Mimblewimble/Grin/Beam - Vs Bitcoin/Bitcoin Myk

Tom Elvis Jedusor. Hey you, welcome back to the channel. And guys, if you don't know who Tom Elvis Jedusor is, he is the character from the Harry Potter films and the books who goes by Voldemort or Lord Voldemort. And as you can tell by the title of the video, today we're going to be looking into —this very interesting protocol that goes by the name of Mimblewimble. Mimblewimble as well comes from the Harry Potter films and books. It's a tongue twisting, or rather it is a spell that tongue ties the spell caster to keep them from casting spells. So that he may not speaketh that which shouldn't be spoken. So, um, it's all very interesting. And the reason this is so important, you've probably heard about MimbleWimble, Grin coin, and Beam coin, is because they run on these protocols. Now today what we're going to do is we're going to see how the MimbleWimble protocol holds up against, uh, Bitcoin NYK, if it solves the issues that Bitcoin has, or some of the more important issues, and that's everything to do with scalability and privacy, which it is said that it would be able to significantly enhance. And we're going to kind of do this versus thing where we compare MimbleWimble, Beam, Grin, to Bitcoin and Bitcoin MYK. And we're gonna all— we're gonna move those coins in variation against each other, see how they hold up, and see, uh, which offers some of the best options in the cryptocurrency space. So I just want to put this out here, guys, that by no means is this easily digestible information. Uh, in fact, this is considered to be some of the most complex and advanced, uh, areas of the cryptocurrency space. So of course what I'm going to do in this video is dumb it down to the dumbest infinitesimal point and give you all the pertinent details. Leave the white papers and leave a lot of technical details for the people who, uh, want to get deep into that. Um, we're not going to really do that in this video, although We will touch on some technical things that maybe will appease some of the more technical people, yet at the same time be understandable and digestible to people who are just in the cryptocurrency space. Uh, even the advanced people in the cryptocurrency space, this is kind of complicated area. So let's get into it. So we explain what MimbleWimble aims to do, what it is, and why it has these Harry Potter-like phrases to it. Now, there is some connection between Harry Potter, um, and, um, uh, developers, mathematicians, and scientists. I don't know if it's that they see magic as some type of precursor to science, but it— or mathematics or whatever the case is, but they A lot of these people have a great interest in Harry Potter and they're very brilliant, intelligent people. Somehow Harry Potter enters into the mix. But anyway, Tom Elvis Jedusor, or Lord Voldemort, he, uh, is actually an anonymous Bitcoin developer who's entered several chat rooms and his entire idea was to present himself in the fashion of Satoshi Nakamoto, as to say he wanted to remain anonymous. He wanted to build this system. And so let's tell you a little bit about what it does, how it does these things, solves the scalability issue for Bitcoin and solves the scale— and sorry, and actually enhances the privacy of Bitcoin, which many of us erroneously thought first coming into Bitcoin that Bitcoin was private. And, you know, many of us learned later that it was traceable. The federal government can trace it. Um, you can be tracked using Bitcoin and that you would need a privacy coin like Monero or something to that effect, Bitcoin Private if you want to go there, uh, um, these two base, these type coins in order to secure your privacy. Now here's the thing. How is it achievable? How does it do this? Well, we're going to go over some, some basic ideas here. Try to keep it real simple to understand how Bitcoin moves transactions. You would think as you're looking at these numbers that you, you, it might come to mind as just subtracting ones and zeros, right? And, or adding ones and zeros rather. And, um, it's a lot more complicated than that. Bitcoin is, uh, using something called UTXOs, input and output transactions, on every transaction that's done. And it is the ledger of all the transactions. So each transaction is carrying the history of these transactions, who, you know, the, um, the purchases, the the input outputs, transactions back and forth, and it's all being lugged along, right? Carried along on each transaction. It's a lot of data. It's a lot of data. And so that's a, that's a huge problem to, to create all this data. So in essence, in a sense, Bitcoin is all of that data, right? It's the net, it's the network data, it's the ledger. Um, so that we have a history of that ledger. And we can verify that ledger. Now