 Welcome to digital asset news to get top stories and cryptocurrency digital assets and break them down to bite-sized pieces today We've got a ton of stuff to go over first stuff. This is what everybody's talking about So let's talk about it. The SEC is filing a lawsuit against Ripple labs And we're gonna talk about what the complaint actually is We're gonna take a look at what people like Charles Hoskinson have to say and How Brad Garlinghouse and Ripple is responding to it as well as what is going on in the community also on the heels Of the ledger hack the CEO of ledger comes out and says probably the worst thing you can possibly say And this is a textbook example of what not to do We're gonna talk about a coin base and their issues that they're having with their customers Which is getting in my opinion out of control and we'll finish it all up with probably one of the most savage things I've ever heard Michael Saylor say on Fox news. So we're getting all that but first Let's talk about the 12 days of Christmas giving away a lot of great things and today is no difference We are giving away two hundred dollars worth of Bitcoin Thankfully from our friends over at unstoppable domains. There's going to be two winners Each will get a hundred dollars each of Bitcoin All you have to do is write your dot crypto or dot zil domain in the comments below Just to qualify to win make sure to add your Bitcoin address as this that's the way they're actually gonna pay you I'm not gonna pick the winner. It's gonna be unstoppable domains They're gonna do that at random and I'll share a video of them actually paying that through their partner With the coin base wallet in my next video. Hey, that's their partner not mine on top of that We had our crypto trader tax winners It was Joseph Trisha and Mark crypto trader has already contacted them and done all that work on top of the trading platform Market Rebellion has picked their winner and congratulations. It is Nick Zizak 6 so Nick do me a favor just go to band teachers crypto comm click on the contact button right here Send me an email and I will send your information over to mark a rebellion So you can have a year's free of trading information. So let's go with the market real quick It is October 22nd at 6 p.m. At night I get things done a lot of things going on. So here's what got bitcoins up massively I mean 6% a day It just keeps going 24% for the week. Awesome. Ethereum 636 tethered only cares XRP Rightfully so down like going 12% but look at that, you know, seven day period almost 50% Congratulations like on holders. I don't hold like one. No, how do you do? So congratulations to you guys Bitcoin cash, I mean, let's just talk about what's down stellar. It's not 1% Everything's up pretty massively. There's one that I want to make mention of congratulations to Celsius for finally breaking past that $3 mark. It just seems like a couple weeks ago We're talking about them getting past $2 and also theta blast through a dollar I mean, I remember when it was just like 18 cents and here we are. So congratulations those two again I'm pretty biased because I own everything that is talked about except for litecoin So let's do what I like to do which is switch us over to Bitcoin to see if we just would invest in Bitcoin How he would have done and looks like litecoin beat us out and Binance coin and Monero And okay be and Celsius, but not too bad and theta. So and synthetic syntax man That thing is just on a tear. So again on this one Bitcoin holders You probably held out and did pretty well And if you just would invest in Bitcoin would have done pretty good But I still think the altcoin season is coming. Just don't know when that's gonna happen All right, let's jump in today's story, which is everybody's talking about. So this is kind of big, huh? So the SEC is soon ripple. Why? Well, it's not just about securities. That is part of it But there's another part to that and really it comes down to They feel that they were being predatory and they were preying on not the institutional investors or the credit investor They're saying that they prayed on people who didn't know any better and that they were Essentially duping them to buy into XRP because they thought they think that people thought they were getting stocks in a ripple Which is kind of ridiculous But there's a lot of nuances to this and I will just preface it by this have you ever been sued I have sucks and I will just tell you this the law is very fluid It is all really about the judges that you get the representation that you have and how they interpret the law that is out There there are so many nuances to it That's why I have the utmost respect for lawyers. I know people some like I hate those lawyers. Look, they got a tough job And I depended on them for a very dark period of my life and I'm forever grateful I will just say also this is that this lawsuit is going to take years It is not gonna be six months to a year I think this is gonna be very big very long very drawn out and very expensive for ripple. Thankfully They have a lot of money. So this is what's going on from at least 2013 the present This is what they say defend it sold over 14 billion units of a digital asset security called XRP It returned for cash or the consideration or 1.38 billion dollars to fund ripples operation and enrich Larson and Garlinghouse So they say here that the reason why it gets so shady is that ripple never filed a Registration statement which gives people or investors information of what is going on behind the scenes instead Ripple created an information vacuum such that ripple and the two insiders with the most control of it Larson and Garlinghouse could sell XRP into a market that possessed only the information Defendants chose to share about ripple and XRP. So basically what they're saying is these guys were scheisters and scam artists And they wouldn't tell them anything just like hey, this is XRP This is what we talk about about do your own research and I would look into the into the project So they're saying that if you were so confident about your business Why didn't you go after accredited investors or institutional investors to