Bitcoin Censorship Resistance (Crypto Can’t Be Cancelled)
Bitcoin. It might be the only thing more censorship-resistant than our channel. What doesn’t kill us makes us stronger. No matter how hard they try, governments and banks around the world have been unable to take down the Bitcoin network, and millions of people around the world continue to use it, even though politicians and reporters are desperately warning them to stay away. The fight is far from over though, and it’s up to us to make sure that Bitcoin remains the currency of the people.
Read MoreLet’s get it.
Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button.
In this video we’re going to discuss one of Bitcoin’s most important and overlooked properties, censorship resistance.
Censorship Resistance is basically the idea that anyone can send and receive funds on the Bitcoin blockchain without any restrictions from state or corporate authority. The concept of Immutability plays into this as well. This means that the information on the Bitcoin ledger can’t be altered or replaced, it’s stored on the blockchain forever. This is important because banks and governments are able to alter their records to hide corruption or downplay insolvency. This isn’t possible with the Bitcoin blockchain. This side of Bitcoin doesn’t get much attention from institutional investors or traditional media sources because most of them would be happy to see banks and governments controlling everything that happens in crypto, just like they do with the rest of the economy.
We’re told that this control is for our own good, that it protects us from thieves and helps track down bad guys, but all this surveillance doesn’t seem to slow down crime and it comes with some serious risks. It may not seem like such a big deal that overlords are deciding who is allowed to participate in the economy, but history has shown that authority figures and bureaucracies make mistakes, and often they even abuse their power for personal gain. It’s not hard to imagine how dangerous this type of power can become, just look at what’s happening in China. The county’s government is in the process of rolling out a Central Bank Digital Currency or CBDC, that will give it full control to change or censor transactions. So if the government doesn’t like you, you could have trouble buying an airplane ticket or even groceries, and there is a good chance it would be difficult to find housing too. This Black Mirror scenario will be made possible through a social credit system that gives people rankings based on the type of citizen they are. Low rankings are given to people who have bad driving records, attend protests or play too many video games, and if their ranking gets low enough they can have money taken from their bank accounts or be entirely cut off from the economy.
You might think that you’re safe from this dystopian future because you don’t live in China, but similar systems are being considered in other parts of the world as well. In 2019, The Wall Street Journal reported that similar social credit programs could be coming to the United States. Last month, details were leaked about a social credit system that is being considered by officials in the UK. The new program is expected to monitor the purchases that citizens are making at the grocery store, and reward them for eating healthy. This doesn’t seem as scary as what is happening in China because they are promising rewards instead of punishments, but once the infrastructure for this type of system is in place, it can easily transform into something much more dangerous. Give the government an inch, and they take a mile. What would stop them from policing everything health related? One word. Nothing.
This is sadly the direction that the world is headed, but luckily we have the tools to create a better future. This is one of the problems that Bitcoin was created to solve. The pioneers of the crypto industry knew that we would face these challenges one day, and they started working on solutions long before anyone else realized that this would be a problem. These pioneers called themselves the cypherpunks, and they gathered in online forums to discuss cryptography. Even back in those days, cryptocurrency was one of the most popular topics. There were some early projects at the time, like DigiCash, HashCash and Bitgold that would lay the foundation for the crypto industry that we know today. These projects never caught on for a variety of different reasons, but they introduced concepts like proof-of-work mining and digital signatures, which were later adopted and improved by Satoshi Nakamoto, the anonymous creator of Bitcoin.
Satoshi’s decision to remain anonymous is one of the main reasons that the Bitcoin network has been so resistant to censorship all these years. Many of the first Bitcoin exchanges and applications were forced to shut down because governments identified the founders, and some of them even did serious jail time. The industry is still facing this problem today. Arthur Hayes of Bitmex was arrested earlier this year for failing to collect information on his customers, and we’re starting to get a little bit worried about CZ from Binance as well.
