Internet Computer Protocol Review

Welcome back to the channel, guys. Today we want to do a review on Internet Computer. So this is something I've been hearing about. I'm new to Internet Computer, but I'm gonna do my best to try to give an idea of what could potentially be the significance of Internet Computer. So I think the easiest way to approach Internet Computer is that it is the truest form of Web 3.0, right? So to help you all understand what technically happens or what's happening with a lot of our cryptocurrency projects is that we are under the impression that these are decentralized applications, right? You would think so, but most of these, uh, platforms use some type of, uh, more so centralized access points, right? Whether it be, um, the, uh, AWS with Amazon, right, or Google Cloud. Many of the applications that work, uh, with these blockchain projects are actually centralized. That kind of destroys the entire narrative of, you know, what's happening, um, in cryptocurrency on the blockchain, because we're not technically on the blockchain. So Internet Computer, um, is basically going to have it where everything is hosted on Internet Computer, right, on the blockchain, you know, whether it be your website applications, your games in the truest sense of the idea. Uh, when you think about something like, um, uh, even NFTs, right? People are under the impression that these are held on the blockchain. In many cases, these are JPEGs held on centralized servers. Um, and in that essence, the possession of these NFTs are actually in the hands of someone else. Now it's very important to understand that technology-wise that we're using the concept of the blockchain very loosely, right? With many of these applications depending on Amazon, depending on Google Cloud, etc., these aren't true cryptocurrency projects in that sense. Right? And this is a problem with them all. Uh, in fact, Internet Computer might only be the truest, might be the only truest one, right? So we need to keep that in mind. Even in a case of something like Bitcoin and MYKD project we spearhead, uh, we can now launch the Bitcoin MYK project on something like Internet Computer, and it'd be Web 3.0 in every sense of the idea. Now, of course, again, this is a blockchain-wide problem. No one is immune to being subject to, whether it be Amazon or Google, as far as when it comes to web applications interacting with these blockchain technologies. And that's very important to understand because again, you do not truly satisfy the idea of decentralization in the aspect of you're, you know, not satisfying that you're not truly— these applications aren't truly on the blockchain, right? The websites that are hosting these applications aren't truly on the blockchain. The image uploads as such, the JPEGs aren't truly on the blockchain, right? So this is what's, you know, so significant about Internet Computer as I'm understanding it. And that is that Internet Computer is going to allow applications like ours to run on Internet Computer and be truly decentralized in that aspect. Now let's talk about, uh, what a lot of people in cryptocurrency are drawn to, and that is, is there any opportunity in Internet Computer as far as price? So let's get the 800-pound gorilla out the way. I'm not going to sugarcoat it, and I'm not going to try to sell ideologies anymore to people. I'm just going to tell them what they're probably looking for in most cases, which is going to be, can I make some money out of this thing? So, uh, let's address potential positives. Let's, let's balance it out. Let's address the negatives of what I can see with Internet Computer. Let's go with the positives. Of course, the positives would be within the scope of Internet Computer, um, it is in a very narrow class of projects that are allowing for the, uh, implementation, uh, of these blockchain technologies into a true sense of Web 3.0. So it's not a lot of them that are competing at this particular time in this space, but that doesn't mean that they aren't coming or that there aren't competitors. Filecoin has been for years attempting to do a similar thing. So that means that Internet a computer in itself is not also unique. And I think that might be part of the community's issue, that it's kind of being pushed like it's unique and great, but this is kind of an old idea that never caught on, right? Um, with other applications that I've been hearing about these type approaches to technology since I've been in cryptocurrency, and that's been going on like, what, 7 years? Over, uh, 7 years now, right? Uh, really longer than that, but getting to the more sophisticated understanding of it, I'd say about 7 years. Although I had Bitcoin back— I held Bitcoin back in 2010, 2011, so I was one of the first people to come in contact with Bitcoin and hold some. Uh, so count that, I've been in crypto a long time. But with, you know, the onslaught of many applications and such Anyway, let's get towards, um, that being a positive. The price might be a positive at this time simply because it's about 99% down. Its value is about $3, which, uh, it has a, uh, a, uh, a market cap of well over a billion dollars. So that means that this wasn't a, uh, crappy coin, uh, for lack of a better word. But what it was was a, a pretty good competitive coin in the top 100. I believe it's probably still now in the top 50, but it's down 90% of its value, right? So that means you can pick it up on sale for about $3. Um, something tells me that it is going to gain in value, right? That's another positive, right, that you probably can see some of that value slots, you know, realize once again. But let's move on to the negatives now, right? We kind of got the price out the way, we got what this thing can do. It's kind of at this point in time in a small competitive zone, which means not a lot of people doing it. And so then it doesn't become like all these other Ethereum platforms where everybody's trying to be like Ethereum, but you're not going to beat Ethereum because you're not Ethereum and you're just kind of a copycat of Ethereum. So Internet Computer has an advantage of kind of being in its own lane, uh, in a lane where there's not a lot of competition, but out further enough from the other ones to kind of have that mover advantage, right? Let's, uh, talk about the negatives now. Here are the negatives, and here's what people need to understand who's pushing Internet Computer. And that is Internet Computer is based on the idea that people care about technology in cryptocurrency and they use it. We know that not to be true. We know that people care more about