Bitcoin - Trace Mayer Calls Altcoins A Joke!

Hey you, welcome back to the channel. And guys, today, uh, I want to talk to you all about a very important interview conducted by the Crypto Beatles channel, uh, interviewing Trace Mayer. And in this interview, it's probably one in— as far as cryptocurrency is concerned, probably one of the best interviews I've ever seen. Definitely in the top 5 of interviews. And basically in the interview, Trace Mayer pretty much categorizes all altcoins as a joke, as a complete joke. Um, now I'm gonna talk a little bit about who Trace Mayer is right now. If you don't know who Trace Mayer is, Trace Mayer is a leading monetary and blockchain expert on Bitcoin Coin and Gold. Trace Mayer is an entrepreneur, investor, journalist, monetary scientist, and ardent defender of the freedom of speech. He holds degrees in accounting and law. He has studied Austrian economics, focusing on Murray Rothbard and Ludwig von Mises. So guys, um, you know, it, it's not about just throwing academia in people's faces. Like, I've talked about the importance of listening to people that have certain credentials and expertise in this space. You know, the reality is, um, a lot of the influence we get in cryptocurrency comes over from, uh, vehicles like the YouTube channels. And unfortunately, the channels that get the most views, the leading channels, are being conducted by, and many times, people who don't really have, you know, a lot of the expertise to understand economics and money. Some of them made pretty good trades in cryptocurrency and, you know, especially over the bull market and they thought they were experts. But the problem with money is there are certain laws that are attached to money and these laws are unbreakable. Doesn't matter if it's in cryptocurrency or the traditional markets, there are certain universal fundamentals that go with value. And, uh, in money. And, um, you know, like I had talked about earlier, some of my credentials, um, I worked for several investment firms. Uh, Trace Mayer, where he specialized, uh, mostly in gold. I specialize mostly in energies, crude oil, uh, natural gas. And I, I was licensed to work in gold and precious metals, and I did. But the way many investment firms work is they find a way to put you or put specialists in certain areas they are better at. I made more money in energies than precious metals. At the time gold was going on, it wasn't that exciting, and it wasn't a lot of money being made by our clientele with gold. Next, I became a VC. I was part of a private equity firm, venture capitalist firm, part of that, and I was in part of mergers and acquisitions as well. And I'm saying all this to make a point, guys, when you watch this content and you watch videos like this. And this is to say this, that people like Trace Mayer, I think it's very important that we pay very, very close attention to people like this if we're concerned about our money. Trace Mayer doesn't have a YouTube channel as far as I know. He gets less views. He gets a lot of views 'cause he's a legend in the cryptocurrency industry. But it is scary to me that people like Trace Mayer and other qualified people get less views than some of the people in cryptocurrency. And again, this is not necessarily a strike against, um, uh, cryptocurrency YouTubers and various things like that. There are dangers to that because some of these are considered unregulated securities, and whether they believe it or not, they are greatly influencing people to go out and buy some of these things. But, uh, you know, I, I say this in order so we can be more careful with how we deal with our money in the cryptocurrency space. But Trace Mayer, uh, I'm the type of person who I've learned to be, or I've tried to be, wise and listen to people like Trace Mayer when it comes to, uh, dealing with this market. And his warning, this is a warning that I take, this is a warning from him that you should be very careful in these markets. And I'm not trying to FUD anybody, but again, this is Trace Mayer, one of the OGs. Um, now he says he's not a Bitcoin maximalist. He says that, um, he would welcome any altcoins that have really good use cases. But unfortunately, Trace isn't seeing that. And I'm going to leave a link to this entire video from the Crypto Beatles channel, and I want to play this little small clip from it from exactly some of the things Trace Mayer is saying. And I hope Crypto Beatles' channel doesn't— he seems like a pretty cool guy. I've talked to him a few times, commented back and forth, and, uh, uh, so he maybe won't have a problem with this. But I'm just gonna play a few minutes of this, and I really want you to pay attention to what Trace Mayer is saying, guys.

