BREAKING: Joe Biden is About to Cancel Cryptocurrency in the USA!? (500M+ Reddit Users INCOMING)

welcome back everybody to altcoin daily my name is austin in today's video we have breaking news involving reddit and ethereum involving high-cap altcoins involving low-cap altcoins as well as major news involving this u.s infrastructure bill that was just passed yesterday if you're interested in making money with cryptocurrency click subscribe we drop a video every single day demystifying this cryptocurrency market let's jump in first up we gotta talk about bitcoin last night we just got over a trillion reasons why bitcoin is going to pump in other words biden's trillion dollar infrastructure bill has passed 228 to 206 yay's win against nays a trillion dollars just got spent in a blink of an eye which is bearish if you hold cash but bullish if you hold hard assets like bitcoin but how this affects all of us as cryptocurrency investors if you're in the us was this crypto tax provision that was shoved in last minute of this much bigger infrastructure bill and you may remember if you've been subscribed with us for a while you may remember this is what we're fighting against back in august when it was going through the senate the senate originally passed this bill back in august after lawmakers shot down any attempt at amending the crypto provision the bill now goes to u.s president joe biden for his signature and let me just remind you what this means and how this potentially affects you as a crypto investor urgent the house has just passed an infrastructure bill with a deadly crypto tax clause they have voted amending the definition of cash to include all digital assets for a certain section of the u.s tax code this is a reporting requirement for any transaction over ten thousand dollars to require a recipient to verify the sender's personal information and social security number etc and report this to the government within 15 days for every single one of these transactions and by the way this rule is fine if you're a cryptocurrency brokerage or exchange this rule is fine for a coinbase or a robin hood as it was intended the problem is that the clause is so poorly worded it's still unclear who would be considered a cryptocurrency broker the point isn't that we have to pay taxes if you're in the us that's expected we know this the point is that these requirements may not be possible to comply with because of how crypto works case in point defy these d5 protocols don't have personal information they don't have the ss ends of every single user that's just not how it works if disobeyed this is a felony violation with jail time involved and the bill right now is being sent to the president for a final signature and the changes will be enforced by end of year 2023 if passed so essentially joe biden would be canceling cryptocurrency by 2023 in the usa and by the way you can't kill crypto you can't kill d5 the cat is out of the bag in a big big way but what this could do is just take the us out of the game essentially push innovation to other parts of the world instead of being a leader in this innovative tech space much like they were during the internet revolution back in the late 90s early 2000s and think about this from the nature of how defy and cryptocurrency works does this mean that crypto mining will be subject to the same regulation as brokers exchanges or defy where the protocol doesn't have a social security number but manages to reward stakers a large amount of money anyways make your voices heard and write to your local congressman and senator give me your general take on this down below in the comment section seriously what do you think let me know down below because this was sort of just shoved in as a way to pay for this trillion dollar infrastructure bill and i think the real issue here is that these senators these congress people they just don't understand crypto they think they're doing a good job a way to pay for the infrastructure bill when they're making these laws without a full understanding i highly recommend a certain person subscribe to altcoin daily and start your crypto education next up some news in the bullish direction i love this reddit to reportedly tokenize their platform's karma points and onboard their already 500 million current users into crypto just goes to show you that with or without specific countries this crypto revolution is happening and how do we know this well an engineer that just got hired for reddit's crypto team has been pretty public on what to expect for the future of reddit i am joining reddit's crypto team what is reddit doing in crypto three words decentralized social media and working alongside some of the smartest senior and staff engineers is a dream come true for me and let's go into some of the details your karma points on the platform will soon be tokens think community-based decisions forking subreddits in disagreements entirely controlled by the people on the platform and of course like i said what this means reddit has 500 million monthly active users when we pull all this off we would on board 500 million web 2 users into web 3 and then there's no going back let me say that again 500 million new crypto users and again this comes directly from one of reddit's crypto engineers he goes on to say it's time to take back control make the internet truly open and break free give each of us ownership in what we are using and if you like ethereum and if you like ethereum layer 2 scaling you like this because that's exactly how they're doing it how will we pull this off reddit has partnered with off chain labs scaling solution arbitrum and they've already been partnered with them for their two subreddits where they released community points which in this case are different than karma points the two subreddits that are already using arbitrary ethereum are are cryptocurrency and are fortnite br they have moons and they have bricks already used community points aka tokens that was the start and now they're going full on crypto everything will be permissionless open sourced and decentralized just like crypto i can't wait for it to hit mainnet and see how dows are formed and what d5 nft applications might emerge so essentially what this engineer is telling us the reddit is going to have their own chain possibly their own mainnet where people can build pretty freaking cool next piece of altcoin news for chain link chain link now secures over 75 billion dollars on supported dapps so this is the world's largest decentralized oracle network chain link is now securing smart contracts across numerous leading blockchains so this is something we've been reporting on for a while now it's called total value secured in a direct quote from sergey nasrov co-founder of chain link crossing 75 billion dollars in total value secured makes the chain link network one of the most value securing forms of decentralized consensus on the planet he goes on to say in terms of why chain link is important without trusted price data to trigger smart contracts it is impossible to build defy applications and we do not think it is a coincidence that the rate at which chain link has been able to bring new market data onto blockchains has been the rate at which developers have been able to build exciting new defy apps so he's saying it's no coincidence that d phi is growing and chain link is growing they are synonymous they need each other since the mainnet launch over 700 chain link oracle networks have gone live and have served over 600 million data points over 10 different blockchains interesting chain link continues to dominate next piece of lower cap altcoin news for nft platform ethernet from luis luis suarez who is a madrid player for european football my first ever nfts are digital collectibles that will be live forever on the blockchain you can find them exclusively on ethernet chain they will drop november 11th so a major european football star has chosen a 30 ethernet to launch nfts off of pretty cool and going further it looks like ethernet is expanding to a whole lot more this is a direct announcement from their co-founder nick rose ethernet 2.0 will melt faces across multiple fronts from nfts d5 virtual worlds play to earn fan engagement in sports entertainment and digital art in general note d phi especially is what ethernet is expanding into here's a glimpse of our nft lending protocol so definitely something to keep on the radar with ethernet in november or as they say novem burn earn token november that is the video my name is austin like always see you tomorrow [Music]

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