CryptoBasic Podcast

Your source for all Cryptocurrency information, made for the novice investor. 

Episode 167 - XLM and IBM, XRP, Tether, and more.

167 Flagship.png

Episode 167 - Flagship Friday

On Today's Episode the team talks about Tether, Binance in Austrailia, and the big news being IBM partnering with Stellar. Is this a real partnership? It probably is, but is it good for Crypto currency? What does it have to do with Ripple and XRP? What kinda cereal are the boys fans of? Find out now.

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  • Tether is not fully backed by fiat (Bullish or Bullshit?) - Brent
    • From Tether's New Terms - "Every Tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USDâ‚® is always valued by Tether at 1 USD."
    • They also made a proof of funds page, to make it seem like they're on par with other stable coins that show what they have in reserve...It's the same document from months ago that says they totally had the funds on a specific day.
  • Binance Lite Becomes the Firm’s First Fiat-to-Crypto On-Ramp in Australia - Adam
    • Over 1300 newsagents (whatever that is) will have access to bitcoin
    • In order to remain compliant with Australian regulations, users need to register with Binance Lite. There's already a map charting all the newsagents in Australia where you can utilize this.
    • Binance is making strides to make their presence known world-wide. Pretty insane for a company less than 3 years old.
    • They also have plans to do the same thing in Singapore.
  • IBM Partners With Stellar - Brent
    • 72 Countries, 47 currencies, 44 banks.
    • It's called the IMB Blockchain World Wire.
    • This is basically IBM entry and exit points as a trusted gateway on the Stellar Network.
    • I know they have their own internal Blockchain services.
    • Reddit hates IBM
    • It's already live.
    • Discuss - why didn't they choose XRP?
  • Facebook’s blockchain cryptocurrency could kill 'fake news'? Or just make them money - Karim

    • As we've covered before FB has begun developing their own cryptocurrency (bloomberg and NYT)
    • FB has not confirmed reports, just admitted to exploring DLT, so the rest of the story is from unamed sources
    • First they claim the crypto would allow you to send money to your WhatsApp contacts, so taking on venmo & paypal -
    • NYT report claimed they already talked to crypto exchanges about it, others argue theyd use a stable coin
    • Barclay's internet analyst Ross Sandler said FB coin would make the company $19b by 2021

    • part of the idea here is higher customer conversion rates, you already have currency on the platform and FB keeps payments in their own network

    • FB could also use cryptography to authenticate users through hash keys, and making sure people posting new are people and not bots (dont think this really handles it)
    • Could also help with General Data Protection Regulation (GDRP) since users could control data and delete it by for example deleting their hash, making info not accessible
    • n order to authenticate them; it means Facebook now becomes the repository for a lot of personally identifiable information....
  • Cisco Reports: By 2027 Blockchain Will Capture 10 Trillion of the Worlds Wealth](https://toshitimes.com/by-2027-blockchain-will-capture-10-trillion-of-the-worlds-wealth/) - Adam

    • By 2027 blockchain will capture 10 trill of the world's wealth.
    • This is from Cisco, not just anyone talking about blockchain
    • Joe Lubin believes in twenty years half of the world's wealth will be on blockchain
    • True innovation is the ability to automate trust between two parties using it
    • Cisco report claims 83% of execs believe trust is the cornerstone of the digital economy
  • SHOTS FIRED! (There's one of these big enough for a story)
    • Craig Wright Leaves Twitter! (Bullish or Bullshit?) - Brent
      • He deleted 10,000 Tweets in about 24 hours.
      • He decided to say he'd sue anyone that copied his tweets or harassing him.
      • As you know the internet usually responds well to this.
      • Bots were popping up left and right with his name on them.
      • Even Jihan Wu from Bitmain was following the fake CSW account.
      • Some stupid Tweets by CSW.
        • He complained about not being in CoinDesk's most influential people in Crypto. Coindesk responded. "But...but...'Satoshi Nakamoto' IS on the list! ;p"
        • in 2017 he said 2018 was the year of BCH.
        • He said Bitcoin isn't Trustless earlier in 2018.
        • Told people who thought Bitcoin was permission-less to go work on EOS.
        • Said BTC would go down to 1000.
        • He answered the question "Will you attack your enemies or let them all on their own" with "Yes"
        • This is it. Screw you Toddler. I am going to undelete my writings. You want competition... screw you. I am going full billionaire mode. You want this. You get it. You asked for this. You will not like what is coming! You think I cannot choose what I prove, to whom.... watch - June 2018
        • He tweeted in August 2018 some code out as a response to someone saying he couldn't print hello world - it was copy pasted.
      • Remember that one of Craig's proof attempts that he's Satoshi are from a paper he wrote in "2001" that was very similar to the Bitcoin whitepaper...but it was similar to the 2nd draft that was released not the first lol.
      • And of course his "signature" was just public information as well.

The members of the CryptoBasic podcast are not financial advisors, and this information is provided for entertainment purposes. Please do your own research, and don't listen to these idiots.

The CryptoBasic Podcast is owned and operated by Cipher Consulting Group LLC.