🚨BIG CRYPTO NEWS! COINBASE WALLET STOPS XRP, SEC BLOCKFI, & BRAZIL BITCOIN PAYMENTS - Transcripts

November 30, 2022

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In crypto news today Coinbase Wallet halts support for XRP, XLM, ETC, & BCH. BlockFi most likely to Pay SEC first versus retail says crypto lawyer. Brazilian lawmakers approve bill regulating use of Bitcoin and crypto as payment. 🌟Sponsor - Signup...

Transcript

welcome back to the thinking crypto podcast your home for cryptocurrency news and interviews if you're new here please hit that subscribe button as well as the thumbs up button and leave a comment below if you listen to podcasts platforms such as apple Spotify or Google please leave a five star rating this content is brought to you by a pool which makes crypto investing easy you can buy sell trade and earn crypto owned up hold and I've been using this platform since twenty seventeen to have ten plus million users two hundred plus crypto currencies and they're available in a hundred and fifty countries as with all exchanges you can buy and sell on them but you want to consider your own crypto not your keys not your crypto use a hardware wallet or you can use a digital wallets which is self hosted now if you'd like to learn more more about opal please visit the link in the description

alright guys I want to start off with some statements to Michael Arrington who have had a few times on the show of course the founder of techcrunch founder Arrington capital Arrington XRP capital Michael of course has been in the textile con value world for a long time he covered it on techcrunch is famous blog of course and of course he's here investing in crypto but he made some statements said at the Al Goran decipher conferencing I am more excited by crypto than I was for web one point no and web two point out and he double downed re tweeting that statement from a user and saying absolutely true and that I believe this that tack keeps marching forward and doesn't care about the drama so Michael is seen the boom and bust of many different market specifically in tech right dot com web two point no of course and now he's here in web three point out and there's going to be winners and is going to be losers but you got to have that macro outlook and see that the fundamentals and the technology is here to stay it has a real world application it's disrupting the incumbents and so forth so some really I think positive statements here from someone once again who has the pedigree who's been around the block seen multiple iterations of the weapon technology and so forth and I'm gonna try to get him back on the show if you haven't seen my other interviews with them definitely check it out now some weird and not so good news a Russian crypto billionaire has died in a helicopter crash near to French Italian border this marks another sudden death of a figure in the cryptocurrency world so I don't know what's going on lately would billionaires in crypto who are passing away but you know folks are going to go down the conspiracy rabbit hole with some of these but we'll have to wait and see what the details are but yeah that is not so good news well let's move ahead yesterday we talked about block by filing bankruptcy well things could

continue to escalate block five sues Sam big man freed to seize his five hundred and seventy five million dollar stake in Robin Hood this is according to the Financial Times so we're gonna see litigation like crazy right a lot of people suing a block find sandbag me for is give me a suing F. T. eksempel consent making free and also probably the people who are connected to them like block fight and promoters and so forth Kevin o'leary you Tom Brady a lot of lawsuits are coming as a result of this collapse and of course the embankment freed will be speaking at the New York times deal book event tomorrow which I find absurd and and I can't believe that is actually happening because he should be under criminal investigation but that will happen I think many of us will probably tune in I believe it will be live stream and we'll see what Sam has to say he will be doing some other interviews later this week and next week as well so we'll see if he says the same thing or changes his story and what's going to happen because he is putting the narrative out there yeah he's not listening to his lawyers and he's just going to say what he wants to say but

it just seems he's not really afraid of going to jail and he seems he's being protected probably from the political donations he's made he's he's made some friends that way his parents are politically connected and he's of course I think

donated to the media and even putting up puff pieces about himself

that's kind of where we're at and we'll see how things continue to unravel now something that's related to block fire and it it really gets me upset and I hope this is not going to happen

the lawyer by the name of Sasha harder she was interviewed by coindesk's today and she said block five most likely to paid the S. E. C. first crypto let's use a corporate lawyer and she said that retail customers probably won't get their money back from the bankrupt with the lender so the T. only are here is the SEC had fine block five hundred million dollars

apparently only seventy million dollars was paid to the SEC from block five so the block five pharmacy owns thirty million dollars but

bank or in a box I file for bankruptcy and there's a lot of customers who can access their funds

should the SEC get thirty million dollars or should that thirty million dollars will be given to the users who lost their money

and I'm telling you right now if the thirty million dollar go city SEC first to Gary gets from the SEC

if we have to be up in arms here and and I'm not calling for violence or anything I'm just saying we're going to have to protest here because this is ridiculous

and it would just be like total corruption because the us we talked about yesterday the SEC brokered the this whole block for a situation on both sides right the

