Bitcoin was spooked by a ghost on Wednesday tumbling 7 in the span of an hour on reports. A previously inactive address dating to the blockchains networks earliest days had transferred more than three hundred thousand dollars worth of Bitcoin. The scare bought a quick end to bitcoins for day rally. Prices for the largest cryptocurrency by market value fell to around ninety five hundred. At seventeen. Fifteen, the problem is, it fell even further from ninety seven. Eighty, eight on Tuesday earlier Wednesday, the rapid sell off took Bitcoin as low as ninety one hundred dollars from nearly nine thousand eight hundred the hourly drop was the biggest tumble since the 10th of May. When a brief outage on coinbase caused the price of Bitcoin to dip 10 in 30 minutes, Wednesday's tumble was most pronounced on luxembourg based exchange bitstamp, where the price for one Bitcoin lost 7. In one hour, the sudden drop came as crypto traders lit up Twitter after Bitcoin blockchain data showed the address inactive for 11 years had moved up to 50 Bitcoin to different wallets than another 9.99 BTC. Earlier, in the day, the address owner is unknown at present, but the coins were valued at around three hundred and seventy nine thousand two hundred dollars at press time. If you can hear the tone of my voice, there is a reason for this. I have never, ever ever ever ever in my entire life been a part of a market that is this dumb.
I saw this news and I thought it was a joke and when you click around for those of you not looking at the screen, just simply avert your eyes. It says Bitcoin price dumps over fear. Satoshi Nakamoto moved coins. The Bitcoin just moved from a 2009 wallet did Satoshi Nakamoto, just move 50 Bitcoin Satoshi is alive. 50 Bitcoin mined in 2009 were just moved to unknown wallet. I what I'm it's very difficult for me to, I want to say, not curse and keep a lot of. My fury box stop right now. Do you understand how stupid you have to be as a trader as in anything within the crypto code, within any market to sell off and it's, not even like it was a slight sell off the seller is their chart somewhere here. One of these things – this is the actual chart for this isn't affected, like this is one of the actual movements of it it's a straight shot down who the hell cares if 50 Bitcoin were moved, how fragile is the crypto courage? Isle is Bitcoin. If you can move 50 we've seen before in the past, we've see we've seen many other times before, where there are people who may move 45000 bitcoins 16000 Bitcoin from one address to another. These addresses have been active for the last two years, but this one big move may have moved to a cryptocurrency exchange. The idea is, while there may be a huge amount of liquidity within bitcoins market there's, not a sufficient amount to be able to potentially handle a huge sell off from all these coins at once, and the crazier part is when these coins and they're moving around they're.
Never actually sold like these coins end up moving around in an effort to bring the price of Bitcoin down that's. All that's happened like a lot of these coins, never actually end up being sold off ever the same exact thing. When people are putting in fake, buy and sell orders to move the price of Bitcoin, how can you understand for look it's one thing to have 14. 25 35. I mean listen. If someone at one point is selling off 150000 Bitcoin, I will go okay, there's a really. He like something really massive is about to happen. 50 Bitcoin moving is insane. That means this market should almost not exist. That means we are that that means Bitcoin is as strong as a as a string of feathers, tied together by dental floss. What would have happened D so for those of you who don't know the the rumor has been for a while. None of this has been substantiated. What have you that apparently may be allegedly satoshi nakamoto? I think it's, just legend at this point, is in possession of 1 million Bitcoin on a wallet that are never ever ever ever ever ever ever ever ever ever ever going to move what would have happened if, in fact, Satoshi Nakamoto had actually moved 50000 Bitcoin? Would we be looking at a 300 Bitcoin right now? What would have happened if multiple addresses that had been dated and not had moved since osha Nakamoto had been around or since all these coins had been mined and a million Bitcoin had moved? We would be looking at Bitcoin pennies on the dollar like actual fragments of a penny.
The entire cryptocurrency market would have been decimated. Who cares if 50 – and these are listen – you see these tabs up here? These are these. Are these are six of several hundred the entire point of the crypto currency market, the entire point of the Bitcoin market? The entire point of a peer to peer decentralized space has to do with the fact that you can do with your money as you choose to do. Whenever you want it's your money, you can go for it. What, if, if this is, if this is the market's response to the potato, who who the hell cares if this was a Toshi Nakamoto or not, even if it was, he has a right to move his own money it's his money? He has the right to do so. If he had to move fifteen thousand Bitcoin. I would have gone well good for him. I hope he buys a house in the Hamptons the fact that this caused so much fervor and even even more so the the news that was going around this is even I mean, even better the amount of people I saw talking about that it was actually one There'S there's two sides of this stupid coin that it was Craig Wright who moved the coin, and this was his big move to crash the price of Bitcoin Wow sit in your own corner. The other side was remember last year of the year before, when Craig Wright went before the judge, and the judge was like.
