CRYPTO RED DAY: HK BITCOIN ETF, COINBASE LIGHTNING & JOHN DEATON

CRYPTO RED DAY: HK BITCOIN ETF, COINBASE LIGHTNING & JOHN DEATON

hello everybody Welcome to the Tuesday live stream and I know that uh I was reading the comments before we went live I know some people will take a look at that thumbnail and the title they’ll take a look and say this is not really good news so what are we here to expect first of all before we get into the news about why this is a red day what could potentially happen in the future I just have to bring you back a little bit and just give you some perspective so first of all the market is down I think we all know that we all woke up and took a look at our portfolios or maybe on coin gecko or coin and say hey wow look at that bitcoin’s almost about to Tumble below 60,000 hey it is what it is remember we’re in the crypto Market we’re not in traditional Finance these are the days 4% 5% 10% call that a Tuesday and uh this is coming to fruition ethereum’s down tether well tether’s tether B&B salon and everything else so before we get into like the news is you know why this is happening check this out remember it’s not all bad so this I’m not a big ta guy but it was just perusing to take a look at just how things were going over time and as a reminder like this is today we’re looking at uh April 30th so we’re probably going to close out in a pretty negative month however if we take a look back and these are the monthly candles again monthly candles on September to October second month third third month fourth month fifth month and look at February 6th month seventh month look at that you started down here at around 25,000 you are now still above well actually now you’re down here I should say that you are around 60,000 and you oh look at that you probably did drop a little 59680 so seven straight months of going straight up you went from you doubled your money if you were dollar cost averaging and uh there is bound to be a pullback nothing goes up forever so just remember 7 months is pretty good and then of course we have one month that is uh not so good which is all power for the course and actually I want to take a look real quick if we can change this over to the currency which would be Bitcoin how’s everything else doing against Bitcoin itself well tether’s tether usdc ton coin’s up 1.2 Tron is up for some reason I guess uh let’s see no bunch of stable coins that’s about it so again it’s one of those things where we know that uh the gains for Bitcoin aren’t as massive however things are a little bit safer as time goes on anyhow that’s what we have for just the markets itself and this is part of the reason why and this is from uh FR of the show guide over at coin Bureau and he States out this was this morning when I woke up around 10 o’clock it’s like two hours ago he goes the numbers are in for the first day of Bitcoin ETF trading in Hong Kong total volumes were $1 million versus the market expectation of 100 million so it did roughly 10% of what the market expected but that’s the market as comparison the first day of training the us we saw 655 million as far as inflows and that was for the ETF now we talked about this I told told everybody you know e Hong Kong is not the United States and Hong Kong is not China Hong Kong is just the proven ground to see if mainland China will actually pick it up but it’s not too bad however if you take a look at uh to verify this over here at coindesk leading crypto or Bitcoin fell by market nearly 2% from 633 to under 61,000 in an hour to 0900 UTC the second largest crypto which would be ethereum slipped almost 3% to 3,000 the six ETFs that commen trading in Hong Kong on Tuesday fell far short of expectations combined training value of 11 million a fraction of the expected 100 million so yeah that’s what it is and just reminds me just about how volatile the markets actually are and even though we say well there’s smart money out there and they’re going to do all these things I always just think it’s not really smart money it’s just big money and they can do with the things that they want to do so on top of that Eric Bel junis and uh Eric was of course senior analyst for Bloomberg he’s the one that got it right for him and his partner for the spot ETF F and he said in the beginning he said look this is not going to be that big people think it’s going to be great it’s not and he and he gives some good facts East vers West the US did 740 million in assets and 4.6 billion in trading volume these are far below that but if you adjust for the size of the market it’s a different story this is equivalent again Hong Kong of 25 billion to 1.6 billion which is nice to see but it’s still underperformed let’s not let’s not all go and say well it was fantastic it wasn’t it was not as great as we expected for context China AMC’s Bitcoin ETF is already among the top 20 biggest in the market and as I said in early tweets on Hong Kong you have to understand is68 besides the US and he says what is this ETF market for ants yes it is that said Hong Kong