BTC Sessions - BTC $10k + CME Gap, Tron Enrages Everyone, BSV Splinters After Fork EP018

Starting point is 00:00:01 Wasabi wallet. I'm fairly private. What's up everyone? Ben with the BTZ sessions here and this is your daily session. Before we dive into the news, of course, shout out to sponsors of the show ledden.io. This is where you can use your Bitcoin for a variety of different services. They've got Bitcoin savings accounts where you can earn interest on your Bitcoin paid in Bitcoin. They've got Bitcoin backed loans where you can use your Bitcoin. as collateral to obtain a Canadian or U.S. dollar loans. So if you happen to be in a pension, you need some dollars, but you don't want to sell your Bitcoin because it might be a

Starting point is 00:00:44 bad time. This could be an option for you. And finally, they've got one that I actually just started using myself the other day. I've used the loans before, but I just dove into the B2X offering. And it's for big Bitcoin bowls that want double the exposure to the price fluctuations of Bitcoin. If you want to check out any of those, there is a link to leaden in the show notes and if you use that link to get a bitcoin back loan they'll actually credit your account with an additional 50 bucks worth of bitcoin and secondly we have a rise wallet this is a physical bitcoin gift card that you can pick up at a store near you and give to anybody you like i really love these things they're super awesome for onboarding new users they're really idiot

Starting point is 00:01:29 proof and it walks you through it holds your hand the whole time the way it works is you hand it to somebody and they're instructed on the back of the card to download the paired app, after which they scratch and scan a code on the back of the card. It will instantly open them up a brand new Bitcoin wallet on their own phone and send them an on-chain transaction for the face value of the card. So if you want to check them out, head over to risewallet.com, click on locations and see where you can grab one. And they are currently only in Canada, but keep an eye out because they're looking at expanding. And with that, let's dive into the news. So I suppose the big news of this past weekend was that Bitcoin, for a period of time,

Starting point is 00:02:12 surpassed $10,000 for the first time in quite a while. Now, it was short-lived. It was about a day that we were up above 10K, and then we had a kind of a correction down below. We're currently, at the time of recording, we're around 9850, fluctuating back and forth there. So this, I'm looking at an article on Coin Telegraph right now examining three possible reasons that have contributed to the rise above 10K. And so for number one, they're talking about the gradual accumulation of Bitcoin since December of last year, so a couple months back. And so on-chain data shows that there is a significant amount of tether, particularly in Asia, ever since, the end of the second quarter of 2019, which seems to signal that a lot of people, again,

Starting point is 00:03:06 particularly in Asia, have been gradually accumulating Bitcoin throughout the second half of the year last year, leading to this pinch in supply in early 2020. Secondly, there is reason to believe that part of this could have been because of whale manipulation, namely, um, spoofed buys. And so what this would be is somebody puts an order for a very large buy order at a high price point. And that kind of signals to the market and causes people to drive the market up in order to be able to sell at that price point. But once it reaches that price point, you see that that order disappear. Thus, the term spoof. So now this is, again, it's, I guess, guess that's a little bit of speculation as whether that would be a cause of it or not, but it is,

Starting point is 00:04:05 it is legitimate to bring it up. And then finally would be factor number three, rising on-chain investor activity. And so this was brought to the market's attention by Willie Wu in particular, and he shows this price alongside, the chart of the Bitcoin price alongside on-chain investor activity. And so when there's a trend reversal, namely if it's on the way up, on chain activity was on the way up and it reverses to the downside suddenly, that can signal that you're near the top. And you're seeing this in June of 2019 when we had this massive peak when we hit around 13K. Well, there was this reversal of on-chain activity, which was shortly preceded or shortly followed up by at a local top and then our dip downwards. Now, currently what we're looking at

Starting point is 00:05:08 is a huge uptick and on-chain activity. And if you're looking at the chart here, it seems, if it's anything like the last time around, that this uptick is continuing up. There's no reversal anywhere present and there is negligible chance that this is a top of around 10K. So the real probability here is that it's a mix of all three of these factors and probably a variety of other things. But if the spoof trading was a catalyst, it did indeed lead to real buyers and real sellers So can you really say that it's because of the manipulation? Well, I mean, the market stepped in and did its thing anyways in spite of that.