Governments are always cracking down on crypto, but after all these years they still haven’t been able to figure out who was actually behind the creation of Bitcoin, and in this time, an international network of traders, developers and holders have started to use the network. There are now millions of people contributing to this network, which is going to make it very hard to shut down. The cat, as they say, is out of the bag.
If miners or developers are banned in one country, they will move to another jurisdiction that is more welcoming to the industry. At this point, it seems like a total ban in most parts of the world wouldn’t even be possible. Too many people have made too much money in these markets to let that happen. The people who were able to improve their lives and achieve financial freedom through Bitcoin will fight for it with everything they got, and after living through a bull market or two, some of them will have plenty of resources for that fight.
Even if Bitcoin is somehow banned in your region, you will still be able to access the network as long as you have an internet connection. However, there are a few things that can be done to strengthen Bitcoin’s censorship-resistant properties.
In areas where Bitcoin has come under attack, regulators have made it more difficult to exchange crypto for fiat. They’re basically guarding the on and off ramps. This is why you may have seen such a heavy push for KYC restrictions from your government if you live in one of these places. This is definitely a major area of weakness that needs to be worked on, but this industry is still very new, and opposing forces with different ideas are fighting for the future of this technology.
The institutions, banks and governments want these markets to run just like the old ones, with them in control, but the nerds and dreamers have other plans. For example, there have been increasing demands for more privacy in Bitcoin. The network’s Taproot upgrade will improve the level of privacy that users have by a little bit, and developers are expected to keep pushing in that direction. There are even some developers out there who are hoping to bring DeFi to Bitcoin. This is not a matter of competing with Ethereum or other smart contract platforms, they will always offer more functionality in this area because that’s what they’re built for. This is about decentralizing the central points of failure in the Bitcoin ecosystem, like the exchanges and wallet providers.
Once we get to a point of mass adoption with this technology, merchants and retailers will be able to accept Bitcoin and other cryptocurrencies as payment in the same way that they accept cash, eliminating the need to go through the traditional banking system entirely. Until then, the bridges to the old financial system and the centralized exchanges will still be heavily guarded, and this presents a real threat to Bitcoin’s censorship-resistant properties.
But I believe in the builders behind this industry. I think that Bitcoin will become even more resilient over the next decade, and grow stronger with each battle it faces. That’s what we’ve seen happen so far, and as the network grows and becomes adopted by more people it will be even harder to stop. These regulators might have all the firepower in the world but they can’t catch up with the pace of this technology. Here in the US, regulators are still fumbling around trying to figure out whether or not XRP is security, and they think that Blockfi is Decentralized Finance. There is no way that they are going to be able to wrap their minds around the innovation that we are going to see in the next few years.
But that’s all I got, be blessed. BitBoy Out!
Top 5 Altcoins of August (Best Chance To Beat Ethereum)
If 2019 was Hot Girl Summer, then 2021 is set to become Hot Coin Summer, with some crypto assets going on the kind of crazy rallies you’d expect at the height of bull run. Today, we’ll be looking at the top 5 tokens that we think have the potential to crush it in the month ahead.
Let’s get it!
Welcome to BitBoy Crypto, home to the BitSquad, the largest and greatest crypto community in all the interwebs. My name is Ben. Every day, I show you how to make money in crypto. If you like money and crypto, be sure to smash that subscribe button. In this video, I give you my top five picks for August.
Before we dig in, don’t forget to enter our 5 ETH to 5 Million contest. We’re growing the BitSquad community to 5 million strong. Click the gleam.io link in the description for your chance to win 5 ETH or thousands of dollars worth of other cryptos.
At number five on our list of smoking hot summer coins is an absolute fox. You guessed it, Shapeshift’s very own Fox Token. Which just made history in the largest airdrop of all time. Why’s this so important? Because ShapeShift is changing. Yes, after 7 years as a centralized exchange, they’re finally making the move to full decentralization. In January, Shapeshift announced the integration of Dex’s and removed all KYC requirements for their customers. In April, they unleashed the power of Thorchain, allowing users to seamlessly trade non-native digital assets. So what’s next?
