Bitcoin - $800 Price Near/Tether Investigation/Solutions

Hey you, welcome back to the channel. And today we got quite a bit to discuss. Uh, we're gonna talk about, uh, Bitcoin, the $800 range in sight now, um, and, uh, the developments with this Tether debacle, uh, this investigation. So I want to say that I'm not a bear, right? I, what I do is I'm not a bear on Bitcoin. I don't want to be a bear. I don't want the price of Bitcoin to go down. I want the price of Bitcoin to go up, but I understand that there are fundamentals that need to be in place for that to happen. And I understand that there's a problem right now in that in those fundamentals for this to happen. Uh, and so our job here, you know, when I start this channel, is about— it's two words in it: education and entertainment. We want to try to educate as best we can and to some degree entertain. But right now, this is part of the education part. So we got to talk about what's going on, why this is, uh, so relevant to the $800 price of Bitcoin we've been talking about for for, uh, for months now that people, uh, have, I think, been in denial about. I think they think we're crazy, uh, and, um, you know, uh, it, it's sad that these things happen, but when systems are created, uh, and allow for these things to happen, under Murphy's Law, they're going to happen. So let's not only get educated about this, but let's try to use that education to make the space better and make better choices with what we're doing in cryptocurrency. And to make better choices, we need to understand the wrong choices we've been making up to now. So let's, let's get into it and let's talk about that a little bit. So this is a picture of the Attorney General Letitia James. And, uh, this is written here at Forbes by— this article is by Jeff John Roberts. He writes, the cryptocurrency markets buckled on Thursday evening after New York's attorney general accused the owners of a prominent exchange, Bitfinex, of using illicit transactions to mask $850 million in missing funds. According to a 23-page legal filing, Bitfinex raided the reserves of a so-called stablecoin called Tether, a digital currency purportedly backed 1-to-1 by US dollars in order to pay out customers demanding withdrawals from the exchange. The news caused Bitcoin to fall nearly 6% to around $5,100 and raised questions about the viability of Tether, which many investors use as a surrogate for dollars to move in and out of different cryptocurrencies. The Attorney General's filings says that the funds raided from Tether amount to $850 million according to Chad Kaskarula, Cascarilla, who is head of a company called Paxos that makes a rival stablecoin. That figure would account for at least 27% of Tether's dollars reserved. So, um, the state of New York, right, when it comes to regulations and getting things done, the home of Wall Street, uh, financial capital of the world, uh, with London and some others, but a major one when it comes to getting things done, regulation, and protecting their, their, their, their citizens and their residents. Uh, New York is on it about those things, so they're gonna uncover and find, you know, find out if it's a problem when it deals to finance, financials. They're not like other states that are kind of gonna take a while to figure things out. They're sharp and they're on it. So for years in the cryptocurrency space, we've been speaking about the dangers of Tether and the people who are kind of knowledgeable about cryptocurrency. I've only been around about not quite 2 years yet, but didn't take me long to catch on to what was happening with it. But the people who have been, um, you know, warning about or been around the cryptocurrency space or know about money, cryptocurrency, they knew that Tether was a problem from the beginning. Right, that, uh, they were wondering where the money was coming from to back Tether. Uh, several audits were done, but these audits were all internal. So the problem with that, of course, is when you have a lot of internal audits, you know, you probably, you know, you know, the idea comes up of, oh, you know, you're working with the CFO, you're working with the accountant to cook the books, right? And so that's why you have outside audits, so those questions don't come up. But That didn't happen with Tether, and that of course drove more people to be concerned about the dangers of Tether. Now let— for you, for those of you all who don't understand, let's try to get into it, right? Help you understand it. Tether, if these allegations and accusations are true like many believe, and of course the, you know, this— the Attorney General's office is into it now and they have, I'm sure, a lot of definitive evidence to, you know, to know what's going on. And they know the whole story already, believe you that. But they're able to basically print money, right? And you exchange your Bitcoin for this money, right? Billions upon billions of possibly could just be printed out at the end of the money, right? So what happens when that happens? Well, the value is being usurped through Tether now. They, as much as the more they turn on that Tether printing press, the more that value is going out of Bitcoin. What's going to eventually happen, right? It's going