G20 Day 1 - Mastercard Open To Crypto - MtGox Dump Debunked - Trump Bans Petro
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0:59 Story - Update on the G20 meeting
https://www.g20.org/en/news
Day 1 of the G20 meeting is now over. The meeting ended about an hour ago from when I’m recording this.
So far there are no press releases on the official G20 website, however there are 2 recordings from the livestream press conference they held at the end of the day.
The only thing is they are in spoken Spanish which I personally cannot interpret, and because it was only streamed an hour ago, there are no translations out yet and The Cryptoverse video for today can’t wait.
So if you speak Spanish I’ll provide a link to the YouTube recording of the livestream press conference, fast forwarded to 11m 30 seconds when the feed actually goes live.
2:02 Story - Mastercard are open to cryptocurrencies but there’s a catch
http://bitcoinist.com/mastercard-open-cryptocurrency-theres-catch/
The catch is that they want to support cryptocurrencies that are issued by central banks.
They don’t want of this free money and definitely no private money.
You may remember recently that Mastercard re-classified purchases of cryptocurrencies as a cash advance meaning crypto exchanges charged a higher fee on the transaction and the credit card issuer would begin charging interest on that transaction immediately.
Talk about souring the milk.
[red]
And with regards to private coins…
[orange]
It’s no surprise that Mastercard would support a government issued cryptocurrency because then they’d basically be facing a predator with no fangs.
If the Bitcoin’s of the world continue developing as free and open networks, Mastercard is eventually facing the fate of the dodo.
3:38 Story - Is The MtGox. Dump A Myth?
https://medium.com/@cryptomeds/debunking-the-mt-gox-dumping-myth-entirely-390d3d56bf74
According to the case put forward in this comprehensive medium article written by Crypto Medication, yes.
If you are not up to speed on this story…
Go back and watch my video from the 9th of March in which I talked about the bankruptcy attorney for the insolvent MtGox exchange dumping 30 odd thousand Bitcoin and preventing the Bitcoin price from recovering.
This article debunks this theory on the basis that..
[highlight 1]
A: The Bitcoin price had already be going down for several days before an alleged dump on the 22nd of december.
[highlight 2]
B: The candle pattern that appeared when the dump happened was actually a strong reversal pattern signalling that there were a lot of buyers in the market at the time.
[highlight 3]
And C: The total market before and after the alleged dump was in a nice consistent downtrend.
So the amount of Bitcoin this attorney was dump should have just got lost in the wide open sea, making little difference.
I actually mentioned this point in my original video.
I questioned whether 30,000 BTC sold over 5 months at an average of 226 BTC per day would even be noticed.
This medium article is a lot more comprehensive than I’ve given it credit for here. I’ve just picked out a couple of details that form a much wider argument which you may wish to dig into yourself.
5:21 Story - Trump Signs Executive Order Banning Venezuela’s Petro Cryptocurrency
https://news.bitcoin.com/trump-signs-executive-order-banning-venezuelas-petro-cryptocurrency/
What did I say when I covered the launch of the Petro whitepaper?
I said a certain united states was not going to be very happy about any perceived threat to the Petro dollar.
So the Petro is not effectively illegal in the US.
There’s a first time for everything and this is the first time the president has address a cryptocurrency directly.
The executive order is issued on the basis that Venezuela are attempting to circumvent US sanctions. Well yeah.
It’s not just the petro specifically either…[red]
While I’m pleased that the whitehouse now has cryptocurrency squarely on their radar, I’m not so pleased that their first direct interaction with it was a contentious one.
6:28 Story - Market roundup
https://coinmarketcap.com/
Overall market cap continues to climb slowly with regular pull backs. Now at $325 where we were 2 days ago.
Biggest winners are
https://onchainfx.com/
There are no losers in the top capped coins today.
Charts wise…
https://www.coinigy.com/?r=16171fe8
Bitcoin is still holding on to that 8,300 level.
It keeps poking it’s head above it, and then shaking it’s tail below it.
So so far it has not decisively made up it’s mind.
Yes we have come back up off that low of 7240 but that 8300 is acting like a magnet which ever side of it Bitcoin tries to go.
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▶️ IPFS
The ban should not come as a surprise to the market as Venezuela has been very antagonistic towards the US and its administration for years. This should not been seen as a ban or limitation towards the general cryptocurrency market but instead a continued increase in sanction to Venezuela and its regime that has its population under considerable suffering. In this case, to not do anything is contrary to the US stance regarding Venezuela.
For future viewers: price of bitcoin at the moment of posting is 8491.80USD
Good thoughts on the Mt. Gox thing.
In regards to what you said about Mastercard: I believe everything you said is right, however I have E-mails from Visa not saying that they changed the type of merchant coinbase was, but that I wasn't charged the "cash advance" fee for the previous 5 years as a glitch in their system. I still think this whole thing with the credit cards is ridiculous and they are lying awful companies, they have a monopoly and I hope Crypto can one day destroy Visa and Master card!