ETFs this is the part that that confused me maybe you can help me in the comment section on this one Hong Kong ETFs launched at a good time as us is slowing which which we know so their 141 million plus inflows going to more than offset slightly negative us inflows I’m not for sure about the 141 million again sound off in the comment section but from what I see so far it’s been pretty lackluster and nowhere near that 100 million but this may be a different metric that Eric is using anyhow let me you think about that in the comment section that’s the negative news and this is why right now we’ve got a negative Market because things are going on in Hong Kong but that’s only part of it we’ve talked about this yesterday in the macro environment it looks like we’re running towards stagflation GDP is uh lower than expectations inflation is going up there’s a rumbling or talk of Jerome Powell actually raising rates which doesn’t seem too likely but it’s going to be higher for longer and of course the unemployment rate is going up so when we take all these factors together oh and also the fact of World War III you know who never knows that’s going to happen it makes people nervous oh and one more thing presidential election November I forgot about that one so all you got to do is just keep your cool just stick around for the Long Haul and usually the people that stick around uh do pretty good again time in the market is greater than timing the market any let me Interest think about that in the comments section but here’s some good news and there’s always good news out there if we just focus on the negative it can be a pretty crappy day let’s let’s be honest coinbase rolls out lightning I didn’t not see this on my bingo card I mean they had made an announcement of this on April 3rd I think it was but I didn’t expect them to actually do it so congratulations to the coinbase for uh integrating lightning which will make uh Bitcoin transaction fees a fraction of what they are right now and then uh here’s what we got so previously if you guys use coinbase actually it’s for every every exchange the the fees were astronomical Bitcoin transfers on coinbase were processed on chain meaning transaction could take place between 10 minutes and 2 2 hours incurring High fees during periods of network ingestion the liting network is essentially a layer 2 protocol you have thousands of transactions then they batch them and they stick them on the uh original or layer one for Bitcoin and that one transaction is processed so it’s a pretty much a way just to kind of do transactions above the base layer do a bunch of things then stick it on the uh uh uh base layer itself with the Bitcoin reduce the cost overall I never understood why they didn’t implement this sooner and I think I understand why we’ll get to that in a second uh what we’re going to talk about now is Victor Bunn boonin coinbase’s protocol specialist and liing lightning integration for coinbase he says this there is a 0.1% processing fee associated with lightning transactions on coinbase for sends only which should be processed with a few seconds and now I said this is great news and it is great news I’m really happy about this but there’s always a catch and the catch is a couple of things this is what buen says coinbase users will be limited to withdrawing a maximum of $2,000 I don’t know if this is for 24 hours per transaction 7 days not for sure just says withdrawing a maxim of $2,000 meaning the maximum withdrawal fee would be two bucks of course because you can always you can only send out $2,000 per transaction and then he said this and this where this is where the lightning Network kind of runs into some issues a conservative limit was selected because although lightning can support arbitrarily large Bitcoin s like we just talked about the average success rate of payments declines as the size of the payment increases now I’m not a lightning expert I just like the whole lowcost transaction fees I love that part but apparently for letting to work you have to have certain connections between the different pay or and the Pay E and we don’t have a lot of those connections you see some more failed transaction light Network again please correct me in the comment section that’s just what I had read for lightning and boonen talks about it here he States you had to set a lower limit at launch which will improve our users experience and can be adjusted based on user feedback and as liquidity on the network increases so first we have to get the liquidity over there but again step in the right direction to send Bitcoin globally is now 20 times lower than the average 2% charge on credit card transactions Visa Mastercard they’re doing a great job of fees and a fraction of a $3 paid for wire transfers I don’t know about you but the wire transfers from bank to bank uh here in Puerto Rico we just paid 125 bucks for a wire transfer just saying Banks going to got to wet their beak the integration will enable users in supported regions to select between lightning or the Bitcoin