Ripple Founder: RICHEST Man On The Planet?

this just in breaking news our top story tonight ripple co-founder Chris Larson surpasses Bill Gates as the richest man in the world which makes sense because ripple bringing everyone computers kind of hard to say next up the cryptocurrency dogecoin has surpassed 1 billion dollar market cap you just can’t seem to escape this thing these days big connect takes a massive hit as Texas issues than the seasons assist youtubers are already flocking to the platform to let their users know to avoid the scam in Texas you grab a can that account need download a VPN and finally tonight Bank of America’s Branch Merrill Lynch is walking uses the best bitcoin band for Bank of America don’t worry bitcoins you’re in good company all of this is more tonight on crypto news Before we jump into things today guys I do want to say that this is honestly the most excited I’ve been to make videos in a long time there’s so much potential in this space to grow and I’m excited to take on this new challenge and build this channel by putting out as many great videos as I possibly can so if you want to be part of that make sure to hit the subscribe button and join the team let’s jump over and take a look at some trends in price over the last couple of days and week in the crypto currency markets first up Bitcoin getting a healthy rally going moving towards 17,000 I know Bitcoin hasn’t been getting much movement and everyone’s been jumping on these alt trains but don’t forget what got us here Bitcoin still the largest coin still has put the framework for us to be here today has by far the most exposure to the markets in terms of how many will actually know about these various coins so don’t look past Bitcoin that’s not to say we aren’t seeing some games being made across the board in the top five or ten coins obviously ripple been quite the run lately despite a bit of a downturn recently a theory I’m breaking one thousand dollars briefly before falling back under Bitcoin cash continuing to do absolutely nothing card on o after a massive run-up is now again tailing down a little bit as well as some of the other coins a little bit a little bit of blood in the in the streets here today not something that we’ve seen too much in the last few you know days or even weeks but we are see some losses being posted okay let’s go ahead and talk about the recent cease and desist from the state of Texas on big connector this time he’s actually pretty good put this big video out the truth about big connect which if you’ve not seen I definitely recommend checking out but I put that video out a few days ago and there were a few things I wanted to respond to they didn’t really deserve its own video but would work nicely in this kind of setting starting off with the story itself though Texas issued a cease-and-desist two-bit connect making several different orders this is a look at the document itself it’s gonna be kind of complex you can read it I’ll put a link in the description below but generally speaking it goes through all of what’s going on with big connect and why they’ve come to the conclusion that big connect should not be allowed in the state this document goes point by point as to why they are issuing this cease and desist now this ultimately culminates in them making some conclusions of law these include that they are not registered with the Securities Commissioner and they are securities and they are also engaging in fraud as well as making offers containing statements that are materially misleading or otherwise likely to deceive the public and then also best respondent Vic and ex conduct acts and practices threaten immediate and irreparable public harm as well as the foregoing violations constitute basis for the issuance of an emergency cease and desist order so a lot to kind of unravel there what I do think is kind of interesting is that they’re defining picnic as a security and that’s one of the reasons why they’re banning in Texas I do think as someone who’s not a lawyer but it seems this way that this kind of opens the door for maybe some other more legitimate coins to get banned because if they’re just banning it based on a being of security and not being registered there are probably many projects that would fall into that legal framework however the more interesting part here is that the state of Texas believes that big connect is engaging in fraud they are publicly trying to mislead people they’re saying false information they’re going after people and causing harm to them or eventual harm to them that’s what the state’s saying want to address some of the comments I got in my big connect video that a lot of picnic fans had to say and the first one is that you’re just a jealous hater because we’ve been making all this money and I have never been scammed by bit connect and that’s true that’s actually the way that that Ponzi’s work for the first you know however long in the ponzi there’s really two phases two Ponzi schemes there’s the the build up the the growth of the ponzi and then the eventual collapse if people were getting scammed at the start of a Ponzi then it wouldn’t work because people be like hey where’s my money and then it wouldn’t be paid out the way Ponzi schemes work is that at the start they all they’re all fine everyone gets paid and that’s what caused it to grow and then the moment that all of a sudden can no longer sustain itself there’s not enough money in the system there are no new people driving money into it that allow everyone else to get their money