News: Major Bitcoin Bull Indicator / Binance Mainnet Launched: Get Prepared

What's up everyone and welcome back to BoxMining. There's so much on the crypto news front today and we're going to take a look at all of them. And at the forefront and the foremost, we're going to talk about this golden cross that everyone is talking about. As a matter of fact, we just crossed it and it signifies really bullish behavior. And we're going to take a look at what's realistic and not realistic in terms of expectations. And in other news, we got Vitalik saying, let's increase staking rewards for Ethereum. In the future, we also got the CFTC chair saying or hinting at what's possibly delaying backed for Bitcoin. And on top of that, we're going to take a really deep look at Binance chain. It's just launched live today. And there's a lot of changes that you have to be aware of. For example, new addresses and also what the hell is BEP2 token? We're going to take a look at in-depth look at that in today's episode. So make sure you stay for that. And with all my videos, you can skip directly to the section you're interested in. So what you want to do is you want to go and scroll down to the top comments and click on the time for the comment, the topic you're interested in. Everything, of course, covered here is my personal opinion, not financial advice. And we've got a lot to cover today. So let's get into it. Let's start off by taking a look at the markets. And the markets are flashing a little bit of green to lure us in. So we got Bitcoin at $5,560. That's actually an all-time high for this year. We started off this year with $3,700 and it's getting pushed up quite a lot. And there's a lot of excitement as well on Reddit because what we're seeing right now, what everyone is really excited for is this golden cross formation on Bitcoin. And what people are saying is this is a major indication for the start of the bull market. So in terms of technical analysis, what is the golden cross? What does it mean? Well, it's these two lines crossing. One of the white line representing the 50-day moving average crossing with the 200-day moving average. And what a lot of people are viewing this as is that it's a shift in market behavior, kind of the formal shift back into a bullish trend. And if you look at it very deeply and you see a lot of these crazy articles, I immediately saw this one came to mind. Analysts predicts Ethereum to hit $2,000 after imminent golden cross. And we see a lot of these articles recently just to clickbait everyone into reading them. And a lot of the basis behind it is actually based on this guy called Science Guy. So Science Guy, if you guys don't know, he's been making pretty accurate predictions of when bullish behavior comes. And he's been predicting the end of the bear market coming this month. So on April 24th, there has been kind of like additional modifications. He's been saying, yeah, between April 30th to May the 5th, he's been flopping a bit. But he's seeing a major upswing for the price of both Ethereum and for Bitcoin. And this is what's getting everyone so excited. So if you look at Reddit, we got Shichron saying, noob, I just maxed out all my credit cards buying Bitcoin. Now there's obviously a lot of excitement, especially when it comes to shit posts on Reddit. For me personally, I'm still taking my old stance, which is dollar cost average. And mostly this is because of my past experience. Because I kind of regret hugely not buying more Bitcoin back when it was in 2012 and Bitcoin was $10. I mean, at the end of the day, whether I bought it at $10, $12, maybe even $15, it's a huge gain by HODL in the long run. In terms of other reasons to get excited for crypto, we got crypto to crypto volume surging by 70% in March. So this is a report released by CoinCompare. And in their March review, they said that there is a substantial increase. So 70% for crypto to crypto exchange and 47.5% for overall crypto exchange spark volume. They're all increasing, showing that there's increased organic interest for trading cryptocurrencies. In terms of Ethereum, Vitalik is announcing that he wants to increase the return on investment for staking in the future for Ethereum. So the way to understand this table is as such. So on this side, you have Ethereum staked. So the more Ethereum there is staked, the more annual issuance, the more Ethereum that is created. But also the max annual return for staking is also decreased because you're kind of spreading that reward over a lot of Ethereum stake. Overall, I'm definitely very excited for when Ethereum does make that move to proof of stake. It is much cleaner for the environment. And also it does mean that there's more lockups for Ethereum. So now the only question is when will it arrive? And we'll still have to wait to see that. Now, this caught my eye over the weekend, which is Serena Williams, four-time Olympic gold medal for tennis. She's investing into Coinbase, as the title reads. Now, initially, when I first saw this, I'm like, what's the purpose? I mean, Serena is known for beating at tennis, but not at crypto or investment funds. What's her track record? What's her history? But upon further inspection of this article, we realized that she actually invested or started investing with her Serena Ventures in 2014. So that's actually before the major crypto rises and she invested in Coinbase. So that's actually a pretty good track record. So this isn't actually new news per se, but rather it's just a reveal of her previous investments, which included Coinbase. And she definitely made a claim there. Next up, we have Bittrex. They're denying that there are any North Korean users on its platform. So how did this all come about is because the New York Department of Financial Services, they're accusing Bittrex of having inadequate policies for anti-money laundering. Now, Bittrex is flat out denying this. And I definitely see a lot of authorities doing more to exchanges in the future. Now, money laundering is really bad. But honestly, targeting crypto exchanges is just the easy prey. Because the biggest sources of money laundering are the centralized banks. I mean, just recently, Deutsche Bank's been raided for money laundering. We've got JP Morgan. They're constantly being fined for money laundering as well. We definitely got to stop it. But honestly, I think they're looking at the wrong people. Just chase down those centralized banks. Find them. Not just find them, but remove their banking licenses if they're money laundering. It's quite simple as that. And let new players come and cut down that centralized corruption that we have. On the rumor mill, there's this rumor passing around that MTGOX will be automatically filing creditors for repayment. What this means is that potentially, if you didn't jump through all the loops to file for lost funds in MTGOX, you still might have a chance. So that's actually pretty cool for me because obviously, I'm a victim of