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The Breakdown

Ponzi scam selling, Hong Kong protest bank runs & buying creators with internet money

The Breakdown

Blockworks

Investing, Business

4.8786 Ratings

🗓️ 15 August 2019

⏱️ 17 minutes

🧾️ Download transcript

Summary

Why number go down? That's all anyone was asking as BTC plunged below $10k, a line that, according to Hodlonaut, we'd never cross again. Was it Ponzi scam selling in China or something less sinister? Either way, there was a bit of snark about a safe haven narrative so quickly extinguished. Additionally, we discuss a new move from Ripple to pay creators to come to their content ecosystem and the state of indie media, as well as look at calls from Hong Kong protest leadership for an imminent bank run.  Watch: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

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0:00.0

Welcome back to another crypto Daily 3 at 3.

0:04.0

All right guys, what's going on?

0:06.0

Today we're talking about first the price action in Bitcoin.

0:10.0

The number went down after kind of like a month of steady ups,

0:14.0

and it just reminded us that prices go down.

0:16.0

And so we're going to talk about that a little bit.

0:18.0

Number two, we're going to talk about programs that little bit. Number two, we're going to talk about programs

0:21.0

that are designed to get creators hooked on new platforms by paying them with magic internet

0:26.6

money. So that's number two. And then number three, we're going to look at some interesting

0:30.7

new reports out of Hong Kong about protesters calling for a bank run. But let's start with number one, why number go down?

0:39.3

So yesterday, over the last couple of days really,

0:43.3

there's been a distinctive turn down in the Bitcoin price, right?

0:47.3

After, again, steady upward motion.

0:49.3

And if you'll remember a couple of weeks ago,

0:52.3

at the beginning of the week, all we were talking about was whether Bitcoin was the new safe haven asset and whether it was going to perform in kind of an opposite correlation to the rest of the markets.

1:02.1

Well, everything was hammered over the last couple days, including stocks, including bonds, and including Bitcoin, right?

1:11.0

And so that seemed to throw a big wrench in that.

1:13.9

So I wanted to look first at what people were attributing this to.

1:17.4

Yeah, it's easy here.

1:19.3

Bitcoin drops to 10K and worst daily loss in a month.

1:22.1

So there's a couple different things that people are attributing this to.

1:24.8

First, the block is reporting on the fear and greed index for

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