You have to show me proof that you actually owned. All of these Bitcoin addresses and he handed the judge. A stack of papers of 14000 addresses and were like yeah. These are all mine, but then we realized that they were just simply the first transaction that actually happened on the Bitcoin network. The people are like well clearly it's, not him, because one of the addresses that he listed was actually one of the coins that was actually moved and he doesn't have the actual keys to them because he told the judge he doesn't even have the keys to them. Why this made world headlines news, I don't know like III. Of course I get the significance of Satoshi Nakamoto, this famous figure in the cryptocurrency space potentially coming back and moving his coins, and oh my gosh, he is, he is alive, he's still moving. Who cares? Why did this market? Why did bitcoins price drop eight hundred dollars over the course of a couple of minutes, because 50 Bitcoin were moved? What would the market can you imagine if Bitcoin was nearing 18000 rapid movements? Someone at some point is like. Oh, my gosh. I remembered my password ran to their computer that they had in 2009, opened it up. They had 51 Bitcoin in there. They were like just so. You know just in case I'm gon na sell off 50 of them, because I want to make some really good money and Bitcoin crashed back down to 6000 dollars.
What is wrong with this market I've mentioned and it's it's? It makes me almost ashamed to be a part of this market. When people ask me when my friends family members, whoever they may be, how often I get the question, should I should I buy Bitcoin, and I and I sit there sometimes like I want to tell them yes like I want to tell them it's a great market. It'S very strong and then stuff like this happens like can you imagine telling someone to get into a market like this, where the who, what it doesn't it doesn't logically make any sense. No part of this no actual part of this and the worst part, is the articles popping up right now talking about that, this drop pushed us below resistance. This drop pushed us below so and so we're, looking at new lows, we're looking at so and so, and so people are talking about. Bitcoin is gon na slam back down to 6000 and this induces fear in the market. This causes people the same exact people who are selling off seven freaking percent. This causes fear because they don't understand what all of this technology actually isn't. What it's for it's it's it's it's it's, complete nonsense that all of this can happen. People complain about whales doing it. People complain about the Bitcoin futures doing it. People complain this other rich people. Why are the rich people getting into the market? Is our market that fragile that someone can move 50 Bitcoin and the price drops by seven hundreds of dollars? It wasn't, even I, can even see like a fifteen twenty dollar drop like legit dollar drop people being like.
Oh, that was kind of weird. Maybe someone found their password. What if Satoshi does move the bulk of his coins? What, if there's another address that has 30000 Bitcoin and they decide to move that as well? Maybe the person found their password and they're like. I need this money: the dumbest, the dumbest, the absolute dumbest thing in the entire world. The dumbest III can't even actually put put put proper words to this, and I and I saw very, very, very few logical articles. He says why it's unlikely the 50 Bitcoin transaction from 2009 is Satoshi, even if it was why do people care? Why would that cause our market to drop? How many over the last 16 12 11 and a half I don't care, how many hours that this all took place did Bitcoin get any slower, the tund that did the 50 million people who all are dealing in or have Bitcoin that everyone sell off? Was there a massive mental connection that we all shared at one point that we were all like let's sell off? The creator of this coin has decided to move his coins. It makes me worried further for the rest of the cryptocurrency space. If Bitcoin is this fragile? What happens down the line? What happens if Bitcoin does hit 50000 per coin and there are people who are like it's time to cash out and what? If the Winklevoss twins they own, at least at least three hundred four hundred thousand Bitcoin at this point? What if they decided to sell off half of them in a market where we know that not only one person holds these coins? We know that there are more than a thousand people.
We know that there are more than a million people on the planet. All it takes is, is articles to be written to scare other people to make them think like what is the significance like? Can you imagine if, if, if, if Johnson and Johnson or Pepsi or some other company, someone has had stock in these companies for, however long 20, 30, 40, 50, 60, 70 years? What have you at some point? Someone sells an original 50 stock from that company and the price goes down by 7 percent. It doesn't even sound real you're all sitting there like. That would never happen. Of course, I'm. You don't understand how much anger I have because it's stupid things like this, and I would not be surprised there would be zero number less than zero percent of me surprised if this all happened simply because either someone found their password or there was someone who's been In the cryptocurrency space for a very long time just decided to move, it is to move the coins to see exactly what would happen to the price. You understand the level of manipulation that you allow within the market when other people can do things like this. What if this person had moved 500 coins? What would Bitcoin be 5000 right now? What what what's the reason I'm gon na move on, because my my blood pressure is very high right now, because I can't logically map out why any of this would make sense.