Well, ShapeShift are getting ready to open source everything. Their entire corporate structure will be slowly wound down. And after the biggest airdrop of all time saw FOX tokens distributed to over 1 million users and other members of the DeFi community, control of ShapeShift will begin to migrate over to FOX holders. This means FOX tokens will soon have full governance.
Everything from how to build on the new open-source platform to treasury decisions. So what does this mean for the FOX token as well its price action? Aside from participating in such a significant move within the crypto space, FOX holders can also look forward to a wide range of benefits coming their way. These include rewards for liquidity mining on the FOX/ETH pool on UniSwap and participating in the ShapeShift Staking Rewards contract, as well as rainfall rewards for users trading on the ShapeShift DEX. In terms of price action,
FOX’s value exploded with the aridrop in mid July, and at the time of recording is sitting around 58 cents: just shy of a 100% increase in only a few weeks. As for where it might go next, given the huge role its set to play in ShapeShift’s future and deflationary max supply of about a billion, I expect big moves ahead for FOX’s price action this summer, and beyond.
At number 4 we have another sizzling hot DeFi protocol: Compound and its governance token COMP. Compound is one of the undisputed kings of DeFi: an Ethereum based, algorithmic, autonomous interest rate protocol built for developers, unlocking a whole universe of open financial applications. In simple terms, through interfaces that integrate the Compound protocol, users can lend or borrow across a range of crypto assets. And with over $8.73 billion locked up at the time of recording, this makes it the third largest DeFi player in the game.
For anyone new to the space, here’s a quick overview: Compound allows crypto holders to deposit or lend their assets to the protocol and receive interest in return. And while rates are variable and change in accordance with levels in the supply pool, they go way beyond anything you might expect from your regular American bank. Users can then borrow assets by putting their deposited crypto up as collateral. And unlike the legacy financial system, these services are available to anyone. So you could have the world’s worst credit rating or no bank account at all. If you have access to the internet, enough to make an original deposit, you’re good to go. That’s what DeFi is all about. And its rise this year has been unstoppable. In fact, if this is Hot Coin Summer, then 2021 has been a full on, no holds barred DeFi fiesta. And it’s showing no signs of slowing down. So what about COMP, the governance token that makes the wheels turn. Well, like what FOX, COMP gives its holders full say over the protocol.
That could mean making network proposals, voting on issues such as the acceptance of new collateral types, borrowing capacities, choice of oracles, and interest rate models. Users can also delegate their COMP tokens via a web3 wallet to give other community members more say in the thriving ecosystem. And its thanks to the potential of the ecosystem that have we’ve picked COMP for our the BitSquad Hot Coin shindig. Price right now is around 385 dollars with a current market cap of just over 2 billion. It’s circulating supply however, is 5 million COMP, with a max supply of only 10 million. This scarcity also makes it a potential store of value. And that’s because Compound is a protocol with a big future ahead. Which includes cross-chain borrowing services coming via the new Gateway blockchain. So watch this space. Yes, the recent market correction has seen COMP’s price fall by over 50% from it’s all time high, but if you want to be involved in one of the most promising DeFi projects around, then these kinds of dips could be a good moment to do so. You don’t want our party to get raided again by the YouTube secret police, do you? Don’t forget to smash that like button and hit that subscribe.
At number 3 is Alien Worlds and its token TLM. If you’ve been paying attention, you’ll know that crypto-based games are the hottest thing around right now. So while the rest of the market has been in consolidation after the May correction, gaming tokens like AXS and SAND have gone ballistic in the last couple of weeks. And a lot of people have FOMO’d in. I get it, I do. There’s a crazy party kicking off and you want to be where the cool kids are. The cool kids. I mean who’d have thought it? Four-eyed nerds running the hottest party in town from their Mom’s basements. But gaming is the fastest growing industry in entertainment, and it makes sense that with crystal clear use-cases like NFTs, as well as play-to-earn games like Axi gaining traction, crypto and games go together like Bud Light and Barbecues.
