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DISCLAIMER: I am not a financial adviser. None of what I have communicated verbally or in writing here should be considered financial advice; it is not. Do your own research before investing in any digital asset, and understand that investing in any cryptocurrency is inherently risky. If you do, you need to be prepared to lose your entire investment.

Hello this is Matt on the moon family Sedan Channel I've long stated that when It comes to investing in crypto at least My investment thesis is that utility Matters and will win the day with Bitcoin being the least technologically Advanced crypto on the entire damn Planet which I think is pretty easy to Argue even with that being the case I'm Still very pro-bitcoin and I want it to Succeed I've been holding Bitcoin since November of 2017 and I'm actually more Confident today in in bitcoin's Long-term viability than I was back then And that's that's due in no small part To the existence of a layer 2 technology That scales Bitcoin uh without any sort Of technical limitations or concerns and That layer 2 technology is The xrp Ledger which requires the usage of xrp By the way So it's just so interesting to me I I Just I wouldn't have guessed this back In 2017 certainly not I mean I knew very Little about crypto back then especially But but I would not have guessed this That xrp would be saving Bitcoin Effectively because it it it it makes it Possible for Bitcoin to have utility Other than store value because I've long Struggled with this concept that Something can have a store of value when It does nothing it does nothing else and Maybe maybe I maybe I'd be wrong anyway

Like say Bitcoin never ended up having Any sort of additional utility okay like I said I've been struggling with the Idea maybe I'm wrong and Bitcoin still Would have persisted even if you could Never use it for anything except for you Just hold it maybe but I struggle with That because I just keep thinking As other cryptocurrencies get adopted And are used for other use cases Wouldn't the people that the new people Jumping into crypto that want to invest And just to diversify into crypto see That you know for instance maybe it's Xrp they look oh xrp it's probably not Going away because businesses are using It for reason ABC one two three whatever Whatever reason it may be well then Doesn't xrp start getting the store of Value and then if it starts going there Why does it go to the thing that doesn't Do anything So that's that's a big part of what I've Been struggling with conceptually back To 2017 but you know ultimately my Thinking now in in early 2023 and my Thinking has certainly evolved as any Person should over time as you you know You know look inwardly you know and and Actually think of it from an Intellectual level what's going under Get perspective from others do Additional research uh it to me at this Point I think I just I I'm at a point

Where I think any layer one technology That has been adopted whatever the Reason is if there's a technological Limitation in terms of scaling this or That well I think that those things are Going to be overcome and increasingly Those are less of a problem because Nowadays who's launching a Cryptocurrency with the technical Limitations that Bitcoin has well pretty Much no but you get what I'm saying Anything that's been launched now that We've evolved is you know the crypto s Class has evolved to a certain degree Anyway if there's something there that People like yes aha that makes sense Even if there's a limitation I think That ultimately a layer 2 is always Going to come along and fix those types Of problems and you're certainly seeing That here I just wouldn't have Necessarily guessed that uh but Certainly not in 2017 that the first Layer 2 technology to fix the Bitcoin Problem in a way that you know there are No longer technical limitations it's not Lightning Network It's it's The xrp Ledger as a used as a Layer 2 technology I mean it's it's on layer one with xrp But it's just it's incredibly so um Here's a headline from the crypto basic Canadian Merchants can now accept Bitcoin payments on xrp Ledger but

Before going further and share an Additional thoughts on this I do want to Be clear I do not have a financial Background of any kind I'm not offering 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 here's how uh xrp and The xrp Ledger are saving Bitcoin ensuring Bitcoin's long-term viability and the Inverse is true this is also helping Bitcoin or bitcoin's also helping xrp And the xrp let's do ensure it's it's Long-term viability but again without Xrps Incredible uh traits that it's had Dating back over a decade at this point This relationship between the two coins Wouldn't exist so I still give more Credit to xrp than Bitcoin uh but I an Xrp obviously I'm biased it's my Favorite cryptocurrency but again even Being biased back then I was a blank Slate and I sure as hell would not have Guessed that um that it would be xrp Ledger that would be used as the first Successful layer to technology to make Bitcoin functionally useful as money Effectively So anyway the piece reads is false and This is a major Milestone by the way we

