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I'm a major skeptic on crypto tokens which you call currency like Bitcoin they are decentralized Ponzi schemes okay welcome back everybody to altcoin daily my name's Austin in today's video I want to share with you the latest news involving cryptocurrency including Jamie Dimond testifying in front of Congress silica launching their own gaming console as well as xrp news cardano news and much more so if you are at a party this weekend and you're asked about cryptocurrency you can speak knowledgeably so like always check the timestamps down below find the news that's best for you and let's jump in starting with JPMorgan CEO Jamie Diamond says that crypto tokens and Bitcoin are decentralized Ponzi schemes now he is the CEO of a major Bank JPMorgan does have their own stable coin like JP Morgan coin and just for the full perspective let me share with you the full clip it's about 90 seconds but just understand we're asking Bank CEOs about Bank Killers Bitcoin that's like asking the owner of a taxi company about Uber in fact great perspective from former growth at Uber danheld he says don't ask taxi drivers if Uber is a good idea don't ask hotels if Airbnb is a good idea so why are we asking Bankers if Bitcoin is a good idea I like it I agree with it let me play this full JPMorgan clip it just happened yesterday in Congress watch this uh Mr Diamond if I can ask you one other question I'd like to ask about another topic that I've been very focused on which is the rapid development of digital assets and related Financial technology I believe the United States should lead the development of emerging Technologies like distributed ledgers and blockchain and the federal government should provide the certainty needed for the country to serve as a hub for financial Innovation and I've developed legislation to help Define qualified stable coins which I know the chairwoman and the ranking member are also working on uh and to select the appropriate regulator I've read that you're a little skeptical of some of these new technologies but what are the biggest things keeping you from being more active in the space and do you worry that we would miss the boat and give other nations like China an opportunity to advance their digital currency and other payment systems that could undermine the US dollar and I'd love to get some of your thoughts on that so uh you have to separate blockchain which is real D5 which is real ledgers you know tokens that do something and deliver information money ideas simplify smart contracts that's one thing I'm not a skeptic okay I'm a major skeptic on crypto tokens which you call currency like Bitcoin they are decentralized Ponzi schemes and and the notion that's good for anybody is unbelievable so we sit here in this room and talk about a lot of things but two billion dollars has been lost every year 30 billion dollars in ransomware AML sex trafficking stealing uh is dangerous there'd be nothing wrong with the stable coin properly which is like a money market fund properly regulated properly regulated you have some today and they are not JP Morgan has a JP more we are a big user blockchain as a JPMorgan coin which is a token but if you send it to us we give you a US dollar it's a dollar deposit that could be moved just the way uh cryptocurrencies can be moved stable value very low cost wow so in essence anything Jamie Diamond doesn't control is a Ponzi bitcoin's a Ponzi defies fine because they're kind of getting into it stable coins are fine because he has one but anything that is decentralized like Bitcoin is worthless again probably the same thing Hotel owners said about Airbnb give me your thoughts on this down below what do you think let me know but let's always remember with these big players because he is very respected in the traditional industry pay attention to what they do not just what they say it is a proven fact that Jamie Diamond will say one thing about Bitcoin and then JP Morgan will make a purchase of the exact same thing Jamie flooded this is well documented Back in the Day Jamie dimon says that he will this was like five years ago around 2017 that he would fire any JPMorgan Trader that I think touched Bitcoin and then of course BTC crashed on that news and then JP Morgan bought that dip it was of course Glenn Beck as some of you remember from back in the day that documented this all here's a quick about 90 second clip out of a much bigger segment watch this this is heck this is how the rich get richer yes they know they're connected a lot of times they're coordinating yeah without the insider trading this is not illegal to do no manipulating the news cycle if you're smart about it is they can get away with it nobody's ever been arrested for anything so now with with crypto yes I know personally I know people that would have gotten in or stayed in right if these people weren't saying what they're saying right and so this this has really been extremely egregious so on September 12th Jamie Diamond says Bitcoin is a fraud he says he'll fire any one of his Traders buying Bitcoin Bitcoin drops 24 when Jamie Diamond speaks people listen people listen so that weekend we found out that the largest buyer of a of a Bitcoin fund that's in Europe that buys physical Bitcoin right the largest buyer was Morgan Stanley and JP Morgan and that's not illegal he says it's a fraud says you buy anyone the fire yes and at the same time his company is buying his company's buying it wow again pay attention to what they do not just what they say as I get more info I will keep you updated yet the innovation happening today in crypto projects is undeniable so let's start with the silica but let me make sure you have all the information so you can make the best decision for you zilica to launch web 3 game Council in early 2023 so this is a layer 1 blockchain silica preparing to dive further into web3 gaming with the launch of a hardware console and gaming Hub so this is a picture of the Prototype like right here and while it may look the same as many other councils we have the web 3 capabilities inside is the differentiator so first let's get to the standard stuff and then we'll delve in the web 3.
