The Bitcoin Group, the American original. For over the last 10 seconds, the sharpest satosis, the best Bitcoin, the hardest cryptocurrency talk. We'd like to welcome our panelists, Jimmy Song, Bitcoin developer. Hey everybody, good to be here. Toned Vays from Liberty Life Trail. Hey everyone. Jeffrey Jones from the Bitcoin News Show. Hey guys, happy Friday once again. And I'm Thomas Hunt from the World Crypto Network. Moving on to issue one. Issue one. Square Cash. Jack Dorsey's other company in addition to Twitter is Square. A payment to powerhouse that allows small businesses to accept credit cards from their phone or tablet. Jack has always been positive about Bitcoin, even featuring on the Twitter blog. But now he's finally getting into the bed with the fledgling cryptocurrency. The Square announcement drove up the price of their stock 5%, and the price of Bitcoin up 11%. Jimmy Song, this coin base, finally have some competition. Is Square's entry good for Bitcoin? Well, absolutely, it's good for Bitcoin. This is one of the on-ramps on to Bitcoin. I did get, apparently, one of the engineers of Square Cash actually reached out to me. I was like, hey, I don't have this on my app. I downloaded it and everything. There's no Bitcoin option. So he's like, all right, I'm going to try to get you in. So I'm in that process. So I'll do some sort of a review or something on my show. If it does get on, I'll just show people exactly what it looks like and all that. And I don't know, maybe it turns out to be a good way to transfer micro payments since it's definitely off-chain. And as far as I know, they don't have a way to get Bitcoin out. But I'll be doing that as soon as that's available. Is this good for Bitcoin? Absolutely. Is this something that will move the needle that much? And why not? I mean, I don't know. It depends on how popular this app is. They got a lot of competition. They have Venmo and PayPal and all these other things. So you have to think of it in that landscape. And maybe they're putting Bitcoin in as a competitive edge. This is definitely distinguishing them from Venmo. This is definitely distinguishing them from, I don't know, what are there's so many apps now. And I would love to see more competition. And if there's demand for it and people are using it this way, I mean, I'm not going to say it would be nice to be able to utilize something like this, maybe over dinner. It's like, OK, you got the bill. How much do I owe you? $18.37. Here you go using the SAP, something like that. Yeah, I would like to see that. And especially at the beginning of dinner, it was only $15.00. And at the end, it's $18.37. Done. I will do that every time. So yeah, we'll see. Coinbase has some competition. To some degree, yes. I mean, I'd like to point this out, but Google was not the first search engine. And Facebook was not the first social media site or social network. And I still think that the Google or the Facebook of the exchange industry still does not exist. And it's going to take somebody that really understands what the user's needs are. It's going to take a team that's really, really good, execute flawlessly. But I don't know if Coinbase is that company yet. And in fact, a lot of science seemed to point in the opposite direction. So I would like to see that happen. I don't know if it's this particular one, but who knows. I'm willing to keep an open mind about this. Tongue. Vade. I actually agree with Jimmy, or completely. Like I don't really know what else I can add to that. I mean, the competition is good. Not, I mean, look, to me Coinbase is a joke. It always was a joke. I couldn't believe how they were able to get money the second time around. So I don't even care about the competition to Coinbase. I know Square is competent. So I mean, that's not even competition. It's more competition for others that are competing with Square in the traditional space. Might actually start taking Bitcoin seriously because Square is taking Bitcoin seriously. So that's the competition I am looking forward to. I mean, to me, Coinbase is not competition to Square. Because I don't think Coinbase knows what they're doing. I mean, it's like they, I mean, they're always wrong. And every single like 50, 50 chairs that Coinbase is going to get something right and they consistently just get it wrong. They screw up on the first fork. So the opposite of the second fork, so they screw up on the second fork. Just do everything in the opposite direction. Yeah. I mean, this is not bad news. I mean, it's good news. It's not crazy good news like it's going to change the world. Like Jimmy said, all the Bitcoiners are now downloading Square for the first time. I mean, none of them even knew what the hell this was. So let's be realistic here. I mean, I don't know anyone who uses Square outside of like my emergence that I shop at the farmer's market with. Right? That's pretty much my only introduction to Square. I don't really know anyone else that uses it. It's literally for very small businesses that don't want to have a lot of business on the go so that they want to cut down like they don't have one location. So it's ideal for them to take payments through the phone, which is the future for individual people in very, very small businesses and consultants and things like that. But remember, Bitcoin was created to eliminate Square, not for Square to adopt it. So this isn't, I mean, this isn't what impresses me, right? Like, and a lot of it depends on Will Square, let the merchants hold on to the Bitcoin, either as themselves as custodians or the users as custodians, right? I mean, those are the big questions you got to ask. Like, what, which direction are they headed? Are they headed towards like just using Bitcoin and then immediately converting it to cash, right? And that doesn't interest me. Are they going to let the users hold Bitcoin? Great. Who's holding the keys? I mean, there's just more questions than answers here, but is the news good? Yeah. I mean, it's good. It's, but we'll see, let's see where it's headed. And it sounds tone like it sounds like Square is heading towards onboarding new users. So what we've needed for a long time is a Bitcoin wallet that doesn't pop up and ask you to create a username and a very difficult password, a Bitcoin wallet that doesn't ask you to write down 14 words in perfect order. We need a Bitcoin wallet that says connect to Facebook or maybe in this case connect to Twitter. Then once you're connected, you choose a pin and you receive money. If you want to add money to your account, you scan your credit card with that photo thing, they pay the money for the transcription and they add your credit card and they take the risk. If Square can do that, there'll be a really great on-ramp for Bitcoin. Just like to remind everyone to give us a thumbs up. We've got 683 live viewers. Here we go, Jeffrey Jones. All right. Is it my turn? Okay, it's my turn. All right, guys. So, you know, a