Ayo what is going on. Viewers of the tube and Stein. My name is Tyler and if you’re popping near Chico Cherry I’d like to introduce you to the channel that reports the dark dirty and dangerous things of crypto currency but then always makes you leave with a smile just like this local station News reporter she went to police say they welcome some of the panel’s recommendations but money will be a key factor as to whether or not they’ll be implemented. But one thing money can buy is your mama. She’s for free and everybody knows it. Roberts Kumar New Center seven. You know our mama jokes. It’s time for Chico crypto. Well this was my Friday shop video which I post on Monday. Over 72 hours in advance so I’m not going to even try and discuss the price because it could be anywhere with how the markets acted last week above 5 K possible below 5 K possible too. But if I had to take a guess I would say we are falling below. Why. Well to understand what is going on we need to get our knowledge hats on regarding the stay of the current climate of the global economies and what Bitcoin is perceived as to the general public. So first what the freak is going on in the current climate of this world. Well things started to get really really real last week as celebrities professional athletes and health ministers started to contract the virus. Large events they started to get canceled bird dogging Creepy Joe and cancelled their rallies. And then when the athletes started to contract it. It prompted the postponement of the NBA NHL MLS and in they’ll be seasons in March madness it’s gone. Might have to be called. April May or even June madness or it just might not happen this year. Besides a virus last week was the breakout of an oil price for which I made a killer video on I recommend you watch it. As always it’s down in the description. So what I said in that video is we have a leveraged debt ridden fracking house of cards ready to crumble here in the US of A which could be the ignition that ripples and carries throughout the entire U.S. economy which means pressures are mounting everywhere. On top of the globe’s world power and the controller of its reserve currency lower oil prices mean lower value transactions and the petrodollars at sixty dollars a barrel. There was a certain global demand for greenbacks dollars but now at 30 dollars a barrel that demands value is now cut in half. Not good for the U.S. of A. Which is amplified because we’re in the middle of a massive liquidity crunch. Corporate America is still suffering even with tramps massive tax cuts and as Trump all down economics. We slashed rates beginning last week the largest single slash since that 2008 recession and the Dow Jones even after that still crashed and burned. But by the end of the week it pumped. What’s going to happen today. Well like I said I shoot these videos on Friday but I wouldn’t doubt over the weekend things got worse regarding the corona virus. Now late last week there was already talk about the New York subway system possibly going down the Wall Street Journal posted this last Thursday. New York City subway service could be reduced under coronavirus. In the article Sarah Feinberg said the Metropolitan Transportation Authority could reduce subway frequency or switch to a Sunday service schedule as ridership declines. She added that the MTA has contingency plans for major disruptions such as Storm. Well no contingency for pandemics and what people need to realize is the subway is a lifeline of New York City. It’s what keeps the economy of the city running getting workers to their jobs and back home 5.5 million people each weekday. This goes down. New York goes down and that Governor of New York Cooma Mead you know he announced Thursday something super weird and super drastic. Let’s watch now this. Secondly you reduce the spread. Besides testing is reduced the density of people. We all talked about how it’s contagious. Touching surfaces etc. reduce the density. So we’re going to take very dramatic actions in that regard to reduce the number of people contagious environments. No guy has a ring with 500 people or more. Yup gatherings of over 500 people are frickin banned. Well a working subway system is definitely over five hundred people in thousands of spots across New York City. You know what else is a gathering of over 500 people. The madness that is the New York Stock Exchange trading floor. And guess what. They’re preparing to close the trading floor and attempting to operate trading remotely. And the New York Stock Exchange President Stacie Cunningham talked about this last week. Let’s watch now what would happen to the floor in the event someone tested positive for Coronavirus right here. Let’s listen in. If there is an outbreak. We can clean the floor and reopen pretty quickly as well. So that’s something we’re not planning to close the floor at this time. But as you mentioned we could and we could trade fully electronically. Now the NYSE has had a business continuity plan b c p in place for decades here on the floor. In the event it needs to close for a flood a snowstorm or any other disaster. But this plan would allow the NYSE to trade electronically without the floor if it needs to. The market makers and floor brokers who are here can continue to participate in that electronic trading so there may be some limitations around things like the closing auctions. So I would not doubt by next week we see this contingency plan come to full fruition as it’s just a matter of time but a physically closed electronic only trading for the entire New York Stock Exchange for an extended period of time has never happened. It’s a world of uncertainty for the traditional markets and how the stock exchange will function without a physical for is to be seen if at all. But I’m sure you’re wondering about bitcoin and how this is going to affect it. Well I’m going to be honest. What happened on Thursday with the flash crash was just a glimpse into a dark future that has a light at the end of the tunnel. So on Friday there was a great Reddit post and