Facebook Coin Raising $1 Billion ? Coinbase lists EOS, REP, MKR

magic so yeah so let's start off with just a quick glance the market I'm gonna do a little bit of a refresh you know with crypto how it goes every few seconds it changes so over here pretty much we're in stable territory yet again it's kind of funny how we had a 100 million dollar kind of buy order into Bitcoin and I said everything flying up so we still have Bitcoin above 5,000 which is pretty awesome yesterday we're talking a little bit with Arcane Bear and he's he's actually feeling a little bit bearish he feels like the the tides haven't changed completely yet right now it seems like we are coalescing to a point and it could break up or down so very useful technical analysis there so we do see some TA experts thinking oh look it's gonna go to 8k some people still think we have an opportunity to buy low for me always dollar cost average is my strategy I feel like right now if you want to just get to the lowest point of the lowest point that's not really possible unless you are the one manipulating market unless you have that much capital maybe a hundred million two hundred million to top that off right now if you have that much capital then sure like you can try to manipulate dump it all the way down and then get the lowest point but if you if you're not that person then for us dollar cost averaging is just a much less gambling bet you know that you can't play if you know that in the long run the fundamentals are fine you know that Bitcoin is gonna change something and we have so much validation coming in yesterday we're talking about Elon Musk he's talking about how Bitcoin's technology is very brilliant he's seen the disappearance of paper money he's not extending all the way to fiat money yet but he's seen the potential of all this we have Jack Dorsley as well he's really big really neck deep into crypto he's working on the lightning network and saying how layer 2 solutions are developing well and today we have Facebook as well so Facebook this actually surprised me a little bit the reason why it kind of surprised me let me just find the article for you guys mmm and it's not oh yeah there you go so this is from a NYT reporter Facebook is seeking 1 billion dollars in venture capital for crypto project so it's not really disclosed yet what this crypto project is but a lot of people are assuming that this is Facebook coin and they're assuming a few things about it so why don't we have official details as of yet and it this kind of feels a little bit like all those leaks about technology like Apple leaks or about the phone or whatever leaks that's coming out in the future the but there's a little bit more guts to it the reason why is because Facebook needs to raise money so they need to kind of present some form of information and the thing is they need to raise money from multiple sources and even though there might be non-disclosure agreements so NDAs preventing parties from disclosing it it might be just one family or one relative or one person can leak that information to a journalist and that's what the situation was have we're having here so we don't have a concrete announcement that Facebook is doing this but we have credible sources pretty much saying yeah they've pretty much seen a lot of what they're trying to do they're trying to raise 1 billion dollars it's related to a coin that might be tied to other world currency assets so it's not going to be a coin by itself and this does make sense we've seen the first go ahead by the SEC to tell us hey look you know what this coin is okay as long um let me just let me just bring that article up here just just so it's a little bit easier to check out give me one second and welcome everyone on twitch by the way um let's uh hey hey hey it's Astroverse hey man hey Nick how's it going yeah thanks for attending on on twitch just feels like YouTube tried to ban me for talking about what we had this rumor going on it's like you know banning for talking about Facebook coin maybe maybe they don't like Facebook or maybe it's in the States something something like that so I just talked about this um so we had the no action letter from turnkey and this is kind of interesting and this might apply to what Facebook is doing because Facebook they definitely want to operate uh within the law so the the interesting thing here is that turnkey jet they had tokens that remain fixed to one US dollar so it's not a stable coin it's not a non-speculative coin and this is maybe very possible that Facebook is going along that direction to make a currency that's tied to world currencies to try to kind of rough it out it will still be fiat backed and I think that's the only way that Facebook can do it because it has so much exposure to Americans and you know that when you're exposed to Americans and you have invest American investors the SEC is just on that especially because Facebook is such a big name as well it will definitely be under just like big scrutiny from the SEC which means that it might be very similar to these terms of these no action letter for turnkey jet which means that token needs to be immediately useful it means to be a fixed price and non-speculative asset could be used only for one particular service and doesn't represent tokens of having potential profit so that might be what Facebook is doing so a very much like a stable coin and raising one billion dollars to do so so this actually might actually try to replace USDT as well because we know and we've been discussing this for a while that USDT is not a stable ground to stand on they hold billions of dollars sure well they claim they hold billions of dollars if you look at the market cap of USDT it holds 2.1 billion US dollars and the issue here about USDT is that it is cool it's mostly stable most of the time and the issue the the reason why it's stable is because they claim they have that 2.1 billion dollars sitting