lot of great stuff has been said already, but I will have to preface what I'm about to say again with, listen, it's early days, right? This is baby steps. This is a limited rollout on a small part of the overall square ecosystem. All right. So, we can kind of, there was talk about direction, which direction this is going to go. I mean, this to me is a clear direction. The direction is towards Bitcoin. So what that means is onboarding like Thomas said, that means creating great user experiences for new people to come and join. That means putting their applications, that means putting Bitcoin on the real square app, the square app, then all the merchants use and not just the square cache. And because remember, they are going to need a competitive edge. The payment space is thick, right? It is just insane amounts of people in the payment space coming in just in the past couple of years. Of course, ignited by Bitcoin was definitely first ignited by Bitcoin. But now there's all sorts of stuff. You know, we got PayPal, Venmo and all these things like that. And with this competition, you're going to need a competitive edge. You're absolutely going to need a competitive edge. And this is a great way to really do that. And remember, it's the small businesses that adopt these new world changing technologies right? It's the small businesses, the garages that create both create and adopt these early technologies. So I'm not surprised, you know, I'm not going to wait for a huge giant corporation to adopt Bitcoin before I start getting excited about these apps continuing to adopt Bitcoin. So this is them stepping their toe in the water. This is them beginning a very long journey towards massive Bitcoin adoption. I saw like the rest of the people here. I see this as extremely bullish for Bitcoin and a really great step for Square to be able to differentiate themselves in this crazy vast payment space. And it's only just beginning. There is it's going to get really, really, really competitive, really quick. All right, let's just jump back in real quick. Now, I'm going to go on on a limb here and say nobody on this panel has ever used the Square app. Like you've probably paid with it, but you've never actually installed it on your phone. Other than just recently, yeah. Lots of this news. All right. Okay. Has anybody on this panel ever used Venmo because I haven't I haven't I've used Venmo, but I haven't used Square cash. No. But like do you have like the Venmo app? I like a lot like so you know the Venmo app and I have to have the PayPal app to pay some family and stuff. Okay. So you use PayPal as well. Right. Because I haven't used PayPal in years and I've never used Venmo and I've never used Square. So I'm really not familiar with these payment methods. But I don't know. I see you know, Bitcoin's supposed to replace them, not integrate with them. So let's see where it goes. All right. Let's move on to the exit question, which is better? Square or Twitter? Jimmy Song. Twitter? Only I don't know. Jack follows me now on Twitter. So I'm going to kiss his ass a little bit and say both are good. Both going down the middle the worst of all possible answers. Tone vase. Oh, it's got to be Twitter. I mean, I, it's, I mean, Square is in the payment app. One's a social media app, right? I mean, I can actually use one of them. Oh, it's Twitter. Jeffrey Jones. Well, I mean, they say that, you know, which is more important email or money, right? It's going to be money. And they say that information is powerful, more powerful than money itself. So I'm going to say Twitter. The answer is Twitter, the amazing short message system, which recently became a long message system back to. I love it. I love the decision to go to 280 characters. I'm awful. I'm awful. That out almost every tweet is hitting the system. And it even helped to elect the president. Twitter is more important than Square. Moving on to issue two, B cash almost immediately following the cancellation of the Segwit 2X Hard fork, the price of B cash began taking off. The larger blocked copy of Bitcoin found itself at the top of an impressive $2,500 at coin with a financial times calling it a rival to Bitcoin. One of its loudest supporters, BitMade's Gehan Wu, taking to the stage to loud replo claim that it's Bitcoin cash, not B cash, Bitcoin cash, not B cash. Tones, I ask you, is B cash the real winner from the cancellation of Segwit 2X? Is this the beginning of B cash's fairy tale? It was. It was the real winner until Jeff Garzick showed us what a winner he is with his coding skills early this morning. And now, at least I am going to make sure that people know who the hell is coding the B cash. And when you find out who's actually doing it, please let me know. Right? I mean, this is the problem. It's the, that'll next. You don't know that'll next? No, I don't. He showed up at the breaking Bitcoin conference. He's a French guy. Well, okay, no, I don't. Okay, I don't recall that. But I was supposed to identify a blockchain programmer as it's that French guy, right? You got to identify him by a project that he's done. Right. So, look, so they were a short term. I mean, look, it was a pump. It was a coordinated pump. If I had to, you know, in hindsight, they probably knew that the 2X was going to get canceled. They prepared, you know, their code to spam the blockchain. They prepared their media appearances, you know, they prepared, you know, all of their minions to, you know, attack our YouTube channels and get our videos, you know, a deal listed from monetization. It's all a distraction, right? Like, like the 5 to 10 minutes, I got a deal with contacting YouTube, like, why the hell is my market video? All of a sudden, not advertiser friendly. Like, I don't even care. It's the principle of it, right? Like, it's not even about the money. It's about the principle. Why the hell is my video about talking about the price of Bitcoin, not advertiser friendly? I'm even allowing BitConnect God sakes to advertise on it because I don't have time to, like, get them banned from my advertiser list. All right. It's just all distractions, right? So they prepared a huge narrative. They spam the blockchain. They went in the media and, you know, they pushed it and it pumped and I don't know if they got out on top, but it has already collapsed almost back to where it started. And I don't think it's going to last because, look, bad development is going to show its ugly head sooner or later. In the case of 2X, it was sooner. In the case of Vcash, I mean, the more they delay doing any kind of coding changes, I mean, the later bad development is going to show up, but it's going to show up because these people are basically incompetent. And when that becomes clear, then therefore, it's done. It really is that simple. Jeffrey Jones. Yeah. I mean, you know, there's nobody that can piss a project like tone, but I'm going to try a little bit. Like, I mean, look, he kind of said everything