welcome to the back tacular over the last 24 hours bakkt has now launched but the question is why after a full year of anticipation are we seeing more red today than a wedding in Game of Thrones in this video I'm gonna be showing you exactly how and why the whales are gonna try to get you to fold your crypto hand one last time when you should be thinking about going all-in hey guys welcome to bit boy crypto your one-stop shop for all things Bitcoin and cryptocurrency become a member of our community the bit squad by making sure that you press the subscribe button today we're gonna be talking about Bitcoin price going down in spite of the fact the Bakkt is launched we're gonna try to give you a little bit of a historical perspective on what could have happened here and what you can expect for the future and what I think is maybe a conspiracy we're gonna be talking about Google quantum supremacy what that means for cryptocurrency and how that ties back into to this story so before we get to all that though make sure that you do hit subscribe on the channel so you get content like this every day don't forget to smash the like button don't break your computer always have to throw in that caveat and also we got a telegram group the bit squad make sure you guys join that you can get that information it'll be somewhere above me here in a second so here we go guys this is a tweet that I put out yesterday that's very relevant to what's going on today bakkt launches tomorrow actually launched last night I think at 8 pm

Eastern in the United States so bakkt launches tomorrow Bitcoin could reach six figures eath could reach 500 XRP could reach three dollars those are all just meme amounts that I made up but most importantly none of that will happen get ready for a dip so I did tell you guys yesterday that the dip was coming and we have seen it if you look at all of the red there are some small gainers linked up 1% litecoin up half a percent but bitcoin down almost a whole percent back in 9800 at the current moment and we saw yesterday it was hovering around 10,000 and this is one of those things right buy the rumor sell the news but there's a lot more going on right now with this story so if we look here at the back launch today let me go and refresh this page and see now look at the difference guys look at what has happened just in the last hour and a half the number of of contracts traded is now 44 last night in the middle of the night people were making a big deal because it was around 14 it just an hour ago it was at 29 and now we've seen this volume start to move up so we went from 29 contracts to 44 contracts in just a couple of hours so we are starting to see as the trading world wakes up across the United States you know by time zone we are saying that we are getting some volume it is picking up I think we will see this volume pick up quite a lot but I think we'll look back and a will look back in about six months and look at the volume and we'll see just how minuscule this volume is right now going on with bakkt so what is going on here well right now I've got the price pulled up of the Bitcoin chart in between let's see what days this is in between November 9th of 2017 and February 6th of 2018 so what happened during this time well we saw the launch of the CBOE and the CME futures and so that happened between the 10th and the 17th of December so let's look at what happened there okay for the numbers so right now or on a Sunday December 10th when the CBOE futures were launched the Cimiez are the much bigger ones that were launched on 17th the Bitcoin price was at $17,000 during that window it actually hit an all-time high of 19 thousand six hundred and sixty-five dollars and then remained relatively steady still above nineteen thousand until the seventeenth this is the day to CME futures were launched and look at what happens after look at the carnage so in the next four days in between the 17 in the 21st Bitcoin dropped 29% so it dropped down to about $14,000 now you may have seen a lot of people calling for a seventh thousand dollar Bitcoin due to the technicals or whatever they might want to talk about how however we look back and this was a twenty nine percent drop over a few days which right now where the prices would put the price around seven thousand dollars so those numbers kind of match up if you believe that we're having a breakout to the downside so when we look comparatively to what is going on right now and what happened in 2017 these are basically vehicles for investments so if we look at this quote right here I thought that this was very interesting this is from an article back in 2017 when the futures were launched and it said more investor funds are coming but this very important guy's Wall Street just loves new products they can sell to generate more fees and commissions in an area in an era in which fund fees have dropped to the basement they stand to make billions from new vehicles this is why these investment vehicles futures incoming options you know the physically backed Bitcoin futures contracts we have right now with bakkt these generate fees and commissions for wall street so that's why when you look at the chart and this is upcoming you see this kind of accumulation stage here this is going back to the beginning of September to where we are now and you basically see that the Bitcoin price has not done much as some people may be accumulating in in expectation then we're gonna have a big breakout to the upside or the downside now you may have seen this triangle on a lot of different channels this little pennant here and what a lot of channels are saying is that we are going to have a huge Bitcoin breakout to the upside or to the downside now if we see the breakout to the downside it could hit that seven thousand dollar number which would line up with the the fall that we had after the original US dollar back physical US dollar settled futures contracts in 2017 however a lot of technical analysts are saying that we have a lot of buying pressure and it's really the whales that are keeping it in the range right here now look guys by the time we get to this range which is near the end of October by the time we get to the end of this we will have a breakout there's gonna be