You know what's even crazier. Imagine we are imagine we're 10 years in the future, is the year 2030 BAM. Someone moves Bitcoin from a wallet that hasn't been touched since 2014 2015. Well, bitcoins price also then dropped because that wallet hasn't been touched in 15 years. Is that all that it takes to move the the cryptocurrency market? Did people logically expect these coins to never ever ever ever ever, move again, like I'm, actually waiting for an answer, because I looked around and every other single crypto youtuber all they were like? Oh man, this is crazy, like you know, I'm expecting further drops and I'm like really like. Are you also part of that idiot tribe like how dumb do you have to be to even think that this should even induce any type of negative price movement? Bitcoins fundamentals have not changed. We know that miners are getting back onto the network. They were waiting for the difficulty. Readjustment BAM, it happened, they're getting back on, more people have been buying Bitcoin like what happened over the course of 12 hours. You know you know what it takes. The economy is garbage right now. The government's are printing trillions of dollars to help boost up these businesses that are going to flounder when they simply can't print anymore and they've been going up in price and when they go down, they go down by a good 1 to 2 percent. Bitcoin dropped by 7 because someone moved coins.
What? If what? If what? If what if Bitcoin, had actually dropped to one transaction per second like what, if the actual fundamentals in some way were broken or impaired or damaged? What, like? What would logically then happen to Bitcoin? Nothing has happened the last 24 hours that we were all talking together. What has changed, except for some it's it's, dumb I'm. Moving on this is this is one of the worst things that's ever happened within the cryptocurrency space it makes me lose. Faith is is, is, is it is a nice way of saying it that our market can be this dumb? You know how much faith I have in the cryptocurrency space. You know how much faith I have in Bitcoin and ether XRP other coins just going forward and how much of a change they can make to the world and then stupid stuff, like this happens and III, sit here sometime and I'm like. Zergatik, like? What? Why why? Why do i? Why do I do this to myself like we all? We all know that Bitcoin should be higher in price there's. The the the fact that it's, the fact that Bitcoin is flirting or has been flirting with 10000, as opposed to flirting with 2000 logically, tells me that bitcoins price is being pushed down on purpose. Bitcoins price is constantly being pushed down over and over to make sure that it doesn't jump over that 10000 level. If Bitcoin was that unresisting so, and so it would have, especially after all the push downs over and over, we would be logically around a 2 3, 4 or 5 thousand dollar Bitcoin there's no support people keep pushing the price down.
There'S no demand bitcoins price is going to go down the fact that we've been constantly floundering up and down between nine thousand four hundred and nine thousand nine hundred and ninety nine dollars and ninety nine cents. Over and over the last couple of weeks, there's clear demand for it. Mathematically people are making sure that Bitcoin doesn't pass by that golden 10000 so that things don't set off. Nothing has changed in this market like nothing logically has changed, it's, so infuriating to be part of a market where stuff like this happens at night, and I Anna and I and I can't, be the only one who feels this way. I don't care, if you you hate my rents, like I honestly at that point, please just go away the amount of people that's in over the last couple of weeks, like I'm, tired of you ranting, if you don't, like it leave the channel like III. Don'T have time for you or your ridiculous comments. Stop harassing the people in my comment. Section stop harassing me like it. Just go, get a life just go somewhere else. You are probably know I'm, so I'm, so completely done with all of it. It'S, just it's just illogical, like none of this logically makes sense. If you didn't, sell kudos to you. You are part of the the the the smart tribe as it were I'm just assuming we're going to see more of a sell off. I assume there will be some sort of other coordinated price drop down over the next couple of hours andor days as we move further towards or into the actual weekend I don't get it, eta – and the problem is, is that stuff like this is going to happen? For years – and I mean years – it's – probably just people behind the scenes who were trying to see exactly how fragile the market is.
If we need a price drop, can we induce one well, my friend last Imam he moved 50 Bitcoin, he did yeah and the price dropped by 7. Okay that's great we're, looking to get into about a good 10 to 15 million into the market. Can you move the price it's just it's, just it's like what you I'm furious, like I'm, actually furious the articles out there, our insane discussing this? How many people are so fascinated with it's his money? We don't know if it's Satoshi, he's he's gone into the ether. No one knows where he is, but if he did or she did or they did decide to move or use their money who cares? Why was this the news of the last forever I'm I'm, almost desperate to see another wallet, 2009 move a thousand Bitcoin. I wan na see what would happen to the market and how much panic would be induced. It just logically does not make any sense like there are no actual mental connections that make this make sense. In my mind, all right I'm done um because I can continue going on – and I don't think it's healthy for me to keep screaming like this anyway. That'S that news and let's move on Jesse Pollak, the head of engineering for consumer products at coinbase is revealing. What caused two outages that paralyzed, the leading digital currency exchange during moments of peak trading volume and price action in a new blog post, published Pollack, says the first incident on the 29th of April was initially caused by an increase in the rate of new connections hitting Its primary databases, he said when this spike in connections occurred, the hosting operating system for the database began rejecting new TCP connections to the host, which triggered degraded operations and restarts in the routing layer for the database.