a prototype version of the console was unveiled today showcasing a Sleek design with an array of ports including HDMI ethernet USBC and USB 3.0 connections full specifications of the council remain Under Wraps though silica touts its user friendliness with web 3 capabilities including a crypto wallet and Mining integrated to hide the complexity of web3 from the end user so they are truly going for Mass adoption making this look and be as easy to use at least that's the hope as a quote-unquote web 2 Council but then have the UI ux of web 3 built right in for example players will be able to earn silica tokens through the completion of in-game skill to earn missions tasks and quests in this case the tokens Can Be regarded as similar to coins or rewards in traditional games but with the added function of blockchain Technology meaning that obviously they have a value outside of the closed system silica trades on many exchanges now and I guess they're allowing you to skill to earn with this Council additionally silica which is a hybrid but in part a proof-of-work coin noted that players will be able to mine Zill tokens a process that they anticipate will lead to further decentralization of the silica blockchain by expanding the number of miners globally so anybody that has this Hardware will be able to mine silica that they hope will lead to huge decentralization of the network but we will see it's one thing to say we'll see what they do in early 2023 next piece of quick news regarding binance binance Taps former Obama advisor for their new Global Advisory board so just to be specific another way to say that would be binance today announced the formation of their new Global Advisory Board a strategic Council of experts that will advise the world's leading crypto exchange on the regulatory political and social issues faced by the industry so binance is loading up their team this will be chaired by former U.S senator and ambassador to China Max baucus the board is then comprised of experts in public policy government Finance economics and corporate governance including the former campaign manager and Senior advisor to President Obama David plouffe as well as Britain's former minister of State for culture and the digital economy Lord vasey and the former head of the French treasury Bruno Bazar so the who's who from many different countries many different walks of life have now been hired to support binance and in a direct quote from CZ on why they're doing this why they've amassed all these leaders he says both I and binance as an entity see an inflection point for Mass crypto adoption rapidly approaching with this change clearly on the horizon binance's role as an industry leader needs to be honed and managed with increasing expertise and experience I'll keep you updated and next piece of news for cardano we've been keeping you updated all week The cardano Vessel upgrade is ready with all critical mass indicators achieved this is happening tonight now what does this vassal upgrade mean for the average user well with this hard Fork it will upgrade scaling as well as general optimizations increase support for depth growth Boost network throughput as well as support layer 2 capabilities and if you hold cordano this is happening in a few short hours next piece of news for ripple the Chamber of digital Commerce gets approval to join the SEC versus Ripple lawsuit so the crypto advocacy group is granted the status a friend of the court now with that status what does that status mean the status of Friend of the Court permits them to assist a court by providing information expertise or Insight now this was just signed by the judge on Wednesday this will get filed on September 26th so this literally just happened and if you hold xrp and if you're wondering what sort of insight are they now trying to provide they say while explaining their interest in the case the CDC legal team chamber of digital Commerce team emphasized the far-reaching consequences of a potential Court decision namely whether the law applicable to the Securities transaction is properly distinguished from the law applicable to secondary transactions so again was the xrp sale from Ripple a security or not a security the CDC obviously is team Ripple now as you may or may not remember both parties the SEC and ripple filed a motion or petitioned the judge they both say that they have enough information for the judge to make the ruling both parties agree to that so hopefully we have a decision on this Ripple lawsuit ASAP all right that is the video my name's Austin like always see you tomorrow and if slash when you're at that party this weekend I now hope you can speak knowledgeably about crypto like always see you tomorrow
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