Electroneum -Great Answers Interview! -Importance Of Fans

Hey you, welcome back to the channel. And guys, today I wanted to talk to you all about a great interview that happened with Mr. Richard Dales a few days back. I believe it happened with, um, the Crypto Rich channel. I like the Crypto Rich channel, uh, and I, I guess due to the holiday seasons, uh, I kind of somehow I managed to miss it, but I was able to kind of get back on track. And by the way, speaking of the holiday season, guys, I really hope you all enjoyed your your Thanksgiving holiday season. Those of you in the United States, those of you around the world who maybe celebrate as well, um, and I got a chance to be thankful for all your blessings and your families and the things important to you in life. So I hope, guys, that you had a great holiday. But what I noticed about this interview, guys, was that it was some kind of— I guess you could say they were kind of tough questions a little bit that were asked But I really liked how Richard Ayers answered the questions, and it kind of just opened my mind to many things, and I want to talk to y'all a little bit about that today. So one of the questions that was asked in the interview was, uh, it went along the lines of this huge fan base that Electroneum has. Why does Electroneum have this huge fan base? You know, and then he went on to say something about, yeah, you know, you got this huge fan base, but you don't have the, the big token holders. So it was almost kind of like he was, you know, he was saying something along the lines of, um, you know, uh, maybe the fan base isn't putting their money where their, where their mouth is. And so there are a lot of registered Electroneum users and You know, I think that maybe possibly it might not be so much that the fan base, uh, isn't putting their money where their mouth is. Maybe a lot are buying as much Electronium as they can. But I do think Electronium does call out to the people and relate more to the people. And you know, the average Joes don't always carry a lot of you know, a lot of money. But, um, I, I, you know, I think what's important when everybody's holding your cryptocurrency and sees value in it overall, that's going to bring a lot of value back to your coin. The economic engine generally lies in the small, the, um, the average Joes and the, uh, those, those, the, the, the more, um, middle groups, if you will, and not always just these huge investors and and things like that. But, uh, so he, you know, he went on to say that they talked a little bit about, you know, what's so special about Electroneum. And I, I think these are important questions because a lot of the critics and the CEOs during the interview, they were listening. And, you know, you know, everybody wanted to, you know, know what's the success behind Electroneum and why does it work. Because I think sometimes when you especially when you're a developer. A lot of these, um, other CEOs were developers with great ideas and great coins that aren't in the same area or industry of Electroneum, but many of them are still pushing towards mass adoption. And I can kind of tell that where it comes to the marketing aspects of it, and you know, marketing is expensive, you know, and so that's understandable. But maybe some of them maybe weren't quite in touch with a lot of marketing aspects of the cryptocurrency. And because Richard Ells, you know, has this pedigree of marketing with him, it's much easier, I think, for him to see the importance of marketing. But here's the important thing. This is what I want to bring out. What I got out of this is when they were saying, oh, what's so special about Electroneum? You're a fork of Monero, you know what I mean? You just copied Monero software. Hey, you know, when you basically, uh, kind of tweaked it to, you know, and whatnot, right? So basically the idea behind, you know, the questioning and, you know, where— what was so special about Electroneum, uh, you know, was, you know, basically going towards as to say, well, any coin could have did this. Countless coins that are payment systems and going for mass adoption. You know, what's going on with you guys? And this is how I liked how Mr. Richard Ells answered this. This is— this was the key to this. And, um, you know, I think it's very important that everybody in the cryptocurrency space could have heard this and got an idea about what this was. Richard Ells didn't try to make Electroneum sound like this super great coin that's better than every other cryptocurrency in any aspect, really. The only thing he did really, which I thought was a good way to approach this, an excellent way to deal with this, is all he said was we were one of the first coins out of the gate to find a way to package this in a way that it relates to the user, right? Make it user-friendly, make it very simple. He went to the user experience, much like Steve Jobs' concept was in dealing with Apple, right? So he started from, you know, when people get this in their hands, when the average person gets this in their hands, how are they going to— how is this— how are they going to relate to this, right? You know, they're not going to see from the eyes of a developer. And so it also brings me much to the attention of, uh, maybe some of you know this happens in business, but, uh, in companies and industry. But when products are created and they're designed by an engineer and they're ready to be marketed, right, put out, put out on the market, there generally is another department that comes in and the encasings, how these things are encased, the ergonomics of it, the— if they want it to, to be this sexy design to it, that's a completely different department handling that outside the engineering department, right? In other words, the engineers don't do all the mechanics and the wiring and the software and hardware, and then go, okay, now let's build this sexy case for it. No, they— after they got the— that part done, they go and do all those things because they know that's going to be important when it hits those shelves, right, when it's sold on the market. But here's the— here's the important