Live: Bitcoin and Cryptocurrency Markets

Boxmining avatar Boxmining
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Live: Bitcoin and Cryptocurrency Markets 👍🏻Subscribe to my YouTube Channel: https://www.youtube.com/c/boxmining 👑Recommended Exchange - Binance: https://goo.gl/joe55C 🤑Trying out Kucoin - https:...

AI Analysis

Hey, so this video is all about the wild ride in the crypto markets, especially during a dip. It covers how everyone's feeling about the price drops, debunks some of the scary "fake news" coming from traditional media about bans in Korea and China, and emphasizes the importance of looking at a project's real technology and long-term potential instead of just the short-term hype. It also shares some crucial tips on staying safe and smart in this crazy space, like using proper security and understanding market manipulation.

Here's a breakdown of the key stuff:

* Market Dip and Sentiment: The crypto market was seeing a pretty significant dip, with Bitcoin down 5% and Ethereum down 11%. Ripple was holding steady, but Stellar actually surged 15%, which was cool to see. The sentiment is split: if you're a long-time crypto person, you probably see these dips as a "shopping day" or a chance to buy low. But if you're new, it's totally normal to feel scared and ask "why is Bitcoin going down?" It's worth noting that weekends often see these kinds of dips, so keep an eye out for that.

* Battling "Fake News" and FUD: A big reason for the market dip is the constant FUD (Fear, Uncertainty, Doubt) coming from mainstream media outlets like CNBC, Forbes, and Reuters. They were pushing sensational headlines about South Korea banning exchanges and China shutting down Bitcoin mining. This is largely "fake news" or at least a massive misinterpretation. South Korea isn't banning exchanges; they're trying to enforce KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance to make exchanges legitimate, which is actually a good thing for long-term growth. As for China's mining news, it's often overblown and doesn't significantly impact the market or even decentralization. We've seen this before during the China FUD, which caused a two-week market decline, so be prepared for more of this media sensationalism.

* Focus on Technology, Not Just Hype: A major takeaway is the strong belief that you should be focusing on the underlying technology and fundamentals of a cryptocurrency, not just quick price "pops." It's about finding the "Amazons and Googles" of the crypto world—projects with real utility and staying power for the next 2, 3, or even 10 years, especially since a major "Bitcoin bubble" and subsequent crash is a real possibility, just like the dot-com bubble.

* The Genius of Waves Platform: The interview with Sasha Ivanov, the founder of Waves, was highlighted as a must-watch, even if it's a bit "dry." Sasha is described as a "genius" with an "alien vibe" who's "extremely smart." He built the Waves platform from scratch, not based on Bitcoin, and it boasts high transaction throughput. It's considered a "forgotten about product" that deserves more attention for its technical innovation.

* Promoting Developer Conferences and Building the Future: There's a big push this year to promote solid technologies and engage developers. The NEO Developer Conference in San Francisco is coming up in 18 days, and free and discounted tickets are available. The crypto space desperately needs more experienced Solidity developers, and events like these are crucial for building decentralized applications (DApps) and meeting people who are actually shaping the future of blockchain.

* Understanding Decentralization and Centralization: It's important to understand the fundamental differences between projects like Bitcoin and Ripple. Bitcoin's core value lies in its decentralization—it's a store of value that banks can't control or "freeze." Ripple, on the other hand, is more centralized, which makes it attractive to banks for payments, but its XRP token might not be used as much as the underlying protocol. So, don't fall for misleading claims that Ripple is "more decentralized" than Bitcoin.

* Market Manipulation and "Whale Tactics": The crypto market is the "wild west" and largely unregulated, meaning market manipulation is rampant. "Whales" (large holders) might dump coins before bad news to drive down prices, buy them back cheap, and then pump them when positive news breaks. The infamous Bitcoin Cash pump-and-dump event is a prime example of such manipulation, where a large holder moved funds to exchanges to create hype and drive up the price.

* Crucial Security Advice: If you're new, always use 2FA (Two-Factor Authentication) on your exchange accounts. Even more critically, exchanges are not the safest place to store your cryptocurrencies long-term; they can be hacked (like the infamous Mt. Gox). It's strongly recommended to get a hardware wallet like a Ledger or Trezor to keep your private keys safe and offline.

* Exchange Challenges and Account Buying: Due to the massive influx of new users, major exchanges like Binance and Bittrex have temporarily closed new registrations. There's a stern warning not to buy accounts from others (some are charging ridiculous amounts like 1 Bitcoin!), as you risk losing all your money and won't get any support from the exchange. Even alternative exchanges like KuCoin have experienced delays and lags.

* The Chinese Crypto Scene: Despite media FUD, China's crypto scene is incredibly active, especially with "underground ICOs" happening on private WeChat groups. There's an "ICO absolute fever" where people expect 40x gains. China also has a strong culture of cloning successful projects, leading to many "CryptoKitties" clones like NetEase Cat and Achain's Crypto Dogs, which are popping up at incredible speed and can still gain traction due to Chinese market dynamics.

* The "Crash Token" Experiment: An educational token called "Crash Token" was created on the Waves platform (which allows for instant token creation and listing on its decentralized exchange). This was done to demonstrate "unit bias" – the psychological effect where people prefer to buy many cheap tokens (like a billion-supply token at $0.0001) over a few expensive ones (like Bitcoin at $12,000), even if the market cap is the same. It also highlighted how market cap isn't always an accurate reflection of total value, as you can't just dump all tokens at the current trading price. Some people even bought and 10x-ed the "Crash Token" just for fun, proving the market's irrationality.

* Upcoming Content and Personal Journey: More in-depth interviews with project teams are planned for the future, moving away from quick hype videos. There's a trip to South Korea next week to report on the ground and speak at the Jabral Network. An interview with Trinity (a scaling solution for NEO) and Crypto Lola (a Chinese crypto expert who provides real-time China news) is scheduled for tomorrow. This year is about looking at projects from trusted sources and focusing on real innovation.

Transcript

what's up everyone welcome today's live stream so I'm just getting the stream ready and prepare for you guys I was a little bit late to start because there's so much going on right now I'm just checking the market sentiment of what's happening and of course I just want to chat to you guys about the current cryptocurrency market how you guys are feeling answer some questions today so this will be a little bit shorter of a session I'm trying to do a little bit shorter sessions before I burn out a...