(Friday) Bitcoin and cryptocurrency update

time let's see right so we're officially live and welcome back guys so welcome back to another episode of box mining where we talk about everything that's happening in the cryptocurrency scene bitcoin ethereum crypto and a lot actually has to do with a lot of data this week so we had the coinbase q1 earnings report we had a lot of data like the number of users revenue generated by the users it's an insane amount of analysis and it's looking super positive right now for crypto like the amount of growth coming into crypto right now is total insanity so we'll talk a little bit about the overall markets and what's happening on bitcoin ethereum why i'm still super bullish a lot of people were probably questioning right because we're nearing we're fast approaching like what looks like a peak right it looks like a peak it looks like maybe we're a little bit too crazy too fast too furious but what happens and what always almost always happens in crypto is that the market does go too fast too furious but the amount of furiousness would surprise you and i feel like right now we're at a point where we we've seen like these signs that things are going very fast but i don't think we've seen anything going furious yet does that make sense to you guys anyways so that's my current take on the market but we're going to take a look today closely at what's happening on both bitcoin ethereum we're going to take analysis of the coinbase q1 earnings then we're going to take a look at the news of what's happening recently especially with the nft space that's going on and we're going to talk and have a discussion about a lot of the alt coins as well so guys if you guys are new to this channel so what we do is we cover independently what's happening on the news so we don't just get mainstream drivel right on this channel we have proper analysis i've been in this space both making content and more heavily investing in this space for the better half of four or five years now and a lot of this stuff is like relaying the experience that i've learned across the years and kind of combining that and making that into this channel of what box mining really is obviously it's not financial advice i'm not a financial advisor and what this is is a lot about my journey documenting what i've seen some of the mistakes i've made as well so you don't have to make them too right that's the whole point of this we share the knowledge and this is what this community has always been about sharing caring and making ourselves grow stronger so if you guys like content like this obviously hit the like button down below subscribe to this channel click that notification bell we do have some surprise live streams and events and it's all action-packed so make sure you're up to date on everything and of course if you guys really like it just you know also share this channel as well to your friends it really does help this channel grow and without too much of that let's get the intro out rolling and let's get started all right taking a quick look at the market quick glance so we're bouncing back so i think over the last few days i think a few people were a little bit concerned about bitcoin ethereum prices going down we saw a little mini dip you know binance coin actually dropped below 400 for a few days ago um yeah a few hours ago but now we're almost back we've got bitcoin above 2000 yet again and bitcoin itself the big mother ship um hovering at around 58 000 at this current point so definitely a lot of recovery so throughout the middle of this week we did have a mini scare mini scare but you guys probably know it wasn't that big of a scare it was a situation where it just dipped it was a very rapid dip as well but the people just soaked it up bought up right up very very quickly and i think this has to do with a lot of just a lot of speculation on the market but also what we're having is we're having a very strong defense from the bulls right i think this is what's very very different from say the big crashes of 2017 right in 2017 we saw these dips happen and the problem was no one bought the dip right the prices just kept diving diving diving and we saw no support and here we're just having stronger and stronger and stronger support and very good data as well just backing that up so that's kind of the crazy part that we see right now um right now we've got joseph saylor saying xrp number four shake my head this is a travesty but you know i feel like this is a situation where i no longer judge coins anymore i think it's a good it's a smart decision to do right all the way back in 2020 and made that almost like a new year's revolution resolution of 2020 like i don't take sides anymore and that has been super helpful right honestly super helpful for both me and my the way to think because at this current point something that i realized is that everyone does something differently now and i feel like um you know i used to be very very tribal and feel like oh this is a travesty or whatever but nowadays i just feel like you know i'm just happy for everyone if there's people who love ripple go love it if there's people who love cardano love it if there's people who love v-chain love it you know your that's the way the free market should work right everyone should have their own opinion and then of course you take your own stake if you're right you'll make money if you're wrong you'll lose money but i think that's the beauty of a free market and i'm i i feel like i no longer judge anymore but anyway so yeah yeah ripple is up aggressively and i think a lot has to do with how the sec case is moving super slowly ripple needs that growth they're also trying to fight that case we'll take a look at some new articles on that too but yeah lots of movement on this front and this is where this is kind of the most interesting time in crypto because we see the most amount of innovation as well like the the speed at which everyone is moving right now it's like like there's a big fire behind everyone's backs right this is the biggest craziest part like every project every group of people they're trying to move as fast as they possibly can otherwise it's going to be left behind in the dirt dirt you know one week in crypto a year in real life right that's that's a general trend so overall before taking a look at the markets i just want to see how how how disproportional everything is right so a lot of times what i do is i just categorize the 24 hour movements and i kind of just view how much positive versus negative right so you definitely see a lot of growth like you definitely see double digits like a huge page of double digits in the top 100s and almost no drops right this is like the past 24 hours has been great it's been very very asymmetrical so a lot of the alts are very performing and you definitely see that like being going on so bitcoin gold pandi is coming up engine they recently got listed on coinbase so yeah a lot of growth there a lot of uh movement in that field and you definitely see the altcoin like i'll i'll i'll put this here as well so this is the um the rainbow chart for whether it is an altcoin season or a bitcoin season and you can definitely see we're in the height of the altcoin season but what's kind of crazy and and like both great and amazing about this is that once we hit this right it feels like it's continuously moving up to 100 right this is something that i've said on monday too i didn't actually decrease my altcoin holdings at that point right so this is moving up to monday i know i'm playing with fire here because what we see with these altcoins is that they go into cycles right so you can very see the clear pattern coming in from 2020 right you see decreasing altcoin season going into bitcoin season then going into an altcoin season and then a very sharp drop right this is something that you should be worried about this is something that you should be eyeing right this is up for me with the alts because sometimes alts when they grow they grow like crazy right they they that that's a fury right it's like you see like triple digits like plus 100 that's in like an altcoin season right when something doubles overnight right that's the insanity of it and i've experienced it firsthand in 2017 and i feel like this is a situation where we're moving closer and closer to the altcoin season i think 100 doesn't even begin to describe it but anyway so this is where we're at we could be up here for one to two weeks where the whole insanity part happens and then it could be a case where we'll drop down and move to a bitcoin season that's a possibility right because we know that and you know why these