Why Binance is Crushing Bitfinex & Poloniex = Profit 🔥🌍💸 Tax Technical Analysis

welcome to another episode of crypto riot the show that takes a magical mystery out of crypto currencies and amateur investing I’m your host David Haye and in today’s episode we’re going to talk all about finance coin now finance coin is different from the buy Nantz exchange itself which I have covered in detail in previous episodes now when you purchase the finance token the buy Nantz coin it’s actually very similar to purchasing shares in a company and in this episode I’m gonna go into detail about exactly how by Nantz coin works and why it’s not quite like any other cryptocurrency I’ve ever seen before so stay tuned we’ll be right back [Music] so before we get started in today’s video it’s time to find out who 12.1 aetherium remember guys all you need to do for your chance to win point 1 etherium which is about $80 in today’s value is make a comment below in that comment make sure you include your etherium address now don’t just include your aetherium address because if you do that it’ll likely get marked as spam and it won’t be entered in the drawing okay so the last video that we made was about 8th ‘land and salt which are two lending platforms that have very different objectives but are really are planning to take over a lot of the roles that traditionally banks and interested financial institutions have played ok we had 301 comments now congratulations to Bhavani hot Ronnie Wow we got some interesting names coming in there I’m planning on investing in low-value cryptos what about cage coin I’ve never actually seen a cage coin before I don’t know anything about it but the low value kryptos don’t always represent value just because a crypto is under $1 it doesn’t necessarily mean that it has more value in it than a crypto say trading at ten dollars so I definitely wouldn’t get too caught up on the individual price I would definitely spend more time researching the value proposition so today’s episode is particularly interesting because we’re going to talk about a few different things we’re gonna have to unfortunately cover some politics which I try to stay away from but in this case when it comes to finance I thing that part of the reason it has such an excellent value proposition is really what’s going on with the tax and the political situation in the United States if you follow my videos you’ll know that I’m on the wrong side of the tax interpretation of this year it was my understanding that when you trade between cryptocurrencies you wouldn’t trigger a taxable event the same way that if you were for example playing a video game like World of Warcraft if I was mining gold and I sold it for wood inside the game that wouldn’t be a taxable purchase if I went and then sold my World of Warcraft character for example on eBay and I received cash for it then that obviously would be a taxable event now I’m definitely wrong or I’m pretty confident that that’s not the way that tax is going to work that every single time you trade crypto it’s going to be treated as a taxable event and so this means that if you have had more than $25,000 in trades and coinbase over the last year your name is actually going to be given to the IRS so what I find interesting now is that we have a lot of problems in that the market is growing so quickly that coin base and the us-based exchanges are really having a very difficult time keeping up with the km KLM KML regulations which is really which really was created actually to combat the drug running and the drug business and what I find most interesting is that the majority of the war on drugs was spent trying to enforce marijuana and of course that’s become now completely legal on a state level and the world hasn’t fallen apart and now I think we’re starting to see that a lot of these rules and regulations that we’ve imposed on other countries for so long and that has given us great prosperity isn’t really gonna work anymore and so one of the best examples of just real world economics I have to cover this is just the exchange by Nance let’s jump in and take a look at Finance really quick now finance in my opinion is just absolutely dominating the new exchange business what I want to do is just show you a Google Trends search so this exchange I think launched around August and it’s a Chinese based exchange and you can see that there’s no volume and then all of a sudden in December we just hit something like I’ve never before buying big tricks none of the other exchanges have growth like this and so you come over to the reddit page for example and they posted this on the page that said eight days ago they had two million users and now seven hours ago they posted this and now they have three million users so they’ve acquired 1 million new users in 7 days this growth is is absolutely insane now the reason that I think that they’re gaining so much traction is that the US has really struggled with this tax law and now that they’re making it clear they’re going to enforce it I think a lot of people are just not or just frustrated to be honest and when you go to use bit tricks and pallone e^x their services that I was using previously they’re not as easy to use finance just right away has a – bitcoin withdrawal limit which is about $30,000 