Bitcoin, DeFi , Yield Farming, and Ethereum Update

episode of box mining here where we cover the latest cryptocurrency news without any bs that's kind of my new intro anyways guys so it's friday here and uh quite a few things has popped up we had a stream just yesterday uh it was quite a lively stream and i kind of revealed a lot about what my personal insights about the space are today i really want to catch up on a few new things that popped up one of them which we briefly mentioned yesterday is file coin so file coin one big topic to talk about lots of red flags there are lots of good stuff lots of red flags there it's going to be exciting episodes so we got we got uncle phil the file the file phil we got file coin here to cover today uh fil we got some stuff from china well not china uh china's china crypto toe and we just got overall markets markets and that's pretty much it for today and then we got some random like discussion that's plus plus discussion i love using this now i'm training myself okay so yay so that's that's what we have today i'm training myself to use this a little bit more i think i think it's kind of fun i mean i bought this like tablet thing um this is what it was okay you can't really see it but um this is my tablet that i've been trying to use a little bit more and i thought it might be a cool addition to this channel so oops i think i should have done that should not have done that should not have done that there we go so anyways we'll start off the markets first and before we start guys i do want to tell you about our newsletter letter it's unbox mining it's um i can't really spell this is one of the reasons why i'm trying to learn how to use this um but it's at box money.com slash newsletter and that's being worked on quite aggressively right now we recently have members joining the team to start off the newsletter and yeah it's a lot lot lot going on um lots of excitement we're just trying to make an update that happens i mean last time the last newsletter was super popular we had a list of all the rug polls that riled a lot of people up and just warned a lot of people it just really helped a lot of people understand what is happening and yeah that's great so that was like a really huge letter like these are these are pretty huge undertakings but we are inspired to do so so check out box mining.com slash newsletter also of course we have yeah we have quite a lot going on like people are talking about um saying talk about swag um yeah obviously and then we'll talk about um utk some put the list this on the list uh utrust they have a new card out and what else is there anyways we'll think of more topics as we go along i mean there's a lot going on so oh plot as well plot release plot plot as well so thank you guys so much thank you guys all right starting guys we got the box saying the best news in the games is sami sami so thank you so much sami all right speaking of the markets not too much happening all right so since yesterday we're talking about bitcoin ethereum i keep an eye on this this is something that i just like kind of eye on a daily basis to see where the overall market sentiment is you know no matter how much this technology is very different like bitcoin ethereum the rest of crypto projects people still think like people still categorize crypto as crypto so this is why you eye bitcoin uh bitcoin has been making barely any moves it's above 11k but there is a lot of pressure for bitcoin to go up we'll talk a little bit about this as well lots of institutional pressure for bitcoin to go up and on that news as well on the bitcoin side we have nor signatures um they have finally published that news as well i'll talk about the significance and the meaning of that in today's episode too same with ethereum not really much has happened since yesterday like yet again like the big coins haven't really moved that that much it's mostly right when this happens when when a situation like this this is when everyone turns their attention to all coins because well there's a lot more volatility there so we're entering that stage again where you know kind of bitcoin ethereum both kind of reinsured the entire community you know what we're not going anywhere but we're not going anywhere because people were a little bit freaked out when everything dropped right um you know the d5 bubble semi-pop there was a mini pop for d5 bubble where a lot of d5 coins took a tumble lost up to half or 70 percent of its value and then bitcoin ethereum here's to reassure everyone hey you know what guess what no one's going anywhere it's just the speculation waves are huge now obviously on the new list all right um when you when you check this out you'll obviously see file coin popping up here um it's a coin that launched and you know i told you guys very straight what was happening with file coin file coin raised one of the biggest icos 200 million dollars all the way in 2017 a lot of that money was from china so it is mega hot in china it's beyond hot i showed you guys videos of these huge promotional ceremonies for file coin the one with b saw yeah where like they're literally the guys like literally like lambo girls um like money stacks of cash invest with me and i'm like yeah it's like those type of things but so anyways that was kind of how they raised like how the community helped them raise it's not like i wouldn't say the file coin directly raised like that but the community kind of used that to raise because of how kind of legitimate in a way the project is because you know they they're the guys who built ipfs and that is basically the de facto web 3 storage up till now and now everyone's talking about web 3 storage with file coin so the whole basis of this is that we as decentralized applications develop they need to be able to store information and well file coin is a way to store such information similar to how ipfs is used to store information right now like for example if you just just search like say box mining dot crypto that website is stored on the ipfs and you know hopefully in the future file coin so anyway so there was a huge application for this and to put it bluntly speaking file coin had to moon because there are so many investors that were invested and you kind of know that with unsophisticated investors they cannot take a loss so it kind of forced people like people it's a kind of it went to the darker side of the world right so things can get very dark very fast if file coin didn't moon so that's what it's exactly doing now so file coin all of a sudden just popped yesterday um ico price was at one dollar so this is a 68 x for anyone who participated in the ico congratulations uh i was not part of it so you know i'm left a little bit you know salty i'm you know that's fine that's fine three years 60 68 x that's all right um some interesting facts though so just just to keep in mind like i was kind of surprised like this is not financial advice at all but just to take a look at it the fully diluted evaluation because right now why it kind of popped also is because the circulating supply is extremely small that means only a very very small portion of what the maximum supply is has been distributed if you look at it the maximum supply here is 2 billion fog coins but at the current supply is 14 million so that's a very very minute it's only seven percent fraction of it being released to the market right now so if it can go up right actually is it is it seven no it's 0.7 my math was wrong oh no yeah it's points it's 0.7 that's crazy huh it's not even seven it's 0.7 of it being released right now yeah what happens when another 0.7 releases right you know but anyways so so yeah only 0.7 this right now is circulating so the fully diluted evaluation so if all fall coins are released onto the market that means the fully diluted evaluation will be at 136 billion dollars which if you look at it you know if you compare it to everything that would be roughly four times ethereum i mean i mean storage is cool right storage is cool it means like every smart contract platform can use storage but you know at that evaluation that is insane that's insane all right that's that's other insanity right there so yet again it's a situation where the market's still trying to find where everything is like like i'm staying far far away from this uh just my two cents i think the reason why um it's moving like this and yesterday also like you know um you know a lot of people are speculating on its price right like uh it depends because it's hard to speculate right now because so small such a small amount is released but when more is released then you know guess what's going to happen kind of interesting as well just talking about this um yesterday the smart plate right i guess i should have shared this with you guys earlier i was just like we're discussing this yesterday so what was happening yesterday was that the prices of fog coin was different on different platforms so initially it started off um on ftx at around 20 uh but on hobby it was at 120 which was like kind of wtf right like how can a bitcoin be six-fold difference in price between these two platforms they're the same um this was for futures this is for perp so that was surprising and then binance was kind of sitting somewhere around here binance was sitting roughly at around 90 going down to 60. so interesting enough a few friends and i tried a little i tried my hand at this a little bit so the strategy here wasn't just to kind of like um it was to use a combination basically that the the 200 iq play i would say this is a 200 iq play here the big brain play is to basically buy a short short here and along here because essentially you know you if you know that these two coins are the exact same coin they'll have to meet somewhere in the middle right in which case if you long on this side you're gonna win and if you short on this side you're gonna win win so as these things as these two prices collapse together massive profit massive massive profit like i know friends that managed to find this particular situation and then generated like a hell a lot of money i mean literally it's like just laughing all the way to the bank at that point um i missed out a little bit on this um like by the time i got home so i was out during the fall coin launch and by the time i got home um things were pretty much collapsed together like the prices were much closer but you can still see some um somewhat of that happening that was pretty interesting so it's still high risk i'll still say it's not a risk replay um but you know in theory in theory if they're if they're the same coin and both exchanges honor that coin then