Daily: John Oliver Critiques Crypto #CRAEFUL / South Korea to allow ICOs

Today on Box Mining Daily, we're going to take a quick look at the market and the market is flashing a little bit of green after a pretty dreadful weekend. We also have South Korea over here. There's a little bit of positive sentiment towards cryptocurrencies in South Korea as Korea is building the regulatory framework to allow ICOs. We also have Bitmain. They're developing facilities in the US. It looks like from leaked papers that this might be the case. And finally, John Oliver, our friend John Oliver, had just created a segment, almost a 20-minute segment about cryptocurrencies. There was a little bit of bashing for EOS there, but generally it's a little bit positive and I voiced my opinions about that segment. I like to say that everything covered here is my personal opinion, not financial advice. And I'd like to thank everyone so much for supporting this channel and giving me those thumbs ups. So let's start off with the cryptocurrency market cap. So right now we're almost making it past $400 million again. Just after this whole dreadful weekend, this whole FUD incident, we are pushing up quite drastically and quite quickly recently over the past few hours. So we almost have a 10% gain for the price of Bitcoin and other cryptocurrencies are flashing a little bit of green as well. Right now the market is still pretty much stuck in the $400 to $450 billion range for the longest time and people are definitely getting tired of this. But honestly, long-term stability is good. So maybe that's one good thing for the long-term growth of cryptos. So today South Korea came out to say that they are going to allow ICO soon with new regulations. So this is after a period where they have banned ICOs and they have increased scrutiny on cryptocurrency exchanges. The current state of ICOs in South Korea is that they're currently allowing investors to invest in foreign ICOs, but they can't do domestic ones. On top of that, they haven't requested a refund for the ones that have done in the past. So it seems like they're just like kind of reacting to the current situation and want to put out the new regulatory framework, ASAP. They also want to, of course, tax ICOs. This is something that, well, they probably have a financial interest in doing. So they're trying to build up the framework to both tax and regulate the new ICOs in the region. One thing I do want to say about South Korea is that the Korean premium is or has gone down rather. So right now, if you look at the price of Ethereum on the Korean exchanges, for example, look at BitThumb, then, well, they're pretty much on par, maybe 2% or 3% more than international prices. But this is way less than the 12% we saw around two or three weeks ago. So definitely, it seems like the South Korean market, the fever has died down quite a bit, but who knows what's going to happen once these new regulations come across. Another neat fact about South Korea is that there has been research done that shows that most of the investors in cryptocurrencies are the 20-year-olds. So this is a younger portion of the population. So definitely not the older, more kind of experienced investors, but more of the younger ones, I guess, what we saw before, where there was like scalping and people basically treating crypto as a StarCraft claim and trading fervently. So there's still probably a lot of room for institutions there in South Korea. But right now, it does seem like most of the traders are 20-year-olds. Next up on the news, we have Chinese crypto mining company Bitmain. Bitmain is developing facilities in the US. This is really no surprise to any of us because, of course, you've seen recently that Chinese mining companies and even Chinese ICOs are targeting foreign segments. So it seems like there's this leaked paper coming out from a company called Ant Creek. So Ant Creek is reportedly to have the governing person as Jihan Wu. So Jihan Wu is, of course, Bitmain CEO. So it does seem to be the case that these documents are linking and giving that possible connection between Ant Creek and Jihan Wu. Right now, it's unconfirmed by the Bitmain side if they're really doing this. So there's no full confirmation. Next up, we have John Oliver. So John Oliver has been doing a lot of good segments on different topics. And today, he covered cryptocurrencies. And of course, he made jokes about how ridiculous some of the names for cryptocurrencies are. For example, JesusCoin, TicCoin, Wax, and DeepOnion. He used EOS as an example of a very successful ICO that doesn't have a product yet. So there's a critique about this is that it can raise billions of dollars without actually providing an actual product. Well, right now, EOS is in its testnet phase. So it hasn't really fully delivered on its main net. And that's stated to launch later on this year. But and his critique is that it can raise billions of dollars without really delivering as of yet. So I definitely feel like what he's saying is quite true. In this case, there's definitely a lot of speculation going on. And there's a lot of basically hopefulness in this space. Definitely in the years ahead, we're going to want to see projects delivering more and more. And this is going to be not only the trend, but this is going to be what will happen soon. Because without this happening, crypto is going to be filled with thousands of coins. And we don't know when they're going to deliver on any of these promises anytime. And that's definitely not a normal situation. He also attacked HODL culture and wanted to create Crayful culture, the idea of being careful in this space. So I definitely support that movement for us doing good research, learning more about a certain piece of technology and understanding it thoroughly is definitely what I want to do on this channel as well. So what do you think of this whole Crayful culture? Do you think that's going to hit off in the cryptocurrency world? Leave a comment on what you think down below. Thank you guys so much for watching this episode. Remember to hit that little subscribe button to subscribe to this channel. And of course, check me out on Instagram. Been really doing a lot more posts on Instagram recently, and I'd love to catch up with you there. Thank you guys so much for watching. See you next time.