Starting point is 00:06:02 So yeah, yeah, you know, it's hard to pin these movements on a single thing. But realistically, it's a causation of a number of different things. And now I was saying that we were up above 10K for about a day there. while it did drop very, very quickly over the last day. In fact, it was a few minutes that it dropped around $300. And what happened there is it filled what's known as the CME futures gap. And so on the CME essentially because it works in tangent with the markets. So it's open and closed at certain times.

Starting point is 00:06:46 And so when it closes on Friday at a certain price and people, are guessing the price as to which Bitcoin will be when the markets open on Monday. And if there's large movements in either direction before then, what tends to happen on the CME is when the markets reopen on Monday, that change in the price tends to get filled in the Bitcoin markets. So in this case, the futures finished last week around 9850, but over the weekend, and it went, you know, well above $10,000. Well, that gap was filled when the market's reopened. So we drop back down to the CME futures price of $98.50.

Starting point is 00:07:32 So this has happened many times before in both directions. And so it's not really much of a surprise that this has happened. But it is notable that the dip was pretty mild. It wasn't, there weren't a ton of losses. It wasn't really too bad for a lot of people. And so that could also denote that we're not near a top yet. We may need to retest 10K a couple times to breach it. And we may need to dip a little bit lower before we continue on our trajectory.

Starting point is 00:08:06 But there's a number of signals pointing to the fact that this may not be a top and that we may be in for more gains. But time will tell. Let's move on here. Now, I wanted to bring attention to something that I've been thoroughly entertained by over the weekend. And so I'm looking here at a tweet. And so this is a sub-tweeted tweet. So I'll get to exactly what's going on here. So Rodolfo Novak from Open Dime, creator of the Cold Card, owns Coin Kite, the company.

Starting point is 00:08:42 So he tweeted out a picture of him at Bruce Fenton's, Satoshi Roundtable, which is basically just a bunch of Bitcoin and or shitcoin enthusiasts that get together in a tropical location and just kind of have a vacation out of it. Anyways, he's in a picture here with Adam Back, CEO at Blockstream, and he's also with Justin's son, who's the creator of Tron. And the title of the caption reads, We Have a Plan, hashtag Ethereum is over. Tron moving to Liquid Network on Bitcoin. And so what he's doing is it's a massive troll.

Starting point is 00:09:25 Udi Wurthamer has been, who's another personality pretty prominent on Twitter, has been trolling Ethereum people saying that Tron is so much better. It's a better smart contracts platform. It's, you know, equally scammie and crappy, but that at least it has a good, marketer at the head of it. So the troll has been setting off a lot of Ethereum fans in particular, well, just everybody, but this particular tweet here by Anthony Sasano, he said, I know this is meant to be a joke, but I think it has moved past that at this point. Prominent Bitcoiners are now actively promoting Tron in order to delegitimize Ethereum, and I frankly find it uttered. I frankly find it

Starting point is 00:10:16 utterly disgusting. These people should be ashamed of themselves. I, yeah, okay, so there's, there's this take on it. There's other people that are getting mad. You even saw like Peter McCormick did like a tweet, a fake like, uh, he said something about like getting a Pulitzer for this, but he's asking Justin's son if his coin is a shit coin to which Justin's son says, yes it is by my shit coin. And so like the whole thing is just this massive, ridiculous. troll. You also have bitcoinsers getting mad at this saying that, hey, you guys are legitimizing this bullshit and whatever. And then, you know, you had Peter McCormick coming back saying like, hey, I literally, I'm not having Justin's son on the show. I made a 30 second video asking him

Starting point is 00:11:04 if his coin was a shit coin and he said yes. And he basically said, if you see that and you then buy Tron, then L.O.L. Like, I find it hilarious. And I mostly find it hilarious because everybody's getting mad on both sides. Bitcoiners getting mad. Heath heads are getting mad. I just find it so funny. To be clear, I think Tron is a shit coin. I also don't like Ethereum at all.

