Hey guys, welcome back
to the Boxmining channel.
We just do it on my channel, and
this is also going to be on the
Genesis Block Channel as well.
Make sure you put the link
down below to check it up.
But today we've got Charles here.
He has some really important topics to say
regarding China regarding this mysterious
transaction that had $2 million of fees.
That's kind of scary and also
the institutional ETP as well.
So we'll cover three
subjects today with you guys.
We'll start off with
the $2 million in fees.
I mean, usually speaking fees should
be a few dollars in crypto, maybe tens
of dollars in the bank, but a million
dollars what's happening in Charles
yeah, the transaction, obviously
everyone thought, Oh, this must
be a new way to launder money.
Right?
What is going on?
Why would somebody.
Put $2 million in fees
fees, right.
That's ridiculous.
I mean, and also you have to go
in dollars, you better not easy.
Right.
so actually as of today, it's happened
three times, three times, two times
from the same wallet on third time from
a different wallet, but it's obviously
related to the same, you know, it
could be a company, it could be an
individual who knows clean exchange.
Right.
so as of right now, even the mining
pools mine this block and they received
these fees are holding onto the ETH
and saying, Hey, whoever made the
mistake reach out and we'll work out
something where you get your money back.
But as of right now, the market,
nobody knows what's going on.
That's going to be
insane, I mean, I'll be mining
before and any transaction fee
becomes a reward for miners.
So just imagine that if you're
like solo mining, you just got
that block and got $2 million.
You'll be set for life.
But anyways, these, these
mining falls are nice.
They managed to get the fees
$2 million off that transaction
date, can now pocket it.
But they're nice enough to say,
yo, you know what, reach out to us,
but no one has reached out to them
yet.
So, I think the most interesting
speculation was, I think Dovey Wan was
talking about this, where it's possible
someone got control of an exchange wallet,
and they're pretty much blackmailing them.
We're going to keep doing this.
Or you give me money and I'll
give this case back to you.
Right?
That's mysterious.
I mean, initially I was thinking
it was money laundering.
I mean, but I think something you
pointed out was that even if I want to
launder the money to kind of break that
transaction history, it's pretty well
known everyone to everyone that something
like this happened and law enforcement
was still probably cashed in any ways.
Right.
So you're saying most likely
it's not money laundering.
Yeah, it looks like it's
probably just a coding error.
or, or the blackmail.
Yeah.
I mean, blackmail is probably a stretch.
it's weird because what I thought would
have happened was somebody messed up and
they would panic and reach out and be
like, Oh, how can I get my money back?
And we'd have this whole situation,
like back when we had the Dow hack
where you were going back against
what actually happened on chain.
but it's mysterious
because Noah speaking up.
Magic the magic of crypto, right?
Sometimes you just don't
know what's happening.
You can see it, but you don't
know why it's all right.
Next topic.
I think this is quite interesting.
There's a lot of rumors about Chinese
accounts being closed off and even some
people on my channel were like, Oh my God,
our Chinese kind of OTC desks, or even
Chinese exchanges, what's happening there.
They're being crapped on being frozen.
Is that really happening?
So the articles came out this week, but
actually, you know, Genesis block does.
Some OTC trades in China.
And, we've been seeing a lot of
our partners pretty much disappear.
luckily, you know, some people
actually lost money cause
they got their money frozen.
They weren't able to settle the trades.
a lot of our friends over there,
are kind of in big trouble.
We've also heard of arrests and
it's not really about crypto.
It's more about the
source of the renminbi.
there's a lot of these pyramid schemes,
a lot of scams where, these OTC traders
happen to be taking this from a beat.
So as soon as you're part of the supply
chain, you know, it is China, right.
They have the right to
arrest you for many reasons.
Right.
definitely handling dirty money.
So
it doesn't have directly
to do it for us or not.
It's not that they're in
crypto, that they're in trouble.
They're getting frozens.
Rather the crypto was used for something
malicious or you discussed plus token,
the passing of billions of dollars
were stolen from that permit scheme.
So it's really just
kind of cracking down on
this.
Yeah.
But then why now?
Why, why do they, do you think
China is to be nice because
they're trying to tighten up.
Are they trying to crack down on this?
Is there anything
and he'll turn.
I think it's, you know, at this
point it's all speculation, but.
this is the year where there
has been really Schilling their
central bank, digital currency DCP.
so it does seem kinda like a coincidence
where they crack down on other stable
coins and in order to prepare for a
controlled crypto market, instead of
something that was very open for the
last, you know, for decades, I guess.
Interesting.
So what do you recommend people do at this
time?
Yeah, so, If you're trading Ramon
B you know, probably take a break.
That's what we're doing.
and if we have clients there that want
to trade crypto, we've been asking
them to just, you know, let's see
what it looks like a week from now.
you know, we don't want our comes
forwards and we don't want people to
get in trouble with the authorities.
just laying low, you know?
Well, sometimes it's good
to just hold back a little bit.
So
lastly is the ADP does an ADP launch.
Yeah.
Is that institutional adoption?
What is it?
The ETP.
Yeah.
So it's, an exchange
traded product, right?
Exchange traded product means
any individual, has bank accounts
can go through a brokerage
and purchase the shares.
It's just like buying stocks, right?
this one from which is going to
list in Germany, the per se is.
One of the largest stock
exchanges in Europe.
So this is not a joke.
This is a big deal.
And, the important thing about this
one is firstly, essentially cleared,
meaning you're not trading with somebody.
it's all the, you know, the shares and
the Bitcoin is controlled by third party.
So counterparty was, is low.
And secondly, you can actually
redeem these shares for real Bitcoin.
Okay.
So
it's actually your Bitcoin.
Exactly.
So
investors were in Europe.
They're interesting.
Real Bitcoin.
They can actually get this off
legitimate exchanges off traditional
routes, and you can see that this is
a role to enterprise stuff.
So it's interesting because you
don't have to be an institution.
to treat this, like, based on what
I read, I believe, retail can also
have access and it's great because
you have both options of, okay.
I don't know how to store crypto,
so I'll just hold these shares or
I, you know, rather than take the
crypto later on and you can redeem
and actually hold the coins, the
best institutional kind
of solution out there.
Right?
Right.
So it's obviously steps forward.
and more of these will come.
and it's just gives people a
sense of security of trading
this new type of asset class.
Exactly.
Cause most
people like, you know, I tell them
about hardware, one, they just freak
out and it's like, okay, I'm done.
Well, I think this is something for
traditional investors getting so
Charles awesome update from you.
And I think guys make sure you click
the like button down below, click
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that YouTube tells us to do.
That's good.
And we'll see you guys next week.
Thanks guys.