Price is going to follow value in the long run, and so Like, Bitcoin is where it's at when it comes to the security, liquidity, the scalability, the network effects, the brain trust, like the innovation, the intellectual combustion, all that's, you know, honing in around Bitcoin. It's on that beacon. That doesn't mean that, like, we won't be able to speculate on altcoins and, like, make some money and lose some money and have fun. Like, you know, that's all fun and games. But it's not, you know, if you're looking out 20, 30, 40, 80 years, you know, and a real investor, they're looking out decades. You know, they have different time preferences, safety and risk to talk about. And that's a big thing for me too in this space. You know, so if you want to be like short-term day trader and like gambling, we're in Vegas, like, hey, it's like nothing wrong with that, right? Like, let's have some fun. But, but keep in mind that like you're having fun and it's— and, and most if not all of these altcoin projects are, they're just kind of like jokes, you know, they're white papers with buzzwords. And, and Bitcoin is like, it's where the network effects are at. I would like to see more coins that have legitimate network effects, but just how the economics and the game theory work, I don't know that we're gonna I don't know that we're really going to see that.

Yeah, I mean, to speak to your point, I mean, most of the stuff that we see are just kind of, you know, forks or knockoffs of Bitcoin that they're trying to put their own little spin on, right? Yeah, they're not really advancing or pushing the technology forward. They just kind of fork it or something like that, maybe make a little tweak here or there, but it's not something revolutionary. It's not something that's game-changing, kind of like Bitcoin is. Yeah, right.

So yeah, I mean, Bitcoin category creator— I mean, look at the top.

