the the narrative was structured right the US doesn't have time to play around anymore they have to get on they have to get in the game getting the guy oh yeah if you don't see the girl then then the forward we're going thank you dear you can take your grip your cursor yeah I am be good not gonna be good for America if they don't get it right yeah yeah nah you're a schmuck Nasdaq se I am a schmuck oh yeah expect that one did you what false title you're a false title you're a false title sir you just came in late wait did you were true are you in here we're not in here did you literally just join you're a schmuck sir get over it maybe you should hit that back yeah bad troll bad troll bro bad troll brow he's such a troll am i okay now I'm losing my mind yeah how can I be okay when we just got the coolest South Park is legendary where's got like the best hearing possible in regards to crypto talk like the only way that could have been better is if they said XRP but anybody that thinks that they're gonna say XRP before regulations are in place and XRP is over $100 per token you're batshit crazy you're they are not going to tell the public about an asset that can give them a ten thousand plus percent gain that's not gonna happen you will never hear your government inform you of an opportunity like that never in a million years never it'll never happen never happen yeah edit I love voices dude it's fun what did I miss was the ex rp+ the overall notion yet it on evolutions it was super super bullish hearing in my opinion I mean everything that we were getting out of them was the the the people on the on the they were being asked questions by the government essentially they were all basically pointing out that yeah America you're losing all the business in this space because you refused to give us regulatory clarity and everybody's going over these other countries the the they tried to be like oh so um you know the the whoever it was the thing is I think is brown he's like so you're saying that all these companies these blockchain companies they're going to other countries because of um because they want to get away from regulations and they're like no hey and he's like oh oh so they want regulations you need more regulations like no they're going there because there's regulatory clarity there being there being assured that their business model isn't going to be left over by the government that's and that was the point and I'm hoping that really sunk in for these people because if not America's done in my opinion Merrick is already a third world country they don't even and the government just hasn't realized it yet they haven't realized they're already too late to this game and they're gonna lose spi virtuals currency is going live tonight that it's over Japan wins and anybody that follows Japan they're gonna be second third fourth place Japan already won Japan is gonna rule the world they will be the new superpower in the next decade promised by the end of the 20s Japan is gonna be a global superpower the global superpower when it comes to finance when it comes to money they are they position themselves perfectly for this and and they're not playing games like America it's done it's done game over America you waited too long you're done you're gonna try and join in the parade to get little meager gains they're gonna be left to you because they screwed up I mean it just doesn't go well for them this is just as important as the US Constitution wait the wood bioscience say that I missed bro this hearing was the preamble to the blockchain epoch and it is an epoch absolutely dude 110 percent agree bio 110 percent agree did blockchain is the next bang it is and then AI I think I think Paul before we get AI were actually get robotics like like robotic assistance will be a thing before AG I though I don't know well it depends on what happens when with neural link it depends on how fast the Elan moves with neural link we're supposed to get the human trials for neural link in 2020 so maybe by like 2022 2024 somewhere in that range we should see a neural link become commercially available and that's game over for anybody that doesn't get that implant just so we're all clear I'm going to share this information with everybody in the stream if you don't get neural link when that becomes available you're gonna probably be slaughtered by somebody with neural link if you don't get it it's not gonna go well this is this is a speciation event what would what Elon is what Elon is building towards a speciation event it will be the division of humans and deus ex machina essentially and and so be paying attention of that like y'all should be paying real close attention of that because when that happens those people will will become akin to gods it will be it you will literally not know if if Jesus Christ just landed on earth with these people and they have these implants cuz they will have all the answers like that he's gonna be scary but scary to me in a good way because I can't wait to get that implant personally I can't wait to be out like no I know because I googled it and I already searched all of Google for every answer possible and this is all that I got so you're wrong you need to go get your implant cuz you're an idiot I'm not an expert but I hear they're only a couple of million bitcoins yeah of the other 21 million in circulation yeah bitcoins scarce but you know although I thing that the total supply really dictates Jesus on a test like Cosmo notic yeah basically haha but yeah FB Luciferians I will never sell my soul F transhumanism I will well hey I'm just gonna say Jack Aris you're you're you're probably gonna you're probably gonna have a bad day and by 2030 it's not gonna be a happy day for you and I look forward to being a demi-human I cannot wait to be a bee transcending this inferior biological life-form that I don't I have no no attachment to the physical world and that's why I find it funny when people think that you're selling your soul to give up your physical form you're literally doing the exact opposite you're saying that your soul is more important to you than your physical form that's the way I interpret it but not lose yourself it yeah and that's not our thing tears a lot of people think that you would lose yourself but you're you me what humans any conscious entity that has a a biologically based you know neural processing unit this is a quantum computer between your ears it's a quantum computer that is more powerful than a quantum computer a man that that all of our if we took all the quantum ships in the world they are created over the next 20 years it still would not equate to the power of your brain so good luck finding a computer in the next twenty years at least that's going to hack you that's not gonna happen and in fact what's going yeah you are the soul exactly that's the thing right my conscious experience is that but I don't want to get into that that's that's going over there yeah but yeah equals okay to do