Hello, everyone and welcome back to Kryptos news, your source for daily cryptocurrency content information, gossip sentiments, rumors and more of an update on what has happened today in the cryptocurrency space.
Well, in the Los Angeles space. It is raining right now that's funny and never rains out here. Well, very rarely, but it's, nice, a nice change of pace anyway. So let's! Talk about what's, going on with the markets, fear has temporarily gripped the markets as Bitcoin dipped below $ 7,800 yeah, not too much to see here.
We haven't, seen a serious drop-off. I think it's. Actually quite bullish, as I've, said before that the drop-offs, unless it continues to go down, of course right, but as of right now it looks like things have stabilized for Bitcoin and other cryptocurrencies, so it's, bullish that volume to The downside, the amount of orders going and selling when we get these kinds of dips has been actually lessening so that's.
A very bullish thing. One thing to keep in mind, though, is that a lot of the Shorter's. Moving up to this point have already been wrecked, and so I don't know that many of them are coming in to fill those short positions for the ones that were filled and we're.
Getting to that point just yet, but uh it does mean that there might be more money, at least when it comes to volume. Unless we have huge moves to the upside it passed like 82 83 84 hundred dollar Bitcoin.
There could be some potential for downside breaks. Although I'm tending to lean toward bullish, just based on what I'm, seeing out there, especially in regards to more people getting Bitcoin in their hands in particular, today Burger King seems to be running running up.
Emotion where you can get, I think it's. Five dollars is what I'm, saying five dollars worth of free Bitcoin through the cash app the square cash app, which was founded by the guy who started Twitter, Jack Dorsey, and so we're King tweeted out.
Do you have student loans, debt just leave your cash app name down below and screenshots were springing up afterwards of people getting $ 5 worth of Bitcoin, so Bitcoin is native on the square cash app.
It is apparently the most trending app the Playstore for buying Bitcoin right now, and they're. Coming with a big marketing push, it looks like it is funny that they're kind of pushing it. I agree with loco TX, who left me a comment there on Twitter about this.
It's kind of shady to be marketing it as a way for people to get out of debt. It's, just five bucks. It's, not going to change you, but it is free money and it's. Obviously marketing for Twitter. We have to wonder if that means Burger King hopes to maybe work with cash wrap to accept Bitcoin that Burger King very soon directly through them.
I think that would be super neat and it would make sense based on this promotion, that they're. Doing right now, so you can go over to the official Burger King Twitter page to see what I'm talking about.
I also believe I retweeted it on my Twitter Kryptos news. If you would like to check that out there's. Links to all my social media down in the description below where I often put helpful links and sources to too many things that I talked about, although I don't believe that's.
Gon na happen today. So just look where it says: follow and you can see the Twitter stuff there so Craig right man, so he registered a copyright for the Bitcoin white paper and code which, by the way, is open source.
Now, when a work, the written work is produced, it's also automatically copy written, but if you want to be able to fight for those rights in the future, if somebody was to, for example, use your copy written work without your permission, depending on The license that you issued it at by the way bitcoin is issued on an MIT license, so it's, free for anybody to use commercially personal reasons whatever, for whatever purposes without having to you know, ask for that permission or pay rights to sub Socially Nakamoto, who again, is not proven to be Craig right.
The Copyright Office said in this was written in a press release. It's, funny that the Copyright Office had to go ahead, an issue, a press release about this whole debacle. They said that they are not endorsing Craig right, a satoshi nakamoto by any means pretty much again like what we've, been saying, and what everyone else saying.
Anyone can register a copyright and there's, been a petition to to oust houst Craig right from getting access to that copyright and another on another people were saying that's kind of pointless. It's better to just get everyone to try and copyright the Bitcoin white paper, because we are all Satoshi and it's better - that we all own Bitcoin, which makes sense right.
We all own that code in a way we all have access to it. We don't. We have not seen Craig write yet produce a transaction from the the wallets that were held by Satoshi. We haven't seen him provide any valid signatures from that.
We haven't. Seen him post to the Bitcoin talk message boards, where how if any frequented with the same account, so he hasn't really proven it to anyone just yet but anyway. So what? If we got everybody to try to say that they have access to that con to cut that they to register a copyright with the Penn white paper in code.
Well, you know it's a punishable offense. It is a crime to be to do this actually, but it seems the penalty is only about two thousand five hundred dollars still quite steep. I don't condone trying to do this yourselves, but that's kind of the word on the street, and we got word also from Peter McCormick.
