Peerplays Peerplays Reaction Videos, 16 Dec 2022

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From YouTube: Bitcoin and Congress Wanting to Ban it ❌ Will they do it? @IvanOnTech

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In this video, @IvanOnTech talks about congress wanting to ban Bitcoin! Are these clear bottom signals? Find out!

Original video: https://www.youtube.com/watch?v=CMqLdu1IbIM
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#crypto #cryptocurrency #bitcoin #ivanontech #predictions #congress #banbitcoin #bitcoinnews #cryptonews #investing #stockmarket #peerplays #reaction #reactionvideo #views #viral #media #usa #future

A

I've been on Deck is shaking he's freaking out that Congress could actually ban Bitcoin. Do you think that's what's gonna happen.

A

Right now, with all the FTX scandal going on, uh Congress is having hearings and, of course, they're making all kinds of signal sentiments that uh they may ban crypto altogether, at least according to Ivan on Tech. He is talking about this and, of course he is shaking he's freaking out right. uh Is this a signal?

A

Is this a signal that the bottom is in and that we are now going to see a reversal because when really bad stuff, like this happens, it tends to mean that okay, this is absolute bottom and there's no place else to go now, but up at least that's the idea, but it could go the other way keep going. It could get worse right.

A

So, uh let's see what Ivan has to say about this because I'm an attack he's an OG in this space- everybody- probably you you guys, you guys listen to this probably already have watched that I'm on Tech before um he usually has some pretty good commentary, I'm a bit of a fan but I'm on a tech to be honest uh but uh yeah. He he has some take on this. So uh let's see a little bit more of that and we'll see what I have to say about it. Here we go.

B

Listen carefully guys because I'm currently shaking from what's about to happen to this industry, I'm, currently shaking from fear but also from excitement and if you're not following along in the current developments in crypto, you are missing out so by watching this, video I will bring you up to date. You will understand exactly what I'm speaking about we'll be speaking about the different signals. We are guessing right now that the bottom is definitely in.

B

There are many signals showing to that, but also we do see bearishness on the horizon, with the Senate and the Congress right now, coming together and attacking crypto I mean it's quite funny, I, don't know if you saw it. Have you seen these guys? Have you seen this creepy doll thing I mean: listen, listen, listen, I,.

C

Wonder if you would support a resolution that I've been thinking about, introducing um changing the name of cryptocurrency to a creepy dough currency.

C

C

It's an appropriate name. I just wanted to know whether you would say.

A

C

A creepy, though I'll, leave that skill set to to the committee.

B

So this is what's happening, this guy Mr Ray he's the new CEO of FTX and he's here to solve this bankruptcy, find the assets make the creditors hold this and that and he's being heard by the Congress and this guy Mr Cleaver man, I love, Mr Cleaver, shout out to Mr Cleaver I would vote for Mr Cleaver any day. I mean listen to him. He's really been thinking. Look at how serious he is. He is he's really been thinking about this proposal. He wants to run by us. So let's hear him out.

A

C

Guy, what currency.

B

I mean this is the kind of thing I'm almost conflicted. Is it bullish? Is it bearish you guys? Let me know in the comment section or is it schizophrenic because listen if you are bullish right now, you are a bit schizophrenic like we discussed yesterday, because it's bullish. Why I mean this kind of weird things like creepy doll? It happens at the bottom. These things don't happen at the top. Congress doesn't call Bitcoin creepy, though cryptocurrency crypto at the top. They call it at the bottom, these crazy things.

B

They happen when it's time to move very soon, because it's so bearish, even the Congress is going nuts. So that's why it's bullish, but you can also say it's bearish, because what if we do see hostile regulation, what if we do see U.S Banning crypto exchanges, which by the way is very horrible, but it's not completely out of the picture because again they banned online poker. They banned binary options. So that's why, when I'm hearing the fact that they may ban crypto exchanges, it would be horrible.

B

I, give it a very, very small probability, but it's not fully out of my world view. It's not fully out of my Planet, so to speak that it could happen. But if that happens, what's gonna happen, it's gonna drive all adoption to defy. Let's.

