Electroneum: Etn Miner/Referral Program Good or Bad?

Hey you, welcome back to the channel. And guys, today we're going to talk a little bit about the Electroneum mining application as well as the Electroneum referral program. I want to touch on, is this overall going to be good or bad for Electroneum? I also just want to thank you all for your comments and viewing the channel. I know some comments I don't get a chance to respond to. I do plan to respond to all comments. This video was inspired by a comment I got, and I thought it was a really good comment, and so I want to talk a little bit about it. So guys, we know that Electroneum started a referral program as well as the Electroneum miner. And at first glance, one kind of looks at and goes, okay, well, they're giving out these coins, or What does it mean overall to the price or for the price of Electroneum? Is this a good thing or bad thing? Is this something that we, you know, we can shoot ourselves in the foot with later? And so first I want to just kind of— let's just kind of take the Electroneum mining application apart a little bit. So it's not actual mining, it's simulated mining, right? So it's mined on your smart device. And as it's mined on your smart device, you're given these, uh, you're given this kind of simulated hash rate and you're getting so many coins per day. And, uh, you know, it's not a large amount of coins, uh, but it— what it does is it does get you holding the wallet, get you holding the coin, and get you involved in Electroneum. And I think that's going to be very important, guys, to mass adoption. Just, just, let's just take a step back and look for a moment. What would happen if the currency we hold now, if you got ready to go buy something, if you got ready to go buy bread, if you got ready to go buy a car or home or, you know, whatever item, and the merchant that you were trying to exchange with didn't accept your— didn't accept your, your, you know, your form of payment, right? So you would have to adopt his method of payment in order to transact business with him, right? Or vice versa. But someone would have to, to be able to set the same amount of money, and you would have to actually have the money, right? So First, you need people holding your token, your form of payment, your currency, or what have you, having access to the wallet. And so I look at the Electroneum miner in the first phase of that as setting everybody up, you know, to be able to accept and send Electroneum payments, right? And it's kind of interesting if we look at the history of money. Uh, there, when gold was used as a money, um, you know, there wasn't that much gold. And so it wasn't just a matter of, uh, using gold as a money. It was like who had access to it, who could get gold. And, uh, it was only so many people who had it. So it was just, it was very, you know, hard. They started, of course, doing, you know, breaking the gold down to the point where you could almost just You know, spend so much gold dust, you know, specks of dust off of gold, and you take that and you would, you know, go buy bread or go buy something or the other. So the point I'm making here, guys, is that Electroneum's— the Electroneum mining application, I believe, is the first phase in establishing everybody caring and having access and knowing about what's going on with your money. You know, if nobody knew or understood how to use the US dollar or several fiat currencies, we would have a very difficult time exchanging these, you know, these tokens around the world or fiat currency around the world. We couldn't, we couldn't do it, right? So we first have to start from there, that we got to get Electroneum wallets and money in people's hands. Now let's look at what that means for the price of Electroneum, right? Obviously, if I'm just giving out coins every day, these people aren't buying, you know, the miners aren't purchasing these coins. You know, what does that mean? Is that gonna affect the price? Is gonna make the price go down? Is there gonna be any reason to purchase Electroneum, right? So let's, let's look at that for a moment. Let's say we got, you know, for example, we have a lot of miners as we're growing more miners. I think today was the largest amount of miners I've seen mining Electroneum as today. I think it was like 172,000, and that's very interesting because I did the Electro— the miner, despite the problems Electroneum is having, people are still interested in mining Electroneum, right? They're still interested in, you know, being involved with this, with this project. And some people would say, well, that's only because it's free and they can get it free. But there are coins that people can't give away free, you know. There are, there are coins out there that people, you know, that you can go and you can collect and you can mine, but People don't want to mine that coin. People don't. So it's, it's, it's, it's not just that they can get it free. I believe that Electroneum has branded itself or it's in those stages of creating this brand effect for itself where people just love Electroneum and want Electroneum. So this, again, the Electroneum mining application, I believe, is just a further vehicle for mass adoption to get more people. holding Electroneum, getting their wallet set up, having this ease of use of Electroneum so they can move from place to place. Okay, but let's, let's just look at the price of Electroneum for a while. It's been hovering around 2 cents. Interesting enough, it hasn't gone up, it hasn't gone down significantly from the 2 cents. It ICO'd at 1 cent, so it's still outperforming, um, its initial ICO stage, which I think is awesome. I think that's, that's the one main thing I look for, you know. Does this thing stay above ICO price, right? And I know some investors and people got in much later after the ICO, and they probably bought at a high rate when Electroneum was peaking at around 