If you guys weren't around back when this happened. Just a quick update, so Peter McCormick hosts a podcast and he has been on Twitter, just kind of lambasted, Craig Wright saying that he's. Fraud Toshi that he's, not Satoshi Nakamoto.
And finally, it looks like Craig Wright and his lawyers had enough. They issued a cease and desist order, basically to Peter McCormick threatening to take him to court because of all the libel that has happened on Twitter by Peter McCormick saying that he is not Satoshi.
And this is false and they're ready to prove you know they're ready to show the courts. I don't know about proof. They were to show the courts evidence that he is Satoshi and that this is all libel and basically Peter McCormick had to apologize.
If he didn & # 39, t want to go to court and right back to sledder by May 16th 2019 and delete anything. That said, that Craig Wright was not Satoshi, yada yada yada yada. We went over the center in a prior video, but anyway so turns out.
You know it's. Obviously past May 16th Peter did not respond. It looks like, despite the fact that he grew his account according to Rand, knowing her who who started responding. This is a guy who hosts a crypto traders show on CNBC South Africa, so this guy started calling out Peter McCormick, because Peter McCormick had basically started going on blasts saying he was gonna fight Craig Wright enough is enough on behalf of Bitcoin.
This is gonna, be the chance to prove that Craig Wright is a complete fraud, and you know fight this the bitter end. Apparently, he received calls from numerous over a dozen lawyers in the crypto field, who are happy to give him free litigation.
Pro bono. Do the work for him, and apparently it looks like Peter in a letter that was posted by Peter today on Twitter after he did not respond on May 16th to craig rights. Lawyers Peter actually never really registered a an attorney with the courts.
It doesn't, look like he was really prepared to do battle, despite talking a big game and ran, and then he had also said that basically filing for no contest and saying that you know whatever Craig Wright.
You know he's. Right take Craig Wright is right. Do two rights make a wrong? I don't know, so Craig Wright is right and that that's. An option Peter had said after receiving this letter so ran just went all out.
Having Adam ran Noah and he was just like dude, you got ten thousand plus followers, because you talk such a big game, and now you're talking about no contest and backing out like basically calling him a coward and Peter is like no.
I just said that was an option and that's, just some of the drama going on right now. He said he is gonna continue to fight, but he didn't seem to have as much boldness behind his words as before. Peter McCormick so really the community crypto twitter has been just going all-out against mr.
mckormick. Today it looks like it's gonna it might be tougher for him to win this battle because he has to provide proof real proof right in the court. Good proof to sway the courts on the side that Craig Wright is not Satoshi.
I don't know how much evidence he has, or he can find to prove that, but Craig right now with his copyright in the United States and his multiple other ventures in the space quite early on, might have more sway to the side.
What more evidence to show that he is Satoshi that he is not Satoshi at least of the courts eyes, so it's. Gon na probably be a lengthy battle book of costs, Peter a lot of money which I think he's. Beginning to realize, which is why he thinks maybe no contest would be the best option spend instead of spending time fighting this millionaire.
I don't know, maybe even crypto billionaire, who could fight this battle forever and is fighting this war to prove he is otoshi on multiple fronts and is happy to entertain this other one to show the community that you know it'S not alright, to say that I'm fraud Toshi and all that anyway, I some of the drama there.
So one of the things that's exciting me actually is talks going around on the subreddit eath trader and the theory on people are talking about ey nightfall, which i discussed briefly on this channel about a month ago, when we first heard about this Project that has been in development open source and by the way there's, a difference between something that has that's, copy written, something that is copy written.
The licenses can be changed from like an MIT license. That's open for everybody to use to a more private license that would require payment. So there's. Talk about just jumping back real quick, Craig Wright actually wanted to change the now that he apparently would get the copyright.
He would change the license from an MIT license for the Bitcoin code to to a more exclusive, when I remember the exact when he's talking about and making it so that Bitcoin sv is the real Bitcoin. I think that's, part of the reason why I've pumped yesterday, Ederle check where the prices are for Bitcoin sv today, but anyway.
So this is this project ey nightfall, being developed for theorem by two hundred huge developers who have worked non-stop on this, and this is this is pivotal because it includes private transactions using it's compatible with ERC seven-to-one token, so non fungible tokens that Are not the same as every unit the unique tokens - and this is being developed by huge companies in uh, in this open source way on the public ethereum blockchain for enterprise use, so public blockchain enterprise use not sol siloed private blockchains that pretty much serve no greater Benefit than a con amazon web services hosted database or whatever kind of internal server.
