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WHAT'S HAPPENING WITH CRYPTOCURRENCY? (BE VERY CAREFUL) - YouTube
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welcome back everybody to altcoin daily
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my name's austin in today's video i want
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to update you on the latest news
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involving bitcoin involving ethereum
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tokens involving polygon cardano and
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much more
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if you're interested in making money
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with cryptocurrency click subscribe
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right now we drop a video every single
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day demystifying this cryptocurrency
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market
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let's jump in starting with
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where we stand right now with this
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crypto market as a whole
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listen to brian brooks explain why the
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price of bitcoin is dipping in the short
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term why are we correcting and then also
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listen to the follow-up question asked
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by this anchor what about ethereum what
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about web3 this is about a two and a
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half minute clip watch this
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so bitcoin goes up like 500 from
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november 2020 you know to march or so of
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of last year in a few months time um and
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so we've given back some of that and is
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it just that you know crypto overshot to
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the upside along with a lot of other
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assets that are tied to this sort of
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technological future or is there
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something else going on that we should
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be concerned about in terms of the
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health of the the kind of crypto project
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yeah mike these are great questions i
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mean look in in an efficient market
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buyers and sellers are doing so for a
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reason and there's some things going on
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right now short term that are that are a
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little bit negative for bitcoin but only
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short term so for example the fed is
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announcing uh you know some mild
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inflation fighting strategy for 2022 and
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one of the things about bitcoin in
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particular is it's a hedge against
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inflation so if you think inflation is
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going to go down that will have some
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modest negative price effects but mike
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the really really interesting news here
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if you're looking medium term instead of
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short term is the goldman sachs report
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that just came out a few days ago
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showing that bitcoin is now 20
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of the total global store value market
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compared to gold
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20 percent of the gold market that
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that's insane and what that predicts
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according to goldman sachs is a future
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where bitcoin price in the medium term
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hits a hundred thousand right as as it
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achieves parity with gold as a store of
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value so most most of us in the sector
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remain quite bullish
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well if that's the case i mean and that
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certainly has been one line of reasoning
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that it is essentially a digital form of
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gold a perhaps less correlated asset
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that maybe protects against you know
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central bank mistakes or inflation or
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something like that however when the
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when bitcoin and other cryptos were were
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shooting higher we were told by many
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that it showed that there was all of
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this real world application excitement
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over actual development it's going to
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create a new version of the internet and
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that's what the prices were telling us
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not that it's just a store of value as
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an asset
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yeah well so look this is where i always
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tell people if you're new to this space
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that there's bitcoin and then there's
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everything else so you know bitcoin has
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some really interesting things happening
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on it but the real
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web 3 stuff that's happening elsewhere
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that's happening on ethereum and solana
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and the cardano ecosystem and with nft
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platforms and things like that and for
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that you know all i can tell you is if
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you look in the history of the really
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innovative internet stocks you know even
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google in its early days they had
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periods of time where they fell by 50
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because it was a new technology that was
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achieving adoption first among hobbyists
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then across mainstream users and finally
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mass retail we're still new to web3 it's
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a new concept and yet development
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activity is enormously high so yeah
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there are a lot of things happening all
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at once some of them have to do with
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stock prices some have to do with
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inflation others of them have to do with
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new internet technologies they just all
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happen to be in the same broad category
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at the same time
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all right
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very interesting
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give me your thoughts on this down below
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brian brooks is essentially saying that
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prices right now are being suppressed
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because of the fed's announcement that
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they will be tapering rates in the
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coming months hasn't happened yet but
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it's essentially being priced in
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according to brian but much like the
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internet revolution dips are normal and
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the fundamentals of the network is only
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growing larger
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hey and by the way if you appreciate
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this information like the video like the
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video we drop a video every single day
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keeping you informed but next up let's
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go a little deeper in analyzing this
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bitcoin correction that we're seeing
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according to crypto analyst techdev this
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correction has actually been happening
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for the last 12 months relax
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in my opinion bitcoin remains in its
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running correction with volume declining
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since february 2021 last year between
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the same log fibonacci levels bitcoin
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has always seen a run in correction with
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volume declining
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interesting so let's unpack this and if
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we look at the chart this is separated
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bitcoin's price history separated by
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each different having we can see bull
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markets in green bear markets in yellow
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and crab markets slash times of
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consolidation in red
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zooming in to where we are right now the
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analysis is that we have been in
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consolidation for the last almost 12
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months in between these fibonacci levels
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and price has maintained in these
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fibonacci levels which we have seen time
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and time and time again
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so what's the takeaway
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well my conclusion on all this is
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bitcoin could dip even lower to the high
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around 20 000 levels and that dip would
