Bitcoin Hex - GetETH Fomo3D/ Differences

Hey you, Bitcoin Hex Jesus here. So guys, I want to talk to you all a little bit today because I got a question, um, and it was related to, uh, how I felt about, uh, there were a variety of these Ethereum smart contract based games. And I don't really want to, I don't really want to say their names. Maybe some of you all know something about them. There's a, there's a new one out. And I think one of them that's out now is something like called GetETH or something like that. But I recall that there were several versions of these Ethereum smart contract games. And what happens is you kind of stake your coins and, um, you get like interest off them. And then if you try to get out too early, you have to pay a penalty. So what, what a lot of people are starting to, uh, relate it to is Bitcoin Hex. Uh, they're, they're finding some similarities a little bit in Bitcoin Hex and how those Ethereum smart contract games went. So what I want to do in this video, guys, is talk a little bit about some of those, uh, smart contract games and the differences between them and Bitcoin Hex. Um, why I think there are very big differences and what we're going to get with Bitcoin Hex and how those, uh, Ethereum smart contract games played out, right? And so to kind of understand where I'm kind of at with these Ethereum smart contract games, uh, and how I feel about them, I think when I look at them, uh, how they were handled and how they worked, you know, the mechanics of them is it all depends on FOMO, right? You gotta, you gotta FOMO into this thing. And it, it feels more like a— this feels more like a gambling game to me, right? Because you, you have to FOMO into them. And the, the, the worst part about it is that as soon as you kind of FOMO into them, then what happens? Another one pops up. So several of them pop up, so people keep jumping ship on you and It's kind of like a hot potato thing, or it's like more like Russian roulette type thing, right? And so you kind of get left holding the bag there and people lose their money and then people who got in early try to reinvent it. And it's just a continual cycle of this and it becomes like a no-win thing to it too, right? And so they keep going on and on with it. Uh, and so what happens is because the number one problem with them is Generally, the networks of these are very small because serious investors aren't going to jump into games like this because, you know, they want something that's going to be sound structurally that they can collect dividends off. They don't want something that can collapse overnight. And that's the problem with these games. So I classify them as games. Now, I don't find anything wrong with like the casino games and cryptocurrency or gambling games as long as you think of them in that capacity. And I think the problem I found with many of these Ethereum smart contract games was that they were basically just these gambling casino games. I think they were kind of marketed as that, you know, like people say this is like a game and things like that, but people would try to use them for uh, to, you know, as a legitimate dividend-producing, uh, platform. And I think that was the biggest problem with them, that it was something that was attempting to kind of fill that need in cryptocurrency, but it was nothing more than this gambling game, and people would lose their money and things like that. Now, interesting enough about the one I was asked about recently, I think it's called GetETH, uh, was that it actually has a casino kind of latched on to it You know, and so at least with that one, you know, even though it literally has a casino as part of a way to make money with it, which makes sense because to me that's what they are, they're essentially just straight out gambling games, uh, that's the only purpose they serve, um, but, uh, you know, at least with it, it literally has a casino game. So what it's trying to say is this kind of a little bit more sustainable because it has this casino element to make money with it. And that kind of, I guess, it makes it more, you know, sustainable. It actually has a value to it to some degree. But, you know, but then that's not investing though, right? That's gambling, right? And so then it comes a question, do you just want to have some fun and gamble, which is, you know, which is fine, or you kind of trying to make a serious dividend return off this crypto thing that's more related to a strategy and a platform that people are going to actually use and want to use, right? You know, these things have limited times, right? They have until the next one comes along and, you know, you're on to something else. Now, another question that kind of came up, I think, as people were kind of relating a lot of these Ethereum smart contract games to Bitcoin Hex was that, uh, you know, with these games, Ethereum goes into them and Ethereum comes out in interest, right? It's not a token, it's not its own coin. Well, some of them did kind of have this kind of represented coin, but really you immediately sell them for the Ethereum, so they within themselves didn't have any kind of use, right? It's just, they just kind of— I don't even know really why they exist. It looks like you could have just kind of put the Ethereum in, but I guess it represents the, the interest or the stake you're getting back. And then as soon as you get them, you, you know, you basically, you stake them, but you know, at some point obviously it's to sell out of them. You're never going to use them in any other capacity other than that, right? They're never going to become something else other than being staked through this mechanism, right? So, um, Uh, so that's kind of how they worked. And, uh, so kind of got the basic rundown with them, you know, what