Crypto News: Banks vs Crypto - Ripple vs Bitcoin
g'day goodbye guys i'm adam stokes welcome back to the channel for a quick update as always a free and easy way of supporting this work is by simply hitting that like button subscribing if you're new ensuring you also knock that notification bell so you never miss a new episode also watch out for bots in the comments below i will never ask you to contact me via telegram or whatsapp they are scammers trying to steal your money block them ignore them report them whatever it may be stay away if you do want to do anything crypto safely head over to thecrypto.land that's thecrypto.land where you can do everything crypto on one safe and secure site okie dokie let's get into it as we have a few stories to cover first of all the crypto industry fires back after eu vote to block unhosted wallets the cryptocurrency industry has fired back at the european parliament the legislative arm of the european union voting in favor of stringent crypto regulations relating to unhosted private wallets the guidelines would require crypto service providers to verify the identity of every individual using an unhosted wallet that interacts with them while any transaction greater than 1 000 euros would need to be reported to authorities okay so what does this mean under this law the crypto provider or the host of the wallet would not only need to know whose wallet they're hosting so think of an exchange they need to know kyc know your customer they need to know your details but they'd also need to know the details of the person at the other end how could any company do this imagine a bank every time you moved money in and out of the bank through cash as an example you pull money out of the atm and the bank said to you right you're pulling some money out of this atm or over the counter we need to know the name and the address and the details and the tax file number of the person you're going to give this cash to that is essentially what this bill is saying and looking at this quote here it says imagine if the eu required your bank to report you to the authorities every time you paid your rent merely because the transaction was over a thousand euros that coming from coinbase ceo brian armstrong on twitter he goes on to say or if you sent money to your cousin to help with groceries the eu required your bank to collect and verify private information about your cousin before allowing you to send the funds end article there you can see that the eu is really going to shoot themselves in the foot in many ways you should look at crypto as cash that is if you lose cash you can't go to the bank and say hey i went out last night i had 100 bucks in my pocket i lost it can you give it back to me once it's gone it's gone and the same is true with bitcoin as an example if you lose the keys to your private wallet it's gone but here we can see that banks and governments are trying to treat crypto as cash and as a digital currency as in they want the best of both worlds allow me to explain if you lose your crypto they're not going to replace it but when you send it they want to track it as if it were a digital currency just as when you do send money through the swift network it is tracked in that case but if you pull money out of the bank it's not tracked like if you pull cash out of an atm as i mentioned before you don't have to tell the bank right i'm pulling this 20 out to go spend it at the pub and the pubs abn or acn is this and the address is that you just use that money but when it comes to crypto they want complete control over it if you haven't seen my documentary on the four biggest threats to bitcoin the biggest threat to bitcoin in my opinion then and now is in fact government regulation but it is not united on the global stage how governments are approaching this we can see that crypto is taxed most certainly when you're making profits on it you pay a capital gains tax on it if you lose it you're on your own but on this in this move they want to say look every time you move a thousand euros which isn't much it's about 2 000 australian bucks for about i think about 1300 american dollars it's not that much money they want the addresses of both ends and the details of both ends that is the sender and the receiver and that will stifle the use of this technology now of course introduce a cbdc and that's going to change everything banks will most certainly want to put in a cbdc a central bank digital currency where they have access to everyone's details everywhere all the time and they'll be able to block stop seize pause or do whatever they want with your money at any time in many ways cash is our last sovereign tender that we have that is our last opportunity to control our money to control our privacy and to do what we want legally with the money that we hold to ourselves but we can see that cash is eroding out of societies if you look at where i live as an example australian government shop fronts don't accept their own tender if you try and go and pay your registration or rates or land tax or whatever and you go into an australian government shop front and you say here's my money that you issued to me as an australian citizen i'd like to pay this bill that you issued to me as an australian citizen they don't accept it they don't accept their own money what they make you do is they say no no you have to pay on credit card or debit card or some type of bank card so you are then forced to go to a centralized non-elected private institution a bank employ their services pay them a commission and when you think well i'm not really paying commission yes you are when you pay for anything on your credit card if the vendor is charged with a fee they're just essentially going to put it on the price of doing business with you you may not see it separated but i can assure you they're not going to pay for that out of the goodness of their heart you are going to pay for it so here you are trying to do the right thing use sovereign tender with the government who issued the tender and issued the bill and they won't accept it so you have to go to a centralized third party and give them a commission so you can do business it's utterly insane and it is a business that you want to be in so think about you're the bank you now have a government backing you up saying hey not only are you allowed to issue fake money through fractional reserve lending which is for