such you are on spot-on about neural link the implantation of AI enhanced human augmentation cannot be underestimated it was a the status symbol of the uber mensch finish class of humans I'm not I'm not I'm not familiar with that term bioscience using big words online familiar with bro that's why I love talking that's why I always love listen and then ray whatever you write because you make me have to go and look up things I'm gonna log that one I'm a uber uber mensch class hmm you can't force your soul to evolve when we die hey you know that is you know the way I I'm not gonna get in that because that's that's that's talking about some stuff outside of a side of a our area here right but yeah let's let's not define souls let's let's talk about the fact that what neural link actually is it's a physical augmentation of your already physical form you're not you're when you connect yourself to a computer you're not suddenly changing yeah yeah yeah we'll stick we'll stick the XRP because this is this good news we got here so I'm gonna go find a comment about Excel it is it's Oh juicy Frank look at this look at those what are those right we're above our 200 our exponential moving average just just rocking above it right we are now we tested the at least on this this wave that we're on here that's been in play for what since the 16th of July so basically two weeks now we're now testing the what was that the six one eight so we should we breached it actually so we can expect that even if we get a slight retrace here for the next few hours that this is actually going to break back up into this range it's gonna go it's gonna come and test between this six one eight and see if it can't test the seven eight six on the Fibonacci just because of the fact that it breached into it this wick came in it said hey we're coming for you clench them but holes what we get from crypto a repost this English audio of SBI financial results presented today is it on her Twitter right now middle way yeah it's not launched yet but it's it that's what we've been saying that it's launching in the next roughly the next half of day it should launch for Americans it should launch for we should see SBI's price action begin just as we're getting ready to go to bed so good luck sleeping tonight right um yeah it's not out yet Fadi uh we still got a little but a little bit I'll sell my bag if mr. Brown sings what a wonderful world don't do it Marcia I like you but I'm very very much believer of Jesus I mean hey you know worry we're all entitled to our belief systems I believe well that's not important what I believe but I do appreciate I do respect your opinion but I think that we all have to go our own way in life that's what free will is about right but yeah let's see what else we got here it kind of okay let's get yeah I'm trying to find some only um that's an interesting notion but now yeah we're not uh burnt coffee yeah don't blame you it got a little it got a little off-topic in here for a bit and the hearing is over so anybody that's tuning in now the hearing is over so you can by all means roll back the roll back the old timer there and I'm actually gonna call the live a do because we're already almost up to two hours and I want to do a few news videos for y'all I just want to do a live stream for everybody chat with everybody and chat and share all the stuff we got going on right what do you think will happen with the price of x RP when they go live I'm really like I'm really bullish thottie like really bullish I it's going high I think at least over $1 I don't know what III mean I really think it's gonna go really really high but I'll say over $1 I'll say over $1 on stream right but um yeah a few well I mean our I said yesterday I think we're going to 10 I think we're going to 10 I that's just my gut feeling that we really are gonna we're gonna hit the double digits from this this I don't think it's gonna happen immediately I think it's gonna be like you know we're gonna see the price probably double tonight but I think after the price doubles tonight we'll see a double again tomorrow and then so on and so forth right until it hits whatever the Peaks gonna be and I think that should be somewhere around 10 to 20 dollars somewhere around there this SPI to me really is the the fundamental catalyst that XRP at least has been waiting for for well since 2018 since since spring of 2018 so yeah I mean what I will say maybe way I just hope the exchanges don't crash from the crazy pumps with XRP that's possible too right I mean we we can't say what's going to happen happen yeah my I'm just I'm bubbling with joy over what we've gotten for news today I was so anxious last night I couldn't even sleep I haven't slept yet guys just just so we're clear I've been up for about 36 plus hours now so that's also why I'm kind of like really goofy right now – I'm just all over the place because I'm I'm exhausted uh-huh but I'm like I'm so excited with what we're getting that I just there's no ability for me to go to sleep 144 ish in first mass adoption stage and then all the way up yeah I think that when mass adoption kicks in I think before mass adoption even kicks in Jan we're gonna see $100 press plus price tag on XRP I don't think that the masses are going to even be made aware of the legitimacy of XRP until it's already in triple digits and I'm honestly expecting triple digits by 2020 some point next year we're gonna see triple digits in my opinion sent the link all right sweet I will I will do a video on that immediately after we end the stream here middle web so that I can so that people can actually see that because my YouTube statistics my my analytics rather do a great job of pointing out that no offense guys but how do you have really short attention spans and analytics exposes that a lot of you have less than a five-minute attention span meaning that a goldfish can pay attention to longer than some people in the community that's not an affair does not is I'm not saying any names because I don't know who it is out there that's causing my my analytics to come back like that but there's a lot of people out there that only have a five-minute attention span when it comes to watching a crypto related video so it's kind of interesting just fun fact for anybody out there wondering the attention span the average attention span of a XRP investor um prep for my life margins don't need sleep dude that's that's so fake news fake news do you think XRP will be used to purchase everyday items in five to ten years that's a good question npm pontil oh and I do believe that within ten years absolutely I think that that you could expect the ability to buy most all everyday goods groceries things like that by the end of by the end of 2020 even but if not the end of 2020 then at the very latest I think that you will be able to buy anything you want with XRP by November 2021 that's that's where I stand as far as and and why November 2021 because that's when I so two zero zero two