Bitcoin is a failure.
Words you never thought you would hear a crypto YouTuber say,
but I said it and I mean it.
Today, I'm going to explain to you why it's failed.
Let's get it.
Welcome to BitBoy Crypto.
My name is Ben.
Everyday, I show you how to make money in crypto.
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hit that Subscribe button and tap that bell
so you don't get BitBoy FOMO.
In this video,
we are going to be discussing why Bitcoin is a failure,
a celebrity that was on the run now arrested because of crypto,
and we will check out something that could worry investors
in Yearn.finance.
But, first,
let's take a quick look at the markets.
According to CoinGecko,
the overall market cap is coming in at $343.4 Billion,
which is a decrease of 0.4% over the last 24 hours.
Bitcoin dominance is coming in just a smidge under yesterday at 57.7%.
The Top 10 today is unchanged.
No real big movers or shakers within the top of the leaderboard.
However,
we had no gains for Top 10 altcoins,
but we did have some significant losses with Ethereum down 1.6%,
Polkadot down 4.1%,
and Chainlink saw yet another drop at 2.4% down.
But what I really want you to notice
is the Top 12 coins according to CoinGecko
because they actually have
no. 12 coming in before no. 11,
proving I'm the only cartoon in crypto
who doesn't make mistakes.
Currently, Bitcoin is coming in at $10,696.
Over the last 24 hours, Bitcoin has seen a teensy weensy 0.2% increase.
Many analysts are expecting a boring Bitcoin and a boring altcoin market over all of Quarter 4 this year.
Make sure you don't go to sleep, guys.
But here's the thing,
that's fundamentally impossible.
With all the pumps
and dumps
we've seen previous to this latest sideways action from Bitcoin,
there's a lot of passion in crypto right now.
At the moment, that passion is coming across
as nervous energy,
but there is anticipation nonetheless,
and I really think
this just goes to prove how dumb and clueless so many Bitcoin analysts are for the most part.
Now, we have some super exciting stuff on the channel we're in the process of creating
that's going to really shed light on that.
It's really cool,
but that's just a teaser for you, so pay attention.
It's gonna be huge though.
The point though is
that if Bitcoin gets boring,
altcoins will explode again.
That's how it works.
A stable Bitcoin is a blessing for altcoins.
The long period of stabilization around 11K
is what made altcoins pop.
I mean, think about it.
What happens when Bitcoin goes up quickly?
We usually see altcoins take a slight pullback before moving up slightly.
What happens when Bitcoin goes down quickly?
We usually see altcoins get absolutely brutalized,
dropping way more percentage points than Bitcoin.
It is not good for altcoins when Bitcoin is having big movements.
What is good for them?
Well, of course, this is when Bitcoin is stable.
So, a boring altcoin market with a stable Bitcoin market?
Doesn't really make sense.
The altcoin market would become explosive.
This is why even though Bitcoin has been stable for a week,
we haven't seen a lot of altcoin action.
Once investors' nerves calm,
if Bitcoin were to stabilize for two to three weeks,
then we could get another mini altcoin season
as investors pull back from the ledge.
But, once again,
that is nothing compared to the crazy parabolic altcoin season
we are going to see during the middle of 2021,
so make sure, in the meantime, you are positioned correctly.
But in terms of Bitcoin,
I really don't think it's arguable at this point
that Bitcoin is a failure.
Why do I say that?
The title of the Bitcoin white paper says
A Peer-to-Peer Electronic Cash System.
The electronic cash part is a huge focus for a lot of people.
They believe the creator of Bitcoin,
Satoshi Nakamoto,
meant for Bitcoin to be primarily a currency,
and that is what all the maxis say,
but the truth is, Bitcoin is not suitable as a currency.
It's not fast enough and cannot scale large enough to be a world currency.
The numbers simply do not work,
and they have second layer solutions,
but
can you imagine your Starbucks barista saying,
- Hold on, Sir. / - Why?
Open my lightning channel for you.
How forward!
The fact is, that just wouldn't happen.
There are faster cryptocurrencies that can.
However, more importantly, it is extremely unlikely
that any governments around the world
with significant impactful economies
would ever okay
Bitcoin or a decentralized currency taking over.
We're talking G7, G8 and G20 type countries.
Never gonna happen.
They want the control,
and if Bitcoin cannot take over as a currency,
then how's it ever going to take over as the world reserve currency?