I’ve picked Alien Worlds because it has all the promise of something like Axi Infinity, but with even more upside potential. The overall premise is simple: players move between Alien lands competing for a precious resource called Trilium. It might sound like something from Avatar but is in fact the game’s native token, TLM, which gamers stake to gain control in planetary governance and unlock extra gameplay features. They can also find and stake NFT’s within the game for extra profit. Now I’m no Alien overlord, but I see how the game appeals to some pretty human instincts. Tribalism. Conquest. Political allegiances. Getting shiny things. And yes, amassing more sweet Trilium than your neighbor. Suffice to say its picking up steam as one of the fastest growing NFT games around, currently the number two dApp and number one dApp game over 24 hours. And with Trilium a finite resource with a max supply and an exponential rise in players. Well. I’d expect some serious upside price action in the months ahead. I mean, if it can do this over a few weeks in July, only Xenu knows where it might go next.
Up at Number 2 we have another super hot gamer… words I never thought I’d say. Ultra. The first entertainment platform providing a variety of games industry services under a single roof’ allowing users to ‘discover, buy, and play games, watch live-streaming feeds, interact with influencers, participate in contests, compete in tournaments and more.’ Think of it as a one-stop-shop for all your PC gaming needs. Something between a social media platform, App Store, and 24/7 gaming convention. In other words, heaven for nerds. Even more reason not to leave the basement. It runs on the Ultra network, a hyper fast smart-contract blockchain that handles tens of thousands of transactions per second. And it’s hot ticket for developers too, ready to disrupt the gaming industry by using blockchain to allow anyone to build and operate their own game distribution platform or virtual goods trading service.
It also opens up the marketplace of digital goods using a cross—platform SDK, goods that can take on many forms, like subscriptions, digital items, and user generated content. And by harnessing the Ultra SDK, developers can fast-track their game to completion, allowing them to generate multiple income streams faster than ever. Ultra’s native token UOS is used for all purchases in the network. From users wanting to buy games, virtual items, and also developers wanting to sell ad-space on the platform. Their mainnet went live as recently as late June. Meaning you’re catching this one as it emerges from testnet status, poised and ready change the game. I’ll just say this: you’d be wise not to sleep on the gaming boom. It’s one of the most instantly available use cases for crypto around. And it seems to be moving independently of major market trends. If Ultra can deliver on its potential, it could be a total monster in the months and years ahead.
Last but not least in the number one spot, the mighty Quant. The hottest coin at the party right now. So hot it’s actually seen faces melt with recent price action. Yes, if you bought Quant just ten days ago then you’re up a huge 133% at the time of recording. In advanced TA, that’s something we call a keg stand formation. So what’s the hype all about. Well Quant is totally unique and definitely deserving of a longer video. Why?
Because it stands to solve the huge problem interoperability between blockchains, with its ability to connect all the world’s distributed ledgers. That doesn’t just mean all blockchains, but all existing enterprise platforms, networks and applications. Now Quant isn’t a blockchain itself. Instead it’s an operating system. The foundational tech behind the Network is its Open Ledger Operating System, which ’enables the connection of any isolated networks, at internet scale and simultaneously’.
Just let that sink in. That means its use case goes way, way beyond crypto, extending to the entirety of global enterprise. With Quant, any business or institution using DLT – distributed-ledger-technology – can connect to any other blockchain or network. And build apps, called mApps, that allow multiple smart contracts to run on different blockchains and are accessed using the QNT token. You clearly don’t need me to tell you how revolutionary that is. I’m sure we’ll be looking at this in more detail in the near future. But for now I hope you’ve that’s given you a sense of the sheer scale of Quants potential. It’s virtually unlimited. It has serious first mover advantage. And if that’s not enough to seal the number one spot for Hot Coin Summer, I don’t know what is.
That’s it from me. Be blessed. BitBoy out.