cycles work is that you know human psychology right people always want to go like always want to follow the trend right so the trend followers come in but then it goes too insane and it bursts right so i'm a little bit more kind of cautious now now that's that you know this week is ending and then we maybe have one or two that's my current estimate maybe one or two weeks of insanity we'll see how insane it goes the more insane it goes that is when i'm gonna be a lot more cautious right the more people that are very greedy in this space the more cautious i'm gonna be and there were a few stories on this week that people were there were signs that people were greedy um so one of the sad signs right um is that people have been coming to me and saying look michael i've been trying to get into this um you know pre-sale or an ico and unfortunately they sent the funds to a wrong address so some scammer has been posting you know these oh announcements and these scams saying that oh i can get you into this new pre-sale this new coin and then some people just go and dive straight into that with real money right so they just send it to the wrong address and typically you know in crypto there's no way to reverse a transaction right you send that to a scammer the scammer takes all your coins your money is gone forever you're not gonna get you know the so-called pre-sale this is a problem with people looking at due diligence doing their own due diligence doing the research the lack of it shows a lack of research because they fell for a scam right and this is very very much happening it's one of the saddest things i've seen in the space um like just the abundance of scammers and one one thing we see is that the the abundance of scammers is a very strong indicator that the market is not doing enough research right and because i'm seeing that i'm getting a little bit more bear bearish so that's just the unfortunate truth like i use that as kind of my barometer to see what's going forward i'm a little bit cautious but that being said of course um it's it's a slow process so i feel like like i'm eyeing the markets these few days to see how crazy it's getting in terms of the prices honestly though like um because we we've because i've seen 2017 i feel like you know it doesn't feel like a full-on out season yet um you know if you definitely see a lot of 20 movements 24 past 24 hours right but it's not like those those insane days where it just like it baffles my mind so i feel like there's a little bit more to go but we're closing up like very very closing up on that peak that we have so it's unfortunate but um i hope like the way to stop this really is to just encourage people to do their own research make sure you guys know what you're doing um it's highly important um the more people do their research the more kind of sensible people are the more this um kind of market can continue uh in my personal opinion anyways but guys um if you guys like these updates make sure you click up the like down below and hopefully you guys don't fall for this right hopefully hopefully um angela says is the audio a bit staticky i should look into it so um i'll take a look but um hopefully hopefully not too bad all right so let's take a look at the charts let's take a look at what's going on with everything so we got bitcoin charts going on we got bart simpson charts popping left right and center but anyway so bitcoin yes bitcoin we're still really much trapped here so there was a definitely a lot of action that happened over this week right so what we saw is that we still have that resistance at sixty thousand dollars sixty one thousand dollars that has been relatively strong right this is where all the bears they're going to start selling there if they don't think the market's going to move beyond that this is where a lot of sell orders are so this is a giant wall that bitcoin has to break now we did approach it so multiple times throughout this week we did try to break it to all the bears rallying pushing up but we did have a dip and something that's kind of telling is that we saw the support right so one of the lines you can notice here this is the 21 day moving average so we've been above the 21 day moving average and the last time we're kind of above that was here right so it was a march and this is when we noticed that insane growth so we're looking for that growth but we still haven't seen it and we did see support though which is very interesting so whilst we didn't see that insane rising of bitcoin to seventy thousand dollars what we did see is that bitcoin tried to drop below so the bears tried to push the price of bitcoin below twenty one day all right this is at fifty six k here but we bounced back up so yet again this is a very strong sign that there is a lot of support here all right people really wanting people who didn't manage to get or they want to increase their position they're starting by at around a twenty one day moving average so the support is very strong and this is a very very good sign so a lot of times what we saw back in twenty seventeen was that these you know these huge dips along the way but this year this growth was just insane and i feel like this is actually propelling a lot of the general public to really take a big look at bitcoin right there was because there's virtually no time for the general public to freak out and say oh look look at how bad or how much bitcoin is falling so i've put this meme out right i put this meme out for you know typically speaking this is the hodl me right hodl hodl hodl this is when numbers drop all right this is back in 2017 we had these major drops in bitcoin along the way right 20 30 percent in a day when the market kind of really pulled back this time we're not seeing this this time i feel like what's happening is that the normies the general public who don't have bitcoin exposure right they're they're freaking out holding their fiat right fiat's gonna go down in value i think that's pretty much given at this current point because of how much money printing there's been done right um that k-ship recovery is coming right and who's gonna be winners of that k people are talking about this k-ship recovery um right if you if you look at a lot of these economics videos it's kind of funny right where they're talking about the rich right the rich are gonna get richer in this k-ship recovery so people who have already positions in gold or crypto this is where you're the winners right but then also the rest of people who don't have it right so the people who don't have positions in you know crypto or they don't have gold they don't have equities there um they're not going to recover as quickly right this is the working class right working class is going to slide down and then the deletes are going to go up it's it's really sad to actually think about it that divide but it seems to be what is definitely happening right now and you definitely see signs of that where you know if you look at luxury goods the prices of luxury goods are drastically increasing it's a sign that the rich are getting wealthier here but then who's gonna lose right there's always gonna be a loser so anyways um i feel like that's that's kind of what's happening right now with the market i feel like people are definitely freaking out they they don't want to be losers anymore and i'm seeing more and more people ask me about bitcoin so even though bitcoin is rallying even though we see potentially that bitcoin is you know moving up so aggressive like if you look at the rainbow chart for bitcoin here right this is the other chart for just for bitcoin itself um we're midway through all right so if you view this as cycles right uh this is first cycle second cycle the uh we're kind of midway through the third cycle over here right but whilst we're here there's a lot more and more interest even though the numbers are going up right even though last year you could have bought bitcoin at like 3 500 4 000 people are still buying at 61 000 because they're freaking out about basically their fiat going to zero right that's biggest there's a push that's a push factor and then we have bitcoin here so in terms of the growth here i feel like bitcoin yes we've got to overcome a few hurdles here so yes um 61 000 is going to be a huge hurdle for bitcoin to overcome um and we'll hopefully try to see that action next week but in terms of the overall cycle that we have right in terms of the over cycle over overall cycle we have we're still in the yellow orange i if if the rainbow chart holds all right this is still based on a little bit of past history but we definitely see some of that trend coming through but if