where MimbleWimble kind of solves this issue of having to stopping it from legging all that data, making it more scalable, uh, and at the same time making it more private, is that what MimbleWimble does is it, uh, basically eliminates, uh, all of the, uh, basically in a sense, I guess you could say it removes, right, the all of this ledger except for the people who are involved in the transaction. right? They're the only people. So if it was 36 transactions, 1 in 36 would be aware of what's going on. And that's the— that's, that's just a very simplified understanding of, of, uh, what's happening, that it's removing. Now, of course, there's some problems with it removing that, that, you know, the, the, the data, all right? And, and, um, but Uh, it solves a lot of issues. It makes Bitcoin private. And so in doing that, now we have a Bitcoin that is private, that is scalable, and that's a huge deal. That's a, that's a very huge deal. So MimbleWimble's been in, had been in, um, had been worked on for the last few years. And, uh, so people were ready to finally test out MimbleWimble and The way this gets achieved is through the issuance of what is here, Grin coin. And there was another one called Beam, which was a little bit more sprucier than Grin. It had a little bit more marketing finesse to it, but essentially the same, essentially the same thing. Now, and so it started trading. So Grin started trading. And it went on, you can see it's doing fairly well here over the last 24 hours, over $15 million. And it hit a peak price, I think, of about $260 range. Unfortunately, you can see where it's at now, and we're going to get into a little bit of why that is and what happened with that. And of course, the great thing is about Grin having those privacy features with Bitcoin that so many people desired, solving those scalability issues. And, um, and, uh, so basically a kind of a dream come true for some of the, some of the Bitcoin, uh, you know, community that wanted to see those things in Bitcoin. Now, unfortunately there are some issues with overlaying the MimbleWimble protocol over Bitcoin Core, and some developers don't believe it could be done or that it would be a good idea for the structure of how Bitcoin is now. The way Bitcoin is structured now, I think the idea is it would create too much of a dramatic change in the principles of Bitcoin Core. And because of that, basically a lot of developers don't think that should be done. So what's happened in effect then, what we have with GRIN and Beam, we have these coins now that you can mine. You can mine with GPUs, on GPUs, but unfortunately There, there have been a lot of FOMO into Grand Coin and Beam, and because of that, it has created a situation where it's very, it's very difficult to be profitable in mining. Not to mention that Grand Coin and Beam have, if you look at here, if you look here at the market cap of Grand Coin, you see where it's, the market cap has a question mark. And that is because it could either be that the amount is infinite, which means that you're going to have a great deal of inflation year after year, or that there is probably a very high amount of these tokens. Some people, you know, it might be around 300 million, it might be an infinite supply, and that this is the actual total supply, right? And this happens with CoinMarketCap, you know, unsell, you know, quite a bit where, you know, they don't— they list like the total supply, but that's not really the total supply. You need to go, uh, check like the block explorer and find out. Uh, however, because it is, it's created some issues with GRIN being, um, you know, this, um, very valuable token besides, you know, its scalability and privacy factors, which are great things. Um, you know, however, coupled with the many other issues, uh, it might not be, uh, to some, something that could ever overtake Bitcoin or be as significant maybe as many people feel anonymity will give it. You know, there's also the idea that anonymity is not going to lead to mass adoption. Of course, the idea anonymity sounds good, but I'll just give this example. The situation that we had with Cryptopia tracking coins. I guess the point I'm trying to make is it's, um, the romanticism of anonymity is great until something terrible happens to you. And, uh, You know, you lose the ability to, you know, find out who's done very terrible things to you, whether it's been they've stolen your coins or whether they've done some type of money laundering activities or whatever the case is. And I know some people would go, well, those are the consequences of having the freedom of this technology. And in many ways they're correct. However, I think realistically the world still feels, uh, or still functions mentally different from that, right? I think when bad