that needs to be said. This is crazy, dude. I mean, I went on Rans show, you know, on the crypto trader show on CNBC, South Africa, trying to explain how Vcash was used as a weapon of attack on Bitcoin, albeit a very weak weapon, right? I mean, it was a pretty weak attack, but they still got a few people's feathers riled up. And, you know, and we see the price now. Look at it. It's collapsed. I mean, it is an epic, epic fail candle. If you guys want to take a look at the chart, I highly recommend it if you want a good laugh. You know, we just discussed that, look, this is what happens. And when you have it incompetent developers, you get the 2x. You get the 2x nonsense. This is just nuts. I mean, nobody knows who, I mean, it's just crazy. Like, we have to have, like Jimmie just said, you know, like that French guy, like, look, when you introduce a blockchain developer, when you talk about developers, you have to refer to them by their previous projects, like Adam Back, Hash Cache, you know, you have to introduce them by their, because in this world where people's mind, Matt Corillo, Matt Corillo signal. Yep. I mean, on and on. Like, you know, you can't, this is just nuts. So you can't, you can't expect to put billions of dollars, hundreds of billions, and eventually trillions of dollars in the hands of a single developer. This is why the community is so, so, so important. And this is why it takes everybody, like as many people as possible, to keep Bitcoin going all these years. It's not just Cor. It's the whole community that keeps an eye on this thing. And this is what it takes in order to keep this level of complexity afloat. I mean, it absolutely is amazing when you take a look at the simplicity of the code, the complexity that comes out of the simplicity of the Bitcoin code. It's absolutely unfathomable. And you look at the difficulty rise, and it's just, it's absolutely fascinating and amazing. But look, at the end of the day, what would, what Silicon Valley people invest in, what VCs invest in is they invest in the team. They invest in the talent. This is what makes the difference. Okay, there is a difference between a directly developer who could work anywhere in Silicon Valley, and a developer who works at a multi hundred billion dollar company, or something like that, right? Like the lead developer at Netflix is getting paid half a million plus dollars a year for a reason. It's, it is because of their history, because of the sounds like he's underpaid. Right. Like, you should probably just show that should have held Bitcoin, but you know, look, that's not another here or there. But I think everybody has said it at this point, and we blasted it all across Twitter, and the world crypto network has been trying to warn people about the segment 2X. And I think now that we really showed that this that we basically saved Bitcoin, like whoever fought for no 2X basically saved Bitcoin. Because of this attack, what if this bug would have happened on Bitcoin, it would have been over. I mean, game over, like this is ridiculous. So thank you for the community for supporting core. Thank you for supporting the no 2X movement. And hopefully we can we can move on from this craziness and use this as an example and call out the CEOs that in my opinion at this point need to freaking resign for pushing the the the segment 2X and light of this crazy, crazy bug that we've seen Jeff Garza implement. We've got 992 viewers just asking everyone to give us a thumbs up and a subscribe down below. Jimmy saw what do you think these CEOs they supported this bad code. It would have crashed the Bitcoin network. Should they resign? Is it that bad? I mean, I think they were going after their own interests. The big businesses supported 2X for a very good reason. They are the ones that are using the block space. That's most of the transactions on the Bitcoin network right now is from businesses. They're the ones that are sort of utilizing this public good. And of course they want to see it bigger because they want the transactions to be cheaper and they want more business. It makes complete economic sense to me. As far as Bitcoin cash, I did write an article earlier this week about crypto austrians and crypto canzians. It's a bunch of people I think basically put their money where they're mouth is. They felt like Bitcoin wasn't sort of this medium of exchange thing that they wanted it to be. So they went and got Bitcoin cash with Bitcoin. And that's totally fine. I'm glad that they did that because you want people that believe in whatever product it is to own it. So if you don't believe in Bitcoin anymore, sure, go ahead and sell. Like for cash or for Bitcoin cash or whatever it is. I'm totally for that. That's the market working. Of course, that caused a few things including like a historically high mampool, both in terms of size and price. There was one block that had 13 Bitcoin in fees. So to my knowledge, that's the first non-nistic block where the fees were higher than the block reward, which is kind of incredible. But that's eventually where we're going to go with the fee market. That's how you're supposed to sustain miners. And we just sort of got a preview there. As far as the real winner, I mean, I guess Bitcoin cash got a bunch of users that were disaffected by Bitcoin. That's good. I think they should move over if they don't believe in it anymore. But I think I'm going to keep going up. I don't know. I mean, I do sense that there's probably another pump coming. There's going to be probably more people trying to do something to make Bitcoin cash more popular. But that said, I think we're OK. But Bitcoin's going to continue to be a fantastic store of value. Nobody needs to worry about any of this. Quick comment on CEOs. I mean, I don't think they, I mean, it's not up to us to call them for resigning for being dumb. But I just want to see them publicly make statements. They're going to start listening to their CTOs. Because we talked about this with Bitcoin, your CTO and your lead developer. Like they were very adamant and on the right side. Like the CEOs just need to say, hey, you know what? I'm going to drive this ship, but I'm going to let my technology guys make the technology decisions because Bitcoin is a technology. I mean, I'll defend Mike Belchial a little bit. He's a very, very technical guy for a CEO. So there's that. Well, no, and they had a lot to gain by taking over Bitcoin and being the ones to make the rules. I think part of the problem here is that to their stockholders, they did a very bold move. They tried to take over the entire ball of wax. Now to the users, it looks like their predators who tried to take over the entire ecosystem. And now those predators are going to stay at their jobs. That's why I think vortex was calling for their resignations. I think tone is being a little more fair saying that yes, they should public an article like someone was calling for on Twitter today for