Were talking about Merchants jumping in And actually accepting Bitcoin for Payments And The xrp Ledger underpins that and Again xrp is required to make that Happen just to be super clear that is Incredible that this is real life check This out Spin the bits is onboarding Merchants For its pilot test Spin the bits is onboarding Canadian Merchants interested in receiving Bitcoin payments via The xrp Ledger to Its first pilot test The platform made this known in a tweet Yesterday requesting interested business Owners to reach out to find out how to Get started For context spin the bits is a Cryptocurrency app that utilizes The xrp Ledger to allow users to store and spend Their Bitcoin at faster and cheaper Rates notably several members of the xrp Community have hailed it as a better Solution than bitcoin's lightning Network and so pause Um why is it better than bitcoin's Lightning Network well certainly it's That's true it is in early 2023 at the Time I'm recording this because you can Only facilitate smaller transactions uh You know typically under 200 with Bitcoin's lightning Network it's also Rather illiquid it has to be pre-funded

And there are other technical Limitations and You know currently developers are having Trouble overcoming this so it's not that You can't facilitate a successful Transaction on the lightning Network It's that there are extreme limitations That reduce its utility In an incredible way now I want Lightning Network to work without Technical limitations so I'm rooting for It I'm not against it like I'm Pro Bitcoin and pro xrp and given that I've Been a Bitcoin holder since 2017 I would Love to have competing platforms Increasing utility for Bitcoin you Better freaking believe that I do want Lightning Network to succeed I'm just Being a realist here today if you say it Works today okay fine technically what Kind of loose definition of the word Works are you employing in life because I don't see how you can reasonably say That it works when you could barely do Anything with it in terms of a Transaction size it just It doesn't make sense but again all of This has already been solved it it's Been solved with The xrp Ledger because You can tote with basically what they're Doing a nutshell you tokenize the Bitcoin So it's represented on The xrp Ledger But it's it is stored there's a there's

A third party that works with uh spin The bits and so actual Bitcoin is Required actual Bitcoin is absolutely Required it has to be held And this also requires the uh the Creation or the usage of xrp And so it's it certainly win-win but Again no technical the problem has been Solved folks bitcoin's not going away I I I I find it unlikely at this point Because the problem's been solved you Can spend money a Bitcoin just like United States dollars or Mexican peso Pick or fiat currency It works today it's not a question Anymore it's not a science experiment And the first again you know Network It's being used as a layer two here it's A layer one technology for xrp but it's Being used as a layer two here first to Solve it again xrp Ledger peace continue So notably the lightning Network only Partially fixes Bitcoin scalability Concerns for one before users can Transact on the off-chain solution they Still have to fund it with an on-chain Transaction which takes a long time with Accompanying on chain costs making it a Frustration solution for first-time Users while it is not clear that spin The bits totally fixes this the app adds Bitcoin to this to the user balance After the first confirmation making it At least faster to fund uh per the

Promotional video yeah so to be clear Um Once the wallet's funded it's funded and Then that's when you can instantaneously Move the the xrp so you're not actually Going to have any sort of liquidity Issues or anything like that as is the Case with the lightning Network and Again it settles in 35 seconds the Article cites it right here and that is Correct the platform asserts that Transactions made within the bits take Three to five seconds notably it works By issuing Bitcoin as an IOU on the xrp Letter yeah that's what I was talking About a second ago and and so even Though it is true that you're handing Over your Bitcoin it doesn't mean that You have to hand hand over your entire Net worth or all of your Bitcoin you Hand over whatever you might need to use That you can spend it uh as if it worked On the layer one chain you know so you Can use it for everyday purposes You know how much money are you spending Today okay well you know just maybe you Spend put in that or a month's worth of Whatever it is Maybe it's thousands of dollars for the Typical person maybe it's like if you Want to spend everything in Bitcoin And so you send you you know you spend That over and you don't have to worry About handing over the keys for all of