A

Stop right there, so, okay, so first off um he saw that interaction with Congress there's actually another clip. If you go onto Twitter right now, actually I've retweeted it you can check it out on my profile. um Another Congressman actually went to the defense of crypto. uh When all of this was going on, you guys yeah guys like this, that are just oh. They should call it creep. You know it's like in all seriousness and then the SEO FDX have actually like sit there and answer that question.

A

Can you believe that, like this is the this is the level of seriousness that Congress has in regards to handling this I'm, not too concerned really about the possibility of them Banning it? And of course you know, Ivan is talking about. How, if it does happen, is that he thinks that it's a very low probability, but if it, but the fact is, is they've banned, other things too they've bought they, they ban binary state banned online gambling, also other kind of stuff. Maybe they do that too right with this I, don't know um you know.

A

The fact is, though, that's that's Congress. That's the United States! You know what happened in Canada yesterday. Apparently, apparently, uh the report is is that this Canadian Securities Association has banned uh leveraged trading in Canada and declared all stable coins as Securities uh I, don't know much about this organization, but that's what Canada is making a move on apparently or this Association is trying to say um as a as a as a response uh yeah.

A

So what this means, then, is that essentially everything that is going to be hosted, everything that will be run by a centralized body. A legal per se entity that is registered with the government uh will then be banned or not allowed to be able to engage in these activities. This just means that, like decentralized Protocols are going to become more and more important, because the thought the idea of stopping that it's one thing to stop the activity, because there is a counterparty risk, which is the case with FTX. That is the problem.

A

The problem here is having an entity a centralized entity that is handling leverage trading in the at with other people's money. That's the problem, crypto is not about that. Crypto is about allowing for that whole thing to be happening in a protocol and having peer-to-peer transactions. If I am putting, you know what is leverage trading is making a bet on what the price is going to be in the future right.

A

That's all it is, and if, if I am as a grown adult you know, I don't have to ask Daddy Daddy government for permission to do what I want to do if I as an adult, want to be able to place a bet saying this is how much the price is going to be at this time and I'm, putting my money on it and then another adult who will be able to come along and say: I will take that bet, because I, don't think that's what's going to happen. That's all that happens. That's all that!

A

That's that's all that's happening, but when you have a care party that is actually able to see all that which is the case of FDX and able to manipulate the situation with the markets to be able to run in their favor, which is what happened with FTX, then it doesn't work and yeah. That is fraud. That is the counterparty risk to try you're using this platform, thinking that you're just a bunch of adults being able to engage in in a peer-to-peer transaction. But that's not what's happening.

A

You have a third party who's coming in and getting in between that transaction. Well, they're, providing a service per se, but they're getting into that transaction and causing and actually committing fraud like not allowing for a real Market peer-to-peer transaction happen and that's the problem. That's the problem, Congress and I'm glad there's somebody else, and there are other people in Congress who are actually really clear on this.

A

um That are not like this creepy coin guy.

A

It's not there's others that actually understand this, which is great, which gives me it gives me the sense that they're probably not going to go down the path of trying to ban it all out all all outright, but but I think that there's going to be potentially clear delineation of the responsibility of being a centralized exchange of any kind, they are now going to come down hard on centralized entities that act in this capacity, because what happened with FTX is absolutely not what's supposed to happen in crypto.

A

Decentralized protocols, though, defy as we call it or as uh Charles Hoskin likes to say, realify uh is, is where everybody needs to move towards.

A

This is where everybody needs to actually start transacting actually use the tech, because I understand it's like using uh an old school Modem with your with your dial-up telephone and you are getting like, and that's the experience of D5 right now like like what it was like trying to connect to the internet back in the 90s, but it'll get better and the more we can get that usage and the more uh the more attention gets into that.

A

The more uh effort put into that the better okay, so uh yeah, we just got to start using what we believe in here and Congress can do whatever they want. uh Yeah it'll, probably if they do uh do this whole Banning thing it may cause it may cause the price you know today to go down and the market freaks out and that's just an opportunity to be able to uh to be able to drive the price down. Crypto will continue.

A

Bitcoin will continue and the decentralized protocols that have no jurisdiction in what they're talking about, because there is no counterparty risk, will continue. So uh so yeah uh I'm on Tech he's he's of course saying. Oh, it could go. This way could go that way, so uh so, in this case, I'm I'm more agreeing towards the the side that uh they're not likely going to uh do something like that. However, in Canada you know our globalist nation uh they're already doing that.

