Electroneum - Cointelligence CEO Joins/ Btcmyk Contd Growth

Hey you, welcome back to the channel, and I hope you all are having a nice day going into the Fourth of July weekend here. I hope you guys are having fun, being safe, being aware of what's going on here with the coronavirus and some of the craziness that's happening around the country today. But all in all, I hope you guys are having a good time. Um, so we're going to talk Electroneum. I want to do this video, um, because, uh, Electroneum, as many of us already know, the CEO of Cointelligence, um, Yavin, has joined Electroneum's board of advisors. Many of us know this story already, but, uh, it, it was a— I was very excited to see it actually because, um What, what, how the Cointelligence, um, uh, organization works, um, is it's been doing a lot of, um, due diligence work, right? Um, on many of these cryptocurrency projects that, uh, may be questionable, that might be about, uh, is this something that we really need to be taking a serious look at, and so on and so forth. And, uh, I had been familiar with, uh, Yavin, uh, especially came into, um, on my radar when he was, uh, doing research on Hexcoin. And, uh, whereas, uh, I found, uh, Hexcoin quite the interesting, uh, product, not without its faults. I, I have talked about the many of the issues, and I found personally with Hexcoin since it launched Uh, many things I didn't think would happen in Hexcoin that came up, and, uh, I wasn't very happy about it, but, um, Hexcoin still performed pretty well anyway. Uh, so Gavin had recently been looking at Hexcoin and he wasn't very impressed by it. And whereas I don't agree with everything he said on Hexcoin, I do agree with the type of approach he's going to take looking into cryptocurrency projects. And because of that, I think it's gonna be very well suited for Electroneum. The reason this is a good thing as well is because for a long time, you know, in the cryptocurrency space, it was that nobody took Electroneum serious, right? They would call it, you know, basically a crap coin, right? You know, they would say that, you know, it's never gonna be a cryptocurrency of value, anything like Bitcoin and so on and so forth. But I think as the story has unfolded more, what we're actually beginning to see is that Electroneum is starting to make a lot more sense, um, you know, than, um, many cryptocurrencies, um, you know, as far as the product itself, the use of it. This is going to be something people are going to use, and I think the Bitcoin, of course, like, you know, how Richard Ells had been speaking about some of the reasons why people use Bitcoin, um, and then like it being the granddaddy of the coins and so on and so forth, there being a great deal of liquidity and value of Bitcoin over the, over the last decade built up. Um, you know, that, uh, when it comes to actual, uh, use in a way that people can understand. Because what we have to keep in mind is that we create these systems of cryptocurrency money, and the reality of the situation is money is not a real thing. It's more like an abstract idea, right? You're actually just trading off energy and food for the most part. And because of that, Uh, it is very important that what— if you design something around a money system, that it actually has use, you know, that it— that people are actually using this for something. And I think Yavin has a great way of zeroing in on projects and products that actually do things, conducting audits. And he was impressed with Electroneum because he could see it was like a real business behind it. It's a real plan behind it. It makes sense, uh, it's going to make sense globally to a lot of people. A lot of people are attracted to it. A lot of real users in the millions that have been, you know, identified and confirmed by, uh, Yavin's, uh, audit. So in all those respects, uh, this is kind of, I, I think, kind of vindicating a lot of us Electroneum people who've been in there a long time and what's been the, um you know, the, uh, the short end of the stick for many of us is that the cryptocurrency community just couldn't get it right. They just couldn't catch on to what we're doing here, uh, with Electroneum, right? Um, because— and I think it's because of, uh, it goes back a great deal to, uh, what you get with, uh, um, you know the price movement and, uh, speculation, right? And some cryptocurrencies, through, uh, in many cases it could have wash trading manipulation, were able to smear a lot of people in and get them to the point where that's what they wanted to do, right? And, you know, we talk about, um, a lot about how Ripple, uh, that's come up quite a bit on how You know, they're selling off a lot of their cryptocurrency. Ripple, of course, the company holding a lot of XRP cryptocurrency and selling it off, you know, for profits over time. But the reality of the situation, many people are finding the Ripple product not actually being used. You know, it's not actually— many of these banks that are using Xcurrent aren't actually using what would be XRapid. I'm not going to get deep into the explanations of that, but it basically comes out to, you know, these may aren't going to look like necessarily viable products into the future. And I think what someone like Yavin is doing is he's really zeroing in on what the future of cryptocurrency is going to look like, which ones are going to actually make sense to people. And he's a use guy like me, right? We, uh, we're, you know, we're into This has to make sense to people. If it's not being used by people significantly, I just don't think speculation is going to be solid enough into the future, right? Now there is going to be something in the store value scope, uh, and this is why I guess I could