in bank accounts but it's never been audited they can't offer proof they don't bring auditors and say yeah look let's look at these bank accounts and you have them and one of the primary reasons here may be that banks aren't very cooperative maybe a lot of the banks accounts that they hold they don't actually tell people it's for crypto and they don't they will know that they have banking issues in the past so Facebook can come in and do something and you know Facebook we know has better bank accounts and if they have regulatory approval with the SEC they might create the most epic stable coin out there trying to seat tether right now that actually means it's good for the crypto markets because right now tether is such an unstable foundation you know it's to a point where there's new comments on my USDT video saying how good UST is and this is very rare we don't have these comments coming in so it's most likely from bots so someone from the USDT corporation from tether is most likely hiring bots or someone to do aggressive PR to write good things about tether and this is why we see so many good things about tether recently and that's because it's a bot army it's not an organic roof and just go to my video and you'll see that I see comments about it every day like oh you're spreading flood about tether tether secure guys there's no such thing as secure in decentralized space and at the end of the day if Facebook comes into the space it might be interesting I do actually feel that Facebook is just trying to catch on this wave of crypto the reason here is it feels a little bit also like the JP Morgan coin where they're trying to create a stable coin to figuring out how to use it in their enterprise and try not to jump on the Bitcoin wagon when in fact the Bitcoin wagon is what makes Bitcoin and cryptocurrencies really powerful because we have a system that's away from the fiat system so the way I see is maybe Facebook could provide this alternative they don't have you know they're not as hated as JP Morgan so I think in the community we might adopt it although they are still not the best you know if you look at the track record for Facebook leaking our information selling our information doing that not the really best track record for the saviors of crypto so I do feel in many ways it's you know great that mark is dropping on he sees the value of this technology we also see that this whole idea he he's taking the approach that I think probably isn't the smartest approach if you went full on like Jack Dorsley and the CEO of Twitter and went full on into lightning and supporting Bitcoin payments onto Facebook that will be way more exciting than what he's trying to do here but magic magic of raising one billion dollars you definitely see you know if you can raise a billion dollars that's not from Facebook investors and he can just play around with the money I think that's what he's going with there right now so just catching up with comments here we got astroversing twitch for the win no lag whatsoever very high quality it just works it just works we got a cash lexus so probably a ton of KYC for Facebook coin potentially but if they sell it to consumers it might just be the for the case if it's if it's a small amount of purchases for consumers it might just like be purchasing like a like a Facebook you know emoji you know they sell those things for $1.99 and maybe they want to just use it for for that instead so maybe you can just charge up $20 of Facebook credits and then just buy some bunch of emojis for it maybe that's the dumbest use case possible but you know that might be what's happening I mean if they used it if they use parts of crypto for even privacy we saw like you know the idea of a anonymous smart contract you know maybe just anonymously sharing data that could be interesting but Facebook I think they took the easiest approach here creating this new coin a currency possibly what we'll have to probably wait until the official announcement which might be a lot later we know the history with the telegram coin a ton one thing that you know about Facebook coin or anything here is that this is most likely going straight to private investments they don't want to avoid any they want to avoid all the problems SEC and there's a lot of problems if you sell and do a public sale for it so what we know from telegram is that they tried really hard to avoid the public there was never a public offering round for the ton token but it was real it was a real project and we saw the real white paper for it and there might be scammers and I'm just saying this right now there might be scammers going straight off and trying to say oh by the Facebook token from this website and blah blah blah that will be an absolute scam like unless it's on facebook.com don't trust anything there's a reverse Bitcoin hard fork every Bitcoin holder get a gold coin I think I had a really bad feeling about gold coin last time just off topic people really aggressively shilling on my channel so I would yeah not really go for it's just a me thing that's happens all the time right you see on crypto a lot of people just overly aggressively shilling something thanks but I'll take a look at I'll take the reverse Bitcoin fork but I'll just be a little bit cautious with gold coin all right so next up on the news coinbase proless eos rep maker dao so interesting developments there so I definitely want to talk about maker dao I think in terms of maker dao I haven't done many videos about it we're talking about the die coins the crypto backed stable coin and the whole system is very beautiful if you love crypto the only issue that I kind of spotted here if it's a crypto backed stable coin is that if there's a flash crash like what we saw here when ethereum prices dropped to almost one cent for the matter of one hour on coinbase and if that kind of like spreads for all the exchanges then there is that risk that your stable coin