CardanoPunk 2077 (Cardano Top Three Coin Prediction)
Smart contracts on Cardano are right around the corner. I know we’ve been hearing that for a while, but development teams have breezed through every step in the rollout process and we are now approaching the completion phase. Everyone might not realize it yet, but this is a very exciting time for the industry, because Cardano will be giving the builders in this space new tools to take blockchain technology to the next level.
Let’s get it!
Read MoreWelcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button.
In this video, we’re going to be covering some of the most recent updates happening with Cardano, and taking a look at some of the superior technology that this blockchain will be offering.
But before we really jump into things I want to remind you that the best Cardano staking pool on the planet, the Bitpool, is up and running. You can stake your ADA with us to make those sweet profits. Click the link in the description to find instructions on how to stake your Cardano with the BitSquad.
Amy Arnott from the 244 billion dollar asset management group, Morningstar says that she thinks Cardano will be one of the Big Three in crypto for the foreseeable future. Being in Ole-Fi , Amy wants to see a Cardano ETF just like the rest of the world. Probably not gonna happen anytime soon Amy, just buy ADA. The SEC can barely understand the difference between crypto asset and a security let alone the value of an ADA ETF. Maybe they could if Elizabeth Warren would stop autistically screeching about Bitcoin while ignoring the massive transfer of wealth that happened during 2020 that has robbed the middle class of their wealth and lined the pockets of mega corporations….oh wait…where was I. Oh right. That’s your weekly reminder that the Whales are watching ADA.
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In his most recent warm and sunny livestream, Cardano founder Charles Hoskinson said that he was confident smart contracts would be ready by sometime in August or September, as long as there are no major bugs that need to be fixed along the way. He was actually bold enough to say that he doesn’t anticipate any more delays because things have been running so smoothly on the testnet so far. Uh oh. Last week, IOHK, Cardano’s main development office, announced that the “White” phase in the Alonzo hardfork had already been completed. This is the phase of the testnet where activity was strictly limited to core infrastructure developers. Next, Cardano will be entering Alonzo’s “Purple” phase, which will allow stake pool operators and app developers to begin building on the network. Hopefully, this part of the process won’t take any longer than two months, but even if there is a small delay, we are now in the final phases of the launch of smart contracts on Cardano, which is probably one of the most anticipated crypto events of this cycle.
Real Quick. What is Cardano City? If anyone watching knows…please give us a scoop. It looks awesome. This cryptic twitter account popped up out of nowhere and posted a single photo of what looks to be Charles Hoskinson smoking a cigar while jacked into the matrix. I’ll take the red pill please…
Plutus, Cardano’s smart contract platform, promises to be safer and more functional than solidity, the programming language that was specifically designed for Ethereum. The developers who are choosing Cardano say that Plutus is more secure because it runs on the Haskel programming language, which has been in use since the late 1990s and has seen steady development ever since, giving programmers plenty of time to work out bugs and patch vulnerabilities.
This means that Cardano is building their network on a strong foundation that has already been battle-tested through years of use in the wild.
On a more technical level, Plutus is a bit easier for coders to work with because the Haskel language can be cleaner. Programmers can use simple scripts to build their code. For example, a+b-c is a coding format that could be used with Plutus. This wouldn’t work with Solidity. Instead, coders would need to enter in a script that looked more like “a.add(b).sub(c).”
This can get unnecessarily inconvenient for developers, especially when they are working with large programs and applications. Solidity has made a lot of things possible, but it has also been heavily criticized by developers who have found it to have many flaws.
While it has yet to be proven, some developers also believe that Plutus smart contracts will be more resistant to MEV, which stands for Maximum Extractable Value. The term was previously Miner Extractable Value, but now that blockchains are growing and evolving, miners are no longer the only insiders in these ecosystems, so the definition was expanded to include other participants who might have opportunities to exploit the system. MEV is basically when miners or stake pool operators are able to frontrun users and take a cut of their trades because they can reorder transactions and decide which block is validated next. It is possible that we could see less of this behavior on Cardano because the gas mechanics work much differently, but we shouldn’t get our hopes up just yet, MEV is a very complex problem and it has been very difficult for developers to eliminate. Some blockchain experts even say that MEV will always exist in one form or another, but it will be interesting to see if Cardano’s unique programming language presents any challenges for the greedy frontrunners that have been digging into our pockets.