Initial attempts to mitigate the situation were unsuccessful and users had trouble accessing coinbase during the day. Another outage at the exchange on the 9th of May, as market volatility picked up. Pollock said, the outage that day was linked to increased latency across ongoing HTTP HTTP requests that ultimately triggered a throttling of DNS inquiries. Pollock says coinbase is rolling out improvements to prevent similar incidents in the future. The problem is, is that this same exact crap was happening in 2017. The same exact thing was happening, and this was before all of this even took place um. We also had news yesterday, the day before I don't remember exactly when it was as to why bit Mex had been continuously going offline, even the news that we just had that bit. Mex went offline as Bitcoin looked about a day or two ago like it was about to go above 10000 and then their system also shut off. I mean like this can't happen anymore, like these things simply cannot take place. When you talk about the growth of the cryptocurrency industry and trying to make sure that the cryptocurrency industry is secure, is safe is static, free that everything kind of completely smoothly moves. In 2017, we had so many problems with cryptocurrency exchanges in the constant answer that we got was we're gon na fix it it's gon na be better. This will never take place again. You can find these articles 2017. 2018, beginning of 2018.
You can find these articles. The amount of cryptocurrency exchange that kept on crashing falling apart prices dropping, and we just assumed at that point that it was bad infrastructure. The people from coinbase said at the beginning of 2017 to the end of 2017 that they simply could not handle it. Their estimates had said that bitcoin was not going to go over 5000 for another couple of years and therefore they did not expect this huge influx I'm. I think it was coinbase and cracking at this point. I think they had over fifty thousand to a hundred thousand new signups per day. Logically, they can't handle it when three years go by and because of increased trading volume, not even new people getting onto your platform, you should have it so that you should be able to handle about it good, especially with all the money flowing through your company. We know that these companies are worth billions now, it's, probably okay – to investigate 50 million into proper infrastructure. To make sure this is when bitcoins price bitcoin hasn't even gone over. Ten thousand. Imagine what's going to happen to their systems when Bitcoin hits. Fifteen thousand with Bitcoin is that nineteen thousand dollars all their systems are going to completely crumble. If you can't handle this madness, when bitcoin is that nine thousand dollars your systems are going to become dust, when bitcoin is nearing, imagine imagine Bitcoin nearing fifty thousand dollars. You can't handle it now it's time to get it together, because if we have a situation, people are going to be furious.
People are going to be very angry if Bitcoin is going up and these people have sell orders at twenty twenty five thousand and your sell order does not go through because coinbase and bit mix crash and the cryptocurrency market goes down. People are going to be furious, like I don't think you are I'm already upset the other day when we had that news that we were nearing 10000 and bit mechs went down and that caused the wider industry to also start the sell off. That'S stupidity, the fact that the 29th of April, the 9th of May you still don't, have your crap together it's time to get it you you don't, have you don't have much longer, especially with all this news that we keep getting. That I mean I mean before all this took place. The last 12 hours that Bitcoin is is is gold and crossing and Bitcoin is this, and this happened to Bitcoin and bitcoins looking set to skyrocket and Bitcoin 25000 body. Really, how are we gon na get to 25000 by the end of the year if you can't, handle 9000 that's a huge problem for the cryptocurrency market, especially when you tout yourself as one of the industry leaders get it together? I don't understand how they I mean. Listen, I would make sure my systems were so robust because one what one has to assume with the opening up of new Fiat gateways, the new coins being added coinbase has a lot.
I was gon na say a lot of coins. They have a 15 1617 coins on their platform 2017. They had Bitcoin and ether and litecoin what will happen to their systems? Imagine these out. Coins are going up rapidly in price. Imagine bitcoin is twenty three thousand. They did probably won't even make it to 22000 P. I'M telling you I'm telling you I'm for seeing it right now. Can you imagine you have a cell order? You are waiting for a certain price to to click cell. You can buy that house, you can buy that thing. You'Ve been waiting for and the market corrects Erik I'm air, quoting the heck out of the air right down, because we keep getting news that when things like this happen that the market has corrected, no, there was no correction is usually always some type of a fault. On a cryptocurrency exchange or someone just moving around coins, these are not corrections to the market. Like a correction indicates that something is wrong and has to be corrected or that something has flown up too far. It'S too overbought too oversold and therefore a movement has to take place to correct it, to where it should be, these aren't corrections. These are this is this is this is lack of lack and my brain short circuiting right now. The point is, but that's the excuse from coinbase as to what's been happening I'm telling you right now they haven't they have until June July.