based layer for withdrawals so first of all let’s talk about this the support of regions there is a link in this article we’ll give that a second light Network integration is not available in all regions we’re rolling out support on a Case by case basis and when you go for the supporter regions part this is the part that got that got me it makes it look very simple for lightning and it should be very simple but it doesn’t really work like that because as far as like supporter regions they didn’t say anything in here as far as what regions are supported I’m going to guess America in Puerto Rico I couldn’t use this op and then when it talks about well all you got to do is just do this add your recipient’s invoice preview your send and off you go because it’s not as easy let me just say it’s not as easy as just picking going send me your Bitcoin address I will send you Bitcoin on the lightning network doesn’t work like that to send via the lightning differs from sending on the Bitcoin Network as you’ll need an invoice from the recipient to complete the transaction so what you have to do here is you have to log in coinbase you have to click on transfer you have to select the Bitcoin you have to get an invoice send it to the person send me this much Bitcoin they’ll get in a light Network which I got to tell you it doesn’t sound complex it doesn’t sound too bad but it’s kind of a little bit of a of a way to kind of hinder things so I mean this is great for Bitcoin and coinbase and lightning but I think it would be just great if we just send me a QR code I’ll send you some money on bitcoin bam there it is and we don’t have limits we don’t have Regional issues but again this is just warming up I think it’s a step in the right direction and we’ll see where it all goes out but I don’t know why they had to make it that much complicated any you want to think about that in the comment section but on top of this there is some other good news uh Bitcoin transaction fees go down and ethereum takes its rightful place as king transaction fee because ruins speculation subsides now we did a video a couple weeks ago about runes and what that actually means runes if you’re not familiar is essentially they are tokens or meme coins on the Bitcoin based layer and what’s the difference between that and uh arbitral those are essentially nfts so when we’re talking about these different things just know that runes are essentially tokens so what happened was there was a big uh speculation this was going to really take off I thought it was going to take off and it really just didn’t and we just see here actually this isn’t a good one take a look at this so these are Bitcoin and ethereum average transaction fee and in in red is ethereum and in blue is Bitcoin and you see over here just past 2022 look at the average transaction fee for ethereum $196 on this specific day I think this was during the big merge so you can’t really say what it is but usually the average transaction fee is about 50 bucks 40 30 and it goes down and then of course as we go into the bare Market no one uses ethereum or very little so the transaction FS go down then as things heat up they go up and uh that’s where we’re at for this place but let me just zoom in here this was the peak of speculation April 19th was the Bitcoin having once that happened there was a lot of ordinals essentially again the nfts on the bit Co blockchain and also ruins speculation tokens meme coins and that took place the next day and the Bitcoin average transaction fee was $128 and boy where the Maxis ticked off But as time has gone on it has subsided because people like yeah this isn’t really that big of a thing I thought it was going to be didn’t plan out however I will say this for buying or having the runes which was they actually had an nft as well uh you can you could have got an air dropped and even today for what people got aird Dro for every room they have $889,000 this dog go to the moon it’s still worth almost $3,000 but it’ll probably drop because it’s a speculative asset but that’s good news I mean we got less transaction fees so that sounds good and then to finish up before we get into the Q&A I’d like to say that as time goes on just remember that um you have assets you have access to certain assets and what you could start to think about doing would be to staking those assets because as you stake of course the apy could be pretty good depending on how you stake if it’s in a cold storage device or if it’s a hot device or how the slashing rewards are calculated especially on ethereum I think it may be something for you to look into as far as like generating income as time goes on in this bearish sentiment until we hit an alltime hopefully alltime Highs coming up but to actually stake things and I want to give a shout out to um my friend Stephen uh which we do all the meetups over at saman Smokehouse I did not know this and I should have known this long a while ago and I want to make this super simple for a break but you can stake for a lot of different things that