Daily: IOTA becomes Skynet??? (Qubic upgrade) / Zencash hit by 51% Attack / Bittrex to support Fiat

what's up everyone welcome back to box mining daily where i take a look at what's happening on the cryptocurrency markets and news today is june the 4th and we're taking a look at what's happening with the eos launch first of all followed by zen cash then cash has been hit by a 51 attack i'll tell you exactly what that means we also have in terms of adoption bitrix bitrix is looking to accept usd so that's a little bit of a good news if you're looking to buy a lot of altcoins we also have estonia so estonia's kind of push to try to make their own cryptocurrency has been met with a lot of resistance and they might be backing out on that we also have of course cubic iota's kind of newest upgrade and we're going to look at what they're doing over there i like to say of course everything covered here is my personal opinion and not financial advice so let's start off by looking at the market cap first of all so we're pulling a little bit back from the major push we had last weekend well i say major it's not really major in terms of crypto but you know we do see ethereum above 600 so that's not too bad the market cap is at 344 billion dollars so it's actually a little bit above the high um you know levels of last week in terms of news i feel like it's good to discuss that sometimes ethereum is experiencing a bit of relief because there was a lot of fun last week about how eos you know the project collected a lot of ethereum and they were dumping it and that turned out to be mostly untrue um ethereum is actually resuming good numbers it's growing quite a bit over the weekend it's about 600 so it's not too bad over here so in terms of other cryptocurrencies we do have a little bit of a drop for something like cardano and iota which is not too surprising for iota's sake because recently they had a major push because of new announcements and it's in typical crypto fashion that well we buy the rumor and sell the news so recently iota introduced something called cubic so cubic is quorum based computation what it essentially does is it adds a lot of features onto iota well you know something that you probably expect is computation so iota before it was mostly a currency it was a currency that was kind of designed to be used by old iot devices so it was kind of free to send that currency to each other and it uses something called tangle right now what they added here is the ability to outsource computations so in a way the kind of vision for this is to allow dumb iot devices to outsource and pay for calculations from smarter iot devices if you get if you get the drip of what i'm saying basically um it allows machines to kind of form a whole mesh of calculations and for this to be paid by the currency so it also adds smart contract capability so it really makes iota much more capable we do see a dump because of course i think there was a lot of hype coming up to this but overall in terms of the actual kind of concrete upgrades i do feel like quite a lot's being added to iota right now so in terms of other gold coins eos so eos has this major hype coming up to its mainnet launch right now the software itself has been released and it's set to launch the idea right now is it's for the community to launch it so that's why if you go to any eos website they're talking about voting for block producers these are the guys it's kind of like the equivalent of basically mining pools these would be the ones who produce blocks but they need to be voted in this whole idea of delegated proof of stake you delegate your vote to these block producers and they're the ones who are meant to keep the network alive so a lot of these network um you know producers want to get voted and they they they want to track your attention and it might not be the case that every one of these get you know get to win and become one of the 21 block producers out there but it's being launched right now it's gonna make maybe take a few days for the votes and for this whole network to stabilize and you know then then we'll see the actual eos network being deployed so one thing i do want to say about this whole meta game the whole situation of the game of coins right now is that there's no clear winner so we did see multiple coins attacking each other but what we do notice in the long run is that there is less and less dominance bitcoin dominance is decreasing the ethereum dominance is also increasing and the out market is booming and recently i got a lot of interest in open chain because this is a tool for developers to leverage the power of every single blockchain so we talk we're talking a lot about transactions per second in terms of blockchain but what if you can just leverage them all kind of like a low balancer so i was pretty interested in that and i'll talk more about open chain and future as well because i feel like this is one of the projects that can potentially unite these blockchains together instead of like competing with each other why don't we work together to build a better system and have some actual dfs that are amazing so let's go on to the first bit of news today which is zen cash so zen cash was hit by a double spin attack this is not the first double spin attack we've seen we've seen bitcoin gold being hit by a double spin attack as well so the idea behind a double spin attack is that a hacker can essentially send money or send crypto in this case zen cash to an exchange and also to their wallet and they can scam that exchange by reversing the transaction in fact if it went into the exchange and was confirmed with x number of confirmations they can attempt to use a huge amount of hash power mining power