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hello this is matt on the moon lambo channel and oh how about that adorable gold bug peter schiff who doesn't know what the hell he's talking about i actually like peter schiff he's actually a smart guy and i do agree with him on most of what he says but oh my gosh he could not be more wrong about almost 100 of what he he says and believes regarding a bitcoin in the cryptocurrency asset class it's absurd and so he for the first time has uh for the first time ever has talked about ripple and xrp so i found that fascinating and you know what's interesting about him is one of his greatest complaints if you just get down to it is he doesn't understand the utility of cryptocurrencies and that he i'm paraphrasing for him so you know admittedly but there was a particular interview i can't remember when i saw it but uh probably a couple of years ago it might have been against anthony pompliano but i'm not certain i'm pretty sure it was but he decided that he can't get over the fact that you know you know he doesn't understand so like my whole answer to that it just it goes back to um what my investment thesis is which is simply that utility matters and one today and my aha moment in crypto in november of 2017 is when i realized that there are business models that can exist thanks to a technologically sufficient decentralized cryptocurrency with an open market price xrp that was my aha moment you know other people have i haven't heard anyone else articulate an aha moment like that for most people it's you know the united states dollars getting the basis and that which is a fine thing but um and i thought through that before i thought through anything else but i was like yeah maybe it's something but i still don't know for sure about the long-term viability you know my very early days in terms of bitcoin uh so for me it was just like wait business models can exist that are otherwise not possible that's value that you have to be a dimwit to when pre if you're presented with that information to not be able to uh to see it and so i'm not saying that he's a dimwit for that because i don't think he's ever been presented with uh you know with that particular line of reason which is is that simply you you can change though especially you know the ripple seeking do the internet of value change the way money moves around the planet not possible without a cryptocurrency that's decentralized and has no market price and all that so uh it was it's just fascinating to see that so not only is he unaware of that no one's articulated that type of reason to him i mean i have i've tried tweeting at him but i don't think he's seen it because he gets so many damn tweets nor didn't already freaking be convinced by one single tweet but uh but it was still interesting to see that uh this happened so anyway i'm gonna run through the piece in just a moment also 82 million xrp shifted by coinbase and bitstamp while xrp loses spot 3 to tether so not surprising uh there's some major shifts with coinbase and bitstamp both announcing uh they're not d listing but their suspension of uh trading of xrp in the united states all right into this first piece now which is titled xrp tanks 219 since peter schiff takes a jab at xrp on the news of the largest u.s based exchange coinbase d-listing xrp it's not the listed it's just suspended i can't exchange this game like now i'm speaking incorrectly why can't crypto media outlets just get it right because there's a substantial difference there you know if i ever um use the incorrect language earlier i actually might have in like the first day uh you know that was just an honest mistake but holy hell we've been going at this for over a week guys like can you get it together but anyway the coin made another decline and dropped from 22 cents to 19 cents um xrp's market cap has shrunk slightly over a billion united states dollar since earlier today and the coin is now the holder of the fourth position on coin market cap with usdt taking third place a peter schiff the famous bitcoin critic has taken twitter to share xrp's decline reminding the community that xrp lost nearly 70 percent of its market cap after the us sec sued ripple and its former and current ceos chris larson and brad garliss let me ask you right here how informed do you think peter schiff is on this topic i think he just sees stuff happens that sounds scary to people that aren't informed and then he likes to just jibber jabber on about it uh from an uneducated perspective that's what it strikes me a lot of the time when he's talking about crypto that's what it strikes me as anyway the regulator has also concluded that xrp is an unregistered security yeah wait till we get that one to court i don't think that's going to stand anyway here it's uh this piece continues rather having reached a high of 78 cents on the coattails of the bitcoin rally earlier this year xrp was trading above 60 cents but then began a fast decline earlier today xrp sat at 22 cents but at press time coins trading at 19 cents schiff got the name of the asset wrong calling xrp by the name of fintech giant ripple he asked followers what may happen to bitcoin if the sec calls that a security too so clearly uninformed i mean that's a mistake actually i won't even call it a mistake on the um part of like the bitcoin maxi trolls if you go to bitcoinus.com or use btc when they do that that's not a mistake it's outright wrong but they're not accidentally doing it which is why the word mistake doesn't apply for him right here he just doesn't know what the hell he's talking about so