 Welcome to digital asset news to get top stories and cryptocurrency assets and break them down to bite-sized pieces So today we're going to talk about what I call the trifecta of fun. I've been getting nothing but emails and Tweets and different DMs about this issue or these issues that are coming about all in one day And it could be a pretty big reason why well We've seen like a 10 a 10% drop in just Bitcoin alone So we're gonna go over all three of these things and I'm gonna tell you why they're ridiculous And then we're gonna get to a fourth thing that really not too many people are talking about which I think is the Scariest thing out of all of them. So just stay to the end So first up we're gonna talk about Bitcoin falls 11% after report suggests a critical flaw in the crypto called double-spend may have occurred and We really dig into this article and talk about what's going on It's just is a basic ridiculousness and in my personal opinion I think this is just fud throwing around so people can buy up some cheap Bitcoin some cheap cryptocurrency And you'll see exactly what I'm talking about on top of that Let's talk about Craig Wright who has been resurrected Guy was gone for quite some time didn't hear anything about him and all of a sudden he wants to come back and say hey The Satoshi Nakamoto white paper for Bitcoin. That's all me which he had taught we had talked about that You know months and months ago, but now he's going about and enforcing it We're gonna talk about why that is really ridiculous and what does he matter and then finally we're gonna take a look at Janet Yellen the nominee for Treasury and what she said recently about cryptocurrency which everybody is flipping out about but if we go into the nuance pieces We're gonna take a look at what she really said Drilling down so we'll go over all these three things plus a bonus scary thing that's going on And we'll take a look at that in just a second, but let's quickly go over the market However, excuse me before we do that. I want to say thanks to my sponsors over there at crypto trader tax Crypto trader tax if you don't know, it's a very easy way to plug in via API to any different exchange You've ever used to Realize potential losses and gains now I use this myself as in the second year. I've actually used it I use it last year The time that I actually set it up got everything in there figure out what I was doing and set it off to my account 30 minutes Got everything done saved a lot of time saved a lot of money and that is why I'm happy that they are one of my sponsors So right now if you go to this site, which I will link in the description below You can put your first name last name Well, actually first name an email and you get entered a win for an unlimited use of Cryptocurrency tax report or an unlimited tax report. So I will link that at the very end also just so you know The IRS Really wants to start to enforce everything and I think with all the money printing that is going around If I want to dig into your money, which we'll talk about in a bit So let's take a look at what is going on with that and here we go. Oh one more thing For every one of my videos in the description You can find that link for the win the free tax report right here. Just click on that There's also a coupon code 20% off for all band users And then there's also an explainer video which I made for a crypto trader tax. You can click on that right there All right, so let's get into today's top story as soon as we take a look at the market real quick So we're looking at Bitcoin Was it 41 now? It's a 31 beef. You just find you see 10 with yours dots a little bit up amazingly But everything's down down down down down down down everything's a big red day. So why is that? Well, let's start off with this So this is from bitmex Bitmex if you don't remember They are hauled into court by the US government because they were doing some odd things we will say as far as signing up people and allowing them leverage trading and a lot of different shenanigans and It was just got shut down. So Arthur Hayes is I don't know what happened to that guy And we're just you know sitting out here in the wind and here comes a report from bitmex saying hey There's a double spend. What is double spend first of all? Let me explain it That was the whole thing with cryptocurrency, especially with bitcoins Toshi Nakamoto says Well before even Bitcoin was around there's other digital type of cash Digi cash and stuff like that and what they couldn't really solve was how do you make people not spend? Doubly or double spend when you're actually trying to purchase things So the way that they did that is that there wouldn't be just one centralized ledger They would have a decentralized ledger so no one could fool the system and now with Bitcoin having 10,000 plus nodes all throughout the globe and that's what the whole thing is with the blockchain is that when somebody spends something or Actually transfers their cryptocurrency it goes to all the different nodes and all the different blockchains And it is cryptographically put into that blockchain