you know it seems to be all right it seems to be all right so yeah that was the high iq play um i and i i definitely feel like uh bogey beast is i i feel bad for anyone buying it it's pretty much that i feel like it is way too like crazy at a certain point um if that valuation that long-term valuation is just insane so anyways that's my two cents on that that was the high iq play um for that uh using a conjunction of ftx and hobby and then just going down so anyways that's that's kind of the insanity yesterday now today i was thinking of something cool so this is something that i'm thinking of long term for this channel as well i think in this channel during the live streams we have a lot of people asking what do you think of x coin what do you think of y coin are you farming this fat so there's a lot of requests um going on so i'm starting a discord channel and we're going to promote people to a position called researchers so when people request make requests we'll kind of take three coins and say you know what do you guys think about those three coins and people different researchers can voice their different opinions either it be yay or nay or abstain right so i kind of felt like that would be interesting obviously not financial advice it's just a personal opinion and a take but this can be very valuable it can point out particular arguments so that's kind of what we're going to do in the future for this channel we started it right before the stream started so i thought i thought you know it's one of those situations where like i have an idea i'm like okay let's why not try it so we have two submissions so far so uh we'll just run this and if you guys have any feedback then yeah we'll see what's going on so anyways let's let's take a look let's take a look we'll have this one up here so starting off we have community coins up for voting we have core because everyone was asking about core we have file coin and we have swag so um obviously i'm super biased for swag but you know that's just me so starting off with me um i voted nay for core um pretty cool deflation rain model but not enough to deliver it to justify the 50 million more plus market cap too much risk for me and that's the kind of the policy i've been adopting for core files coin i've abstained a really cool tag but for easy diluted market cap not really sustainable so yet again it's a situation where long term i think they're going to achieve a lot of stuff the tech is pretty amazing but at the same time like this current valuation is just like like utter insanity right um a swag so i have yay this this swag was pretty much my biggest investment of this week i have been pretty you know not humble about it i guess like pretty much saying that like everywhere because um anyway so i'll say yay solid business um business but of course it is the auto industry it's just it's you know there's no other way to put it it's device industry uh with a strong foothold in asia just need to be careful about recent pumps so my entry price for swag is at 10 cents acquired a little bit more at around 16 and right now i think it's comfortably sitting at 30 cents so that did pretty well to say the very least so anyways that's that's my yeah 34 cents so just be a little bit careful i mean right now it just pumped quite massively i'm that's why i'm a little bit happy by a little bit i mean you know quite a lot uh but yeah so that's kind of my take on this uh we've got gap and go uh says core name my view is quite risky fog coin nay will wait for it to settle swag yay as a community it seems to be bullish plus solid business plan on the adoption side we've got lugo he says fog coin nay seems over value how much can i really grow from the current valuation and how long would it take right we also have a name for core i like the tokenomic innovation but i don't think how it would justify a higher evaluation even if they add vaults as the yields are currently super low needs to do something else that's actually quite an interesting opinion swag nay i'm not sure how much value the governance is worth but if the token holders are allowed to earn fees from the platform that might change my opinion so we're gonna have more of this this is like a new like this this is something i just did like 30 minutes ago but i felt like it's kind of good to just have like kind of trusted voices from our community to voice opinions on what's happening on latest coins and latest research i mean yeah this is like we'll send um you know we'll send everything back there so i think like um that's kind of the general way we'll start to do things where we have offered both positive and negative opinions of everything and we'll definitely take feedback from youtube as well just give this as a try is it too biased do we want to do you want to add more information less information yeah that's the way i am looking at things so we've got great gifts is box mining shilling swag for equity liquidity to dump on followers um not really i mean uh at the end of the day i told you guys about my entry price um you know that was one of the projects that did really well and i do believe that they have a really good business model but of course at the current point i did say beware of this recent pump unfortunately you know right now you have to decide if this is a good entry price or not and i know it's yeah i've been talking about it for a week and yeah like if you got in it was pretty good if not that sucks to be you so anyways um i think people may be a little bit salty it did well but anyways whatever uh myself says hop on the bed turn my swag on took a look at the mirror said what's up all right james says how much are you being paid for this one nothing man so yet again um i got an early investment obviously people are all salty um so i think you know this always happens um on this channel and i was pretty honest um here for a long time but you know um bye bye james but yeah james salty where's your mate suple bye bye um put this two on time all right so next up what should we talk about what should we talk about um benoit says what about cream is it possible to reach ath harder um so i mean that's cream swag pool so i've told you guys i've been farming that um i think cream moved up because of swag but it didn't sustain itself so it's at a situation where it's still suffering from the defy dump um so cream my story with cream is i wrote it all the way up and then i wrote it all the way down again um yeah you know just definitely a little bit of regret if i could have just dumped it at like 200 but at that point i was like you know what they're doing so much they're doing so much so quickly why not keep it and so yeah them still wrote it down to the bottom i'm gonna just farm it why not who no cares so anyways that's pretty much my two cents uh to us sorrows line cases difference between fog quain and bitcoin that's actually a really good question both provide information and data um the difference here i would say with bit torrent right bitcoin bit torrent is peer-to-peer is decentralized in that fashion you can run your own bitcoin client and you can actually upload files onto bitcoin as well the difference i would say is with retrievability so fall coin would be more towards being able to run an entire website so being able to run services and websites directly from that information so we can easily add and remove information from said source so it almost functions like a hard drive right so that's the kind of t difference with file coin there so bit torrent is really much kind of read only so a user can upload a file onto big torrent um you know kind of one of the neutral examples of this would be ubuntu so let's say the linux operating system ubuntu they are launching on the newest build on bit torrent well it's been developed it's been released they have a gold master and then they release it onto bit torrent and then edits will not be made fog point will be a little bit different where dApps can potentially change data so add and remove data and being able to retrieve there so it functions much more like a hard disk you can both write and read and this is something that can power decentralized applications as well so that's kind of the key difference i mean obviously this has added features and we're going to add another kind of episode on where kind of what the whole kind of space is about and that's kind of the more in detail episode but i will say the core difference is the you know the difference between read only and read and write um okay so i think hopefully that answers your question and kind of the the larger picture here would be to do with the whole idea of web 3 right so i know you probably guys heard about that infinitely but the move towards a decentralized web i'm both for and against this argument like um web 3 they're trying to push it so it's like kind of the next generation of the internet uh being able to put um to to instantly pay an app and then being like solving payment that's what bitcoin has done but also at the same time being more decentralized i use a keyword more decentralized because there's still quite a few limitations so we're even with kind of ipfs being quite popular ipfs was very very poor for servicing content to china so where there is censorship serving large chunks of both video and full um kind of photos or image data was just not possible so i would say it's kind of more censorship resistant but not with censorship proof and you know i'm kind of taking that kind of the middle road on this where i see it as a huge innovation but does kind of really replace the internet as of today who knows i mean that's kind of a difference so tsj says is far so c5 so far coin is a decentralized dropbox kinda exactly it's uh you can use it as a decentralized dropbox but it can do a lot more as well so uh there's kind of more added functionality for kind of web host providing so we can provide more data for hosting websites or provide more data for dApps to use in terms of like dApps can now have an access to an entire database so yeah it's kind of that in that sense okay and this is um a good question as well amggt says what's your opinion on drc dracula i i know a few friends are farming it um i don't have a solid opinion as to whether you know this is yet again where i would say abstain um i know i know people farming it i'm not sure if it's gonna be like valuable it's like situation where i could farm it but yeah i'm just too lazy i guess um but i would i wouldn't buy it that's my two cents anyways okay moving on to today's topics we have quite a bit more we have let's see we did markets we did china and crypto we got