price. Projects like BitcoinMYK that are excellent project. It's the everything coin. Integrate social media, something billions of people already use, into a very easy, familiar interface. Does their cryptocurrency, supplies them all a dividend, which is a form of universal basic income that helps mass adoption. It does all these things with the coolest distribution algorithm I've ever seen that can extrapolate what you do on social media and reward you cryptocurrencies for it. But why hasn't it caught on? Why isn't the great technology that is part of Bitcoin, and why it cannot catch on? Well, it could be for the same reasons it might not catch on with Internet Computer, and that is that at the end of the day, that, uh, we've been, uh, led a type of fairy tale that people care about technology. No, most people in cryptocurrency just care about money. A lot of times when people ask me, well, you have such a great concept, you have such a great, a great project you've created, Why don't you have a lot of followers? Why don't you have a lot of people using this thing? Why isn't this a billion-dollar cryptocurrency already? And the answer is very, very simple. That is because scam projects pump more so than any other, you know, cryptocurrency. It is a proven fact, uh, people are just after money in cryptocurrency. Now, there may come a day and age where that's not the case. But Internet Computer might not be able to get that situation before there are many more people in the competitive space, before their project comes along with that certain je ne sais quoi marketing edge, with that type of, uh, group of team behind them just that can just outshine them. Maybe somebody puts in millions in marketing and they just leap ahead of everybody else because you have to remember, I'm just learning about Internet Computer. Although the concept of being the, the internet, the new internet, the Web 3.0 for all blockchain technology is a very, very old concept that I believe we put on the back burner because we care more about money. If people care more about technology than they cared about money, they'd be on my platform with a project like BitcoinNYK that literally supplies universal basic income to the globe, right? That literally, um, takes your social media attention value, converts it to cryptocurrency, and does it with an algorithm, not with other people, not with, not with other users. Manipulating the market or not giving you the cryptocurrency, but an AI system that fairly does it so that you don't have to compete with other people. And I think that's very important to take out a lot of the corruption in cryptocurrency. But unfortunately, whereas that should be a shining star, Bitcoin and what it is not, Internet Computer can fall in the same zone. Of just not enough people caring enough about good technology. It happens all the time. There are countless blockchain projects with the best proof of concepts that simply don't garner the attention they deserve. I could go on and on all day about them, and I'm sure some of you all can as well. Excuse me. But the bottom line and the important thing to remember is that this, at the end of the day, Internet Computer is a risky cryptocurrency, that anything can happen and you can lose your money. The Internet Computer, it could just fizzle away. People can just, you know, go back to chasing meme coins, chasing gambling casinos and cryptocurrency, trying to get quick money, uh, worrying about boots being on their necks now in a high inflation, tough economy and nothing else is important. Long-term thinking isn't important. And that's the unfortunate truth with many of these projects, right? That being said, I like the idea of Internet Computer. Now I'm not going to go crazy, but I might hold a little bit. Uh, the other negative thing about it is of course the correlation with, uh, uh, SBF or Samuel Bankman-Fried, you know, who's been imprisoned for the FTX fiasco. Uh, even though Internet Computer, it's not their fault that they invested in them, then they sold out of them, and they probably caused a lot of these market declines and such, or bad reputations, um, it can be attached to the Sam Bankman-Fried narrative to the point where ICP gets just enough negative press to keep people away from it, or just say that's one of Sam Bankman-Fried's companies, he's drained and all the investors lost all their money, et cetera, by dumping on the price or what have you. And maybe they just don't want to touch it, or maybe somebody else comes along with a cleaner slate doing the same thing or without that history. Um, you know, it just can go any way in these areas. But I'm not going to spend long on here. I think I'm going to conclude with that, that I would keep an eye out on this project, that I like good technology projects. I like them, and some of you all do. But you have to ask yourself the question is, if you like good technology projects as much as you say, then that would follow that you would be invested in using good technology projects, right? You wouldn't be chasing meme coins. And although Bitcoin seems to be a safe go-to. The truth of the matter is Bitcoin, if you go back 4 or 5 years ago, Bitcoin's pretty much at the same price as it was then. And so that means that if you're holding money in Bitcoin several years ago, it means that you haven't really made any money, right? And that's, we know that to be a bad investment in any area. You would have been better off leaving your money in the stock market, you know, perhaps. So you have to think about all these things. Right? Uh, you have to think about those questions. And I would also say that, uh, if you are a person who follows the good technology and this is your mantra, that you will look into projects like we're doing Bitcoin MYK, that if you're into Internet Computer, uh, we will, uh, definitely look into and more likely be running on Internet Computer because we like the idea of of not being, uh, connected to the Amazons and Googles and these centralized, uh, uh, web services, right? And so, uh, that will follow that. That is something we want to do. But, uh, that's all I think I want to say in this video. I'm going to leave it at that. Don't forget to check out BitcoinMYK.com today. It is totally free to receive the Citizen's Dividend. It is the everything coin. If you, uh, go over to China, you got WeChat where they're using it every day to conduct all their businesses. And this is implemented in a similar fashion or without the privacy concern. But we're going to leave it at that, guys. The next time, as always, take care of yourselves and each other.