for Bitcoin for all records and everyone to see and you cannot change it So there is no double spend. There has been no double spend Since the inception of Bitcoin, I think maybe there was like There was nothing beforehand. There was some type of instance That happens with when they're doing testing or something but in the very beginning as a matter So for over a decade, no double spend no issues, right now all of a sudden bitmex comes out and says hey We just had a double spend. So what the heck is going on? So real quick to scroll through this little article because it's kind of boring But it says here bitmex research tweeted that it appears as if a small double spend amount of point zero zero zero six two zero or $21 was detected bitmex later said it appeared the double spend was actually an RBF transaction Which is when an unconfirmed Bitcoin transaction is replaced with a new transfer paying a higher fee It's not really a double spend, but there is an instance with higher fees But bitmex's fork monitor said that No RBF fee bumps have been detected have been detected. So They sent out a tweet and they say look, there's a problem with what's going on with Bitcoin There's been a double spend then later on they say, oh, you know what? It was an RBF and then the monitors come out and says, you know what? There was no RBF detected. So you have to wonder you have to ask yourself for what's going on here Why does this happen right now? Well, it's just one of the trifecta of flood because for over a decade This hasn't been an issue but now when you start to hear about oh, there's been a double spend That shakes the confidence of specially newer people and even people who have been in the game for quite some time like oh Well, maybe it doesn't work. Maybe something's going on, but that's not the case. That's not the case And this is what we talk about here. So We can go forward bitmex had another tweet a transaction in the losing chain sent blah blah blah to the address blah blah And a transaction the winning chain which spent the same inputs only sent to this address If the double spend did in fact occur sounds like it didn't it could be a fatal blow the popular cryptocurrency Which it won't so again if you start hearing about double spends and and you know, it's it's it's faulty for the blockchain This is not the case. This is what is going on It's just a very odd thing that's a bitmex goes through all these different different problems Then all of a sudden they come to the report Well, there's a double spend and then all of a sudden people freak out and the price goes way lower You think that a lot of people aren't accumulating. I will just tell you this I bought some and it was a pretty good day for me as far as dollar cost average All right, let me know what you think in the comment section and let's move on to our next piece. So Next up Craig Wright Craig right if you don't know he is the Patriarch of Bitcoin SV. So you have Roger Vera for Bitcoin Cash you have Craig Wright for Bitcoin SV Satoshi's vision as they call it and Again, I don't see the point of it But I'm gonna I'm gonna lay lay aside my biases as best I can but just so you know I am biased and when I report these things. I'm definitely biased and When I hear about these things about copyright infringement things like that. I'm like what is really going on here. So this article states Well, it's a quote from we will continue hosting the Bitcoin white paper and won't be silenced or intimidated Others hosting the white paper should follow our lead in resisting these false allegation So said Bitcoin org an independent open-source project that aims to support Bitcoin development In a response on Thursday to an attempt by N. Shane chief scientist Craig Wright The force the site to take down its copy of the Bitcoin white paper So if you haven't been around you just are you new to this the thing is is well what happened here? Well, Craig Wright he went to the copyright division and said look this white paper Belongs to me and when you have to register copyright first You have to prove in some way that you owned this this copyright and if no one else is around who can really prove anything Then you you go through paperwork you go through a process and I say okay Well, we're gonna award it to you now Does that mean that the copyright that the US copyright department does everything that they have to do to look at all? Cryptography and look through all the different court cases and say yes, this guy definitely was the first one They didn't do that So they just awarded it to him on a provisional basis and here we are and Craig Wright is going all the place going You know what take it down take it down take it down, but here's the thing There's been a bunch of different wallets That could potentially be linked to stochi Nakamoto and they said well if you own the wallets then why don't you transfer any of that? Bitcoin to another wallet and of course to this date and has been quite some time Craig Wright has not been able to do that until he does that then I will say yes He's tochi Nakamoto, but I'm