swag done we got utk so this is kind of cool too i'll just quickly briefly mention this so you know how i'm very hyped up about crypto cards right so last week we talked a little bit about plutus and the fact that they basically have an entire website um not a website okay where's my where's my uh there we go so twitter to do twitter.com so last week we're talking about the plutus card uh basically visa card is something that i've been looking forward to a lot and recently of course you trust so you trust is also a project that i have quite a bit of holdings and you guys probably know that by now i've already told you guys about that but anyways you trust they are releasing some their own card as well it's literally called hold uh which is kind of pretty cool but if you just check it check it out very quickly so you trust what they're doing is they're releasing their own card as well which is yeah it's called hold it's a visa card debit where you can use and spend crypto so this is a huge take so basically you state a thousand utk and you can get reward in utk for each trade or payment that you do so this all has to do with payment right so the reason why i took a stance or i have utk you trust is because they allow merchants to easily accept crypto right so that was kind of the initial purpose of it because i know that crypto expenditure is going up right with more crypto adoption why not like there is a significant demand especially in the circles that i'm in like there are hardcore crypto guys that will only spend with bitcoin or only spend of x y big cryptocurrency and that's the market right it's a growing growing market why not now now what utrust is releasing is on the flip side so not for merchants but this is for consumers so now consumers can spend crypto and get rewards similar to how plutus is doing it i think this place is ripe for competition i'm seriously waiting for this because you know my beef with crypto.com it is a company that has doxed me in the past i would never ever provide my kyc information for them even though they probably know where i live and where i work and everything because they doxed me in the past but um yeah i will never touch that so being able to have either you trust and plutus i'm pretty happy i'm pretty happy on that front so anyways that's my two cents on this that's why i want to talk about it we also have um plot so recently i've talked to you guys about plot they released their coin and now they also have released their app as well so this is kind of pretty cool let me just show you guys the what they're doing you can predict on ethereum mainnet already so it's there obviously this is um you know i really risky but if you are a trader for crypto this could be an option for more decentralized trading on what's happening on the market so it's not like futures all right so it's not perpetual contracts but you can basically take a daily trade of whether you think you have market predictions of where crypto is going to go interesting so actually this is where it is so you can take a prediction so a daily prediction of whether it's going to go for go down stay the same or go up so recently just launched and yeah that was a project i was talking to so these are two big categories i think at the end of the day um it has to do with trading i mean trading is the billionaire maker right um you clearly guys clearly know that cz was probably one of the first ones that just blew up with having an exchange then obviously we have sam bankman free he's like the one of the most controversial characters right now but he runs ftx and serum and then now we have derivatives trading that's decentralized so we have plot x which is not derivatives but it's prediction markets for cryptocurrency prices and then we also have an interview upcoming with injective as well so injective protocol yet again they're doing derivatives trading on in a decentralized fashion and this is kind of like the next battleground if you think about it because with the centralized exchanges under attack all of a sudden people need these tools but they realize they can do it in a decentralized fashion so anyways that's that's pretty much what i've been approaching so yes congratulations to plot x on their launch and they actually have like pretty easy to use interface i think that's a difference plot x is a sense where you predict and then the prediction can yield a result but the result depends on the other two pools as well while it's a derivatives option basically you take uh kind of like a position in the underlying asset but with potential leverage as well joe strandl says can you explain the crypto.com story so very quickly with the crypto.com and why i have beef with them was initially when they launched the ico as monocle there were a few problems with oops there we go initially when they launched the ico they had a few red flags and i made a video saying well there's a few red flags for example the offices that they listed on their website that was a virtual office right so anyways i made the video and instead of just contacting me and trying to say yo that's not the case they literally found out where i worked and where i lived and had a subtle threat saying yo let's have a chat and but they basically posted my address yo these two locations we can have a chat anyways that's just such a dick move um and that really made me a lot more kind of um scared i would say um yeah like you know who does this right just tell me politely it's not hard but yeah kind of a dick move um so yeah it was a black screen for a sec it's gone um but you know this is crypto right i think they were protecting their advice um investment investment um yeah so i mean it's kind of funny as well crypto.com and 10x and that's everything um you know all the way with these cards and stuff all the way back i wanted to support 10x really hard because of what happened with crypto.com they were meant to be the more legitimate project but it turned out that crypto.com just pretty much outmaneuvered them so you know kudos to that congrats to that but i'll still never touch it just out of personal you know reasons that's it but you know i don't really want to make too much of a deal out of it anyways um that's pretty much it we have markets discussion china china's still moving forward very quickly with this crypto stuff so recently there's a lot more discussion so recently dsep has been getting a lot more movement so dc ep which is the china's kind of a take on it we have a full article on this and i think you definitely don't want to kind of get caught off guard on this so recently the whole push for dc ep is that they just fully launched it so we have a full video on uh full comment on this on central bank digital currencies and china has just gone all all out full out to deploy it and also give it to people to use so we have a full vote coverage this is probably one of the best performing articles on the website no no joke there but um there's a lot going on with cbdc's in fact yesterday in hong kong so kind of interesting so yesterday i had not a meeting but not a meeting but a meetup so i met with a few different people and there is this kind of like a c-level meeting so like kind of a bunch of ceos and you know a bunch of people gray hair um they were meeting and one of the discussions was a central bank digital currency for hong kong done by the hong kong monetary authority so china has done that already and has been basically proving that this is useful something like a cbdc is very different but also very similar to crypto because it is a digital currency so the way it's kind of transferred the way the the custody is held is very similar to bitcoin but the key difference is that it borrows from blockchain technology but isn't blockchain technology in a sense that's not decentralized so in china's version it's completely centralized the government issues it and it's one to one to the national currency which is the renminbi so in that sense the reason why they want this to be adopted is twofold one is that so they have a bigger pie on digital payments right so they unfortunately have more tracking i mean that's the how it is they have more tracking they know what's happening and also it kind of directly competes with alipay and wechat pay but on a kind of macro level this can also be used for other countries to custody the renminbi right because right now if a def a nation wants to store another nation's currency which is like kind of the case with china china stores a us dollar they store physical us dollar and it's just a pain so cbdc solved the exact problem so now banks and foreign institutions can now store the renminbi it's not fully open yet so it's like it's still in a testing phase so it's not in a grand scale but that could be something that's put that's one of the most powerful applications of this so instead of storing physical cash and being able to move physical cash around they can now store a digital version of this this also makes payments a lot easier so say if a foreign country wants to do a foreign company wants to deal with china they can now store dc ep as a currency and then send it pretty much like almost like paying someone at a convenience store this is a very big difference from what's happening right now because right now in terms of payments if you want to do international wire transfers just imagine how much that costs right like have you ever done a swift transfer it is a pain in the ass and the worst part about this right is not only is a pain in the ass but the more you learn about swift um the more crazy it is because with the swift system you think oh it's quite well regulated you know it's been used for a while but the crazy part about swift is that they have this anonymous bank transfer feature like it's as if it's it's as if it's intentionally designed for money laundering so like the holy price grail of swift is to be able to find a bank account with an anonymous send function where it can send to the recipient bank without revealing the client details and this is like like this blew my mind when i found out about this like this is how shady the centralized banking system is so in many senses dsep is also trying to replace that as well so now everyone has an identity and there's no kind of shadiness going on and china has been pushing it really hard so that's kind of the situation china right now where now they're pushing dsep hard they're talking positively about cryptocurrencies right now and this is what could be one of the stronger drivers as well on top of this obviously i was actually looking at this today i mean take this with a grain of salt