Hey guys who was on the enforcement team who is there one of the issue the penalty against qualifier left to go work at block fight and it sounds like he brokered a deal to to keep the penalty at a hundred million dollars so this thing is messy it's unbelievable how the SEC has fallen from a credible institution

hi it's bricks of corruption it's disgusting and they should all be ashamed of themselves and it's I don't know why don't know how we fix this

you know we do have social media to our manager we can see information and spread information

so I think we'll have to ramp that up and put pressure on our representatives to put Gary against any SEC and check because this is a mess but I'm telling you I'm going to be so pissed if that's thirty million dollars goes to Gary against any SEC that would be an unbelievable now

crypto bank silver gate says block fire exposure limited to twenty million dollars so they were invested in block five and they're working to reassure customers of their solvency in light of multiple ball bankruptcies across crypto including blah fi so somebody's big crypto feces hedge funds banks and made investments in F. T. acts and block flies in the Celsius in the voyagers of the world you know they're feeling it it's probably really tough because that money is gone it is gone burned to the ground I am blown away in the wind that's it so we'll see if somebody's investors come out okay but they really sucks right it's not just the retail folks it's these institutional folks are getting hit as well now here's kind of the big news today Coinbase wallets not quite based dot com or to Coinbase app with the wallet specifically will stop supporting bitcoin cash Ethereum classic stellar lumens and explore peace citing low usage the crypto wallet plans to stop support for the for tokens on December fifth but added any remaining funds would still be tied to users existing addresses so once again this is the wallet you can still go on queen bey's dot com or to apps and deposit and withdraw XRP in somebody's other tokens but if you're using the wallet specifically you won't have that support now bitcoin cash Ethereum classic and excellent makes sense to me like there there's not much of a strong community SO much usage there XRP the only reason that is not low low usage is because they delisted it along with other exchanges in the United States because of this stupid SEC lawsuit so that it's not the fact that you know XRP's low usage overall it's just on Coinbase

because of course you can trade it so people are not even going to do that in the majority of folks you know do keep their crypto on hardware wallets you know that's what I do I do I have some crypto one certain exchanges yesterday swing traded or you know I'm doing different things with it but majority of my my crypto holdings aren't hardware wallets where you know me holding my private keys backed up and so forth so just an update on this guys if you're using Coinbase wallet just heads up but they should be like another reason for you to get a hardware wallet you know I use the ledger nano S. an axe it's worth taking the time to learn it and you know just discussing your own crypto net you could put that wall in a safe you have your private keys you can back that up accordingly to put in a safety deposit box whatever you want to do but you know you can sleep at night you have to worry about anything crashing going down and you can access your funds so just an update there

now Selanne's top crypto wallets looks to at U. three M. poly gone nexus Selanne focus crypto wallet phantom is tapping the steering a Polly gone for its expansion plan this is interesting because a you know Selanne heavily connected to F. T. X. has had more a lot of down time and a lot of problems and I I don't

you know cure for salon anymore because of all these issues because of the F. T. acts up I think someone is going to be in big trouble we'll see it could rebound he could you know after a few years maybe make a return but there's just so many bad things happening with salon at that I want to stay away and and fandom which of course started on salon and they're expanding to eat through him and and and poly gone here

which I think may be a sign right there like we got to get the hell out of here we gotta move to some more a credible and sustainable