A

Apparently uh I haven't seen that, though, because in Canada in case you don't know, we don't have like a security like it's, not like the United States, where there's just one big body that controls the whole the whole country. Instead, each Securities Commission is to the uh jurisdiction of each province, so there's Ontario, there's no there's like 13 provinces across across Canada and each one has its own rules right. So there's no such thing as a Canada band. uh So I still need to understand a little bit more about that.

A

But, of course it's making headlines. So that's the way the news cycle goes: uh yeah pay attention, anyways, let's keep going.

B

I really like how ran neiner put it from crypto banter I suspect that we will hear a lot less about FTX in general. He will probably in SBF. He will probably no longer do any interviews while he's in jail, so he cannot and in one way I'm a bit sad guys that we're not gonna have this weird Twitter spaces. I, don't know if you've been participating in them, I mean for me.

B

It's been like a surreal surreal experience listening to them because, like you, see the guy lie and um confuse and play games at the same time like there is something fascinating with that and listen I'm an FTX victim myself, I've lost money in FTX, but um I I've, still, there's something fascinating and listen in. You know listening to that, guy try to escape questions, but it doesn't work like everyone sees that he's lying, but he's still trying man it was fascinating to see.

B

I would pay money to see that not as much as I lost on FCX, but I would pay money to to see that it was crazy. It was insane, but anyway.

A

C

B

Probably gonna see the story die down, everything's, gonna, calm down and crypto will become boring for a bit guys. I think that crypto overall will become boring. We will not have any bad news, not any good news.

B

We're probably gonna just go sideways for quite some time, but in terms of the bottom it is most likely in most likely in we, of course, it's in theory we could go lower, but most likely, especially if we can break this resistance right now at approximately 18K, which we are right now trying to push it's a very important resistance, because this is what we've been using as support for quite some time earlier this year and right now, as you can see, we're trying to bridge it. So this is a very important line, very important level.

B

But, most importantly, look at this. We do see the dollar strength index right now, breaking below the 200-day moving average testing it and getting rejected, and the most important thing is that it's not going up. It doesn't have to even come down a lot, but as soon as the dollar dollar Index, the the dollar currency is not going up.

B

That's when we do see crypto getting a chance to recover very, very important, extremely important, and this is this is where we got to see the potential uh looking at the macro, such as, for example, the dollar currency index and also at oil, because you know that the FED will increase interest rates as long as inflation is going. Wild and oil has been one of the biggest reasons. Inflation has been going up so much during the past year.

B

I mean you see yourself how much the price has increased, especially since this covet dump I mean at some point. It was even negative. I, don't know if you see it here or if, if it was only Futures, it probably was only Futures. However, it went negative, but you do see how much the price has increased.

B

Even you know pre-coded levels here at 60 or something and it went all the way it went all the way 220 with the whole energy war with Russia and this, and that and right now it has fallen all the way to 75. And of course, if oil is going down, it's very bullish.

A

Can I say crypto is volatile.

B

A

B

People think why? Because if all is going down, uh transportation is cheaper, uh all kind of gas is cheaper. Everything becomes cheaper if oil is going down, and this is also what we're seeing that stocks are reacting in a positive way to the cool inflation data from the US. So inflation is cooling down and I expect it to.

A

Consider it's not going to end because.

B

So many people have been wrecked already by the interest rates. I mean just looking here in Sweden, many people now have to pay double or even triple the interest rate for their mortgage than just a few months ago. I mean it is insane. On top of that, you need to pay two or three times more for electricity than you did last year, all right. On top of that, you may also be fired now, because, right now we are starting to see the consequences of this slowdown. Let's say you lose your job, I mean normally.

B

You can still work there for a few months, and normally, let's say the FED increases the interest rate. It will only affect the business World, maybe in six eight, eight months, maybe a year. So all of this is putting very, very high pressure on the consumer and, of course, right now. The consumer is not really doing that great, no one is really consuming stuff, and when this and also you see stocks go down, crypto go down, I mean when your portfolio is down you're, not really willing to spend a lot.