the rainbow chart holds yeah we're looking at around 56 000 that's 158 000 for bitcoin coming up this is what i'm definitely looking forward towards so this is why i'm quite bullish now adding to the bitcoin side of things right so i'm just talking about bitcoin overall so a lot of this week's kind of indicator is coming out of coinbase so coinbase you guys know they're getting ready to launch the public listing on nasdaq this month so what they're doing is they're releasing a lot of their inner information normally this would would have been reserved for the shareholders they wouldn't release it to the public but now they're releasing this information to public which is a good indicator of the overall strength of the crypto markets so kind of interesting is that 56 million users are verified on coinbase that's actually a lot of users right this is uh 56 million people people which kind of like there was some math being done here like if if say a third of this is based in the u.s right and then u.s population is right now it's at 320 million right so so first and foremost let's just put that number here so 56 million and um it can't be fully american right that's that's one of the first conclusions um out there which is it can't be fully american but what if 20 percent of this is american that means it's 12 million americans in a population of 320 million that's actually a pretty good percentage actually a reasonable percentage of people have actually registered for coinbase right and then monthly transacting users this is actually a pretty big number too so 60 6.1 million people um 61 million users that means like roughly more than 10 percent of users are using coinbase on a monthly basis which is pretty good too i mean if you think about it uh my stock account i haven't touched that for years all right it's kind of funny i haven't really been doing too much in the stock market but i haven't touched that for years but people on coinbase are pretty active we also have total revenue is approximately 1.8 billion dollars i think this is the big number kind of wowing people here right this is the one that's like okay 1.8 billion dollars in net revenue for this quarter and it's like this number is just engulfing last year's figures right one quarter will beat the whole of last year this is how much activity is growing in this space so i think these are the numbers that are surprising people it's not just about the total revenue right but it's about the growth in revenue i think that's a big big change as well because people are looking to increase right i mean i'm just trying to make sure that this all right this makes sense right this makes sense phew it just they want numbers going up right and that's what coinbase is showing this is why i'm super bullish because the fundamentals of this is that more and more people are knowing about um understanding about crypto um bigger bigger percentage i mean i still remember the days when it's just a small cult following a little room you know talking about bitcoin now a lot more people are interested and the interest is not waning out i think that's kind of key to remember so q1 interest is not waning out at all and once you reach that point right once you reach a point where there's a critical number of people talking about bitcoin it becomes explosive and this is what i'm looking for in the next kind of growth cycle that we have here right we've seen sure 50 50 like 600 or 58k for bitcoin seems like a lot but if more and more people start realizing the value behind it and they discuss people i feel like this is where people actually understand like actually like tick for them and understand it and that's where i'm looking for that growth so let's take a look at ethereum as well so obviously we can't leave out if here but let's take a look at what's happening on the eif front so with eif yet again we're we're seeing very very strong resistance at 2100 so this is where eif tried to break free right you definitely see the attempts going on here right eif tried to break free on a second of april we were trying to hope and see that kind of increase but yet again we the the wall here is super strong right we got basically bounced off that twice this entire week right but every time we bounced off that we kind of recovered very very quickly this is yet again a situation where that support is super strong for eif and yet people who it's like um i think people wanted a very big discount over this week right i think during midweek people wanted you know 1500 for ethereum they wanted prices to fall but it just didn't it just didn't happen right there just wasn't enough negative news to bring the ethereum down because people who are buying they have very very strong hands right i think this is one of yet again one of the strong indicators i'm fomo in myself right now but it's one of the strong strong strong indicators um in this space so anyways regardless i feel like um overall just if you look at the the meta market right now the big the big picture right huge amount of growth in this space especially when people are being pushed away from fiat right we i think that's a given at this current point and then right into crypto as well this is where the innovations are and something that i um i want to bring up to kind of mix here that's interesting right that um is the list of billionaires right so this is the forbes list of billionaires let me just make bring up the article up here um did i just close it uh billionaire forbes all right this one three x as many all right this article is the one i want to three many x three times as many crypto figures make it to forbes 2021 billion list as last year so sam bankman free newcomer all right you guys probably heard he made around 8.7 billion dollars in the last three years which is crazy winklevoss twins you know they sued facebook they bought 65 million dollars of bitcoin well you know that's a rumor right but yes they also made to the billions list here we got chris larson we've got jeb mccaleb all right this is ripple guys michael saylor you guys know he's endlessly buying bitcoin just non-stop right michael's strategy just continuously buying more and more bitcoin so brian armstrong obviously you know coinbase this year they're going to list publicly and also they generate a huge amount of revenue we've got zhao cheng peng right zhao cheng peng's net worth is around 1.9 1.9 billion but maybe it's more who knows right these these are just estimates right um a lot of people who's been in the exchange space you know they looked at coinbase's figures for 1.9 billion dollars of revenue this year they're like ha ha ha ha ha that's nowhere near what some other exchanges are generating so maybe i think this is a very conservative estimate for it uh it's also especially because um binance is being much more aggressive in this space uh-huh we've got tim draper up here michael rosak um barry silver digital currency group like like what can i say guys what can i say the people who believed in bitcoin and stuck with it and built around it they are the winners and i think this is something that's just so transformative in this space and if you're thinking about you know crypto i think there's two things to think about all right one is taking positions but the other thing is what can you do in this space all right i think that's also another very big question as well and so one question that i've always been trying to ask myself as well is like how can i contribute more to the space because if you bring value to this space value will find you too right merely just buying i feel like that's not good enough for me at the very least and a lot of people also ask me like oh should i dedicate my career to crypto right should i quit my job and i've seen feel like a few people in box nation have or are in the process of quitting their current jobs and moving full time into crypto so this is a situation where it is extremely dangerous but i made that decision around three years ago and i don't think i regret the tiniest bit like if i didn't have the time like the full time to look at the current space to analyze the current space i don't think i would have done as well and as a situation where i had to take the leap right to leave my existing job you know don't um just focus even through bear as well i survived for that bear too and it's not easy right so obviously i'm not encouraging everyone it's not for everyone but if you're already doing very well in crypto it is something you should actively consider because if you make something of significance right you join a group you join a team and you make something of significance it is