In addition to their revolutionary blockchain infrastructure, Cardano has also made significant progress on the application layer as well. NFT platforms are already starting to launch on Cardano and they are not just carbon copies of the storefronts that we have seen on other networks.
This week, Wolfram Blockchain Labs, one of Cardano’s partners, announced that they would be hosting a “Liveminting” NFT event. The team is also calling this idea “experiential NFTs”.
Liveminting is creating NFTs in front of an online audience in real time, as a way of creating a memorable event and recording it on the blockchain. This makes minting more of a public event, instead of something that is only seen by the owner or creator. There are a ton of different use-cases for this that can be something as simple as a birthday card, or as big as a sporting event.
Critics will say that other smart-contract platforms have had a head start, or that Cardano is late to the party because it has taken so many years to fully launch, but what if they’re thinking about it all wrong? What if Cardano’s network ends up gaining an advantage because its developers have had extra time in the lab, where they were able to observe the mistakes and breakthroughs that were happening in the industry. The first-movers in the space ran up against plenty of obstacles early on, and they have spent years trying to rework their systems through a frustrating process of trial and error. Ethereum has gathered a dominant network effect because of its first-to-market advantage, but if Cardano is able to launch with a more functional blockchain, that head start might not matter so much in the end.
With all that being said, there is no reason to take a maximalist viewpoint here. This industry will likely grow into a network of cooperating blockchains that will be completely interoperable, and the connections will be so seamless that they will be invisible to the average user. There is no doubt in my mind that Cardano and Ethereum will both be industry leaders for many years to come, which is why I always say, don’t sell your Cardano, don’t sell your Ethereum, and don’t sell your Bitcoin.
Cardano believes in a multichain future too. That’s why developers are building an easy converter for ERC-20 tokens and bridges to multiple other chains. Last month, it was announced that a bridge would also be built between Cardano and Nervos, a blockchain that is specifically built for interoperability between blockchains. Last week, Nervos posted an update on the bridge, saying that a few small tests needed to be completed before the bridge can be used by the public. If you can’t wait for my next Cardano update for more news, be sure to tune in to the next Cardano 360 event on July 29th. That’s where some of the big names in the Cardano ecosystem will be sharing some new details about the progress that’s been made during development.
But that’s all I got, be blessed. BitBoy Out!
XRP Is Huge In Japan (XRP going for Gold)
XRP! It’s the crypto-equivalent to the soap operas suburban women watched in nineteen ninety six. What’s new with Ripple Labs, how has price action been and what can we look forward to next for XRP, including some huge news coming out of Asia. All this and more in today’s Episode of Days of our Lives.. I mean… in today’s XRP update.
Read MoreLet’s get it!
Welcome to Bit Boy Crypto; home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Everyday on this channel I show you how to make money in crypto. If you like money and crypto make sure to hit that subscribe button. In this video we look at the latest XRP developments and an overview of XRP’s price action.
First off there is big news coming out of Asia that has sent XRP’s price soaring. Ripple Labs announced on their blog this week that XRP is being adopted by the largest remittance providers between Japan and the Phillipines, SBI Remit and Coins.ph. That market alone is 1.8 billion dollars of money flowing out of Japan and into the Phillipines. And Japan has some of the highest remittance fees in the world, well over 10%. This comes at a bullish time for XRP as the markets are swelling. (begin quote) “We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital,” said Nobuo Ando, Representative Director of SBI Remit. He added: “The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.” Let’s zoom out for a moment, this deal is just part of Ripple’s explosive growth in the Asia-Pacific. E-commerce dominance, increasingly mobile populations and increased clarity around cryptocurrency regulations, what a novel idea, helped Ripple with transactions to grow 130% year-over-year. This news sent XRP prices jumping up from .50 to 70 cents in just a few days.