another topic but every time anyone does business with us the government they're going to have to use you and pay you a commission for it it's insane and we can see this is now creeping into the crypto industry as we have a technology that actually no longer needs cash or credit cards speaking of banks and on to other news ripple co-founder wants bitcoin to switch to proof of stake ripple co-founder as well as its format ceo chris larson who is currently executive chairman of ripple's board of directors is backing a new campaign to transition bitcoin from proof of work to proof of stake according to a report by bloomberg larson alongside several climate activist groups including greenpeace is launching a new campaign called change the code not the climate the campaign is designed to raise awareness for the environmental effects of bitcoin and put pressure on the community to transition to a proof of stake model i'm not going to read on i'm just going to freestyle the crypto mic here this is absolute nonsense and let me explain why first of all do you really think the banks or the co-founder of ripple give a damn about the environment they don't care and i can prove it on multiple fronts first of all the banking system uses more than three times the energy than bitcoin does more than three times and the banking industry is a not mobile that is they can't move buildings to where energy is free or in excess bitcoin miners can and banks don't include everyone in their financial system whereas bitcoin does so if he was serious about saving the environment he would be going the other way and lobbying for banks to be shut down and bitcoin to be promoted it is out of control this is just blatant lies second of all if you look at the documentaries around greenpeace it's a trick they are not what they used to be watch at the documentary on the founder this isn't just some hearsay stuff this is the founder of greenpeace who broke away from greenpeace because he could see that it was being exploited by political parties and financial activists not climate activists financial activists who are trying to get profits and exploit the name of greenpeace to get their way they don't care about the environment moving on why aren't these people attacking tumble dryers that's right tumble dries tumble dryers use 25 more energy than bitcoin and who on earth gets to use tumble dries a very few portion of the rich who are too lazy to hang out their clothes who gets to use bitcoin everyone then we look at the core reason why ripple or xrp exists it is there to empower the banks whereas bitcoin allows you to be a bank the biggest competitor to ripple and xrp is in fact bitcoin and here they are trying to come in here and wave a flag saying change the code to save the environment no you're not you want to stay in business and the only way you can stay in business is to a be adopted by the banks and b ensure the banks aren't out maneuvered by bitcoin itself so you need a the banks in power and then b to ensure that they are using your product watch my video on ripple it's not that ripple is a bad product some people get lost in the argument they say oh no ripple's superior because it can do a b and c and that's not an argument for me it can do a b and c but it's like saying do we need someone to write i'll give you this analogy i heard this the other night and i thought it was very good when the printing press was made the printing press in fact put a lot of pressure on the church because when you wanted to listen to sermons and i'm this is an anti or pro-religion this is just a historical lesson that i thought was very powerful when you wanted to hear the word of god or whoever god you had to go to a church or a mosque or a synagogue or whatever you follow as a religion and you had to listen to a priest or a rabbi or a imam or mufti read you the word of your god then what actually happened was it became really efficient to just simply press bibles or qurans or the equivalent and then when people could read you didn't actually have to go to this centralized authority to hear someone else read it to you now this might be an out there an example but it's actually very valid what we're actually finding now with the blockchain and crypto is that we don't need the church of money anymore we don't need the government or the banks to say we're going to keep the ledger we're going to control where the money goes we're going to do it all for you and you need to come to the church of the bank to make sure that everything's okay and here you can see an example of someone holding on to an old model which is the bank and ripple empowering the banks and they are saying well the biggest threat to this is the printing press in this case bitcoin and here we're trying to attack bitcoin because if we have control of the printing press and you can see i'm bouncing between these two examples which are closely aligned all the world's going to collapse you can only have a priest or equivalent preach the word of god to you in his centralized building where you're going to put money into the collection plate and here you can see well you've got to make sure that ripple exists and you put the money in the collection plates of ripple so that they can move money around now you're probably thinking hang on a second they're talking about switching bitcoin of from proof of work to proof of stake here's the thing if you understand crypto you understand the crypto trilemma the the crypto trilemma is about decentralization security and scalability you can only have two of those three it's it's an objective truth as i've said before in many videos bitcoin is not perfect but guess what neither is ripple neither is ethereum it doesn't matter which coin it is and the reason why they're not perfect is because they can't achieve all three of the trilemma decentralization security and scalability now what ripple can do is they can be quite secure and very scalable that is they have a secure network and it's very fast but it's not decentralized and some of the xrp army will go yes it no it's not it is not you are not above the rules of the crypto trilemma you are not above the church if you will of money where you can say we can be decentralized highly secure and highly scalable and the same goes for bitcoin what bitcoin sacrifices on the trilemma is scalability now there are layer two solutions and when we talk about