going to be life-changing i think that's that's the insane part that's the insane part behind this all right uh so um um all right we got we got a good question from vapor smooth ashley so do you think bmb liquidity pools are more risky than if pools in the coming months in terms of impermanent loss also if time falls on glq so i don't know what glq is um i'll take a look but i'm gonna answer your first question which is about liquidity pools and impermanent loss so this year obviously one of the big big factors that's contributing to the growth of the space is uniswap all right so app.uniswap.org and you can definitely see that the trade volume like if you just look at the statistics here right um it's going up and what a lot of people are doing is that people are putting their assets onto uniswap liquidity pools all right contributing to that liquidity and uniswap you see that growth all right this is the the growth of uniswap the amount of liquidity there started off at a few dollars and then as time passed right we're growing to around 7.5 billion dollars of capital locked on uniswap so just from that capital perspective aside so pancake swap um is the on the equivalent on binance smart chain so obviously uniswap has a longer reputation and something that's different is that the pools there are bigger right so that means that the coins there on uniswap actually moves a little bit slower than on binance smart chain this is actually kind of uh weird from nominal so the the more the liquidity the slower something moves so if you look at the say if usd pair all right that has more liquidity right and then you can also see usd big big usd c usdt pairs there so how do we answer this question and i think there's two ways to look at it it really depends on a coin that you're at all right looking at so if you're looking at a very stable pair which there are more off on uniswap then obviously uniswap has less permanent loss potential because the movements aren't going to be as big something i've noticed with pancake swap is this is where all the innovation is happening now this is where a lot of new coins are coming in but those new coins could potentially move drastically up or drastically down if the liquidity is low so i would say it really depends more on the coin you're looking at but generally speaking if it's like a very common pair less liquidity um in permanent loss potential but if it's a very very um you know i'm not going to exclude everything because a lot of uniswap coins are you know small cap as well so it really depends more on the coin than on the exchange itself or on the platform itself um so bnb versus if is equivalent to pancake versus uniswap and yeah um it really depends on the coin itself all right um magic turtle says impermanent loss should be the same between chains given there's arbitrage no yes exactly so um i was kind of generalizing so because yeah yet again it really depends on the coin itself all right looking at the stuff um all right uh let's take a look at everything else that's happening let me just i got a call coming in but let's ignore that um it's fine all right let's take a look at what other news there are all right on the market so we got first of all class action also filed against ledger shopify customers over um shopify over 220 um customer data breach this was like absolutely um horrible um you guys know i bought a ledger and unfortunately what happened was that with the ledger there was a situation where hackers breached the database and managed to get every single email and for some people associated delivery addresses so home addresses so some people actually got threatening emails and a few of my friends got these where um the the hacker or the the i guess like now it's a it's more of a threatener right this guy is like threatening um this person over email to say okay look i know your neighborhood i know your home address all right like this i post it down here like check this out i know your name i know who you are i would know where you live um and this is a direct consequence because the hacker the the ledger database was breached right so people got these threatening emails obviously none of my friends responded to that or sent you know the ransom you know for note for it it was absolutely not necessary but um the class action lawsuit is ongoing um and it's been filed already so we'll see what happens hopefully if you guys are a victim of that please do you know um you know join in and voice that because i felt like that was a very terrible like that was an inexcusable breach of data it's like it's a situation where ledger should have just deleted user data but they didn't and that's what you know um the hack had now we also have some positive news so yet again this is this is almost in line with coinbase so robin hood says 50 sorry 9.5 million people traded crypto on its platform in q1 so yet again it's a situation where um the growth of this is just crazy right so this is up 458 percent from quarter four of 2020 so the number of new people coming into the space is just insane and we see direct evidence of this so yeah so coinbase up there on the 27 million robin hood almost there 10 million that's crazy um of other news we got bitmex you know they're kind of in a little bit of trouble all right that's a true to put as an understatement obviously over wire fraud and there was a lot that the u.s government is pushing on bitmex offer bit um offer hayes surrendered in hawaii he's released on a 10 million dollar bond so he's still free he's not he's not going anywhere he's he's staying safe but 10 million should be nothing for these guys right they should be making you know billions of dollars if you think about it bitmex was one of the biggest um exchanges trading bitcoin um trading bitcoin derivatives right and the crazy part about derivatives is you can not only like 2x 3x 10x 50x 100x you can push to 100x your trade but that also means exchanges get 100x the fees right because the trades are based on the volume right they're based on the the amount traded not a flat fee right so this is the crazy part about bitmex i think this is a very small amount for offer hayes to be released on i'm sure he happily paid for it and are proceeding with a lawsuit now obviously this does have some long reaching kind of consequences because a lot of crypto exchanges you know they follow a very similar strategy of disruption right so they're disrupting an industry a lot of times they don't register with themselves and this is a case right with a lot of exchanges these days where they don't register like coinbase went the registration route but then a lot of other crypto exchanges did not right so this will be a landmark case to see what's going to happen to these guys if they're going to get a small fine i think this industry is going to go explode right that's crazy part if this guy just gets off on a slow a small fine like everyone's going to do what they're doing right they're going to just risk it because um the craziest story about offer hayes obviously is that before starting bitmex he didn't really have much i mean there were stories going around to say you know you could have bought a significant portion of bitmex for like fifty thousand dollars and he was broke at that time he was just offering bitmex equity up like crazy it was cheap right but now obviously once bitmex exploded and the market proved itself right this company is worth a lot even at its current state so anyway so we'll have to observe what's going to happen but yeah this is where billionaires are made uh peter teal is igniting uh chinese financial uh calling bitcoin a chinese financial weapon this is kind of interesting right bitcoin being a class of assets that's above the governments because obviously the network is decentralized so no one government can say oh yeah shut down bitcoin all right and we've seen that right we've seen that being proved in the past so you know i think this is going to be interesting because we're going to see both sides of this debate so peter teal might be saying yes bitcoin is a financial weapon for the chinese and then you're going to be on chinese media saying oh bitcoin is a weapon of the americans so that's the craziest part about this space obviously um you know being in hong kong and being more attuned to the asian markets we definitely see that too where bitcoin is always kind of regarded with suspicion especially in geopolitical front it might be a weapon for the americans to use against the chinese but regardless i think the more important part is that this is a weapon for the citizens to use against the governments i think that's the best