If we see any reversal and prices start skyrocketing and bit mechs and coinbase crash it's it's over it's absolutely over next up. One of the core goals of backt is to bring digital assets mainstream and a summary update of the achievements of the firm. Earlier today, the president of backed Adam White highlighted that it had unlocked digital assets for more than 70 institutional investors, while that's wonderful, the back to warehouse now provides regulated, bitcoin custody solutions for these firms, in addition to supporting the delivery of Bitcoin futures and options contracts. Additionally, mr. white pointed out that retail investors everyday normal people, can now sign up for exclusive updates and early access to the backed mobile app by visiting that website. He explained that the yet to be launched mobile app, would unlock the value of digital assets for consumers. Merchants and institutions his stead said about his sentiments. Statements echoed what back CEO Mike blandina explained in a medium post back in mid march regarding the firm's dedication and onboarding as many retail investors as possible through the back to mobile app. He went on to express his optimism that the back to mobile app will be available as early as this summer. This is the website forward right here, the very awkward web site iiiiii, I don't know these people are dancing or getting exercise, but this is the actual web site forward right here we had news and indications that the backed mobile app was going to be coming in 2018 it's about time that they finally got this rolled out.
No real specification, that's exactly what's, going to be happening on this app. If it is it simply a a custody solution, will you be able to actually trade your cryptocurrency on here as well? Will you be able to do the actual Bitcoin futures like what? What exactly does this entail? I assume it's going to have a thing as well with the companies that we had heard from in 2019. It was a wholefoods, it was um Nordstrom and a bunch of other places who were also part of this and we're going to be accepting Bitcoin. So I assume they're gon na have like a a tap mobile, a feature and kind of stuff. Like that yeah I mean sure, go for it. I wonder why it took them so long to launch all of this. I don't even dare say that I'm happy that it's being launched. It just seems logical that everyone is going to have some type of a Bitcoin cryptocurrency mobile, app sometime in the very near future. We saw a couple of companies, was it uh last year who were launching all of these um like a blockchain phones and custody wallets, and all this other stuff anyway, yeah backed, is launching their mobile, app doesn't say when it says summer. So I assume June or July, and then maybe that causes a bit more momentum in the cryptocurrency space because back to was meant to be a huge, tidal wave hitting all of us.
But I mean behind the scenes. You know I'm sure their custody another's worth of Bitcoin. We have the news: what was it a day or two ago that they um? What is it their new insurance policy for back there's, now, five hundred million dollars, so one can assume their custody anyway, yeah that's that news I'm still riled up like yeah I've. You have no idea, like I'm legit boiling right now, that's the bad news and let's move on next up. New statistics about the source of the Bitcoin hash rate revealed that more than half of the assets, hash rate is controlled by two mining pools. Recent data suggests that the Bitcoin network has been becoming increasingly centralized between two major mining pools. The mining pools have come to dominate the network's hash rate after its block reward was halved on the 11th of May. Both of these mining pools are located in China. According to data regarding bit pools, bitcoins pool distribution, 3 mining pools, controlled the majority of bitcoins hash rate. These rf2 pool and pool and BTC calm, which account for 28 16 eta 15 percent respectively, apparently is bit main an f2 pool. They control 52 of the network's ash rate. It says, is Bitcoin becoming centralized. Listen. I'M. Tired of this nonsense. I'M. Tired of these stupid articles. When you exist or live with or allow to enter a a decentralized network, it means that everyone in essence, has their own chance their own way to be able to do so in their own manner.
When people take advantage of said situation and allow themselves to make sure that they mean it's math, you know how many computers to buy to be able to increase your hash rate. You know how much money, how much funding you need to be able to buy a huge warehouse to be able to buy a huge so and so to be able to get enough computers to make sure that you remain the dominant source for the hash rate. The fact that this is not happening in other parts of the world does not really essentially concern China. The fact that there's not a huge Bitcoin mining pool association in Estonia, in Germany, in the UK and Iceland, in the states in Canada, in Mexico and Brazil and Venezuela and South Africa in Alaska and anywhere else, does not like it's, not it's, not here's. My opinion. It'S not China's fault that they're controlling the hash rate. If other people really had an issue with this, they would pool their money together and they would make sure that they had other cryptocurrency Bitcoin mining stations around the world to be able to dominate the hash rate. As well, this has been news since 2016 2015, when we saw before many other times it was always two companies and it's been the same exact ones for years as well, that they control a huge portion of bitcoins hash rate because mathematically once again, not only are They already hugely invested, they probably understand the future prospects of where Bitcoin is going to be price wise.
Just logically, it makes a lot of sense and they're gon na want to do it, put it as much effort as possible to getting as much as they can when we talk about the actual growth of the cryptocurrency space to the crypto currency market, bitcoins, hash trade, Bitcoins all this other stuff. This is why a lot of times I'm surprised remember when I, when I mentioned before, that I thought we would see a huge uptick in the actual usage of the Lightning Network by companies and corporations. I assumed that they had more than more than disgusted eing cryptocurrency or allowing you to custody with them or all this other stuff that they would have simply also opened up their own cryptocurrency mining operations somewhere to be able to take a huge portion of this pie. This isn't really a discussion anymore. This has been for years a lot. A lot takes place in four years. A lot of movement can happen in four years. The fact that other countries, other companies that are organizations, are the rich people to the cryptocurrency space. There are a lot of billionaires within the cryptocurrency space who could have logically, probably should have created their own cryptocurrency mining factories. Some will somewhere in the end in the cliffs of Scotland, somewhere in the backwoods of so and so to make sure that they capture 4 5 3.5 of the Bitcoin hash rate around the world, so that they can take away more of the power that's happening or Being controlled by these simple cryptocurrency pools, it's also part of a who care kinds of thing.
