Daily: Load the DIP

The dip is here guys so we're gonna take a look at what's happening on the market today there's definitely a lot of blood on the streets we're also going to take a look at what's happening on a new Sequoia is suing Binance we got some crazy stuff happening on Ethereum and even some contracts being exposed to have flaws in them and finally we're gonna look at some fun news as well coming from the CEO of PayPal and I found it to be absolute horse shit so all this and more on today's box mining daily everything covered here is my personal opinion and not financial advice so let's start off with the markets so for the past week or so we've been having an amazing run it was going up and up every day and we didn't even have a weekend dip today finally the markets took a little bit of a plunge today Bitcoin dropped five percent is so though it's the one that's holding up the most ironically and everything else like Ethereum, Ripple, Bitcoin Cash dropping double digits EOS is still standing still so there are still some coins are standing still I was looking at something crazy like Decred is still going up eight percent so it doesn't affect the whole market overall but there is overall a minor dip today so everyone's asking why the dip well it might be for two reasons one is just because the markets themselves were correcting to a major growth over the past few weeks and then there's also some fun news coming out one of them being Sequoia Capital so Sequoia Capital is suing Binance Sequoia was initially planning to invest in Binance but after the deal fell through Binance took investment money from IDG Capital and now Sequoia is claiming you know what you were in breach of contract you were looking for other partners so it's a case where Binance is the hottest chick on the block and then there was a case where people are fighting over Binance and now it seems like Sequoia Capital is a little bit salty in this situation the case might be settled for arbitration so that's outside of the court and CZ Zhao Sunpon was told not to talk to us about this so we just have to see what's gonna happen next we also have some FUD coming out of the Ethereum front so there's two bits of news one is that there is a risk that Ethereum might be splitting in half this is over Ethereum Improvement Protocol 999 so what's in this protocol why is it so controversial well Ethereum Improvement Protocols are meant to improve Ethereum so they're meant to be proposals put forth by developers make they make the code and then if it's successful if the community votes on it it gets merged and deployed on active Ethereum but the problem with this EIP 999 is that it deals with how to fix trapped funds so the this is the famous parity blow-up that happened last year so last year what happened was that there was a bug in parities code in one of the safest wallets it was meant to be so safe that they had a self-destruct button and if someone pressed a button it will blow up and will freeze these funds forever so some random programmer did click that button and trap and lock these funds frozen forever for no one else can touch it the people who are affected or the people who are using multi-signature wallets and those are mostly to do with funds so a lot of big Ethereum funds were affected and maybe some ICOs as well right now the Ethereum protocol 999 is attempt to remedy this so by changing the whole network by applying this improvement protocol there they can unfreeze the funds and free it for those people so for the affected people but of course this has a dispute on both sides there are hardcore coders that believe that code is law that because the bug there was written it was deployed that contract was launched then that should be held in place the p there was a self-destruct button there someone pressed it and that should have been the way the story goes there's another part where they said you know what that was unintentional people shouldn't be able to take over that contract and press that self-destruct button well let's reverse it and restore these funds back to the rightful owners the vote for EIP 999 has ended yesterday and with a majority of the votes were no so 55% were no 39 were yes and 5% just didn't care but there might still be some dispute in the future whether or not to deploy EIP 999 and if it does will the community how would the community react this is the biggest question right now if the community reacts negatively and the community splits then there might be two ethereum so that's the ethereum flood that's happening there's a new bug that's been discovered in erc20 contract so you know the erc20 tokens are such things as the basic attention token even eos their erc20 tokens living on ethereum and they have their own set contract and developers can add their own contract so it turns out to be the case that there is a new bug discovered in erc20 contracts that affects potentially up to 20 or so tokens this hack allows a hacker to create a large large amount of tokens almost for free by abusing this idea of a buffer under flow don't beat again unfortunately a hacker managed to create a very large number of beauty chain tokens send that to exchange luckily the exchanges caught it in time and blocked it from being transferred but yet again this is a case where it's up to the programmer to make sure that the code is clean it's not hard to program for ethereum it's not hard to make a working contract but to make a contract secure and the problem is you can't fix the contract after it's been deployed so now there you can't issue a bug fix and like you know on your phone or whatnot where you constantly receive updates to fix problems with ethereum of every single blockchain out there programming is hard because of the way it's designed because once you upload code it becomes locked and they can't change it that's the difficulty it's not understanding language so literally it's a very easy to understand language but this has to do with the workings of the way once something is deployed it can't change it's like hardware so in this case is code law my view is that code should obey humans humans if they they are an expression of human intent we should have a little bit of a rigmar room for bugs that are crazy as this whilst these points are valid points of arguments there's definitely stupid foot out there for example Bill Harris one of the cove and the CEO of PayPal came out to say that Bitcoin is the greatest scam in history he made a massive article detailing all the negative things about cryptocurrency and I just want to say this is complete horse crap it is absolute horse shit he pointed out that Bitcoin isn't a pseudo means of payment because put the coin has price swings but that's also true with every currency and right now we're still at the early beginning stages one thing I think he forgot to point out of means of payment and store value is a Bitcoin you can have absolute control of your currency like this is something that's not people can't even offer right now pay paypal is a centralized system if they want to freeze your account and anytime they can do so and they can do so without reason to if their bots or their algorithm finds something maybe you don't just don't look right maybe have a name that looks like suspiciously see slimmer to another maybe not so well behaved person well they would just ban that account straight off and in fact they can implement new fees and new regulations and if you're addicted if you are using PayPal as your centralized form of payment if you completely trust it then you're at liberty to whatever they want to do and Bitcoin honestly and the whole cryptocurrency community this provides a big alternative we possess our funds the funds are on the blockchain and we have absolute control of it and no one can take that private key away from us and another crazy thing about this is that he brought out the criminal activity argument again which has been proven false we have seen legit scientists come out to say you know what this whole myth of illicit Bitcoin use that's absolute bogus and saying something like 10% of bitcoins is used for illicit activity that's just absolute horse shit honestly Bill Harris should know better and you can see that contrast with Peter Thiel because Peter Thiel is also a PayPal founder and he really jumped ship and said you know what Bitcoin and cryptocurrencies is gonna be the equivalent of online gold and he is very pro cryptocurrency so we definitely have a contrasting view here but it's very important to just stay level-headed and know that right now the markets can be extremely volatile that's the way it is it's a new form of technology is a new way of storing data and there's so many different applications of that in fact I'm interviewing Zebi soon and they're applying blockchain technology to solve land registry issues and preventing data tampering I also have my friend Danilo he just left a really nice paying job at YouTube to go work on cryptocurrencies full-time there is a drain in talent and people smart people are moving towards cryptocurrencies and not away from it