I'm gonna stop. I'm gonna stop right there, guys. And, um, I have to say I 100% agree with Trace Mayer and what CryptoBeetle's saying. And you know, this is a great interview, but he goes on to, you know, he hits Ethereum pretty hard if you watch the entire interview. But you know, he just is speaking from his heart about how he feels about altcoins and the dangers of altcoins, that they aren't game-changing, that many altcoins are just redundancy coins, they're just repeats of things, and that The— and here's what the problem is with all of what's being said, guys. And this is kind of my professional opinion about it. And this is how I see this, that Bitcoin is— it's developments being done to Bitcoin all the time. It's all kind of breakout breakthroughs happening with Bitcoin, or maybe in the next few years will be happening. And the problem with all of that is where does it leave these altcoins? Because most people would just integrate with Bitcoin because it's safer to do that. It just makes more sense. You know, it just asks a simple question. You know, I'm not gonna tie up millions of dollars in a project that I don't know if I trust the people. I don't know if it's secure, safe enough. You're just not gonna do that. You're gonna take your money to Bitcoin first. That's why every institution that's out there takes their money to Bitcoin first, right? Um, and so I think we really have to come to terms with that. Um, now where I do disagree with just a few points, uh, you know, he says no altcoins out there doing it right. And I, and I guess he's still pretty much, uh, kind of right when it comes to these comparisons to Bitcoin and things like that. Um, uh, but our project Bitcoin MYK. It's no, uh, it could be considered altcoin, you know, for all intents and purposes we could say it's an altcoin, but Bitcoin MYK was carefully thought out. And let me explain why Bitcoin MYK is attached to Bitcoin. If you, you don't have to buy Bitcoin MYK, you only need to mine Bitcoin, buy Bitcoin, you get Bitcoin MYK free. All right. So what is that doing? Is creating a network effect for Bitcoin MYK on the other side of Bitcoin, whilst at the same time making Bitcoin scalable and able to send at high speeds without risking investment back to the Bitcoin holder, right? So this is— this Bitcoin MYK acts more like an extension of Bitcoin, right? You call it an altcoin if you want, you know, it has some, uh, but why, why buy it when you could just buy and mine more Bitcoin, right? Our value comes from the network effect of using Bitcoin MYK that I explained in another video. So if you want to know more about it, watch that channel. But that's the only little disagreement I would have with that because this is an extension of Bitcoin. It goes a step further than a Bitcoin fork, okay? Because in a Bitcoin fork, what you get is you get a snapshot And then after those tokens are placed in your account that are part of, or that are connected somewhat to the Bitcoin ledger, that's it. You know, whatever happens after that, now you got a totally different coin going on about its business. That doesn't happen with BitcoinMYK. BitcoinMYK, as you continue to mine Bitcoin and buy Bitcoin, you get more BitcoinMYK. Only difference, now you can move the value faster. right? It's more scalable. Um, and, um, and so that's very important. That's part of a lot of Bitcoin solutions that they're looking for. So to me, that's more closer to what you might get with the Bitcoin Lightning Network, right? This kind of extension to Bitcoin. And that's important as far as helping Bitcoin, but that's a totally different thing than an altcoin on an entirely different, uh, inferior blockchain. Right, that's a problem. Now with BitcoinNYK, uh, the security of the network is easy. You only need to look at the Bitcoin ledger and then look at us on the Waves network, and your token value should match up over there. If it does not, if your token ratio doesn't match up over on Bitcoin, uh, MYK over on the Waves network when you check the Bitcoin ledger, then you would know that it's, um, that the, um, there's a problem, right? There's a problem in the value of the tokens. Then you would know, uh, and be able to, um, not use the coin or see the issues in it. But you can verify that, right? When an altcoin tries to take the place of Bitcoin or is used like Bitcoin, well, it's only going to be as valuable as, as far to the point that Bitcoin can't do the things it does. But what can't Bitcoin do that they're doing, right? And why can't Bitcoin do it better? That's the question. And once Bitcoin can do it better, and Bitcoin will at some point do it better, it will make that coin obsolete, right? And these are the— this is how we have to look at this market. I know many of us aren't trained to see it this way, but we have to look at it this way. Now, again, going back to what Trace Mayer was saying, If it's just about a hype train for you, if you want to make a little bit of money, cash out, you're taking a risk, right? You're not, uh, you're not looking at this as something serious. So you're basically looking at it like a joke still, like what Trace Mayer is saying. Because if you're— if it's day trading and if it's like gambling at a casino, which is what Trace Mayer is obviously saying, he says it clearly, um, then that means that we're playing with our money. Essential. Basically, that's not a good way to invest, right? That's not investment in crypto. That's not really belief in crypto. And belief in crypto, I think, is coming to the reality of what it is and what exactly it's going to do. And I think we just have to be honest and come to terms with that, guys. But, um, and I hope that in the comparison to everything you're hearing, and after you watch this interview, whoever tunes into the channel, watch this interview, and they go back and check out BitcoinMYK, that they see the differences between it in relation to Bitcoin and many other altcoins, right? Because at certain points I don't even class us as an altcoin. That's the, that's the thing. Now that said, Bitcoin NYK is not perfect. And this is another thing we did in the investment industry. And this is what concerns me about some YouTubers. We use kind of what I call the 50/50 rule. And let me explain to you how that worked. In the 50/50 rule, basically every time we say something good about an investment, we would counter that with, you could lose all your money, this could happen, your investment could go to zero. That was not only a rule, but it was pretty much a law in the securities industry. And, um, so you had to do that, right? If it ever— if, if you were a person who you promoted something and you never talked about the negative effects, not only not talked about it, but you didn't do it in a certain well-balanced way, then you would, you know, you could get, you could be sued, you can have your license taken, a lot of things could happen to you, a lot of negative things. And so, you know, speaking about Bitcoin NYK on this topic because of its relation to Bitcoin, what I'm saying is that it's not perfect, right? It is experimental. Uh, we use something called social media verification keys because of such great concerns with KYC, right? Uh, KYC is a pain in the butt. That's the reality of it. Um, and so we use social media verification to a certain extent. Now, there are some security problems with that to a degree. We've, we've reduced it with certain formulas and use of databases. To deal with this, right? Um, however, it's possible that it could— people could get into it. That's the negative thing about that. However, you could always check the Bitcoin ledger and check your token value against in the Bitcoin NYK. Uh, so everything would still be transparent. Uh, also, you don't buy the tokens, you can get them free. If you want more, you just can buy more Bitcoin or mine more Bitcoin. right? So by buying more Bitcoin and mining more Bitcoin, um, you know, you don't, you don't actually go through the danger of losing your token. You still have your value over on the Bitcoin network, right? And, uh, but I'm just pointing out that it's not 100%. And the reason I'm saying that is getting back to being careful with what we say about these altcoins, right? And, uh, you know, again, we have channels out there that only speak about the good things about these tokens. No, we got to do better in, in those areas. You know, we got to call out, even if it's our token, even if it's one of our favorite tokens, we need to be able to call out the shortcomings of it and the reality of it and the reality of its future to the people who are invested in it and on a hope train for it, right? But guys, I encourage you to watch this video with Trace Mayer. I think it's very, very important. Check out our project. Uh, you know, I'm not shilling it for you to buy any of it. Like I said, I would prefer you just go buy Bitcoin and mine Bitcoin and come get the tokens from us for free. Test it out, see if you like being able to move your represented value of Bitcoin without risking them. Okay, that's all I'm saying about that. Um, and, um, I guess that's all I want to say in this video too, guys. Uh, guys, uh, if you like content like this, if you find content like this helpful and truthful, then leave a like, subscribe, and we'll see you soon.