Of Course Walmart Isn't Accepting Litecoin

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 14 September 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

At 9:30 a.m. ET, a press release from “Walmart Inc” dropped today claiming that the company was partnering with Litecoin to begin accepting the 2016-era crypto darling at its retail locations. The news, seemingly fishy, was nonetheless reported as true by nearly every crypto outlet and numerous mainstream outlets, as well. In today’s episode, NLW breaks down: What happened and how the news spread The context clues in the release that should have aroused suspicion The smoking guns of fakeness in the release that REALLY should have aroused suspicion Why the scam was designed to target press Why the ensuing pump is likely to draw regulatory ire. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: David Swanson/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	This was a scam designed to prey on the failures of click-based news.
0:04.4	They knew that all press release wires are effectively the same.
0:07.3	They're all just pay-to-play.
0:08.6	And two, that given how much journalism is just a game of who publishes first,
0:12.5	few were likely to take the time to vet this thing before reporting.
0:16.0	I am sitting here so frustrated because this just poured absolute gasoline
0:20.3	onto the fire of anyone trying to
0:22.4	tell the world that crypto is just for scammers.
0:26.0	Welcome back to The Breakdown with me, NLW.
0:30.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:37.2	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:43.7	What's going on, guys? It is Monday, September 13th, and well, this is one of the we'reter
0:49.0	mornings we've had in a while. I had planned to do a grab bag-style show, as there was a bunch of smaller news
0:56.4	that was interesting, if not able to carry a full show. I mean, we had a lobster NFT Dow that
1:03.9	raised CoinCenter's biggest donation ever. We had crypto funds like Pantera raising and Bain Capital
1:10.0	announcing a crypto fund.
1:12.1	We have the IRS and the Treasury focusing on crypto guidance.
1:16.2	We even have a Dune-NFT controversy of all things.
1:20.3	Time-dependent, maybe I'll still hit some of these on the end.
1:23.3	Certainly we'll cover them in the next few days, if not.
1:25.3	But no.
1:26.6	Instead, we're going to talk about
	...

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