two becomes mandatory for all major economies in the world to become compliant with the new global real-time or the new real-time global settlement system which obviously any we all are well aware at this point XRP is the asset at the bottom of that and that's not because we've got The Smoking Gun confirming it as much as there's no other asset being developed or the anybody has shown any evidence that it's going to be involved right creating hype and luring people to invest in XRP so you can finance this experience you are delusional and a narcissist stop these price predictions oh you're curious yes I'm so so worried about getting Joe schmo's to invest in XRP so worried about you putting your money your your your fifty dollars you probably have in your bank account into this I want you to invest do you realize what you are investing in what we're talking about here I am in every Pirtle were in here right now how many of y'all are in here right now there's a hundred eighty five people in this room right now if all 185 of the people in here including myself sold all of our XRP it's not gonna it's not gonna do anything to the price dude stop being delusional I'm out here showing sharing the news because I believe in this asset and I believe in it so much so that I'm trying to share with people that this is a legitimate project oh yeah I'm paid shielded yeah that's that's why that's why I live with my aunt because I'm a Paige Hill this guy this guy guys this guy who's got this guy yeah going by the only person pay me right now Jack arias is YouTube he's about to get he's about to get it dude he's about to get it it's just I love it I love trolls dude they're funny they're my enemy because they think that they're like they think that they're actually gonna like get under the skin you know that's why I'm laughing at them I'm invested next I repeat from the start then why are you being a clown you're you're you're being a clown it's funny there's nothing wrong with having high hopes for XRP I finally have a dream exactly like what is wrong with having hope and your investment we're not here – I'm not here for traitors right we're here to invest that's what my channel is about saying hey I found this amazing yeah exactly that's why I'm not blocking really by oh because I don't I got I've gotten tired of so many people saying that you know you know I was really hard heavy-handed and originally because I didn't want to deal with trolls in my chat but now I love entertaining them because they just give me great talking points you know I just got the dive off and be like well here's why you are an idiot and everybody like ha ha ha see see right so right so right every time yeah I love it it's like it's fun because then when I say everybody's like yeah you're still right I'm like see you need to get you need to you need to get yo crap together human tripod with the 5 8 9 bro we're going to 5 8 9 right hopefully hopefully the I did um sorry I I gotta admit it now everybody I'm just saying all now I'm a part of the Illuminati I'm trying to indoctrinate all of you into my Luciferian Illuminati cult I just want to make all you all of you rich so that you can help me take over the world that's really what this is about this channel is about me recruiting a bunch of future billionaires to help me take over the world is that wrong is that wrong of me to want to make you all fabulously wealthy with the hope that my wealth my introduction and keeping you into this is gonna make you listen to me in about 20 years when I say hey I want to take over the world I love it dude I love it I'm doing this exact yeah I forgot I'm stealing from charities I'm stealing from charities dude I love it yeah dude I'm actually a Rothschild you know what this nose isn't that odd you're a hippie assassin busted dude I'm actually yeah I'm not really a hippie I'm just like I a the role so that I can get into their little communes so that I can poison them all where do I sign on the dotted line with blood Moorish Prince that's the only way it works you gotta sign with your play I think I think it's gonna stick some crazy as soon as it goes live and then come back down set your stop loss of people yeah that's it that's not that's not a bad piece of advice cashing out right um I I highly encourage everybody to operate stop losses with what you're about to see happen because that's that's a that's a surefire way to ensure I would I actually would never do that team by Josh like I I do I I do uh support the use of but I would never never ever ever try to force that on somebody it's my belief that if that you have to choose that experience or it's not gonna it's going to be detrimental to you it's not gonna help you over done you already know that we are bringing anime to real life you know I'm a total weed we got to do it okay I want first we need a Gundam though I need a Gundam so that when I bring the Pokemon into the world I don't have to worry about no Charizard burning me alive I can I can I can chop it in half with my Gundam phase sword right where's the knife give me the Moorish Prince you're all over dude uh let's second Shea peak ripped out oh my we'll XRP replace the dollar um Andy I I think that it's going to honestly it's gonna replace the dollar at least as a global reserve in my opinion right that's that's how it will that's how it's going uh do you still have your dollar I don't have any dollars right now actually a game guru well I think I have like three dollars in my bank account something like that you know so there are dollars maybe actually I think I'm in a sense I'm not gonna lie I think I only have cents left in my bank account right now hey Jay well I don't wanna lie but I think I only have cents right now yeah yeah here I'll even show it oh wait wait wait my number is on there right right see that 80 cents guys I got 80 cents I'm highballing over here you know ripple labs they they make a man rich 80 cents in the bank account y'all 80 cents [Laughter] yeah bio absolutely bro meow do that that's that's why I find so fine people think that I'm paid like dude I am like probably the poorest person in this chat right now the IMF Fed will issue a digital dollar XRP yeah well they better hurry up and develop that uh that digital dollar already they better hurry up if they don't you know um everybody out of time right you rich boy I know right I don't think XRP will replace the dollar like ripple said it's meant to become so I think that the dollar is going to survive as a as a national currency obviously right and I think that's what ripple means is that they're not trying to replace these currencies instead they're trying to bridge them but the issue is is that the US dollar is currently that bridge and to the point that 65% of all u.s. dollars in existence are used for foreign exchange so ballin like I'm Kobe hell yeah bras but yeah so the my belief is is that the dollar is actually going to lose about 2/3 of its value as if ripple is successful