Ethereum Overloads, Gas prices Soar | Korean Legistators takes Blockchain Serious

Hey everyone and welcome to Box Mining Daily where we take a look at cryptocurrency markets and news. In the headlines today, we have IBM signing a partnership with the Australian government to provide blockchain services and that deal is worth $740 million. We also have Korea, they're stepping up their legislation on blockchain technology but that's actually a good thing because they're taking cryptocurrencies seriously now. And finally, we're going to take a look at the rising gas prices on Ethereum network once again. What the hell guys, Fcoin, can you really stop your stupid policies? And make sure you stay till the end because I'm introducing a new segment called Follow Friday. And of course, if you like cryptocurrency news, remember to smash up that like button and click the subscribe button to this channel. And as of Scotslamer, everything covered here is my personal opinion, not financial advice. Let's jump right into the top news of the day, which is the South Korean government. They're taking cryptocurrencies more seriously and trying to issue classifications for different cryptocurrencies and legislation corresponding to that. So they're split crypto into say exchanges or DApps and try to classify them in this way and have special legislation to deal with that. This a lot of people are taking as very positive news. The reason being that the government is taking cryptocurrencies very seriously and enacting laws that they think will help grow the industry. The draft redefines cryptocurrency exchanges. They will now be recognized as financial institutions rather than communication vendors. So this would give people who buy crypto more protection and it will provide a better framework for development in the future. And I feel like this is something that we really need because at this current point is still very much the Wild West for cryptocurrencies and having more legislation might not be a bad thing. Next up, we have Australia signing a $740 million contract with the Australian government. This is to provide blockchain technologies and other technologies such as artificial intelligence to different federal departments like even military and defense home affairs. So the reason for this is because they recognize that blockchain is very useful. It can be a public ledger that's immutable and also can keep encrypted data. So it actually keeps the data secure as well. This is a reconfirmation that blockchain technology at its core is very, very useful and has a lot of different applications. Next up, we have Invest.com and Bittrex announcing a new trading platform. So this is geared towards cryptocurrencies and is trying to expand in the European Union. So this is a kind of evidence that cryptocurrencies is moving forward one step at a time, being more accessible, having more exchanges and having a stronger ecosystem. So it's definitely good to see this being progressed. Next up, we have a follow up to yesterday's story with the crazy rat with Bitcoin tycoon billionaire Li Xiaolai. So this guy was an early investor in cryptocurrency and he just basically ratted everyone out in this secret conversation that was recorded of him. And he basically called NEO, Quantum and Binance as scams, basically upsetting the whole industry in China. The crypto community in China has some nice things to say about Li Xiaolai, including He Yi, the co-founder of Binance. She said, in a scammer's eye, all others are scammers. In an idiot's eye, all others are idiots. Binance made its name by virtue of solid technology products and users. We surely have a lot to be improved, but they claim that CZ is not a good guy. It's too far and lacking in evidence. I think this is a great response, actually, because Binance, whilst they did have the advantage of being an international exchange when all the other Chinese shut down, the kind of way they dealt with their hacks and with their exchange, basically that was standing to a lot of trading pressure and trading volume. I find that if someone is lacking in technical competence, which is what CZ is accused of, that's really hard to pull off. Next up, we have FUD Master coming out to say another statement. So Augustin Cartons, he is the head of the Bank of International Settlements. He was also the same guy who said that Bitcoin was a scam, it was a Ponzi and an ecological disaster. He doubled down and said that cryptocurrencies don't have the core features to be a currency, and young people should use their talents and skills for innovation and not reinventing money. Yeah, sure, Augustin, we should definitely trust monetary policy to you and your crony friends, so you can line your pockets and then ask for bailouts when things fail. That's a great idea. In all seriousness, I do acknowledge that some ICOs are scams, some ICOs are probably way overvalued. By the same time, cryptocurrency is a cradle. This crypto scene is a cradle for innovation, and it's disrupting the very core of what we think is currency and the financial sector as well. All right, the last topic of the day is the soaring gas prices. So I've been covering this for about a week, and I was hoping towards the end of the week that this would stop. So let's take a look at what's happening. So gas prices for Ethereum is really rocketing up into the sky. We have basically the median price at almost 60 guay today. That's crazy because a few weeks ago it was at 2. So who's causing all this mess? It's a Chinese exchange called Fcoin, and they have a policy where coins can get listed if users start depositing accounts like MAD. So it forces these different shit coins to kind of send out airdrops to a lot of users so they can get a lot of deposit records. Take a look at this coin, for example, ICC Zhitou Lian. They sent out 26,000 transactions. The pending transaction is full, and they're willing to pay 54 guay per transaction. So they're essentially flooding the network, hoping these tokens get reached out and they can get listed. And they've been tallied to cost over $240 in gas. So this whole procedure, this whole massive spam has costed different coins over $240,000 in gas costs. The whole policy I find is absolutely stupid. I mean, they're preying on desperate coins trying to list onto exchanges. And if you're a good coin, you should definitely consider moving somewhere else, and instead of just clogging up the Ethereum network and pissing off everyone else. And lastly, we have a segment called Follow Friday, and you guessed it, it'll be on every Friday. This is where I feature cool community members and people who are doing cool stuff in cryptocurrency. So what I'll do is on every Thursday, I'll ask them Twitter, who should I follow? And I'll just look at the cool replies and feature them on this channel. It's Follow Friday. First, we have Jack. He recommends at Crypto Chris W who helped him set up his first mining rig. And that's an awesome mining rig you have there. And I checked out at Crypto Christopher Walken, and he puts out articles that debugs myths about cryptocurrencies and mining and definitely worth a look at. Next up, we have Crypto Sarah. She recommends Altcoin Buzz Ladies, which is a female-run cryptocurrency podcast channel to inspire the female population to get into crypto. Totally agree with you, Crypto Sarah. And I saw your work on Altcoin Buzz Ladies, and it's awesome. Lastly, we have a comment from AltE Lars. He says, There are enough Twitter accounts with serious TA and knowledge to learn about crypto. I would suggest some rare accounts with funny content. Don't have any examples of that right now. I did drop in on Phil Cone once, and he was talking about a story about him, Eric Cho, and a goat. And I found that pretty hilarious. Do ask him about that next time he comes online. And that's it for Follow Friday. If you guys want to be featured on the next Follow Friday, follow my Twitter and check out for our next tweet coming on Thursday about who to recommend on this segment. And guys, that's it for today's show. I'd love to hear what you guys think of this whole skyrocketing Ethereum gas prices. Is it affecting you? Is it causing your transactions to take longer than an hour? Leave a message below. I'd love to hear what you guys think. Thank you guys so much for watching this video. Remember to click the little subscribe button to subscribe to this channel and the little notification bell to be notified of new videos when they get released. Thank you guys so much for watching. See you next week.