back that’s when things shut off the ponzi unravels and people lose their money so it’s not gonna be like one guy gets scammed a little bit so I’m gonna stand over there it’s gonna be everyone’s cool it’s all fine until the switch is flipped and then it’s all over I also got a lot of comments about the 1% guarantee daily returns and I do want to issue a correction here that it is not guaranteed 1% daily returns they strongly imply us 1% daily returns but then the fine print they guarantee only a paltry 120 percent a year basically nothing now if you’re new to investing and crypto is the first thing you’ve been in you might say that doesn’t sound ridiculous I see coins go off all the time sure but those have risk if it’s saying there is no risk you can never get close to those types of returns if you’re invested in big connect and you believe in it I’m gonna make one last pitch here because we can only do this so much but I want to try and help people I’m telling you that I really believe this is a Ponzi scheme the state of Texas believes it’s a Ponzi scheme many of the biggest personalities in the space like vitalik cute Aaron and Charlie Lee think this is a Ponzi scheme there were many reputable people that are telling you to not do this and I know you’ve made money so far and you want to keep going but the thing is that’s how it works until it doesn’t I’ve got to say as Moore came out about this and as Texas issued this seasoned assist I thought maybe we might see a little backpedaling from some of the big connect gang but oh boy was I it’s nothing it’s in flood it’s a it’s a little bit of ammo for the flood all this is fun it’s fear uncertainty and doubt don’t let Texas don’t let them government to shut you down governments are pussies bro going forward I think that this is actually a positive for bit connect the haters they may actually making money right I don’t want to spend too much time on the subject but we got to talk about crypto Nick again in his most recent video he tells his viewers that the cease and deceased cease and desist order is not a big deal at all he also advises his viewers to download a VPN so that they can still use the big connect platform if you do live in the u.s. dude Adams not the u.s. in Texas do not you know can you know stop you know investing into the platform if anything just get a VPN I have expressed VPN which I pay 100 bucks for I don’t really use it that often but you know I there’s a certain set down restricted on I could use the VPN and get access so if you really are that paranoid about it and you live in Texas just download the VPN it’s not that big of a deal I do expect bit connect to continue to operate normally here and nothing’s really gonna happen whatsoever I think this shows next true colors despite the fact that text is trying to get rid of this from their state he’s telling the people in Texas to go use it go keep using big connect you got to stay with the program Nick the time has come I know you’ve made a lot of money from big connect and you’re trying to promote more loans but this is over you can’t just put a who cares thumbnail on your video and pretend nothing’s happening it’s all coming to an end and you’re out there getting your viewers money taken and put into this Ponzi scheme it’s not happening yet but it’s a matter of time protect your viewers and do the right thing I don’t want to see you end up in jail wait actually wait can it you can 17 year-olds go to jail 17 year olds accused of crimes are currently still charged and treated as adults I don’t want to see you end up going to jail at the end of the video I also stumbled across this absolute gem Nick what’s the difference between private key and public key so on your arm here let’s see actually I probably shouldn’t show anything from my blockchain wall because if I do click on settings they will show a lot of you know prime information but I’m not really exactly too sure what a public key is I know I use it to log into my blockchain wallet but most wallets you will not need your public key to log in or anything like that there’s no shame and not knowing much about crypto and not knowing that a public key is sort of your identity out there when you send it a receive a transaction and that your private key is what you use to sign the transaction so that only you can send your coins that’s fine but what if I told you someone that didn’t know that was offering a 500 dollar informational course on crypto that’s right guys sign up for your Bitcoin mastery the ultimate program – a six-figure cryptocurrency income today I’m not really exactly too sure what a public key is next stop Bank of America’s Branch Merrill Lynch which is the investing arm of Bank of America is not going to allow customers to invest their money into a Bitcoin fund according to an article from coin desk Merrill Lynch the brokerage arm of Bank of America has blocked financial advisors and clients from trading and Bitcoin related investments the ban extends to clients trading in grayscales Bitcoin investment trusts a fund led by Bitcoin entrepreneur barely sober the decision to block a cos the fund was due to concerns about the quote suitability and eligibility standards of this product end quote an internal memo circulated to approximately 17,000 advisor states according to The Wall Street Journal the bank has extended a ban on recently launched Bitcoin futures contract Washington Street Journal source said Maryland’s put the policy in place in December 8th just two days prior to the launch of Bitcoin futures