that is to basically reorganize the network this is extremely dangerous not just for exchanges but also if you're accepting cryptocurrency as well especially large amounts of crypto so this comes about because well any coin that's not protected by a lot of hash power so anything other than bitcoin and ethereum well people can really buy that mining power and try to outvote the legitimate people on the network so anything more than 51 allows them to have control over the network and that's why it's so dangerous and it's especially dangerous for smaller coins especially ones with lower market cap because well their mining is less profitable so they have less power you know naturally have less power protecting it and it seems it might be the case you know right now the investigation is in progress to determine exactly who was responsible it's like in these cases it's really hard to pinpoint because you only have the address responsible but the rumor goes that it might be a large corporation or it may be even a large mining pool or even azic producers that have mining hardware there that's like maybe an azic that can mine at a much higher hash rate and then instead of turning that on and start mining they use it for malicious tax what this means in the long run is that this is the start of a potential change where smaller coins that are protected by proof of work isn't as safe anymore and they might choose to have to go for another consensus algorithm and more importantly go to say that this is something that my friend peter also told me about as well coins are protected by proof of work the smaller coins they're gonna get attacked first so every coin just has to run faster than the other guy so it's gonna be a race for hash power now the more hash power there is the more protection it is and obviously bitcoin has the most being worth the most and also having the most kind of technology well in terms of asic um even in the nanometers for the chips uh protecting it so that's good news for bitcoin bad news for smaller coins out there now moving on to bittrex so bittrex has long been a crypto to crypto exchange but what they want to do is they want to do is they want to do kind of you know not rely on the usdt anymore and try to work with the americans or work with a few banks at the very least to allow fiat to crypto external conversions so if this now serves as a point this might be even harder than coinbase because coinbase is very expensive as a firm or if you are interested in your app for that is to sell the red bar which is übs taxable so that the banks basically is completely voodoo from about the US lauris 15 years old and actually dollars and now let me know in terms of the bitcoin and company could sell Bitcoin to the born-based by the former forehead I mean and since the world is comingtraded Dunmer to crypto conversions so if this now serves as a point this might be even harder than coinbase because coinbase has very limited coins but Bittrex has much more so this is offering more competition and in that way it's offering us more you know advantages more kind of options to get into crypto so I definitely view this as very positive news now moving on to Estonia so Estonia wanted to form their own national cryptocurrency so government backed crypto you know my stance towards that government backed cryptos don't work because the whole idea of cryptos is that governments don't back it there's no central authority controlling a cryptocurrency well it seems like the European Central Bank kind of agrees well they've been putting fire on Estonia not to issue out the currency and it seems like well they're backing that off but there is some interest as well from the IMF so they're interestingly trying to fight crypto with crypto fire with fire so this has been a recent talk recently like they see crypto growing strong they're like okay maybe we should offer our own alternatives and you know my response to that is don't fight fire with fire destroy it lastly I'm gonna update you on a few things that's gonna happen this month I'm gonna attend the blockchain economic forum in San Francisco I'm being invited to speak there and I also make some videos to show you what's going on so this is not the first time I've attended the F I've attended it also back in New York last year and it was quite eye-opening to see the number of new people coming into this so this year what they have is it's a little bit interesting they have the top speaker Sophia this is the creepy robot you've probably seen around also Tim Draper the ex-minister of Finance in Canada and of course ex-chairman of the CFTC so what I think they're trying to do is they're trying to show a lot of different viewpoints from people who are in regulation the past and try to tackle the issue of cryptocurrency regulation so I do have a link down below for like a 20% off the ticket it's gonna be a three-day event over there so I'm gonna try to see as many projects in San Francisco as possible and guess what guys I'm gonna try to attend E3 as well this is like the biggest gaming convention for people for gamers so I want to see what's being released and it's just right before BEF so hopefully I can have a time to like buy a ticket there and check out what's happening guys thank you so much for watching this episode I'm also very interested in what projects you're researching and looking into it seems like it's we're back into the research phase now with a lot more excitement coming into cryptocurrencies and I'd love to hear what you guys are thinking about and researching 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 get notified of new videos when they get released thank you guys so much for watching see you next time