Polonia X and bit tricks have a $2,000 withdrawal limit without the enhanced verification so right away just on the functionality and just being able to use the services finance has almost a 10 times larger withdrawal limit and it’s fast so you know I’ve signed up to the service I use it to buy Iota because I was recently kicked off BitFenix now one of the other points that I do want to bring up is that a lot of exchanges are either not accepting new users or they’re kicking us users off because they just don’t want to deal with the compliance issues China is one of the few countries that’s big enough to really stand up to the US so I don’t think it’s really going to care that a bunch of US citizens are joining these exchanges in fact I think that for a long time the New York has been considered the financial capital of the world and if America makes this very bad step of trying to regulate and enforce this industry and then they force a huge amount of users over to China I think China is going to be part of this accidental massive windfall that they’re not going to want to stop so now that they’re seeing millions and millions of new users jump on the system Finance doesn’t trade in Chinese yen so they’re not really threatening their local currency I think China is just getting a huge boost in in crypto markets we’ve gone from a 200 million dollar industry to almost three quarters of a trillion dollar industry in just a few years so China is just sort of up on this giant windfall basically sidestepping a bunch of us regulations creating a platform that in my opinion is equally as good if not better than bit tricks and so when I look at the fees on Finance for example and I’m a user on Finance the fees on Finance are typically 0.15 percent and sorry I don’t have the screen shot here and the fees on bit tricks for example 0.25 percent now why is by Nantz coin such an important part because that’s what’s hard to understand you have finance you have this successful exchange but you don’t have beatrix coin and you don’t have plenty X cone so the reason that by Nantz coin holds value is that if you’re on the finance platform and so when it comes time to actually trading for example the thing that makes it so unique is if you trade in finance tokens you don’t pay any trading fees so what’s happening here is that they’re removing that point zero one five or point one five percent fee and so that’s actually a massive incentive if you’re trading between the different Kryptos and all of the markets are the same price you might as well use the BnB token as a utility to to facilitate that change instead of for example converting into BTC and paying that fee now that’s a really really small amount like a 0.15 percent fee isn’t enough for the average person to get really worried but if you’re a trader and you’re looking at this new emerging market and you have these options now I have an actual unique value proposition for this BnB coin and then this white paper is actually pretty incredible – it’s one of my it’s one of my favorite in the fact that it’s very easy I understand what they’re doing and what’s even more interesting with this token is that it’s going to increase in my opinion in value over time because as finance gets profits as finance is making money on the exchange they’re actually going to go buy their own tokens back so I went to the icao 40% went to the founding team and 10% went the angel investors what I find most interesting is that the money that they make they’re actually using to go back and buy tokens and then with those tokens that they purchase they burn those tokens so there’s actually going to be less supply this is a Dupree in crypto so it’s not like Bitcoin where even the they’re adding new tokens but at a very slow rate this exchange is actively going to buy coins at market value and burn them so they can’t be used and so that’s obviously going to increase demand and so if you look at how fast this exchange is growing I’m just onyx red at numbers and by the Google search trends which is in the past being a really good tool to figure out the volume look you’re going from December 3rd this is unheard of to December 27th this this thing is just exploited now there are obviously security concerns because you are dealing with a Chinese exchange and you know you should be buying kryptos and then pulling them off exchange this you shouldn’t necessarily be leaving them on Finance for any length of time so maybe 5 or 10 percent of my total crypto net worth is on buy Nance the rest of it I’ve got off in cold storage but if you want to think as far as it being a scam in my opinion by Nance is actually a humongous opportunity for China it’s a humongous opportunity to become the world’s largest exchange it has this huge competitive advantage over bid tricks and pallone e^x and in my opinion it looks like it’s got a better business model everybody that’s trading on it is happy the trades that I’ve carried out and showed you in the videos have been really quick so it makes me think of this quote and it makes me think that bit tricks and the other exchanges really need to pay attention because Mark Cuban said work like there is someone working 24 hours a day to take it all away from you and bit tricks coinbase and all these other exchanges