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hi insta wire today is September the 15th 2017 Richard Dwyer Tom keeping it free blogspot.com because I've been here online talking about cryptocurrency some of you have asked me to comment on recent developments in the crypto sphere right let's talk about some of the recent developments some are big right first Jamie Dimon the head of Chase where I have a banking account right came out and said that he would fire anyone who was foolish enough to invest in Bitcoin now it's clear to me that the genius and Jamie's family is his daughter who is a Bitcoin investor but let me just point out a few things first legacy finance right banks like Chase wouldn't have to comment on cryptocurrency if they had the inherently superior business model if they had the inherently superior line of products right they don't you know that by the number of settlements that Chase has entered into with governmental entities right you know that by the governmental bailout that Chase had to enter into with the United States government right just understand that cryptocurrency is a competitor to the kind of shop that Jamie Dimon is running so he's a competitor who is trying to bad-mouth another market participant his statements are so mind-blowing Lee silly but all one has to do is look at what Chase itself is doing in-house and you'll see that they're devoting substantial resources toward blockchain research also just think it through right you have goldman sachs another big bag that actually has patents in the cryptocurrency space you have billionaires like Richard Branson who openly talk about their investments in cryptocurrency am I supposed to believe that Jamie Dimon would not hire Richard Branson if that's the kind of decision making being done at Chase then Chase is not the kind of authority that I would want to follow when it comes to assessing cryptocurrency now let's talk about China's decision to shut down cryptocurrency exchanges no doubt that hurts cryptocurrency right the market caps of cryptocurrency tumbled on the news that shuts off a lot of consumers a lot of customers a lot of traders in cryptocurrency from having easy access to the market so that's unfortunate but let's be real here capper of excuse me China is having a capital outflow problem aren't they right a lot of Chinese money has left the country and it's being used to buttress real estate prices in places like Vancouver and Toronto right just Google this China has put capital controls in place to try to stem the outflow of capital well of course something like cryptocurrency that enables people to move money more quickly more cheaply and more efficiently is not gonna be what I liked by the Chinese government right they can try to hide the real agenda by claiming that consumers are in danger due to icos right just understand that's marketing for some governmental action being taken to shut down capital outflows let me also just add that the technology is ahead of the government I need to have people sit back and just to understand that as innovative as the crypto sphere is it continues to innovate it continues to get better so if you look right now at the top 10 market cap crypto currencies you're gonna see that you have multiple privacy centric crypto currencies among the top 10 in market cap in the crypto sphere right you have - which gives you the option of engaging in confidential transactions right they have a private cent feature you also have Manero as I make this video - is the sixth most valued in terms of market cap cryptocurrency Manero is the eighth most valued in other words you have a lot of people in the crypto sphere who are interested in privacy well now you have zero proof protocol now just within the last few weeks you've had a major development that might actually enable people dealing in crypto currency in countries like China to continue to do so with some level of privacy you have Z cash right who recently announced that they have actually cut down on the amount of memory needed to engage in zero proof confidential transactions what the streamlining has done is it now makes Z cash a viable way to do transactions confidentially using a mobile device because less memory is needed let me also point out too that you have another crypto see pivots PIV X that recently announced that they have implemented the zero proof protocol and now when you use privets a third party can't tell where the money is coming from where the money is going to and details about the transaction so with this level of digital privacy with the makers of cryptocurrency recognizing that a lot of their constituents desire increased privacy you're actually going to have a market-based response to government overreaching from countries like China let me close to by just pointing out that atheria is moving in a direction of increased privacy right you should Google a theory of Google privacy you're gonna find out that fear IAM has a lot of good things in the works right that include increased privacy also understand that not every crypto currency exchange was based in China right most are based in other countries they continue to operate the market cap in crypto currency in general has bounced back this is even after Jamie diamonds comments right the comments from a very prominent Bank official who is so prominent in the United States that there's talk about him running for president of the United States and of course the crypto sphere has bounced back from China one of the largest countries on the planet one of the largest crypto currency markets on the planet announcing that it's not going to allow crypto currency exchanges domestically right as I make this video the market cap for all crypto currency still exceeds a hundred and 20 billion dollars and it's on the way up in fact - in the last 24 hours according to coin market Capcom is up more than 10% that should tell you that cryptocurrency is not a passing fad this is rather an anti fragile ecosystem that's growing and growing that's able to deal with outside shocks like China announcing that it's not going to have or allow domestic cryptocurrency exchanges right so food for thought also consider that many of the arguments here hearing are fallacious right let's think it through there was a time where a horse was the standard mode of transportation you can imagine when cars were invented there was probably a brief period of time where horses were still able to go faster than cars where the cost of operating a car exceeded the cost per mile of riding a horse well understandably because of the different capacities of those two rival technologies eventually cars got faster got more fuel-efficient started outperforming horses never look back right can go much faster than a horse can go can go much longer than a horse can go costs less to maintain than a horse right so it is a cryptocurrency so some of these pundits out there or trying to say look right now right now these are has the capacity to do more transactions per second then cryptocurrency folks how long is that going to last understand cryptocurrency is in its infancy this is the first decade of the technology it keeps getting better and better it keeps improving and improving just like Z cache has improved their product just like pivots has improved the privacy of its product just like aetherium right the number-two cryptocurrency and market cap is not satisfied and it's moving toward proof of stake and increased and amenity right you can imagine it's just a matter of time before cryptocurrency does things far more efficiently than visa as it is today with several crypto s-- you can send money much more cheaply than you can with visa right so don't go for these arguments where someone directs your attention to a well-established technology that has been around for generations and then says hey this technology does things better than cryptocurrency today well sure there was a time when the horse and buggy did things better than the car that didn't last visas advantage here won't last it's already God when it comes to price right so I remained a big bull on cryptocurrency I don't see it as a fan I see it as a groundbreaking technology that is gonna take over the space you know that's the case just by the fact that goldman sachs and chase are devoting a lot of resources to war cryptocurrency right and also the fact that some critics people like howard Barnes right after criticizing cryptocurrency see what's happening see all of the innovation see the progress and understand that their criticism was unwarranted right so yes Jamie Dimon had negative things to say yes China has shut down crypto currency exchanges right they can only run for a set period of time going forward just a few more weeks guess what cryptocurrency is still standing it's still there right even after all of this it's bouncing back it's taken these punches and it's still standing upright in the ring right it will be for a long time I believe cryptocurrency is here to stay let me hear from you I hope you leave your comments in the comment section to this video thanks for stopping by
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