gonna ask you the question does it really matter. I'll get at that in a second However, the operators are Bitcoin core at org the website for the cryptos developer team Bitcoin core Did take down their copy of the paper references to it deleting and the changes merge on github according to Bitcoin org? By surrounding it in this way the Bitcoin core project has lent ammunition to bitcoins enemies Engage in self-censorship and compromise its integrity said the organization The organization said the Bitcoin white paper was included in the original Bitcoin project files Product was published under the permissive and free MIT license by Satoshi Nakamoto. Let me say that again The organization said the Bitcoin white paper was included the original Bitcoin project files and the project was published Under the permissive and free MIT license by Satoshi Nakamoto. So Satoshi Nakamoto However, he she they are wanted this to be out in the open as much as possible And it wasn't didn't belong to any one person and it was open source So it's a very odd thing that now all of a sudden that the potential Satoshi Nakamoto is like nope It's all mine. Give it back and take it all down. It's just amazing how those things Change if that is really the case as such Bitcoin org said there is no doubt. It has the legal right to host the white paper Furthermore Satoshi Nakamoto has a known a PGP public key. Therefore. It is cryptographically possible For someone to verify themselves to be Satoshi Nakamoto. Unfortunately, Craig has been able to do this the post ads So also remember this before we get going Satoshi Nakamoto Satoshi Nakamoto. Look, I'm already getting confused Craig Wright has already gone through court cases to prove this. He's been taken to court by multiple people and Really all he had to do to prove it was just to use that public key and to transfer a little bit of Bitcoin around and he could not do that aspect also when he put in paperwork to the judge to prove that he was Satoshi Nakamoto a couple of those Addresses and wallets that he had put into it. They said yes, this is mine. This is the one that Satoshi uses The next day or it was a week later Someone actually opened that one up and transferred it and then put a memo and said Craig Wright is a liar This is not Satoshi's wallet. This is my wallet. You can verify it right now. So it's then then of course some people said oh Craig Wright just playing 3d chess and he did that himself. I'm like No, so that is what is going on. But let me just ask you this question, which is this If Craig Wright first of all did come out and said I'm Satoshi Nakamoto I am the person that invented all these things all all Bitcoin everything that has to do with Bitcoin. It's all me me me So now you have a centralized person that Governments can attack They can look at them and go you are the cause of all this elicit activity And you need to regulate it and you need to do something about it It's the same thing that happened with we'll just say Silk Road when they uncovered or amassed One of the founders the dread pirate Roberts Unfortunately, I don't think that was even the right guy I don't want to even get in that debate about who that really is or whatever else But the whole thing was this is that they pegged it on a person One person and said you are the one that is responsible everything and we're gonna peg everything on you And since you own it you need to shut it down. So in my personal opinion I think it's the greatest thing of all time that if Satoshi Nakamoto is still alive First of all and he she they knows exactly what's going on It's the best thing that they never show up and I would think that as smart as Craig Wright is he would realize that Even if he was or was not I'm not here to debate that I just don't see the point of something coming Oh, it's me. Well, if it is you then just move some Bitcoin around. That's all you got to do It's very simple and that's what we got Now some people will say but Robby understand because if he is Satoshi Nakamoto Then he can move all that Bitcoin around and there's like a million of Bitcoin that would that Craig Wright would would have in his possession and he could crash the market first of all if that really did happen Who cares? Do you think that he really want to crash the market if he had that much Bitcoin? Heck grayscale and the rest of grayscale itself has like 500,000 Of course, it's the different investors and whatnot But then people will say but he's the he's the one that created it And if he can create it he can destroy it and everything else. I'm like really is that the truth? Does it really matter who really created it and where it cut where it come where it goes in the future? You have no farther than to look at the the McDonald's story. There's a great video. Check it out on Netflix. You haven't seen already It's called the founder McDonald's. I'm sure most of you know what that is. Maybe you do maybe you don't McDonald's was started by the McDonald's brothers in San Bernardino, California And then this guy Ray Kroc came along and he was just a salesman a shake salesman