The answer: black smoke means they've voted, but no pope has been chosen. White smoke means a new pope has indeed been voted in. So that's why you're seeing livestreams of the Sistine Chapel chimney.

Black and white smoke is used to represent the cardinals' decisions each day, ... Black smoke emerged from the Sistine Chapel chimney around 3 p.m. ET on May 7 and 5:50 a.m. ET on Thursday, May 8.

Black and white smoke is used to represent the cardinals' decisions each day, ... Black smoke emerged from the Sistine Chapel chimney around 3 p.m. ET on May 7 and 5:50 a.m. ET on Thursday, May 8.