thing. Here's what's key about that. They have to work together, right? You can't have one without the other. If they could have one without the other, they wouldn't even invest the extra dollars in those departments to have them come forward and do all these designs and do all of these ergonomic designs and do all these sexy designs and all these appearances that make you want to buy the products. What I'm trying to say is Richard Dale's addressed them in a way to let them know there is an extra component to this thing, right? That you do have to have that department that creates and make this product usable by the public, attractive to the public, and relatable to the public. Uh, now it kind of also reminds me of what happened with, uh, when I was a kid growing up. You know, you have these commercials that just get stuck in your head because— and the reason they get stuck in your head is because they just come on all the time. They've just put so much money into marketing, you can't get through a television program without seeing these commercials and advertisements. And it was one company, I believe it was called something like BASF, and they, they had this real catchy slogan I hear all the time playing around the house as a kid. It'll go something like We don't make products, we make products better, right? And making products better, making them more user-friendly, those things are in some cases almost as important as the development of the project, right? And the marketing. So, you know, then they talked about Well, if this coin can do all these various things and this is great, you know, is it, you know, basically they were leading it to, well, is this going to be a Bitcoin replacement? Like, I got a message the other day where somebody messaged me and they were saying, I think they commented on a video and they were saying something to the effect of, well, uh, you don't, we don't need, um, uh, anything But I was talking about Bitcoin and the issues with Bitcoin, and they were saying something like, we don't need anything but Electroneum and Ripple XRP tokens. That's all you need, and we can go forward with that. And so, you know, at the end of the day, it's been a lot of people who believe that, uh, Bitcoin is going to be replaced at some point in the future. Some coin is going to rise up and they're going to be number one, and Bitcoin is going to be somewhere Uh, probably nearby, but it won't be number one. And so of course, kind of got around to Mr. Richard Ells, and I liked his answer on this as well, because what he said was he talked about the greatness of Bitcoin and the mining pools and all of these structures that Bitcoin has become. And he said that Electroneum's goal really isn't to beat Bitcoin. Right? So that got me thinking in my mind, like, okay, well, looks like to me Mr. Richard Ells is just trying to run a good business here, a good company, right? And that's fine. That's, that's, there's nothing wrong with that. That's awesome. It still gives Electroneum users a great deal of value. It still will make us, uh, many of us who are invested in it now, I can see a great future where we're going to do very, very well. But I just thought it was important, uh, let's get in the thoughts of Mr. Richard Ells and his mindset about it. Very opposite of what we got with, uh, um, uh, Garlinghouse, the CEO of Ripple, who was like, oh, we can beat Bitcoin, right? So it was totally opposite views. But the reason I like Mr. Richard Ells' approach to it and answer to it a little bit better It's because I just like how he looks at things, right? He focuses on the mission that they have. Maybe that mission was never to beat Bitcoin. Here's the thing, what I liked about it was it doesn't give us this pie-in-the-sky idea about Electroneum, right? You know, I, I know that, you know, as many of us who are huge fans of Electroneum and diehard Electroneum people, you know, we— some of us get bent out of shape when you— I'm as guilty as well. I've been in chat rooms where people have really dogged Electronum out. I've left, I've had arguments with the people, I've left the chat room, right? You know, all just on their personal opinion. You know, it's their opinion, is their, their own opinion. You know, we know opinions aren't always factual. You know, sometimes they're emotional and, you know, and but I got pretty bent out of shape. You know, it's kind of weird because I don't usually get, you know, bothered by things very fast. So I got a little bit bent out of shape about it, and, um, and I just thought about it. I was like, wow, I'm, you know, I'm getting a little so caught up that I'm not allowing people to have their own opinion about things. And I got all these pie-in-the-sky ideas about Electroneum being number one and just everybody using the whole world using Electroneum. And there's nothing wrong with that. It's fine to have that viewpoint. You know, there's nothing wrong with that. Uh, but I just like how Richard Ells is looking at this thing, right? You know, he has a practical approach. I think it's great. I think it's the way to go with this. Um, you let Bitcoin do its thing. To a lot of people, Bitcoin is going to always be this decentralized store of value, and mentally they're never going to change from that, and that's just going to be the way it is. But I do believe there's going to be a rise of these great coins we can use as payment systems in a friendly way to people. Not— and I still think Electroneum is the best way for the people to do that because the mobile miner wallets, they're just so user-friendly. The instant payment processor, I think that just works better in my mind. I like it better than Ripple. I like Ripple's connections to the world. I think because Ripple has so many connections and so much money, they could probably go If they wanted to, they could go launch TV commercials about Ripple all across the world, and maybe that'd be great marketing, getting money into the cryptocurrency space. And maybe they could do some great things like that and be widely accepted to people. But I like how Richard Ells looks at Electrum. I think it's a