way to view it right like um this is a situation where you can send bitcoin anywhere in the world like no government's going to be able to print like 30 percent of the supply of bitcoin in a space of a year like that's not possible right so anyway um elijah killen says i think pete teal is trawling the ignorant out of boredom and it's funny i i think it's funny too and i think that's something very interesting too right um it depends on which generation you're at like if you're like part of a younger um demographic and you think of the world in a very different way from the older generation so i spent some time talking with people that are a little bit older like 50 40s 60s and somebody realized that they're very they very much want to build up a story of global conflict it's very very interesting like you so absolutely i totally agree like with elijah here it's it's definitely trolling a certain generation that believes that everything is a global conflict and their frame of mind so i think that's that's kind of interesting i feel like as you move through the demographics you realize that people have these like stone engraved perceptions of the world but the problem is the world is moving so fast that these perceptions may not be true but they still are looking for validation of those perceptions anyways that's me babbling about things but anyways that's that's some epic trolling all right so uh we also have exchange tokens rally ahead of next uh next week's long awaited coinbase ipo you definitely see that with binance coin so bmb is rallying and i think there's two reasons why bmb is really rallying so obviously yes coinbase i mean you definitely see bmb up 21 percent over the last week and yeah it's crossing 400 which is insane right you guys probably remember me when i'm talking about bs binance coin at like 18 right but yeah the 18 days are over and obviously a lot of people are looking for coinbase this hype to drive a lot of exchange growth as well something that's obviously quite interesting as cz pointed out very early on is that he's not looking to take the company public anytime this year which is which means that the only way to get exposure to binance this growth is really through the bmb right so there's this factor pushing the bmb forward and the other factor of course is the growth of the binance smart chain network right we see more and more projects moving over to binance smart chain or trying to get that kind of momentum so it's almost it's reached a point where it's beyond kind of um the chicken and egg debate you know who comes in first users or projects now it has significant number of users and then the projects are moving over to attract those users and then of course more users are moving over because projects are coming in so it's not now a continuous growth cycle that's happening on binance smart chain so that's kind of the insanity of all this i think a lot of people didn't see the value of binance smart chain at the start but definitely we see that right now so exchanges and of course exchange um tokens and i think a lot of people are copying that out next thing is ripple so i promise you guys some ripple news but yeah there's a new petition asking this sec chair nominee gary galsner to drop the ripple lawsuit all right so we'll have to see i think this is where there's not gonna be a resolution for years all right this is where you just get a nice cup of tea and you're like okay i'm gonna watch this from the sidelines like this will be a big landmark case to decide if a lot of coins will become security uh our securities or not this is kind of the biggest one right ripple had a sale they made people billions of dollars what is the value of ripple where does it go but anyways and where's the legality here is it security is it not security right so this is going to be a landmark case um that's going to impact the whole markets a lot uh but you know i don't think it's going to resolve itself anytime this year you know petitions or whatnot aside i think it's going to take a long time now last thing that i wanted to do for the main crypto news side is that bitcoin exchanges just saw massive tether deposits so this is something that's happening recently if you look at glass node you see this inflow of tether into crypto exchanges so these are people looking to buy right so generally speaking right when people and like buy like get tether and move them to exchanges all right where do they go where does that go right that goes to buying crypto and other assets so this is generally yet again a very good sign very positive sign um that's happening obviously i'm going to say that a few maximalists are going to say oh tether is just printing more coins all right this is where you see tether right now with a market cap of 4.3 billion dollars right now all right this is not a small number so what's the significance of this and why is there also a worry so this is both a good and a bad sign depending on which side you're on technically so let me just switch this to not market market cap of this so tether right um is a stable coin that's meant to be backed by one u.s dollar so that u.s dollar has to be somewhere right so technically speaking the way tether and if tether gets printed and moved right which is what's drastically happening now i can definitely see that kind of speed of tether being printed especially coming from 2020 you see the market cap move from 12 billion to 43 billion dollars right so that means it 31 billion dollars of tether has been printed over the last year right so 31 billion dollars is no small figure and there is definitely a little bit of worry as well for tether where where is that money where's that 31 billion dollars of u.s dollars that's meant to be backing tether so this can be viewed as both good and bad news but generally speaking what uh we saw with tether was because there were problems but because the sanctions against tether was so small the fines to pay were so small tether is allowed to really grow aggressively and you know we can interpret in different ways but you know a lot of people swear that this money is there somewhere but honestly long term uh long term i think like um a stable coin that's based on a crypto makes a little bit more sense so we have the die we have the lusd with the susd coming in this year and i feel like that's kind of one possible solution to the tether issue where we have tether that um we have blockchain backed you know provable blockchain backed assets that could be the way forward to solve this problem but anyways regardless um you can either view this as the greatest news in the world that investors are coming in and dumping money or can view this as the biggest amount of fud because you know where is that money and is this uh uh you know are they just printing tether for the sake of it ha ha ha so anyways i'm not going to take sides at this current point but i'm not too worried to be the um at this current point all right so uh sito launch on um pokestartus a lot of launches coming right now sito has been something that um is aggressive um a lot of people really like a lot of people from box nation really like um uh and i definitely really like too and they're going to do a sale on pokestarter coming up very soon so i did actually a lot of talks this is when i spent like two hours plus on over the past week or so just talking and learning a little bit more about what's happening something that's very interesting is that sito is not just uh kind of a oh defi play it's an entire blockchain and not only is it an entire blockchain it's based on a completely different consensus so this is something that's kind of it's the next frontier it's only it's only very smart people can ever do this where they think of a new way to reach consensus for blockchain and something that's very different like something that's kind of very interesting that we're talking about here is that how do you make an open network that is incentivized and sito directly solves that it solves a kind of economic reasons for the pub for the a open network to maintain itself i think that's very interesting because one of the talks about bitcoin and something that we forget is that right now bitcoin network is incentivized but what happens once incentivizes incentives decreases anyways these are long philosophical questions that i started asking myself and this is a direct consequence of just talking to the side to guys so i thought that was pretty cool in terms of all the new coins now also jeff is super excited about trust swap they're doing a major acquisition for both for an app that has both uh ios and android and over 1.5 million users