Good News: South Koreans To Resume Crypto Trading In 7 Days 🎉
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On today's show:
We are going to check in with the growth of the Lightning network
We are going to get some good news from South Korea so our friends over there can get back to cryptocurrency trading
A new version of the Ethereum yellow paper is out
And we’ll take a quick look at the Bitcoin price chart
Story - Lightning Watch 0:48
https://lnmainnet.gaben.win/#
https://p2sh.info/dashboard/db/lightning-network?orgId=1
https://docs.google.com/spreadsheets/d/14EN_vpbeLeQNFTNJ8DJbayZX33wlRINW-oQfJjveScI/edit?usp=sharing
Today’s stats.
The network capacity grew by 42% in the last 24 hours.
https://fork.lol/tx/fee
Bitcoin fees are also dropping and sit at 154 satoshis per byte over the last 24 hours.
http://segwit.party/charts/
Oddly enough Segwit has dropped below 10% of transactions today having hovered between 10 and 12% over the last week.
Story - Great News For Korean Crypto 2:56
https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/
Rather than an effort to outright ban crypto trading, South Korean authorities seem more interested in making sure that trading isn’t done anonymously.
I have no doubt that crypto trading volumes from Korea have dipped recently and been a factor contributing to the falling prices.
Anyway, the South Korean government has come forward with the names of six major banks that are willing to provide services to cryptocurrency exchanges.
The catch is that the exchange will have to share data about their users.
This includes both personal details and transaction details.
So the name on the bank account will have to match the name on the cryptocurrency exchange account to prevent anonymous trading.
Because this name matching is required, that’s why the exchanges have to share data with the banks.
It says here this new system will be in place by the 30th of January but there’s a possibility some of them may have it up and running before then.
The benefit to the government is also that they can make sure all the crypto activity in Korea is taxed.
If they can’t get your crypto trading information from the exchange, they can get it by going through your bank.
Story - New Version Of Ethereum Yellow Paper 5:45
https://github.com/ethereum/yellowpaper/blob/master/README.md
This document is the formal definition of the Ethereum protocol and was originally written by Gavin Wood.
It says here that it is now maintained by Nick Savers and contributors.
If you like getting back to the fundamentals, or if you’ve never read the paper before then I’ll leave a link in the show notes.
https://ethereum.github.io/yellowpaper/paper.pdf
At 37 pages, it’s relatively short and it is actually on yellow paper would you believe?
This version is dated the 22nd of January 2018 so it’s right up to date.
Just be warned though, it’s a technical document with a lot of math formulas in it.
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I am always amazed that such a high tech area as crypto responds so slowly to innovation to improve things. You would think that wallets and exchanges would be rushing out segwit as soon as possible for the benefit of everyone, or have I missed something and it is actually in their interest to hold it up?
I hope lightning doesn't experience the same slow roll-out.
Learning my way through this blockchain technology from scratch... got me some BTC, ETH, XPR to taste the music.
Is the Korean / Chinese mania for crypto part of the Asian issue with gambling? Is this one reason why why crypto prices spike so much above the 50 week moving average... Im trying to guage how much it is news driven pricing, fueled by fenzy.
1st post on d.tube. Cheers.
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HODL STEEM is the primary lesson taught here ;+)!!!
There are a lot of tutorials to help guide you; but, test everything in sample form first...i.e. .01 when learning the various exchanges.
I've read many posts, but never heard this take. Perhaps, you might consider creating an original post sharing what you know on this topic.
Ha! I just noticed your username @disruptit. Let's hope that's not your primary goal on this platform. We certainly have enough infighters :+) already in place.
But, to stay on topic, it seems you know a bit about trading, considering you've made a few top buys.
Best regards! I hope you will be inspired to create the post.
As a welcome to Steemit gift, here's a tip!
Peace.
hodl baby
✌!
I like to see the lighting network capacity growing. I checked the resources you linked above, and I don't see any stats on transactions processed like the Segwit tracker. If the lighting network capacity grows but it isn't utilized, it won't have the expected impact. Is it even possible to track the the transaction processed through the lighting network?
The transactions that happen inside a Lightning payment channel are private so there is no way to know this publicly.
That will create an interesting paradigm where we can see a falling number of transactions on the Bitcoin legacy network. I can see how this could be spun to a negative narrative of declining adoption, fewer transactions, less use cases when the opposite might be true. Interesting times ahead!
Anyways, keep up the great work. You were my first crypto podcast I started with when I heard you on TSP back in Feb of last year.
Yeah it seems like the regulations in Korea are bringing the prices down, but at least they are not going to ban cryptos there. Probably we will see other countries as well making similar regulations with taxes. I don't really like the idea of taxing everything but let's see where this goes.
the good part is it will encourage people to keep rolling over and stay in cryptos once in, no one wants to pay tax
@marketingmonk this is very promising news if felt like we were being kicked in the head while we were down over and over with all this FUD, its crazy that FUD still scares people still even though every time it comes back better and stronger than ever! I've previously mentioned in a post about how the futures market also was a double edged sword with the elite pumping and dumping and then betting on price going down then taking out millions at at time to manipulate the market and hedging there bets!
So I see major crashing continuing in the future but with every crash will come all time highs again as they pump back up and hedge bets accordingly!
Just bought some Ethereum last week so super stoked bout the yellow paper onwords and upwords!
Great post looking forward to your next upvoted followed and resteemed keep up the good work peace and love my friend!
Thanks for that analysis. It's good to hear someone like yourself explain how we can so easily be mistaken on the information available.
I think the manner in which the South Korean public and their government worked together to reach a "fair" resolve is a good example of how it should be done. Now can we please sit back and see the BTC price rise together with LN.
I see more of a long term bull flag as well which will hopefully win over the descending triangle with the return of the S. Korean volume. I also think that with the banks tracking them so fiercely now, they very well may not sell much and but buy BTC to engage in crypto to crypto trading where the banks can not track their progress. As always great commentary, keep it up!
Just listened to the podcast version. Time to challenge myself. I am giving myself 7 days to read the Ethereum yellow paper. Hopefully I will be able to report back within the week.
Remember there is always https://ttsreader.com/
It's amazing to see the lightning network is growing fast. I think it will bring the biggest improvement we've seen so far when it comes to performance and usability.
Also great to hear that Koreans will be able to trade again soon. Even if some of the new regulations might cause problems to a few people who relied on anonymity. It's great news overall for the markets.
As always thank you for putting in the time to make these videos, the community appreciates it!
Peace! ✌
@chiren