Starting point is 00:11:32 And I just find it super funny that people are getting so angry. I saw a few very, I don't know, very opinionated Bitcoin maximalist getting very, very mad. And I label myself as a maximalist as well. But so the reasoning there, they were saying, again, is legitimizing a scam. And you're going to get, you're going to have people are going to hurt because of this. And you're going to enrich Justin's son and idiots are going to, you know, or uneducated people are going to buy into Tron because it's being shilled by Bitcoiners. Okay. So the thing about that is, is that number one, I don't think anybody is, is, is,

Starting point is 00:12:14 mistaking this for promotion for Tron. Yes, are people seeing the name Tron more, obviously, but it's at Tron's expense, also at Ethereum's expense. People are making fun of the entire thing. Regardless, the people that were getting super angry at Bitcoiners from making these jokes that were also Bitcoiners themselves, I would find their argument more legitimate if, if those same people had been very, because there are a whole argument is you're going to dupe people into buying Tron. And so it comes from a place that seems to be one of, we need to protect retail investors so they don't make bad decisions,

Starting point is 00:13:02 so they don't buy something that is, you know, in everybody's eyes, kind of scamy. The thing is, the people that were getting mad also tend to be the ones that the second anyone shows interests and stuff like that rather than saying, hey, listen, like here's a bunch of information that can better inform you so that you don't, you know, I don't want you to lose money. I don't want you to invest in something that's illegitimate. Here's, here are a bunch of resources. I'm going to help you out.

Starting point is 00:13:31 I'm going to help reason through it. No, those are typically not the reactions you see from the people that are getting mad about these jokes. The reactions from them usually instantly are saying, fuck you, you're a shit coiner. you're an idiot, you're an absolute moron, I can't wait to see you lose all your money. Those are the typical reactions of the people that are getting at these, mad at these jokes as well. So while they claim in getting mad at Rodolfo, while they claim that they are trying to look out for other people and they don't want people to fall for these scams and they think that they're going to because of Rodolfo's ridiculous tweet, and through their actions they've proven that they don't actually really care about people that may fall for a scam.

Starting point is 00:14:19 They're just going to instantly paint them as a shit corner and write them off and basically tell them to go fuck off. Right. So you can't in one breath say you're going to be the reason that people are going to fall for a scam, while also immediately when somebody's actively about to fall for a scam, you call them a piece of shit and tell them to go fuck themselves. Because that's going to have the same effect, because they're going to look at you and say, you're an asshole. I'm not going to listen to you. Obviously, I'm going to go listen to these friendly sounding people. So, like, what's your goal here? Do you want people not to buy Tron? Then, sure, if you think that this kind of a joke is harmful, then,

Starting point is 00:15:05 actively go out and try to educate people as opposed to just virtue signaling, but then never actually contributing to people avoiding scams like these. Anyways, that's my little rant there. What do you think about the whole Ethereum slash Tron troll maximalist thing that's happening right now? I'm super fucking entertained by it, but maybe that's just me. No, it's not just me. I know there's a lot of people that find it funny,

Starting point is 00:15:36 but maybe there's more people angry than I think. Let me know. Moving on, we touched on this last week. There was an Italian exchange called Altsbitt that got hacked and lost a lot of its funds. And I remember in the tweet that they put out that they said a small amount is still safe in cold storage, but the majority of their funds were hacked from their hot wallets.

Starting point is 00:16:03 somebody aptly pointed out you're doing it backwards most of the funds should be cold storage and you should have minimal in hot wallets but regardless a lot of their funds were taken it was a very small exchange so the dollar amount is not large but for a company like this it was it was pretty bad as is echoed by the title of this article hacked italian exchange alt bit alt-altzbit to shut down in may of 2020 and essentially uh yeah most of the funds are gone. They ended up losing around $70,000, which again, not massive, but in terms of this company, it was enough for them to shut down. So what did they lose? They lost 6.929 Bitcoin, 23 ether, as well as some stuff from pirate chain. I did not know that was a thing.