practical approach. I think that's the kind of CEO I want to be, be invested in and be involved with a project with like that. I don't want a pie-in-the-sky CEO. I don't want a Brad Garlinghouse, right? I don't, I don't want to see— and that's no, nothing bad about Ripple, but you know, like I say, Ripple's gonna always have its share of supporters and its share of people just, uh, severely against it, right? And, and Ripple's gonna carry this, that stigma for all of his days, right? And so Electroneum, I think, won't have that problem. They probably— I, I could see Electroneum easy, easily being accepted as the people's, uh, payment option, right? Especially with the instant payment processor in the ecosystem is created. And these are all good things. And we can have that with them with it sitting right next to Bitcoin, you know, whether it beats Bitcoin or not. I don't think that's necessarily important. Doesn't seem important to Mr. Richard Ells, yet he still has a good business and a good token and he sees that going forward. Um, last part had to do with the importance, I think, of a fan base. They talked about fan bases a lot and you can see other, you know, tokens in the, you know, in, in the thing and they You know, obviously everybody wants to mass adopt to a great degree, and so getting that fan base is very important. But just marketing is expensive, right? It costs a lot of money unless you know how to do it well. And you can find— if you're marketing geniuses, you can find ways to cut a lot of costs in marketing and have an effective way to reach your, your base. But if you do not know, if you don't have a background in marketing, if you maybe are a developer who decided you should be CEO and run a business and at the same time create a cryptocurrency that mass adopts, you might, you know, not have as much success in that area as some others who have a background in that. Uh, and in addition to that, maybe you shouldn't be doing that. Maybe you should have it a divided business, much like we discussed earlier, how a lot of major corporations have their developers and engineers develop their products, but then they have other people who are specialists in designing ways to enclose these products and make these products appealing, both visually and mentally stimulating to the, the, the, the consumers, right? And so just thought it was great, but the importance of a, of a fan base. If you're a cryptocurrency and you're serious about mass adoption and you don't have a big fan base, or you don't see the importance of that, you think you can just build something and people will show up to it, then maybe you may have to rethink, uh, the— your coin and the departments of your coin and how it's set up. And maybe that may have something to do with the success of your coin maybe not being as successful as Electroneum is right now, or maybe not being as successful as it should be. Just another interesting tidbit to throw in here real fast. Um, you know, if you're in a neighborhood, right, in your own particular neighborhood and city, if the people in your city decided that, hey, we're not going to use money, we're going to create our own local token to trade back and forth. That would be perfectly fine and legal, right? You could use a— make up this money. And a lot of people, I don't think they realize this or notice, but you can just do this in real time in your neighborhoods and communities, and it's— and people can accept whatever method of payment that you're willing to accept. Now, the problem, of course, is going to be why would the community have faith in the acceptance of this token, right? To be this means this medium of trade. But here's the thing, it really doesn't matter why, why they accept it or why they're using it. At the end of the day, it doesn't. What matters is they trust it and believe in it to be this method of exchange that they're willing to agree to, right? Doesn't matter the mechanics behind it, whether someone else thinks it's a good idea. If you live in another community or town or city and you go, that's ridiculous, you guys are walking around with this worthless trade, this worthless paper around, doesn't matter. Doesn't matter because that community has accepted that. Right? If you have a cryptocurrency and people aren't accepting it, they're not mass adopting it, you don't have a big fan base community behind it, uh, you know, that's a problem for your, you know, for your token. You're not going to get the mass adoption that way. And so Electroneum has succeeded in getting a huge fan base of people to believe in their, their, their currency, their token, and they're going to— people are going to get in their hands, and the more people get in their hands, uh, it, it becomes more valuable because the people see the value there. They're willing to exchange their goods for it. Now, doesn't matter what you think about the technology, how secure you think it is. Well, those things do matter, but all I'm trying to say is that, you know, just being this super technological, technological, uh, platform isn't going to be enough to get people to invest in your token, right? You gotta get the people behind you, just like that example of the community I just mentioned where they don't have any technology. They just gotta— they just got an IOU note walking around, but everybody believes in it. Everybody trusts the people at the helm. Uh, everybody likes the community. We're trading it because my friends and family in the community is trading it. They believe in it, we believe in it, right? They're good people, we're good people. Do you have that, right? And so all of this, so many components to this that goes into this. So, but anyway, guys, I thought it was great. I just want to give my little two cents on that. You know, tell me what you thought, you know, what you thought about that interview if you got to see it, um, on the Crypto Rich channel, which I liked. And, and, uh, guys, if you like content like this, don't forget to like and subscribe. And don't forget to put your money where your fandom is and buy some Lectronium. Till next time, guys, take care.