HUGE NEWS FOR CRYPTO! PRICE DROPS & WHY WE'RE SUPER EARLY.
So today, just like the thumbnail suggests the everything is moving along in the crypto market, but its kind of odd, because everything else is going down so were going to take a look at some great stories. Some great news that chrono smart contracts are coming into play. Also, paypal is moving into uk and expanding their reach. Kyber is integrating with the avalanche network and then were going to wrap it all up with a little story about nigerian currency, the u.s dollar and bitcoin, and how i know for a fact that we are extremely early, so lets uh. Well, take a look at all those things, but first take a look. Whats going on the market, so uh today, as you can tell, were in a different part of the part of the house, were just moving around but uh what we have as far as the market itself is uh its down a little bit were down almost three Percent for a 24 hour period, but uh 2.12, not too bad and then bitcoin price around 47.5 somewhere around there and then for the coins themselves. I mean everything is just down across the board: theres, no real winners. Today, 24 hour change, everythings down, except for dogecoin, 0.59 watch out, amazing, even cosmos, 1.65 and then eos for some reason is up seven percent so good for all you eos holders. That is myself included. I still have that stuff. I dont know why but uh.
That is whats going on in the market, and whats surprising to me is just whats going on and then how everything looks and then how all the different stories that are coming out are just fantastic. So well start off with this one were going to talk about cardano and their smart contracts and just how theyve actually been able to really get a foothold in a very short amount of time. So the first thing well talk about look about. Is this and i always thought this was funny its uh, its a nice little meme? It says these smart contracts turned on. Are they in the room right now and uh? I always laugh when i see that, even though i was holding cardona, so that was a pretty funny uh joke and then of course this is from charles hoskinson hes, like yeah yeah theyre here right now. So, as far as like cardano holders out there me you and all the different people out there weve had to go through a lot of different negativity. We should say as far as cardinal getting things ready but uh here we are and in a very short amount of time, weve got a hundred smart contracts that have already been uh implemented in a very quick and easy fashion in the last 24 hours. So whats going on here – and this is a direct quote from charles hoskinson and states uh – the focus is now on improving the platform further and ensuring that cardano was adopted by corporations and governments and uh theyre working hard for africa and thats.
Why im working closely with world mobile token and how theyre going to get uh telecommunications, hopefully uh? You know in different areas of africa: theyve already got them in tanzania and different areas, so thats what i like about that project, but he states this in less than 24 hours over a hundred smart contracts have already been run, so i dont know how it worked Out with ethereum back in 2015 1617 when they got their smart contracts rolling, was it this fast or not, but it really doesnt matter, because ethereum is so far ahead in getting smart contracts done, but this was the whole thing with cardano to actually get things. Uh done in a little bit different fashion and well see how the developers work it out. But then this was uh, also more great news that uh the likes of poly market q and polygon co, founder sandeep, nalwell lost the bet and now hosting wants them to put their money and what this was it. I thought this was funny as well. Is that uh people were saying you cardano is a is a scam, it will never run anything and were gon na bet x, amount of dollars, thatll never happen, and to me you have to put your money where your mouth is. Ive actually have a bet right now that uh voyager will hit thirty dollars by the end of the year. Now its one of those predictions thats a little bit far off, but its one im going to stick to and with this one, if you say its going to happen, it doesnt happen.
You got to pay up and thats really what it comes down to. So, as far as like good news, i mean for cardano holders, it couldnt get much better right now and uh, even though its doing so well, of course, what do we have with the price action cardano down three and a half percent to two dollars? And thirty six cents so again pretty sure were early. Let me know what you think about that in the comments section lets move on to our next piece were talking about how paypal is going to allow the uk to buy and sell bitcoin ethereum, litecoin and bitcoin cash for some reason, not a big litecoin fan, but Uh, maybe you in the comment section can persuade me otherwise, so san jose, based uh tech, giant paypal announced that all his eligible customers can now buy, sell and hold crypto in the uk. Weve already had this in the united states. They were supposed to roll it out globally. I think this is just part of their plan, but the big thing to me uh, was that its not just about being able to buy crypto lets actually be able to use crypto, and they were supposed to roll this out globally to all their merchants, which was An additional 300 million different individuals and companies that we could actually use crypto, which would be bitcoin bitcoin cash, litecoin ethereum. I only done that yet also they were supposed to uh.