Starting point is 00:16:58 Verus coin and Komodo. So yeah, they got they got hit. for them it was a pretty big loss. They're going to refund existing users with whatever's left. So obviously everybody's going to get a pretty major haircut off of whatever they got. But they're going to be doing refunds kind of throughout today all the way till May 8th. And then after that, there will no longer be refunds available because the platform will be terminated. So if you were on Alt's Bit, number one, I'm sorry for your loss. Number two, not your keys, not your coins. Number three, get whatever refund you can quickly before May 8th when they shut down and there will no longer be refunds available. Let's touch on this really quickly. Another story. Bitcoin SV, God, I hate, but I love talking about SV because

Starting point is 00:17:53 it's always just such a ridiculous train wreck. Well, they had a fork the other day that was an upgrade, but not an upgrade because they actually downgraded to the original release of the Bitcoin software back from 2009, which boggles my mind a little bit because there's been so many fixes since then that they've basically just gotten rid of all of those bug fixes that have ever had it. I don't, anyways, they've downgraded. And as soon as they did that, tons of nose just started crashing and going offline. Not that they had it many to begin with. So originally they had 636 nodes a year ago. As soon as they forked, they lost about 80 to 85 nodes.

Starting point is 00:18:42 Another 30 or so have been left behind on top of that. They currently only have around 250 nodes actively securing the network. So, I mean, they obviously lost some other nodes over the course of last year. but yeah it keeps on dwindling down more and more and more. At one point, a good chunk of their nodes started following Bitcoin Cash's chain. They recognized Bitcoin Cash as the longest chain and thus started following that one. And it's just a giant train wreck. And it's hilarious that the guy who claims to be Satoshi is,

Starting point is 00:19:23 is spearheading this and says that he knows what's best. And it's just at every turn, he's either disproven, debunked, caught in a lie, or rolls out shitty code that just falls apart. So, yeah, I mean, all in all, SV is garbage. I wouldn't touch it with the 10-foot pole. And best of luck to anybody left on that chain. And then finally, I did just want to point out, if you missed it before the weekend hit, I did a tutorial video for the cold card wallet.

Starting point is 00:20:00 Now, this is not my setup and usage tutorial video. I've done that one separately, which you can easily find. Just search cold card wallet, and it'll probably, I think it's the first video that pops up on YouTube. But this is another one that I did. Rodolfo actually requested if I could possibly make one using Electrum Wall. wallet on desktop and show how to create multiple separate accounts using a single device, which I've done. So you can use something called the derivation path, which if you, if this sounds scary, don't worry too much. It's explained a little bit better in the video. But essentially,

Starting point is 00:20:39 you can play around with the derivation path and create multiple accounts using Electrum wallet. So this is not adding like a password and creating a totally different seed. It's using the same seed, the same backup, same everything, just a separate path for where you are getting your wallets. And so it's more or less any seed phrase can create just countless addresses, and it just depends where on the derivation path you start. And so this is just another way of creating essentially an account system like you would see on a treasurer or a ledger using their software. So be sure to check that out. If you find it useful, I definitely share it around as well. I always love working with a cold card and I've grown to love things like Electrum and Wasabi

Starting point is 00:21:32 Wallet just because it forces you to be a conscious Bitcoins and understand actually what's going on under the hood. So if you haven't played with Electrum or Wasabi or Cold Card for that matter, it's definitely worth kind of taking the time to go down that route because even if you don't understand it at first and even if you're working with tiny, tiny amounts, your knowledge will grow quite a bit from interacting with that type of software and that type of hardware. So highly, highly recommend. So I'm going to wrap it up there, guys. Thank you so much for watching and or listening if you're on the podcast. Of course, if you're on YouTube here, always remember to hit like, subscribe and share that helps big time. And if you're on the podcast, then please do share it

Starting point is 00:22:17 on your social media. It'd be great to get even more people listening on that platform as well. If you want to help out this show in another way, you can hit up the sponsors down below. That was Ledden and Rise Wallet, as well as Wasabi Wallet, great for privacy on your Bitcoin. Links to all of those down below. And if you want to help out the show in one final way, you can check out NordVPN. I use this all the time on my phone and on my computer. It is a program software that allows you to hide your IP address, encrypt your browsing data,

Starting point is 00:22:45 and it has other added benefits like unlocking geoblocked content. So if you want to check them out, of course, there's a link in the show notes where you will get a special deal for 70, yes, 70% off plus a free month. And you can either use that link or you can head to NordvPN.com and use the code BTC Sessions, all one word. And with that, I am out. Have a wonderful evening, everyone, and I will see you next time for your job.

Starting point is 00:23:15 daily session.

BTC Sessions - BTC $10k + CME Gap, Tron Enrages Everyone, BSV Splinters After Fork EP018

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