20 cents. And probably some of them are kind of, you know, a bit disappointed if they bought in, they thought it was gonna keep going up. And what I would like to say to those people is I hope you haven't sold your coins. I hope you hold your coins, because my opinion, my belief is Electroneum has all of the components to get back to that price, and as long as you don't sell, you don't lose, right? So I hope that they haven't sold yet. I hope they'll just kind of hold it on like everyone else. And for some reason or another, I don't think a lot of people are dumping Electroneum at this stage. I think a lot of people are holding it, you know, speculating it will go higher, with the, you know, with the exception of the ASIC miners we had. And as they, they had probably so many, they could dump a ton on the market. But as we're now in the stage of making it more ASIC mining resistant, when, oh, when, when that is corrected, I think it will start to move more up in the price. But again, looking at the price of Electroneum and seeing, you know, What's the effect on it with everything that's going on, this giving away money as it were? First, there's another thing I think that we're unaware of, many of us, and it's the idea of what happens in a market when money gets injected in. When money is injected in a market, and what has been very interesting in the cryptocurrency space market is that the effect of money being injected in is a lot different than a 1-to-1 ratio or even a 1-to-2 ratio. And let me explain what I mean by that. Some crypto enthusiasts, crypto experts have actually estimated that if $1 billion gets injected into the cryptocurrency market, it could have an effect of like value-wise 50 times that, you know. So, uh, keeping that and bearing that in mind, um, the amount of Electroneum that's being given out on the miner, which is very small, but the effect it has to reach so many people to create this, uh, very user-friendly situation where people can can easily start using cryptocurrency, mining it, and spending it from their smart device and cell phone, especially people around the world who don't like bulky devices, don't carry computers, or maybe don't even have computers as of today. You can pretty much do everything on your smart device. Um, you know, those, those, some of those people are going to be actually investing back into Electroneum. And, you know, we kind of see a similar thing that happened with the— the Electroneum ICO. Electroneum had a big ICO, right? And people bought in, and they bought in because it was incentivized, right? And what else is incentivized? Where the Electroneum mining application is incentivized for people to have interest in Electroneum, to know about Electroneum, tell their friends about Electroneum, right? As well as the referral program, as we'll get into a little bit later. But my theory is that with all these masses and masses of people buying into Elect— or I'm sorry, uh, getting involved with Electroneum, you know, whether it be through the mining application, whether it be through telling friends and word of mouth for the referral program, or whether it be just as strictly a speculator, um, The people who do infuse the cash and inject cash in are going to create this huge market spike, I believe, uh, that's gonna, uh, you know, push the Electroneum price up. And we know the value is going to be there, obviously, due to the wallets and the— that, you know, the bottom line, guys, is that's what makes your token valuable, the, the, the holders of it, the belief in it. The people who accept it, right? And with all of these wallets out here, you got all this distribution and money moving around with a large amount of people who are accepting Electroneum. That's the mass adoption model, guys. If you're— if you don't understand that, if you're, you know, trying to make a few quick bucks on Bitcoin or, you know, or these Ethereum or these other things that, you know, just aren't, um, really set up for mass adoption. Because even if you do make a lot of money and you're in a small pool of people making a lot of money, it's like 99% of the world who's not, who don't even have it and don't even understand it, and they still don't know how to set up a wallet, uh, no matter how much you've made and how much money's been injected in, right? So, you know, this is not a good for what cryptocurrency is set up to do, you know, it wouldn't— it still wouldn't meet its full potential, right? And Electroneum is set up to do that, and that's undeniable. That's undeniable, guys, right? So let's talk a little bit about the referral program now. And a referral program is similar to the Electroneum mining application or simulated mining application, and that now you're incentivizing these people to go out and let everybody know. So now they're dropping these links all over social media and all over the web, right? All over the net. And they're receiving percentages of what's mined, and they're further incentivizing people to use the referral links to reward the people who are out marketing and promoting this. Further incentivizing them, as, as when they use it, they get more money. If they don't, they don't get more money. So it's in their best interest to use the referral links. So this kind of makes it, uh, uh, kind of easy to shield these, uh, and I want to say right off, guys, um, you know, I know a lot of people get out here shilling. I've seen various programs with referral programs where people get out here and it's, it's to their benefit, it's to their advantages to push these various coins and programs because they're either highly invested in it, so they're going to defend it to the end because they're so invested in it, and they've been paid to promote it, right? And so, uh, where they, uh, believe in the principles of the, uh, project, or even if they think it's going to work long term They're still gonna be pushing it because