say I kind of disagreed with Yavin when he was, uh, kind of grilling Hex and he was kind of making this argument that yeah, with every cryptocurrency can move money and store value but he didn't say the same thing about Bitcoin, right? And the problem was Bitcoin kind of falls under that same rank and file as what Hexcoin was under, right? With the exception, I guess, though, if you look at, you know, the reality situation, we don't know who controls Bitcoin. But if you looked at something like Hexcoin, where, uh, the belief is that a large amount of that cryptocurrency, maybe something like half of it, just guessing here, 40%, 30% might be going back to the founder who they believe to be Richard Heart in control of these wallets, right? So the argument is made that he's controlling most of the cryptocurrency, and I do think that's going to be an Achilles heel for Hex coin. But I think where Yavin maybe missed something is, whereas I believe he's like 90% right on every other everything else. I think where he may have failed to, uh, analyze that situation right is I think he, he left out psychology in the market and a lot of motivations or why people are doing this and in the incentive. And, and for example, what I mean by that is, um, you know, many of us go, this is a great cryptocurrency, everybody should be putting their money into this. But the reality of the situation is, uh, in traditional investing, you know, if you're making 12% to 20% a year which is something, uh, certainly possible, uh, what happens is you're doing it with a lot less risk than in cryptocurrency. So to be making the same returns, 12 to 20%, in cryptocurrency with the tremendous amount of risk that's involved in cryptocurrency doesn't, uh, make a lot of sense. And so this is something we have to be, you know, mindful of. When we, uh, look into things like this. Okay, so where was I? I'm sorry, I had to move to another part of the room, uh, the house rather. Um, so, um, getting back to what is decided in trying to find, uh, the best cryptocurrencies, right? It would seem that the idea behind Cointelligence was to root out, you know, good products from the bad ones. You know, he's looking for the scams, the corruption. He's doing the audits. And it doesn't surprise me at all that Yavin would be attracted to Electroneum. My only question to him would be what took him so long? But I think we were very quite optimistic early on of many cryptocurrency projects, and I think it became very more so difficult to find the cryptocurrency projects that were really good ones and ones that were probably really going to succeed. And just the way Electroneum has been set up, branded, marketed, it's working around the globe. And, um, it's working quite well, like a really good business. It hasn't translated good into the, to the price. Now, in the interviews with Yavin, what I did like to, to hear was that he wanted to get more involved in the marketing. I think what it is is Yavin probably sees a different route that can be taken that can maybe help to, to get Electroneum out there and more digestible on the price end, on the investor end. And he— how he's navigating the cryptocurrency space is probably— it's probably true that he can do that. So that's going to be all interesting to see and watch. You know, but of course, again, the big question being between the products, products like Electroneum and many other of the other cryptocurrencies out there being, should we be focused on good products, good companies that are going to have some use in the future, or should we be focused on price, right? So much so, and, you know, and so that's a question we're going to have to look into and answer Uh, there are some setbacks to cryptocurrency being implemented into our normal financial systems. You know, we spoke about them, things like, um, just how we transact money. Um, you know, there are problems with what happens when you lose your cryptocurrency. There's problems that happen when you make a purchase and you need to do a chargeback or something like that. And I think Electroneum will be one of the best cryptocurrencies to solve that problem. But for many of the other cryptocurrencies that exist now, they don't do that, and they're going to be a problem. What should we be looking at in cryptocurrencies? Well, I hope Yavin, you know, is really looking at what the future of this is going to look like for Electroneum and keep, you know, helping to expand it into various countries and markets. But there's going to have to be incentive And although a lot of people cheered and were excited about the, you know, the free Electroneum minutes or money being stopped, I kind of disagreed with that because I felt that it made more sense to give out that money than to spend marketing dollars, you know, in a sense. But now they feel they matured past that. There's a limited amount of cryptocurrency. And now we're just gonna have to see if it's gonna be enough incentive in cryptocurrency, because we do have to separate these things. You have a great business and it could do well, but for the investors, it might not have the same incentive to participate, right? So that's all something to consider. But great to hear this information about Yavin of Cointelligence. I'm sure he's gonna be fantastic for Electroneum. Real quick, want to tell you about— I want to segue into BitcoinMYK.com, our project, universal basic income project, that we think is going to be one of those future cryptocurrencies with an actual use that people are going to actually use, be incentivized to use, and we're very excited to see what's going to happen with Bitcoin MYK. So Bitcoin MYK, so one problem we're finding in cryptocurrency is, you know, as we kind of mentioned