the dangers were with them, that, you know, you, you couldn't stay in these things too long. And then when do you get out? You don't know when to get out. You just kind of see everybody just kind of selling off. And idea is if the last person sells off, they get all the money in the contract, right? Kind of like hot potato or something. But, uh, so let's talk about the differences with Bitcoin Hex and that. So and comparing it to the first difference is, you know, of course with Bitcoin Hex, Bitcoin Hex is meant to be this certificate of deposit, right, that you're gaining through staking your coins and you get interest off, off it being staked, right? But the differences are it's not— even though it's running on Ethereum, it's not being paid in Ethereum, it's being paid in Bitcoin Hex. Bitcoin Hex has this value of staking Bitcoin Hex onto itself, right? So, um, you know, that, that's very important, uh, because Bitcoin Hex isn't a guarantee of, you know, any money, right? It's supposed to be decentralized. Um, it's not a guarantee of any returns or anything like that. Uh, Bitcoin Hex can exist and you don't have to worry about ever running out of Bitcoin Hex. Or unlike the Ethereum type games where the contract, you know, you run out of, uh, basically, uh, you're using Ethereum and it's the value of it is going to be based on how much Ethereum goes into the contract, right? How much Ethereum people are buying, uh, in exchange for these tokens. Bitcoin Hex is something different. It's based on, um, a different money value consensus model, right? And that it's always going to be enough Bitcoin HEX to pay out the interest because it's coming from Bitcoin HEX that's already held in the contracts, right? You don't have to buy it with Ethereum. Now, you know, um, so it's different in that, and it doesn't have this pyramid-like feel to it, right? Like the Ethereum smart contract games have because it's not based on that. So, um, I, I think where it gets a little bit challenging and confusing to some is they start to kind of fall into, well, where does the value come from? Why am I just staking these coins? And so, um, that kind of goes into the value of the network, right? So, and that, and that's the problem. This is, this is where the difference between Bitcoin Hex and these Ethereum smart contract games are going to diverge a lot, because first Bitcoin Hex It's part of a— a lot of people don't like to call it a Bitcoin fork. You can call it a Bitcoin airdrop if you want. You can call whatever you want, but you don't buy Bitcoin HEX. It's based on the amount of Bitcoin that you hold, right? So one strategy could be you just go buy more Bitcoin, um, and you don't— and, and you, you claim more Bitcoin HEX through the Bitcoin holdings, right? Like in a fork, like in an airdrop, or however You like to look at that. Um, and so, and so, uh, you don't pay for it, right? So that cuts it out of Ponzi-like schemes, that cuts it out of the pyramid-like schemes, or what you would get in these smart contract games. And that's very important. Why is that very important? Because in order for these type, uh, systems to work right? You have to get away from the idea and the concept of it, you know, being and feeling like a scam. Because if you don't do that, if it— if you can't kind of get away from that stigma, you're going to reduce the, the size of your network. And why are you going to reduce the size of your network? Because people aren't going to FOMO into it because they're going to eventually know that The later they are to the party, the less money they're possibly going to make, right? Because the contracts are going to start to— the value of the Ethereum contracts are going to start to, you know, to dwindle down. And so people aren't going to want to be left holding the bag and the dangers of that and the element of it and the fact that it does feel pyramid-like and Ponzi-like. Uh, where Bitcoin heads is a little bit different because it's bringing in all these elements. Um, it's going to go into what I deem to be a broader network, and a lot of things change in cryptocurrency when when your network starts to get bigger. It's almost like comparing the quantum level world to the macro level world, right? To the, to the, to the, to the, to our world. Different things happen when a network increases in size. One such idea is the economic concept of velocity of money, right? The more larger your network, the more value moves around your network, the more valuable it becomes. The problem I have with a lot of these Ethereum smart contract games is I don't think they would ever be able to at least reach the level, the network size, nor have the network effect that something like Bitcoin Hex will have going on the branding and marketing of Bitcoin. Uh, the founders, they already have a pretty big social, uh, network presence, right? They have a big network effect or network onto themselves. That's all very important. They're also pretty well known in the cryptocurrency community, some of the original Bitcoin users. And a lot of these smart Ethereum contract games, uh, it's cloaked a lot in obscurity. I don't know the people who are, uh, you know, behind it. Uh, and it's just, it's just a lot of concerns as to building it up to be this legitimate branded network, right? And that's very, very important to the size of it and what it's going to be able to achieve with the size, with the size behind it. But I think, you know, ultimately the best part is going to be that participants don't need to buy their way in. That's very important. With these smart contract games, in order for them to work, you do have to invest money into them. And once you start to invest money into them, you kind of become part of this, the pyramid structure, don't you? So, uh, whereas