drive this whole force home? Why did you have to go to the retail investor to fund it to a tune of one point? Whatever billion dollars that they got and I'm not here to debate that I'm just saying that's their argument So ripple engaged in this illegal securities offering from 2013 to now even though ripple received legal advice It's really 2012 that under certain circumstances XRP could be considered an investment contract and therefore a security One of the federal securities laws. So here's what you have to take a step back and look at there's this book called the infinite machine and the same thing happened to Ethereum and Their issue was with securities and they had their lawyers go over it again and again and again And what they found out was the whole loophole or how we want to Say it is they said that it's not a security because it's not on us You guys aren't getting into us and and depending on us to build you and to make you a ton of money how we test stuff, right? What it is is that you are getting into Ethereum and then there's a utility called gas And you will use that for these decentralized applications and that's really what you're buying into the way that they did it all With with their lawyers and the legal whole stance At least that's one of the reasons why the SEC has never come on said it is a security And actually they have alluded to the fact that it is a commodity or at least not a security I would say like that Bitcoin has already gotten the golden ticket as it were and it's been labeled as not a security It is a commodity or as a currency or they want to state it so it's not going to be in that realm So that's what what the whole crux comes down to if something is decentralized truly decentralized Then it isn't on the backs of a third party because it's in a decentralized nature So how could that actually happen the other thing is ripple claims? It is a utility and it really is because when you think about it. What does it do? It really does enhance the transportation of cross-border payments So in that respect it is what it is. However, the SEC doesn't see it that way I think it's to and really like I said it comes out of two things They're talking about the security But they're also ticked off of the fact of all these investors that came in and there's also a lawsuit Continually going on which talks about the same thing people were duped today They weren't told that the truth about ripple and XRP and they want their money back now I don't see how anybody could think that you got stocks in ripple if you bought XRP that makes absolutely no sense to me But it is one of those things right? There's a reason why there are disclaimers on hairdryers which say don't blow dry your hair in the shower The reason is because someone did it. They got electrocuted and sued the company It's like you have to dumb it down for the dumbest people Anyhow, meanwhile Larson ripples initial CEO and current chair on the board and Garling house ripples current CEO orchestrated these unlawful sales and personally profited by approximately 600 million From their unregistered sales of XRP Garling house did so while they're purely telling that he was a very long XRP Meaning held a significant position. He expected to rise in value Without disclosing his sales of XRP. So there's gonna be a discussion about this in the comments section I can feel it already One will say it doesn't matter He is entitled that and he can own that the other side will say something like well look if he is really that long Why did he sell so much of it and really dumping? It's it'll be interesting to hear the conversation because as you know, I hold XRP and I will hold it until it goes down I've always said that and that's just what I believe some so stubborn It's just how it is and in all honesty, we can debate this all day long We really can but what it comes down to is that this will be decided in the courts. It's gonna take a very long time We're gonna hear about this for the next two years The thing that concerns me is ramifications across the entire cryptocurrency spectrum Once you start to delve into it and say, okay Well, this is a security then you start can start to apply that to other crypto currencies Even ones that may have been deemed as a safe haven as it were So even people say what Bitcoin safe? Well, how do you know it's safe? They could any time come back This will this will set precedent and that is a dangerous thing And I will just also preface it with this before we move on or some people will say this is a shit coin And it's very awful and no one should use it and then some people say it's the best thing of all time But I will remind you where you're at. This is a family and If you feel like you should really get on the case of one member of your cryptocurrency family You can do that, but just remember we really should be getting each other's backs whether you like them or not I got a brother sometimes don't really get along with them too much Makes me super angry, but if something messes with him They got a mess with me and it all comes down that whole road And I think that's how we really should be playing this in this community because we never know what's gonna happen Past XRP will they deem it a security? Will they sort of shut things down? Will they move on and go? You know what that's just not decentralized enough for us We'd like to see X and because of that we're gonna shut you down and off you go again These are just my opinions, but that's what I see and this is actually one of the things that Charles talked about and Charles I was just coming across his live stream as I was like the interesting stuff This guy must not sleep because you know being a CEO and he has a lot much live streams I can really do these videos do my other businesses is crazy But he said something pretty interesting here Take a list question whether XRP is a security or not is a very interesting one I still believe given the facts of today that XRP is not a security And even if it was to be ruled as security in Chris and Brad suffer consequences for that from engorgement to other things Who would run the ecosystem the system would still