Daily: Ethereum Defeats Bank of America ???

Today on BoxMoneyDaily, we take a look at the market first. There's a little bit of a weekend dip coming up. We also have the Bank of America. So they issued a letter to the SEC feeling that crypto is staying them quite hard. We also have Turkey and Iran. They're going to release state backed cryptocurrencies to follow Venezuela. We also have, of course, Ethereum. There's a battle over a new Ethereum improvement protocol, EIP867. I'm going to talk a little bit about that. And finally, we have gaming as well. So the giant Ubisoft, they are looking to explore blockchain technology. So more in gaming and blockchain coming right up. My name is Michael. This is BoxMoneyDaily and everything covered here is my personal opinion and not financial advice. Starting off with the cryptocurrency market caps today. So we have a little weekend dip, but nothing really spectacular. So we have Bitcoin really falling 4%, Ethereum 3%. So it's not much of a big deal. But of course, we do have Bitcoin below 10,000. So that might frighten some people. But I do have to say that weekend dips are quite frequent and we're still trying to establish a good price for the price of cryptocurrencies. That said, of course, the Korean premium is still quite high. So maybe something might happen next week as the Asian markets start to heat up. So in terms of news, the most interesting bit of news I saw today was the Bank of America. They admitted to the US regulators that they may be unable to compete with growing cryptocurrencies. And this is coming at two fronts. So they feel this thing of the talent drain. It seems a lot of top talent, especially in the tech area, want to move to cryptocurrencies because they see the potential there. And also in the long term as well. The issue, of course, is that cryptocurrencies not only provide a way for payment, but with smart contract, they allow for the replacement of bank services. Because banks are trusted entities, there's a lot of escrow services they can provide and a lot of services they can provide for businesses, basically making sure that contracts are met and then delivering the money. What's disruptive about Ethereum and smart contracts is that they can completely replace that because smart contracts are trustless, basically can trust the line of code instead of a third party. They can cut out essentially the middlemen. So in the long term, this might be a big issue for something like the Bank of America, which provides charges for a lot of the middleman services. So in the long term, they definitely feel like there's a little bit of a sting coming from cryptocurrencies. They're trying a lot of traditional methods to protect the business, which is like filing patents for blockchain, etc. But honestly, with a lot of open source software out there, you definitely feel like they're a little bit outmatched in this current age. So as we see cryptocurrencies develop and people trust crypto transactions even more, even if you look at things these days, you can see that the syndicates are raising millions of dollars worth of cryptocurrencies, basically in seconds and well, without the need of a bank. So you definitely see that things are changing very fast in finance and banking. And cryptocurrencies might play a key role in disrupting the role of banks in this space. And next up, we have something quite interesting as well. So following the Venezuela and petrol, so there was a state-backed cryptocurrencies by Venezuela, it seems like Turkey and Iran also want to issue the state-backed cryptocurrencies as well. This is something I never really understood because cryptocurrencies at its very core doesn't need to be state-backed. It works well without backing from a state. But it does seem, of course, that they want some of the yummy cryptocurrency money, so they want to issue out some new tokens to do so. Definitely not a revolutionary forward since the CEO of Binance, but an evolution in time. So right now, in the world of Ethereum, there's a fight over lost funds. So lost funds are funds that are basically off Ethereum that are permanently locked up because they can no longer be accessed. So an example of this will be the parity multi-signature issue, where last year, some guy pressed the self-destruct button on their contract, which meant that the Ethereum inside these contracts could no longer be accessed by their owners. So there's just kind of like a push to fix this right now through Ethereum Improvement Protocol 867. The debate right now is what are the ethics of fixing this? It was clearly a bug in the code, but there's two lines of thought. You know, one line of thought is that code is code and code is law. So anything that was written, this was the way it was designed. If it was strictly designed, well, the network shouldn't fix it. The other thing is that software is progressive. Like, you know, people make mistakes all the time and people shouldn't be punished for that, especially if the community as a whole agree that this was a mistake. What are your opinions on that? Do you agree with the rescuing of these lost funds? Leave a comment down below. I'd love to hear what you guys think about this. Lastly, in terms of gaming. So Ubisoft is coming out. They're famous for making Assassin's Creed series and the Far Cry series, maybe something like For Honor as well, which didn't work out very well this year. But it seems like they're exploring blockchain technology. They haven't been very clear on exactly what they want to do with it. They named some research labs and some kind of vague terms about just trying to research and doing something with AI with blockchain, but no real fundamental gameplay or designs have been set so far. I definitely feel like gaming is going to be big for blockchain this year because it allows gamers to really own their items, which is something that's never really been done before in this space. Thank you guys so much for watching this episode. What do you think about cryptocurrencies disrupting the big banks? So you definitely see and hear the Bank of America basically complaining about the fact that cryptocurrencies might replace them in the future. Do you believe that's going to happen? Have you witnessed the power of some smart contracts in Ethereum? And what do you think? Do you think that it's definitely this disruptive? Thank you guys so much for watching this video. Remember to click the little subscribe button to subscribe to this channel and that little notification bell to be notified of new videos when they get released. Thank you guys so much for watching. See you next time.