BitPay. They said, BitPay, you sent out this announcement warning people about BTC one and all these changes you're going to make. Are you going to send out a second announcement saying that it didn't happen? Who's going to educate these users who now have no idea what's happened? And they're not even sending out messages anymore. So yeah, I mean, this is just crazy. I mean, there's no apologies. We need to, we need if these CEOs are not going to resign, they at least need to publicly admit what the hell went wrong. I mean, Eric, for he's sort of admitted a little bit, but of course he went the complete wrong direction saying that core has won, which is the complete wrong way to look at it and can't even have a dialogue with someone like that. I think core has won is an important thing to note here because this is not over the miners who attempted to high-dact the network are still the miners. We still have the problem in the room. We need to think about if we're going to do anything about that. Yeah. Oh, and one more thing. I already see it happening. People are holding some of the media accountable for their insane shilling of this move that they called it upgrade. And I know Laura Shinn is taking the brunt of it and she should. Agreed. Any more on this, Jeff? I'm still a little furious at these CEOs and how they wanted to, at the end of the day, replace the repo. They wanted to take control, as you say, of the rules. And of a decentralized network where the entire point of it is for that to not happen and still be like, oh, well, it was just in their best interests. It's like, no, they were trying to take over the network. It also feels like somehow Barry Silver has weaseled himself out of the blame. It's completely different. He's disappeared. He's like 100% focused on ETC. He hasn't said a damn word about the entire movement that he started with the New York agree. Right. And I almost as if he owns the largest magazine in our newspaper in this space. It's almost like that. Right. Like I just realized, like over the last 24 hours, there's been like a barrage of like, people holding other people to task and I have not seen Barry's name. So he managed to just weasel himself right out of blame me, right out of the blaves game somehow. But by stepping away at the right time, I guess. It was always be remembered as a great attempt to the takeover. Let's, we're ready to move on to the next issue. I think we are. Let's move on to issue three, Bitcoin 8,000 following the square announcement and the end of the B cash pump. The price of Bitcoin is taken off like a rocket, breaking all time highs once again, shattering 8,000. Given the good news that the CME is launching Bitcoin futures coupled with Jack Dorsey's square, is this the beginning of a massive Bitcoin rally? Jeffrey Jones. Well, I think we already are in the midst of this massive rally that you described. We've gotten up insane amounts of prices this year and I was really expecting a correction far lower than what we did lower than 5,500. But we just keep seem to going up and there could be a couple of different nefarious reasons in the background with with Tether and other things like that. But really, this is just unprecedented demand just coming. Everybody wants to own a piece of this asset. I mean, there even the futures market, the CME guys cited that they just had huge huge amounts of pent up demand for people wanting to own a piece of this asset, this brand new asset class. And so, the price is reflecting this and this is just great and amazing and I'm still fully expecting 5 digits, 5 digit Bitcoin early next year. And there's really not much else that can kind of stand in its way. We still have to deal with banking relationships. We still have to deal with all the on-ramps and off-ramps to Fiat and things like that. I'm not worried about Bitcoin anymore at all. This is, it really is proving itself to be absolutely resilient. The community is proving itself to be on guard and vigilant and to protect itself. And just the continuous immunization of Bitcoin is absolutely fascinating to watch. There's just really nothing that I've seen that has been successful at attacking. It just continues to shake it all off. And again, that's all due to the community, to the people who watch this show, to the people who follow us on Twitter. You guys are the ones that are making this a reality. And so we thank you all for being here with us on this crazy freaking journey that is cryptocurrencies. Shaking it off. Bitcoin and Taylor Swift, Jimmy Song. Well, I don't know. I don't know. It's kind of a weird position right now for Bitcoin. It is hitting all time highs. It'll probably go past 8,000. But is this the beginning of a massive Bitcoin rally? The beginning was like a year ago. It's been rallying for a long time. So I'm not really sure that this is necessarily the beginning. That said, there's some risks, I think. That whole tether story with BitFinex. That's starting to worry me a little bit more. So we'll see if that changes the equation a little bit. They have them printing an awful lot of tether. Whether or not that's actually backed by dollars is the real question. And if it isn't, then that's obviously a big systemic centralized risk and something that we shouldn't be standing for. That said, there's a lot of good news obviously. The real question is, is Bitcoin becoming a better store of value? At least to me, that's how I judge this stuff. I think it's becoming better. It's becoming more secure. There are more wallets that are more secure. There's SegWit, obviously, that enlightening being developed. So I mean, HSMs even better in process. I love to see more of it. But right now, it does look like things are looking up, but there's also things that maybe are looking down as well. All right, we've got 1,252 viewers. Thanks everybody for giving us a thumbs up. Maybe somebody tweeted about us or shared us on Reddit. And here we go, tone Vaze. Yeah. You know what? Maybe I'll save the actual price details for the end of the show where we do predictions. But I'm just going to talk about in general. Yeah, now that we're back in the vicinity of 8,000, I am expecting us to go higher. Now, ideally, you want the price to stabilize a little bit. You want it to pull back a little bit. So even if we fall back down to 7,000, I would see that as a good thing. But at this point, I am expecting us to start to approach 10,000. Now as far as executing a trade and finding a good buying opportunity that is very probabilistic so that you're not losing money after entering the trade, that's difficult. And it was actually very difficult for me because just like vortex, I expected us to go a little bit lower on this move down from 7,500. Not even much lower. I expected us to go maybe three or four hundred dollars lower. But hey, you missed time it. You missed time it. But I am expecting us to go higher. Now what Jimmy said is important. I'm starting to