MTGOX. And I didn't file all the forms incorrectly on time. So there's a possibility that people might get that. So we'll have to keep our fingers crossed. Now, on to some bigger stuff for adoption. So you can now shop with Bitcoin on Amazon. Well, not directly with Amazon, but there is a new plugin done by a company called Moon that allows you to use the Lightning Network to pay for Amazon items. In terms of how you use it, when you're buying something on Amazon, what will happen is at the payment page, the plugin will show a separate kind of slide to pay with the Lightning Network. And you can scan the QR code to pay directly with Lightning Network using Bitcoin. All right. I got clickbaited into clicking on this article, which is CTFC chair Giancarlo hints at what's holding BAC's future Bitcoin futures. Now, we've all been hyped about BAC because it's a new way for people to get into trading Bitcoin. And it's been stalled. So what specifically did he say? Did he give any indications? Well, it seems to be with the custody part of Bitcoin. So right now, how the BAC actually holds its Bitcoin, apparently that's causing a little bit of trouble and hiccups with CTFC approval. So we don't really know exactly when this can get approved. I think this is pretty commonplace. We've seen multiple delays on BAC. So we kind of expect further delays until it's ready. Now, on to the last topic, which is Binance. And there's a lot of important information here, especially if you are holding BNB or using BNB. And also, if you're interested in this sort of decentralized exchange. Now, we're going to run down of what this DEX actually is and how you can access it is at Binance.org. So not Binance.com. It's Binance.org. And you can immediately click start trading and you'll see that there's nothing trading as of yet. Because all these new assets, they need to be migrated onto a new token standard for Binance called BEP2. This part is really important because normally Binance is an ERC20 token. So if you actually scan it on, say, Nginx and you look at all the holders, these are people who hold and the wallet addresses that hold BNB. And they're held on Ethereum addresses that begin with 0x. So right now, if you hold BNB, you got to be really listen up and be careful. Because right now, that ERC token is being migrated onto the Binance chain. And in the future, it's going to have an address that actually isn't starting with 0x, but starting with BNB. And you'll see that when the Binance DEX, when you enter your new account and your new wallet, you're going to have a completely different account. The full article for the Binance mainnet swap is here. I'll leave it down in the comment section below. Now, if you hold BNB on Binance itself, you don't really have to do anything for the exchange. Binance will do it naturally for you. And in the future, when you withdraw it, you're going to be withdrawing it into this BNB1 type addresses. So that's not going to affect you that much. What does happen is it affects people who have Binance token already in their wallet. So the BNB already in the wallet. So in the future, you got to really pay attention to how and where you deposit your BNB. If it's an ERC20 token, you got to deposit to another Ethereum address. So it starts with 0x. Right now, the mechanism for changing those tokens is via the Binance exchange. So just doing the deposit, but make sure the deposits are open before you do so. They also said in the future, the ERC version, ERC20 version of BNB will only have temporary usage. So they want to do a full migration of these tokens onto Binance chain. So inevitably, you just have to migrate to the native Binance chain. Now, in terms of the Binance chain itself, it's not an open consensus chain. So it's actually really different from how Ethereum works in a sense that with Ethereum, anyone can join the network. And that's why transactions are slower because you need to have an account for network latency. With Binance chain, they're doing it very centralized, if you could call it that way, where there are validator nodes that are select few individuals, and there are accelerators that promote and make transactions faster. What that means is that you get faster confirmations, but you heavily sacrifice on decentralization. Because only select individuals can become validator nodes, that means if there's collusion between these validators, they can potentially alter or censor transactions. So that's kind of the trade-off between centralization and decentralization versus speed. The more centralization you have, the much faster that transaction is going to take. And this is the path that Binance chose. They want high performance over more decentralization. Now, I totally agree. Now, I totally agree with CZ's comment here that Binance DEX does not challenge Ethereum. It doesn't even have smart contracts. It challenges ourselves exchanges. And I think that's the key role I think we have to take in mind here. It's a token mechanism, and it can work for some projects and not other projects. Right now, for that token migration, there are projects moving over, and Mifro is one of them. So there was a huge boost in Mifro popularity after they decided to migrate from Ethereum to Binance Chain to take advantage of how fast transactions are. And it makes a lot of sense for Mifro because it favors user experience. Basically, by having exchanges or tokens being transferred much faster, unlike if you're in Ethereum when you have to wait for confirmations, with Binance Chain, it's much faster. It makes sense for them. But it won't make sense for every single project. And in the future, I'm going to make a much longer video talking about the advantages and disadvantages of moving on to the Binance Chain. So make sure you stay tuned for that. And that's it for today's news update. I just got back from the VeChain Summit, so I have an upcoming video to just talk about all the developments there. If you guys are interested in developments, I have an article. I'll put that down below about all the announcements coming in VeChain. My video about this is going to be a much more down-to-earth kind of analysis of what's happening. For me, one thing, the reason why I go to conferences is not because I can present the best of everything, but I want to show you guys what's really happening and what's truthful to the event. So that's what you can expect in my upcoming video about the VeChain Summit. And realistically, what do you guys think about the Binance Chain? Love it? Hate it? Have you tried the test net? What are your thoughts about it? Leave a comment in the section below, and I really want to have a discussion with you guys about it. Thank you guys so much for watching this video. Remember to click the like button down below to support this channel. And of course, subscribe if you haven't done so already by clicking the subscribe button and the notification bell. See you guys in the next video.