to be like the rug being pulled from under your feet, right? And all your value in cryptocurrency, Bitcoin is now gone. But it's a little bit worse than that as we fall down the rabbit hole, right? And so I'm going to show you, I'm going to start to show you guys a little bit how this is relevant to $800 Bitcoin and Bitcoin reaching its true value, which many of us aren't going to like. They're going to hate. Um, but at the end of this video, you're going to be a lot more intelligent, a lot more smarter, and hopefully you're going to take a possible solution to the problem. Because if you don't, you're gonna, you're gonna start to realize that Denying the facts and not acting, uh, in a proper way, uh, when proper evidence is presented to you, you're, you're gonna find that, uh, right, it's gonna, it's gonna be tough lessons to learn in the cryptocurrency space going forward, um, and we're gonna have to learn these lessons. So anyway, let's get over to, um, the page where I want to show you why this is going to be, uh, pushing Bitcoin back to its true value. So just hold on, I'm going to run you over there. These videos, this content is raw and uncut. There is no editing. There's like a live newscast, so what you see is what you get. There are no double takes. When I do it, it's done. So this is an article from CoinDesk, and, um, I usually don't have problems with CoinDesk. Maybe they're a crummy site. No, that's not true because I, I use CoinDesk on their website a lot. I don't have this problem. It's probably my browser, but it's cutting off some of the page here. I don't know why. Might be the type of, um, full-screen browser I'm using to do this video. Don't usually have a problem with having it now. But anyway, what it's saying is it's saying a 2017 the price of Bitcoin. Look where it's at, guys. It's at $900, right? Which works very well with my model because remember, when you find the true value of something, once it hits the market and exchanges, it should trade slightly above that value, right? So I say $800, but $900 as well over the exchanges sounds about right. Um, so this is 2017 and you have a Bitcoin at $900. Now think about that. You have a Bitcoin at $900 in 2017. That's not long ago. That's, uh, just about 2 years ago, right? Uh, and then it does this erratic— it goes from $900 to $20,000. Now there are several factors as to why that happened. But let's, let's combine Twitter's role in this because— I'm sorry, Tether's role in this because Tether is also a party issuing and instrumental to how it got from that price the way it did. So I come into cryptocurrency roughly about a couple of years ago, uh, getting close to 2 years ago, and, um, Bitcoin is around $1,000, right? Just like this article's talking about. All of a sudden, um, I just remember over the course of the next few months into crypto, Bitcoin goes all the way to like $4,000. Now to, to kind of understand and describe what's going on with Tether, Um, the idea is that, or doing the research, what we're finding is that when Tether first started, it was gradually starting to print money, right? So it was paced, it was gradual. It wasn't just like, oh, here's billions of dollars, right? So they were leading up to it. For whatever reason, at the beginning of 2017, The idea is that that Tether printer press all of a sudden went into overdrive. So it went into overdrive. Nobody knew where the money was coming from. It went over, it went into overdrive, and then we start to get this crazy move up on Bitcoin, right? Because of what they're finding out to be manipulation of the market. You know, we had always suspected it. It was big suspicions about with the audits and everything and not being certain. But now with the Attorney General's Office involved out of the state of New York, now it's pretty much, uh, I think pretty much accepted by everyone, the relationship between Bitfinex and Tether and this cover-up that the funds are there, right? So I, I don't know what's going to happen to these. It's not going to be good for, you know, for these guys, but Here's the wake-up call, guys. Here's what you need to understand, right? For a lot of you naysayers and doubters who say, oh, Education Entertainment, he's a fuster now, he's just somebody doesn't like Bitcoin, he likes his project Bitcoin MYK, he'll say anything to see Bitcoin fall. Okay, okay, so let's, uh, let's talk about all that. So now that you see that, uh, there are factors, and it's not just the Tether factors, it's also, um, what's happened in China. There was incidents that happened with China that also are part of why we're finding the true value of Bitcoin to be around $800, right? Um, but Tether is a big part of that, as we were saying. So these are the fundamentals to this, guys. And that means that these fundamentals will probably correct back to that at some point in time, because now the— we found that the emperor doesn't have on any clothes, right? And that's just the reality of it, right? But this is the Education Entertainment TV channel, right? So we try to come up with solutions, right? Anybody can report on news. Anybody can say, well, everything is going to hell. Everybody can say where everything is going to the moon, but who can create the solutions