Allow us to custody our own crypto as far as like being able to transfer our crypto out of the wallet into our third party wallets. This was written on may 27th, uh, 2021 and uh. That still hasnt happened yet so well see if it actually does and thats the big thing with paypal, its agreeing theyre doing bringing about mass adoption. But if you really wanted to to really get into actually the whole power of what crypto and digital assets do you have to let people custody their own cryptocurrency because right now, theyre not holding crypto theyre, just holding ious and thats uh, not what this was designed For so again, another uh great story that hasnt really moved the market too much and we can see again bitcoin down negative one percent ethereum down five percent bitcoin cash, negative 1.8 and uh litecoin, probably down ah negative 4.82. So again, more great news and definitely happens, and to really get to the point of that. As far as like great news and whats going on, you have to remember that its not just because theres great news things are going to go up all the time, its because sometimes theres, just more sellers than there are buyers and thats really what it comes down To sometimes its just wales moving things around, sometimes its just some people just go. You know what this isnt the time for me or institutions, kind of break apart. So when we take a look at these stories, they are good indicators of where things are going, but theyre not going to happen today next week or next month, but i can tell you things will happen so, on top of those great stories heres another good one.
Kyber network uh launches uh launches with avalanche 5.8 liquidity mining program, so what it states here i thought was pretty interesting – was that kyber aims to enable dynamic fees and higher capital efficiency for d5 users in avalanche its putting up 5.8 million in liquidity mining, a common Tool for d5 projects, uh kybers already launched on dynamic market makers, uh ethereum, polygon and binance, smart change, smart chained and then uh. The um kyber co, founder uh, ceo loy lou, says this. At the end of the day, whichever ecosystem has the growing community were going to be there, so really what it states it makes. A lot of sense is that look if youve got a lot of community members were going to be there and were going to add liquidity and were going to allow them to gain yield for d5 farming. So it makes a lot of sense that they would go to these ones. I wonder why they havent gone to all of them, but hey theres. Only so much liquidity go around and then also thursday saw the announcement of a 230 million investment, but by poly chain and three hours. Capital two provide liquidity on avalanche based d5 platforms, again uh, more fantastic news and again avalanche down four percent but 35 for uh. Seven days so not too bad, and then, on top of that, like when i take a look at kyber network. The thing i always think about is well, first of all, what is kyber network and why do we need it, and what does it really do so this was from gemini.
com and it just states two types of trades one is – and this is all for kyber network Uh, you send your e to the kyber network. Smart contract uh. The contract, then queries all of its reserves for the best eth to basic attention. Token exchange rate contract then sends the ether reserve, with the with uh the best eath the bat. Finally, that reserve sends you basic finish over so basically just like uniswap right its going to go through that its going to do its own thing and then its and based on ethereum. So when i was im like, oh so everythings based on ethereum. But what if you dont use or arent the the trading pairs, arent ethereum based well, it states lets. Imagine that you want to trade bat for die since youre, not trading directly neath. Some additional steps are required. You send your batch to kyber contract queries. The best bat to eat contract sends bat to, with the best bat, to eat exchange rate. The reserve then sends ether the contract. The contract then carries all reserves. The contract then sends ether reserve with the best ether die exchange. Finally, that reserve then sends you to your diet, so it sends you die so that when im leaving this im like do, we need to go through all these steps just to exchange two tokens. It just seems to me kind of ridiculous, and just makes me realize that man, we are super early to all these areas, uh, because for the dexes that are going to come out on top of these platforms that are based in smart contracts, i dont really think We really need this type of thing.