when reached for comment Barry Silbert said we look forward to speaking with Merrill Lynch and addressing any questions or concerns they have about the Bitcoin investment trust we are unaware of any similar policies at other brokerage firms now it’s really tough to say what this is gonna mean for Bitcoin I can tell you that Bank of America tends to have stricter policies particularly when a few years ago they had a bad case where they owed a lot of money in fines I think they might be trying to be more strict about their overall policies I can personally say that when I invested money on Merrill Lynch to try and get a small bonus for investing through their platform they canned me and banned my bank account and held my money hostage with no comment no one even talked to me I’m an American I like just want a bank there I don’t think in isolation this is a very big deal but the question is will other banks come on board and start to block Bitcoin related investment options or even block transactions with with well-known exchanges like coinbase if that happens it could be a disaster for Bitcoin now we’ve seen other banks take some not-so-great stances towards Bitcoin including JPMorgan where the CEO Jamie Dimon said the currency is quote a fraud and said people who invest in it are quote stupid let’s actually take a look at that video from this CNBC article crypto currencies and digital currencies I think are also fine you know JP more moves six trillion of dollars around the world every day we don’t do it in cash it’s done digitally if it be done digitally with the blockchain so be it but it still be a dollar crypto currency what I have an issue with is a non fee a crypto currency dollar so crypto sterling euro yen they’re all fine I don’t personally understand the value of something that has no actual value you all can do whatever you want and I don’t care okay all right that sounds the thinit Bitcoin hit a new high today I could care less with Bitcoin trace for how it trades Wyatt Ray’s who trades it if you’re stupid f to buy you’ll pay the price for it one day great point there people that are stupid enough to buy Bitcoin are going to have to pay for it and that price is sixteen thousand eight hundred and nineteen dollars so not gonna be cheap he also did say that it could hit a hundred thousand for crash to zero and then all kinds of traditional banking problems what I found interesting from that sentence though was that he said that he didn’t understand how can have value we’re seeing the CEO of one of the largest banks in the entire world not understand that currency has value because people believe in it because people will buy and sell it it has value because we do say that it has value u.s. dollars are backed by Full Faith and Credit of the US banking system that doesn’t mean that they’re back to gold it doesn’t mean that they’re back to anything that dollar is only worth something because our government says that it does have that value but what’s to stop millions of people around the world that’s something else has value there’s no reason to stop that at all and that’s exactly what we’re seeing with Bitcoin now it might feel a little bit worse you know the US government seems powerful and strong like a beacon of light well or darkness depending on where you are but strong and and if they say it has value than it has value and for sure the US government is massive and very strong and that’s why the dollar is a lot more stable than these currencies but that does not mean that other things can’t also have value if we agree that they do so I understand that if you’re really set and entrenched on traditional types of money you might not like crypto and that’s totally your own prerogative if you get this I what you invest in but you understand the idea that it has value because we say that it does and that we believe in math and algorithms over people then that’s what’s happening at the heart of Bitcoin this isn’t a huge story but it is something that I wanted to mention there is a hedge fund called block tower that has raised over a hundred and forty million dollars for a cryptocurrency based fund as crypto currencies evolve and grow we’re going to see more and more people jump into the hedge fund space because guess what there is a ton of money to be made especially in large quantities where these funds can find ways to get good deals apparently there’s also an X number of golden sacks coming in to help out block tower according to reports by Morgan Stanley there are now over a hundred crypto related funds with assets worth over two billion dollars institutional investors are not finding it easier to speculate in cryptocurrencies assisted by the two major Chicago based exchanges which launched Bitcoin futures contracts late last year this is an extremely good thing now I’m not saying that’s gonna work out for the best in all areas obviously these funds can short Bitcoin but just getting skin in the game getting more exposure having more capital available to be invest into the space the more money that starts to surround and get into the system the better it’s going to be for cryptocurrency on the whole I will say they’ll watch out because there could be some serious market manipulation there are not rules in place for what people can do I expect this to get even more wild Westy as we go along but we’re definitely going to be staying tuned and finally our feature story of the day co-founder of ripple Chris Larson has an estimated net worth of over 100 billion dollars base on the