they're being paid and they're being compensated to do that, and they can see short-term gains in that, and they're going to jump on that and they're going to benefit from that even if we don't. But Electroneum is different in that Electroneum is a project I think people can really believe in. The concept, the idea And, uh, you know, you know, let's just say for instance Electronium didn't, didn't turn out to be what we thought it would be, right? Let's say some of the people at the top, or, uh, you know, some people infiltrated Electronium in some way or form or another. They create Electronium to become or be something that no longer, you know, that we don't like, or it does something that, uh, you know, we wouldn't want, like in the price or, or what have you. The concept and the idea, the core idea of Electroneum within itself is still something I would believe in because it's just set up. And I— and this is what I don't think people understand. This is why when the price of Electroneum falls from 20 cents to 2 cents, you still got people there with Electroneum even though they've lost money. They're still backing it. They still support it. And that's why I think the Electroneum community is so strong, because the Electroneum community understands that. They see that. They see we need this. They know that it's only like such a 0.5% of people using cryptocurrency, right? They know that. And so, well, they know we got to get, you know, this mass adoption on board and going. So, you know, back to the referral program. The referral program is incentivizing and marketing this. And again, to me, it's just working just like the Electroneum miner, just another marketing vehicle, a mass adoption vehicle. To get us where we need to be, and the effects of that could be tremendous. You're right. So let's look at the referral program. Let's look at the price. People are saying, oh, it's still around 2 cents. Is this affecting price? It's not moving. Is that a problem? Well, another thing is Electroneum. You know, anytime you're dealing with— if we look at Bitcoin, one of the biggest issues with Bitcoin has been. If you try to use it as a payment system, you try to use it as a money, and I make a deal with you to make a purchase with Bitcoin, and I'm making this transaction, and as I'm making this transaction, the price of Bitcoin doubles, and now I got to run back here and I got to buy twice as much. And so my exchange value and rate, it has become become, um, you know, it's impractical to use as a money, right? And that's how come Bitcoin has switched from, uh, many of what thought was a payment system to more of a store of value, like gold or commodity or something. And some people didn't like that, didn't feel that was the purpose of Bitcoin, and some people do. But, but I, I think what I would like to see personally with Electroneum— I know we need speculators for for liquidation of the market, right? And, uh, everybody seeks risk-reward in order to grow. And I believe Electroneum price is going to run up and grow in the future. But, you know, we want to— we want a token that does it in a healthy way, in a gradual way as well, so that, you know, as all these wallets— people are using all this Electroneum and moving it from place to place that it does have a stable exchange rate, right? If I'm a person in a village someplace across the world who only has a smart device and I want to sell products, I can now sell products across the world. I can hold my own bank, right? And so I am my own bank. With just my smart device, right? I don't have to worry about all that. If I'm using it as money as well, I want the exchange rate to be stable so I can sell my products to and fro, and you don't want these significant spikes overnight. But obviously you want to reward early adopters and speculators and various things like that, but in a healthy way. How a healthy exchange rate should work. And I think as the, the combination of how Electroneum is growing, uh, value-wise, and the marketing effect of it, and the cash infusions I believe we'll get over time into Electroneum directly and indirectly through, uh, partnership programs and, um, direct investment— I think that all of these just pulling pushing mechanism, I think it's going to kind of create, uh, not only a stable Electroneum price where Electroneum could be used as a money in a good way, but a way for us to grow— pardon me, uh, grow our investments, um, and, uh, you know, uh, you know, gain value from that using Electroneum. So I think Electroneum is, you know, and awesome project, and I think the Electroneum Miner as well as the referral program were excellent ideas. I don't think they're wrong in, you know, at all. I think they make perfect sense. If you— this is your first time hearing about Electroneum, it's very easy. Look at all my Electroneum videos. Go ahead and download the Electroneum Miner application on your smart device. It won't disturb anything you're doing, and use my referral code that will be in the description, as that referral code is going to actually give you money. The print plant is incentivized for you to use the code, so it helps for you to use the code. So you want to do that. And, you know, this word-of-mouth thing, this viral marketing that's created by the referral program That's for me, guys, is a no-brainer. It's, it's a, it's a good thing. It's a good thing. The Electroneum miner is a good thing because these are all mass adoption vehicles. So guys, I just want to, you know, say all those things that for us to kind of get a real good idea about what these things mean to Electroneum, especially when you hear people say giving away free things is a bad idea. I used to hear people say if anybody who gives away free coins, that's a bad coin. I would disagree with that. I think anybody who has a bad concept and project idea is a bad coin. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.