that's just because it's going to lose two-thirds of all of its utility now what the Federal Reserve can do if this occurs is they can start to suck up all their dollars right they can take 66% of all the cash in existence and just burn it because Fiat who cares if you burn it so they could do that in what that would do is it would stabilize the dollar um within our borders and but I don't know how that work like I think that it's technically like I feel like it that's one of those things that in like theory is possible but I don't know if it's technically possible I'm going to neuro-link all of Alan Watts that would not gonna lie game guru Alan Watts is probably one of the first people who I would listen to all of his stuff Alan Watts Carl Jung and who else if I had to pick third there's not really a lot I wish there were more audiobooks of like like for like you know the musings of Einstein or something like that but yeah Alan Watts is a is Alan Watts was decades ahead of his time Terence Mckenna also brilliant man brilliant brilliant man the I am H them so say that they will adopt blockchain tech if all country is gonna use a digital currency like in Sweden ripple net can be the bridge and with a very tiny charge or change XRP you don't understand what you're talking about Dirk iris and the fact that and I'm saying that because if you don't think that the price needs to go up for XRP to be used as global bridge currency you're delusional just flat-out bro I'm sorry that's really harsh but you're saying some delusional stuff just smart you know that anyways a day traders good luck to you right yeah dude those day traders gonna get wrecked if what we thinks gonna happen actually happens because day traders operate with a stop outs they have they have they they operate on set on walls on cell walls so all the traders are about to get all those day traders when this price pumps they're gonna watch as they they have all their sell points hit and they're suddenly completely liquidated out of XRP as it keeps going up and that's when people are going to start killing themselves SAP they're gonna be people that do kill themselves when they watch what happens happen and that's actually why I'm out here doing what I'm doing you know jerk areas might be thinking that I'm out here trying to like hide people into this no I'm trying to protect people from jumping off a bridge after they spent two years in a bear market just to get stopped out because they didn't think the price is going to go crazy that's what I'm doing um did somebody say I'm delusional I don't know oh you wide Chakiris is delusional I can just point that out because he thinks that he thinks that XR pees price doesn't have to go up for it to be utilized as a global bridge currency we knew that the world moves like 10 well one company for example ADP alone moves five trillion dollars a day that's just ATP five trillion dollars a day you can't move that kind of value with a network that is worth less than less than twenty billion dollars if you tried that the price would go to 50 thousand dollars and then the zero dollars and then 50 thousand with every single move cuz there's just not enough liquidity you have to have liquidity there and liquidity is value that's what that is when they say it liquidity we all say look why why do you think we say liquidity because we know liquidity is is terminal that they use when they say yeah liquidity is value you have to have a deep value pool if you're going to keep a stable currency and use that for cross-border remittances you cannot have a low price yeah yeah my 50 million satoshis will be worth 50 million dollars if they still exist in 30 years for my grandkids uh-huh yeah I went out I mean honestly I'm I'm gonna jump off a Fiat Bridge into an X I hope you like hell yeah did uh just just hope it's not too high of a jump yeah yeah be careful what you wish for cast would you wish for if it means me and your cars will both be a jump off a bridge don't be don't don't be doing it did you know I might not like trolls but you know don't be uh don't be stupid now keep at least 50% in your bag hey you want to sell out go for it just make sure you hold on to 50% for the ride up the video you were repeating ripple net marketing the head of the IMF state and video – Brad growling house they will first enable countries to use a digital currency really because I remember listening to Ross Lecco you know him right because I know his name you're saying the head of the IMF who Christine Lagarde when in Christine Lagarde ever say such a thing to brag growing house I do you know that my channel possesses all but two interviews the Christine Lagarde has given over the last two years because I'm obsessed with Christine Lagarde's words because again she was the director the head of the IMF i when I come out saying stuff if I'm like if I'm preaching something to you as if I know something it's because I know that thing because I've listened to a an official person somebody in a very high place of power who's not allowed to lie publicly can only at most use really obscure terminology to describe what they're trying to say to try and mask their message I listen to those people and then I regurgitate that to you and it's not ripple employees it's the head of the IMF it's the head of Bank of International Settlements it's heads of central banks it's individuals working at the Federal Reserve it's not ripple what yeah don't be a billy jungle Lynx said it right Ahmed don't be a billy yeah he's saying he is but I don't think is I think this boys a clown the clown most I don't think you can wear cleanser montiel but I'm worried I am blocking you you entertaining there soon don't worry they we're gonna make you squeal like a little piggy so let's be classy y'all I don't know what you're talking about I don't know what I'm talking about Ahmed I'm just enjoying the conversation having well we watch XRP keep climbing you know he's he's over here him yeah oh you're talking about Ross like how – yeah you mean so so I know exactly what you're talking about and you know what's funniest Ross like how I can almost quote him verbatim he was asked the through a through a program that they ran during this panel that he and Brad this this talk him and Brad were having before live studio audience they had questions come up to them from a an app called peephole and peephole or peeped box something like that somebody asked will the IMF ever hold digital assets and I think the question was actually will they ever hold XRP and Ross went ah and it's one of the most famous videos in the XRP community because of his reaction and his reaction was not him saying that the IMF is going to use their own currency it was them saying that him saying I'm well you must honor you know y'all keep in mind I'm from legal so I'm supposed to be conservative his words exactly and then he paused and and and Brad golly house says do you want me to take over you let me just you want me to tell