The $50 Billion LIE: Walmart Partners with Litecoin

in this video i'm going to show you how

50 billion dollars of market value was

created

and destroyed within 30 minutes i'm

going to show you exactly how to

identify

what happened so that you could prevent

getting taken advantage of and i'm going

to show you this by showing you exactly

how you too can trojan horse the media

and how the system actually works let's

get right into it right after i

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for quite a while all right folks let's

get into the video hey everyone meet

kevin here so litecoin partners with

walmart or does it let's talk about this

because a litecoin is designed to be one

of those altcoins that processes

transactions faster and more cheaply

than coins like bitcoin which is

notorious for being a

secure but slightly too slow for actual

transactions or normal transactions

day-to-day transactions and this is

where litecoin had a lot of euphoria

over the idea that walmart would accept

litecoin over other coins like ethereum

or cardano's ada ada

for processing payments online it was

really an incredible news story that

broke and it was a story that kind of

took markets by storm i mean look at

this all you had to do was type in

walmart litecoin into google and look

you had reuters walmart to accept

litecoin payments they even had a quote

from the ceo on this article cnbc's

covering it the streets covering it i

mean all almost all

of the uh the news publications were all

of a sudden covering that litecoin and

walmart had entered into a partnership i

was getting alerts on the bloomberg

terminal left and right about this

partnership and this morning in the live

stream uh in the market open live stream

which we do every day the market opens

we noticed all of a sudden bitcoin

surging all of the coins were surging

litecoin was of course surging and it

happened just one minute after market

open and that's because this news alert

about this litecoin walmart partnership

came out one minute after market open

but the problem is the story ended up

being completely fake and in this video

i'm going to give you a brief overview

of litecoin but then i'm going to show

you how you can spot fake news like this

and i'm going to give you an idea in

terms of how you can juke the system

which is also going to be a way for you

to identify if something's a little

sketch or not but first let me give you

a very brief overview of what the heck

litecoin is and then we'll talk about

what just went down today because it was

crazy so

in essence and this is just rudimentary

here

litecoin is a fork of bitcoin it it took

bitcoin and said we are modifying

bitcoin we want to process blocks in two

and a half minutes instead of 10 minutes

the classic example you always hear

about which is a little extreme because

there are workarounds for this but the

classic example you usually hear about

is hey you want to go to starbucks and

buy yourself an i'm not f and leave in

coffee and then all of a sudden uh they

say sure you want to pay here pay with

bitcoin all right it'll take 10 minutes

for us to verify that your transaction

actually goes through and it's like wait

a minute okay nobody's going to wait

around 10 minutes that's not a very

efficient uh payment processing currency

and so that's where the litecoin

change came into effect or four came

into effect where litecoin only takes

2.5 minutes to process a block and

litecoin only costs two approximately

two cents to send currencies in where or

send payments in whereas bitcoin only

well bitcoin cost somewhere around uh 35

cents which is about 17 times as

expensive bitcoin fees also tend to peak

during uh high

use periods uh whereas litecoin tends to

distribute their mining hash more evenly

so litecoin uses a few different

technologies to make this happen but the

point of this is is litecoin is an

alternate version of bitcoin that's

designed to be for payments more so

really to be an ethereum competitor or

an ada competitor now

when you think about crypto especially

if you're newer to crypto it's worth

noting that crypto is kind of like a

spectrum a spectrum of uh on one side

utility and on another side security so

an easy way to picture this is well

with an actual picture so let's just

quickly draw that here so if i draw sort

of a line here and on this side we have

security and on this side we have

utility well under the utility side we

would expect things to be fast and cheap

to use and then on the security side

generally uh you would expect it to be

slower and not that this is a benefit

it's just a byproduct it's generally

more expensive

and then on this side you tend to have

uh mining for verifications this is just

raw computational power being burned

that's because miners have to spend

money to verify transactions and they

want the verifications to go through so

they actually get paid because if they

suck at doing verifications they go out

of business right so it's it's a very

incredible model problem is we're

literally burning tens of terawatts of

power uh per year mining uh bitcoin and

even ethereum because ethereum 1.0

or just ethereum

pre 2.0 is still using proof of

verification through mining this is in

contrast to something that's faster and

cheaper

like

an ada

which is a proof of stake model pos

proof of stake model

and this does this has substantially

lower transaction costs because there is

no mining involved so these are these

are important differences to consider

when you're thinking about

cryptocurrencies and so where bitcoin is

deemed to be maximally safe uh super

super highly secure it's expensive and

uh it takes a lot of energy to verify

transactions with but that also gives it

its security so there's always this give

and take between security and utility

it's kind of like how in society there's

that balance between uh safety in

society and uh and privacy right those

classic privacy versus uh like think

patriot act right how much should the

government be able to snoop into our

lives to root out terrorism how much are

we willing to forego our privacy to have

more security same thing with utility

and security for cryptocurrencies so

what the heck happened here with

litecoin circling back to litecoin well

here's what litecoin did

somehow

somebody

managed to get a press release submitted

that looked official they got a press

release somehow through the press

services in fact this in this case it

