|Episode Title:||Bitcoin Episode V: The Bears Strike Back (These ARE the gains you're looking for.)||Date:||1/2/20||Unedited YouTube Time Stamp||Trimmed||Clip Social Post Title / |
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|JW||A long time ago in an orderbook far far away, the evil galactic federation of bulls sought to keep price above 7,000, but the valient efforts of the plucky bearish upstarts have helped swing the balance of power in the galactic orderbook in a new direction. Also, we'll be going over why the US dollar needs to go digital with a central bank digital currency, how crypto will become like email in this next decade according to Gemini Exchange CEO Tyler Winklevoss, and your audience chart requests and questions in this exciting episode of Breaking Bitcoin!||0:01:02||0:00:00|
|JW||Welcome to Breaking Bitcoin, recorded live Thursday, January 2nd, 2020. Your daily source for market updates, sentiment, and news for traders.|
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
Shout out to everyone watching from across Youtube - Twitch - DLive - Facebook Live - and of course on Roku at the Investor News Channel app.
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|Question of Yesterday|
|--Mention yesterday's comment winner:||John Famiglietti|
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|--Today's Comment Giveaway Winner:||Crypto Caveman||0:07:27||0:06:25|
|Bitcoin Analysis and Trading||0:11:25||0:10:23||<--- Social Post/Bit|
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|Bybit's 12 Days of Giveaways https://twitter.com/bybit_official/status/1205106614363152384. However, you can still show your support for the group and I by using our link to can sign up for your ByBit account here, https://ByBit.CrackingCryptocurrency.com.|
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|JW||You can watch or listen to this discussion and more on Breaking Bitcoin, episode number ### at CrackingCryptocurrency.com. And remember to subscribe to our podcasts. Thanks for listening. We'll see you next time.|
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|News 01||Why the US dollar needs to go Digital||https://cointelegraph.com/news/why-the-fed-needs-to-start-issuing-digital-dollars||In 2019, one of the leading trends we've been reporting on is the rise of central bank digital currencies on the horizon.|
We've reported on central banks around the world exploring the possibility of issuing their own central bank digital currency, or CBDC.
From the false-reports of a Tunisiam "e-dinar", to Sweden's move toward a cashless society via their "e-krona" project, to nations like Canada revealing their central banks have already conducted studies into the matter, to of course, China, whose central bank appears poised to launch the world's first CBDC, being dubbed the "Digital Currency Electronic Payment system", it's becoming obvious that central banks around the world are starting to take digital currencies seriously.
While central bank officials and government bureaucrats have been cold to the innovative idea of digital assets, outlooks may be changing quiickly as mass adoption of the technology appears to becoming an inevitability.
In a recent statement, United States Federal Reserve Chairman Jerome Powell commented that the Fed is actively exploring the possibility of issuing a CBDC.
While he did fall short of outright advocating for the creation of one, stating the Fed has “not identified potential material benefits of general purpose CBDC to the implementation of monetary policy relative to our existing tools.”
Despite this, there are several good reasons why the good people of the Fed including Mr. Powell ought to change their tune and begin laying the groundwork for a digital-USD as soon as possible.
For one thing, while Powell and other official maintain the demand for cash in the U.S. remains “robust,” there signs suggesting the U.S. is well on its way to becoming a cashless society.
The FDIC has reported that cash “represented just 30% of all payments in 2017.” And while 70% of U.S. adults claim they they use cash for everyday transactions, a Mastercard study from a few years ago showed that over 80% of U.S. consumer spending was already cashless. In countries such as Sweden, consumers use of cash is estimated to be below 13% of all payments, hence why development of the "e-krona" is being expedited in a country where payments are already conducted using mostly electronic means.
When it comes to a cashless society of the future, the primary concern relates to human liberty and freedom, and raises questions how we protect citizens’ access to the banking system.
The individuals trust in the banking system has largely depends on the fungibility of their deposits. These deposits, while recorded on digital spreadsheets and databases, are still able to be turned into public money of last resort, known in our society as cash.
In an entirely digital monetary system without a cash equivalent, individuals could see their financial activity surveilled or censored to an absolute degree.
So as society begins to eliminate cash, citizens must be guaranteed access to a form of public money.
If no official form of public money is available, other instruments will find informal use as cash equivalents, which could have a negative impact on matter of pricing and commerce.
The main worry of the central bankers is that digital or crypto currencies threaten their their franchise or monopoly on money creation.
The problem gets even bigger, and has potential geopolitical implications, when certain other countries decide to go cashless and issue their own digital currencies, and then internationalize their payment systems to penetrate other countries’ economies with their new currency and settlement network.
The process is being referred to as “digital dollarization”, or, given the present course, “digital yuan-ification”.
A recent article published by the "Observer", titled "How Digital Currency Could Be China’s Ultimate Soft-Power Tool" describes it,
“China could force other countries to similarly go digital. China could mandate payments from nations with Chinese power plants or other infrastructure improvements built under the ‘Belt and Road’ initiative be in the Chinese digital currency. Enormous companies doing business in China could be similarly forced to adopt.”
What is clear is that central banks across the world need to accept the coming cryptocurrency revolution, and consider the effects of this technology on the global financial and monetary system, and balance it against the interests of individual citizens. Considering the interest of the greater nation on a whole however, the US may be better served by adopting it's own digital currency before giving up any moree ground in what is turning out to be the next technological arms race among nations.
|News 02||In the New Decade, Crypto Will Become Essential Like Email: Says Tyler Winklevoss||https://cryptopotato.com/in-the-new-decade-crypto-will-become-essential-like-email-says-tyler-winklevoss/||Industry famous Tyler Winklevoss, co-founder and CEO at the Gemini exchange and trust, shared his views on what the next ten years hold for crypto.|
Writing in a series of tweets, Winklevoss described how crypto is already transcending mere niche technology, and how it will be an essential part of daily life some day, just like how email and web technology changed the world.
“Today, crypto is still a niche technology and a form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough,” wrote Tyler Winklevoss,
The Winklevoss brother described how individuals empowered by decentralized technology will go on to be the driving force of the coming decades.
"Within this decade, crypto will redesign the Internet, the financial system, and money in a way that fosters and protects the rights and dignity of the individual."
The social and political impacts and empowerment of free speech crypto provides is equivalent ot what the printing press or early internet did for people,
“Crypto will make as great of a contribution to your personal freedom as the invention of the printing press, the personal computer, and the early Internet,”
"Crypto will make as great of a contribution to your personal freedom as the invention of the printing press, the personal computer, and the early Internet."
"Crypto will work because it is too fair to ignore; its gravitational pull, too strong to deny. When given the choice, you will choose more freedom, not less. And that’s why you, and everyone else, will choose crypto."
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|Ready Chart Requests & Engagement|
|JW||Anything from yesterday you'd like to talk on today|
|End of year Christmas Thank you to out supporters!|