We survived the Bitcoin Dump, but Bitconnect 2.0 !?!@#?

Yo, yo, what's up everyone and welcome back to Box Mining. So it's a brand new week and we're trying as much as we can to deal with the craziness that happened last week. Especially with the consensus premium, all that news coming out and then the dump on Bitstamp, which was basically a huge sell wall that crushed Bitcoin prices down to 6,200. The good news is we're back up. So we're back up into this new zone of just shy of $8,000 for the price of Bitcoin. And we're going to talk a little bit about my expectations for that in this episode. I'm also going to keep this episode short. Just a few things like the fact that BitConnect is trying to make a comeback. Bitfinex is trying to stay afloat with their new Leo token. And we have some updates regarding regulation, especially in Canada as well. Also, we have a new family member to the table. We got this new Light. I kind of like a little bit of a backlight here. Tell me guys what you think of Mr. Light over here and if I should keep him or not. And as always, everything covered here is my personal opinion, not financial advice. And if you haven't subscribed to this channel yet, make sure you click that subscribe button and the little notification bell so you won't miss out on any news updates. Starting off the cryptocurrency market cap, we're back to attacking the $8,000 barrier now. So before, after the little dump, everyone was a little bit scared. But Bitcoin made a nice surprise recovery. So kind of subverting all those expectations for people who thought Bitcoin was going to dump hard after consensus and after that blatant manipulation attack. In terms of responses to that attack as well, so what we saw that was happening was Bitcoin prices dropped drastically on Bitstamp the exchange. Bitstamp didn't make an official response saying, you know what, they were just filling out orders, processing, fulfilling their clients' orders as was received. Now, this does present a problem in the long run because someone with just 5,000 to 6,000 Bitcoins can potentially try to heavily manipulate, especially with respect to BitMEX, which does use Bitstamp prices as a kind of source for Bitcoin price. And this is what attacker was after. He was after all those orders on BitMEX. So in the long run, I feel like we still need a lot more maturity in the space. Speaking about maturity as well, I do have an interview with Dimitri from Hacken, and he points out even steps for how to improve market transparency data collection to fight against manipulation in this market. In terms of Bitcoin prices, so we're back into this fund range again between 7,800 and 8,400. So we can't really break apart that area. I definitely see this was that attempt at the manipulation, but we're back, guys. Now, I definitely see this as a very volatile zone just because of how crazy people try to manipulate the prices, especially here. So we can really go both ways. Right now, we're just going to wait to see how we move out of this channel, so to speak. For my personal trading, I took 10% profit earlier last week on Monday and then on Saturday again. So at this point, I feel like I'm pretty happy with taking 20% profits. I also have a HODL account, so I won't really become a no-coiner if I make these trades. So whilst I do think in the short term we did grow too much, after talking to a lot of Chinese people, especially with miners and with just local Chinese that want to move money out of the country, I feel like there's a huge opportunity for Bitcoin to fill that role as well. So this is why I feel like that recovery might not be unjustified at this point, and I might be looking for an entry, re-entry point position sometime this week. Now, let's move on to... Hey, hey, hey! Hey, hey, hey! Oh my god! Oh my god! The BitConnect scam is coming back. So a new cryptocurrency account called BitConnect2.0 came back trying to scam some more. We know this is the biggest scam of 2017, pretending that it can give people 7% yield per week or whatnot by this magical trading algorithm. Honestly, though, these Ponzi schemes are spread and butter of the cryptocurrency space because a lot of people don't take the time to understand what's really going on. They just feel like money is going to come fast. By the end of the day, they get caught and billions of dollars are going to waste. Just like OneCoin, just like BitConnect. They're going to try to fight these accusations. They're not Ponzi, but we all know the truth. So honestly, cryptocurrencies, we've moved on since then and we're better off without them. In other short news, Canadian regulators are trying to characterize their contract between exchanges and exchange users as a security. So this is a new development by the Investment Industry Regulatory Organization of Canada. And Kraken is trying their hardest to fight this. Because at the end of the day, once these security regulations come on pure assets like Bitcoin, then we're going to have a hell of a hard time onboarding people onto the space. So I definitely support your fight there, Kraken. We also got Brave. Brave browser. They're trying to raise another $30 million in Series A equity. So I think this is a pattern that cryptocurrency companies will follow. So Brave, they did their ICO. I'm using a Brave browser. I'm using the basic attention token. That's their native token. But they want more money. That is kind of expected considering how expensive developers are right now. If you want a good developer, even a fresh grad is almost $100K per year in Silicon Valley. My mind is blown there. So asking for more money, that's normal. But one thing I want to be kind of watchful of and careful of is what these new investors have to say over token use. Will they diminish or try to push their own equity gains over token gains? This is something I'm going to be watchful of in the future. Next up, a fresh of breath air for Bitfinex. So they're launching the Leo token today. Now, this provides a lot of new funds for Bitfinex because now they can use it to fight what is accused of them by the New York Attorney General. Honestly, I'm not a big proponent of Bitfinex. But I do realize that the Chinese use a lot of Bitfinex and more importantly, USDT. It actually gives a lot of confidence for Chinese investors coming into the cryptocurrency space as they can actually hold Tether and onboard through that route. And lastly, there's not much else. I mean, I was browsing Coindesk and they're discussing what is the origin of Bitcoin's logo? That is a clear indicator. There's not that much else on the news today. So I'll leave you guys there. I do, however, have a review for the Ledger Nano X. So this new unit has arrived, the Genesis Block Edition. This is something that I actually bought and purchased myself. And I did a free or full review on it. So that's upcoming in my next video. And I'll be answering the most important question, which is, is it worth the upgrade? And honestly, I did this, which is I installed all the apps on the Ledger Nano X. And the new device actually fit 73 apps on there, which is pretty cool. But anyways, the reviews kept coming or you can check it up on the website. And guys, thank you guys so much for watching. See you next time.