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hello crypto fans this is Molly Jane from Point Telegraph Trump and Kim met this week the Donald expertly negotiated to lift some sanctions for the great leader in exchange for some vague promises hashtag Naga now Trump's outs and chief strategist Baltimore aka Steve Bannon wants to get into Bitcoin apparently he's been meeting with people in the crypto space for months but doesn't want to give too much away in case his particular brand of white nationalism is a bad luck for a budding ICO it's a head scratcher for some for others it makes total sense like crypto adviser Colin Platt it almost seems like a natural progression for a man who gained prominence by shoveling out unfounded conspiracies - now shilling complex technology and financial instruments - an unsophisticated investing public earlier in the year Bannon joked about launching a deplorable coin a reference to what Hillary Clinton labelled Trump supporters we've already seen the rise of altcoins now get ready for the all trite coin it's time for your weekly hot euler's digest how would you feel losing $500 in just one hour well that's what happened to Bitcoin this week it dropped below 6300 with dramatic losses across all altcoins lows like this haven't been seen since February everyone in mainstream media from Bloomberg to the Guardian pointed the finger at a tiny South Korean exchange coin rails hat however this is unlikely as it trades just 2.5 million worth of crypto a day or just point zero two percent of the total daily sixteen billion dollar trading volume the most credible reason is that Bitcoin fell because people oversold and demand dipped not because of a minor hack we asked Tom Lee himself what he thinks about the market ball you know it's every market has cycles I mean so we you know we followed equity markets for a long time and even if the you know in the six month period there were bearish factors at work and in crypto there certainly are some bearish technicals at work it doesn't really change the long-term structural story and you know I think the long-term story and Bitcoin and crypto is quite bullish because one it's really reflecting the intersection today of technology and banking right as money becomes increasingly digital you need to wait you need to create forms of authentic trust and I think that's what the blockchain is accomplishing and I think Bitcoin has proven itself as a great store value but it doesn't even as bitcoins a great story really doesn't mean that you know sellers can't cause prices to fall and I think right now there's more selling the guy in an interview this week CEO of ripple rad Garlin house spoke about this unreported story where apparently four miners in China control 50% of all Bitcoin out there if this turns out to be true it would mean that China essentially controls Bitcoin Garlin house went on to tout ripples xrp is the best digital asset for settlement and he doesn't believe blockchain will disrupt banks Garlin houses condemnation of Chinese miners in Bitcoin is somewhat hypocritical as ripple reportedly controlled up to 60 percent of XRP what's more in February trading platform bit Mex released a report detailing the structure of ripples consensus protocol suggesting and is more of a centralized cryptocurrency kind of an oxymoron Wells Fargo is no stranger to disgraceful acts Kelce appease a disgraced bank acts disgracefully America's third largest bank Wells Fargo has banned crypto purchases with its credit card voila we're doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment the decision is in line with the overall industry but the bank also noted we will continue to evaluate the issue as the market evolves over the weekend Bitcoin had its biggest intraday fall since February 2013 following 13 percent Wells Fargo is just looking out for its customers right guys remember 2016 when they created fake user accounts charged users unfair mortgage fees and added unnecessary car insurance real heroes of the common man prompting this exchange in the US Senate best you were incompetent at worst you were complicit in either way you should be fired are you a Beyonce fan if so see NBC's Brian Kelly has some bad news for you but to my Bitcoin fan he has some good news it's probably good that we've got some of the speculative froth out of here but there's still more Google searches than Beyonce and Bitcoin bowls like Tom Lee point out that Google searches are not a leading indicator of Bitcoin price no word as of yet on his opinion of the former Destiny's Child lead singer rumor has it he is more of a michelle kind of guy although you won't find beyonce on an immutable ledger she is certainly unmuted on stage so for a short time during Coachella she triumphed over Bitcoin in terms of google searches beyonce's value is based on scarcity just like bitcoins the downside to beyonce however is that she is not divisible and unlike some of her former lovers bitcoin is irreplaceable banks will fool governments will crumble and from the ashes bitcoin will rise like a phoenix and cure all the ills of the world no more suffering no more pain no more fun maybe not says Germany the German government doesn't believe that cryptocurrencies pose any threat to financial stability but they do think that regulation is necessary the volume of crypto asset transactions is too low compared to the size of the global financial system to pose a serious threat to the current financial system currently a national risk analysis to be completed next year is in the works it would identify any need for action on money laundering and illicit activity using crypto however not all German authorities agree in an interview Felix who field the chief of Germany's financial watchdog said blockchain technology is revolutionary and its applications could turn the entire financial sector upside out these apps are not only safe from failures of individual computers or providers they also promote the development of a blockchain economy the US has proposed a bill to conduct a study on how cryptocurrencies are used in sex trafficking what's next trying to connect Bitcoin to the illegal drug trade members of Congress and government officials around the world have been skeptical to say the least regarding crypto expressing fears that it funds fraud drugs and terrorism several congressmen have said crypto and get no special treatment and needs to be compliant with the critical anti money laundering and know your customer standards however Tom Emmer of the Congressional blockchain caucus said that the u.s.
should be that home to this invention and should embrace these new technologies someone we covered earlier in this year Theodora of financial dominatrix spoke about how difficult it is for sex workers to get bank accounts or mortgages and thus Bitcoin allows them to become legitimate I hope my story served as an eye-opener and to challenge the preconceived idea that sex workers can't be accomplished intelligent business women sex trafficking is clearly a serious problem but cryptocurrencies could help legitimize law-abiding sex workers would you rather meet Beyonce or have one Bitcoin comment your answers below and whether you're a hot alert or a no coin er subscribe to our channel coin Telecom and we'll see you next week you
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