in themselves, again, they aren't, I think, necessarily bad things or scam-like things, uh, the, the, I think the problem is just in the purpose of them, right? Uh, and the fact that I just don't think they're going to achieve that that type of market success because they don't appeal or tap into the proper markets, right? People just see them as this game of, you know, just who gets in quick enough or who gets out. And although there is some game theory to that, it doesn't still lack the branding and marketing effect, right? So, to kind of stay out of that element of it feeling like a scam, you, you need to brand it well, and you need the right people involved in it, and you need, uh, a type of right structure and future plan. Again, Bitcoin holders are going to be seduced, uh, into coming into, uh, Bitcoin Hex because they can get their Bitcoin Hex tokens without paying for them, right? That's very important, you know, to, to be able to, uh, to, uh, gain though that part of the community, right? And, and to take the risk from them in a sense to where they can come into this thing and be participants in the ecosystem, um, you know, without putting up risks, right? Without taking the risk. And that's very important because the creators of Bitcoin Hex, they are taking all the risks. That's something that didn't happen with these Ethereum smart contract games, games. And these are big differences. You know, we, we take the risk going into these Ethereum smart contract games, but with Bitcoin Hex, you don't take any risk, right? Thus it can't be a scam, right? The only thing that would cause you to get hurt or burned in Bitcoin Hex would be the exposure that you subject yourself into it. And you know, of course that would be, based not so much on Bitcoin Hex but on your own desires, and dare I say, at your own level of greed, that could cause a certain problem with that. But let me move on to that, from that to this, that getting into Bitcoin Hex and with it being able to achieve what I believe to be a brand effect, a market effect, it has a better chance then of going on to become something else, right? So a lot of questions come up. Well, what about the liquidity of this token, and where's the value of this token, and how long do I have to stake this token? So some people feel they have to stake for 50 weeks. Uh, I think that's been clarified. I'm pretty sure you only have to stake for at least a week, and then you can take out after about a week. But you do have to stay in as long as you, uh, decide you want to stake a coin or a token. You have to stay in for the period you, you agree to stake it. If you try to take it out early, that's when you're penalized, right? Um, so, so the liquidity of Bitcoin HEX, it looks like more than likely it's gonna happen over an exchange, right? So the community is gonna decide what this token is valued over, right? So there might be advantages of buying it on an exchange. Maybe you can get a better deal buying on exchange, then, um, uh, then entering into the Ethereum smart contract with it and stake the token that way. People selling the tokens on exchange. But as I understand it, there are a few exchanges already are willing to list it, so it will be a market for it. Um, also I think with the amount of people that are probably going to be involved with this project, it's going to— it's going to— more than likely it's going to be a good opportunity for Bitcoin HEX to be used as other things, right? Like even with BitcoinNYK.com, my, my project, we're willing to already start accepting Bitcoin HEX, uh, as a, you know, to be able to do things on our site that's growing, do marketing things. We're going to have products in there you can buy, ebooks, electronics. So it's going to be, uh, markets for Bitcoin HEX. Now how valuable is the token going to be? Uh, that's like asking a question about any other token. Um, that, uh, you know, it's hard to, you know, to say. But one big difference in that and these Ethereum smart contract games is that there is going to be no guaranteed profits. There's no guaranteed anything in Bitcoin Hex other than you're going to get these Bitcoin Hex tokens. And other than that, it has to rely on the market, the network effect. Now again, I'm banking on the concept that Bitcoin Hex is going to achieve a much better network effect than any of the Ethereum smart contracts are going to achieve. I pretty much know that to be so because so far none of them have been able to break out or grow or really become anything, uh, that's been significant. And most of them dwindle away and they go away and they fail. Right? Then another one pops up, but it's essentially the same thing, and it's limited. So it seems to be limited to how far they can grow. And I don't think Bitcoin Hex is going to have that problem. I think Bitcoin Hex just has what I call the brand effect right behind it, right? It's just going to be well branded. Uh, Richard Heart, who's run the program, he's already pretty popular in the cryptocurrency space with many followers, with tens of thousands of followers, maybe come, you know, and he's now networking out and branching out to other big communities or other big social media influencers who are on board with it, right? So now he's effectively been able to kind of unite and combine and grow this overall reaching network effect. And that's all very important, you know. Now, you know, getting to the actual value of— some people have problems, oh, it's just a coin being staked to no end and it doesn't have any real value, it kind of smells of a scam as well. Well, you know, that kind of goes over to how a lot of people feel about these Ethereum smart contract games, and that's why they don't gain much traction, right? So because of these very specific differences in Bitcoin