Electroneum - Speculators What Are You Doing?

Hey you, welcome back to the channel and wanted to do a video today, uh, with Electroneum speculators. What are you doing? So we're going to talk a little bit about what the title of the video means and what I'm getting at. But the video was kind of inspired by someone who left a thoughtful comment, a good comment, I thought. And when you create content, you soon begin to find that all comments aren't created equal. And you get these really crazy, ridiculous comments sometimes. I don't know if they're trolls or what they are. I don't know if they're just disgruntled people in the cryptocurrency space about where they invested and why they invested at the time they invested in certain cryptocurrencies. But they, uh, they come out a lot in the Electronium community. Also, the Electronium community is pretty big and active, uh, and so, uh, you got a lot more, uh, of that happening. But, um, I get some of them on my video quite often, and, uh, they don't want you to make videos about Electronium because they feel like Electronium is some type of scam product or it's a bad product or what have you, you know, because of the price. And, and, and whatnot. But the reality of the cryptocurrency markets, uh, what we have to understand, and, and I want to be real clear about this, and this is how we should look at this, and some people might have, uh, differences of opinions, but I'm just gonna lay it out there how I see it and how I think, uh, professionals will see it. The cryptocurrency markets are unregulated markets for the most part. Um, it's a lot of wash trading going on. We can't trust the prices either way. Um, and I think where we have consensus on is that blockchain technology will be around in the future and it's going to revolutionize the world and how we do things. I think most people agree on that, but the problem is these particular individual cryptocurrencies, right? We don't know which one's going to be that. We do not know, right? And there's where lies the risk in this. We don't know which cryptocurrency's gonna fulfill that. And some people say, oh, we'll just get Bitcoin, just buy Bitcoin. We don't know if Bitcoin's gonna do it because let me tell you something you might not know. The entire idea, the proof of work algorithm, uh, some believe that a future's coming where that may even be replaced, right? So we don't know these things. And because we don't know these, and coupled with all the other things in cryptocurrency, the unregulated markets, the wash trading, the hacks, the constantly have to run from one region to another, the Attorney General going after cryptocurrencies and a variety of things. Why they're going after it doesn't really matter because what it does is it still makes it unstable and unsafe for many of us. Of us. But the reality of it is that, uh, we have to look at this when we put money into this thing, all of the cryptocurrency space, as a bit of a risky investment, right? A high risk. And that's all of them, going to all of them, you know. So just coming into Electroneum videos and going, oh, Electroneum's this or that, you know, we have to look at products and what these projects are doing right now. You can say what you want about Electroneum and Richard Ells, but the reality of the situation is with Richard Ells and Electroneum, at least at the very least, you know somebody who can be held accountable. You— he has a physical location. If something goes wrong, uh, you know, we know where he's at. You take these other cryptocurrency, all this manipulation that happens and a variety of things, we have no idea where these people are at or who's responsible for what. Um, and so this is something to think about, you know, when you make comments on the videos, please guys, try to be thoughtful in your comments. Don't always just state the obvious, say things that make sense. A lot of these Electroneum people got problems with Electroneum. Um, you know, the cryptocurrency space, this is, this is how it is, right? When you, when you take money and you invest into projects like this, you got to look at this like, hey, I'm taking a risk. And, and as I— we understand how investments works for the most part. The reason we take risks in cryptocurrency, because we understand the concept of higher risk generally equal higher returns, and that's why a lot of people are willing to take these risks, right? Uh, these are all pretty risky investments. Most professionals are going to tell you at this stage in the game they're pretty much high risk, right? Uh, and you have to be careful. Now Bitcoin is kind of in a much better position obviously than others, but we're still looking at a future in cryptocurrency where we don't fully know the outcome, right? So we have to come into this aware of those risks, right? And I think it's a shame at this point in time, we gotta continually repeat that process, right? It doesn't seem to do any good even when we repeat it, but that's how we should look at this. The video, Speculators, What Are You Doing? This was kind of inspired by a comment that came from someone who was thoughtful, right? So that means we get great comments. We get people who really take the time to ask sensible questions and make sensible statements. And, uh, that's a good thing, right? It makes the job of content creators a lot easier, I can tell you that. But I want to read his comment because at first I was just going to respond to it. I was just going to respond to it at first in the, in the thread, in the comment section of the video. Uh, and then I said it kind of inspired me to do this video because I thought it was just great questions asked in a, in a, in a, in the right