Why Crypto & Bitcoin is Selling off Today...

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next saturday on the 19th hey everyone

me kevin here so i have to say i was a

little bit

shocked regarding cryptocurrencies i

thought

the fbi recovering

bitcoin was a positive

thing like wow this just goes to show

how safe bitcoin is and how

easily it is to track crime and i'm not

trying to minimize the work of the fbi

here in tracking

you know there are presumptions that

they use software like palantir or other

devices

we talked about that in a video

yesterday so i'm not going to rehash all

that yesterday

i thought this was a positive thing like

this is good this is uh this is the next

step for cryptocurrencies to show

they're resilient against crime

and that crime can sort of be be rooted

out uh but

i ran this twitter poll uh follow me at

realme kevin on twitter if you haven't

yet

and 3562 of you voted on it

did the fbi's recovery of the colonial

pipeline ransom money help or hurt

bitcoin

only 41.2 percent of you said it helped

so i'm in the minority with my

my reaction uh now that got me thinking

like wait a minute why

why would 58.8 percent of you say

that it hurt bitcoin so i thought to

myself okay well

you know where maybe i could get a

little bit perspective was

searching a little bit more about what

happened we're gonna talk about that but

also

take a look at this daniel lynn as i

read your comments i appreciate your

comments even the trolls

uh i don't know about the appreciating

the troll part but i read them

anyway daniel lin says from a

libertarian perspective which i suspect

is the perspective of a lot of

bitcoiners

basically free liberty uh free control

of government right free from government

control

there's a lot more to libertarianism

this is not a video about libertarianism

okay

but anyway this is actually a negative

the fact that the fbi can so easily

retrieve the bitcoin is very scary

and calls into question whether bitcoin

is truly beyond reach and control of

governments as lots of people as a lot

of people wish it was

so this is really interesting the whole

when i made a crypto video yesterday

about donald trump bagging on crypto

i i i mentioned like the whole point of

cryptocurrency is to be free from

government control exactly like daniel

here mentions

uh i said you know donald trump is

complaining

that oh bitcoin has the potential of

taking away the us dollars

sovereignty or the power of the united

states dollar

and i responded with yeah that's the

point

like the point is people being free from

government control

and having a people's currency so to

speak a world

currency for the people and this is

something that

initially we think like okay i mean

that's great that makes a lot of sense

but we also don't want cryptocurrencies

to have this continued impression

that they're used a lot in crime which

based on statistics we have

cryptocurrencies are used less in crime

than ordinary cash

but those statistics could be skewed by

the fact that it's very difficult to

track

certain criminals because they can hide

a lot of their transaction history by

going through privacy masks

and transferring to different currencies

hopping the crypto

chains to different or or block hopping

to uh to different currencies

to sort of try to extinguish their

history especially

if they go into privacy coins so

i thought okay well the fact that they

stayed in bitcoin the the hackers who

stole money the fact that they stayed in

bitcoin was a little bit of a head

scratcher

that they didn't actively or maybe i'm

sure they were trying to but the fact

that they didn't get out of bitcoin

was a little bit of a head scratcher

because bitcoin's pretty transparent in

terms of where the money's going

but i think the bigger issue is upon

further research

we find that it looks like the fbi

somehow got control

of the privacy key or the private key

not privacy key the private key

for this person's bitcoin or

organization's bitcoin that they stole

and what's interesting about that is it

begs the questions

how did the fbi get the private key

did the fbi hack into

this organization's computers to get the

private key

did the organization subpoena

the exchange may be where these coins

were located

and demand the reveal of the private key

from the exchange which holds the key

or uh and this is more sinister

is the government involved in

cryptocurrency way more than we think

and this is secretly an nsa project

this is pretty conspiratorial okay but

this is secretly an

nsa project and we're just falling into

the trap of

their currency basically uh like they're

making it feel like

it's free from government control but

it's actually a government project

now that's pretty conspiratorial i'm

gonna go with like a

three percent chance that this is an nsa

doing

okay that's that's three percent i'm

gonna go with more like

40 what's left i don't know like 49

and 48 48 and 47 percent something like

48 48 i don't know whatever 48 and 49

okay uh chances on either they

hacked or subpoenaed so

hacking the hacker happens okay the

government is pretty good at

doing hacking in fact oftentimes the

really good hackers

they get job offers from the government

like hey how about we don't throw you in

prison

and we just pay you a salary instead

so that's a really interesting

consideration that maybe the fbi hacked

to get this private key

or the government was able to subpoena

the exchange to get this private key

and therefore extract uh money or

extract the bitcoin from wherever it was

both of these are kind of concerning and

you know because the private keys is

very very critical and the last thing

people want to think is

oh my gosh the government can just like

that and now i guess i shouldn't say

just like that it took a month

about four weeks ish uh to still talk

about four weeks to get this recovery

right

so it's probably not a just like that

thing but the fact that with four weeks

they

were able to get the private key makes

you wonder okay was this a subpoena on

an exchange

or was it a hack either way

both of them prove the power of the

government

in relation to cryptocurrency either way

whether the government hacked to get the

private key

or they used a court to subpoena an

exchange it shows that

if your private key is out of your

control and it's in exchange somewhere

it's up for grabs now i have a hard time

believing that these hackers

move their bitcoin into some exchange

like

coinbase or blockfi or voyager right

like these regulated exchanges

i have a really hard time believing that

the hackers did that

like if you're a hacker you know that

you're most at risk on one of these

exchanges

so i'm leaning more towards they were on

some kind of

private exchange where they thought they

were safe and these hackers

who i presume to be very intelligent of

what it is that they're doing

uh thought they were good and then they

weren't and so this is why i believe

that

okay over the four weeks maybe it's more

likely maybe that's the 49 versus the

other 48

maybe the more likely is maybe the fbi

did have some kind of

you know counter-hacking stuff going on

here

and i don't know it's speculating right

it's all speculating but

when you when you draw all the dots

together this being an nsa

conspiracy project probably lower on the

list

maybe i'm wrong probably lower on the

list getting a subpoena on an exchange

implies that the hackers are not very

bright

for leaving their money where it's

basically accessible

so i i don't know the more you think

about it honestly

the more i'm leaning towards maybe the

fbi

they they hack these folks back uh and

the fbi has done this before

they've hacked into iphones after

apple's like yeah no we're not helping

you that's those are privacy issues we

don't have a back door into our iphones

and the fbi uh you know hired a company

and and they

broke through somehow so folks i don't

know

i don't know but uh yeah it it makes

sense

when you look at the crypto charts right

now the crypto community

ain't having it uh right now bitcoin is

down to 31

400 bobbing around a little bit off the

31 000

dogecoin falling down generally the alt

coins fall with bitcoin

oh you can't even see this here there

you go there's the doge chart

ethereum down at 2300 right now almost

getting down to our 23 level there

actually pretty much bounced right off

of that

within uh what is that 20 20 bucks there

or whatever

and uh there's that bitcoin chart again

also bouncing around so

i don't know i want to hear from you

what do you think but this goes a lot

deeper than i thought and so folks

very curious to see what you think let

me know in the comments down below and

folks

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