to make those things happen? And that's what we're probably trying to do in this channel by educating you all and coming up with models that we believe work. And such a model is how to gauge true value, right? So what do we do in cases like this where it's all this manipulation? We can't determine the value of something. We got people printing money, which is basically inflating the price of Bitcoin indirectly because they can't, you know, there's a finite amount of Bitcoin. So people create machinations to exploit Bitcoin, right, in cryptocurrency value because you know, the whole shell game has been, uh, throughout the course of history to try to inflate. They've done it with gold, right? It started with the goldsmiths. What would the goldsmiths do? You bring the goldsmith your gold, right? And, uh, you'll say, hold my gold for me. He gets a small fee for holding your gold, right? He realizes you don't need your gold, you know, over the course you're holding it. So it was first done in this conniving, sneaky way where you go away then, and he's like, well, He doesn't know if the gold's in the vault or not. So then what they do is they take the gold, they start to lend it out. They're making money on the side off your gold. By the time you get back to get your gold, uh, hopefully they've got it back from who they loaned it out to with some interest, put it back in the vault. Unfortunately, sometimes what happens is you come back too soon and they haven't— they don't have the gold because they've loaned the gold out and they didn't tell you about it. So you're starting to understand what I'm saying here. You know, because not everybody studies money, guys, right? Some people jumped into cryptocurrency because they got on the hype train and they say, oh, this is something I can just put money in to make money, right? And then, uh, a lot of success of a lot of cryptocurrency channels depend on then a continual stream of hype to give the opiates to the people and the opium to the people to keep them pumping up the price so you can pump up your bags. And that's great, Until everybody realizes those bags aren't filled with gold, but they're filled with the other gold, version of gold that starts with the letter S. So let's talk about how we need to think about value in the cryptocurrency space. So how should we think about value Just again, some of the commentary I gave about the case for $800 Bitcoin. Here, the bull trap, $800 Bitcoin centralization of wealth, $1,500, $800 Bitcoin. Bitcoin never meant to be decentralized, $800 Bitcoin floor, right? So I made all those predictions, right, months ago. Um, and, um, that's all very relative in, in, um, to what I'm saying in the article that we just saw. The $900 Bitcoin right at the start of 2017, not long ago, right? Just barely 2 years ago, uh, that $800, uh, that $900 Bitcoin just trying to cross over into the $1,000 mark of Bitcoin, and then all of these events, these outside events, this manipulation outside the market happening with China and the Tether printing presses going into overdrive. And now boom, $4,000 or $5,000 Bitcoin, and boom, $20,000 Bitcoin, then back, back trying to make its way back to its true value, which is $800. So, uh, with all that said, now let's try to— what can we do? What— how can we determine value in these scenarios where we got all this outside manipulation? How, how is it that we're able to look at a cryptocurrency and go, you know what, this is, um, what the value of a cryptocurrency is, right? This is, this is what the value of it is. So what we've been led to believe is that somebody puts a lot of work into something, a project, or build something, build some algorithm, build some blockchain, and the amount of work that goes into that blockchain and that system substantiates the value, a certain value. Now who's determining that? Determining the value. I would imagine is that the developers or the builders, um, you know, um, and, and so they say it's— thus it's valuable, it's worth X amount and X amount, right? But we depend on markets to determine value for us. That's generally how it works. And part of me being able to ascertain value is in the use of something. right? So it really doesn't matter how long you build something or the amount of time you take to build it or construct it. Uh, the, the value of it is gonna depend on how many people can use it, how many people it helps, and a variety of things like that, right? I can go, um, and, and, and do a painting, uh, and I can just spend all day throwing buckets of paint. On a canvas, and I can come back and tell you, well, you know what, uh, it took me 20 hours to do this painting, right? And for every hour I spent doing this painting, I want $200, right? And you might say, well, you spent $200, and yes, it was labor output there. You was picking up these $5 buckets of paint and splashing against the canvas, but this painting doesn't have any value to me. It means nothing to me. And then a bunch of people say, yeah, this has nothing to me, right? So you can kind of see that takes out that whole idea argument, right, of that. Now, how— what are ways I would gauge value, uh, in something like cryptocurrency? Well, I'm going to tell you one of the most important