Matthew Cox | Inside True Crime Podcast
Exposing The Government's Secret Crypto Scam | Rigged From The Start
Tue, 31 Dec 2024
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Chapter 1: What is the SEC's stance on cryptocurrencies?
The two most prominent Chinese corporate lawyers end up at the SEC. Both their law firms are very involved in the Ethereum project. And this guy will not apply the securities laws to Ethereum. And then a year and a half later, they turn around and the SEC sued Ripple claiming that XRP was a security. There was like a massive coordinated effort to delay that information coming out.
Crypto is born with the Bitcoin white paper, which is published on Halloween of 2009 by a unknown person or group of people known as Satoshi Nakamoto. Okay. But nobody really knows who it is. No one, well... Somebody knows who it is, but you got a lot of people projecting a narrative into the market that no one knows who it is. Oh, okay, that's what I don't understand.
It's just the, that's the mainstream thing. We don't know who Satoshi is. So he publishes this white paper. Now, it's coming out of the financial crisis of 2008, 2008, 2009, which I think you're very familiar with, the mortgage crisis and the things that occur. Madoff ends up becoming discovered, who was in line to be chairman of the SEC at the time.
So we have Dodd-Frank come out, but effectively – uh, the, the, the highest levels of finance pretty much knew that the Fiat game was coming to a conclusion as a result of that. Right.
Uh, so they turned the money printer on, they tried to come up with some regs, they bailed out the banks that the too big to fail banks, all that stuff, the big short and all these movies and what Satoshi, uh, the essence of what they, um, they get at is that by having the banks, uh, the central banks, if you will, control the money supply.
So it's basically having a centralized place where they get to decide the winners and losers, the balls and strikes, all that kind of stuff. Having a centralized umpire is a bad thing. And we need to figure out a way to basically have our monetary system be decentralized and basically owned by the people.
And if you read the white paper, he came up – there was a big problem, a couple of big problems with trying to do it digitally. One of them was called the double spin problem, which is that, you know, it's the issue you referenced before about being able to fraud, right, and just copy and paste. If it's digital, think about it being a digital picture. You can just copy it and paste it, right?
Well, that was a concern. So how do you – how do you make sure that this unit of value that's in digital code is the actual unit of value? It can't be counterfeited. Exactly. Um, so the protocol that he came up with, which was expressed in the white paper is called proof of work. And it was basically that you had a bunch of computers solving, uh, computer problems.
And once they all agreed that that was the answer, it basically printed a block. So there's a point in history of those block, uh, And then it would do it again and basically says all the transactions that occurred in that are the correct transactions. By doing this system, he solved that double spend problem. We actually know that...
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Chapter 2: Who is Satoshi Nakamoto and why is their identity important?
It was developed by this company, uh, really it precedes the company. It was developed by a group of people that formed what is now ripple labs. Okay. And the XRP ledger. So the Bitcoin, um,
the the what was expressed in satoshi's white paper that protocol is called proof of work you know it's it's like remember taking algebra like proof up your work it's that concept that all these computers have to basically solve the problem prove that they actually worked it out and then they get bitcoin for that so that's how that whole protocol proof of work works
The XRP ledger, the XRPL, uses a different protocol that doesn't require mining. All of the XRP, there was 100 billion XRP that was created as part of its genesis block. It's an initial block. start of the network was created then. So there is no need to mine it. It already exists. You only need to basically do the transaction proofing part of it.
And they do that by something called a consensus mechanism. And same thing, it's a decentralized network of computers that are basically looking at the transactions on the ledger and then going through a series of coming to a consensus, which I think is greater than 80%, that it is that group of transactions that's the actual transactions. And so that prints a block.
and same type of thing as as the bitcoin okay okay so uh it it's super energy efficient it's super fast a a xrp transit i don't know if you've ever pushed a bitcoin transaction before but uh it takes sometimes Now, three to five hours to settle. When I was first getting into this stuff, you would buy some Bitcoin or send it to somebody.
And sometimes you wouldn't know till the next day if they'd got their money or not. So that was one of the things that got me looking. It was like, there's got to be another solution, right? XRP transactions settle in three to five seconds. It's like faster than you can talk. Like if I were to send you some money right now, you'd be like, holy shit, I can't believe that happened like that fast.
So it's super fast, super energy efficient because there's no mining involved. um and um it is super scalable right already uh the ledger can do like 1500 transaction per second but it can be scaled into the the millions of transactions per second for for global transactions so where we're evolving now is that um we're starting to put assets on chain and we're using
networks like the xrpl to do what's called the tokenization of assets which is effectively putting the ownership the indicia of ownership on chain that's what tokenization means so um if you think about uh think about this this home right a real estate type thing you'd want to basically take the title level documentation of what it means to actually have.
So the deed, any mortgage, encumbrance, lien, all that stuff, all that data you'd want to put into effectively an NFT and put that in and print that NFT to the ledger. And that process of doing that is called tokenization. So we're going to tokenize everything. We're going to tokenize every security, every stock, every bond. That's where it's going to start because those are super easy to do.
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Chapter 3: What is the difference between proof of work and proof of stake?
You just can't ignore a judge.
They did. A federal judge. No, they can. And you know why they can? Because they're a federal agency. And there's this whole separation of powers.
And they were absolutely ignoring a federal judge for say that they came, they came forward and they said, well, national security, because you know, that's, that's the catch all. Yeah. It's even when you're like, how is this? You know, they can't, or we can't explain it.
Yeah. So anyway, I just still to this day, there's a ton of that information that's been disclosed that's still substantially redacted. We don't know everything. Um, And so the Ripple case is pretty much over this thing that we call ETHgate, the free pass, and then the suing Ripple, all that is known as ETHgate now, is really just bubbling up.
And that's really the subject matter of the movie rigged from the start.
And so it probably, what, the price of Ethereum skyrocketed and then Ripple—
Price of Ethereum after the speech went up 11% like in two minutes.
And then after the drop. And then Ripple. Ethereum. Yeah, and then Ripple just. Ripple crashed. Right.
And Ripple has been, or XRP has been suppressed. Well. And what happened? All the major exchanges, Coinbase, Kraken, on and on and on, delisted XRP.
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