Blockstream CEO says that central bank digital currencies are worse than cash. Crypto markets react to the upcoming GDP numbers. And Voyager calls out Sam Bankman-Fried for making a low-ball bid. My name is Ben. This is your nightly crypto news wrap-up.
Let’s get it! Can you be crushed by the dominant political party? Could they freeze all your assets and lock you in a country without having to do anything? Like, without having to put you in jail. You can do that if you control the money supply. Because in effect, if I freeze your money, you can no longer do anything. If you have freedom of speech, it doesn’t matter if you cannot pay for the taxi or pay for the subway to get you to a rally to protest.
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So, it’s really important that we go back to apolitical money. Ever since I first got into the crypto space, I always wondered if the government could find a way to ban it. Well, now, we know the asset class is here to stay. But the question is, how will they exert their control over it? When I listen back to the clip you just heard from the Asian Leadership Conference, it chills me to the bone to think about how far the government might take central bank digital currencies. Stablecoins are already an existing structure, right? So, why do we even need CBDCs? One word. Control. This is why Gary Gensler and other regulators refer to stablecoins as poker chips. They use the Terra stablecoin as a blanket example on why all stablecoins are bad even when the others aren’t algorithmic. In response to the clip you just heard, CEO of Blockstream Adam Back tweeted out, “CBDCs are systems of control, worse than bank accounts, certainly worse than paper cash, worse than stablecoins, and much worse than Bitcoin.” It’s hard to argue with his point here because anytime anyone gets too much power, they abuse it. I keep asking myself, why would anyone willingly choose to use a CBDC if normal stablecoins are still an option? Do you really think that they’re going to leave that door open?
We will only adopt CBDCs if we’re forced to. And if we’re forced to, that will be the day we say goodbye to our financial privacy. Like they say in the clip, freedom of speech doesn’t count for anything if they can freeze all your assets without a reason. Crypto is our backdoor to prevent the government from having too much control. We can’t let CBDCs be their front door back inside, or this whole thing is a house of cards. Speaking of bets, it looks like the GDP numbers are coming in soon, and the markets are falling apart as a result. Let’s pass it off to Frankie Candles for a market watch. Let’s see what happened to Bitcoin and other altcoins. Thanks, Ben. Alright, guys. Let’s jump in and do a little market watch here. We’ve got Bitcoin coming in at $21,608. Down about 4.6% on the day We’ve got Ethereum coming in at $1,469. Down about 8% on the day Now, guys, I want to bring you over to the chart really quick just to show you what we’re dealing with right here. We are coming down to a very important area of support, and that is this Value Area High at about $21,541.
Now, if we don’t see price get a strong bounce off of this level and we break back below this Value Area High, it is likely that we will continue down to this point of control at about $20,500. Now, there is also a local golden pocket here, so it is making it a very strong level. So, there you go, guys. That is what we’re looking at.
The Mother Teresa of Crypto FTX’s Sam Bankman-Fried has been a helping hand to several crypto platforms that have gone insolvent this bear market. But now, one of those platforms is questioning the true nature of Alameda’s altruism. A few days ago, FTX sent Voyager a proposal to purchase their crypto assets and loans, except for the loans to the bankrupted hedge fund Three Arrows Capital. This proposal will also offer early liquidity to all the customers stuck between a rock and a hard place from Voyager’s insolvency. This would allow those customers to make an FTX account and get at least some of what they lost since Voyager can’t pay it all back due to their exposure to Three Arrows Capital. SBF posted a long-winded Twitter thread with colorful language about how long these cases take, how the customers assets will be frozen for a very long time, how his offer would at least give them back the rest of what Voyager has left.
Voyager’s lawyers filed a document to bankruptcy court last night saying that FTX’s offer is a misleading publicity stunt that’s a low-ball bid dressed up as a white knight rescue. It should be noted that Voyager filed for a Chapter 11 bankruptcy, which is a way they can keep operating so they can restructure and pay back what they owe. So, instead of relieving their customers who got screwed over, they would rather rebuild a company that lost all trust instead of going out with an ounce of integrity. I personally don’t care if Voyager stays around. I don’t care if they get low-balled. Beggars cannot be choosers. What I do care about are the people who trusted them and who are left on the sidelines without their crypto. They should be put first. And if they were the priority from the start, none of this would have gone down in the first place. Once again, guys, this is why having a Ledger, having a cold storage wallet is the best thing you can do to protect yourself from this.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/lnOpKkH0ln8