them and and rest like yeah and then he Ben Ross responds we're not a a country holds a digital asset then then the IMF would would would would be highly encouraged to hold that same asset but a nation would need to do so first and do you know what SBI uh Frank it's like you were reading my mind Frank art Erica are on was it either way his digital currency and it was a question posed to Brad Garlin house and Ross like out on stage together what other digital currency would people be asking about up there and why was Brad dancing like a little boy in a candy shop when that question was asked do you understand by language my friend starting to think you don't when the market goes crazy and the exchange is also you need to plan B that's why I have a bag of X R P in my ledger and also bought some CFD contracts by my broker with a leverage one hmm most of those millionaires will go back to being broke in a short time yeah most well how's it going by the way summit how you doing today but yeah most people who are in this are not going to actually get wealthy because they have a very twisted sense of what they're actually investing in I think that's why it's so important I think that's why I had the most important thing that you can take away from anybody such as Mark Cuban or Warren Buffett when they discuss investing advice their their advice both of them say don't invest in something you don't understand and the reason why is because if you do you're just wasting your time because you're gonna cap either going to cash out too early or you're going to invest in something that's going to zero yeah but you're by language speak sign language publish sites Ross stated they will adopt digital currencies but first they will stimulate countries through their banks to use digital Fiat you fool Brad was happy because ripple net can be the do you need me all right we're gonna play the video we're gonna play the video I'm gonna make you look like the biggest dumbass of all time now drew cars I mean everybody already here knows that your troll but now you just gave me an excuse to play the Brad raw uh speech right all right cueing it actually it's just at the end of this so we go up not put that up there yeah it's just made very clear it's right can you see those there we're gonna listen to us two votes let me try do you see IMF holding crypto assets in the future oh they're over here that's easier you had to take one go for it first ones for you IMF do you see IMF holding crypto assets in a teacher I did not put that up there remember I'm from the legal department supposed to be very conservative about these things well it's almost like I knew what he said I don't want to go into great details about actually take what the argument is gonna do I think we stunned Ross into silence with that one for that to happen okay under the current legal framework some country would have to use a crypto acid as its currency what did I just tell you Draco huh didn't say what you said he said what I said almost per Batum I don't why dude so you can go eff off go ahead give me another BS line and I'ma ban you you can be the one that I hide from my channel don't come in here acting like I'm gonna be lying to my viewers I value every person that comes into my channel and listens to me and gives me any of their time this channel is me helping people if you don't want my help go away buh-bye I don't play games with people when I'm wrong I admit I'm wrong I've done videos dedicated to coming out and saying sorry guys I'm an idiot I shared something that was false with you and I apologize but this not wrong but by truth and aggression you're gone dude you submit got made the biggest fool of all time dude peace the out right like Bubba why doesn't that let me hide you Oh somebody right hid you mmm God Ross said for the I enough to hold digital asset than a country yeah exactly right yeah I know is what I was that's what I literally was saying to him he's just being a friggin idiot ya know I'm I I definitely like I that's what I was trying to tell him dude but he's just a troll so whatever he's going we're done with them I entertained them I entertained him long enough all right is so funny hell yeah did not guys I don't I mean like legitimately I value each and every person who Tunes in to my channel and gives me their attention like why the hell would I try to ruin that by trying to deceive anybody that's that's putting any degree of trust in me that just doesn't make sense yeah honestly um there's no reason the man you did like dry Jack Harris is just huge yeah the dude just won't stop I just would not stop it is just ridiculous so now what are we going to do bro all right Bella oh my all dude he didn't want to hear you digital nomad you didn't want to hear it bro he doesn't want to hear it that's why that's why he's gone he is literally just trying to get a ride out me he got that ride that's why I hit him because you know it's not fun for any of you all sit here and listen to me rage you know yeah well I don't need to but I I still did it because I wanted to make sure that nobody in here thought that I'm that there was zero zero potential for anybody to think that I'm trying to mislead anybody based upon him because I know that there were people in here there to agreeing with him so I wanted to protect those individuals from that lying scumbag that was all that's that's all that's the only reason that I went to that extreme but he did he did take me off so that's why I hit him because you know I just they're there you can lead a horse to water but you can't make it drink and you know okay I did a video on the work around this I did I did two actually digital nomads like I uh I think I I think I did I actually did a video on the entire thing to UM it's one of my deep dives here any but but yeah it's it was a site that was actually a great great interview between the two of them yeah it's right here how's it go I'm a 13 minute video on it breaking it down I took all the the main points away from it that we're best oh that's part three so I have three part series on it so through here so yeah for whatever reason the other two parts just aren't listed in this uh in this I need to add those into there yeah it was fun debating is fun passionate debate is even better but name-calling and being a jerk is not needed we are under enough of a strain just waiting on everything happened yeah that's true and that's again like it when when somebody gets under my skin like that it's like you know that's why I had to hide him because I knew it just wasn't gonna go well it was just gonna be me making a fool of myself so I wasn't going to give him that that gratitude anymore you know I mean yeah like we are we are at the precipice of a new era a new epoch in global finance and so obviously we're gonna encounter plenty of skeptics out there that think that we're crazy but the reality is don't people that are crazy are those who aren't paying attention to this revolution