Hex, that makes all the difference in the world to propel it to something a great deal more different and a little bit more, you know, taken more serious, a little bit more respected in that manner of being this token that is held and gains value as a type of certificate of deposit, if you will, to grow interest over the course of events. Now, where do I— where I do admit that these Ethereum smart contract games seem to be first to do that, and I did see promise in them. Well, let me put it this way, in the concept of it, it made sense because it was doing this dividend payback type structure, right? But where it failed, and getting this part right was as important as the entire project where it failed, as it did come off as kind of scammy, right? And of course, that was consolidated with the people who would end up, you know, losing the most in these contracts, right? When they close down, you know, when people cash out. And so it just didn't achieve that well-branded idea behind it. So, uh, when I look at them, you know, I'm, I'm not saying don't use them. What, what I'm saying is I'm simply saying that they are looked at as like a casino game, right? It's not looked at as a real competitor as a cryptocurrency that's going to be able to achieve, uh, um a place, you know, in cryptocurrency that's significant. Like, it's not going— they're not going to reach the plateau of what Bitcoin Hex will reach as being considered this savings, uh, deposit account, the certificate of deposit account, right, that pays you interest by using forked Bitcoin, forked coins that weren't claimed by Bitcoin holders, which also gives it this kind of idea and broad expansion of, of being a kind of more not only a trustless system, but it's just a more well-distributed system out to the rest of the community. And you couldn't get that in these Ethereum smart contract games because again, you had to purchase and you had to, you had to buy them, you had to take the risk first, right? And that's not what's happening in Bitcoin Hex. Um, the next part is I think Bitcoin Hex will evolve on from this, right? Much like a lot of the other tokens would do. Like, they, they all kind of start off kind of like with this very simplified trustless smart contract that sets out to do one thing, just, you know, make you money, uh, by gaining you excuse me, by gaining you interest. But then they always kind of go on from that to evolve into, okay, well then we're going to have a, we're going to have a, uh, some type of, um, credit card that goes along with this, right? And we're going to have a store and we're going to have a casino and we're going to have this and that. So they, they do start to evolve, but like I said, none of them to this point I've seen them reach to high enough level to where, um, they were able to, to, uh, uh, you know, be real tokens that are top 20, top 10 tokens. Now, you know, interesting enough, crazy enough, some people make the comparison of Bitcoin Hex. They make the erroneous comparison to Bitcoin Hex from BitConnect. Oddly enough, Bitcoin Hex— or sorry, BitConnect was able to kind of reach a $2 billion valuation. We remember that. So they can get significant. But of course, something like Bitcoin— or I'm sorry, BitConnect— will never be able to happen again. And we know that because nobody's going to do it again, right? It's— it was— it was a one-shot deal. And so it can't exist again in this space. Uh, but again, the Bitcoin HEX comparisons would be erroneous because there's no money going in right, from the— as an initial investment. You know, in other words, you don't have to, to have it. You know, I could, I could just in theory basically just go— if I want a lot of Bitcoin HEX tokens, I could just go buy a bunch of Bitcoin and just claim Bitcoin HEX and leave the Bitcoin in my wallet. You know, that's, that's all I would have to do with that. Now, where Bitcoin HEX will make its money is human psychology, the FOMO, and again, the herd mentality. When one person goes in, they're all going to kind of follow in, uh, you know, as, you know, kind of some economists like Keynes, John Keynes, uh, touched on, right? We, we have this herd mentality, right? And it usually wins over on us. So you're going to have that with Bitcoin Hex, and that might be the kind of scamish part they're trying to compare, uh, trying to sneak into Bitcoin Hex. But You know, it still does not have the components of that, you know, because it gives you the option to use Bitcoin Hex to participate in the system and get the same results pretty much without going through that route. So I can't really class it that way. And these differences are quite significant and they make all the difference in the world. But that's all I want to say in comparison to them. I want to talk about that. Give a little bit of clarity on it. As a lot of people who played those Ethereum smart contract games, they do tend to look at Bitcoin Hex as that. It is not that. Some people think it's worse than that. I disagree. I think Bitcoin Hex is a great deal better than that because for one thing, I think Bitcoin Hex is going to be around for a long time. Those smart contract games, you know, we know they're up today, they're gone tomorrow. If they're up today, they'll be gone tomorrow. Bitcoin Hex is not even in the same ballpark like that, I don't think. And, uh, so that's just my thoughts on it. Love to hear you guys' thoughts on it, but I hope that clears up many of the differences, uh, in that. Guys, if you like content like this, don't forget to like, subscribe. Don't forget to use my Bitcoin Hex, uh, link. Click on it, uh, you'll be able to, uh, um uh, get some prizes from us as well. And of course you want to be in early. But that's all I want to say in this video. Until next time, take care.