current value of ripple this would make him the richest man in the entire world for creating ripple that’s obviously insane that’s so much money but some of you guys might be a little confused if you check coin market cap you can see that it’s market cap is way smaller than Bitcoin so how do you get to that number the number that you see there is the value of all circulating ripple but there are more ripple in existence sixty-two billion ripple are still in the control of ripple labs and they have also said that they’re going to releasing most of that month by month for the next several years starting at some point this year so we’re gonna see an influx of a lot of ripple into the ecosystem and that’s why the total market cap of ripple if you consider all the ripple that are not part of the circulating supply actually would be higher than Bitcoin the problem for a Larson though is that if you sold even just a small portion of his fortune the amount of ripple that would then go into the community that would go into the exchanges and where people are trading would be so great that it would have a drastic effect of the price dropping it substantially this is where the idea of market volume becomes important now I’m not an expert trader by any stretch I’m not even a trader by any stretch I tend to just buy more in fundamental value and hold based on what I believe long-run will succeed but the volume in the market matters a lot if there are many people buying and selling then it won’t change drastically based on large volumes being bought or sold this is much better when you have a very large position in something because if you do have to sell there are many buyers willing to take that price in much more shallow much much lower volume and shallower markets it means that only a few purchases might change the price somewhat drastically so when you look at ripple let’s take a look at what the volume looks like right now so you can get kind of an idea in the last day we’ve seen around 7 billion in volume for ripple now just imagine if someone tried to sell 10 billion or 5 billion dollars worth of ripple what that would do to the price in fact if you go to any exchange you can see how the order but the order book is you can see what’s open and what what bids are out there what asks are out there and you can see what people are buying and selling for if someone came through and tried to sell qty it would absolutely crater the currency and cause a massive drop so he’s not really able to sell and he’s also promised to sell according to this timeline basically but it’s important to also understand that when there is that much other currency out there that much more of the currency out there it can have negative effects on the price I know that there were a lot of ripple fans that come in here and get angry I understand that they’re a ripple that do get burned on transactions but there aren’t very many because the fees are so low which is a good thing but not many herbal are being burnt and I also understand that there is a timeline for the release these ripples so I understand those things those things are good I’m okay with those things but it doesn’t change the fact that there is a ton of supply not in circulation and as that is released in the marketplace there will be a price devaluation based on their big more availability the more people there are in existence the more people there are in circulation the less the price will be that’s just simply the way that things work if I tried to sell you a baseball card and there were only a thousand existence made by a legitimate brand and it was signed by the player or whatever then that would have a lot of value but now let’s say there were 10 million it’s not nearly as big of a deal so the supply matters a lot when it comes to supply and demand you could make the counter-argument that for many people that are that wealthy particularly when their wealth comes from shares of a company that if they did try and sell off that much the company then they would take ahead their net worth would go down so maybe he’s in a similar situation as many other people but I don’t think it’s quite the same 7 billion in volume in the last 24 hours well being a very huge number it’s not anywhere close the kind of volume that we see on the New York Stock Exchange or when it comes to real estate or any more more of these traditional markets that have trillions of dollars in them this is a new industry with not as much volume comparatively so that makes his net worth not quite as real to me there are good arguments I made both ways on if this guy is the richest man in the world or not but the point is he’s up there and if ripple goes up much more he’s gonna have it on lock this does start to bring up an interesting question that I want you guys to answer in the comments what’s the amount of money that’s okay for someone to have what’s an amount of money where you think it starts to become unfair is there a do you think if someone has half the money in the world that’s fine is there some point where maybe some type of regulation should be set where people can’t just have you know a certain number of the money supply or is everything fair game is all just part of the game and we’re trying to romp the score let me know your thoughts are in the comments below that’s gonna do it here for me once again guys hit that subscribe button if you’re stopping by I’ve got a lot of content coming out thanks for joining I’ll see you soon you

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