News: Crypto for everyone in Philippines ?!!@ / QuadrigaCX total exit scam

Yo, yo, what's up everyone? Welcome back to Box Mining. So I hope you guys had a great weekend. It's back on Monday and we actually have some really good news on Monday to start off the week. So what we're going to do this episode, we're going to talk about the good stuff and follow up on what's happening with Quadrica CX, the modern day exchange scam. And we're going to talk a little bit about stable coins. So let's get straight into this episode. So following this weekend, we actually had pretty good. Like we were talking about this huge pump that happened over on Friday and the prices really kept without changing that much. Now, the reason for the pump, I personally believe there has to do a lot to do with market manipulation. The fact is right now the actual exchange volume is very small in this space and it's very, very easy for someone or a group of entities to control the price. And what we saw here is kind of very characteristic of that, right? You see that the price really just popped in a matter of six minutes. So there wasn't really any kind of organic response to that. It was just like, and there we got it. Now, how do we deal with that in the future? How do we kind of reconcile and protect ourselves from manipulation? Well, one thing that we could do is instead of looking at just the coin market cap, we can look at buy and sell support rating. So this is quite interesting. So I got sent this coin market book by a friend and what it shows is it shows a buy support rating. So instead of just showing, okay, what's really trading because trade volume can be fake. We can look at the number of buy orders, real organic buy orders that you can dump into. And well, you can have a rating for different coins. So this is why the order and the market cap is different because it shows how much support a coin has. And this might be a better metric to measure our market health by. Let's move on to the good news of the day. This is pretty huge. Philippines bank based bank Union Bank, which is the seventh largest bank in the Philippines, is deploying and launching two way ATMs. So these guys are not a small entity. They have 300 branches around the Philippines. And what their banks and their ATMs are doing will do is they are going to offer a two way channel. So either to convert fiat to crypto or crypto to fiat. So this is really big for two reasons. The first reason is that having a crypto friendly bank in this space is absolutely vital. We've seen a lot of banks really being negative towards crypto and banning people from using crypto transactions. But these guys are doing the opposite. These guys are saying, you know what? We want crypto transactions. We want you to use our ATMs to convert fiat to crypto. So this is a big deal in that way because these guys actually see the value of cryptocurrencies and the value it can bring to the Philippines. The other reason why this is important is because three quarters of the Philippines are unbanked. So crypto actually provides a solution for them. So you can actually easily install a crypto wallet on a phone and you can actually have a store of value and a way to transfer value to relatives and friends. This is just the first tiny step to the much bigger picture. Next up, we have Quadriga CX. So this is really shaping up to become the modern day exchange scam. So basically, they're empty Gox of our times. Big Canadian exchange owes the customers a lot and a lot of money. So around $190 or old right now. And a lot of this is in crypto that they claim they can't access because their founder passed away. So we've been getting more and more details about this over the past week. And this has become a lot of detective sleuths trying to look into what's happening to these funds and do these funds exist. The current kind of feeling consensus between the crypto community is that these funds, while they claim do exist, aren't actually there. We can't find the majority of these holdings. And it seems to be the case that even for the case of Ethereum, the founder and CEO of MyCrypto pretty much said, yeah, there's she's very surprised to see that there's large. They had cold storage Ether. Basically, what they were doing initially with the money or Ether passed into their accounts was just using as a hot wallet and transferring onto exchanges. What was kind of scary and frightening was that almost a million dollars worth of Ethereum was actually moved from Quadriga CX to other exchanges. So it might be the case that these guys and so it looks more and more to other exchanges just before he passed away. So it looks more and more to the case that this was well rehearsed, well practiced, something that was executed to defraud people and users of that exchange. So what's going to happen next is that there's going to be a court process. It's going to be 30 days and then it's going to continue on to become potentially something that might be like empty Gox if Quadriga CX can't show up with the funds, which right now seems to be more than likely. So honestly, I'm pretty upset about this case that, you know, these exchanges in crypto are pulling off the stunt and quite a few exchanges fell this month. So at the end of the day, make sure, guys, you just keep your own crypto safe. If it's not your keys, you know, store it in a ledger, store it in a paper wallet. If it's not, if you don't have it under your control, it's not safe. Lastly, I want to briefly mention this. So the Vincol Vos Exchange Gemini has shut down a few accounts over stable coin redemptions. So what does this even mean and why is it significant? So recently we've been seeing a lot of stable coins pop up and Gemini's stable coin is called GUSD. The reason why GUSD has value and it's a stable coin is because every GUSD is backed by a US dollar stored in Gemini account. So they have complete custody over these accounts. And technically, you should be able to withdraw them at any time. So if you have an account with Gemini, you should be able to redeem your GUSD for USD for actual US dollar at any time. But what seems to be the case right now is that they're actually shutting down accounts that are doing large withdrawals. So that's actually a little bit scary. And it just goes to show that something like a stable coin isn't a good way to store value over the long run because someone is having custody over these accounts. So GUSD, USDT, USDC, all of these rely on a central entity. And because that entity is centralized, there's no safety guarantee. So my view on this on the long run has always been use it if you must, but never feel as if it's a safe way to store value. And that's it for today's episode. We do have a lot of interesting stuff coming up. We have a review of the Siren Labs phone. I'm going to do that as part of Tech Tuesday. And we have a lot of daily crypto updates coming up. So you guys can smash up that like button to support this video and click the subscribe button so you don't miss up on future videos. Thank you guys so much for watching. See you guys next time.