way for a person who's really seeking an answer and not just some, you know, baloney comment, you know, that we get a lot of the times. And so I'm going to read from this person. What he said, his name is Darryl McLean or McLean, and, um, he writes, I truly respect your opinions on Electroneum. You have reasonable expectations for Electroneum's future and don't just throw around ridiculous price predictions like some other YouTubers. I have followed over the past 8 months that I have been investing in Electroneum. I have a question that I was hoping you might be able to answer for me. I understand the ecosystem that Electroneum is trying to establish. The only part of the, of that ecosystem that I do not totally understand is where the buying or demand, where, where the buying or demand will come from. With the gig economy website, it will come from the employers. In the West who have bank accounts buying Electroneum on exchanges and then paying the employees on the gig site. But how will the unbanked be able to buy Electroneum themselves to pay for things if they do not have a bank account to buy off an exchange? By the way, thank you for all the time and effort that you put into all of your videos. So You know, again, a great question, and a great question, and we're going to try to give them a great— we're going to try to give you a great answer, Darryl. So this is a very common question that gets, you know, asked about the Electroneum project. All of this KYC, all of these need the bank accounts, and, uh, if, if they're expected to go in here and purchase this cryptocurrency, how are they going to be able to realistically do that? You know, seeing that many of these people probably barely have two nickels to rub together. They don't probably— they're probably walking around with no ID, possibly, uh, probably can't get to the, uh, identification offices or whatever they call in their countries the DMV or what have you. Um, so how does this work? Well, um, I'm gonna, I'm gonna give two scenarios about it, possibilities about it, and, and then I'm gonna lead into one after that that that I talked about in some videos past. Didn't go real deep into detail about it, but some solutions toward the end there. But I'll give this example. Let's take for instance Venezuela, right? I got to learn some interesting things about Venezuela, especially with my project BitcoinMYK.com that does universal basic income. And universal— I'm sorry, in Venezuela was a key target to a project like ours. So I went into some Venezuelan communities. I actually know some people in Venezuela down there on the ground that's having a tough time and tell me about several things. But, uh, you know, one of the main questions that came up was a similar question to what you're asking. You know, when I get this cryptocurrency, what do I do with it? Like, how do I, uh, you know, how do I exchange it and how do I get access to it? You know, as I don't have, you know, any kind of means to do that. So how they explained it to me down in Venezuela, what happens is a lot of the way that these people actually get the value of cryptocurrency into their hands, where there's bolivars or however it works, is they have to go through like a— basically they have like, I don't know if you want to call them, I think they use words like clearing houses and a variety of things, but if you want to call them some type of hub or whatever you want to call it, they have key people there that handle the facility, the facilitation of these needs, right? So, so for instance, say if you don't have any ID or you don't have any, uh, bank account and all that, you probably have somebody in your city that you can go to. He handles all that. He has all that stuff. So you trade him some good or service or product or whatever, and through him he's able to route and surpass all of that. Now what happens when the money comes back out of the system and goes to him? He's going to trade you goods for whatever you're trying to do. So maybe, uh, you're doing all these things, right? You want to buy some electronics, right? You, you want to, or you need phone minutes or, or what have you. It's that one guy who he has the money to purchase the electronics and you're like directly trading him goods directly. And I noticed because this is kind of what's happening in Venezuela right now. So So I would imagine they implement a similar system. Now, of course, the problem with that is going to be abuse in that system and a variety of things. Sure. But hopefully there'll be some competition amongst who you can go to to kind of defeat that. Right. So they would have those workarounds to that. Uh, you know, of course with the, he mentioned the gig economy was a, was a, you know, was he understood the gig economy. Let me just scan over there and make sure that was what he was saying. He says with the gig economy, Well, it will come from the employers, right? So kind of just replace the employer in the gig economy with somebody on the ground in, in these countries where they don't have all these means, right? Kind of like a, I guess it'll be like a kind of local Bitcoin operation, but that doesn't necessarily mean there will be a reduction in the purchase of Electroneum or the volume because this, these kind of particular hubs, you know, they could be probably doing millions of dollars out of their, you know, out of their locations possibly, right? So maybe that's one way to look at it. You know, if that's not very satisfying, you know, fine to some, uh, you know, I have proposed, as I've seen this as a, as a type of issue and a problem, and I have proposed that Electroneum, because they're so regulated and because they're not on the