I think and he said hey, you know what this looks like a pretty good. Can I you know branch off? Can I fork the McDonald's and set it up where I live? Sure, go ahead and do that and he did that so well and he did everything As far as McDonald's and he grew it so much that he shut down the McDonald's brothers and he became McDonald's So it doesn't matter who starts it really means who grows it who brings it to the public and what does it actually mean for everybody and I don't care I don't care who started Bitcoin. It's it's too big for just any one person. Anyhow, that is just my theory Let me just think of the comment section. Let's move on Alright, so last up for the the trifecta of fun Janet Yellen so Janet Yellen she She was the head of the Federal Reserve from 2014 2018. I believe it was or 2012 2016 was to I was getting confused but now she is the the nominee for the Treasury and she stood up during her commencement or during her hearing and said Hey, we need to really take a look at cryptocurrency because they're used for illicit activity and when I read this I'm like Okay, well everybody else and their mother said the same thing. So I whatever but people really flip not about this like Oh, no, because this person is going to bring everything down She's not going to bring it down. So again, we have to take a look at the details The devil is always in the details. Isn't that how it works? So this was an art a follow-up article from coin desk They said Janet Yellen offered Senate a more nuanced take on crypto and this is what was actually said The Treasury Secretary nominee said that while cryptocurrencies can be used to finance terrorism other illicit activities That's what everybody talked about She's gonna shut it down because of all these illicit activities They also have the potential to improve the efficiency of the financial system in a written response to the Senate Finance Committee She quotes or is quoted as saying I think we need to look closely at how to encourage their use For legitimate activities while curtailing their use from a line and illegal activities Great, so she wants to use it, but she doesn't want it to be used for legal activities That seems pretty reasonable. I think right I mean, we have anti-money laundering and KYC because of the dollar which is being used so Prevalently for all these different illegal activities like with the cartel and with terrorism all the big bad things that are out there So yes, that is what is used dollars aren't evil But they're used by evil people Bitcoin's not evil, but it's used by evil people and of course if you can regulate as little as you can That's good. Again people always say, ah, Rob. You're so big on the regulation. You should be not to be so much regulation Look regulations like cake a slice of cake is okay, but the whole cake will kill you So just remember that a little bit of regulation goes a long way Now hopefully it'll be hands-off and of course you're welcome to say what you want a comment section I'm sure you have a lot of opinions, but I just think a little bit would go a long way And of course there's always a happy medium just got to find it if confirmed I she states I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an Effective regulatory framework for these and other fintech innovations, which is great news She wants to work with her people whether you agree with a session or not is up to you But I will just say this we talked to this today in the first video see this guy right here. I Was saying this guy gave a great Presentation on blockchain money. He talked about Bitcoin Ripple XRP and everything else very knowledgeable guy like who's this guy? You know that guy is that's Ginsler and Ginsler here. I swear his first name Gary Ginsler. He is the pick to head the SEC so At least at the very minimum this guy knows crypto currencies assets quite well to give a presentation at MIT So that's pretty good. I will take that guy and on top of that The OCC looks like they may take tap a former Ripple board advisory member not a board member But an advisory member to Ripple and his name is bar for his first name, but yeah, Michael bar like a bore former US Treasury Department official and Ripple Member so great. So now we got two guys in there that know a lot about cryptocurrency assets, which could help I believe Janet here to distinguish about what really should be done So hopefully it all work itself out through dialogue and a little compromise But that is what is going on right now for the trifecta of fun So hopefully I explained it pretty well, but I will end up with this there is a fourth Dark horse, and I think this one is even more dangerous than the other three that we just talked about right now This one is really bad. So Let's break into it in that committee Janet Yellen gave a lot of statements and Depending on what you think she's actually going to do this is one of the statements that came about I'll read this this first one yellow first Yellen nominated by US president like Joe Biden to have the Treasury said she would consider a proposal to boost government