Fireside Crypto: MOON in 2 Months??!!!!

Hey everyone and welcome back to Box Mining. So today is going to be a fireside crypto chat where I talk about what's really happening around in the cryptocurrency scene. So this will cover discussion topics and kind of my opinion on what's going on especially in concern to what I think is going to happen to the future of cryptocurrencies. So I do want to say before we start that everything covered here is my personal opinion not financial advice and I would really appreciate if you share this video or share my channel with your friends because it really helps this whole community grow. So let's start off with what I think about the markets right now. So we've been wobbling around this 10,000 mark for Bitcoin and it seems like every other coin at least in the top 10 is pegged to Bitcoin. We see very similar growth and dip patterns for every single cryptocurrency almost and this has been a case where we seem to get a little bit bored of cryptocurrencies really. There's no real coin that really stands out in this wave right now and the reason why I think this is the case is because of this huge burst of growth we got in December late December and early January. There was just so much excitement for cryptocurrencies it felt like this huge new revolution but now we need to come down to earth and come in terms of what cryptocurrency and the cryptocurrency revolution actually is. We heard a lot of comparisons to the dot-com bubble and a lot of people have been applying the knowledge that they gather from the dot-com bubble into cryptocurrencies which I don't think is really the right way to look at things. There is a lot of very different technologies at play here and every coin has its own little dynamic as well and its own way of bringing things and applying cryptocurrencies and even blockchain technology to real life. For example, let's say with Bitcoin and Ethereum they try to be as decentralized as possible they use proof of work basically mining and they allow anyone to contribute to that system. There's also other coins like NEO which is a little bit more closed off they use delegated Byzantine fault tolerance and the nodes basically have to be 66 or above percentage of kind of cooperating in order for it to work and maintain a decentralized ledger. These are very core differences in its blockchain design and its application case is extremely different. Then we venture into the area of new blockchain 2.0, 3.0, 4.0 whatever you call it and they use very fundamentally different ways of even thinking. Maybe we have Ryblox with the black lattice. Each of them have their advantages and disadvantages so this year it's going to be a year of weighing these advantages and these disadvantages and seeing what the application use cases of these coins are. The thing is of course they're so fundamentally different and I really want to remind everyone that everything has its drawbacks. There's no real kind of oh this technology is the best it's a major breakthrough. It's always mostly likely to be a compromise of some sort. Now moving on with markets which is something that I find more interesting. So recently I've been spending a lot of time just on the ground talking to different people about crypto. So I've been talking a lot to OTC, over-the-counter trade counters. If you don't know what this is, these are places where you can exchange crypto to fiat and fiat to crypto. The difference with that in exchanges is that that OTC counters can deal with bigger clients. So these are the so-called institutional clients like banks or big investment firms. So right now what I tend to hear is that there's a lot, especially in Hong Kong, there's a lot of people and very interested in crypto. They're opening accounts but they haven't put the money in yet. They're sitting on the sidelines waiting. They've paved the road already. They've seen what happened over these past few months. They're a little bit more careful with the money. So either family offices, institutions or whatnot, they're a lot more careful. They don't want to just immediately buy into the hype. But they also have a lot of money at play. So they can potentially buy a lot. I'm not hinting that this is going to be always the case. They could potentially buy a lot but they want to see that cryptocurrencies prove itself to be serious. So I feel like this year this is something that the whole community itself will probably want to do. We see that also in the states as well. If you've seen the Senate talk and the Senate kind of discussion over this, the SEC chair and the CTFC chair were both extremely serious about the future of cryptocurrencies. It's no longer just say, a game, let's just place a bet. Let's buy some dogecoin or buy some Jesus coin or something, something crazy or fun like that. It's more about how can this technology change and really build new projects. So in the coming months, we're going to see a very big event called ConsenSys. So in 2017, basically there were 2,700 more or less attendees going into ConsenSys. 