have had this great growth and in fact their growth has been so good that their customer service has gotten worse they’re obviously having huge problems to scale and all of a sudden out of nowhere by Nance pops in they they come in with this great distribution model of tokens they come back with their own coin they come back with these great value propositions and they just start exploding now the other thing that’s really cool about Finance is part of the reason coin base has done so well is that they had a great affiliate program which meant that if I gave you a link and you signed up using the link I actually got $10 per sign up which wasn’t a huge amount of money it was I think each month maybe between from a 300 and $400 it was it was cool but honestly if I wasn’t actually using coinbase and i didn’t actually use the services i wouldn’t link to any of them so if you go on to david haye dog and you go forward slash bitcoin you’ll look at the different trading platforms now finance queen mama and coinbase i get a small amount of a kickback from them and there’s no big secret there it’s not a lot of money big tricks i don’t and that’s okay because really I’m not here to promote any service that’s giving me the best kickback I’m there to promote the exchanges that I personally use myself if they’re going to give me a small kickback that’s great if they don’t well that’s okay too but not everybody’s like that and coinbase has gotten a lot of publicity because they have this fairly good referral policy but by Nantz is actually one step better so Beynon certainly has lower fees but what actually happens is the referrer that sends the new user to buy Nance actually gets 50% of the fees for life so I think on my account right now for last month that was somewhere around four or five hundred dollars and it was similar in the range of coinbase so now we have this referral program that is compensating people online for for using it it’s clearly a better business in my opinion it’s working better it’s faster it’s not going to have the tax implications it’s not going to be sending information to the IRS so even just in this uncertain market it seems like they have all their bases covered so here’s another article about coinbase bragging about their success they said that Charles Schwab has ten point six million active brokerage accounts in contrast with the eleven point seven million for coinbase now keep in mind that in December alone in December alone finance is going to add almost three million users so they’re adding 30% of the total volume for coinbase and Schwab in a single month so that’s why this exchange is just exploding it’s it’s growth is unlike anything I’ve seen when I was making five videos five months ago nobody was talking about buying ads and now everybody uses finance as their main exchange and I do too and it’s for good reason obviously I still have my security concerns follow your best practices pull your money off the the exchanges but when it comes to actually trading Kryptos and trading altcoins bian answers the fastest it has the lowest amount of fees and it has the is withdrawal limits and the way that they’ve set up this crypto in their white paper to actually buy back the coins and burn them makes me think that we’re gonna see B&B become a major trading power and so one other thing I wanted to do is just show you on the market caps how quickly this coins exploded so right now on the etherion markets for example finance is actually making up the number one position and then if we scroll down here we see that the USD T on by Nance is the second or the tenth largest trading power we come over to Bitcoin and again this two months ago didn’t look anything like this and we come down and see that finance is taking the seventh the eighth the ninth and the 15th so in the top 15 positions in Bitcoin four of them are populated by by Nance right now and so that’s just a testament to how quickly they’ve exploded out of nowhere and that’s also why the price of their cryptocurrency has exploded so with this exponential growth that obviously means that they’re doing a lot more in fees they’re doing a lot more than they anticipated they’re having to buy back a lot more of these tokens so that’s why I think right now this is a really unique opportunity and if Finance does continue to dominate the market and it becomes the world’s largest exchange I can understand why this coin is gonna have just incredible growth over the next 12 months I mean it’s a long term hold this is sort of like getting in at Facebook or this is like getting in on any of the base layer technologies sort of at the ground at the ground level I mean even the fact that it’s just gone from 50 cents or a dollar to eight dollars when you compare that to the other old coin so that doesn’t seem that that dramatic guys if you’ve got any questions or comments please go ahead and make them below until next time I’ll see you later follow me [Music] every time somebody like one of my videos I water these plants every time somebody subscribes to my channel I give them the trees every time somebody shares a video on Facebook so if you like gardening dogs America or cryptocurrency you should support this channel [Applause] [Music]

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