either a breakout to the upside or the downside in the next let's see 23 in the next 30 days for sure probably sooner than that I would say we will see a breakout for Bitcoin going way up as high as 13 to $16,000 or as low as $7000 in about the next eight days we are gonna see that starting to form so that's basing that off of the history what happened in 2017 I think though we're going to go to the upside I think that we're gonna see basically and the opposite of what we saw in 2017 I believe we're gonna see these numbers go up and they're gonna be going up very drastically probably in the next eight days I think we will see a breakout here so you guys can be expecting that so what was it in 2017 that drove the price down now of course there's manipulation in the market things like that but one proven strategy was fud was to basically give news about Bitcoin to make the price crash now if we go back to some of the stories that were in between December 10th and December 17th in 2017 here's one us woman used Bitcoin to move cash to Islamic state appealing to the worst fears of Americans the worst fear in America is terrorism it's that at any given moment you know whether it's domestic terror terrorism or foreign terrorism that it ain't given moment you can just be minding your business doing anything you were doing in your regular life and then there's a terrorist attack like we had in 2011 so this story right here appealing to that if you go through this story and you look there's no source for it it just says court papers suggest that I definitely don't think that BBC is just scouring all the criminal reports across the United States looking for something to say this was a story that was given to them from somewhere else so then we look here tax investigators raid Bitcoin exchanges across India we know at that time there was a lot of fud going on in India and this story would have been on September no that's today's date this story was I don't have a date for it but there was a date when I clicked on it so um this was also during that period so we looked here's another story EU agrees clamp down on Bitcoin platforms to tackle money laundering also an article that was written during this time period kind of trying to fan the flames of you know money laundering and Bitcoin is for evil people then we had this story from Newsweek my favorite Bitcoin mining on track to consume all of the world's energy by 2020 that's right guys in a few months we'll never see electricity again thanks to Bitcoin just showing you how asinine of a claim this was in 2017 the Bitcoin mining will consume all the world's energy that's absolutely crazy yet these were the type of stories they were being reported to help push the price down so what story is being pushed now to push the price down well cryptocurrency is over it doesn't get any better than this Google may have just ushered in an era of quantum supremacy a lot of people are mad at Google for using this phrase quantum supremacy because it's offensive I kid you not but basically this is a quantum computer now what Google claims is that they now have a computer that can break cryptography which if you remember recently Google said that they were trying to aim to create I think a cryptocurrency competitor so or maybe it was Amazon can't remember who it was but now all of a sudden they can break cryptography this is a quantum computer here now what you're looking at is very interesting I've been doing a lot of research on quantum computers and I knew that to have one you have to have almost absolute zero temperature so the temperature inside of a quantum computer is actually colder than interstellar space so I shows you how complicated these things are to make but it's really just kind of like looks like a laser you know like in a cartoon or something they have a laser that points somewhere that will like destroy the world that's kind of what it looks like or like the thing coming down out of the independence day alien ships whatever alien ships have you will but here's the story Google has said they have these new computers they basically what they'll be able to do is they can solve complicated math problems in like a few minutes that take even the most powerful supercomputers that we have today take them ten thousand years to solve so is this a threat to cryptocurrency well of course I mean this article you know and a lot of other articles written would seem to suggest that that the cryptography is over we have these quantum computers now that exist and even though they're so difficult to create the fact is is that if there's one of them in the world you would have to worry about you know some evil dictator taking it over and maybe being able to destroy the world's financial system if we were all to move over to cryptography and cryptocurrency it's a bunch of overblown hype I'm gonna tell you guys why and I'm also gonna tell you guys exactly why I feel like this is a story that has totally planted in order to FUD Bitcoin I know it sounds crazy but let's look at the facts here guys NASA NASA put this story out everywhere you read it basically says that what happened is NASA put out this story on their website and then Google had them immediately remove it so basically this is a leak the paper you cannot find the paper anymore you may be able to find someone who's reproduced it for a web browser but the actual paper that was originally posted by NASA was gone in a few hours so it was posted last week all of a sudden all this news came out and then it was taken down a lot of Google's competitors are saying that this is not even real this is not something that can actually even be proven and we'll be looking at that however do you guys think it's a coincidence I want you guys are really think about this do you guys think it's a coincidence that the very same weekend that bakkt is going to launch and bring institutional investors in that NASA accidentally leaked a paper explaining why quantum computers will destroy cryptography guys it's crazy and it might be a coincidence I highly doubt it though the fact that Google came in right after that had them remove it it looks for like smoke and mirrors like oh we didn't mean to put this out this weekend guys however it certainly