things happen to us, we still are in a mindset of we wish, we would hope something could be done, and complete anonymity is not going to allow that, right? Um, another issue we're finding with these projects is that, um, or something that's going around right now. And of course, this is the issue when you have a lot of anonymity, you know, even with situations where people create systems and then they disappear, sort of like what we got with, you know, Bitcoin and Satoshi. Um, and you get a lot of these conspiracy theories and fear about why these projects were created in such anonymity and Why is it that, um, you know, uh, who, who was really responsible for it? So it kind of becomes this Matrix-like thing, right, where we kind of feel like we're the people, we're in control of this technology. Or is it that someone wants us to think we're in control of this technology and we're only maneuvering down a road or down a path of, uh, of doing the things that they want us to do, right? But we think we're doing it from a, uh, a free will type situation. Um, and, and what I'm leaning to in saying all this, guys, is that we're finding out that many of these coins like Grin and, um, are— we're trying to figure out who's funding this, and they kind of got it like it's this grassroots thing where, uh, it's funded by the community. However, we're also noticing that huge projects, big, uh venture capitalist firms are involved in this, and they're putting a lot of funding into this. Now here's the problem with that. I've spent a little time working for a venture capitalist firm. I worked for several investment firms. And if you think that these entities do anything out of the goodness of their heart or they're altruistic, you have lost your mind. And so that's created a lot of fear with some people in these projects. You know, again, many of the miners involved, one of them are worried about this inflation, this, you know, this coin circulation supply that is nonexistent. Some people bought in again at the height, well into the $200. It dropped all the way to $4. It has rallied up to $13, but it's a lot of people who've lost money FOMOing in. And so those are, those are some of the good things and the, and the, uh, bad things about Grin. I'm not gonna go into detail a lot about Beam. Only thing I'm gonna really say about Beam is I'm just gonna say that Beam is just like Grin, but the only exception is Beam seems to be more professionally handled. Like, kind of think of it like Tron versus Ethereum, right? It's more or less like, um, Uh, you know, well marketed. The website looks great. Seems a little bit more professional. Seems probably a little bit more hands-on than what you get with Grin, right? And so that's just a rough draft. You know, again, guys, this is what I want you to understand, that, uh, this is very technical stuff, okay? And, uh, to really get a full understanding of this, you're gonna have to read the white paper. You're gonna have to consume a lot of content because How this works exactly is even— is advanced to people, top people in the cryptocurrency space. So, you know, we're not going to go through one video and you're going to completely understand this, but I, I think you get the gist of it, right? And then understanding that, let's move on with that to Bitcoin. Let's go GRIN versus— let's go GRIN versus Bitcoin now, and Beam and GRIN versus Bitcoin using this MimbleWimble protocol. Also bearing in mind that the idea that, or some of the hopeful ideas of implementing MimbleWimble protocol onto Bitcoin is more than likely not possible, right? So we can kind of take that off the table. But Bitcoin versus Grandcoin and Beamcoin. So, uh, here's the thing. Um, is it possible then that Grandcoin— because basically what you're saying now, you're saying that this is Bitcoin with privacy features and solving the scalability features, right? So this is better than Bitcoin. This is better than Bitcoin, right? Uh, ideally, uh, presentation-wise and the information we have on it. So will it overtake Bitcoin? Well, not necessarily, because the thing is, uh, investing in Grin coin and investing in Beam, uh, the examples we just gave of how it's fallen significantly since people started buying in, and it's possible it could go back up. I don't know if it'll ever reach $200 again, But it's possible. But what is for sure, this is the price it's at now with all the FOMO, with years and years of development. And this is where it sits at this present time. With miners not wanting to mine it because of the incredible inflation. So someone mentioned, someone commented that market price is driven by speculation. And, uh, that is, that is very true. I'm, uh, in later videos I'm going to give you, um, some reasons why that isn't— doesn't have to be the case and