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Hello this is Matt on the moon family Said Dan Channel Attorney John Deaton Says that Ripple owes us more than we Owe Ripple and he's quite correct now Look I'm very appreciative of Ripple I Think that uh they're the largest uh Well-known entity that is building stuff On top of the xrp Ledger I I think There's certainly it's it's very fair to Say that they're the most well-known Most famous and have had the most Success building something on top of the Xrp Ledger other they're the greatest Individual cheerleader for the xrp Ecosystem I'd still certainly believe All that is true so not to take away From any of that but I want articulate Why I agree with Attorney John Dean that Ripple actually owes us more than we owe Ripple and I appreciate that he happened To say this when he did uh because I've Actually been thinking this a lot over The past several days just Coincidentally and I have some thoughts I want to share with you to expand upon This because I just frankly I think that Speculators in the crypto space in General do not get the credit that they Deserve that's that's like a that's a Chord that's a fundamental part of what Must occur before anything else can and Then I got some additional stuff um I've Got it I transcribed something there's a Video clip from ginsler in 2018
Um after seeing Attorney John Deaton Shared and share some thoughts on it and I got some other stuff but uh before Going further I do want to be clear I do Not have a legal or financial background Of any kind I am not offering legal or Financial advice and you definitely Should not buy or sell anything because Of anything I say or right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related topics but Just as a hobby and just for fun all Right so there's a xrp news.crypto a Twitter account which shared a little Screen grab it's a little infographic Looking thing it's got Brad garlinghouse On there with the weird that's a that's A weird Freeze Frame right there Probably not the best one to choose but Anyway you can see it states there 755 Million dollars in four seconds while The cryptocurrency community may have Its doubts over Ripple's xrp Cryptocurrency Banks seem to be enjoying Its perks a reported 750 55 million Dollars worth of xrp was transferred in Four seconds and cost only one cent Now Some might think that that would Represent true value for xrp Specifically certainly crypto in general This has been understood by those who Are paying attention for well over a Decade but this is the real world
Implementation of those benefits and It's the most frankly outside of using Crypto in place of money this would be The next most obvious benefit of crypto And somebody had to do it and Ripple's Using it positioning xrp as a British Currency Um and so Attorney John Deaton retweeted That and he wrote imagine Ripple going To a bank or money transmitter like MoneyGram or Western Union and saying I Know that you charge nine to fifteen Percent for people to send money Internationally we can do it for less Than a penny use our Tech and miss out On those High friction fees you used You're used to end quote now it's funny That this came out what he did because Um literally Uh yesterday might have been I can't Remember my very last video whenever That was uh I was talking about this Topic about who are Ripple's primary Customers and I noted that Ripple's best Potential customers are not large Banks Because the large banks are the banks That get paid by their smaller Competitors to tap in their to their Liquidity to facilitate cross-border Transactions because small banks around The planet and many mid-sized Banks you Don't have a bunch of deposit accounts In various countries the world over Because you don't have those types of
Funds so you pay your larger competitors To tap into them so that you can Facilitate cross-border transactions for Your customers and so your your large Competitors they benefit from this So if you're a small bank it's a No-brainer like well wait a minute why Wouldn't I just want to do it the Cheaper way but if you're a big Banker Like but I this is a profit Center for Me right so it makes all the sense in The world and then attorney Deaton also Stated while Ripple was trying to get a Half century old Legacy system which was Built on friction to become frictionless Xrp holders made up of users investors Developers in small businesses helped Create the xrp ecosystem In Sum Ripple owes us more than we owe Ripple and so look that's certainly true And I want to share with you why I Believe it and I'm not this is these are My thoughts now I'm not putting words in John Deaton's mouth he could articulate Further why he believes that to be the Case if each so chooses I want to share With you why I believe that to be the Case and it's something that I happen to Have been thinking about a lot over the Last several days because What I what I've been seeing now being In crypto for over half a decade what I've been seeing over that time period Very regularly is speculators getting
Crapped on and yes I like to tease about Them because their behavior is Completely absurd and ridiculous and Irrational and they're like little women So I'm going to continue to tease about That but the service they're performing As useful idiots is truly valuable and You must understand I mean this I mean The stuff without the speculation you Wouldn't be able to build anything else On top of it if you need to have an Asset that has real world value it's the Speculators that must do their thing First being being messy irrational Entering price Discovery from time to Time all of that stuff having confidence Holding it and it's not that not all Speculators are idiots I mean I just buy And I hold I just don't behave like the Idiots and maybe some of you are like That too you know even if you do get in And out of positions more than I do it Doesn't mean that you're necessarily Emotionally solid it's not like it's Wrong to do I I got my way you've got Your way that's fine but but the point Is all of us here together doing what We're doing that is the reason that any Asset including actually NES on the Planet though has an open market price It's because of the speculators none of The other stuff can exist without that If you're trying to build something that It needs to be decentralized and also