This keeps handed this happens over and over I'm, not sure if this, if this website simply is anti Bitcoin, I'm, not sure if it's, they likey theory them a bit more. I don't know, and I frankly don't honestly really care. The point is this is going to continue to happen as long as other places, don't open up their huge own mining, Bitcoin creation facilities were going to keep getting news like this. Of course, they control the hash rate, listen to the news that we just had in the other video, where the government keeps putting out books, educating their citizens on Bitcoin. How many of you live in a country raise your hands and no one's gon na raise their hands where your government has printed or created PDFs. Your central bank has created books or told you to go out and read about and learn about, blockchain and Bitcoin. No one, none of you raise your hands. Of course not. You know how insane it is that this is the. This is the one major country on the planet that has continuously mentioned over and over how much they hate Bitcoin, but they still educate all the people within their country about what it is create, PDFs for them to be able to read and look at and learn. They think of think of how insane it is, and even before there was a TV show we went over this last year as well. It was a TV show in this country after they had released and taken Andreas Antonopoulos, his book and renamed it mastering blockchain.
There was something there was an multi hour thing on their national TV channel station for those of you who were here. You remember me talking about this. That explained blockchain to their people. That means, gutxienez, if you have over a billion people in your country, let's say at least 700 million probably were at home. I assume this was also running a loop, so you at some point you had to sit there and watch it. 700 million people in their country learned what blockchain was what bitcoin was. They explained, what the bitcoin having was and how pertinent it had been to bitcoins price and its movements and its scarcity. How many of your countries did that I'm waiting I'm honestly waiting I'm legit like I'm waiting for someone to be like me? It hasn't happened so when you have a situation where everyone more or less knows, and the answer starts to pick up and rich people are also watching TV and they go. That sounds like a really good business opportunity, like imagine. If imagine, if the US, the EU, huge swathes of Africa or other parts of Asia had taken Andreas Antonopoulos book and told their citizens read this book, you can't read cool no problem. We'Re put in a three four hour long TV show to let to explain this further to you. Oh you can't look at stuff on the TV because you don't have one cool, that's, fine! Well, our central bank will create a PDF that has cool funny.
Amazing photos of people getting married and buying Bitcoin and explain everything to you. Of course. They control the hash rate, of course, they're gon na dominate in the market because it makes so much they they have the information that they need. Well, the rest of the world is concerned about Kardashians and buying cars, and all this other stupid nonsense. Of course, they control the industry, of course, they're the first major country to create their own central bank digital currency. This is just logically going to happen until other countries really get it together is why I always say: do your own research, you have to learn more. You have to continuously absorb more information it's the it's, the only way to move forward in life, so the news is China still controls a large portion of the Bitcoin mining hash raid. None of you should be surprised after everything. I just said like none of you should, even whatever I mean it's, just of course they're going to, of course, control of everything from here also trickles down to constant bursts of information across the people like how how stupid has the news become over the last? Like couple of years pay attention like look at the news, it's completely dumb. Imagine if a portion of your news that you read every day from a newspaper from the internet, wherever you get your end EUR and your source, was about this new form of money that can go anywhere around the world.
At any point, 24 hours a day had increased significantly in price and how it benefits you, your government base, may say you can't trade, it, but you can still own it. This could. This could be a really good asset for you and your family that's. Never gon na happen in your country, and this is why, once again, they control a huge portion of the hash rate and it's going to continue as the years go on, because other countries simply don't care and the craziest parts gon na be when people here become Exceedingly rich from owning all this Bitcoin and the other fractions and stuff like that, no one can get mad at them. You can't get mad 18 years later that someone did something that you didn't do it's just nonsense, so that's that news. This was also major news. As well floating around everywhere, people were talking about the the the centralization of a Bitcoin Bitcoin doesn't. How do I explain this? It'S, not bitcoins fault, that other people on the other side of the world are taking notice to it. They they they find Bitcoin pretty. They gave Bitcoin the ring and therefore well I mean you know they got the gold that's just how it works logically, mathematically logically that's how it goes. Next up, the US Consumer Financial Protection Bureau has given xrp a nod or its use in cross border money transfers. According to a paper published on the 11th of May, the CFPB has been researching new developments in the remittance market, including trends related to digital currencies.