run from, uh, from, uh, centralized authorities and governments with laws that go all over the world, which means that if you're operating within their, within their boundaries, even if you're able to in a decentralized manner pull off things, you're still breaking the law, right? In some cases, a cryptocurrency like Electroneum that's KYC compliant and going through all these, you know, these processes, it would just be real easy for Electroneum to just start become a publicly traded company, right? I don't see any reason why they couldn't. And what do you do with your token or cryptocurrency holders? Well, you know, what would be a good idea from my perspective would be you would just have a conversion rate between the cryptocurrency and which— what would now be your— the electronic stock in the business right now. I don't know if they want to do that or not, if they don't want to tackle the legal parameters of that, but I don't see a reason why in the future it would be such a huge hurdle seeing that they're already taking so many hurdles to be compliant with these, uh, countries and partnerships and all of that. You know, there's a lot of paperwork and legal documentation to do with that. And, uh, I think they'd definitely be able to afford it. It's not that expensive to, to, you know, become a, um, a regulated security and those things. So, um, you know, that, that's another way to look at it. But yeah, to answer your question, I would say that, uh, right, yeah, they would just establish these hubs on the ground. It would be, you know, people who have access to those things, and, uh, maybe they would get sophisticated enough, you know, to the point, uh, where they're, they're, they're really is working like clockwork. Uh, you know, the thing is, at the end of the day, Electroneum is more business than crypto, right? This is a, this is a business, right? They're going out there, they're, they're doing real life partnerships with identifiable people, uh, in a contract you have to have a business and, and, uh, and individuals to, to do the deals, right? There's no decentralization in that. So, you know, seeing that they've crossed the Rubicon on that already, I don't, you know, I don't, you know, even in a concept or even in an idea like, oh well, that would be centralized and these hubs would be centralized and the people who are doing this would be centralized, it, it wouldn't really I don't think at this stage really matters so much as Electroneum is, uh, many components of it greatly centralized in that regard. So I don't think that that would, you know, even really be a big issue, uh, with that. But, um, you know, you know, great question, and I hope that satisfies your, your question a little bit. But, um, going— getting back to speculators, what are you doing? So the speculator, of course, he makes his money on the price, right? There's no— it's no goal at the end of the rainbow for him, uh, in good deeds and good planning, right, and good structure, unless it's a company he owns a part of. And so he needs the price, right, in a money— in a cryptocurrency money. There's no way around that for him. So what, what has to happen is then, if it remains this structure as it is, Uh, that buying would have to come from those people, right? Again, coming from these hubs, coming from these, uh, these, uh, particular locations that are having all these people in their city and their towns and their nation come to them and funnel that money specifically through there back into the Electroneum application, right? And blockchain. That's what would have to happen. Now, that would again to require a great deal of organization, which leads me to my next idea, and that is Electroneum is a long-term project. Speculators, what are you doing? Electroneum is not for speculators, right? It is not for you guys, uh, unless you're talking far, far future, and that speculators don't really— in a sense, in the, in a sense, I think of the idea of a speculator, we can ascertain a cryptocurrency, Electroneum probably wouldn't be very, very appealing to them. Although we need speculators, right? Speculators bring liquidity to the market. So how do you jump around that? Well, you, you gotta have a, a variation of both, right? To a degree. But, uh, right, the other thing is just buy it and hold it, right? And, uh, so that's what you're gonna have to have. So Electroneum's a long-term project. You know, speculators, what are you doing? This is, you know, so, so I guess the entire point I'm making is if you're coming into Electroneum and you're greatly worried about how fast you can get your money out, or when are you going to be able to get it out, or maybe even how— because the reason I'm saying it like that, even how— because even in getting into that how, uh, you know, we're, we're still far off to how that's going to be delivered, right? Um, and so that's kind of where we're at with it, right? The other thing is, you know, the speculators do say, well, hey, you know, this is a great project, let's jump in. That may happen. They're greatly distracted by a lot of other fast-moving projects, and again, speculators chase the money, right? So they're gonna be chasing that first. So You know what I would say next to this, and this is a very important part of the video, might be the most important part of the video for Electroneum holders stuck in there holding there. No matter what happens at this point, you're in Electroneum now. You can, you know, you can only hope that the market goes back and as a retail investor you get your money back and start to make some money, right? And that may be years from now, might be tomorrow, I have no idea. But one thing I know for sure is if