B

You feel poor and then your monthly payments go up for the mortgage, for, like I mean everything is just wrecked all over the place, so it's not like you're gonna be consuming that much at the same time. So that's that's one thing that pushes down the demand that should also push down prices and then, of course, you see oil becoming cheaper. You see a dollar becoming cheaper, so all of this adds up to a very nice macro environment. Actually, if anything, it's a it's a it's an inflection. This is this is the inflection point.

A

Let's hold it right there, so what I've been seeing right now is actually quite popular in terms of everybody's analysis, about what's going on um he's talking about how? Oh we've got all these all this price, doubling that's happening and everything is getting more expensive and uh we, you know. At the same time, though, gas is going down, so it should make it for transport to you.

A

It should help to be be able to uh reduce this inflation, but the demand I, don't know if you've been looking around you when you go out places when you go to restaurants, when you go shopping but I I see everywhere, I go anyway, um places are packed like I, don't see any demand letting up.

A

Maybe how much people are buying uh is changing a little or maybe the things that they're buying is changing, uh but there is a very there is still a lot of buying happening and there's a contrarian view out there that all these signals that everybody talks about with the pressure that's happening to the consumer are actually indications that the reverse, that the reverse is going to happen uh because everybody expects it right because everybody expects it. It's not going to be the thing that happens.

A

Instead, it's going to be another thing: it's going to go the other way and I think that uh there's a contrarian view to what Ivan's talking about that. We may not even see a recession uh as everybody's talking about. We may see this huge relief sort of um uh turnover like this, this huge relief upturn in the market uh over the course of the next quarter, uh because everybody is saying, oh 2023 is going to lot of pain. There's going to be recession, it's going to be horrible.

A

It's going to everyone's going to lose their jobs, everything that Ivan just said. So it's very popular from a TA perspective, which is what he's talking about.

A

He loves to look at the charts and say Here's what is happening in the markets and therefore XYZ, um but typically speaking when uh you know you thought, there's different instances where you want to follow the herd right in in short, in short term uh following the herd, uh is it can be a good thing in the long term, though following the herd can get you killed so with long-term thinking with a long-term Outlook of things, uh you want to pay attention to uh a more contrarian View and not follow the her in those instances, but on the shorter term uh Cycles uh the herd tends to be right right.

A

That's where the trend is your friend, as the saying goes right when it comes to TA. The trend is your friend. So in short term, you follow the hurt in the long term, uh Outlook of things you look at these uh types of uh ta kind of signals, and you probably want to go the opposite direction of what everybody's saying things are going to go towards. So just a little uh of my two cents on this.

A

So I don't quite agree with Ivan on that one um I understand what Ivan is saying, though, of course, because it's it's it's the popular thing, it's the uh well-known ta analysis of where the market's at and all that kind of stuff.

A

But uh in the long term uh it's gonna get you wrecked uh short term, though uh he may be right in terms of what he's looking at uh long term, you want to go the opposite direction, where the herd's going so uh my two cents anyways, let's see what the rest of what I haven't had to say.

B

Remember the past months: they just think about how things have been during the past month and they think it's gonna continue. But we gotta look at the science, the science of change, the Winds of Change and.

A

B

Are very important signals that really signal the bottom for me, or at least that we're extremely close- and let me know what you guys think I mean at the end of the day. Maybe we're all schizophrenic calling the bottom calling the bottom here being bullish. We should all be bearish because we're going to zero, who knows now guys I, want to end this video speaking about very big news that actually opens up crypto on mobile. The fact that the EU regulations are now forcing Apple to allow users to install apps.

A

From wow, this is.

B

Awesome normally normally uh I, don't like what EU is doing normally I mean they're, always messing around with Liberties in.

A

A way wow, you.

B

Know these people, it's not like, we voted for them because we're a small country. Yes, within a small country, we don't wall. Well, it's more mainly Germans sitting there deciding stuff for us in the EU and and like French and and we get to live with their decisions. So normally I don't feel like that, and sometimes these rules they don't make any sense, uh but sometimes sometimes it leads to something which actually helps us and may help our industry.

B

And now they really want to remove this. Like monopolistic capture of.

A

Them this is awesome. This.

B

Is really awesome and basically right now it seems that their Force apple is forced to allow people to install apps outside of their App Store. This.

A

Is great, that's.

B

The case you can have crypto, you can have I.