things I see how to gauge value in cryptocurrency is coming from a source, unlikely source. Well, maybe not unlikely, but it's coming from a source in the crypt— many of us in the cryptocurrency space don't want to come from, and that's Facebook. right? So the Facebook coin that's supposed to be coming out, uh, let's think about that for a moment. If I were to, if I were to try to figure out what the value of Facebook coin was, I would immediately go to, well, it has such a large network, people are going to be able to send money back and forth. That is very, very valuable, right? Because a lot of people automatically, uh, adopted into that. And so it's gonna have many uses because the true value is in that network. And one of the easy, most identifiable ways to be able to see that value and work within that value is through a social network-like interface, right? So the nature of Bitcoin is it's decentralized to the point where it's very difficult You know, Bitcoin can't within itself just create a social network, right? It has to be people who want to do that. And, and so that, that, that makes it less decentralized, but it is centralized to the technical aptitude of the miners and the developers still, right? So there, there are people at the head of Bitcoin. It's just not as visible as we see it, right? Or we'd like to to think about it. So in saying that, in order for cryptocurrency to us to be able to gauge true value of it in a confident way where it's not manipulated and we can't see the price of it, right? You take an idea like a social network, you can kind of pretty much gauge an idea what the value of that network is going to be per person based on the value of each person. You can run models on this, and then I could just go, okay, so You have this many members, as close as I can verify each member on that site, their value. So I got this kind of idea of the value of your attention in a variety of things. Now, obviously we can't do that with Bitcoin and we couldn't do it with Tether because Tether wouldn't allow outside audits in. And unfortunately, many of us weren't, didn't have enough education to understand the dangers of that because we kept buying Tether. And that's another problem we do in this space— we ignore things and we just do them anyway, right, without understanding what we're doing. And so that's why you need to watch Education Entertainment TV and listen to what I'm telling you guys, right? If at the very least you don't have to do what I say, you don't have to take any advice— I'm not giving you financial advice, right, because I'm not I'm telling you to transact any money between yourself and me or transact any money between yourself and any project. But what I am asking you to do is use this type of mindset to educate yourself so you don't fall into problems like this. So on the BitcoinMYK social media site, This presents an opportunity to be able to have this version of a Bitcoin-like product. Bitcoin MYK is so closely tied and related to Bitcoin. You don't buy Bitcoin MYK if you have Bitcoin. You just, you, if you hold Bitcoin or if you mine Bitcoin, you, you just get Bitcoin MYK free. That's, that's just the way it works, right? Um, and I'm not going to go into great detail about it, uh, what you need to do, because we, we did several videos on it. You subscribe to the channel, you can watch videos about Bitcoin NYK, why it's a solution. But specifically speaking about gauging value, so when the market's manipulated to a great degree and we don't know what to do, we're basically, uh, being controlled and tugged like a puppet on a string, uh, with the market. We don't know what's happening. This is offering a way similar to what Facebook Coin is going to do to be able to gauge value through the actual network that we can see and interact with people and move value to and fro to people, right? At the same time, in our opinion, creating the most decentralized platform on the face of the planet because of the democratic process in our hubs, how the community elects members to run the hubs. Um, and so this is all very important. It's very profound what I'm saying. This is, this is very important. It's probably the most important thing you're going to hear in cryptocurrency. I'm not just trying to toot our horns here or anything like that, but I really believe this to be true if you really do the research. And that's the next part. Don't believe what I say. Watch all our videos, do your own research on them, Ask yourself the questions. If what we're saying is true, right? Was Bitcoin at $900 in 2017 before all of this started? And what made it jump from $900 to tens of thousands of dollars, over $5,000 now? Right? Because that print, that Tether print press been, been increasing. And through investigation, we've seen a direct correlation between the amount of that Tether printed and the surge of Bitcoin. Do your research. This is the best way, in our opinion, to value cryptocurrency. By social interaction and use. Not just somebody building some fancy new gadget or toy cryptocurrency that maybe a few thousand people are gonna use, right? What we call decentralized applications, dApps, a few thousand people use, right? Going to the real root of the problem, finding