isn't that stable so that was my only kind of thought about it but if it can work you know it still survived this current bear market was the first test that the maker dao the dao the dai die coin did hold its value of one peg to one us dollar and it's backed back by stable and is run by smart contracts so that's probably the only way maker dao probably the only way of creating a stable coin with crypto assets that are not tied to any centralized system so that's the interesting thing there maker dao is a great project sis with definitely agree with you there it's lots to look into and definitely want to look into it now eos as well eos a lot of developments there was a question right now from cash lacks engine versus eos what's what's the main difference it's very big difference actually eos is a blockchain so it's a protocol about it's a way of looking at how to create blocks and how to actually function in engine is gaming based on ethereum so you know that's a project with a whole ecosystem sporting game developers but it uses ethereum as the underlying protocol and eos as its own protocol i think there's a lot of good things to be said about eos as well so eos and ethereum they're kind of gone into this battle recently blockchain that anyone can join and start mining and creating blocks for so it's very similar to the way bitcoin works where everyone can join it's fully decentralized in that respect now eos is a little bit different eos relies on 21 block producers so only these 21 guys can produce blocks and update and control the network so they have complete control over the network and that's a kind of a trade-off you're trading off decentralization this whole idea of being able to publicly join so it is a permission system the way they kind of deal with it and say oh it's not fully centralized by voting the 21 block producers need to be voted in and there's a little bit of politics around that and it's very hard to kind of talk about it without stepping on people's shoes but my general take on it is that it is another approach and um how much decentralization do you need and that that is the the biggest question if you're doing a mini game app that could you know um doesn't hold that much value do do you really need a full decentralization or do you are you okay with 21 nodes i think that's probably the biggest question and argument i want to talk about in the future but it's good to see them get listed and that's going to be fun um coinbase as well i just wanted to add on to this um coinbase has been listing a lot of coinbase um coins on coinbase pro there was seems to be some issue with ethereum classic over the weekend as well where the prices on coinbase pro was much higher than everyone else and we had this discussion yesterday on youtube where someone actually bought a lot of ethereum classic during the pump um and they lost a lot of ethereum classic over the weekend as well and they lost a lot of money right now coinbase pro um it's trying to get to a all coin trading platform but it's just not there yet and because of the way coinbase operates and it's such a big entity and a lot of shady stuff does go on i've heard rumors that coinbase is like the shadiest exchange out there um can't really verify it without giving you details that are a little bit too crazy but i would be a little bit careful with coinbase as well just like and it goes with all exchanges um just don't leave your crypto on there don't trust an exchange cashless respect box mining for all the knowledge um julius crypto says do you know about polka dot i definitely know about it but um i didn't have the best kind of feeling um from from polka dot um after talking to gavin woods um it just seems like he wasn't fully into it so that was kind of what was keeping me back but if you guys are interested i will definitely take a take a look at it grinder says hello sub box sub man how's it going so yeah so we're trying streaming on multiple platforms here so um all the chat should appear here so i'm really really excited i'm actually really happy about the service actually so it's pretty cool all right um trying to finish this off very quickly um i promised myself that i'll finish the live stream in like 30 minutes and then i'll spend like 30 minutes trying to fix it so okay next up spark swap so spark swap raises 3.5 million dollars which is kind of crazy um and it has to do with the lightning network so lightning network we know it's coming up it's developing um i've been personally using it for a while and i know it's fast and if we can swap things instantaneously we can do that without you know a lot of these centralized exchanges the reason why centralized exchanges are fast is because they can do bloop that transaction happened but it's all inside a black box assets are never really exchanged per se but with lightning network you can actually physically or you know realistically exchange control over cryptocurrencies and you know for certainty that you have it the issue with centralized exchanges that well you don't we looked at decentralized exchanges in the past we looked at resistance we looked at um what was it people are talking about nash a lot we're looking at the binance uh version of the decentralized exchange so this is another one spark spark swap is another decentralized exchange but it uses lightning technology which is definitely damn exciting another interesting development is western union so western union you probably guys know if you go to a supermarket you can send currency around the world and they charge a little hefty fee so what they're doing is that they are going to philippines um and expanding that and using a crypto wallet so they're cooperating with coins.ph this is actually really exciting because we know that southeast asia is a great place for cryptocurrency development because of the fact that there are so many different countries and people need to send currencies