you sell at a loss, you have really lost, right? If you're that person who bought at 20 cents at Electroneum and you started dumping as it was going down and you're dumping it now, you have lost. You have officially lost and you are officially a loser, right? So what do you do, right? You can't expect the retail investor to to conjure up new money from someplace now and just start buying more, jump in. And that's why I'm proposing now BitcoinMYK, right? Because you don't have to buy it. I don't care what you say, I don't care what you think, nothing trumps free. No investment you make, no investment you get in is ever going to be able to be free because free means unlimited upside potential. Wouldn't you know, with no downside loss, right? Um, and how we propose doing this, right, is BitcoinNYK.com has a simulated miner. It's not real mining, but you can use your mobile devices, park them on our website, help to build up our network and gain real valuable cryptocurrency from it. You're getting it free. You can take that and then you can either investing in Electroneum or something else. Whatever the case may be, our system is structured to be a cryptocurrency that makes money off the value of the network, right? Um, and you can look at it that way. And if you're a speculator, you can go in that way and you can speculate against Electroneum that way. That's another way you can do it. But speculators, what are you doing? You can't do it how you're going about it now. It's not gonna work, or, or it's a good chance you might be disappointed, you know, and how it works, right? So you gotta learn to look at this thing and how to look at this thing. We invite you to try BitcoinNYK.com. Nothing trumps, nothing beats free. Uh, is it worth it? Are you gonna make an— are you gonna make enough money in it, right? We don't know. We have no idea, you know, what tends to happen with projects when something is getting, you know, for free. Sometimes that old idea comes up. If you put nothing into it, you get what you put into it, right? What's cool about BitcoinMYK is you can earn BitcoinMYK by doing things without, you know, coming up with money out of your pocket, and it creates a value in itself, right, in the cryptocurrency that you can move around. And, um, you know, in that way it can be valuable to you, but that's going to depend on you, right? And how you go about that. But, uh, at the end of the day, uh, expending resources into projects that don't bear fruit and you're stuck in them and you can't get your money out— and that's many cryptocurrencies, that's not just Electroneum. Uh, Electroneum is on the best part of that because at least we know they got a real product people are using. Right? So we can at least, uh, come to terms with the idea that it will be valuable in the future. But for the most part, cryptocurrencies, a lot of them don't have the demand, and no, people aren't going to really use them like that. And if we're faced with that, then free is the best option to take. I don't care what, free is gonna always be the best option to take. And if you're not taking that, then I don't know, guys, because speculating We're in a risky market. We're speculating. Someone's going to win, someone's going to lose. But if you're coming in with there's no risk in these markets, you need your head examined. The trolls that keep coming into the Electroneum pages speaking on this like, um, you know, uh, get out of Electroneum, dodge a bullet with Electroneum, and thinking somehow that they're in another cryptocurrency and it's better No, you, you probably need your head examined as well. Doesn't quite work that way, right? We're all in a pretty risky space here. I don't care what you tell yourself at night, but we're in it because we know the bit risk or right of rewards that are, that are attached to that. And we know that blockchain technology is the future, although we not, we may not know exactly which one, but, uh, many of us believe in Electroneum because of the working products and what we're seeing. There's been a new video released today. I should have watched it before I did this video. I probably could have reported what's happening with that. I'm going to watch it as soon as I finish, but I was already in the, you know, doing this video when I saw it. Um, and so I'm interested to see what new developments come out of that. But again, guys, I implore you, join BitcoinMYK.com. It is free, it is up today, and it is value in it Many of you who have lost a great deal of money, right, and are continually losing. I don't know when you're going to get it back. Um, and, um, this is for speculators. I'm not talking about— I'm not talking about long-term Electroneum holders. I'm one of those. I'm not talking about that. I'm talking about these people who make a living off speculating and they need the prices to move, right? If you're that person and you're that concerned about getting your money out of Electroneum fast, you need to join bitcoinyk.com. Do not delay. You're not going to go lay down and it's just going to go away. You're going to go lay down, you're going to wake up, going to be still here tomorrow, the problems that exist in these markets right now. So that's my message to you all. I thank Darryl McClain for his comment. Great comment. Please guys, give some more great comments like Darren does, and not just the run-of-the-mill same old crazy stuff I gotta read because it wastes Your time, it wastes my time, it wastes everybody's time. But that's all I want to say in this video, guys. I love to hear your opinions. If you like content like this, don't forget to like, subscribe. Don't forget to join BitcoinNYK.com. And until next time, take care.