get nervous about the tether issue. And I really don't care what the people involved in tether think. This is my opinion. And I know there are huge opinions on both sides. And let me just say, I will share screen. Hold on a second. So what we're talking about here is application. Here we go. So the recent article by BitFinext is this one. I mean, I read the article. I thought it was a good read. Now, I don't know if this is fun. I don't know if this is bullshit. I mean, a lot of people consider BitFinext as a troll that he has an agenda, all this stuff. I like, oh, people are saying that he sold all of his Bitcoin at like $1,000 or something and he's been on this mission to prove this and stuff. That's irrelevant. That's irrelevant. I mean, either he's right or he's wrong. Either he's going to be proven right or he's going to be proven wrong. Though it's also possible it's somewhere in the middle. So this is the latest article. This was one of the first articles that he wrote with details about their terms and conditions. And some go all the way back to 2013 talking about how some of the founders and what they tried to do before Tether. And the things that I don't like, I mean, the things that I look for, that straight up bother me, maybe it wasn't in this article and maybe it wasn't in the latest article. These things like this where people still think that Tether is an independent company when in reality it's an independence of Citiary that's as far as I understand 100% owned by Bitfinext now. But it started out as its own company. Oh, where are the screenshots? Damn. Maybe it's in this one. Shoot. He's written a lot of articles and that's the thing. Man, there was a picture that showed the initial starting team of Tether. And when you have things like, yeah, this is no longer available on websites. Oh, and this video I had to get because they removed the video. And it has like soundbites that are relating to Bitfinext and Tether. Like, when I see that, it bothers me. It really, really bothers me. When someone can show me that, yeah, for some reason, this is no longer on their website. But thank God I was able to get it from some kind of an archive. And I'm like, OK, I'm going to listen to what you have to say because the guy that removed it, I no longer care what he has to say at that point. So there's a lot of things that don't make sense. Now here is my personal problem with it. And I tweeted this out. I do not know. Oh, and you ordered and also Bitfinext pointed out that the supposed ordered or whatever it was that was done in September clearly states at the top of the first page, this information is intended solely to assist the management of Tether and solely for management use and is not intended to be and should not be used or relied upon by any other party. So whatever report this was that people were sending, here is the report. The report that it removed the bank accounts and it says all the money they are at the very top of the report. It basically says, yeah, don't trust this report. You can't use it as a third party for anything substantial. So I don't know what this thing is. It makes no sense to me at that point. And he's right to point that out. Now here's my actual problem with it. And it's this. Here is the market cap of Tether and it was about $10 million for about two years since it's beginning. And now in one year, it has gone from $10 million all over the 600 million. So there's a couple of things to think about here. Like to me, like I don't know if Tether has every, I don't know if Tether is fractionally reserved or not. Every single dollar of Tether could be sitting there at a bank. The question is what bank and I believe there is a nice bounty out there to find out what bank. Now suppose it's a bank, suppose it's a Taiwanese bank like a lot of us suspect and like a lot of us were told it could be any bank. To me, Tether is egold. I don't see a difference between Tether and egold. So the bigger Tether gets. Well, and just to remind people, egold had a centralized location. So it's kind of like Bitcoin, but they had a centralized location and they went to it. Oh, it's exactly like Tether. And took them down. Yeah, exactly like Tether, right? Yeah, it's exactly like Tether, right? It's a central bank account, right, tone. A single bank account for all of Tether. All the cash that's supposed to be banking up Tether is like one account or something. One or two, I mean, it can't be more than one or two or three, right? But if it's more than one, it's distributed. Right. But even if it's like five, it doesn't matter. Like we might not know who it is because the Biff and X and Tether are hiding the names of the banks. But I guarantee you the US government knows what banks it is, right? Because they're sending those checks somewhere. So to me, Tether is egold. And the way egold ended is the way that I expect Tether to end. The US government is going to show up and is going to take the money because they're going to say, hey, this money is, I'm going to say, hey, this money is, I'm going to take the money. I mean, gold or dollars, it doesn't matter, right? They're going to go there and say, hey, these dollars are backing a token that's being used by anonymous exchanges. I mean, again, how the hell is this thing any different from egold? And we have a precedent of egold and what happened to egold. So to me, Tether has always been a giant systemic risk. So when it was $10 million, I didn't care. But at the current expansion of Tether, it's going to be a billion dollar problem, basically in the beginning of next year. And here is the other argument that people are making. That's coin dance, where is a market cap. Okay. So people are like, people are looking at it going and they're like laughing, hey, why do you think $1 billion is going to affect $130 billion market cap of Bitcoin? But that's so silly, right? I mean, how much of this market cap of Bitcoin is actually being traded for price discovery? And if I had to, I mean, I don't even have statistics on this. If I had to just guess, I would say no more than 10%. So we're not talking about $1 billion Tether, disrupting $130 billion Bitcoin market. It's actually disrupting a $13 billion Bitcoin market. Because if someone right now panics on a billion dollars worth of Bitcoin, that can send the price in either direction by a lot. So this is what people need to understand. You can't compare the market cap of something like Tether to the total market cap of Bitcoin or the total market cap of crypto. So Tether might not be responsible for the majority of Bitcoin trading, but it's responsible for 100. It's responsible for like 90% of all old coin to US dollar trading, right? So if Tether can cause havoc in the Bitcoin market, it can absolutely destroy the old coin market. Now, I'm hoping it destroys the old coin market because everyone is going to start selling trading that shit back for Bitcoin and they're going to panic