obviously um you know with joseph young um joseph young is like i love him he's he's now becoming the ultra ball of crypto but you know he posts anything that can be you know viewed as positive he posts this up so anyways this is shorts will be dead why dan tapiero expects a massive bitcoin shortage oh my god this is uh your classic article trap um to say the very least but it still has some value all right it still has some value i usually usually when i see these articles i'll instantly say no thank you but all right the institutions are rushed rushing to bitcoin and we've been seeing this overall and this is why i'm covering it recently all right square micro strategies don't rich grayscale they have all been accumulating bitcoin and that's just a pretty known fact right now like you've seen that they've been very openly saying they're buying bitcoin and on the the on-chain analysis proves this so there is an accumulation of bitcoin it takes a while you know it's like um it also goes back yes to uh the meeting i had yesterday um with anyone over kind of 40 or 50 there is virtually no trust for crypto that has been always been the case but now there are slight shifts in that because how fast bitcoin grew and because you know it's kind of very interesting as well you know anyone over kind of 40 um they kind of listen a lot to the gold bucks and this is the situation that i was faced with earlier on in life as well in my early bitcoin's career or not career my early bitcoin investments i sold them at 15 because i believe peter schiff when he said hey guess what bitcoin's gonna go to zero very soon soon at 15 is way overvalued um you know so so yeah so bitcoin shot up from 10 to 15 and that was the historic moment when i decided to sell it i'm like this hub cannot last um bitcoin will go to zero because peter schiff said so and because you know at that time i didn't have enough understanding of everything and i think a lot of people fall down that trap and then uh once you fall down that trap it's actually very very easy for you to continuously believe it because you have very strong ptsd i mean if like just in my case for example selling around 50 bitcoins at 15 dollars that leaves you traumatized right because you'll be constantly thinking okay if i didn't sell it how much money do i have now right and i think a lot of investors have been in that they've been persuaded off buying bitcoin at a very early stage and then now they're like okay i i wanted to go to zero because i want to be right right um this happens i think it's it happens with almost everyone because almost everyone heard about bitcoin when it was at the at a thousand right when greece was going under in around 2014 2015 times when greece was going under there was a financial collapse imminent everyone heard about bitcoin before but they're like nah you know this will never work and there are so many deaths for this right so i feel like this is definitely the truth where there are a few institutions right now that realize this and they're out of the ptsd state while a lot of other investors are still in that ptsd state and you know they just want to dig the hole a little bit further um bit more until you know now that's the case um um bogey b says most of my co-workers older people are scared of btc and crypto absolutely even younger people too i don't want to play age here too but like um it does seem to be the prevailing trait and i've also been speaking a lot more to some of my friends as well about crypto and you know anyone that's in a stable profession i find is extremely scared of crypto because prices can go like up and down and crash completely right like it makes absolutely no sense for some people and i absolutely respect that but at the same time right this is the area with the most innovation it's like it's a situation where i struck super lucky like my skill set completely overlapped what's happening in crypto and ever since 2016 you know i made this huge decision to go you know to to literally leave my job um and do crypto full time and that has worked out extraordinarily well so yeah that's my two cents on everything here um jerald draper jr says xrp will never be in my portfolio i don't know why there's an xrp discussion that's kind of interesting um that the biggest issue with xrp obviously is that you know we've been talking maybe about dsep and having currency changes the issue of xrp is that um as a communication method it's i think it's very very powerful it could replace swift but banks will never convert to xrp not even for one second right the xrp design has always been to be around kind of being able to signal and message right so banks would always prefer to have a direct like say usd to usd uh onto these two points right um they probably they definitely would not prefer to go to xrp xrp and then go to usd that doesn't really make much sense because you could incur a very very very very small right no they argue a very very small percentage loss here and a very very small percentage yeah okay wait i'll put the dot here so it actually makes sense um very small percentage loss here uh banks will always take that um even like banks are incredibly stingy so they'll always kind of take that so i think like xrp as a protocol will make sense so be able to signal for banks or banks to signal each other like that would make sense but then what what would leave the xrp value there and i think that's what they've been that's a challenge that xrp ripple has been trying to tackle for the past few years right they were trying to add additional purpose for people to actually hold xrp but anyways and that's the kind of the the talk about this so yeah um yeah we got magnus opus says oh yes this is um xrp is uh cross-border that's right not ryan parentis is xrp is cross-border exactly so for cross-border payments that the able to signal each other i think is very powerful but yet again i'm separating the protocol from the coin in that sense um there was a question as well from matt august says uh is that a green screen um i'm curious what tech that is so this is using nvidia broadcast so i don't have a green screen behind me you can obviously see um behind me it's not green but um this actually works quite well um so it's the new nvidia broadcast software that removes the background so it uses some aibs so you know they have this marketing bs around as i all uses ai to uh remove the background so it kind of works i think like it almost feels like a like a green screen it's like kind of like a 80 80 90 percent there so yeah if you want to check it out it's an nvidia broadcast um it's free for anyone who has an nvidia graphics card and that's probably the one reason why i have nvidia graphics cards at this point of time so just like i use both nvidia broadcast and for voice and for background removal all right we we have very very political views like very strong opinions on xrp you know you know it's pretty interesting um crypto secret asks um asks a very good question staking versus yo farming which you prefer why i mean i would view them as the kind of the same thing um it just depends on where you put it right like um i would assume that you would assume say that staking refers to staking say um if usd on uniswap to earn uni um so you'll refer to that as yo farming and staking will be on a native platform so um say if you stake um like i guess tron or vchain or bobby but you stick vchain to earn v4 um i don't view a very big difference right now um for me it's about the exposure to what assets i feel comfortable with and what the yield is um you know i definitely do subscribe to the theory that or the thought process that yield is yield um so yeah if i get you know another coin i just dump it and put it on the market it's unfortunate that is the case but you know i'm pretty honest about that uh yield has been yield and um being pretty you know did pretty well so far on that um matt oga says um cool thank you i'll check that out your background is awesome too thanks i i actually feel like i kind of cheated with my background so i just bought two lights it's actually a really ugly wall on the back but i bought two lights and i got really lucky to create this kind of cool effect um there with just two lights um salo ola says what do you think of yfv finance and yf link so yf link has achieved quite a lot recently so they're actually building quite a bit uh yf link they wife so they have two teams working on stuff and recently they've been building quite aggressively too so i definitely need to follow up on what's happening with wife link i saw the i saw the twitter post but um yeah they have a new road map announced too but that's that's september right so where was it i don't know it's my mind my mind blanked out what was their latest thing so anyways two two things wife yf link i hold um i farmed it previously and i bought some actually when i full mode into it so i hold wife link um yfv i still farm some of it so now you get value out at the end so yf is um value is something we've been farming for a long time so there we go um becky thomas says how did you get into the crypto world what did you do before well becky thomas asked so becky uh to answer that so um i should do this story but very quick story in summary so i did game development and design for a while so i was doing quite a lot it was a very small company i did both design so economic theory design on digital items and i also did my background is action science so how did i get into crypto i actually started mining in 2012 but yet again there was a situation where i mined it i didn't fully understand the value for it and then i sold it very very early on and i had ptsd all the way until 2016 but luckily with me 2016 decided to get back in again i kind of started understanding the value a lot more then i created this channel and the channel actually really helped me understand all that's going on like that's kind of the core right you can't you have to leave your mind open um it's very very easy to have ptsd and close your mind and say look this is going to go to zero it's too too risky blah blah blah but at the same time you're kind of like it's kind of a scary thing right because we're kind of at the cusp of something kind of crazy and new if you saw what was happening with defy like i was totally astonished at what this can do and the future potential for this right and to be so ignorant and say oh this is all going to zero it's useless and meaningless i think it takes a special type of kind of ignorance to do so and luckily i did not have the special type of ignorance so yeah so i created this channel um and then i made