that think that this is not a truly global revolution that don't understand how much value there is in the world these people don't understand that we are investing in money they think they're investing in a company's private shares or or something equivalent to a stock or a bond they don't understand that they are investing in the thing that you base the value of all those things that I just said off of right so there's nothing can be done for him um can't help him guys you know you can try you can try all you want but you know I just tried my very best and and what he do as soon as I showed that they do he begged me not to play that video that's why that's when I was like oh I got your number dude don't play the video you talk about article 4 no I didn't article 4 uh was that mentioned in the video I didn't I'd even hear that it must have been something that like I kind of like you know missed what way me what was article 4 about digital in that an entry vendor haha DNI by the way thanks for tuning in D and I let me get you a mod in here because I deeply respect you bro so you and I definitely know I can trust you amendment number four no I did not talk about amendment number four but you are a mod in here now so you can you can link your video if you want to and I'm totally cool with that dude because you are you're very informative and I do it encourage anybody to when when DNI links his video on that panel by all means go check that out because seriously brilliant brilliant dude over there all the banks will use X R P in my opinion they will they don't really have an option anymore to be honest Frank you know I try to do my best you know I think I think we all have a little bit of arrogance in us and I'm no exception you know but I do my best to try and remember that you know humility humility goes a lot further than anything humility goes further than intelligence and everything in life if you're humble you'll get ahead right not the video clip the workarounds according to the IMF article of agreement oh I am I did not I have not seen anything about the workaround can you send me some links to it on a on on Twitter he so that I can actually read into that I'm once I hop off here I'm actually gonna try to sleep because I'm like starting to really feel the train you guys seen the new Western Union ads in the fine print it says services may be provided by Western Union well prob because it's ripple huh I've not seen the new ad but I don't I don't know if I mean it would make sense that Western Union is providing their own services within their ad right I don't know I don't know I don't like to yeah yeah I get I get that dni I get that but I'm asking if you have a link to the IMF article of agreement I don't I don't have access to that I don't even I don't even know what you're talking about as far as that that's why I'm asking if you could send me links for it true that humble and kindness to all yeah leading with kindness is the most important thing honestly but you know we're only human um I'm only human rather you know I like to pretend I'm a Martian I'm not this this world but I still might my emotions still get the better of me sometimes and I i I can't can't find it in me to be kind to some people no matter how hard I try you know I mean I I'm surprised I was able to keep my cool with care as long as I did I'm I'm impressed with myself I'm gonna take a little credit I'll sound like there are workarounds to what Ross said on stage oh okay I'm not sure I'll need to look into it I guess because I'm not I'm not sure what you meant as far as like workarounds to the IMF holding maybe I don't know I mean see you guys see are those the West you know I'd stay humble I just remember when crypto gets adopted make sure me and you have some money but compared to the bank we've all got nothing even though it's all our money but follow the money ripple is gonna stay but let's have yeah I think that that's something that people need to keep in mind is that part the part you point out is that you know none of us have money compared to these financial institutions we are like like Jeff Bezos is broke compared to some of these financial institutions guys like they got big money big big money oh thank you so much hi and thank you to everybody out there who subscribed to bringing me over the 4k mark I've only been doing that this is the 67th day I've been I've been creating content we're already up over 4k subs like I'm blown away how many people in the XRP and crypto community have found my channel and actually thought it worth while to put on their sub list and there's like I think it's like I think it's like 37 or 38 percent I don't want to put my analytics but I think it's like 37 or 38 percent of all of you that are subbed are also have notifications for me activated too so I'm like really blown away how many people were actually interested in what I have to share you know cuz there are there's some really great content creators in our in our communities so like I'm I'm really am honored I'm not saying that just to be like oh you guys know like I legitimately like appreciate all of you you have no idea you'll never understand I am here to get a Martian point of view hey I appreciate that DNI that's why I come over to your streams because I love hearing the nomadic investors point of view you're you're brilliant dude truly truly you you you when I watched your stream the first time the first of your live streams I watched I was like I don't know if I want to make any more videos because you you are far more intelligent individual than me it's just like obvious to me that you if it's not intelligence is it is a great degree of wisdom which comes from a high level of intelligence so even if we are equals you are far wiser than me and I deeply appreciate the insights that you share because they're truly about word your CH blew up fast yeah it did it's crazy I don't remember it exactly but was here also in the began yeah hi you were I I do remember that – you were actually like one the I think you were in the first two or three hundred people I think you're you're one of the people that subscribe before I did like my second video or he's like wow so have you have 250 like I have to do not that's why I was like doing videos like the 50 subscriber mark and then the 250 cuz I didn't I think is gonna get to this big once we hit once it once it hit like 250 it blew up into the thousands I was like okay um maybe I'll maybe I'll start I'm gonna do a video every day at this rate so I think I'll just wait til 5k to do another video to thank everybody for this but I still want to do a shout out to you know did that post it if anybody saw that thanking everybody for their sub because you know I 4k is still a milestone and ya ve T definitely might Plan B that chain yeah I think B chain has a promising future to cashing out I will I probably am NOT getting into V chain until well calling I won't be getting into B chain at least until until XRP