Bitshares Crypto Banking + Korea Exchange FUD explained.

hey guys how’s it going Philip with trade genius project I wanted to talk about in this video it’s called bitshares so I wanted to go over basically what it is in a nutshell and then I think it has a pretty good technical price action that I think you guys will find favorable in the current market but anyway to kind of explain bitshares it’s been around a while if you’ve been in the crypto space then you’ve probably heard of it and basically it’s kind of an interesting project it you might even be a little bit of ahead of its time but I’ll try to just simply kind of break down the different parts of it and then we’ll get into the chart I think at its core it’s probably best defined as software and so basically you have the bitshares as a network so you’ve got all these nodes that are you know handling the ledger and you know similar to like a Bitcoin type blockchain they are using graphene which supports really fast transaction so you’re talking about on the level of visa type volume credit card type in volume so that’s the plan now of course in theory that’s great you know in reality we have to see how that builds out on the network where the capability is there so you know you have a ledger open ledger there’s a company component two-bit shares in the case of bitshares basically what it is is there’s a database that tracks the ownership of the shares known as BTS so that’s the actual currency BTS each share can vote for 110 get delegates the top 101 delegates buy vote become responsible for maintaining the network and running the software and performing other tasks that they get paid by from the shareholders so it’s basically in the business of processing transactions for a fee and the profits from the business are shared with the shareholders via share buybacks essentially so but it’s like a democratic type of organization in that regard they also have a decentralized exchange component so bitshares is an exchange and it’s also aiming to be a bank through what’s known as bit assets so they would basically use a thing called market pegged assets so or things like bit assets so you’d have like bit USD a bit 1 bit gold bit silver bit oil and I won’t get into how that all works but you can look it up but basically they peg these assets but they do it very differently than a bank would where a bank has what they call fractional reserve so they only have to have a certain amount of actual reserve assets to loan out more so they can loan out more money than they actually have in reserve so but they do the opposite you’ve got to have actually more like double or triple the collateral amount to loan out something or to back an asset so very interesting concept there and then you have bitshares the currency which is BTS again the the blockchain transactional times are very fast and are designed to do a lot of volume but again that you know I think things have to mature so you really don’t know how well those things are going to rock and roll like a piece of scale until the network is up and running and actually doing quite a bit of volume so a lot of these things are young yet but interesting potential nonetheless so that’s a little bit kind of about blocked bitshares again so it’s an interesting concept interesting project different components to it so if any parts of that takes off or gets exposure to say a larger country like China you could see a massive growth potential in this so that being said let’s take a look at bitshares we’ll take a look at the chart and you know I think a lot of the what we’ve seen this is the daily chart right so we’ve seen this a lot you have major spike up in the you know from the basically the the April May June run up big spikes blow-off tops and then a lot of this you know basically bare market which was you know admittedly uh exasperated by all of the Bitcoin forking stuff that was going on then we bottomed out and then were they were building back up and I think 2018 you’re gonna see a lot of volume come into the alt space but it’s nice because a lot of alt coins right now are up here in this regard and you really don’t want to be chasing them so this is got a nice healthy pullback and this is coming into a fib by zone and we also got this area of support now you can see where price was hitting its head on that and then failed and now we poked back above that and real nice healthy pullback so might be a good you know trade idea to think about getting along here the target would be up in this 8000 satoshi area so I think ultimately a lot of these do end up retracing back into their larger fibs own so in this case we’d be looking at you know somewhere between 9,000 to 11,000 area but once you break through this area here with this volume while you get a little light so sometimes prices can can boogie up so I thought I’d point out to you guys nice little pullback my spot interesting project probably has some legs to move higher so that was bitshares just thought i’d share that with you guys now we had a little bit of a little fun about korea turns out that the news that came out was Korea was banning crypto exchanges and what sense has come out is that Korea is not banning crypto exchanges they’re going to clamp down on those that aren’t complying but they fully plan to regulate the exchanges so there’s nothing really new there I think the news that was broke by a few of the outlets just had that one completely wrong so we did have a bit of a knee-jerk reaction if you look at the Bitcoin chart the for our chart definitely shows it you’ve got a big move down on that news this is nearly a two thousand dollar move right here isn’t that one bar so I think and you kind of saw it across the board but things are bouncing back up now I think once people wake up to the fact that that news it’s very early in the morning for a little after 4:00 a.m. on Eastern Time so once that once people in the United States start waking up to that news I think you’re gonna see price rebounds um so we’ll see but I being that that clarifications out I don’t know that we’re gonna see any more downside other than there’s this big move down here so so I think I think that’s that’s the extent of that based on what I’m seeing so far and based on that clarification of that alright so that’s pretty much it on this video guys thanks for watching and we will come out with a couple more over the weekend talk about more crypto appreciate you guys watching we do have some wintertime specials links are below and if you like what we’re doing please hit the subscribe button if you already have hit the subscribe button thank you so much it really helps us with getting these videos out for you guys every day alright guys until the next video take care thanks for watching bye

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