why with our project is not the case. But, uh, in most cases it— that is what it is. And so that means we're going to be— a lot of people who are motivated to be involved in this project, you know, they, they kind of speak of They kind of paint— Grant kind of paints this idea of it's community-funded, which— very skeptical of that, guys. With the venture capitalist firms jumping in, again, they do not jump into this. And so a lot of people think they're going to be influenced by these venture capitalists and that we're going to have a similar possible situation to the cryptocurrency space being manipulated, uh, much similar to like what we've gotten with a lot of our cryptocurrencies. But Um, facing off with Bitcoin and considering those factors, some believe that might keep Grin and Beam from ever overtaking Bitcoin. Uh, you know, and again, with the privacy features, the anonymity, uh, again, where some of us applaud that, we think that's a great thing, there are many of us who, uh, have gotten into cryptocurrency because we want to stop inflation of our money, and we want to take control back of our money as the public, right? Where the money's supposed to be. We don't necessarily want to hide our money or launder our money or do these terrible things with money or, you know, or be less than transparent with our money. You know, I would say a great many of us probably aren't so concerned about that. Um, there are certain factions and groups of the cryptocurrency community that, uh, are probably a lot more concerned about censorship and privacy than others, whereas a great deal is concerned about our money being, um, uh, a deflationary money and not being subject to inflation and our value being stolen each year. And so it's different camps on this, but I think for Grin or Beam to really ever overtake Bitcoin, uh, it would have to come down to— it would have to be a large amount of people who just think this is a better idea. But how it's structured, uh, right now, just not seeing that, just not seeing that with Grin and Beam personally. Let's move over to BitcoinMYK. How does BitcoinMYK, our project, hold up against Grin and Beam. And, um, you know, I know a lot of people watch the channel and they say, uh, he just wants to probably put down a lot of projects so he can boost up his project Bitcoin MYK. But, um, I will say this to that, guys. Bitcoin MYK is designed to address many of the issues or the problems we have in the cryptocurrency space, be it psychologically and be it, uh, as far as, uh, demand and supply, and even as far as speculation, what it takes to, to make the value of the token valuable, what factors need to be in place, right? Uh, like the idea of speculation drives prices, someone commented. Um, and so, well, you have to take all that into consideration, but The problem with MimbleWimble already is if it can't be overlaid on Bitcoin, right? If it can't, if it can't be used in that way, then that means we have to now take our money out of Bitcoin, right? And invest in Grand and Beam and deal with the large amount of inflation, right? And deal with the possible who's behind this scenario, why the venture capitalist firms are investing in this. Who's going to fund this? How is it going to stay afloat? Uh, is it going to remain profitable for the miners? And so all of that's going to go into consideration. How's that going to affect the price for many of us who are concerned about that? Uh, so in contrast to Bitcoin MYK, Bitcoin MYK is deflationary. It's only 100 million Bitcoin MYK. That's all it's ever going to be, ever. Um, you don't have to sell Bitcoin MYK in order to, uh, get Bitcoin MYK. If you're a Bitcoin holder, we use something called the Bitcoin Wave Network, where as long as you hold Bitcoin at any point in time of your balance on that ledger, you're able to claim Bitcoin MYK. Now, This won't be for this video. We're going to get— we're going to do a whole video on the, uh, on our protocol we use called the L. Drake Equation, which stands for Ledger Accounting Balance. And the Drake Equation is a scientific formula in which, uh, astrophysicist was able to determine how many— how much life is in the cosmos, right? And there's a real scientific formula. Uh, so obviously we relay that over to cryptocurrency where we're able to figure out the average amount of money in Bitcoin wallets. And that data is, um, when people are claiming through a transaction to claim Bitcoin MYK, a string of those transactions are all factored, uh, around that average, placed in a database and correlated to the ones that are outside of those factors, in which case then they are flagged and moved to higher levels of verification. And what this does is with the price, if you think about Grin's trading at about $13 right now, um, uh, Beam's