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still not invalidate the broader trend
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give me your thoughts on this down below
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how much credence do you put in to
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fibonacci levels when analyzing the
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bitcoin price let me know
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okay next up let's talk about altcoins
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making news starting with polygon the
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associated press has just announced they
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are launching an nft marketplace on
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polygon to support journalism the ap
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associated press
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is launching its own photo nft
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marketplace which will feature pulitzer
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prize winning shots
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so the ap is turning their large
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collection of historic photos into nfts
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set to launch on january 31st the
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marketplace will feature an array of
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photos including some that won the
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pulitzer prize
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as well as digitally enhanced depictions
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of photographers work the not-for-profit
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news cooperative ap
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their marketplace will run on polygon
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and will be built by blockchain
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infrastructure firm
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zua
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i love this the associated press has a
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huge collection of these historic photos
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and they're now all being minted as nfts
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on polygon
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each nft will feature detailed metadata
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or stored information about the shot in
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question and according to the release
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the metadata will feature information
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about the date time and location of each
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photo
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along with the equipment and camera
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setting used to capture the image
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so very cool for history very cool for
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polygon i'll keep you
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updated and next up in 60 seconds or
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less i want to give a big shout out to
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sponsor of the channel ok coin a global
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cryptocurrency exchange that is fully
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regulated in the us which i like
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a better way to bitcoin join the fastest
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growing global cryptocurrency exchange
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with the lowest fees around and that's
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true they do have much lower fees than
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the competition in fact if you want to
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break down on exactly how this works we
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did an interview with ok coins head of
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listing called the number one crypto
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exchange with the cheapest fees really
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valuable information link down below and
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i guess to finish up the two other big
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things that also really separate ok coin
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is their selection they have a wide
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selection of higher cap altcoins like
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right here as well as they're always
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adding newer altcoins like right here
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and number two they also have 100
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percent feeling staking so you keep 100
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of all staking rewards earned so check
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it out link down below that's altcoin
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daily ok coin link down below
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okay next piece of altcoin news kim
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kardashian floyd mayweather as well as
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basketball player paul pierce are being
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sued over their ethereum max promotions
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just as a reminder ethere max was a hype
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coin a coin designed to pump and
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kardashian mayweather and pierce all
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promoted the emacs token in some form
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during may and june of last year
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and as of now emacs has lost most of its
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value since hitting a high on may 31st
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so here are the details
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now all three celebrities are being sued
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by an aggrieved investor who alleges
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that those celebrities colluded with
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emacs co-founders to pump the price of
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the token and then dump the token
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leaving average investors huddling the
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mostly worthless bag
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so i believe what this is alleging is
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that those three celebrities held some
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of the emacs token maybe got paid in
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some of those emacs tokens and then
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dumped on their followings shortly after
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their promotions
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that is the allegation we will have to
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see how this plays out but emacs has
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lost its hype down 97
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since those celebrities promoted always
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be careful always do your own research
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and next piece of adoption news for
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bitcoin
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nba players klay thompson as well as
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andre iguodala to get paid in bitcoin if
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you are a fan of the nba you obviously
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know those names and nba players clay
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thompson and andre iguodala will take a
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portion of their next salary in bitcoin
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as well as donate 1 million dollars in
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btc to fans pretty freaking cool
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in a direct quote from thompson
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i'm with bitcoin because i believe it's
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the future of money in a direct quote
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from iguodala bitcoin is the future klay
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thompson and i are both believers
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awesome to see those two players have
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huge followings so it's always cool to
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see the adoption
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and the details on how this all came
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about how they're able to receive a
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portion of their salary
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in bitcoin
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is
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that thompson and iguodala have both
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partnered with cash app the money
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transmitting and bitcoin buying
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application to facilitate their salaries
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conversion love it so thanks to the cash
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app they're receiving a portion of their
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salaries in bitcoin
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next piece of quick news for cardano
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cardano reaches their goal of planting 1
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million trees
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so the cardano foundation is
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spearheading land restoration
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and local ecosystem development
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activities using the cardano blockchain
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here are the details in a direct quote
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the cardano forest is 100 funded we've
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reached the 1 million tree milestone
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all trees planted will be recorded on
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the cardano blockchain for enhanced
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transparency and serve as public proof
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of land restoration activities so all
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public all verifiable on cordano and
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this is happening in places like kenya
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and how they were able to do this
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the cardano foundation partnered with
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crypto startup very tree for the
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planting effort
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very tree uses blockchain technology to
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record the supply chain of tree
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plantations for its users
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allowing for a verifiable tracking of
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such activities what do you think give
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me your thoughts down below but that's
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the video my name is austin like always
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see you tomorrow
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