The most traction we’ve seen on the SEC case since our last update has been a letter submitted to Judge Torres from Ripple’s legal team specifically on behalf of Co-Founder Christian A. Larsen and Ripple Chief Executive Bradley Garlinghouse. In December the SEC charged them individually with aiding and abetting the sale of an illegal security. In the new letter submitted to judge Torres, Ripple’s legal team speaks plainly about the statements made by Pierce and Roisman as it relates to the two individual defendants, and asserts that there was a “decided lack of clarity” about whether digital assets are securities. The letter to the Judge defends Pierce and Roisman’s statement as relevant by saying that: “the SEC’s aiding and abetting claim requires the SEC to prove that Mr. Larsen and Mr. Garlinghouse knew or were reckless in not concluding that XRP was a security eight years ago”.
The letter goes on to ask, if questions about what qualifies as a security still persist in the crypto marketplace, then how could Mr. Larsen and Mr. Garlinghouse have had clarity then, if clarity on the issue doesn’t even exist now. The letter asserts that in fact, there is such a lack of clarity for digital assets in general that the aiding-and-abetting claim must fail because the regulations were so unclear that the defendants could not have knowingly aided and abetted the illegal sale of a security. In a tweet about the letter, lawyer Jeremy Hogan said that the SEC response publicly rebukes the two Commissioners’ views that there is no clarity on the issue of whether or not XRP is a security. Ripple’s recent letter to the Judge makes the SEC appear divided, and uncertain of their allegation against Larsen or Garlinghouse.
It looks like this week’s news is a whole lot of “hurry up and wait”. Wait for the Hinman deposition to be released to the public, wait for the judge’s interpretation of commissioners Pierce and Roisman’s statement and Ripple and the SEC’s response. And wait for the results of Ripples Motion for Summary Judgement on Fair notice, and wait to hear more on the fate of the two individuals personally charged with aiding and abetting the illegal sale of a security. Even Though the SEC is standing its ground, the statement made by Pierce and Roisman is a gift to the Ripple Fair Notice Defence, and the XRP legal team is doing everything it can to drive the message forward that they were not given fair notice.
Give this channel some fair notice and smash that like and subscribe button. You don’t want to miss this time-sensitive crypto information.
But there is more good news for XRP as the National Bank of Egypt has come through on their announcement to use XRP for cross-border payments, partnering with LuLu International Exchange. This connects the UAE and Egyptian remittances market that in 2020 was tracked at around 24 billion dollars. That puts Egyptian remittances in the top five of all global remittances, behind India, China, Mexico and the Phillipines. Giving a war-torn country like Egypt access to cheaper ways of exchanging money…and one that’s based in crypto is the kind of bullish news that shows just how robust…and quickly…crypto is taking over the world.
Switching to XRP Defi for a moment; the Flare Network is doing another airdrop of Spark tokens in addition to SGB tokens. SGB tokens are the native token of the Flare Network testnet, Songbird. If you’d been holding XRP since December 2020 you’ll be getting Spark and SGB over the course of several airdrops this year. Flare also provided some clarity to it’s community after there was confusion over the tax implications of getting what could amount to a windfall of free tokens to XRP holders. Flare spoke to tax attorneys Tjong&Hsia. I’ll summarize: Any US recipient of Spark tokens is going to be in a tax puzzle that should be figured out by a certified tax professional. The needlessly complex US tax code is giving headaches to many crypto owners and unfortunately this air drop from Flare in particular is becoming a headache for many in the community.
The price of XRP is sure to be a top performing asset over the short-term and definitely one to watch as adoption continues and news about the lawsuit is released; especially when we hear more details about the Hinman deposition and the Judge’s response to Ripple’s request for a summary judgement on the Fair notice Defence. Based on the murmurs we’ve heard from the courtroom, at this point Ripple’s case is looking very strong and we can’t wait to find out what happens next.
That’s all I got! Be Blessed, Bitboy out.
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