between these countries it's like kind of like the example i gave is that a lot of filipinos they um have say their parents might be working overseas doing um overseas work and they need to send money back home to the kids and they don't want to be charged you know 20 30 dollars they just want to be charged cents and one way you can do this of course is crypto with crypto right now even a bitcoin transaction it's one cent usd or ethereum transaction actually bitcoin probably a little bit more expensive than that but the idea here is that it's very cheap cross-border international payments and there's definitely a reason to use it so this cooperation kind of is exciting western unions realizing that crypto can provide something that is way more powerful than what they have and eventually we can just phase out western union i think that's the biggest dream but one step at a time all right next this is a little bit upsetting uh quadrica cx uh very likely to enter bankruptcy with millions still missing guys guys well after reading and um talking to people who did actually interact with the co-founders of quadrica cx i had some canadian friends who actually did like interact with them shared office space with them um did deals with them not looking good guys um shady as fuck is always the response i got about quadrica cx very likely gary cotton faked his own death we saw so much evidence of the fact that they didn't even have wallets you know the wallets that they claimed to be missing those storage wallets the co-storage wallets that were meant to have millions on them there's evidence that surfaced that there was none these wallets were not even there they were they just directly sent that crypto that they were meant to store up for the customers directly into other exchanges and onto the dark web and just took that out which were cash pocketed done so very likely jerry cotton faked his own death quadrica cx now because their consumer the customer funds are gone very similar to what happened with mt gox people are going to lose money an update on mt gox as well um this is kind of sad um mt gox we just talked about how they sent the approval or disapproval for creditors so we know this is an exchange that got wrecked all the way back in 2014 it's been five years five years now and uh it's going through the legal process no one's got any crypto from mt gox yet and what they're saying now is because of this legal process it could type up people for even longer that's messed up and being a personal victim of mt gox i kind of just gave up hope i'm just like you know what i i don't feel like i'm gonna get any of that money any time this year it's just yeah and i totally agree with that it's been so long so little communication it's long legal procedures this is why i'm a very big advocate of not your keys not your crypto keep your own cryptocurrencies because exchanges do go down even if they're you know even if they seem reputable at time and everyone at that time when we're using mt gox was thinking oh this is the biggest exchange there's no way it can go down and boop boop and so learn from quadricus cx learn from mt gox keep your own cryptocurrencies that way you have control this is quite interesting too bitcoin core releases a hardware wallet to connect to full mode so you know that when you run bitcoin core if you're hardcore like that you have to store a private key yourself and most of the time it's on your computer so it's a hot wallet so potentially hackers can get to that now you can use your hardware wallet soon with command line so it's a big leap forward for the way security is thought up now it can be really very rigorous pretty cool and on that note as well electrum faces another fake wallet attack that's kind of scary um electrum from my knowledge is one of the old school wallets for crypto so it used to be one of the popular ones uh recently i've been seeing so much like scary stuff about electrum with millions of dollars stolen you know i i definitely didn't recommend it don't use it but be watchful i mean that's that's not cool to have like millions of dollars stolen yet again so that's my kind of new summary for today guys sorry about all the technical issues um it's just such a big pain when things go down but i've learned a lot um about this whole kind of live streaming stuff so i hope you guys um can stay tuned for the next live stream i'll definitely try to do twitch more often as well um so guys if you guys haven't done so already subscribe to me on twitch so i'll just send that link up there twitch seems to be a little bit more stable um for uh live streaming on everything um and of course if you guys haven't done so already um had one of the most amazing instagram live chats yesterday so instagram is something that i've been trying out a lot a um something cool about it is it's very casual just like you can just click a button go on and just stream and even invite people onto the stream so if you guys haven't done so already check out instagram.com slash box my name um well i've got a question here swift 2010 2010 says um the coin beanie got hacked so there was this suspicion we saw um funds being moved away from coin beanie wallets i personally believe that if any exchange has something like crazy like that where funds get moved we should definitely be suspicious i know exchanges will always come out it's it's a default policy to come out to tell us yeah everything's fine and that was exactly what happened with mt gox where they're like everything's fine we didn't get hacked but it turned out their hack just happened like years before they went bankrupt so just be very careful um not leaving money on exchanges best practice possible so guys thank you guys so much for watching uh hope you guys enjoyed the live stream and see you guys next time make sure you follow me on instagram i'm going to update you guys on everything that's happening see you guys soon so uh