some really good investments all the way back in 2017 um and this year has been a very big focus for me to kind of do this properly and be part of all the innovation that's happening here and you know that's pretty good um michael you watch michael's old videos where he demonstrates asic miners i was actually doing so this is kind of funny so i was actually doing uh my story yesterday but i didn't finish the video but if you guys appreciate that like something like how i got there some of the lessons i've learned along the way i mean i learned a lot of lessons in crypto and i learned it the hard way the the biggest i think the biggest issue with getting into crypto is that there are so many pitfalls like literally everywhere you go right like literally like you're walking along this path you know you're trying to learn crypto um you think that this is like a journey to go up right but that's actually not the case like along the way there are just so many scams and drug holes that can just completely drain your money to zero right this is the biggest problem with crypto at its current point where because so few people know right few if you understand i'm gonna uh i think it's safe to use this meme sand um few people actually understand what's really happening crypto it's so easy for people to fake it out right um this is the biggest problem and there's so many scammers out there um it's kind of insane the i'll give you an example of this um there's like a super scam that we spotted um let me just try to figure out this where is it bitcoin this one called bitcoin doctor let me see where all right this one this one this one this one this one's this one's kind of hilarious uh when a friend sent this to me um but this is just horrific right so this was an ad that my friend found on craigless in la so this is like oh a tutor bitcoin and cryptocurrency learned the future in redondo beach so i'm a bitcoin doctor we are available for speaking engagements and can design a talk around your focus group uniswapcoin distribution is giving away free 400 coins value at three dollars each and in one day it went up to five point two eight four dollars this is actually not fashion incorrect but yeah but this is where this is where it gets shady contact us immediately you could be eligible for 200 unit distribution for free do not delay only 500 000 coins will be distributed before the close of this icd initial coin distribution we charge a 25 surcharge on any coins found no upfront payment is required so what yes people traded and were able to claim uni for free we made a video on this too but there is no time limit for this you do not need to contact the so-called bitcoin doctor immediately because there's an to said claim this claim will last forever you can claim it anytime you want they threw some like initial coin distribution keywords there to just confuse the crap out of people and this guy's literally going to charge you a 25 surcharge and very likely all right very likely this 25 surcharge could be a 100 surcharge because if you surrender your wallet and keys to this so-called bitcoin doctor that is outright scamming you yeah so yeah so absolutely like they use a combination of truths but then combine that with complicated phrasing and immediate cause to action to scam people that's pretty much how most crypto scams work like there's an urgency oh my god you have maybe you're part of this giveaway maybe right and you need to resolve it now before everyone else claims it urgency this is completely fabricated completely false watch my video on it if you actually want to know what was happening there but i have a full video even a full tutorial on how to claim it for free no urgency no scams there but very likely what happens if you go to this guy you're urgent you're panicking you go there the guy will ask you oh yeah what's your 12 word restore phrase right i'll help you no problem i'll take a 20 surcharge sure the guy can claim it for you and then he has your phrase there's no way to delete that so any funds that go into the wallet in the future that guy will have complete access to and will completely scam you so anyways this is this is just ridiculous like he also caters around staking uh like hex like this is like it's he's a hex show basically you know how hex is it's pretty much a ponzi a pyramid ponzi at this certain point so like yeah that's that's the problem of crypto right now i think that's there are so many pitfalls that just fall down so if you're smart right you can do that but if if you're not then you will end up into the negative region maybe maybe sometimes positive sometimes maybe negative and i feel sorry i feel sorry for that so anyways that's my that's my rant for the day i was just i was kind of funny but also very sad looking at this um um yeah small altcoins is these the scams exploit ignorance and i feel so sad for it like it's been one of the core tenants of this channel don't trust verify i've always said you know not financial advice and at the same time it's a starting point for your research it's not your endpoint right you got to verify everything everyone says even me all right that's that's important that's that's core for crypto so anyways um i just kind of felt that was kind of sad um sd says wtf people fell for that absolutely people will fall for this and the worst part is these people will probably prey on older people like you know older people they're pretty cool right there's a they have societies you know book clubs or any any sort of meetups that they attend to and this guy could potentially be like oh yo i can tailor my talk towards these guys and they'll just scam a bunch of people like this is why so many people hate crypto it's not because like crypto by itself is problematic but the amount of scams that occur around crypto becomes a problem and one of the key reasons why is because it is quite hard to understand crypto i think over the years i've i've been able to much easily much more easily explain what's going on in cryptocurrencies right like say for example when people ask me about mining how do you describe mining like before i'll be like oh it's about this algorithm you know you need to kind of prove and do some hashes if you say that you know it would just go over people's heads right like no one will understand it even if you phrase it in the most kind of scientific manner but if you phrase it somewhat differently to someone think they can understand like say for example if i describe bitcoin mining right if you just ignore the name but if you think of bitcoin mining as accounting for bitcoin right if it's actually it's actually performing it almost like an accounting function very much like the way when you send a transaction on like swift you have to pay money to the bank right here on the bitcoin network you do pay money to the miners you do have a little bit of transaction fee and it's just kind of to do with all the accounting their back end so i think maybe that's the way to describe it to people to let them relate to something they understand i mean technically there's a lot of kind of issues it's not technically accounting but i think there's the closest analogy to it and i think if bitcoin said bitcoin mining was bitcoin accounting people will understand a lot easier but you know miners do have a huge accounting component they literally take transactions that are unprocessed and then they put them into a big table right this is literally what accountants do all the time right they're taking these unprocessed transactions they're taking a bunch of receipts and then putting them in a book right that's mining so anyways that's that's kind of interesting i think i think over time you know people have better ways to describe it and i've been trying to kind of tune how i describe everything too so anyway that's that's my two cents on everything i'm trying to get rid of those little bumps along the way so um yeah about life yeah about do lively says throwing technical details uh at you is the oldest method of scamming how can i get an amen from the tax lawyers in the house damn damn it's it's the worst it's one of the worst ways because a lot of people especially are lazy they don't call bs on it the good thing about this channel is that anytime someone wants to throw technical jargon in it jargon at us first of all it's recorded so we can fact check that later and the other thing i do is um and i've been telling you guys this is my interview trick is anytime someone throws technical details you ask them more detail about it that you go to the next level you're like oh tell me more explain to me what's happening here put it in layman's terms tell me specifically what's going on and the cool thing is you can do a fact check later on right so you can see 100 if this guy is bsing or not that's like the best bs indicator like just pursue a topic in a little bit more detail than you're comfortable with so you find out what point they are uncomfortable i don't know higher iq plays guys higher iq plays anyways um so yeah um um try b says it's true and frustrating we will emerge victors pretty much pretty much pretty much um um why why that's so funny is this mac ogus is that mac ogus that does fitness i hope so i need some fitness tips mac you know share for share gotta give me some fitness tips all right so um moving on i think that's pretty much it um other stuff that i'm looking at right now so we have um variables those are kind of interesting so okay here's my state of this variables art trend um i've been talking a little bit about this yesterday too so um there's some stuff i can't mention with yesterday's meeting but we definitely did cover nfts and i'm gonna give this a try all right i'm gonna actually give this an honest try because recently the nft trend has been moving towards digital art and i think some of this art here is super super cool but my biggest problem with this digital art is like how can you sell this for so much money i mean i think like like personally for me all right i'm gonna i'm gonna shout on myself here and i'm gonna sound like a total hypocrite personally for me i wouldn't buy digital art for anything more than 100 bucks all right so yeah i it's just hard to justify but at the same time i'm seeing all these guys like ivan on tech bitcoin bitcoin liz bitcoin bitboy collectibles they're selling like 10 eph a day on on digital art so you know what i'm gonna try i'm gonna try to see if i can sell digital art um i'm gonna work with an artist so we're gonna try to see if that's viable or not um tell me what what kind of cool art you guys like but i'm finding an artist to work with to sell