so you can it's a it's a huge app that they're acquiring and trust swap so that's coming up later this month so i hope you guys are super excited for that but yeah um something that i know about jeff right so you guys know i'm an advisor for trust swap and man they move so aggressive it's like every time i talk all right with them it's a situation where i was like wow like holy crap they're not only are they moving but they're moving in such an aggressive fashion and it's just like they're not being cheap on things right like in terms of the number of growth like the amount of stuff being built on this for both the launch pad and for team that they have it's crazy it's crazy it's just it's insane but anyway something um really excited coming up this year so make sure you guys stay tuned for that that's going to be super exciting we also got genesis charts so genesis charts yet again another project i'm looking at quite closely they're doing a secret letter campaign so if you get it want to get on this i'll send a tweet out so they're kind of gamifying the whole process of uh what's happening in um getting the community building a community so building a secret around it so there is a secret letter there's a secret password you need to get into the secret letter but yeah you guys got to figure it out it's uh search some tweets okay search some tweets this is the magic of it so that's what genesis charts also we got paraswap so paraswap is yet another project they're basically 10 cheaper than uniswap to swap um they they're heavily optimized which is super cool and yeah definitely hop on check it out check it out all right so uh finally uh we're on to pokemon so this is something that uh my friends have been playing a lot um i prepared this so i was like look look look look look look look this is something that i can stick behind because what happens is that for pokemon to play right uh poke uh come on so to play you need a pmon right you need this one pmon coin which is around 37 dollars so it's something that's reasonable for me to afford right the other crazy stuff is like you know the crypto punks and stuff it's like you gotta spend like hundreds of thousands or at least thousands plus of dollars to play so this one what happens is that you can open booster packs they can taint pokemon and there's a chance of it containing a dragon which is the most kind of powerful unit in this space so anyways we're gonna try to see if we can open one of these um this is my uh last a few times it was a little bit hard to open but anyways this is um this is the interface so you basically spend one pmon and you can open a pack and you get um three monsters so we're gonna wait for this to see what happens when it's up so previously what happened with pokemon was that this network was so congested that they had to just pause all right because so many people are opening up the dragons but anyways it's it's insane so whilst we're waiting for that all right what we're gonna check out is another thing relating to nfts which is crypto punks right so this is the one that's the super expensive one that was created by larva labs and they're gonna so christy's is actually gonna auction off the super rare ones this is gonna break some news this is gonna break some news so yes so they're auctioning them off christy's is going on and you know christy's they they last held an auction for bpolls right that one was like um was it 69 million or 89 million bpolls bpolls nft christy's oh 69 million dollars what a nice number but it's insane i think that the insanity of this space just blows my mind um something kind of interesting is that there is actually a christy's office in hong kong and i actually did go to there just like off top like i was just curious right so i was in christy's this um week and something you notice is definitely that there is a huge audience right for art and for collectibles that's kind of the interesting thing like there's a lot of things that you wouldn't think there is a collector base for there is i mean now it's famous right chinese ming vases right um there wasn't a market for that before but now there is because it's such a rare supply even though these ming vases don't really look like much so that's kind of the defense for these crazy nfts like so long as there is a market for us a lot of people want it there is a market obviously a lot of these items are going out for these insane numbers i feel like a lot every time i see these numbers i'm like oh my god why would people pay that much money for a jpeg why right but if there's a market if there's some interactivity if there's a reason well there's a way and something i also realized what christy's is that when you're there you realize that a lot of the clients are all vip clients right so that's something i noticed if you go to a physical location is that they have basically vip reps that take care of individuals and these reps all know the names of the individuals they know what they want in fact a lot of people that should go out for lunch with these reps and stuff it's it's a very small market it's not a very big it's not like it's not a very big market it's a very very small market for a small niche group of people that are extremely wealthy it's very like i would say it's actually quite messed up like i didn't know that this kind of world that this like you don't know what rich people do right but like but as you look at it you're like oh this is super disgusting but at the same time it's super profitable for christy's because obviously they you know they have to spend money to have these vip reps but what happens is that after an auction is completed they have a huge fee right upwards of 25 percent of the total value of the item right this is insane this is how much money they're making right that's why it's super profitable and this is why there's also there's also going to be disruption right because if you're going to have auction places for digital items or for nfts sure you want the attention that christy's brings but once that tension is gone once the user's there you know you have projects like openc recently i've been talking to refinable a lot about their own platform i'm an advisor for refinable but the ability for um a platform to be built to satisfy the needs of people trading collectibles that's becoming such a huge market so anyways uh and i says can i auction myself huh maybe back in the maybe back in the 1800s right but yes um plant is real um plant auction coming soon probably not that's too precious never want an auction plant no disrespect all right so i see what's happening with my booster pack here waiting for block confirmation so i think we're almost there yeah so yeah we're just waiting for let's see how many blocks welcome to eef world um so that was confirmed around five blocks ago we have to wait for to block confirmation to finish here so we'll see what happens oh um ryan says uh ryan says i'm bumped out box didn't see my wing fly now slash rap btc next time next time really did i see did i not see it let me let me search for the chat that actually might be a good question because that's something i spend uh i spent a lot of time on uh this week we got dale g that says mug auction as well let me just search up your comment ryan so um let me see ryan i'm just having a hard time searching the chat here ryan i see ryan ryan says this this stone defi chat people flipping all over usd alpha rewards mining it's non-stop man i need to really get out um more all right right all right ryan asking this question all right so i'll go back to this because i spent some time on this so ryan says at box hey box mining wing finance is giving 36 percent annual yield on rap btc is this the best possible option to earn apy and btc with a reasonable amount of risk very very good question so i i feel a little bit bad for sharing the alpha here i shared this ages ago but now i'm trying to keep it private but anyways i'll share this with you guys now so wing actually has two um two platforms now all right and this is this is um recent over the past week all right so i think it was on uh tuesday or wednesday that um there was an ethereum platform launched all right so there's two sides okay so um wbtc you can deposit it on wing on ontology platform so how this works is you need to first have rap btc on ethereum and then you use access swap to move it on to ontology um so you need to have the onto wallet so you can see my onto wallet up here you need to be able to move from ethereum using the poly bridge so you can deposit the wbtc wbtc um you can move that over from uh ethereum onto ontology and then deposit it into wing um