was newswire that published it

and uh

at the same time as this press release

went through

somebody was able to on the litecoin

twitter account tweet the link to this

newswire service so this sort of gave

that legitimate

it sort of legitimized what was

happening you had a tweet from litecoin

and you had this newswire release which

newswire is not a company that you

should be familiar with unless you're in

the industry but basically there are

these companies called global newswire

and pr newswire and what they are is

their newswire services

basically if i have a piece of news like

let's let's say this

kevin paffroth announces his campaign

for governor right

i would pay a service like newswire 500

bucks let's say and i'll give them some

photos of me in a suit or whatever a

headline and a little story and at the

bottom you usually put a media contact

and i submit this the newswire service

is supposed to fact check the stuff to

make sure it's legit they probably saw

the tweet

or or something

and then push this newswire piece

through

when a newswire piece publishes

it automatically goes as an alert to the

big news companies like reuters the

associated press and then when things go

to news when things go from a press

release service to the associated press

or to reuters

other news companies pick that up

sometimes literally verbatim repost the

pr release

and other times uh modify it and say

we're reporting on this we're following

the story they send alerts on bloomberg

so if you wanted to send fake news but

have it show up in reuters and the

associated press if you could get it

through a newswire service you could

actually trojan horse your way into

associated the associated press and the

reuters which are deemed to be highly

factual websites

then

other news organizations can tend to

pick these stories up so let me give you

an example of this let's do pr

news release

meet kevin paffroth announces candidacy

okay cool so let's do a quick little

google of that here uh

official announcement here you go so

look at this see pr newswire service

official announcement new democratic

candidate for governor to replace gavin

newsom known as meet kevin online see

you put a little face you put some

information about yourself your platform

you put a little media contact and you

usually attach some kind of pdf or

whatever right so check this out i

googled literally the same title we put

on the pr newswire official announcement

new democratic candidate for governor

it's on market insider and they

literally look at that press release pr

newswire so anytime you see a news

article from a pr newswire or global

newswire whatever and it actually hasn't

been written yet by an author that can

sometimes be something that you just

want to take a double glance at

and because really anybody can publish

this and it makes it seem like market

insider wrote this with over 1.6 million

youtube subscribers kevin focuses on

financial education blah blah blah but i

wrote this and it's in market insider

right this is literally our press

release and so this is one of the things

that you want to pay attention to when

you're reading news is is it from a

newswire service like pr newswire or

globe newswire now they're not always

wrong it's just worth noting so you know

the source for example sometimes when

you're researching stocks you'll see

something like

company announces

biggest new partnership ever or whatever

right and then i look at the article i'm

like this is just a newswire service

like the company wrote this about

themselves

very important to know this now there

were other red flags that came up as

well for example

when this litecoin partnership was

announced with walmart announced in air

quotes because it's fake right in case

you haven't noticed yet and this is fake

okay it did not happen it was some kind

of trojan horse litecoin ended up

deleting that tweet on their twitter but

another thing that you could have looked

at is sec.gov

there were no filings from walmart

anytime there's some kind of news of a

partnership like this there should be

an 8k which is uh like a current report

that shows up at the sec where public

companies file big material changes they

would file an ak for this there was none

if you google press room for walmart or

press release walmart and you go to the

press release website there was nothing

in fact we'll do that together really

quick press release walmart the last

thing they had was from september uh 8th

so you click on it here the last update

was september 8th on on their uh

corporate.walmart.com press release

website here see newsroom

and so these are like little fact check

things that you can do because

when news breaks like this you could

have serious market implications take a

look at this bitcoin was trading around

44

hundred dollars before the news broke

bitcoin skyrocketed about two and a half

thousand dollars

only for the news to come out that the

news was fake and now crypto is

plummeting it's actually like a black

eye on crypto if you think about it uh

which is sad but when when people do

these kinds of jokes and this kind of

nonsense it's a black eye on the market

now interestingly you still have some

hodlers here so litecoin still went from

173 to 180 which is great but otherwise

bitcoin after this is relatively red on

the day

uh right mostly down

so uh anyway this gives you sort of a

breakdown of what happened with litecoin

uh what litecoin is how to identify some

of the nonsense sometimes also worth

noting that in the walmart press release

they had a media contact at the bottom

that was a really weird email address

instead of being somebody's name at

walmart.com it was at

walmarthyphencorp.com

which when you went to that website it

was just a redirect for nothing like

there was no website it just sort of

looped and then went to this website

that's like what is this this is just a

domain parked website kind of thing

so little red flags there but this gives

you insight in terms of how can you use

a newswire service to really trojan

horse the news and spread fake news and

how to be a better critical thinker

because i'm certainly not encouraging

you to spread fake news i want you to be

able to identify it so this breaks down

what happened with litecoin and the

disaster that happened today all right

folks thanks for watching we'll see in

the next

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