some digital art like if you guys are interested in that people in this space are interested and they want to develop art i think it's kind of cool especially if i can get a few of my artist friends on the map i think that would be pretty cool too so we're going to give it a try um this weekend that's my weekend project um kind of work with an artist to create something very cool for you guys and then we'll see if that works um you know or if this is like the normal art world where uh you buy your own art and then you give that value i know it's kind of interesting i'm very curious i'm very curious all right because the other thing i've heard about the real art world all right this is kind of interesting it's very off topic but this is very interesting all right so this is kind of the art scam or not the art scam but like this is the the this is the the 200 iq play for art so what happens with art in the art world is say you have one artist and you commission 10 paintings let's say one two three four five six seven eight nine ten let's say you commission 10 paintings 10 paintings paintings all right there you go from maybe like some someone got called like someone with letters i mean maybe bxy all right maybe this guy's like the super new hot artist all right so you buy these paintings maybe for something like ten thousand dollars each so they're not total crap but you know they're they're not really worth a lot right but what you do is then you go to pr guys all right pr people pr people to say yo write good stuff write good stuff about bxy right good stuff all right so you go write good stuff about bxy so this this is like oh these paintings are really great and then maybe you pay off bxy to say don't make more don't make more and then now you wait a few years right you keep punching pushing that pr out you wait a few years and then you take one of these arts let's say you take one all right you take one of these and you just send that to the art auction house right to the auction house so maybe it's like sophorbees or whatever you know all those new york fancy fancy smancy art houses and you list it up for sale all right so you go for sale and what do you do well obviously some people might buy it right maybe maybe the actual value can go up because you know you did a lot of pr for this um it started off a test 10k maybe maybe organically it'll go up to 25k right but that's not good enough that's not cool right i mean that's only a 2.5x so this has been going on this is actually real i've been doing some research on the art world now that's not good enough you hire proxy bidders right you hire people and be like yo um bid up to 2.5 million pretty good number right so you bid up to 2.5 million you have now one one of the ten is now worth 2.5 million dollars each and you have a sale transaction it looks good it went for one of the new york fancy exchanges auction houses it got auctioned off it sounds great um good very good very very good so now you're still stuck with 10 paintings right oh that's fine and you probably have you probably paid a little bit more in fees because now you have to pay the auction house off right to to create that sales record but now this collection of paintings is now worth 25 million dollars cool so you just created magical value out of nowhere right but that's not the full story because no one really is going to buy 25 million dollars i mean you know who are you going to scam right uh well not really scam but who are you going to offload this to right you have a sales transaction history for one of the paintings going for 2.5 million dollars who are you going to take that to well it turns out the museums readily accepted you see it for as a donation right so you can take another one of these paintings you know this is the two out of two out of ten painting um so you send that to a museum um museums were accepted great and they'll even write a letter saying that this is worth 2.5 million dollars i mean because it's friend it's cousin here you know the one that you saw at the auction house this one was worth 2.5 million so this one should also be worth 2.5 million right so museums will happily do that and then you send this letter to the tax man to say yo i'm a charitable person i've donated 2.5 million dollars to this certain museum i'm very great um please help reduce my taxes so pretty much everyone along the road actually wins right so the museum gets a free piece of art your pr guy gets paid off the the auction houses i'll put the auction houses here i mean they got commission and fees out of this right but and you got your free tax reduction welcome to the world of art um yeah that's that's my cynical view of art um you know that's the kind of magic out of it i mean obviously crypto art you can't do that yet but i i found that's kind of interesting i mean i'm 100 sure that this happens i mean i have friends that kind of set this up almost but not gonna name names here but this is such a powerful way to to create value and it's it's totally a game on the next level right it's like the 200 iq plays that rich people have been doing for ages i don't know i just found it very interesting so i thought that was like something cool to share um so smart all coins like someone snip michael's whiteboard let's make crypto art auction at suffabees with a tax break soon i mean let's do it guys let's do it it's art man it's art it's so art this is art guys uh cosmos particles says haha i have to admit now pretty amazing i think that's it's quite an ingenious plan i mean now you have like more right like every year you can donate an art to the museum and take a 2.5 million dollar tax break uh yeah everyone wins apart from the tax from everyone else um apart from like you know the average show so yeah it's uh it's pretty ingenious i feel um but you know that being said okay being all cynical and such that being said i still feel art is cool all right i play video games that's art right um in fact i i had to deal with artists in the past and it's very very cool because artists never do what you tell them to do and there was like even a gdc talk about the difference between artists and designers designers always do what the specs do but artists just go off on a tangent and you need a combination of both because you kind of need the artistic flair but also you need a combination of like actually meeting your designs and goals for your project but anyways that's a topic for another time um yeah that's pretty much it um becky thomas says let's collab if you guys want to provide art for box money i'm down for it um come on my telecom come on my discord and um you know talk about it we'll we'll show some of your art um you know everyone wins right everyone wins you know if people are willing to pay art for art you win because you get cool art if you want artists win because they get money and i win because it's part of my collection haha yeah so um come on come on discord um you know that'll be fun um but yeah i'm actually kind of wondering also like um you know how many people oh no no no no i don't think um wrong link wrong link wrong link wrong link wrong link wrong link wrong link wrong link remove remove remove message retracted um invite people uh how do i do this accident accident accident accident accident accident um yeah so that's kind of uh accident accident accident accident pretty cool not cool um yeah well that was fast yep uh that was fast lucky you for anyone who joined to see that um um cool um yeah well i invited people to something i shouldn't have invited people to that was very cool um by cool i mean not very cool accident um yeah i have to deal with that um um um invite people edit link yeah cool that's cool oh someone's getting a lot of traffic that's cool um um i have to change your name to box mining for mfts um there's a lot of speculation on what happened it's really cool it's really cool it's really cool it's really cool anyways um so yeah so let me actually have the proper link for you guys that would actually make sense paste that um now it's a link for the internal discussion so i do have a internal box mining team um but yeah it's technically there's like stuff there that you can't it's under nda and stuff so yeah like like not cool anyways guys so message retracted lol so what just happened becky thomas asks um there was some stuff there that was sent to an internal link uh internal group that i have um and um i accidentally shared it and uh yeah pretty much that um that's good yeah there's a few things with nda so then i'll get into pretty deep trouble with some people anyways cool so yeah so variables i have um i'm pretty surprised at how it works hopefully hopefully we'll see how it goes we'll see we'll have a solid try at this nft thing i mean in the past we've done it before so i have the nfts on engine side but engines that's our engines more game side right so we have the box money nfts and those obviously i gave out for free so i didn't really sell much of those but if i can generate a profit and create something for art that would be pretty cool so anyways my two cents anyways um what else is there not too much um yeah pretty good pretty good uh you mean quons says anyone saved the link i don't know i don't know maybe you can search for it i don't know uh doubt binks as well don't bring attention to the mistake the problem is like obviously you know it's already happened and you might as well just be honest about it so i thought that was why okay x got hacked anyways um so one thing about the the group as well is um i would definitely say um yeah so we're we're having the coin researchers here we have gaming potentially if i have time to play games on discord so we have quite a lot of people on the discord already so i think like um the group has grown a lot and we'll figure out a way to you know properly moderate and do everything for it so yeah that'll be pretty fun and i think that's pretty much it for today i think i talked about everything i i wanted to talk about um yep markets china discuss utk plot oh short signatures yes snore signatures this is something that's quite important so um on the bitcoin side of things right so um here we go short signatures and tap group upgrade merged into bitcoin core so recently speaking all right um bitcoin itself hasn't undergone a lot of protocol changes so bitcoin itself has been very very stable and there's a reason for that right bitcoin being the currency right it's a it's a much harder push on the currency side of everything it doesn't want to implement as many changes i mean the last time we did that was with that uf um the the software uh you i can't speak