matures to at least at least I want I want to XRP to be above $5 before I move my before I put assets and anything other than XRP because at his current price there's just it's just so undervalued it's disgusting it's been the worst performing digital asset all year long – so this this buying opportunity has been prolonged for us and I just have not been able to justify any other asset because no other assets is oversold as XRP has been and no other asset has a as promising of a future in my opinion is XRP so until XRP gets up to a price point where I feel that I can get comparable or perhaps even better returns in the long term then I can from my ex RP that's I'm not investing in anything other than I've put a year's worth of research into this asset and I've every like every day that I have spent I've become more and more convinced that I'm not gonna be able I'm not gonna be able to debunk this thing it's just there's no way to there's no evidence for it right like I can't do it hell yeah dude um no problem dan I like a legitimate you're you're legitimately awesome dude and brilliant as brilliant as all get-out dude Richy XRP a good friend is in delay in delay and a lot into what I am out of it hey guys I'm in reading straight now I appreciate that xrp legend I just want the Lamborghini maybe I should go to work for it yeah all right yeah I did it's gonna I mean I'd like to say it's gonna be a while but we got SBI launching tomorrow so I don't know maybe it won't be a while but you know just bank on it still being a few years right right even I'm not I'm not worried about SBI there's there's that's something else that I should point out that even though SBI is going live tomorrow we have also received rumors I don't know if they're confirmed yet but we've heard rumors that SBI VC is not actually allowing new account creation and they're not going to allow new accounts to be created until I think it was cute q4 I think that's why people are asking about q4 but I think I'm preached but they aren't going to have new account creations available until later this year until the fall so that means that whoever's created an account with SBI ovc they'll be able to trade immediately when it goes live to tomorrow or the next you know seven eight hours however long it is but we don't have a we may not be able to see like you know millions of SBI's customers come on because they're gonna have to wait till this becomes until the sign up becomes available to them again yeah exactly middle middle way that's why that's why I'm saying that's why I correct myself and said you know seven or eight hours however long because in seven to eight hours that's when it'll be morning time on the 31st there in Japan I wish I could get some that cheap damn buds that's good wait what'd he do I missed it mmm oh wow I remember prep pot XRP at seven cents I wish dude I wish I wish I could've gotten on that I remember when XRP was 81 cents and I sold for 250 see I goofed with XRP the first time I got involved that because I got I was obsessed with Bitcoin in 2017 so I I missed the the pump I tried to I tried to switch from Bitcoin into XRP because Bitcoin was on the down trend as XRP was on it's up and so I was like oh well it's gonna go into this thing because this is the one the banks are all gonna use and so I jumped into XRP at like I think like it was like it was under $2 but it's barely under $2 I think it's like 180 or 190 somewhere in there and then I felt like a genius when it went up to the nearly $4 it was like 380 or something on a bit tracks I was like yeah and I held I didn't feel too smart after that after that like two days I'll just put it that way but yeah that that then I sold out of XRP back into Bitcoin at a loss I was like I'm not trading anymore I'm too dumb for this thing I can't trade first couldn't lose all my money if I tried trading so it was shortly after that I decided that I needed to just start dollar-cost averaging into the market and huddling hobbling strong until the market return to all-time highs friend showed me is rigged for hope for mining yeah yeah actually that's what I was I didn't because I have really a really good job in you know I was I was working at Walmart 20 2017 while going to college so I had a part-time at Walmart so I didn't have like a really good income so I set up my gaming Tower for mining I was making I was making good money good money for using just one video card but I was making like I think I wasn't making like between five to ten dollars a day depending on like where the price was on on Bitcoin those days so it was pretty awesome gah you over here talking in German no that's not German no it is German no it's not German this it's not German oh is it German fight it looks like German but I don't think that's German hey my chat has been taken over by just shamans your awesomeness Martian you have great things in life for your hard work hopefully hopefully we all have great a great future ahead of us like Richie I really really do hope that we all are going to share in this success because you know I know that a lot of you out here have been waiting you know longer than me for this to come so you know we just got to be patient patience is the most powerful Dutch that's why because there is such a I mean between when it comes to German to languages they are very similar compared to I like it I would never mistake German or French for German right but yeah that's why I couldn't read it to us like that's not German I can read German but yeah I think that I hope they were all going somewhere really hi Ritchie and I think that we are you know all all my research has shown that we're going pretty we're going to a high point but you know maybe maybe it's all one big conspiracy maybe maybe the flood stirs are right right I don't think so I mean we've gotten it just it would be it doesn't make sense to me to even entertain that it's it's fake anymore when you have such high-level officials meeting with Ripple when we see these high-level individuals actually engaging with Ripple executives are we there yet I mean look at this guy's this is crazy this is so bullish right here what the is going on one two three four five six seven eight hours eight hours of bullish price action you can even go back to now really back to the beginning of the day and say that we've been bullish all day for basically 12 hours plus this is the eye this is exciting honestly I I want to go to sleep but I want to watch the price pump are we there yeah are you gonna you guys need to move to the Netherlands no taxes here just a bit I mean not gonna lie I'm gonna be a nomad once once we get once we get to about if if XRP goes above $10 I'm probably gonna start traveling all over the world just everywhere everywhere that I've wanted to go all my entire life I'm just gonna start going those places and I'll take you all along with me oh if my phone don't work for a camera we'll get a better camera but yeah nobody'll and it'd be