likely run there's still likely be adherence There's still likely be network traffic and consensus nodes and these types of things So on the outset it doesn't look like it makes much sense to apply that standard and that just makes sense to me I mean some people say ah, there's not enough value there knows that they have plenty of all their notes And I believe that if Ripple goes away XRP will still be maintained And that is what I believe is decentralized and we can talk all day long about the other different Projects that are out there with their blockchain producers and if they are decentralized enough So let's hear what Brad has to say about what's going on And what's amazing to me is not a single other current country anywhere has looked at XRP as a security You've had countries like the UK and Japan and Switzerland and Singapore all come out and say things They're make it clear that XRP is a currency Actually one of the nugget I think since even sorry even here in the US the Department of Justice has viewed XRP as a currency and The Department of Treasury has viewed XRP as a currency. Sorry Kate That's very Brad Kate here. Good to see you. Thanks for coming on. I want to ask you you mentioned some of those exchanges I want to ask you about the broader implications for others in the industry coinbase is a big name We talk about a lot. They see about 12% of their trading volume in XRP that company is about to IPO What would this mean to some of the global exchanges that hold XRP or facilitate trading of XRP on those exchanges? So about 95% of XRP trading happens outside the United States on exchanges around the world And so that's outside of the United States SEC jurisdiction For exchanges like Coinbase that are based here in the United States One of the reasons why I view this as something that's broader than just hey What does this mean for Ripple and XRP? It's what does this mean for the crypto industry here in the United States that XRP could really go on without ripple You know if you guys sold all of your holdings of XRP that crypto currency could survive Would you ever consider doing that divesting all of your crypto currency holdings and really focus more on your enterprise payments business? Is that something that Ripple has considered or could do? It's certainly I think one of the ironies of all this is that for XRP to be a security of a company the company has to exist and the point that I have made at the various times is that if Ripple the company didn't exist XRP would still thrive around the globe with you know a couple hundred exchanges around the world and there's over a hundred different projects innovative Entrepreneurs here in the US and around the world building on top of XRP and the reason why they're doing that is because XRP is far more efficient In terms of speed in terms of cost to settling transactions and using it really as a currency So again, there's gonna be a lot of discussion about this and it's gonna be a long drone off process I'm not even gonna pretend to know that I I can understand the intricacies of What the SEC is going to come to the court with and talk about all their their Depositions and all their discovery that they're gonna ask for as well as how much Ripple is going to push back and actually get so many briefs and Documents in in line just to get them into the court and actually have to have their day It's gonna be such a launch on our process that we're gonna be hearing about this for a very long time And I again, I would say that in the community. There's really two sides There's really two sides. One is they love people love XRP. They don't see it as a security Other side is like XRP is crap. I don't want to ever have to hear about it again I wish it would go away, but again you have to understand Where we are we are all under that umbrella that family umbrella of cryptocurrencies and digital assets You may not like your brother or sister everything hits the fan You got to be there a little bit to protect them because you never know when the next one's gonna come for you All right, let me know what you think in the comments section. Let's move on next up This is dumb ledger won't reimburse users at the major data that hack not that that dumb, but it's the way it was said There is a way to Say things and talk about it to really minimize damage control as a company and there's what happened here So what happened ledger CEO Pascal got the a I think I said that right said today that the company will not Reimbursed customers who had their personal data leaked online including those who had their home Addresses revealed we did a video about this yesterday It was just it was just one video because it was such a big thing if you don't know Ledger had a hack and a lot of people's information is out there. It's their names emails Phone numbers and physical addresses. So we talked about what you need to do honey to protect yourself Don't worry your mnemonic phrases are safe. They can't get those those are generated by you through your Individual nanoledger so you are safe, but what what is a problem is they have your cell phone numbers and your addresses? So if you are worried about sim swapping for your phone, I will leave this in the description below You can just Google it sim swap fraud how to prevent your phone from being stolen and really it's gonna go out It's how you're gonna protect yourself. The big thing is to get to factor Authentication on your phone. Don't have your authentication come to your phone in the text message That is a prime recipe for disaster And if you can at all at all possible if you're gonna do to FA like with a Google authenticator If at all possible try to get a separate phone for that that is totally offline This is what the CEO said when you have a data breach of this magnitude for such a small company We won't reimburse for a million users all the devices. That's just not possible It would just kill the company Instead we prefer to look at the future what ledger is doing right now is investing a lot of time and money Building the next layer of security and the next products that will bring more security to our users This is a disaster on