you have except for Bitcoin you can do it for ethereum you can do it for salana you can do it for cardano we have a cardano steak pool links in the description very simple to do never leaves your wallet very nice same thing here there’s a website called bon rewards.com and this has been verified I’ve checked it out uh and what it is it’s very simple you can use what’s called a phantom wallet which is a hot wallet and you can put your Bonk in there again I think Bon is the next Dogecoin but I could be wrong and then you just uh connect it and uh you can put however much you want to now let me make this Crystal Clear you do not put your life savings into a mcoin you not put your life in every me and every amount of mecoin that you have you still don’t put it on your Phantom wallet does that make sense because if you do that at some point this is risky because you’re at a hot wallet Phantom is a hot wallet it’s prone or it’s applicable that it could be hacked at some point I’m not saying that it won’t be hacked or it will be hacked I’m just saying this is risky and so as long as you know that and you want to stake your bnk like I do some just like ah I have got a little bit here the rest of it is on my tangum wallet yes you can put uh Bond on a cold storage device like tangum very simple very easy got a video for it anyhow all you got to do is download Phantom links in the description you connect your bankk wallet very simple and then you just decide do I want to do it uh one month 3 months or six months and there’s a there’s a rewards multiplier of 2x to 1x whatever else and you can try it before anybody asks nobody paid me for this this is just something I’m going to do and I thought you might be interested in that also if you’re interested more about staking there’s a great website it’s called dant teaches crypto and in in that there’s a section just for staking of most of the different cryptos that are out there actually I can’t say most I can say some because there’s over 8,000 cryptos so anyhow check that out I you think about that in the comment section also if you’re uh think of yourself I don’t really like these these hot wallets just remember tangum you get a cold storage device very simple to use and in Q2 which is this quarter they’re going to be rolling out native staking which is a lot different than staking through like a wallet connect or something you’ll be able to stake through your tangum wallet that’s supposed to be happening in April May well May or June so Link in the description use the discount code or if you can’t stand discount code just go to tangent.com I don’t it’s whatever you want to do and then lastly I’d like to give a shout out to uh John Deon I know it’s been uh there’s some people that just absolutely hate crypto and digital assets and Senator Elizabeth Warren is one of those I’m not a very political this isn’t a political Channel but I do respect John Deon especially for all the different hard work that he’s done for the crypto Community digital assets also for the uh uh Ripple community that he did during that uh the litigation between Ripple and the SEC so I would like to ask if you aren’t a big fan of Senator Elizabeth Warren or Andor a fan of John Deon he’s running for Senate in Massachusetts and it’s very simple to do let’s uh I’ll give about 500 add 21 sure and you do a whole different different ways you can do Gmail gpay or antidote let’s see yes let’s see I can do PayPal I got to put this in I can’t show you guys that anyhow we’ll do this in the Q&A as everybody’s asking me questions uh I just put that in there’s a link in the description for this I’m going to give John 500 hopefully can overthrow person that absolutely hates crypto and that’s it for today so look oh yeah yeah here’s the here’s the link then lastly on the Q&A I want to talk to you about tar Carl klon that’s it for today so look if you like today’s video give it a thumbs up consider subscribing everything talk about is time sensitive thank you so much tomorrow I will be traveling uh so probably no video but I’ll catch up with everybody on Thursday as we do NFA live with guy from coin buau and Ben from the cryptoverse but that’s for today thanks much everybody for stopping by appreciate it

HONG KONG ETF did NOT go as planned and that’s OK – it’s a marathon, not a sprint. But, it’s part of the reason for todays RED DAY. GOOD NEWS THOUGH – Lightning adoption on COINBASE, BTC fees way lower and John Deaton can beat Warren.

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⏰ *”Not your keys, not your crypto” repeated AD NAUSEAUM over 2 years.

0:00 Introduction and overview of the bearish market
1:10 Bitcoin price analysis
2:35 Reasons behind the bearish market
4:10 Good news
6:45 Limitations of the Lightning Network on Coinbase
9:30 Bitcoin transaction fees go down
12:00 Staking assets to generate income
14:30 Shoutout to Stephen
16:30 Reminder on the risks of using hot wallets
18:00 Shoutout to John Deaton
19:30 Wrap up and thanks

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