awesome to meet a lot of people out there too like we I I don't have obviously the financial capabilities come meet up or to do meetups right now but once we hit moon we're all gonna a lot of us are gonna have to like set up meetup so that we can all like get together as a community and chill and talk about how we're going to remove whoa does the new Illuminati yeah we're gonna we're gonna sacrifice trolls apparently oh I love I love I love schizophrenia I love I love schizophrenics they are so entertaining I was gonna I was one Pete click out of washer Meyer McCauley barracks and peace what viii what are we talking about over here Oh military is that we are talking about the the Dutch military I think five years if banks adopted xrp and had plans to hold XRP they would probably have 0.5% of their money converted to it so that 25% of the couple trillions added to the market cap there is your price yeah and that's something else that I didn't um anybody that watched my price prediction or my price projection video for where I took David Schwartz figure and added the multiplier to it I didn't I didn't even incorporate you know the what would be held by by the financial institutions as you know to restrict the the the supply that's something that could happen that could just do silly things to the price if if financial institutions decide that they want to hoard XRP like they hoard dollars right now things get silly quick things can go you know that dick that could make my my $600 price projection look tame that could make it look like I was skeptical of where the price to go if the banks start holding and ha telling xrp it could get really silly really quick especially when you're talking about central bank's the people who print money you know hey what would it be great if we could just you know print a billion dollars to buy our own XRP with the billion dollars we just printed out of thin air because that's what central banks can do if they choose to yeah we're I think III think that we're in 1985 I'd agree with that lady 3 to 85 somewhere in that range yeah we're we're in the age before anybody knew who Bill Gates was no 1990 everybody knew Bill Gates name already I think we're in I think that maybe 80 88 87 maybe maybe a little bit closer to 90 but Bill Gates aka Brad Garlin house he's not a household name yet so we gotta we gotta get him a household be Brad Garlin house has to become a household name before we're in 1990 since you asked wait who are you asking you're already falling me aren't you Bubba you're talking to somebody else over here I don't see that many BTC Minnie's trolls talking down xfp most of them probably a bus I'm amount of XRP I would agree too honestly the trolling has really come down over the last few months like there are so many less trolls out there in the community yeah anybody who's not already if you're tuned in right now and you haven't subscribed or don't follow me on Twitter come over to Jay a ye d ma R T I am on Twitter and they're Mia follow especially if you're somebody out there that likes to share news I get a lot I've been getting a lot more messages lately so that's why I'm not like replying to everybody and to each message and really like I'm not covering a lot of people's topics a lot of people send me the same thing too but I still appreciate everybody that does send me the news links just because you know it helps me stay up to date with what's going on so that I can keep everybody else in the space up to date but otherwise I you know if you want to get the news before I make a video on it or you want the little tidbits of news that I just don't I can't rationalize making a video one just because it's not in my mind it's not something I view content on this channel is like I want to present things to you guys that are it's that's truly valuable right so if you feel that something's not like really something that's gonna get people excited I just don't I'll just share it on Twitter are you following what crip talk is saying Ben Wiis not anymore he's a scammer he's a con artist he he has he is 100% linked to fraud like two scams so yeah sorry about squeaky chair yeah that's because I'm like leaning forward on it so that I'm actually keeping like my back's killing me that's why I'm to sing in this chair weird what's making chair squeak my bad have you seen the movie Harrison Bergeron it feels like this is our future is currently I haven't but maybe I can uh maybe I'll throw that on to try and fall asleep too let's see if it's interesting maybe you're gonna screw me and I'm not gonna get to sleep here middle way but Harrison Bergeron Bergeron I'm gonna copy pasta that pop it up here you know I'll look into it here oh it's a book is it also a movie or is it just a book it's a satirical of dystopian science fiction short well I do love me a dystopian sci-fi so oh and political fiction too oh that sounds fun I'm gonna read that if I can if there's not a video and I'm gonna read that that's actually like something right up my alley appreciate the link appreciate the recommendation get your ducks in a row no doubt no doubt get your ducks in a row ladies and gentlemen because today might be the last day you get to buy XRP on the cheap does that foam oh I don't know I'm exhausted if I had money I'd be buying XRP right now so you do you not a financial advisor right guys and just under somebody out here he's obsessed with XRP probably probably a bit of a moon boy correction Mars boy is it is on YouTube for free the quality isn't the best but it is the fool so your book oh it's a movie okay cool I'll check that out and pull it up here I'm gonna I'm gonna call it quits here there because I'm I'm definitely starting the nod off and um I'm losing my energy you know so I do appreciate everybody for tuning in thank you all as always for your continued support and patronage and thank you again to oh man human tripod human tripod Inigo backup thank you if you're still the qiat human tripod for the donation you gave me earlier I do appreciate it thank you so much I hope you all have a wonderful afternoon I'm gonna go watch this movie here if I can find it here on YouTube and I'm gonna go cat crash out hopefully get a few hours in and whenever I wake up I'll try and get you guys at least one video this evening maybe maybe you know maybe I'll be coming waking up just to be like guys guys what opportu the price sp I went live well I was sleeping and I woke up rich I don't know hopefully that would be like the greatest way to wake up right yeah I appreciate you all tuning in I hope you have a great day great evening great afternoon whatever it is wherever you are thank you as always for tuning in if you're new please be sure to hit that subscribe and ring that Bell and also hit that like on your way out as always I can't wait to see all of you all in the next video on Mars see you there oh I didn't even have this up I wasn't prepared okay please

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