flash pool ontology and that gets you around 30 percent apy so 36 percent which is pretty good all right and then if you really want even more yield you can collateralize this all right you can collateralize this and then loan out something like usdt so you're gonna have to pay the 22 percent apy but you also get a 20 percent apy wing reward and then you move that usdt to another account and you deposit that into that account as supply and then you get 15 plus a 16 so this is how you min max everything right this is a process called folding uh which is what i do but i don't recommend it for everyone i actually have excel spreadsheets to just calculate how much risk i'm like being exposed to and my net effective apy but this is a way to boost up your wing reward um so not only are you getting the the reward for 36 percent here but you're also getting the folding on your usdt right this if this sounds super complicated don't touch it right this is something that's like if you're really into mining this is some good apys next um the other thing is that's one possibility the other possibility if you want to really uh farm wing which is something i also do is you do usdt and usdc so you just supply and or susd rather um usd c usd c and susd works a little bit better so you deposit susd you pull out some um uh so you deposit usd c you pull out susd um you you pay this but then the the the net of all these other rewards and more and then you deposit that usd c and then you pull out usd susd and you deposit usdt anyways i'll do a video explaining this this seems way too complicated for me to explain on a stream like this but uh net result is you get 100 plus apy for your stable coins all right um uh but it's not easy but i've been doing it for like roughly since like since before christmas and man uh i'm smiling i'm smiling all the way to the bank right now but um yeah so the other option you can do which is a little bit easier but the rewards are not as good anymore is you can play on the ethereum side so this is wing and then you can go to the ethereum side this is the new platform that they have it's completely based on eef so you get some um rewards on eef and you get some rewards and um wbtc these numbers used to be bigger i i had a screenshot when these numbers were like 600 for wbtc but nowadays um because people are flocking to the platform because right now um the amount supplied is increasing it started from zero this week um now it's grown to around eight million but once this number grows expect rewards to drop so maybe this is not as good as the original wing on ontology i'll leave it as that for now uh elijah killen says make that a member video i should i just explain folding a bit um and just how min max yield um yeah like a lot of people wonder if i still farm or not absolutely it's so profitable that there's no reason not to right to just get um make money work for you right that's the that's the crazy part um so okay so okay so my camera's done um give me a second let me change my batteries um um so okay so very quickly so my video is back i'll tell you a very quick story right so recently i've been um watching a lot of videos on bill huang um let's see all right so this is um this is the biggest news that happened last week right so there was a huge blow up um of our pelagos capital um but uh created by someone called bill huang this really made huge news because of just um huge amounts of capital being lost it's 20 billion dollars in two days right so bill huang had 20 billion he was trading very very aggressively and he lost it all in two days this is big big big news and i highly recommend a video from patrick boyle to analyze this thing it's it's just such a big event in the stock market right patrick trick boyle um so this one our palcos um blow up this is a video i definitely recommend you guys see he analyzes the situation but something that's kind of interesting and when i was um hearing about this right is that patrick um talked about the annual return right so bill huang has been running a post goes capital for around seven years right so that was uh it's it's not a new fund it's been around for a long time it's it's a fund built with its own money and he made some ridiculous amounts of money over the years that's how he got his 20 billion dollars right so analyzed apparently it's around 70 percent per annum on average um running a palcos capital but obviously he took up these huge insane risks right the thing the funny thing is if you look at it that's still less than farming in crypto right at 70 percent annualized is still less than farming on wing or on belt or on ellipsis um that's the craziest part right like crypto um you're not leveraging even right you're not um these farms are not even leveraged right i'm not even talking about leveraged farms i'm just talking about farms that you just get some coins for free and you just dump those coins in the market to make some money right like with very little risk of impermanent loss because what you're staking there what you're putting there is stable coins right so unless the stable coins blow up in your face um that's the risk there's two risks right stable coins blowing up in your face so usdt going to zero or um a smart contract exploit that steals funds that's why you kind of spread everything out but i feel like the amount of risk is still less than leverage farm like leveraged trading on start markets like the products that this guy was trading it was like extremely volatile extremely extremely like it's a high risk but he only gets like 70 out of it so i'm like wow like that's what i thought when i was like hearing it like wow you know what like farming this is this is why it's exciting right like we're getting we're getting like a hundred plus percent uh like i don't know anyways anyways i'm not gonna i'm not gonna complain not gonna complain uh ronnie race is dude being trading on bybit done getting lit um being done got liquidated like that's the problem right lever trading is so dangerous right like um i don't know with this way the market is working out i think i'm very happy that i covered a lot of yield farming opportunities so you guys have a lot less risk especially with the the less risk yield farming strategies which involves not exposing yourself to pool two right not exposing yourself to the underlying coin but you expose yourself to uh stables and then um you get apy on that and then it's just free game right so anyways um that's my two cents i thought it was kind of cool i'm glad that um happens all right um let's see what um announces also share your spreadsheets uh uh er er spreadsheets are secret i spent time on that they're secret they're not for they're for my eyes only all right we got my pokemon let's check out my pokemon on live all right all right guys all right all right all right i i get me give me a dragon all right give me a freaking dragon please please please please all right i got poop i got poop all right guys i got i got got freak freaking sheep okay i got i got like two sheep and a donkey i don't even know how to respond to this my look sucks oh my god this sucks no i don't want any of this gross uh all right um i guess i have to choose one of them to mint all right so here's how it goes right so i got three choices and i need to mint one of these all right i don't know they all suck all right i'm gonna get the uni sheep this is gonna be fodder this is gonna be food all right mint your pokemon all right i'm gonna mint that um and then it's worthless we'll see we'll see if i can get a dragon i i have some other packs to open so i'll tell you guys the result of that but anyways um yeah it's pretty pretty shitty pretty my look sucks but i think um some people have been opening up like 10 20 packets and i have enough to open 10 20 packets on this so we'll see how it goes um let's see what else is there um uh kirij says i saw your interview with jack tan did you get access to wux yes i did uh do you like it quite uh any more interview planned maybe sometime soon being pretty um pretty busy ryan also said garbage um small all coins says stick to farming michael yeah opening packs is maybe not my thing my luck i think i think to open these packs you got to put your lucky red underwear on i think that's the chinese thing to do right you got to put your lucky underwear on it's got to be red you know and you gotta like you gotta chat to it i think that's the that's the strategy so i still have to figure out my optimal optimal strategy for opening packs um um bartol bartol as he says so what's your all coin exit strategy selling 100 all coins in the next few weeks while we're at the top