that's why i said all the cute little gold bug guys selling these yellow rocks and then there you go he's just now he's talking the krypto stuff he's all he's so hip anyway so here's the tweet from peter schiff ripple just ripped below 20 cents it traded above 60 cents earlier this month almost 70 percent of its market cap gets erased in less than a month based solely on the sec's allegation that it's a security what happens to the price of bitcoin if the ssc alleges that it's a security and this is where it gets kind of freaking silly to be honest with you here um and so somebody named 80 here responded they should find the bitcoin ceo first so they can sue him which is a funny response because obviously bitcoin is a decentralized cryptocurrency no one leads it peter schiff doesn't care and he is throwing logic and window logic and reason out the window standing his ground and said something even more stupid he wrote in response to that bitcoin does not have to be a corporation to be a security it does not need any officers all the sec has to allege is that people buy bitcoin in in anticipate humans anticipation of selling it for a profit and that others profit from their efforts to help generate profits for all bitcoin owners see the problem though is is that the sec has already declared bitcoin is not a security so unless you think that they're going to come out firm stating it's not and then the rest of the world moves forward and then they're like oh no just kidding bitcoin is a security well no it's just so either he's uninformed or it's disingenuous you be the judge i don't know for sure but it seems a radonky of this i'm just now right here uh now here's this piece from you today 82 million xrp shifted by coinbase and bitstamp while xrp loses spot to spot three to tether uh whale alert crypto tracking bot has spotted two major digital exchanges shifting a gargantuan amount of xrp 82 million coins which is worth here they rounded it at the time anyway 18.5 million dollars an extra p shifted by two major players a whale alert has published details of three large transactions that carried a cumulative of uh of 82 million xrp tokens worth 18.5 million approximately 60 million xrp was shifted by coinbase between its wallets bitstamp moved 22 million xrp to the custodial service bitco the luxembourg-based bitstamp has announced the suspending of xrp trades on its platform coinbase the largest u.s based crypto trading platform has also addressed its users to say it would cease trading operations with xrp on on january 19 2021 and to be honest with you guys i i don't get the sense that uh people are terribly angry at the exchanges themselves and i'm certainly not i think they're just protecting themselves and i totally understand where they're coming from i'm more upset with the sec uh their effort to protect me as a purchaser of xrp has harmed me substantially and i don't appreciate if they could help me a little bit less i wouldn't mind that i really i really seriously would not mind that one bit so look we'll see where all of the price action it goes ultimately i i don't pretend to know it's interesting to see what chart analysts think and i am not one and i don't have a financial background of any kind so you know don't buy yourself because of me but uh it's it's if it does if it does go substantially lower i think that those people that are bold enough to purchase i suspect anyway uh if you know if if this if this litigation process goes the way that i suspect it will which is that either there will be a settlement which would be favorable or else ripple wouldn't agree to settle or if you know it actually does go to court and there's a jury trial i certainly strongly believe that uh ripple will win the case and so those people that are purchasing at whatever the low ends up being because of this and i don't know if we've seen it or not whatever that ends up being though the people that purchased their i i believe that they're going to be thinking they're lucky stars that they jumped in when they did i certainly suspect that and so for me i've decided to just ride this damn thing out and um i i haven't sold a single xrp in my entire life i'd like to one day um so but the only way that's gonna happen if it's worth substantially more i am long-term i am not getting shaken out of this market but i do not blame anybody that has decided to sell it's a scary time and if you can't sleep at night or you're over invested or if you feel differently than me and you just think that this whole thing's gonna become a huge dumpster fire and extra p goes to zero if you actually believe that i don't blame you one bit seriously i really don't um i understand the gravity of the situation it's very serious and so i'm never going to make fun of somebody for investing the way that they find you know to be appropriate you know we all have different risk tolerances and i totally respect and understand that but for me the answer is i'm just going to hold you know plain and simple that is it i'm going to see where this damn thing goes and i understand that if i'm wrong it doesn't go the way that i think and hope it will then maybe i lose my entire investment and that was my big boy decision and then life goes on but i don't think that's going to happen i have strong conviction and i'm going to stay the course period all right that's it for this video though i am not a financial advisor do not buy or sell anything because of anything that i say or write that would be a very very very bad idea until next time to the moon lambo
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