Your Bitcoin you know I've seen that Critique as well but it's a nonsense Argument you know because to what degree Are you risking your net worth or your Bitcoin Holdings if you send over a Fraction of your total Bitcoin Holdings A fraction of your total net worth it's It's a nonsense argument it doesn't Matter and even then if you're talking About a third party which is Bitcoin I Mean There are legal remedies if something Actually went wrong but I'm just saying Is what it is peace continues in Response to the announcement from spin The bits yesterday Attorney John Deaton Hailed the app as a model uh model Example of crypto utility the lawyer Representing thousands of xrp holders as A friend of the court and the U.S Securities and Exchange Commission case Against Ripple asserted that the Lightning network is not the only or Best option for spending Bitcoin and Here's the actual tweet on your screen From Attorney John Dean so referencing This news uh attorney Dean wrote to me This is one of the best examples of Crypto utility the lightning network is Not the only or best option for spending Your Bitcoin Jay who is the founder of Spin the bits developed an app utilizing The xrp ledger to allow a person to Spend their Bitcoin and do it safely in

Three to five seconds Yeah and then the piece continues it was Worth noting that spin the bits filed a Brief in support of Ripple in the SEC Case the company poked holes at it uh The sec's claim that investors could not Find use cases for xrp without Ripple's Efforts yeah and so I had a good time Running through that and there were a Couple things that I thought based on This news would be worth highlighting Again here and so there's this idea of There being some sort of common Enterprise Now of course you know the SEC they Initially asserted that ripples the Common Enterprise then they backed off That and then they basically they said Things that indicate that perhaps it's The entire xrp ecosystem that is the Common Enterprise which is also complete And utter nonsense but here Uh Jay from spin the bits uh he and his Legal team tear that concept apart so There's this little section from the Amicus brief uh which is filed at the End of October so just a few months ago And they're talking about how there is No common Enterprise here they wrote The Following the second factor of the Howie Test is whether a common Enterprise Existed Ripple's vision of xrp utility Involved improvements to the banking Infrastructure and the financial system

On the other hand Uh spin the bits on the other hand is a Peer-to-peer payment platform that is Actually fulfilling the original goal of Bitcoin by creating a platform for Instant peer-to-peer transactions While the oh by the way I'll note the That he does cite that the original Bitcoin white paper Bitcoin is titled Bitcoin a peer-to-peer electronic cash System and that's one thing that Bitcoin Is not on layer one anyway it is not a Peer-to-peer electronic cash system That's for damn sure it functionally Doesn't work due to its technological Limitations so anyway but he links to That white paper and then he says well The CEO of Ripple Brad garlinghouse Has taken the position that you can't Buy coffee with xrp spin the bits is Designed to facilitate such purchases This alone illustrates the exact Opposite of a common Enterprise yeah and One of my favorite parts of this thing Too uh which by the way I think that From a technical perspective this is the Best Amicus brief that the judge should Look at from a technical perspective in Terms of explaining how the xrp ledger Works but one of my favorite things in This thing is this sentence which I'll Highlight right here which reads as Follows Um or maybe it was actually maybe

Maybe it was a little bit lower I might Have missed oh yeah no sorry I was I was Looking at the wrong Page look at the Right spot of the wrong page it was this One right here uh take a look at this I Love this this is true by the way he Wrote in fact if spin the bits were to Scale it could in theory become a Competitor to Ripple's on-demand Liquidity system that also runs on the Xrp Legend So folks let me ask you how Can there be a common Enterprise if There are competing forces So I know the thing about this how can These competing forces exist in the Common Enterprise because again even if The SEC is not claiming that Ripple's The common Enterprise they're basically Arguing if even if they won't say it Like this what they're arguing is that The entire xrp ecosystem is the common Enterprise How can there be competing Forces in a common Enterprise that Doesn't sound very common to me does it To you I sure as hell don't think so So it True by the way they actually in theory Could doesn't mean that they're aiming To do that or that that's the purpose But the technology allows for it is the Point and they could Branch out and they Could get adoptions and so they're Looking to expand and there's another Article here I don't really feel like

