Electroneum - Latest NGO/POR/Future

Welcome back to the channel. I hope you're having a great day. So I want to do an Electroneum video today and we want to talk about the latest NGO, uh, for Electroneum. That is Project Chow. Um, and the NGOs, these are basically these nonprofit organizations that are now able to mine Electroneum, uh, and they get to keep the proceeds from the mining. To help within their perspective organizations. Um, now this comes about from the proof of responsibility model. This is a, uh, a new model nobody else is doing but Electroneum, where instead of, uh, doing these very inefficient things like proof of work, um, mining, they now are basically allowing these organizations to run basically mine Electroneum, right? So now you don't need all of this inefficiency, this energy waste. And this has long been a problem in cryptocurrency, to waste all this tremendous energy to no end. And it just really not be best for us in the long run. And so we've been trying to figure out ways on how to deal with that. Apparently looks like here Electroneum has found a very interesting way. Proof of responsibility seems to be working pretty well so far with them. Now, uh, you know, of course Richard Dale made this announcement, um, earlier, and, um, you know, this particular situation was happening with Electroneum. It kind of really hits close to home for me, and it kind of concerned me, uh, some of the things I've been hearing and seeing from the community. And we want to talk a little bit about that today, see if we can kind of, you know, come to terms with some of the things that have happened. Because as I've been going through some of the threads and comments with the situation with Electroneum, although this is a very interesting approach Electroneum's taking, and it's one that I support um, you know, because there are some similar endeavors I have, uh, with this type of approach. Uh, it's been quite concerning, as you know, I've seen some members of the Electroneum community talk about, well, it's turning into this charity coin now. And, um, you know, some people don't like the, the idea of where it's going. And of course, they're still worried about price, and they don't feel like ultimately this is helping Electroneum. So Um, I think first we need to consider some things, uh, because like I said earlier, I'm having a similar, uh, philosophical, uh, uh, struggle with some of the, uh, ideas, you know, about what happens when you have a system where, uh, you try to distribute under the velocity of money, you know, in this idea and hope that you're going to have this viable economy, right? It does theoretically make a lot of sense. But, you know, how do you basically keep it to where the people who are invested in, the people who want to see big returns and profits that, you know, just can't seem to come to terms with this, you know, where is the, uh, you know, compromise there? Where, where does this meet in the middle to, uh, where we can, uh, have some kind of, uh, understanding of this? And, um, you know, I think the first way I've looked at it, and I would probably ask some of you all to consider, is, uh, you know, cryptocurrency is not exactly like a real life economy. So I think some of the ideas that we bring into cryptocurrency, they're kind of reminiscent of, you know, or is a mirror of what happens in our traditional economy. So we tend to take a very capitalistic approach to everything we do because that's what's worked for us up until now. And, you know, but I think we fail to understand that the cryptocurrency economy is this type of economy within an economy that pulls from an outside economy. And, um, you know, there are some, some, um, different economic dynamics to that. Um, you know, for, for instance, uh, you know, we tend to think of, well, you know, if you're giving away these tokens, it's of no value to the investor, right? You, you might tend to think it's diluting the token, but do we know the full effects of what happens with these tokens when they go from hand to hand, when you are able to take these people in these various lands. And I kind of covered this in, you know, with the AnyTask.com site and, you know, how these people's value could be, uh, basically, uh, uh, harnessed and developed into a value system through their labor and skills. You know, we kind of covered those things, but, uh, um, You know, I think from us, from this very traditional capitalist approach to everything, uh, where we see giving away, uh, you know, tokens is bad, we don't see it as marketing, we don't see it as airdrops, uh, and we kind of want this immediate gratification with the, you know, with the price to increase. I think it's very, you know, difficult. Um, you know, now where it is true it has dropped to fractions of pennies, the electronium price, and it more so behaves, I think, now like a money, probably kind of trying to find this stabilize around, um, certain ranges now, uh, that as many people did come in seeking this as an asset, that, you know, it's gonna be very difficult for them to make their money back in some cases, uh, in the short term. Right. But if you agree with the ideas of velocity of money, if you can accept that it is possible that when money changes hands at a certain rate, that 1 1 doesn't equal 2, 1 1 can equal 50 or 100 or 1,000. If, if you understand those type of concepts, then it might be a little bit easier to kind of understand what the Electroneum team is doing. right? Um, you know, I was listening to this businessman that goes by the name of Grant Cardone. Some of you probably heard of him, some type of real estate mogul. And he got into crypto and he was just saying that he felt the approach to crypto was all wrong and that he felt that you should give everybody crypto, right? Everybody should receive it in a sample. Like how many businesses around the world send you a sample. They get you using the product first, and once you're using it and you find a use in the product and it gets the attention value it needs and many people use it, then it kind of, you know, becomes this viable, utilized thing. If you believe in ideas like that, then Maybe what the Electroneum team is doing may make sense to you. Use is the important thing, right? You gotta have people using the cryptocurrency. Now, in this very capitalistic model we've adopted and we've brought into crypto because we're under the assumption that what works in more of our macroeconomy, so then it would have to work in the microeconomy. So we've somehow pulled these together, which I believe is a fallacy. But anyway, that's what many of us believe, right? But if we look at the condition of cryptocurrency, what you see a lot is you don't see a great deal of demand, right? These models we're building and we're basing them solely on this kind of capitalistic approach and we're applying it to cryptocurrency. Um, is not really working well for us as a— in a business setting. In other words, the, uh, business models are creating these applications and nobody's really using them. So the costs that are going in to create these things aren't really bringing back the value in association with them. So then the products are dropping in value 90%, and, um, there is no demand for it, right? So you take a project like Electroneum that's going to the East, that's going into these various lands where people not only will actually use these products, but they are willing to exchange their labor for the