anymore ah it's to do with segwit right uh segregation of witness and is it do with how signatures are added on to a bitcoin block so now we have now segwit addresses that are meant to reduce the amount of space each transaction takes so segwit was proposed and unfortunately implementing segwit became a big political disaster basically the kind of the way to view it is the holders the programmers versus the miners and it took uasf so user activated soft fork to get it deployed on the bitcoin network but that's without that's not without contest as well where um this was actually contested and created the coin bitcoin cash cash but anyways so with that release right now we have this year we have the proposal schnorr signatures and tap group upgrade proposal merged into bitcoin core so these are two big upgrades that were being developed for a bit of time at its very core it has to do with how signatures are placed on bitcoin so here one of the biggest upgrades with short signatures is that you can add multi signatures to be able to send crypto so it's kind of like you know if um you're controlling a group vault and you need multiple people to send that um that's kind of cool that's kind of cool um but at the same time um um does it when will it get implemented i think that's kind of the promise and the awesomeness here so um when will this go on but it's going to be quite a big leap for bitcoin like having actual upgrades on bitcoin and being able to kind of undergo through that rigorous process i think is good in long term so i think i didn't want this to be get forgotten um i think a lot of people who care about bitcoin itself they will view this as a like a movement forward for bitcoin itself and potentially a way to kind of get to the next kind of um level for bitcoin in terms of privacy as well because this could lead to more private transactions on bitcoin too i i use the word could here but very much could so let's say what's happening with um uh let's see let's see what happened with um ok x actually so we have a little bit dip right now so i'm just looking at the live uh so everything is dipping quite a bit and i just saw on the live chat that uh something happened to ok x so let me just double check what happened ok x hmm interesting interesting so ok x suspends um crypto withdrawals um yeah for authority authority investigation all right so i'm just reading right this i'll read this out loud so it makes more sense so dear value customers so this is from 33 minutes ago one of our private key holders is currently cooperating with the public security bureau in investigations where required we have been out of touch with the convert concern private key holder as such the associated authorization could not be completed pursuant to 8.1 service change and interruption to terms of service um ok x may change the server service or or may also interrupt suspend or terminate service at any time with or without prior notice in order to act with the best interest of customers and deliver access exceptional long-term service we have decided to suspend crypto digital assets such cryptocurrency withdrawals as of the 16th of october we are sure that ok x other functions remain normal and stable and the security of your assets at ok x will not be affected we sincerely apologize for any inconvenience caused by the suspension blah blah blah we'll make a public announcement timely manner blah blah blah we were that's that's pretty ominous that is really ominous actually uh huh i mean i mean this is this is the most ominous thing right like pursuant to 8.1 service change and announcement of the terms of service ok x may change the service or may also interrupt suspend or terminate the service at any time with or without prior notice does that the service does the service mean the entire exchange like that's kind of vague right can they terminate the entire exchange at will um crypto grim says that seems like a very hasty letter yeah absolutely and this is actually very ominous too um like um yeah huh what does that even i mean okay cooperating with public security bureau in investigations i want to see where with which public security bureau i mean from my understanding right so this is my understanding so a ok x used to be a chinese exchange right it's one of the biggest exchanges in china it did fiat on ramp and off ramp to china and they got kicked out of china right but i'm still sure they have some form of offices in china and i do know that their ceo all right this is off the record cannot leave china all right so certain members all right i'm not even know names here certain members of ok x cannot leave china um and essentially the way this phrase is that a certain member of ok x right one of the private key holders so obviously someone very important in ok x to be holding one of the private keys has been disappeared right it's cooperating with public security bureau of investigations were required and we have been out of touch with the concerned key private key holder um that means this person has disappeared right i mean there's no other way to take it i mean this guy's cooperating so basically very likely he's just walked off with the police and never to be heard again right like am i reading this wrong like this this this this is pretty ominous dark bad not good um yeah interesting because this this is actually kind of interesting because you know the other um the other way to look at it right previously china has been quite positive towards crypto right we've been saying that in the earlier section but this would send like everything off interesting interesting so poof so like the way this is phrased i actually view this as very negative for ok x right um like if i was doing pr i wouldn't have written this right like you want to ensure people their funds are safe it's not a hack right this is not a hack per se right it's very clear that from the way they they wrote this right we assured that ok x's other functions remain normal and stable and pretty much they ensure that no hack has occurred but the funds that ok x can no longer be withdrawn because this person you know we're talking about multi-signatures before this person is a multi-signature holder very likely or a private key holder so this person has access to the funds but this person has now been disappeared or out of touch right you know we've been out of touch with this person so that's actually pretty ominous um yeah cosmos protocol i'm just gonna pull attention to this michael internal dialogue so lucky we're not focusing on my mistaken link anymore that's fine it's okay you know people want to see it they want to see it's fine nothing wrong in there um just you know um yeah so so yeah so interesting interesting so i think it could cause a huge market shift because we do know that you know ok x has been one of you know the world's biggest market shift because it has bastions in china has chinese supporters and um yet again it's very uncomfortable saying this but um you know both guobi and ok x has and supposedly has a huge chinese user base now whether this chinese user base disappeared or not you know that's up for speculation right i'm not gonna say anything here but let's assume they had a huge chinese user base right some of that went off maybe to some other exchange um unnamed exchange um that became extremely popular all of a sudden but i'm being super vague i'm being super mysterious but yeah but not everyone leaves right now what happens when not everyone leaves um so i'm not gonna speculate too much i think there's gonna be a whole legal mess i feel like this is a situation where the less you speak about china the better uh i'll still respect ok x i think they have a lot of people there um i respect everyone like copy and ok x they have been doing very very well pushing at the international front i do want to say that i'm not against exchange at all um i will try to resolve like i try to figure out what is happening um but my current take of it is that it seems to be pretty dark um to be able to write something like this like like think about from a pr perspective right to be to write something this dark right pursuant of 8.1 service change and interruption of the terms of service ok x may change the service and may also interrupt suspend and terminate service anytime with or without prior notice that is a really big clause to highlight in an announcement like this so does that mean they potentially might be shut down like that raises a question like if they can terminate the service i definitely want a clarification here let me see if there's actually any clarification on twitter right now so i mean okay let's see okay i mean molly molly is saying okay okay let's put an announcement that says they stop withdraw because the private key holders providing with investigation with the police department okay um yeah so the chinese one is exactly the same thing as well gendry if who um tell quann body and e tell who bian hua ho don't want so um this before this so they just directly translated the chinese um to um english right so they they literally said you know according that's it they basically said the same thing according to um 8.1 they can terminate the service um yeah okay almost for volatility it was like looking snitch crypto man oh snitch snitch molly snitch molly let's see what snitch molly is saying i love crypto guys now snitch molly is not saying anything else uh let's see what doby saying anything doby let's see if doby's doby's up there let's see if doby's maybe doby's doing damage control in china uh yeah doby's not saying anything yet um let's see a okx official let's see if okfx official is say anything nope okx official is not saying anything at all so they're not highlighting this so okx ok everyone's saying yeah prices plummeted after stuff i mean uh withdrawal suspended i think there's a situation where they had to post this because very likely um like the way exchanges work right i'll just draw this very very quickly for you guys here um so the way exchanges work is that they have a hot wallet right this is so hot you know um it's hot it's fire okay this is this is this is the extent of box money art for now but this is the hot wallet so this can go out send out cryptocurrencies blah blah blah and this really handles most of the transactions right so most people you know they'll um they'll request a withdrawal and it'll be handled by hot and this will be on a computer so this will be like people be you know it'll be a computer screen here um you'll have keyboard and a mouse maybe um and um normally this will probably be you know automatic and then some engineers can come and