the true value to the problem. Right? We can do that with Bitcoin MYK. We don't have to wait for Facebook Coin to mass adopt cryptocurrency in a strictly centralized manner when we can have our own mass adoption process and elect through several hubs who is in control of this network. You would have the democratic ability to do that, which you don't have now with Bitcoin. Which is controlled by developers and miners. And that's controlled by a great degree of technical aptitude that you don't have. So you're out of that focus. You're out of that, that focus of central power in Bitcoin because you don't have the knowledge to be there. So you're already minoritized from that, right? You're segregated from that, right? So a lot of you aren't all gonna even listen to what I'm saying in this video. Well, you're gonna listen, but then you're gonna turn back to your old ways and do and repeat the same process of believing Bitcoin is gonna continue to go up when you don't understand the factors of why it went up in the first place or why it went down. Don't do that. Educate yourself this time, or at the very least, subscribe and watch more and more of our videos, consume more and more of our content so you understand, so you don't fall into this, these problems, because you're going to be manipulated in these markets. And it's going to happen until the Attorney General of New York and many other states start to take action to fully regulate these markets, something you all aren't gonna like, because they're gonna get tired of you all not being educated enough to protect yourselves, because they already feel you're like little children. That's why they have to come in and protect you, because they don't feel you're gonna educate yourself and do the things that you need to do. Don't be that person. Get educated about what's happening. Now, if Bitcoin is being manipulated, which we know for a fact at this point, I think, I don't think that's debatable. And it's taken all these fake billions of dollars to make it go up in value, right? So we did. So now we got to get real billions of dollars for people who bought in at these high prices to have value on their investment, right? Billions of dollars that got to come from someplace But who wants to put more billions in when we know the manipulation is so rampant? A project like BitcoinMYK is going to be a lot easier for, um, uh, a less amount of capital injection for you to have value on your returns, right? To have for money to go— now we don't promise any returns. We're not even saying it's going to go up, right? I'm not saying that. What I am saying is conceptually and theoretically with the price of Bitcoin NYK, it makes more sense for it to do that, right? So it's clear differences of what I'm saying here. I'm just saying that's just the composition of it, right? Uh, in addition to that, we're not saying buy it because if you have Bitcoin, you get it for free at any point in time. We, we have a security protocol called the Eldritch Equation, stops double spending. or does a very, very good job at it at the very least, and allows you to move your Bitcoin, keep your Bitcoin in your wallet, but you get the Bitcoin NYK cryptocurrency to trade. As our whole focus is building up this network where we have this large network similar to what Facebook's going to achieve, but without the centralization of Facebook, and you can move that value back and forth. And it's also a lot easier for you to gauge the value of that attention value because when you're talking to Joe, Mary, or Luke, uh, you know the value you have with that relationship between you, Joe, Mary, and Luke, and to send that money specifically to Joe, Mary, or Luke. I don't really have that in Bitcoin because I don't know these people. And I know a lot of people talk about, well, it's the privacy and this and that, or you got ads on your site. We don't like ads. We're annoyed about that. And that's the beauty of BitcoinNYK. This is not going to be the only hub you're going to have access to. There are going to be several dozen thousand million, however many hubs like this, and they're all going to do different things and trade the BitcoinNYK token. Some won't have ads at all, right? Some will be private, right? Totally private, meaning you can just go there. You don't even have to give your name and that you just say, hey, what's your wallet address? We're going to send you some BitcoinNYK tokens, right? And why is that? That's because we elect the community and we trust the community in a decentralized way, in a democratized way. On how to distribute that value to the cryptocurrency space. That's all I gotta say in this video. Pay attention to what we're saying, guys. Don't walk away from this video, do the same thing you're doing now, which is being manipulated, getting wash traded on, putting your money in these cryptocurrencies and you don't know the real true value of them. Time to get educated, guys. Time to watch the educated entertainment TV. Channel. Time to subscribe. Time to know everything we know. Pick our brains, because we know a lot, and we know probably a lot more than some of you all. But that's all I want to say in this video, guys. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.