products, right? Um, and so if you can kind of understand these concepts in economics, and if you can understand that what makes something valuable is when A lot of people are using it. A lot of people are being helped by it. And if you can understand that, if you have millions of people exchanging a cryptocurrency as opposed to a couple of thousand active people or a couple of a few rich people speculating in the West, making a few dollars on, uh, which can essentially end up being a casino and you losing value on your money, uh, year after year after year, only thinking you're gaining, but you're really not gaining because the entire ecosystem and economy is starting to giveaway. Uh, if you could believe that the next approach to that would be to actually get this to— it is to an actual economy, serving actual economies that need it, um, to the point where it is utilized on a day-to-day basis, uh, to, to do things, uh, to that basic needs require, going to store purchasing items and and the like. Um, if you can move to that instead of just where the price is going to be, uh, next week and next month and the week after next, only to have a few winners, then the rug pulled under your feet again, and then you're back to square one. Price down, goes up, pumps up, dumps, pumps up, dumps. It's the same people in that market, in that economy trading because there aren't any new people coming in. Because the reason that there aren't any new people coming in is because you're meeting no demands for the people. You're creating no sense of urgency. You're not doing anything that there is a necessity or requirement for, for these people, right? And so in that way, it could become this situation where you're spinning wheels. So what mass adoption does, coupled by mass distribution, is hopefully get you to a point where everybody has your currency, everybody has your dollar, and through it they establish an economy, right? The ultimate mass adoption vehicle lies someplace in massive distribution, right? And to get to a level of massive distribution, yes, you have to give the token away. You have to give the token to everybody you possibly can, like Electroneum is doing. And the short term of that may be negative on price, it may be negative on you, but The painful early surgery can possibly lead to a much healthier economy down the road. Again, this hits quite close to home for me because we designed our project BitcoinMYK where the Bitcoin holders essentially own the tokens, but through certain sets of circumstances, Bitcoin holders aren't able to claim. The token. Uh, and what do we do with those tokens? Well, we have several options, but we decide to just give them away to people through a form of UBI. Give it to people globally, all the tokens that are claimed. Now, our system is a little bit different in that ultimately the network would belong to the majority being Bitcoin holders. And so, you know, we would, uh, make the assumption at some point the Bitcoin network would transfer its value into our token, which is starting to happen. But Electroneum is something different. But I understand that the concept is similar, and that if you believe in some of those concepts that I mentioned earlier in the video, it works out, right? But, uh, you know, as I said, some people are just not seeing it. You know, they see it as a charity coin. You know, I, you know, I don't really think anything is actually free. Because especially in a world now where there's, um, data and information and something like Electroneum, you know, they could evolve to different things. But, uh, there's some well branding going on with Electroneum. Um, you know, um, you know, I kind of see, uh, Electroneum is not exactly giving out tokens free. I see an airdrop as a type of mass marketing campaign, and that can work quite well in some cases. But, um, you know, a lot of us in the West, you know, the reality of the situation is we did get into this to make money. You know, that is our incentive, because for many of us there is no other demand but the casino and making money, right? So it's gonna be very hard for many of us to digest, um, you know, a process like this, right? That I think is a great process, that I think is an extraordinarily great idea. But I, I do understand the difficulties that is going to happen along the way with something like this, and that a lot of people just weren't on board for this or aren't going to be able to really deal with this a lot. Only thing I could say for people who probably got in at higher prices and it was more so about speculation and they just can't get out now and get their price up to par, and this is not financial advice, but the only thing I could suggest at Electroneum being at such low fractions of pennies is that it's gonna reach a point, I think, where it will have a floor it just can't go below. And that's probably gonna be your time to really dollar cost average up, you know, purchase enough Electroneum at these very, very low prices to make up for all the Electroneum you've lost. And at some point in the future, if it does get this push and boost that we're looking for, if it does create this velocity of money model that works and becomes this product that's global, because As far as sentiment goes, as far as being the project of the people, you know, the defender of the people, the hope and help of some people, um, you know, which it was a great product. I think Electroneum should be proud of, you know, out there. Uh, you know, we got these early round investors who don't think so and, uh, they want their money back, you know, essentially. So, you know, you know, as it— as the value of Electroneum grows over the course of the next several months, hopefully due to what this branding and great sentiment to the product can do, hopefully this will be the time for some of those people to try to recoup on what they've lost, right, while they can. Um, and, and I, I hope for a great bright future in Electroneum. I think it's definitely going in the right direction. Um, and I'm liking where it's going. I'm liking projects like Electroneum, certainly like a project like my own BitcoinNYK, which has some spirit. They have some similar spirits there. And whereas I've, I have been quite concerned about it, wasn't quite working in the beginning like I wanted to, uh, very similar situation to Electroneum with the giving away of the tokens for free, uh, now I'm starting to see it kind of theoretically work how I, I would want it to work. Uh, although giving out a lot of ticket, uh, tokens, we're starting to see the volume actually move in the opposite direction, right? So a lot of tokens going out, but the volume's going up, starting to go up. And so that's a good sign that these theories can work. But, uh, that's all I want to say, guys. You know, tell me all what you think about it. Um, I'm happy for it, but then I'm biased to projects like this with We'd like to hear from you all that are more in the speculative nature of Electroneum. You know, are you geared down to be in the long haul for it? Or is this just a short-term project you're looking to flip? You know, whatever the case may be, comment below, let us know. Don't forget to join our project BitcoinMYK, gives out free tokens as well, has that same spirit of Electroneum. Love to see you guys over there as well. But that's all I wanna say in this video. If you like content like this, Don't forget to like and subscribe, and until next time, take care.