scalability we talk about you might talk about block sizes or transaction speeds they're kind of one and the same now when you go into the crypto trilemma for bitcoin what it actually sacrifices is the scalability they're slower blocks and there are layer two solutions to make them faster and i'm confident that it will make it much faster and we can already see it's working but it doesn't sacrifice decentralization for it ultimately and listen to the long time miner who's been in this game for many years and spent a lot on mining proof of stake definitely has a place in the crypto land absolutely i'm a big supporter of it i use it a lot i enjoy the staking rewards i'm not anti-proof a steak but equally i am not anti-proof of work proof of work is completely mobile it can use excess energy it's already using excess energy and the proof of work algorithm ensures absolute decentralization and protects us all all of us including the guy you're looking at right now from centralized bodies messing with the algorithm messing with the supply messing with anything to do with us having control over our money so when you hear someone like larson saying this is all about the environment let's just look at his home here we see larson owns a 25 000 square foot estate in the highlands neighborhood overlooking puget surround just north of seattle the home has a 24-car garage and is just one of a number of properties in his large real estate portfolio most of which not in the public domain interesting so here we see a guy saying i'm about the environment and look at his estate and he's got a 24 car garage do you think there's only one car in there let's dive a little deeper according to this source which i cannot substantiate but i'll leave links to it so you can look into it his business friends include bill gates hmm larry ellison janina powalski john witchell and nigel morris his lifestyle includes being a huge baseball player as he's co-purchased the seattle mariners and has a 6 million baseball memorabilia collection he enjoys driving fast cars attending events hosting parties and keeping fit in his spare time his exotic car collection includes a 500 000 rolls royce a 200 000 bentley and an aston martin i'm sure none of those are electric powered vehicles all of them are fuel guzzling vehicles none of that fuel is mobile in the sense that you can't just plug into some type of volcano to run your vehicle and here we have this guy preaching to us that he cares about the environment sir pull your head in don't you preach to us about saving the environment whilst you're destroying it with your lavish lifestyle if you want to have all of these cars and all of these huge estates look go for it it's a free world but don't turn around and chuck a will smith and say you believe in peace and love and then slap us all in the face publicly by claiming you're fighting for the environment disgraceful over to other bank news in today's theme being all about the banks visa should be scared lightning labs raises 70 million dollars to add to stable coins in an article released just minutes ago from coin telegraph the firm has built a new protocol called taro to enable stable coins to be sent and received on the bitcoin lightning network as i was saying before bitcoin in fact gives up its scalability corner of the crypto trilemma but layer 2 solutions do in fact work to make this way more efficient but they don't need to sell out or sacrifice a decentralized component to do so whereas the banks and everyone who is supporting and enabling the banks they do have to give up the corner of decentralization they do want it centralized they do want control they do want to print all the money and quite frankly i can't blame them if you had the power to print all the money in the world and control all the money in the world wouldn't you want it and if you already had that power wouldn't you be trying to maintain it this is the natural evolution of everything in life in nature in business in finance the reality is if you've had a good market share for a long time or the entire dominant market share and you see your competitor coming in you're going to try and stop it we saw it with the horse and cart we saw it with the printing press we saw it with internet we've seen it with evs we've seen it with netflix take a pic any industry or corporation that faces a threat will try and combat that threat and that doesn't make them bad it just means that they're doing business they're trying to survive i mean if even if you look at cigarettes cigarettes at one stage were promoted as being healthy research showed they even knew that is the producers even knew that cigarettes were killing people so they went the other way and said no no that's good for you and now we have the antithesis to the market failure and corruption of fiat and centralized bodies printing money out of thin air robbing you of everything that you've earned in your life we have this solution to it and what do you think is going to happen of course they're going to fight it of course they're going to say it's bad for the environment terrorists criminals drug dealers porn take your pick they're just going to constantly throw crap at the first legitimate competitor the financial sector has seen pretty much in its existence not only is this battle expected but it's going to be epic why because the banks have all the money in the world the banks are in charge and the governments and the people are slowly starting to wake up to it but when you're taking on an organization an institution a cartel that controls all the money in the world you can expect a battle like no other but the truth is in the markets and the truth is fiat is dead inflation is endless the people are waking up and the world is waking up to the greatest ponzi scheme in the history of humanity and no that is not bitcoin it is in fact the united states dollar and every cartel member that profits from it and every citizen that suffers under it remember if you want to be on the right side of the greatest and fairest wealth shift in the history of humanity head over to the crypto dot land where you can do everything crypto on one safe secure and simple site you buy and hold your own crypto you control it you stake it you earn the rewards and you be your own bank i'm adam stokes thanks for listening happy investing bye bye banks and i'll talk to you next time you
2022-04-07 04:30