fix this um and usually this might contain maybe like 0.5 percent of the funds the rest of the funds likely is in the code wallet i'll draw an ice block here this is the offline wallet this is the worst looking ice block ever but this is the code wallet um with private keys uh keys these are most likely held by certain high-powered individuals in the company um and this is where it's more hacker proof right because it's it's offline it's maybe on you know so let just there's actually a ledger commercial ledger commercial version um ledger vault or some other some other storage product right so it's as a storage product that uses keys so um that's pretty much the case where maybe this will hold like 90 plus 90 99 of the funds hopefully right this is hopefully how an exchange should operate so if this gets hacked fine the rest of the funds are safe um very likely the person the individual that holds this key is with the police right now right police are you know um let's let's let's let's call it uh what they're calling what what what what exact terminology they use they they use public bureau public security bureau uh p s b right public public security t year row bureau so yeah so this wallet is now gone huh uh um yeah very ominous too like you know like when when is he coming back like we've been out of touch with this concerned private key holder i mean is star gone is that star star is that you star star come back star so i hope i hope they should some sort of announcement um regarding this um it seems like there's nothing as of now um but be very very careful um so question from lc in the kookuin's case wasn't it wasn't it the cold wallet that got hacked exactly it was a cold wallet that got hacked uh no no the sorry in the in the kookuin case it was the hot wallet that got hacked it was this wallet that got hacked so this was a wallet that was completely bled and it was likely to be engineered but the cold wallets are fine so the you know um the exchange still has funds right i think in the case of cool coin like maybe there's more funds in this one but like a bit more a bit more than like 0.5 but technically speaking in addition to be huge um code hot wallets that get hacked like binance had this problem binance binance kucoin i think a few other exchanges always had had this problem as well i think big bit thumb as well it um like big exchanges always have this mount gox um throwing out names out there but um this is concerning i would say like because i think they're very unsure of what's going to happen like the way the only reason why you would um phrase it like this would be if you are unsure of what's going to happen next like if you're very very unsure of what's happening next because i don't think you would throw clause 8.1 out there right um yeah i think that's the bigger issue the frozen withdrawals you know that's okay but you know can they take the exchange down you know the service the service being the exchange being the derivatives exchange being the withdrawal service um yeah that's very very very unclear like like i actually really want to read the okx terms of service now um there go terms of service let's see okay so okay 8.1 let's go to 8.1 let's go to 8.1 to find out what terms of service they mean all right change interruption termination and discontinuance and services service change and interruption we may change the service and also interrupt suspend or terminate the service at any time without prior notice service and discontinuous uh termination we reserve the right in our sole discretion to discontinue or terminate the service provided to you without notice temporarily or permanently including but not limited to the following cases if the personal information you provide is not true and inconsistent with the information blah blah and you violate the law if you violate the relevant laws if required by any provisional laws or regulations as well as requirement of the government um authorities and for reasons of necessary circumstances i'm not a lawyer but i'm just reading this for fun um service what does the service mean like service like service just means exchange right terms of service um service did they define service here service is provided by all right spot trading so services include spot training through virtual financial assets centralized exchange platform lending service future service so these are services so okay that clarifies that clarifies it so basically everything they do so the service is refers to pretty much everything the exchange does um and they can terminate the service at any time cool uh um yeah yeah that's pretty interesting yeah so they basically can terminate their entire exchange at any time under clause 8.1 and they intentionally highlighted that in their announcements so not gonna lie that actually looks really bad that actually looks really bad a little bit concerned a little bit concerned a little bit concerned i mean you know i wonder why why today like what did they do like is this a long term thing or the short term thing what did they do i mean supposedly the the rumor that i heard with okx was that supposedly they had to divest their investment um so they had to potentially sell that off um to other parties to make it more legit um interesting interesting about research this i'm um i'm not sure if there's anything else that um could be done i'm just reading up the comments right now if there's any other information um um interesting yeah fud it yeah i think the chinese would definitely view this as huge amounts of fud huge huge amounts of fud because the biggest issue is like like they're cooperating right um you know what does that mean huh anyways we'll follow this up i mean if something turns up i'll probably do a live stream about it this seems to be quite important um yeah uh wrong raymond says 21 000 eve transfer from an unknown wallet to okx but that's true the exchange but not out right anyways interesting interesting yeah um yeah i think everyone everyone on twitter is saying that they withdrawals that the withdrawals is not the key right none of no currency stolen that's fine but the the biggest problem is not the withdrawals everyone is talking about withdrawals but the biggest problem is what is the service termination right that is the bigger issue here i mean that's a much bigger issue um you know can they terminate um service at will and you know it's that what does that mean for the for huobi right as well right um like yeah uh uh we're i think they're based in malta so they have a different um um okay okay so they're all right so if you're non-italian and now non-malte lease then it's a seychelles company but very likely they have a base in malta which is where all the exchanges hang out um but their original point is china so that was pretty clear okx is one of the big was one of the biggest fee exchanges that got kicked out of china in 2017 um and founders are still in china that's pretty clear um anyways um toronto bitcoin says why would okx affect huobi because we don't know if this is okx specific or china specific so if this has to do with the public bureau like it's all speculation right so the speculation here would be that the person arrested is someone very high up because they have access to the private keys right so it's not some just some janitor cleaning sweeping the streets of okx it's someone important and that's someone important most likely if they're an important person most likely that person will be based in china because that's where the exchange was based before and we know that some certain high level individuals in okx cannot leave china so this is like this is kind of like uncommon knowledge i don't want to be overly speculative here but if this is china investigating the founders we know that the same situation also applies to huobi as well because huobi also was a very very big prominent exchange huobi means fire coin in chinese fire or huobi so huobi is fire coin and uh they also were one of the largest fiat exchanges that were kicked out was kicked out of china so yet again could the same situation be the case for huobi as well so i mean this is this is where the flood is coming from it's not from the withdrawals right it's from the the connecting the dots here like what does this mean like this is like an anonymous sign on the wall be like yo like a big you know fu sign but anyways um but you know we survived china floods before um this is definitely something that has been survived for a long ass time uh china floods always happen um but yeah so be careful be very careful guys um yeah so anyways guys um i would say yeah if you're in huobi and this is something that i'm gonna look into immediately to see if i have any funds in there i'm gonna hit that withdraw button just to play it safe um you know it could be over speculating right i don't want to get pinned on this this is just all speculation i mean this all this really just popped up during the live stream so i'm just speaking my mind here um and we'll have to see we'll have to see so guys yeah um yeah do do control your exposure to exchanges at this current point i would say that so that's it for now um i might come back on another in another hour or so after more research is done um and we'll see what's happening so guys um that's a surprising end to this live stream but this live stream has been going on for a very very long time for literally two hours so i would definitely say thank you everyone for watching today definitely hit the like button let's get up more than like 84 likes please let's do that we're almost at two hours let's get more likes we had like in terms of playbacks we have 3 192 playbacks so you guys better smash up some likes for me for this one um we did two hours and i also haven't eaten this morning too um i'm doing intermittent fasting i do not eat until the stream is done so yeah um yeah be very careful guys um you know uh be be be be be very careful so yeah hit this um hit the like guys really appreciate it uh thank you guys for watching today we'll have like box money art coming up soon we'll do something very cool and everything and we'll see how everything goes so thank you guys so much so much for watching today i shall see you guys later cliff arcos is damn i just joined we'll do an update very soon it seems like it's very urgent to do an update so we'll do that very soon and we'll see you guys soon the next stream will be on next monday or the next scheduled stream will be on monday but at the same time i think very very soon we will get an update on okx and we'll do a live stream with that so with that guys thank you guys so much for watching i should