thread titled Bitcoin isn’t a stock. There is no need to sell the poster said to all those people selling bitcoin because of the virus. Bitcoin isn’t a company which makes money from commerce. It’s understandable why the stock market is dropping but you don’t need to sell BTC just because shares are dropping. You hold a digital currency not a share in bitcoin and in it we get a wide range of arguments that can basically be sorted into two camps those who think Bitcoin during an economic contraction and recession or depression will get trashed and those who think it’s going to get trashed and will eventually break out. Well my friends my honest thoughts are this. Finance one point zero is going to trash any alternative asset with it as it goes down as we know BTC got trashed due to liquidation free for all which always has its ties back to Big Macs and its hundred ex leverage finance one point tool that got amplified on top of BTC trashing it down to 3 K levels and crypto Hayes a.k.a. Arthur Hayes the man behind the scenes a bit Nick put out this post before the flash crash putting forward his great insights. Well Bitcoin act as a safe haven as macro economic volatility returns even though it’s trading below 8 K. Bitcoin has outperformed most global equity indices in 2020. However you’ve got to go down to go up. And here is where it gets oh Larry is the fear and uncertainty facing humanity is enough to inspire a global margin call. Bitcoin will not escape. While I don’t believe we will revisit 3 K haha. Max Payne probably resides somewhere between six K to seven K Bitcoin. So basically he set up every line then an SPF Alameda put out a great back Twitter thread about the possibility that this was no hardware issue with bit neck as bit necks went down for maintenance during the crash but was done intentionally to save a liquidation free fall pushing BTC to zero. I mean right when bit next went down BTC rebounded back from thirty six hundred fifty two hundred on other exchanges. That right there just proves what next and finance one point zero Tools are providing against the BTC price extreme downward pressure and this can be more clearly seen on this dot plot of liquidation during its maintenance blank and the price immediately shot up right when it got turned on liquidations began and the price got held when a single exchange with a 100 x leverage bet next can create a liquidation death spiral crashing BTC down so hard that exchanges have to fake maintenance that save it from going to zero. We have a serious problem. This crash has inside job written all over it. Everybody is losing money. The only one making huge profits is bit Max by liquidating the market and by the time people realize what’s happening bit next will own a huge percentage of the Bitcoin supply and that is not a good thing. So please take your grubby greedy hands out of that exchange and any finance one point zero tool offering one hundred X leverage on crypto. These tools were not built for you and me they were built for those in charge to downright forcibly take bitcoin out of your hands. But bitmex isn’t going away. They started right back up and that leads me to believe it finance one point zero feels more pain which I expect it to Bitcoin and finance two point zero well to any alternative asset outside of the United States control is going to get trashed in the short term. Friday it made me feel good to see gold another alternative asset getting crushed to end the week. Which means finance one point zero is not going to go down without a fight and they will bring Bitcoin with it and they will use every opportunity they can to sneak in a jab at crypto and the markets as the powers that be. Understand now that this is definitely a competitor to their beloved USD. Let’s just hear what Mitch McConnell had to say about this crisis. One is reminded of the famous comment from President Obama’s first chief of staff you never want a serious crisis go to waste. Yes just like Obama’s friend said you never want to let a good crisis go to waste. And those sneaky sneaky politicians are using a virus to pass some bills. First one the corona virus economic aid package H.R. 6 2 1 which the US House will pass over the quiet of the weekend. And here’s the full breakdown of the support it got from the House bipartisan with every single Democrat voting yes and a majority of Republicans voting yes to after the Don tweeted his support before the official though. Although 40 Republicans voted no on the bill even after their overlord told them to vote yes. I wonder why. Well these are the good people still in the House who know this is a bill where Trump and Pelosi they don’t hate each other. They are the best friends when it comes to passing this. Texas Republican senator Chip Roy who voted no tweeted this about Donnie supporting the bill. The fact Donald Trump supports the Pelosi deal does not absolve from opposing legislation that will harm small business expand government massively put pressure on House resources all when we don’t even know what it will cost. And that was just one bill. And you know Chico does his research and I found out what they’re really trying to get passed last week during the corona virus madness When our House and Senate should be figuring out how to get this under control. The Senate met to discuss the Earnhardt bill a bill to protect children online but in reality it’s a sneaky bill which will give the US government back doors into encryption technologies. It’s literally a bill against technology privacy and even crypto currency and it’s being snuck into the Senate during this craziness. If this is brought into law no consumer personal or financial information would ever be safe because hackers would simply find and use all those established back doors. So it’s weird for a while in twenty nineteen I thought we might have been near the join you stage ice launch back maybe a Bitcoin ETF but as time goes on and we see everyone’s true colors we have just entered the fight you stage and I have ready arms. Cheers. I’ll see you next time.