I mean theres, always something that could actually improve it, but down the line. Do we really want to jump through all these hoops and just stay on ethereum just to get the because everythings based on ethereum, or can we just kind of branch off and do our own thing? That will be the big thing. So, in my personal opinion, i just dont understand kyber network and what its all there for maybe im wrong. Correct me in the uh in the comments but uh on top of that, if we take a look also at not only kyber network lets, take a look at the price and all this great news down three percent. So again, great news, doesnt, really equal too much. These days, because were just early, then lastly, were going to finish up with nigerian currency and im not going to read this whole article. But i found it interesting that the nigerian currency plunges a new level of 570, which is 10 of the value lost in under 30 days, and whats going on here is just like most currencies around the world or not most, but some currencies around the world theyre. Just dipping and their their purchasing power is dropping, and then the big thing that i took from this was this. There was an investigation by the daily trust found, and some people and corporate entities in nigeria are now saving their fortunes and fortunes in dollars, which doesnt make much sense to me, i mean i understand because you know were were talking about stores of value, so a Dollar i mean is okay, but if youre talking about the store of value but take a look at the actual purchasing power, as the actual uh increase in circulation goes up, the purchasing power goes way down and you can take a look, and this is back in The 1970s but ive got another graph that shows all the way back in the 1920s and 30s or 1930s.
The purchasing power has decreased by like two five percent of what it actually was because of the fact that the circulation is going up and it states uh. I wrote this into remind me. As of february 10 2021, there was 2.05 trillion worth of federal reserve notes in circulation. That was february 10th. I can guarantee its more than that right now, so we take a look at the dollar. These people in nigeria are putting them in the dollar. Why? Why is that? Its? Because what theyre used to and the only thing they really know, because when we take a look moving forward, everything that that is that is new as far as innovation, its not going to make sense to people and, first of all, theyre going to fight it. Heres a heres, a an illustration from the 1900s, where they were talking about how electricity was going to be the downfall of civilization, and it was actually going to be more harm than what it was worth now. Who actually put this propaganda out? You can guess yourself theres a lot of people who dont like innovation and they will stop, but nothing to stop that to keep the status quo. So on top of that lets, move forward to the actual internet and uh the internet itself. I was around when that was actually uh created. I thought was the greatest thing ever, but then youd see articles like this. The internet may be just a passing fad as millions give up on it, and that was the thing when we, when we got it, we thought it wasnt gon na last that long we just thought well its a its a great uh information index, but that was About it and now here we are and then even take a look at this.
Even so called experts will come on and say, thatll never work. So this was a story about jeff bezos going to harvard business school and what they told them. This is in 1997. Jeff bezos flew to boston to give a presentation at hbs. He spoke to a class taking a course called managing the market space and afterwards the graduate students pretended it wasnt there while they dissected the online prospect – and this is what they told them. They said: hey man, you seem like a really nice guy, so dont take this the wrong way, but you really need to sell amazon to barnes and noble and get out now and thats what they told jeff, bezos and hes like well. I think i got a different opinion about that and if we take a look at that and just extrapolate that out, how do you think amazon did pretty good, but i really want you to take a look at the stock price right now of amazon. If you just zoom in to what it is like, we sometimes do we zoom in at the price, like i just did uh multiple times. We can see that actually the stock market price for amazon today is down. Oh its awful well take a look at five days. Lets. Take a look at six months. Lets take a look at year to date, still doing pretty good how about a year, not too bad. How about five years way better lets.
Take a look at the max. This right here, if we go back into 1998, the stock price 747, and then there was this thing called the dot com bubble. This was in 99, 64 and everybody was like im a genius because i invested in amazon at 93 bucks a hundred bucks and then, when the dot com bubble burst. Just like we see these cycles as far as crypto digital assets. Look at the price now sixteen dollars. Fourteen dollars went from a hundred bucks to fourteen bucks. If you would have held onto amazon, you know what youve been called uh youre in a bubble: uh thatll, never work out, uh thatll, never happen, itll, never take shape and look what happened to amazon and its the same thing with cryptocurrencies and digital assets. So look a lot of things to go over today and uh, but that is it. So if you liked the video first of all uh give it a thumbs up, give it a like.