both fronts. First of all, it's a disaster as far as security Second of all, it's a disaster on how this is actually being handled. This is a textbook case of what not to do We talked about in the video how 1982 there was a Tylenol crisis Where someone was putting cyanide in Tylenol bottles and killing people and Johnson Johnson came out and said We're gonna step up. We don't know what happened before we're gonna make this right We're gonna put on the safety caps the foil the cotton So they are tamper proof you can have a hundred percent faith and no one even remembers that story anymore view It's was so long ago. Nothing ever happened because they handled it the right way in this situation They need PR person badly. So I'm not gonna tell them how to do it how I would do it I'm just saying that's not the way to do things and just be safe out there. All right Let me just say in the comments, but let's go next to last This is what's happening in Coinbase and I've got two messages. I'll almost ten minutes apart And I don't know what's going on with Coinbase, but people are losing access to Coinbase and one person had access for four years They took it away for whatever reason said they couldn't verify it and they couldn't get back in their account It's been a week Christmas is coming up. They've got tens of thousands of dollars in there That would stress me out, too This was also from Mike and he says hey, can you do an investigative piece of what's going on? They have locked a lot of accounts minds one of them can't buy or sell So I'm just gonna ask you in the comment section below Is this happening to you because when I put this on to Twitter, there was a lot of people where they said it happened Me it's happening me. It's happening me. I don't know what's going on the Coinbase I have no idea but over on my Walton exchange fees They are on the red zone which means that I don't recommend them whatsoever an off ramp If you can get all your money off, but I said as of December 1st Coinbase has had so many issues. I recommend everyone to take their crypto off the exchange immediately There's something going on. I don't know what it is But I keep hearing bad stories and whether a smoke there is fire some people say oh, that's not so bad You can do whatever you want to but I've got I think Just a couple of referral things over there and that's it It's like less than 200 bucks, but I would not recommend to keep it on there I don't know what's going on scares me and last up I had to finish with this let's finish with some positive stuff. There's so much negativity Michael sailors is savage savage First of all, he wanted Fox news, which is the perfect demographic to go on if you're trying to get people with money to understand About Bitcoin look boomers got all the money and who watches a lot of Fox news boomers So when he went on there, I thought this is perfect and what he says right here is just fantastic if you are Into stocks and bonds and gold you saw this you just dropped a load in your diaper. Take a listen to this Michael from 2011 to 2020 Bitcoin rallied six million two hundred seventy one two hundred thirty three percent or annualized two hundred three percent annualized to two point two percent for gold underscoring your point But also making people wonder just how much more room is there to the upside? I mean, I've heard targets of a million Look first of all, it's not a rally. It's not a bubble. It's a chain reaction Spreading like a fire in cyberspace and is being driven It's driving the flow of conventional assets because of escalating risk of global currency Devaluation tech disruption social dislocation Political uncertainty so if you're a corporation and you're sitting with the US dollars on your balance sheet They're liabilities. You're gonna lose 15% of your purchasing power against scarce assets every year for the next five years It's like a melting ice cube Bitcoin as you pointed out is going up more than a hundred percent a year So the logical thing for every corporation to do is convert their balance sheet from USD to BTC and the answer to your question is Bitcoin's gonna demonetize gold negative yielding sovereign debt low yielding sovereign debt and all of the index funds that are being used as a Store of value. There's a hundred to two hundred trillion dollars worth of stuff there Like this thing can go on for quite a while Savage a hundred to two hundred trillion that is there If you are a CEO a CFO a CIO or whatever kind of EO or IO, whatever you are You know in a corporation and you just heard that would you be like wait? What what is going on? Who is this Michael? Sailor Michael strategy. What's that Bitcoin? I heard of that. How's that doing? What they dropped a billion dollars in the Bitcoin? As of August and now they're up. What? 1.668 billion Maybe we should look into that. I don't know and it's the same thing that's going on around the horn I mean look even scary Moochie the Mooch was on CNBC and he said the exact same thing We're starting up a Bitcoin trust. He's he's part of a billion dollar Bitcoin fund now And if there's anybody who's got insight connections, it's probably the Mooch and he's pretty much saying this look We're in the first inning. It's gonna be huge We want to get a front of this before everybody jumps in we are early So when I see stuff like this, it almost makes me want to FOMO Sell my house and my kidneys and get a couple more Bitcoin. All right, so that's it for today So again, don't forget the giveaway is going to be tomorrow It's gonna be drawn by unstoppable domains. Make sure you put your unstoppable domain dot crypto or dot zill with your Bitcoin Public address not your private address private keys or anything that public Bitcoin address in the in the comments below with your unstoppable domain dot crypto dot zill and Zaji over there and stop all domains will draw it and send it over to me and I will announce it Manana so anyhow, thanks for sticking with me. I really appreciate it if you like these types of videos It'll be two more. It's gonna pop up on your left and right. YouTube does is magic and off we go So I appreciate it and I'll see you on the next one