earlier, how, what motivates and incentivizes people to join your projects, invest in the cryptocurrency, use it on a day-to-day basis. And there are going to be, you know, many reasons for that. But in a more mass adoption, universal approach, the Bitcoin NYK project has targeted universal basic income. And although this has been attempted before, it's never quite been attempted this way, more relatable to a Bitcoin fork where you would have the value of Bitcoin holders involved, as well as a new market of people, even people who don't quite understand cryptocurrency, through a very user-friendly interface. So what you get an example like that is you get basically what would be not only a very easy way to onboard onto into cryptocurrency, but also you would receive incentive to participate because Like we explained prior, it's very difficult, um, in order to, um, get people to onboard and be interested in cryptocurrency if the returns, uh, due to the tremendous amount of inflation, especially in the, uh, earlier parts of many cryptocurrency projects, it's going to be hard to motivate people to participate when their returns annually aren't even what they're getting in traditional markets. In some cases, even worse than that because they're losing a lot of money and not making any. So it's almost like the, the risk don't outweigh the rewards, right? Um, or the, uh, or the rewards don't outweigh the risk, rather, right? And so that's a problem. That's going to just cause people not to join. You're not going to be able to get, uh, millions upon millions of people. You certainly aren't going to mass adopt. And, uh, we have to find ways to do that. The situation with our globe today, COVID-19, many global civil unrests across the globe, ideas like cryptocurrency integrated with universal basic income, I think is where the future is gonna head. Now, what's a little bit interesting, as I was explaining earlier about our product, a little bit more unique is that we do very simple things. We use video hosting interfaces. And the things people do, like you're doing right now, and they earn their cryptocurrency through that, they earn a universal basic income through that. And we build this large network similar to what you might get with Facebook, which is worth half a trillion dollars, Twitter, um, and many of these, uh, Instagram, many of these platforms that have, uh, become multi-billion dollar companies. Um, and so getting people to understand cryptocurrency in a very easy way, in this way, we believe is what's going to get us there. Um, so in that sense, I think one of the most impressive ideas behind the Bitcoin NYK project is the idea of the Bitcoin fork, uh, method we're using in order to be able to move this value across cryptocurrency blockchains. But it's deflationary quality, which means the transactions themselves are, uh, burning against the cryptocurrency. And that's kind of creating a value proposition in which people are coming in, building up the network, but they're less and less cryptocurrencies. Now, you know, we, we've heard people say things like, um, like, uh, over time, um, or, or that they don't like such ideas of burning cryptocurrency, uh, because they feel like it feels kind of fraudulent or scammy. But I would remind people that this is quite legal and done, uh, concepts like this in, um, traditional investing through whether it be stock splits or reverse stock splits. And this does quite a similar thing, kind of creates a more attractive pricing situation. I think in cryptocurrency, because we're in the— so I guess my disagreement would be with that would be that this has been proven to work in the investment business, but also I think the idea of building up a product, and if you're going for wide community use and the value of the platform, potentially if you could reach millions of people and make the value of the site itself become worth millions of dollars, that the value of the people who participate, whether they're investors or they're getting cryptocurrency through the universal basic income, Um, I think value-wise is giving, still giving more value back to the end user as they are, um, actually taking more value of that product, right? More value of that platform is now going back to them. So I don't think that's a bad thing. I think it's actually pretty good tokenomics in that, and there being a product there in the community and a network that's being used, uh, You're able to post, so it has the social network attached to it. So then in that sense, it's not much different than what you're going to get with your traditional social media networks, Facebook, the like. You can post articles here, you can watch videos, and so on and so forth. So you're going to have a very similar situation to the use in that. The significance of it, again, I think that the approach to BitcoinMYK is unique. Um, in that it's able to use the Bitcoin, uh, holders, uh, by, you know, swapping them the same values, uh, cryptocurrency to what they hold on Bitcoin, bringing in a new market. And I think that's going to help to, uh, basically create this bridge between the existing cryptocurrency community that already exists that I think we need to do a lot of work with still, and the new people coming in, being able to onboard, and so on and so forth. So we think you're gonna love BitcoinNYK a lot. We hope you join today. Sorry, I have to constantly stop the video on and off again because it is the Fourth of July here. A lot of activity going around, going on around my place here, and a lot of fireworks going on. So anyway, that's it, guys. Enjoy your weekend. Be sure to check out the BitcoinNYK project. And, uh, until next time, like always, take care of yourselves and each other.