The organization who is responsible for protecting consumers in the financial sector wrote on the continued growth and expanding partnerships of companies. Such as ripple, the paper also noted the use of XRP for settlement of cross border money transfers. They said the bureau has continued to monitor the continued growth and expanding partnerships of virtual currencies. Companies such as a ripple which offer both a payments messaging platform to support cross border money transfers, as well as a virtual currency XRP, which can be used to effect settlement of those transfers. Interestingly, the CFPB seemed to praise ripple for bringing simplicity and transparency to the banking industry for those of you who think that ripple is not going to make it for those of you who think that XRP is not going to be used. I I don't know what to tell you anymore. I had assumed that logic would have set in a while ago and that you really just would have gotten it. You drank some kool aid in 2016 and and and the taste of it is still on your lips. Get over it, I don't know what the problem is it's abundantly clear. While you may not agree with the banking system, while the banking system may be garbage, while corruption and banks and banksters and all that other stuff may be floating around it's clear when you have the the US Consumer Financial Protection Bureau, when you have the the US Fed who also gave the thumbs up to ripple and XRP a couple of years ago, when you have all these major companies and corporations and you've partnered with hundreds of banks and the people who sit on your board are people from the CFTC the SEC.
I think there's also a board member on ripple from the World Bank. I don't I don't, I don't understand like I. I can totally understand the hate for them, like I understand wanting to you, know, fight against the man and fight the power, and all that other stuff, but to bet against them at this point is, is just completely ridiculous. I think your energy would be better spent. Complaining to coinbase, why do you keep crashing like any any efforts in the comment section for people talking about how terrible ripple is, are trying to convince other people that XRP is not going to be used? The problem is people who are into XRP read through the actual articles and pay attention to what x, RP and ripple are doing, and they know that it's being used. They see the increased amount of usage on the ledger. They see the remittance companies who are signing on they see the usage of Coyle. They see the usage of all these other platforms as well. When you have the people, what would what was the other thing? I think the International Monetary Fund also gave a thumbs up to Ripple. They sit on the same panels talking about the future of money and they agree with Ripple about what they're doing I mean I don't know what to really tell you at this point. I mean it's your your arguments in your your energy, futile. I I think that's the word I'm trying to go for put your energy somewhere else find another coin that you really don't like that.
That is actually crap that's, actually not gon na be used. I mean um how many more major entities need to say the word XRP for you to be like okay, let's move on like imagine. If you imagine, if all the hate that you had for XRP, because usually the hate for XRP comes from people who, like Bitcoin, who like really like BTC, imagine if that same energy was used against like be cash or against satoshis vision like we know that these Coins are garbage like we know that no one's actively using them like we know mathematically that, like apps, are using them to send them back and forth, like it's, empty transactions that are passing through these networks. Imagine if you actually put your effort and hate that you have for XRP, which is clearly going to make it in some capacity towards other Bitcoin clones and and spread the gospel of hey those aren't, the real Bitcoin and let other people know why. They'Re, not the real Bitcoin so that Bitcoin itself BTC can become stronger. So then, at that point the only thing that Bitcoin really has to squash later on by itself, because it's stronger is then XRP a lot of misguided energy within the cryptocurrency space anyway, yeah CFPB has given the nod to xrp and ripple, because of course I mean Every single major money entity in the world, they've partnered with every single bank in India. What? What? What more do you like? What are you not? What are you not getting what's what's, the what's, the happ's I don't know I I don't get it.
Is this part of it yeah Consumer Financial Protection Bureau and they talk about it and then they have the PDF which I'm not gon na open? I don't really try to open up weird PDFs anyway, that's that's, that's news and let's move on and to finish things off. On Tuesday, the Atari Group announced a partnership with the litecoin foundation, betting on the overlap of interests between the crypto and gaming communities. Atari has raised 47 Bitcoin Wow worth around half a million dollars over the course of the presale stage of its ICO. The the funds came mostly from partners. Not only will Atari accept investments in litecoin, Bitcoin and ether, but gamers will also be able to pay for its upcoming video computer system or VCS with litecoin and receive a discount. It will be available at the Foundation's online store, Atari, CEO Fredrik, chins and chains, chess, nay told coin Telegraph that he hopes the litecoin community will be receptive to the partnership. He said I hope litecoins is a big community there's, a good overlap. At the end of the day, we are just hoping that people will take advantage of the discounts and will take advantage of the opportunity to use litecoin as well. J Milla, the head of marketing. At litecoin foundation said to coin Telegraph that he also believes there's an overlap between the two communities – oh boy um. So the news is that litecoin has a new partnership. The other part is Atari, has an ICO because they're making a coin.