into Bitcoin, right? So a Tether blow up can actually help Bitcoin like that's the thing, right? People are assuming that if Tether blows up that it really hurts Bitcoin, the way Maungogs hurt Bitcoin, but it could be the opposite because Tether blow up could actually implode the shit coin market and sending all of that value into Bitcoin, right? So just because so even if it happens out to me, I'm not going to speculate what a Tether is a scam or not. I mean, that I don't know. I don't have the info. You can argue with Bitfinex over that. I'm going to play devil's advocate and say, Tether is all on the up and up, but then it's equal. So you can't win that argument against me. So there you go. Excellent points to watch out for that in the future. More on that, Jeff? Yeah, just that people need to understand and be reminded that Tether really is kind of like this lifeblood of exchanges and altcoins. It allows this is what allows operations of this type of liquidity to be moved without actually moving dollars in the traditional banking system. So it just tones. I just want to echo how important tone's point is that this if this goes, it will cause havoc and of course Bitcoin will survive no problem, but but the altcoins are not so sure. Oh, and if it goes, I'm totally blamed for this at this point. Just so just so I'm out in front of that one. If Tether is the lifeblood, maybe we could see if we could live without blood moving on to the exit question, the price of Bitcoin this time next week, higher or lower, Jeffrey Jones higher, always higher, man, I was higher. Jimmy saw. Well, I said lower last week and that made it go higher. So I'm going to say lower tone, vase. Wait, what did I say last week? I have to lower, but me said lower. But we were, but we were right. It went lower by like 30%, right? It's just that we just came back up. Well, has it really been like a whole hour second? I'm looking at my chart. Yeah, it was only a week. Seven days is still a week. Yes. Oh, three Friday. This is how fast Bitcoin moves people like. Right. Yeah. So last time we were doing the big one was over $7,000 and then we said lower and the thing fell all the way down to 5,500. So we were kind of right, but now it's all the way back up. So I'm actually, I think we're going to stabilize here for a little bit. I think this was a big move. I think we're going to be about the same. I think we're going to be between $7,750 and $8,000. I think we'll be, I think we're going to slow down right here before a breakout. The classic push saying the price will be the same. When you know it's going higher, moving on to issue four Bitcoin wizard. What began as an offhand joke by Bitcoin artist cryptography, he has become a full blown campaign more than 0.44 Bitcoin have been donated to their goal to raise 44 Bitcoin to place the Reddit Bitcoin wizard in a full paid ad, full page ad in the Wall Street Journal. The campaign which calls itself an ICO or initial troll offering has a snazzy website at BTCWizard.fund and is backed by Adam Draper, Bitcoin mom and Mason Borda. Jimmy Song will the BTCWizard.fundsucceed. Will we see the BTC Bitcoin wizard in the Wall Street Journal? Wait, so they're trying to raise 44 Bitcoins. It apparently costs $350,000 to have a full page ad in the Wall Street Journal. Wow, 44 Bitcoins. I'm going to say that's probably not going to happen. That's a lot of money. And I know people are feeling crypto wealthy and all that stuff, but that's still a lot of money. 44 Bitcoins. Yeah, I mean, I mean, and for what gain, you could, I don't really know what the upside of doing something like that is. It's definitely got a pretty large cost. Upside isn't that high. I don't know. It'd be funny, I guess, but I don't know. It's just sort of not that interesting to me. I would not consider ever donating to a silly campaign like this. I mean, this is how suckers get parted with their money, at least in my opinion. So yeah, I, I that said, the fact that, you know, I, I'm still kind of flabbergasted that a full page ad in the Wall Street Journal cost that much. I bet you we could probably do like 30 other publications for like one tenth the price and do a full page ad on those. But you know, would it be, I mean, this is like, this is like newspaper advertising is such an inaccurate is of like, who does that anymore? It seems kind of completely backwards to me. Well funny is a good start for the Lowles. It would be a second term and it certainly would be a moral victory. Tone vase. I, I got a second Jimmy here. I mean, this just seems like such a waste of money. I, I mean, if you, I mean, look, obviously, it's totally reasonable for Wall Street Journal to charge $350 million because some people want to advertise Bitcoin Reddit with a, with a wizard picture on it and trying to raise that money, right? So, so maybe Wall Street Journal should raise their prices. I mean, I, I mean, this, this, this is silly to me, right? I mean, if you're going to take out a full page ad in the Wall Street Journal and you're going to like to use this kind of money, how about, you know, making it clear that Bitcoin is Bitcoin and Bitcoin cash to the scam, right? I mean, at least make it productive, you know, I mean, sending people to Bitcoin Reddit, which I don't even like is, is not how I want to introduce people to Bitcoin. So I don't know what I'll say. I prefer an attack ad, Jeffrey Jones. Yeah, we probably should just be like Steve Jobs and just take out a huge ad dissing the competition. No. So I just, I just can think of so many better things to raise, $350,000 for in this world that we live in. There is a lot of strife in this planet and it just seems like we could, we could put this to some amazing other projects that are happening in a row. Just off the top of my head, maybe some desalination technology. I don't know, but seriously, like a lot of people see this as, you know, like an ultimate troll perhaps and, you know, maybe an ultimate get back on the, all the people who didn't think that Bitcoin would ever be something, you know, so I can see like there's this kind of following that it's getting. But look, there's a reason why we left this image behind. We are a hundred plus billion dollar market people. Like we are trying to change the world. We are trying to change money, money itself. And so, you know, at some point we have to grow up a little bit and start thinking a little bit more longer term than taking out a Wall Street Journal ad. This only justifies their insane $350,000 price. I mean, come on. Yeah, I'd rather watch you. How much is 30 seconds doing a Super Bowl? I mean, is it still like a million? It's a million. It's three or four million. Three or four million. I mean, like at least aimed for that, right? Look at the Bitcoin bowl. Like the Bitcoin paid it. You know, that was the one, that was one of the interesting things. Yeah, that was also, I mean, try to do one of those. That seems to be so much more