blockchains so the south custody wallet which is built on closed source code will take a medi therm ecosystem stalwarts such as meta mass which is open source fandoms lately bat is that it's slick user interface will power forward on the system just as it did with us a lot of where it says it has three million active users so I've used the phantom one wallet it's it's not bad it's pretty good but

hopefully they're able to go you know I have the same experience on the Thurman poly gone and and all the blockchains but I think this is a sign though they're getting the hell out of the U. salon ecosystem let's move ahead here hot eight holds big coin mining facility amid energy dispute eight could see its hash rate cut by twenty percent as the stoush with an energy supplier causes problems at its Ontario facility you know this is one of the downsides of Bob you know my name and and it is what it is right you know you in order to gain big cornea and security network and all that gas be mining and is obviously a lot of mining happening in the United States now but there's always that risk of your energy being turned off and of course the price a bit coin being down where it's at right now and it's not profitable to mine or you know you kind of ebbs and flows why make your profitable when you're not profitable it's a tough time and that's where bear markets are tough and hopefully some of these minors the builder cash reserves and they're able to get through this crypto winter I and I'm not saying mining is bad I'm just saying that you know this is one of the challenges is one of the risks here and I'm bullish on bitcoin I hold the corn in my portfolio I diversify B. Quinn is made me money I think it's a digital goal a great store of value is it a great payments rail a great payments technology now clearly not eight and I keep it real but you know that you're trying to build the lightning network to fix that but I don't I like once again I don't feel a big ones may for payments I feel there's other faster crypt those out there you know like XRP like Al Gore rand and others even stellar lumens range but this is where you know when I see at the beginning of anyone I talk about my clearance and is gonna be winners

it's gonna be losers it's gonna be different use cases so we'll have to see how all these things pan out but what you want to catch is the where we're at right now and in the early days of of crypto is the speculative ball runs to make money and there will eventually be the utility bill runs you know with the winners are gonna be around and those who are not you know good aren't you know they're not adopted will die that's that's the fax those those those things have happened in other markets just go look at the dot com boom

so we'll see what happens with somebody's mining firms but don't be surprised some of them file for bankruptcy or had to shut down

now despite all the crypto winter the bear market FTX block find so far things are still progressing the Brazilian lawmakers have approved a bill regulating the use of big coin crypto as payment the bill recognizes crypto currencies as digital representations of value that can be used as a means of payment N. as in an investment asset in the south American nation it is is to me does not make big corner crypto legal tender in the country but this is guy's amazing step forward in Brazil is one of the largest countries in the world and they're regulating the use of it

you're not banning it they're regulating it and that's what all world governments are going to do I believe China will eventually have to reverse their bans and legalize crypto accordingly because this is the future this is part of future GDP growth and how the economy will run on the blockchain and it's going to be a token economy different blockchains different tokens of course what interoperable IT and that is what's coming up and we're seeing the groundwork the infrastructure being laid out here finally speaking of token economy India will start testing its retail central bank digital currency A. K. A. C. B. T. C. on Thursday in four cities with four banks it has arrived

now you know what I'm very curious about which blockchain is that on is on the XRP ledger because we know

ripple has been doing some big things and and India and and different different countries in the Middle East is an algorithm you know I've interviewed folks in L. Grandy said they've had CBD seasonal grand is it mmhm you know I can't wait to hear and see what you know what which blockchains are being use and that's that's gonna be very exciting now I know some big when people are listening and like dude you love CBD sees what the holes role what do you crazy bubble relax this is inevitable we can't stop it but at least we have an option such as big coin we have options we you know we can move to other crypto currencies and digital assets we don't necessarily have to use the CBC's but to you know bark and cry and yell and whatever that is and do anything

I don't see anybody putting a legislation to try to stop CBC's here right this is inevitable all the world bank's all the central banks are doing it and you know a lot of the big win Maxie's like to Huff and puff and maybe it's part of the narrative right but you can stop in this this is coming this is a this is the government's adopting blockchain and tokenizing on it a tokenizing fiat self

that's the news my friends let me know what you think leave your thoughts and comments below hit the thumbs up and share this video and I'll talk to you all later

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