You already know what I'm gon na say. I don't think I even have to say it. I will say: congratulations to litecoin on their new partnership. I believe this is a is the actual Atari website. It says Atari partners with litecoin Foundation, adding litecoin as means of payment for upcoming Atari token Atari, VCS game system and other future products III wish them the best of luck in this endeavor. I hope they launched and without further ado yeah. Let us move on as always a very special thank you to my patreon supporters. Professor Wally from gun, buy University utopia, five, six, nine Yasha Harari moon man, hi xrp, the pothead, Joshua Vineyard, Morin story or chongo Lolo, Sango, Lolo, Nostromo John starts in the animal Rita. A biblia phobia Todd, Mullis, Adam gray, Sigma hammer, Oni master ventures in Thailand; John Schneider, wise night owl, two for two to the world Krypto Joe bankroll Network adobo, crypto artist, coldly 3d Nicolas run north one piece: one love Damien, setsuna, Nick Kenai Richie, which at there Vlad the Impaler taxes Nick mangia Livonia Anthony Charles Jim Gardner, Jeremy Fox minting coins, Miller hitch test every day and cow skips leg day. Yes, crypto, bawdy, mcboatface, Anytime, Fitness monks, corner staff, ARF medic 17. Make me a cake ticker, a macho Nisa on crypto, with Lionel Raiola Michelle URL and hold on. I have to sneeze. Thank you all very, very much for your support. Thank you to everyone who is or has subscribed to the new channel.
I have. I think I have because of all of you have over 6000 subs, which is incredible and about a good week and a half. Thank you to everyone who is a member of this channel. I do thank you abundantly allotted Li. Thank you all very, very much. At the moment, bitcoins price is currently nine thousand three hundred and ninety four that's the drop right there. It also happened, of course, across the wider cryptocurrency space. Tether has spiked because eyes this was another sell off that was currently taking place within the cryptocurrency market. No real reason as to why there's a further decline. Like I said, and I mean you I mean it is what it is at the end of the day I rant and rave. You probably come here and watch or listen to the channel, because I rant and rave alright and I'll. Tell you this right now. If you don't know me if you haven't seen me on the other channel, this is just how I am like I'm, a very passionate person when it comes to these things. But when I, when I see stupidity, I have to call it out like it makes me really annoyed, because I just want to make sure that other people understand that it's also stupidity. The fundamentals for Bitcoin have not changed. If we get to a point where 65 of the miners on the network leave, if we get to a point where Bitcoin can barely do a transaction per second, I mean at that point out, then what well we'll all come together and have a really strong, realistic Conversation as to exactly if we should be moving forward within the cryptocurrency space, nothing has changed.
Someone moved coins that's, like I can't, even I can't I've thought of other scenarios, like I thought of like somebody having a million cars and then moving one, someone having a million bananas and like moving in the first 50 that they may, like I've thought of so Many different ways to try and like explain it to people it just just – does not make sense, there's nothing that even holds an argument. I I assume, as the video has gone on I've at least got 15 comments of people who are trying to explain to me why the price moved down. I don't care if it's fear, I don't care, if it's speculation. If the entire point is of the market and of Bitcoin that we are allowed to do with our money, as we wish, imagine that imagine getting afraid that the Creator who gave us these rules for the network is doing what he said. He should be able to do on the network and then panicking for it like it. Just doesn't make a lot of sense. A lot of the market is down. Who cares if this coin is up it's just well, even even wise, let me say: go up this. This has to still be something is something behind the scenes in in coin, base has to be rumbling speculation time either o me say, go is getting ready to launch their main net or people really love going on to coin base and seeing the letters, OMG and They'Re, like OMG, I got a besides that I'm shocked that it hasn't been dragged down by the downtrend.
That is definitely 1000 gon na. Do it for this video I'm exhausted just mentally and physically, like it's. Just it was a lot of flailing. It was a lot of screaming it's, really a man it's crazy, I've never been in the market like this, like I can't. Even imagine this doesn't happen for the housing market. Well, first of all, you can't move houses, but imagine if you are in a city and someone and they're and there were 21 million homes 30 40 years ago. Somebody who bought the first 50 homes in that town was like yeah I'm just time for me to move on, and even then they sold their houses. The housing market in that city, with 21 million homes, or even what is it 18 million homes currently would not have dropped by 7. If someone had sold 50, if Peter Schiff had sold 50 gold bars I'm pretty sure the market also wouldn't have dropped by 7. Like it's, just ah it's, just so nice it's just it's just a lot, man it's just really a lot um. I know in the years to come. The market will be stronger. It won't be as influenced by movements like this, but it's just it's mentally taxing. When you know myself, bitcoin is undervalued, the usage of Bitcoin is larger and higher than it's ever been, and you get somebody a person, the movements, oh my gosh, I can't deal with their movements they're, clearly not into it.
Like, I think, he's running to the bathroom. I mean it just is what it is. I hope you all enjoyed hope you all are having a great day a great morning a great afternoon a great evening, wherever you are wherever you might be. I do hope that it's absolutely fantastic.