productive to me than that. But look guys, it's a big huge. But we're arguing like the marketing tactics for Bitcoin really like, is that really something we should do? I think that is an important topic. I think you're not understanding the full efforts of this, Jimmy. There is no work in tactics for Bitcoin. I think Thomas. Yeah, I think Thomas is a little bit concerned because you know, like we see an Ethereum conference and we see just like every square inch of the place like covered in their logo and we see all this crazy amounts of marketing. All these pictures of Vitalik, Kat T-shirts everywhere. Yeah. So we see this a lot of marketing and dash, just markets heavily and things like that. I mean, look, they got Max Kaiser out there, you know, with his dash campaign. And so like, so you know, I think Thomas and some others may see it like, look, maybe Bitcoin is lacking in marketing. But look, Bitcoin, I'll say it again, is over a hundred billion dollar market. Like there's, there's somebody's figuring it out. And I think that more and more people will continue to figure out because the price keeps rising. I just don't think there's a whole lot of marketing that we need to do other than to wake people up to realize how money works. And that can happen just by explaining how Bitcoin works. And so just keep, you know, keep advertising Bitcoin, keep talking about Bitcoin, but just understand that it will find a way, like it will find its way through this world. And I don't think a Wall Street Journal ad is going to help. All right. Let's move to several exit questions. Number one, will if they fall short and they don't raise the money, will Adam Draper just put the money in anyway? Yes or no, Jimmy saw no tone vase. I really don't care, but he's building an Iron Man suit. Adam Draper, will he put the money in? Yes or no? He'll put the money in and then he'll pose in the Iron Man suit in the Wall Street Journal. I don't know. Jeff, you know something in. Yeah, I mean, it's funny. All these huge millionaires like Richard Branson and stuff talking about Bitcoin and Adam Draper and it's like nobody can afford a Wall Street Journal ad. Come on, guys. So no. Jeff's right now, Adam Draper will put the money in. He'll put an advertisement for his accelerator or whatever it's called Bitcoin. Something at the bottom and he'll write it off as a business expense. Number two, if they trick the Wall Street Journal into writing an article about the Bitcoin Wizard, does it count as getting in the Wall Street Journal, thus calling off the whole campaign? Jimmy Song is that a victory? For who? For the original people who started the campaign. They wanted to get the BTC Wizard into the Wall Street Journal. I don't think they exactly specified that it had to be an advertisement. Wouldn't it be enough to have his picture in the article? Yes. I guess so. Yeah, I'll say yes. And Paul Vinha, if you're watching, please write an article for the Bitcoin Wizard icon, guy. Tom Faye says yes. Yes, yes. I hope Jimmy out. Yes. Yes. Yes, it would be enough. We'd love to see a stipple portrait of the Bitcoin Wizard or a stipple portrait of mad Bitcoin. Then let's move on to the real exit question, the most important exit question. Why can Bitcoiners only come together to promote jokes or kids that hold up signs that say buy Bitcoin? Why is there no organized, philanthropically backed Bitcoin promotion organization, Jimmy Song? I don't agree with the premise. There's a lot of Bitcoin promotion, philanthropic organizations. There's a lot of them. I think Connie Golippy actually runs one of them. There's several others. That's a charity that raises money for charity, but a charity that raises money for Bitcoin advertising. I mean, you're asking for a very specific thing and asking why it doesn't exist. I guess because no one's thought of that as necessarily being that important. I mean, but if you think it's important, Thomas, I think you should go and make it. It was just a few years ago, they had this Bitcoin foundation and they went to all the conferences and they always sponsored everything and they seemed like they were spending a lot of money. It seemed important then, don't you think? Well, that was completely different. That's not ads in the Wall Street Journal of a wizard. They also had a lot of money. I disagree that what they did was any significantly different than ads in the Wall Street Journal. Perhaps. I didn't think they were a very good organization in the first place. All right. So we can't have it because their organizations aren't good enough. Tone vase. All right. Those are long question. Can you just repeat it real quick? Why isn't there something like the Bitcoin foundation to promote Bitcoin? Oh, okay. So that's not exactly how you phrase the question the first time. That's why. So to answer the original question is because most people in Bitcoin that have free time and their hands are actually children, whether by actual age or by mentality because the adults are actually working. So this is why you get nonsense like this trying to get into the Wall Street Journal. Jeffrey Jones, give me more. I mean, you pretty much described the World Crypto Network Thomas. I mean, we're here philanthropically. I can never freaking say that word. And you know, we're here by our own volition. We are here not being paid. We are here to spread the truth about Bitcoin, about cryptocurrencies, to try to give our opinions completely unpaid for the end goal of a net win, a greater good for the whole Bitcoin community. So why aren't there more? I don't know. I see a lot of people creating content. I see a lot of people writing articles. I see people like whale panda just picking ass with his articles constantly, just getting 50,000 more followers than CEO was in completely having more save than the average Bitcoin CEO in the space. And that just makes me super happy. And so, you know, I guess I don't agree with the premise either. I see it everywhere, Thomas. All right. Let's move on to predictions or story of the week. Jimmy Song, are you ready with a story of the week? Sure. I started my own YouTube channel. Thank you, Thomas, for the suggestion. But basically, I have a show. I'm just trying lots of different things. So yeah, I've tried going live at random times and trying to answer people's video questions. I'm doing all sorts of things. But yeah, check it out. It's off chain with Jimmy Song. And I'm going to have more content out there. Tone Vays. Yeah. So, I mean, I'm a, oh man, I'm continuing to do too much. So I've split my podcast between traditional markets and Bitcoin markets. Though, I've been meaning to do traditional markets last two days and haven't gotten to you. But I'm going to see if I can do one today. And then back to Bitcoin, I'm going to just alternate between the two, try to get as much of the amount. I also started my own actual trading seminars. The first one is going to happen in Toronto on