35% of them were C-level executives. So these were people that had serious money and serious interest in learning about cryptocurrencies. And in 2018, this will be around in May 14th to 16th of this year. So this is the time when I feel like a lot of these executives will gather together and really talk very seriously about this technology. It will also be a time where the previous projects, the projects of last year, they get called and they need to start presenting and displaying what they have achieved so far. It's great to talk about dreams. It's great to talk about visions of the future, but if you can't deliver on that, then we got a problem here. Then Desk Crypto is just basically selling promises. Obviously we had some really successful projects last year. We saw Binance and new exchanges pop up and become number one with huge trade volume and huge convenience to people. We also saw projects like the Basic Attention Token publish a browser, the Brave browser, and they've also implemented YouTube support. So this year, what we want to see is we probably want to see more of these projects delivering on their promises because delivery is now key this year. We also see of course new projects like VeChain. They want to implement and not just partner with people, but they want to solve real-life problems like counterfeiting. So they need to start presenting there and launching their mainnet and delivering on these promises and start shipping products. Because this is the biggest place where they can talk about it. It's a place where all the guys kind of hang out and really learn about crypto. So that's one thing I definitely want to see in May. But even before May, there's a lot of conferences and what we see this year, even just the local talk in Hong Kong, is that there's a lot more gatherings and workshops to learn about cryptocurrencies. This is something that the banks are attending. These are something that traditional financial institutions attending and these are really serious. They really talk about crypto in depth and what this technology can do. The reason why they're getting so popular this year is because crypto can no longer be ignored. And this is what's really making me bullish so far. It's the fact that these guys are making a serious attempt to try to learn what this is and eventually maybe even be a little bit afraid. Because we've seen yesterday with the Bank of America report to the SEC that they're kind of concerned about what crypto can do, how disruptive it can be, and they don't have a solution or an answer for this. This is because smart contracts can start replacing the role of these trusted entities like banks. Because banks are a trusted entity and they're used in a lot of situations where parties want to work together but want to go through a bank so both sides can deliver. Well, the issue right now is that smart contracts can't allow this. Smart contracts can't allow escrow. They can allow contracts to form between parties and for funds to be transferred in a trustless fashion. Basically, as long as they can provide proof that something is delivered, then the funds can be delivered. And we know for sure it's delivered because software doesn't have bias. So this is something that's going to be crazy for the financial institutions. It's going to replace a lot of functionality in banks. And this is why banks are a concerned and b maybe a lot of people from the banks want to learn how to use this and maybe start form their startups on their own. So that is what's making me extremely bullish about the long-term potential about basically cryptocurrencies and a lot of these projects this day. Because decentralization can definitely bring a lot of benefits to the world. I want to take the opportunity to talk about developing this channel as well. So this channel has been a lot about learning. About learning how to use cryptocurrencies, having a good fundamental understanding of current cryptocurrencies, and then being able to kind of have the confidence to research the projects that we like. This year, I want to really continue to home in the aspect of both learning and finding good and discussing about good projects. So this is why we have a very active chat telegram channel. I've currently closed that off, but I want to open that off to the public as soon as we get rid of the spammers and of course, deep guys who just don't want to give anything back to the community. This is something I find really important. It's the community itself that needs to be stronger as a whole. We want to work together as a team to be one of the best strongest team in this situation. As of course, things progress and things get harder to work out in cryptocurrencies, as we start wanting to find even better projects, this community will be core to our understanding. And this is what I want to build in the near future as well. So as soon as probably next week, I'm going to open up that telegram. I hope you guys can all join in, have a conversation with me, and work together for us to find the best projects, to have the best discussions, and have the best insight in this situation. I'd really like to hear what your comments about for the future of cryptocurrency in the next two months as well, because this is definitely going to be a key pivotal moment for us. Have you guys done any research to what's happening in your local country and city as well? I'd love to hear what's happening in different cities around the world as well. What is happening in your city? Leave a comment down below. I'd love to have a chat with you about it. Thank you guys so much for watching this episode. Remember to hit that little subscribe button. And if this helped you in any way, smash up that like button, share this video, and let's get this community built. Thank you guys so much for watching. See you next time.