Which is what a lot of maxis believe and place all their hopium in.
They think this is how Bitcoin hits a million dollars.
Well, the Chief Market Strategist at Bannockburn Global Forex
Marc Chandler
says it is not going to happen.
Sorry, maxi pads.
He said,
Backing the dollar is the world's biggest, deepest and the most transparent government bond market.
Making sense of the dollar,
I just don't know how Bitcoin can replace the greenback from that viewpoint.
So, to me, the only way that Bitcoin could ever become the world reserve currency
would be if the whole world
decided to go back to the gold standard
and make gold the reserve currency.
In that scenario,
if space mining or ocean floor mining were to become a reality for gold,
moving the world over to
the Bitcoin standard
could make sense.
To borrow a quote
from one of the most despicable maxis.
I mean, what parent wakes up and says to themselves,
I think I want to name my child Safieddine.
They must be a bunch of hippies.
But Bitcoin is kind of like that one kid that you knew
who wanted to be a rock star when he grew up.
He didn't ever meet his goals of head banging on stage
or whipping around a microphone,
but I'll be danged if he didn't make a great
accountant.
Bitcoin didn't start out to be digital gold.
It started out to be a currency, electronic cash,
but I'll be danged if it's not the greatest store of value we have ever seen.
We had huge news yesterday,
as one of the only people in crypto who transcends our little corner of the world,
other than my TikTok account of course,
John McAfee has supposedly been arrested in Spain
for tax evasion and is facing extradition to the United States.
Now, before we get too into that story,
I don't think we've seen photos of his arrest.
Now, I've been told by someone close to the situation
that he's fine and safe,
so take that for what it's worth.
Maybe it's just positioning.
But according to the documents filed by the Securities and Exchange Commission,
McAfee has officially been charged with tax evasion.
Now, this stems from something John McAfee was doing huge in 2017,
which was allegedly accepting money from initial coin offerings or ICOs
for promotion on Twitter.
Now, here's the thing.
We obviously do a lot of promotion on this channel.
It's how I've been able to grow my organization and hire a lot more people.
But here's the difference.
McAfee allegedly never disclosed that he was paid for his promotional activities.
A lot of you guys enjoy typing “shill” in the comments, and I get it.
You hate advertisements. We all do. It makes sense.
But the reason I get pelted more than other influencers in the space
is because I'm honest,
and I actually disclose my sponsorships.
A lot of folks---
no names here,
I'm not talking about anyone specific---
obviously aren't doing that though.
So, it kind of makes me look bad,
but I would rather look bad and keep my integrity
than do the opposite.
So, don't judge me.
Advertisement at the end of this video.
But, first, let's check out Yearn.finance.
As the biggest voice of the project,
Blue Kirby has now distanced himself from Yearn.
A pseudo-anonymous Twitter account,
Blue Kirby has pushed the YFI project harder than ever and is known for doing so.
Blue Kirby was not only an advocate
but also a member of the team,
as he was a communications lead.
He says he's stepping away and hopes to return to discussing YFI
if and when it's revamped.
Weird.
I didn't know it needed a huge makeover,
but he seems to think so.
Now, keep in mind, people early on in YFI are now rich.
They done killed it.
So he may just be stepping away because he made it.
He didn't throw pop shots really at the project other than that revamp comment,
so, hopefully, it's more for personal reasons
than project reasons,
but definitely something you should be paying attention to.
As promised, today's show is brought to you by Crossfin.
They are currently having a token sale you may want to pay attention to.
But remember,
like John McAfee,
I'm also not a financial advisor.
After Bidao,
or as it's known affectionately by me,
Bidao
left the Binance Chain for Ethereum,
it looks like there is a big opportunity for DeFi on the Binance Chain,
and Crossfin could potentially be the project that takes that niche over.
Some predict that 2021 will be the year for Binance Chain DeFi
as opposed to Ethereum this year.
Crossfin will not only be huge on Binance Chain though,
it's a cross-chain finance solution,
hence the name Crossfin.
If you want to take part in the Crossfin presale,
you have just a matter of hours to do so.
So, if you're interested in the sale,
Binance Chain and cross-chain finance,
then you can invest in this project in the presale by visiting
crossfin.bitboy.live
but this one's definitely on my radar
my team likes
and I'm paying attention to.
That's all I got.
Be blessed.
BitBoy out.