revenues The the remark was made during her confirmation hearing on Tuesday and raised eyebrows amongst and senators and Wall Street investors According to news report and what she said is that She would consider That's right here she would consider Taxing unrealized capital gains. Why is that so dangerous? Why is that such a bad piece of information? Well, unrealized not realized unrealized capital gains refers to the theoretical increase in value of assets That an investor holds on to The gains are only realized when the investor sells the asset at a price higher Than what was initially paid to buy it. So right now I believe that Maybe you Maybe a lot of you are sitting on a lot of unrealized capital gains Maybe you took my advice Not financial advice, but this is what I did And bought up some Voyager when I recommended a 29 cents and I went to a dollar So right there you've got some and if you didn't sell it that that is unrealized capital gains So Usually you get taxed on that when you sell it and those are called realized tax capital gains But everything in your portfolio whether that be Bitcoin whether that be Voyager whether that be Cardano Whether that be Ethereum or tomato coin or whatever else he got or any kind of stock that you have Or any kind of artwork that is hanging in your house that has appreciated. Those are all Unrealized capital gains. So what does that mean? That means that the government can say tell us everything that you have We're gonna tax you on it Doesn't matter if you sold or not. Hope you got some money so if you just happen to you know come across a Monet painting or something very nice at Picasso and You know some crazy Yard sale they say oh look at the Picasso and you buy for five bucks and it's worth twenty million dollars Well, you own the government a lot because they're unrealized capital gains in your possession and they're gonna say well Give us our money. I don't have money seven sold. Well too bad because we passed it and that is what is going on So this was one comment Made in a litany of comments that was done before the house and I think if this comes through this could really destroy everything Because it wouldn't just destroy that small piece of cryptocurrency would also destroy any kind of investment any kind of ideal to start a small business anybody who wants to do an IPO anybody just any investor You wouldn't want to be an investor like well. This is stupid. Why would I do this and I? I don't know why this would he ever go through. I would hope that with yelling sitting down with people Like a ginsler like a bar like people in her office and they would say this is a really bad idea If you want to tax somebody Then you can tax them and like I was watching Charles Hoskinsons live live a man He said look we can have a debate about where those levels are is it 36% is it 38% is a 42% You know how much are you gonna tax somebody is it 18% You can have that discussion and that's for you know Congress and Senate's Congress to just to really you know wash through But if you're gonna sit here and go, you know what we're gonna tax every unrealized capital game that is never Going to happen. It is never gonna be good. And this was a quick article oak trees Howard Marks Pretty much just said he's a course is a billionaire. He's I want to give them like a tax on that He's like, that's a very dumb. That's a very dumb thing. So again, I don't see how this could possibly go through But this is just one comment that she made this isn't even been put forth into any part of The legislation department to actually passes a bill. It's just something that she was said is that she would consider it so I'm gonna take a cue from Charles there and say if you have the time and you really think that this is a very bad thing Such as myself write your congressman write your senator and say if you do this This will destroy Businesses this will it destroy investors and this will destroy the fabric of our country if you move this forward I will be doing the same thing and that is what we got. So as a reminder again Thanks for the trader tax for Making it actually easy to and actually save on our taxes Go ahead and take a look at that in the description below and that's it for today So hopefully that helps out kind of eases some of your fears again with with the yelling remember It's just a comment. It's a comment I think it's a I mean how many of us have made some stupid comment below And I don't think that once she's talks to people that really can hash it out How would that really go through that would destroy everything? But you know, it is one of those things be proactive instead of reactive right to your congressman Right to your senator and take action. All right So thanks for watching. It's really pretty a little long But a lot of information out there and they just appreciate you guys just sticking with me to the very end So thanks so much and I will still be doing those exit strategies for all everything in my portfolio That 8020 P rule and I will give it out tonight as soon as possible. So thanks so much. See you on the next one