You want to run there's, really not much need for a blockchain. I would say there it's, not really open solutions. It's. Just private consortiums, why not just give people access to your servers rather than putting it on a private blockchain and all of that, but anyway, so this is actually gonna be done on the public, etherium blockchain and it's for that's already being tested by, for example, microsoft, who was one of the developers working on this, because microsoft is using it to track xbox game purchases, digital game purchases.
So this is also hopefully going to be used for supply chain. So I mean supply chain, meaning how one thing gets produced over here and ends up on your store shelf right. That's, just one example of supply chain.
All the different steps that it takes to get that to you and to the consumer or to the manufacturer of some other good or whatever supply chain. This is an industry that's, ripe with just it's, a disaster, it's right with all sorts of messes, and it depends on which industry really could look at from.
You know something being labeled as organic, not actually being organic, and you might not realize that as a consumer things being stolen crates that go missing because there's, no accountability there's, not enough accountability, proper tracking to make sure everything Ends up on the truck it's supposed to so you can actually figure out what are the problems supplied in that supply chain? There are that are costing these companies huge amounts of revenue, so obviously they're, very interested in supply, chain, tracking and fixing the solution and blockchain, especially with seven to one tokens and private tokens when necessary.
The ability to transact privately would be great for them, so they can make up that revenue and help fix this, and it's, interesting that's. Why it's, so interesting, some many huge companies, so it's, gonna be published.
Actually it looks like this month at the end of this month. I believe it is. It might be next month in June, but anyway, this this nightfall ZK snark technology, so basically private transactions. I would imagine that this open-source software that is under an open, license and owned by no-one, which is amazing.
This is being pushed, I believe, on github. So anybody can use it just like Bitcoin was, and not peg to just one individual much like Satoshi kind of was. Nobody really knows with with certainty that one person is Satoshi.
It could be a group of people, so it's very similar to that, and I think it really has the ability to push aetherium, especially on an enterprise level, really far ahead of where it's been before. So I think that's extremely exciting, and that's.
Gon na create more demand, obviously for eath tokens for people who are investing for the long term, but it also just creates so many solutions and it's. Gon na create a new field of products that many of us would be interested in using just like I forgot who brought up today.
Like you know, I don't know why there isn't a mixing service built into an aetherium wallet. Yeah right, like a mixing service, basically mixes up your tokens and then spits it out somewhere else. I did hear about a certain wallet that I believe that does that.
But I'm, not on an open-source level on a public where you can publicly verify the code on a decentralized fashion where one company who runs that wallet can & # 39. T be taken down by government regulators who are apparently in the talks.
By the way I shared out an article there on Twitter as well that talks about how they want more than kyc. They're talking about doing on a global level. Maybe sanctioning companies we don't agree to this, where banks who don't agree to this.
There is seriously talking about making it so exchanges. Don't just have to correct, and companies don't have to just get kyc information. You know your name, your age. Your driver's license, but they also have to track every transaction you send out of there and that they receive so they can kind of trace people and customers using this way for money laundering, terrorist financing and all this fun stuff, they always want To do and it's kind of the way it works already with banks, but it's completely different.
When I don't need to use a bank, I can just send peer-to-peer right. I can just withdraw from the exchange to this wallet, move it to a different wallet or send it to a friend to send it back to me or sand into a mixing service.
So it actually is a lot more complicated than what they have expected from the banks in the past. With regard to money moving around, even though many people still use cash as the best money-laundering vehicle that exists right now, Bitcoin actually is already difficult, but it can be difficult when people use mixers and these kinds of services I don't.
I can't, see how they would enforce this, but I couldn't. Imagine a would obviously create a little bit of fun if some such a thing were to be publicly announced in the future, and they apparently are hoping to launch.
As soon we'll see there was an article on coin desk. I received an email about it today, so I'm. Just passing that forth to you guys so that you guys can join in the discussion about that. So I'll just wrap up here.
We'll, see what happens. We'll, see if the support levels hold. I think one really nice quote to finish up here comes and it's, not a direct quote, because I'm, just spinning it from the back of my tongue head.
I don't know anyway, so it was pomp and honey, pomp Leon o, who said imagine, and just imagine if the u.s. dollar, if suddenly the government announced or I guess the Fed or the I don't - know Treasury.
Whatever announced that the supply of US dollars was gonna get cut in half all these banks, imagine the FOMO for them trying to grab the US dollar, which is not even a finite asset. It can be printed into infinity, really it could, and yet you have to keep in mind what's going to happen when the supply of Bitcoin, which is a scarce resource, gets have come next year.
I'd, rather be in the game and out of it, take care. Much love remembered hit like if you enjoy these videos stay cryptic peace,