Have an open market price can happen And and so people get crapped on for Just being speculators but of course That's what most people are most people Are not going to be entrepreneurs and Most people are not developers and you Need to quit crapping on them for not Understanding all of this all the tech Aspects behind every little thing Because you're never going to know that That's ridiculous and not everybody has That entrepreneurial bug or is in a Position life or make reason reasonable Sense to go there and maybe you don't Even have a great idea for something Related to crypto anyway stop crapping On people for being in that position is What I'm saying All of these people out here that you're You're you're you're poo pooing on They're the ones that make what you're Doing out there possible in the first Place you couldn't be building what You're building if people weren't out There speculating taking some risk so That you could then do that And I just I don't see anybody ever Articulate that and so I just wanted to Take a moment to get that off my chest Because it kind of bothers me like You're like we're all playing a role if You're in crypto you are a crucial piece Of this and yes most people as a Percentage if you're looking at who's a
Speculator who's an entrepreneur who's a Developer the biggest slice of that pie Would obviously be speculators just Because there's way more of us it Doesn't mean that we're less important We're most important because you can't Have the rest without us if you were Trying to build something that is a you Know uses a decentralized cryptocurrency And as an open market price without us You can't even do it you don't even get To that step so yes it has to be built First by a developer but after that if You're talking about you building Something out on top of that you need Speculators first So in that sense yes appreciate Ripple And I you know I I think that they Certainly do appreciate the xrp Community I think they've demonstrated That But uh you know the fact of the matter Is although I appreciate what Ripple's Been doing and they're the biggest most Important individual player in the Ecosystem that's my opinion They couldn't do anything that they're Doing without us That is true they wouldn't have there There would be no liquidity it wouldn't Have an open Mark xrp wouldn't even have An open market price So I think that speculators need to be Celebrated and appreciated a whole lot
More than they currently are that's the Cut of my job Then we got this from Attorney John Deaton there's this clip uh well the Clip was shared actually by expert Community member Leonidas it was Gary Gensler from uh 2018 and John Deaton Wrote we just learned the NASDAQ plans To custody Bitcoin by the end of June Listen to Gary ginsler before he was Chair of the SEC he says the unregulated Exchanges are doing better than the Incumbents and he defends the incumbents And how they want in on this space now I Find find this to be fascinating for Those who haven't heard this is big news NASDAQ which is the world's second Largest exchange it's second only to the New York Stock Exchange Uh they're going to be custodying crypto By the end of the second quarter this Year so by the end of June this year They're in that's what they've announced Anyway and it's all for institutional Grade stuff like that that's my Understanding of this point anyway That's gigantic because even if you get One two three percent of uh Institutional funds flown in that Otherwise wouldn't have that's big and So it does go back to this idea of Letting the incumbents in first and That's been Attorney John Deaton's Theory which is hey tear down crypto you
Know Gary guns are tearing down crypto You know destroying the startups that Have been in the space for in many cases You know whether it's three five years a Decade whatever so the companies that Were here first some of them still in Startup mode destroy them and then the Incumbents can come in and take over That's been the theory from Attorney John Deaton and it sure does look a lot Like that so I transcribed this clip And I'm going to share it with you I do Want to note that Gary ginsler misspoke Here Um and so uh he used the word incumbent To describe players in Legacy finance And that's what he means until he Misuses it on accident very clearly at The end of the clip uh in the he uses The the word to describe Starks he says Incumbents when he meant to say startups Um in the crypto and blockchain space so I'm just going to read it as he said it But just know that at the end of that Clip if it starts to sound confusing That's because he used the wrong word But I'm going to read it like he said it I just wanted to note that first and so Here's the transcription I believe oh wait here's what the host Said host said a large number of these Things are in fact securities Does that have a chilling effect on the Entire blockchain space So it's talking
About individual crypto assets And Gary ginzer says I believe that it's A net positive so much in our economic Life and in our personal life oscillates So it might have a chilling effect on This frothy Ico Market but it's a Positive for blockchain we have right Now major institutions that want to Significantly adapt and adopt asset Managers who want to invest in the space Major exchange companies who want to Move into this space the unregulated Exchanges in aggregate are making an Estimate here that the unregulated Exchanges in aggregate make more money More bottom line than the aggregate Regulated spaces in the Securities field Around the globe right now so they want To get into the space Right now the incumbents are making less Than the startups and you might say That's good but the incumbents are doing It in part because they're they're front Running and they're not trading their Customers in a way that you'd probably Want and so there you go it's just an Early indication this is clearly in Before Gary ginser ended up becoming SEC Chair looking out for the incumbents so This this whole idea is not exactly Surprising right I'm not at all Surprised to see what we're seeing right Here So you know crypto is going to continue
To exist it's just really bad for those That took the risk initially jumping Into crypto the entrepreneurs uh to Build stuff because now they're under Attack from Kim jong-genzer despicable I'm not a financial advisor you should Not buy or sell anything because of Anything I say right that would be a Very very bad idea until next time to The Moon family sedan