It's necessary for me to uh to read this But um It was or wait uh here is this one yeah Uh xrp ledger-based Bitcoin spending Solution sets its sites on El Salvador And so look they're looking to expand And Jay is also stated the founder of Spin the bits that's you know the United States would be in the future but if It's illegal to do so which would be Completely absurd then he won't be able To and so that's why I filed the Amicus Brief it impacts his actual business Um and then there was also uh this year So in response to attorney John's deep John Dean's tweet that I shared with you Just a minute ago somebody was had a Question About spin the bits and wrote is it Pre-funded as Lightning Network And again it's it's not and attorney Deaton wrote that as well he said 100 Not true Jay from spend the bits Explained it in his Amicus brief and the Ripple uh xrp case you can find it on Crypto-law.us which of course isn't Hurting Deaton's website and I shared The relevant snip snippet um having to Do with that exact topic which reads as Follows her so here is the relevant Portion for anyone interested Spinda Bits utilizes a third-party Gateway go as a Bitcoin custodian for all Deposits and withdrawals of Bitcoin

Using bitco's application a programming Interface or API for short Foreign Is a digital asset trust custodial and Security company headquartered in Palo Alto California none of this involves Any efforts of Ripple or its executives Spin the bits queries secondary Market Exchanges to determine the exchange rate Between Bitcoin and xrp Using the exchange rate and amount of Bitcoin equivalent to 10 xrp is deducted From the user's stb spin the bits Bitcoin wallet in order to activate The Xrp Ledger wallet and allow for Ledger Fees to pause that's where xrp is Required and again I know it's not that Much X or P so in terms of supply and Demand I wouldn't anticipate necessarily That it would have a huge impact and This is some crazy over a long period of Time Crazy Global adoption of this Technology which finds possible but to Me it's just another one of those things Where it's yet another use case where Xrp is required instilling confidence so When people come in to speculate uh does It make sense to invest in xrp well yeah Probably not going away here's another Reason because it's required in order to Spend Bitcoin for this use case so That's how I'm looking at it anyway Anyway and then also in the amcus brief Explaining this a little bit further

Says a spin the bits then creates an Equivalent amount of Bitcoin ious on The Xrp Ledger using the remaining Bitcoin And the user spin the bits Bitcoin Wallet these ious have a legal Obligation for redemptions with a third Party custodian bitco Inc none of this Involves any efforts of Ripple or its Executives and so look Um I've critiqued you know handing over the Keys to your crypto and when it comes You know well if you're using an Exchange for long-term custody or crypto I think that's a bad idea when it comes To those firms out there even if Operating in good faith where they're Offering some sort of interest rate some Sort of return under crypto uh I don't Think that's exactly a brilliant idea Now this although technically uh you Know that it would be bitco here that Would be the custodian effectively Nobody's advocating that you have some Sort of massive quantity on there and so Because think about it so in order to Have any sort of reasonable noteworthy Gains you'd have to probably hold a lot Of crypto from those those firms that Offer interest varying accounts well Here we're not talking about that that's Not an interest bearing account Obviously that's a completely different Concept and and so you don't have to

Have there's no reason to have a crazy Amount of Bitcoin held there and then It's functional on The xrp Ledger and You can use it anywhere And fine technically something goes Wrong people get burned technically Possible But I mean it look moving forward here's the Deal there's always going to be firms Out there that offer custody of crypto It's not going away that concept's not Going to cease to exist there will Always be people out there that always Want someone else to custody so You know you know critiquing the idea as Though it's bad solely for that to me That doesn't make logical sense because That's not going to cease to us it's More like you need we need to properly Audit firms that do this and have a Proper due diligence you know and Certainly investigation when it comes to Firms like well pick your government Agency agency that should be overlooking This so that all should still happen it Needs to just work just like you can Confidently deposit United States Dollars in your bank account and you Don't worry about it well that's what You should have with crypto that's what We have to evolve here Evolve to here and so again it doesn't Mean necessarily that you know you want

To put 100 of all the the Bitcoin that You own into somebody where you know a Firmware it's got all the keys but it Solves the problem so to me I see I've Seen people critique I was like that's a Non-issue as far as I'm concerned You know put it put one if you have a Bunch of Bitcoin if you believe in it But you you're even putting one percent Of it in there is it even that that's to Me it's an honesty I think it's the Coolest damn thing it's an incredible Concept it shows that a technology can Be used as a layer 2 technology that Actually solves a problem fulfills Satoshi nakamotivision utilizing Bitcoin As a peer-to-peer Cash System coolest Damn thing on the planet as far as I'm Concerned I'm not a financial advisor you should Not buy or sell anything because of Anything I say are right that would be a Very very bad idea until next time to The Moon family sedan

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