or hold them um until current bull run is on including btc so um that's a really good question joseph so am i gonna sell everything i think not i think all coins tend to surprise you which is what i found out in 2017 right so sometimes if you de-risk too early you're gonna be left in the dust right it's a situation where i'm really glad that for engine i didn't sell too early right it's one of those things where you know i got at two cents and it made a 10x at 20 cents and i was like oh maybe i should de-risk some right and i did de-risk some right but it's a situation where right now it's three dollars so go figure right there's a lot of room for all coins so this is a much harder decision i'm right now i'm taking i'm thinking about a 20 to 30 exit so just like culling it down to 20 30 locking in some of my profits and then of course going into more all coins all right so i saw a question earlier about um the first kickpad launch project uh orukaru and yes i did get into that one so i'm quite aggressive right now into looking at new projects i feel like you know just getting new blood into the space is good um and yeah why not right so yeah that orukaru was sold out like near instantly so anyways um so yeah so getting into new projects doing new stuff um maybe 20 30 percent um profit taking uh that seems like a good number and then we'll see how the market rides out i still feel like there's a lot of room to grow especially if if coinbase has this many users right if coinbase like logically speaking if coinbase has say 20 million um what was the number again coinbase coinbase q1 let me just make sure the numbers are correct before i blob everything but yeah so verified users are 56 million users a lot of coins you see that's verified right now um in terms of token holders it's still less than 10k right so if we can grow those numbers to 50k to 100k that would be interesting right if we can just take a small portion of coinbase's trading user base obviously it's still a big hurdle for a lot of people getting into alts i feel like that's a big big hurdle but it could be something interesting but anyways that's my two cents um uh we got question from tyler um tyler durden uh what's your stance on hedera hashgraph in my opinion it's a way to hedge my risk when it comes to regulation cbdc for india confirmed to be on network that's interesting um i do have some hedera hashgraph it's one of those most hype coins back in 2017 it's one of those prof coins and you know it's up there so i have algo i have hadir hashgraph but the thing is i'll go out vastly outperformed um hashgraph um hashgraph didn't perform super well in fact in fact i think i lost money so far on on hashgraph but you know i'm still keeping it we'll see what happens um i'm not increasing its position right now uh we just have to see what is going on um anyways crypto rss um hey at box mining i have a really important question check out sora and the advisor page what do you think about the picture of a ceo wearing um a ceo wearing samurai wear in a dojo i don't know sora's crazy man sora is absolutely insane um it's 800 bucks i know a friend who has has like who's a super whale for sora um i don't know no comment no comment no comment i don't know this guy thinks he's the last samurai or something i don't know it's cool right surrounded by japanese people but he's like oh i love japanese culture us um so that's a guy i don't know i have no comment on this mark jesus when are you getting a lambo lambo's a boring though i don't know i feel like it's the situation where um that's gonna sound incredibly cocky but um i i feel like i've been i'm not cocky or but okay here's the goal right so i've been very stingy my entire life um it's just the way i am right so i feel like it's unnecessary to spend i don't know i have capital but i don't think i want to deploy it like i don't know i feel like it's just going back into crypto i don't i don't know sad yeah i got a Tesla but not a lambo i got a cheap one too which i regret if you ever buy Tesla Model 3 buy the long range pro tip pro tip pro pro pro tip buy a bought buy a long range um i bought the i bought a second hand standard range because i'm cheap um like i thought oh standard like let me buy a second hand car ha ha ha um and they didn't have any long range available but now i'm like uh i i really want that extra just a little bit extra um more distance um frugality is a sign of good character i think says elijah killen i think that's that's how i built up my crypto assets right like i didn't spend like if i spent it all i would be pretty much broke by now like in 2017 i heard people who just sold an entire bitcoin and spent it all like they're like oh this is my party money no no just just buy some some other shit coins with it please but anyways um that's that's that's me that's me being cheap all right that's me being cheap um at box money i think you can pay Tesla to unlock the extra range um i don't think i can on this one i'll see i'll see i'll see i'll see um too hard hood for you is um lambo is fiat mindset i think it looks cool for people who need it but i don't think i need it at this stage of my life i think there was someone else who said you know they'll just buy a super nice car and instead of driving fast they'll drive extra slow just to piss everyone off like that's one of your ways um to make yourself feel happy like do it but i don't think i need that at this current point i think that's the uh that's the that's the thing um so yeah so um that's pretty much it guys so i i think um i think that's pretty much it we got um damn bronco says do you have a woo bag yes absolutely thank you for all the info you provide yes i did have a big woo bag and in fact i still do have a big woo bag uh is woo was just super insane because like it launched and then no one really cared about it and then it just exploded right it's like it's your typical crypto story so anyways um yeah and this i think we're gonna see a lot of that that's yet again it was one of the situations yeah i got it in there early i kind of wish that bought more it's a situation where like woo was a funny story right i knew they were doing some stuff and then i saw them like every day on clubhouse and i was like you know what time to time to time to enter you guys are um getting that and yeah it just exploded it's just like when you see people very active like there there was a time when clubhouse was good when you see people very active that was when people are good so also before before leaving guys a few things um if you guys are into clubhouse there's a binance clubhouse that's going to happen in roughly two and a half hours uh so it'd be three o'clock my time so it's a binance clubhouse i'll be involved in that uh let me see if there's an announcement for that by the way let me see that uh yes today this one this one this one um binance crypto in review that will be coming up i'll share it on box plan as well um but yeah that's coming up um in a few hours so if you guys want to check that out make sure you do um and then uh there's also tonight crypto banter uh crypto banter i'll be on there as well so anyways i'll see you guys around it's gonna be a ton ton of stuff to do and we'll see rand's pretty face it'll be fun but anyways guys yeah that's pretty much it for today um thank you guys so much for coming into my stream come thank you guys for smashing those likes really appreciate it guys thank you thank you thank you thank you thank you um yeah so pretty much there so i thank you guys so much for watching see you guys very very soon um in a few hours to say the least time for me to eat some food being hungry and i'll see you guys very soon all right laters bye i like to take the time now to tell you a little bit about everything that's happening in the box mining ecosystem first and foremost if you guys like listening to all that's happening in crypto on the go then i would highly recommend you checking out the box mining bitcoin out of the box podcast and the reason why it's called bitcoin out of box is because we have long interview segments very much exploring the detail of the newest and latest of what's going on in this whole cryptocurrency space whole idea of it is to bridge that gap between knowledge privileged institutional investors and the rest of us here in this space now with the podcast it's on everything so it's on apple podcast it's on google podcast it's on spotify just search anywhere bitcoin out of the box so just add that onto a playlist and let's just follow the new episodes when it's released next up we also have the box mining 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