December 9. These are going to be in like a hotel conference rooms, 20 people max. I think I already have 12 or 13 people booked for the one on December 9 in Toronto. So it's all about seven seats left. Those are just my announcements. I guess for predictions, I'm going to go to the price of Bitcoin. Let's go ahead and take a look. Let's just take a look at what's going on. This is the monthly look. And the monthly look is looking like Bitcoin is ready for a top between now and the next two months. Right. I mean, we can go to 10, 12,000. I mean, at these levels, it's really hard. Like you, you pretty soon, you can't start thinking of Bitcoin in hundreds. You have to start thinking of Bitcoin in thousands. And once Bitcoin stabilizes above 10,000, we're all probably going to be talking about in bits notation. And then everything is going to change. Right. We're going to be talking about Bitcoin in terms of pennies and not in terms of thousands of dollars. So we'll see what happens there. The weekly chart, I mean, it looks good, right? I mean, we broke out. The weekly chart looks great. It looks like we have two more weeks of upside. So I still think that we're going to slow down here a little bit because this has been the greatest week in nominal price gains in history. I mean, we can be breaking that every week. But I do think we're going to slow down for a couple of days and then break out. But yeah, the charts are bullish. I mean, what can I say? The weekly is bullish. We've broken prior all time highs just in the last 24 hours. And it looks good. I just think we've gone too far, too fast in a short amount of time. And if you are a trader, you want to look for the best entry because right now we can pull back like a thousand dollars and it's going to be like businesses usual, right? But that could cause you to lose all your money. Here is the daily chart. So let's see how the day closes, the day is almost over. And we are consolidating around the all time highs, which is what I want to see. I would love to see the price consolidate between my yellow line and my green line for as long as possible. And the longer it consolidates between these lines, the cleaner my buy entry is going to be. Like, you don't always have to buy the dip, right? You can buy the consolidation getting ready for a breakout. And it's a safer trade than buying the dip if it's properly executed. Here is the four hour chart. What I didn't realize because I wasn't paying close enough attention is that if I had been looking at the four hour chart on the bid for next exchange price, even though we seem to be talking lots of shit about bid for next. It would have given me a much better heads up. And I probably could have timed this bottom off of this nine with a green arrow. But hey, hindsight is always 2020. And I wasn't looking at bid for next when I was looking at my four hour charts. I was looking at bid stamp and bid stop showed me nothing of the sort. Usually I'm quick on my feet and I can catch a random one off color change in the middle of a trend. But I must have missed it. And it went up and I didn't buy into it. And okay, so I missed it. I missed the dip. It's okay. I'll find a good point and buy the breakout. That's fine. That's trading. That's life. So the four hour chart, I was hoping to see a nine here. I didn't. But that's okay. It was a nine for most of the candle. Again, I've been looking for some consolidation. I've been looking for consolidation to execute the perfect bull trade. And it just continues to go straight up. So I'll wait. I mean, I'll wait before I call out a low risk trade. And the hourly chart is consolidating. So that's a good sign. The chances that 8,000 is the all time high for the next six months is very, very, very, very, very small. This was plenty of time to exit at 8,000. We may make a lower low. We may not on this move. But I do believe that 8,000 is going to be broken in the near future. Maybe not next week. It could break tomorrow, but it's going to break. Like I don't see. I no longer see Bitcoin as a big top, pending black swans. So if Tether doesn't blow it one of these days, I'm not sure if it should be considered a black swan, but it's an unpredictable event, unlike the 2x thing. That's pretty much it. I mean, that's my view on the price. So I'm mumbled. Mumbled. My mumbles coming back up. That sucks. I saw it at like eight megabytes the other day, like yesterday. It's starting to come back up, which kind of sucks. But also means people are using Bitcoin. So that's kind of good. All right. I'm done. If it's not a black swan, it must be a white swan. And you had me at the greatest week in all of history. Jeffrey Jones. Was it the greatest week of all of history? It really was like this intense week. I mean, the 2x cancellation and the 2x bug and then the lightning. The news about the lightning, atomic swap was just amazing. And blew me away and square cash zap. And then a confidential transaction paper was released. It's just, it was crazy. And I'm really just happy to be in this space. This is why I love Bitcoin. This is why people like, you know, vortex, what's happening with this Ethereum thing? What's happening with this? I'm like, dude, I got no clue, man. You know, I got my hands full trying to keep up with Bitcoin here. And so, you know, just amazing things. And so I just wanted to say that, hey, look, I had a great show last week, the Bitcoin News Show. We interviewed Matt Carello and a core developer. Talked about all the great things that are coming down the pipe with Bitcoin. It's amazing things that are just in the works and just so much work being done on lightning and all this layer two stuff. Really happy to see that. And then this Sunday, I have my show again, 12 PM Pacific Live right here on the World Crypto Network, the Bitcoin News Show. We're going to interview Andrew DeSantis again. So that should be a good time. The man, scientist, as he's become, has come to be known. So really looking forward to it. And, you know, I hope everybody joins us there. And man, what a week in Bitcoin. All right, first, I'd just like to ask everyone to subscribe down below. Did you know 30% of our viewers are not subscribed? If you subscribe to the World Crypto Network, you'd be subscribed. And if it's at 100%, I'd never mention this again. Also, I'd like to everyone to subscribe to our YouTube or our iTunes, the podcast. This is the audio podcast for the World Crypto Network. And it's got all kinds of shows by Jimmy Song and Tom Fays and Jeffrey Jones. And even Thomas Hunt from the World Crypto Network, we just added Adam Meister, the Bitcoin Meister. So you can check that out on the World Crypto Network podcast right here on iTunes. Please subscribe and give us a review. We only have 18 ratings. We could use more than 18. But thanks so much for watching. If you'd like to donate, you could donate now. Make sure to give us a thumbs up and a share. Until next time. Bye. Bye.