seems like there's a connection there so here is a quantum computer company d-wave now I'm gonna show you guys this is crazy so the computer is housed inside this house up here the housing it's housed in a house believe it or not and then this part on the front side here this is actually just like the I'm can't remember I can't think of the word right now but the terminal this is like the terminal if you will okay where you do all the work but the computers house inside okay like you can see this guy here working on this quantum computer the computer is in the bigger part now it's kind of like a bag of chips it's real big but if you open it up there's not much in there so if you actually look at the computer itself that's all it is right there that's it this is what is hanging inside of this super super super cold interstellar lis cold housing unit okay and you can see what the temperature has to be at each level because what a quantum computer is actually trying to do is like get to subatomic levels to where the you know binary code right zeros and ones like every P was a binary choice that means one or the other 0 or 1 but with quantum computers you can actually get the zeros and the ones to exist at the same time which makes computer processing so much more powerful so I'm not a computer nerd so I can't really explain it more than that but I thought that was pretty cool this is this is what it looks like so can it is this true ok did Google crack this will quantum computing destroy cryptography so here we go this is talking about quantum computers but it isn't all good news quantum computers pose a serious threat to most modern cryptography because they're extremely powerful quantum computers will eventually be able to break many encryption schemes that are currently in widespread use whoo that's scary guys can you can you imagine a world where our current form of cryptography gets solved well of course you can because we've seen it many many many times in history this will not be the first time this is a history of encryption it is a graphic I know it's a little grainy sorry about that but encryption goes all the way back to 500 BC and guess what every time encryption gets solved they create a more complicated encryption now in the Year 500 they obvious did not or 500 BC they didn't have computers they didn't have super complicated you know techniques and methods to encrypt however you guys need to remember this it is much easier to encrypt than it is to break encryption okay you guys remember that that is the key thing here but as technology has advanced we were able to come up with more complicated ways to encrypt then you have to come up with more complicated ways to break the encryption so it goes back to 500 BC then we had the Caesar cipher frequency analysis polyalphabetic cipher the Jefferson Weil Enigma machine Cryptologic bombs okay so in 1977 we had data encryption standard 56 now we use the advanced encryption standards which are either 128 192 256 bit you may have heard of sha-256 that's basically what that means now very interesting how long does it take to crack sha-256 there's 7 billion people on the planet if every person on the planet owned ten computers and each computer can test 1 billion combinations per second it would take 77 and about 30 zeros behind it is that right note 18 24 77 with 24 zeros behind it I don't know what that number is that's how many years it would take to crack however now with the quantum computing it can be cracked in a short period of time so what does this mean this just means we need more characters in the encryption so if you look at what is a bit here um here's the key size formula if something's one bit it has two combinations which would be zero and one I believe and then it's 64 bit it's got this crazy number over here you know 2 to the 64th power at 256 obviously it's 4 times that so it's just time for us to evolve into the new level of encryption however many zeros we have to add to the encryption or how many characters that's what we'll do so it's not that big of a deal guys we've seen this happen over and over and over again so you don't think Google knows that and yet they put this out the same weekend that Bakkt is dislodging very very very fishy to me guys and I think there is definitely a tie-in so I think there was something else I want to say here um and this this is another thing important here critical currency is just one small corner of the tech world and many researchers are working on a post quantum security solution for example this is very huge here guys Google and CloudFlare partner to experiment with quantum secure algorithms in June the goal of this effort is to improve Internet security in general but it is not clear if this will benefit cryptocurrency in general nevertheless quantum resistant security research is thriving so yet kind of another tin foil hat theory we have Google explaining or we have Google it is reported is working with CloudFlare to create post 256 encryption solutions or as they say post quantum security solutions this means that they put out this paper and they explain quantum computing is going to break encryption as we know it oh by the way guys we're working on those security solutions so when you're ready to secure your platform come on over to us they're basically trying to create the problem so they have the solutions so they can control the world even more they're trying to create a problem that it has already solved in order to make more money obviously is what is going on here and I think that is all I want to talk to you guys about today but here's the important thing guys to know the Bitcoin breakout it is coming is it gonna be on the upside or the downside we're not sure yet but I personally believe that we will break to the upside start on a new pennant moving to the side I think $16,000 is in the realm of possibility so of course I'm not a financial advisor but I know during this time I'm also trying to accumulate when the whales are trying to accumulate I'm also trying to accumulate so hope you guys enjoyed this video don't forget to smash the like button we'll be back with a live stream later today maybe the two hash this out a little bit more and no pun intended bit boy out