A

Mean it's really use case. You can have a wall Garden.

B

uh Which is insane, which is insane uh because it's been the biggest problem with apple in the past, that you, you never know what you're allowed to have on Apple or on the App Store you may get banned, you may get removed and there's no way for people to install your app outside of App Store, and if this goes through, I mean. If this really is what it seems like that EU regulation is forcing Apple to open up. This really helps the consumer, because this really gives you choice.

B

This really gives you more opportunity more chance to control what you bought the hardware you bought and, of course, for us as a crypto industry is fantastic because there's a big fear among developers- and we know this Admiral- is because we are a development platform and we are serving many developers and I mean I know for a fact that many devs they're hesitant to build for mobile, because I mean you don't know. If.

C

A

Focusing on survive.

B

You don't know, hey focus, focus.

A

B

Lot of time, building an app and then it's banned because it's crypto and you have to share the transaction fee with apple, which is impossible or something so.

A

B

Have to like pay for, if transaction in with Apple pay like it, it's not, it doesn't make sense. So I think it's going to give a lot of confidence to depths, and that's the most important thing devs will build the next bull market. Devs are here to change the world, guys that.

A

Was awesome that last piece of news about uh what's happening in the EU with apple is fantastic? It's absolutely awesome. uh Again. We have a counterparty with apple the company that has this walled off Garden situation and the only thing and the reasoning that they have with that initially was well.

A

We want to make sure that our apps are secure and that everything that comes into the store is going to be a nice and secure type of a environment so that you're not going to get malicious apps that are going to go on your phone and all this kind of stuff sounds good in the beginning.

A

But what happened in practice was hey pay up your 30 or you're out of here right, that's what that became all about, and so obviously, with that kind of a monopolistic kind of being shaken down as an app developer in the Apple Store. To be able to be, there uh is certainly not in the interest of the consumer, and it looks like the eu's somehow some way uh saw this and actually has uh is giving them orders to say nope.

A

You got to open this up and allow others to be able to have access to uh to to be able to install other apps, which is fantastic news for us, because we're actually working on something that where this was a challenge like we were looking at the situation with different kinds of phones and we're just like what about the Apple Store like what about Apple?

A

What are we going to do for for iOS phones, because uh you know the ability to be able to connect with them is just so gated off that we would just like, technologically speaking, it just becomes this walled off guard like they talked about. This happened, EU I hope it's going to happen all over the world, I'm pretty sure. If the EU is doing this, it's going to adopt it everywhere else, pretty quickly, uh hopefully sooner than later, uh but uh that's great news and uh I don't know, that's correct!

A

It's a very scary experience when you're a Dap developer and you need to deal with the Apple Store, because you never know when you're gonna get shut down. Look what happened to coinbase coinbase like just recently like that's! That's where all this is like uh what the story talks about and associated with is that coinbase uh actually was starting to get shaken down by Apple for a 30 cut of all its gas fees.

A

Right, like it's just crazy, like so nfts, basically uh any kind of entities that were going to be transacted using coinbase's wallet, Apple Store is saying: yeah you're gonna have to give us the gas fees on that. Now, it's like what like crazy, just crazy um anyways.

A

It's got some fantastic news, so overall uh I agreed with some of what I'm on attack talked about. He gave some fantastic news about what's happening to EU with the Apple store, that's great, uh but as far as what's happening in Congress from a contrarian kind of perspective, because some people are freaking out going. Oh, this means they're going to ban all crypto, and now it's you know the sky is falling.

A

uh When you have that kind of thing happening, uh people in crypto have gotten pretty used to it, to the sense that they take the contrarian, View and go. This is the signal that the bottom is in. We got to start turning bullish now because that is like, because, like now we got everybody attacking us. That means that we're we're going to go the other way now so uh I think that's.

A

What's going on so Ivan uh is taking the contrarian view on that, like we should be going, we should be turning bullish now, uh because it's definitely like the bottom signal, um whereas, like the rest of his macro analysis, kind of does in the other way in terms of it's going to be hell in 2023 but contrary view would be ah it may not. So uh we have to see what happens so uh anyways. Do you agree with that? Do you agree with Ivan? Do you agree with me?

A

Let me know in the comments smash that like hit the share button and subscribe and I'll see you in the next one have a great day.