trading at $2, BitcoinNYK's trading around 60 to 70 cents, right? So with our levels of verification, that would mean that people are only getting, uh, X amount of dollars at this point in time when they claim Bitcoin for BitcoinNYK because the ratio is 4 to 1. So what you're talking about for a person to crack through our system, a great deal of, uh, headache to pick up right now a few bucks. Now I Obviously that value goes up, and if their plan was to hold that, they would have a lot of value later. But again, no network is 100%, uh, uh, um, you know, um, impregnable. Uh, that means, you know, that they can't— any, you know, um, they can— any network can be hacked, right? Uh, we talk a lot about how even if Bitcoin there was an inflationary bug in Bitcoin, barely caught by a Bitcoin Cash, of all people, developer. Uh, if he wouldn't have caught it, it would have been catastrophic for Bitcoin. Now he's a Bitcoin Cash guy, you know, imagine that would have been Roger Ver or somebody. And so, and so, um, yeah, so, you know, any system can, you know, have security issues, but What BitcoinNYK does is it makes it, uh, it acts as a big deterrent against people who try to, uh, exploit the system, trying to get around our verifications to claim more and more Bitcoin, trying to beat the L-Drake equation, which we think is going to be very difficult to beat because there are so many people who on average, there are like 5 million Bitcoin wallets that have, um, uh, under $100 in them. So the mass of the population, uh, or Bitcoin holders rather, don't have even $100. So people who are moving accounts in excess of that, uh, and continually claiming, it's going to be very easy for us to catch them. and, uh, they get kicked out of the claiming system when that happens, right? And so, uh, we factor the damage would be very minimal, uh, to what they could do to our network if they got around the verification. However, the advantages are extraordinary because think about this, you're able to claim our token, you don't have to buy, you don't have to risk. Some, someone bought in at grand at over $200. As I mentioned earlier, as I mentioned several times earlier, and it went to $4 and now it's at $13. The, the average Grin investor bought in in the $20 range. It's now $13. That's not a good show for a technology that's been worked on the last few years and that is, uh, supposed to be this amazing technology. It just is not. Um, with BitcoinMYK Your risks are zero, uh, as far as— because you don't buy Bitcoin MYK, you claim Bitcoin MYK based on the Bitcoin ledger, right? And much like Grin, uh, or unlike Grin, which doesn't know how its network is funded, uh, our network is funded on principles of the development and growth of a social network. which I'm a big supporter of because social networks are some of the easiest systems to value, right? Because people are actually using it. And so if you make this comparable to Facebook, what then you receive is, uh, it's easy for a person to go, okay, I see there's hundreds of millions of wallets and thus I can see why this activity would create so much value in this product. We can't really do that with a lot of cryptocurrencies because we don't know how many people are using them and if they have a really strong use case at all. And in addition to that, you know, most of the people could be the same person, right, in some type of syndicate, right? And so, you know, we have all these issues in traditional cryptocurrency platforms. Um, and so, uh, I think comparably, uh, I would have to— even though it's my own project, Bitcoin NYK— I would have to strongly in good conscience say that Bitcoin NYK offers a much better solution. It's fast, it's scalable because it's a hybrid of proof of stake And I think it just works a great deal better, uh, and that you'll get a great deal advantage out of it. You know, another thing is the value of BitcoinNYK started around 1 cent, went all the way up to $1, and it's holding around 60, 70 cents, and it's holding there, right? This— these coins have lost like 90% of their value. More, you know, over 90%. And so, um, yeah, those are, those are my thoughts on that. Uh, but do I, do I— but I don't take away, this is amazing technology. It's amazing technology. But the problem is it would need to be part of the Bitcoin protocol, right? And, uh, because it's being tested out on its own blockchain like Grin and Beam, uh, it just doesn't work. Uh, you know, again, guys, this was a very lightweight crash course into this technology. This is very advanced technology. We invite you to read white papers, get all the information you can on it, uh, and, uh, feel free to come back and comment. Or if you're already knowledgeable, knowledgeable about it, we welcome your, your comments. Because, uh, at the end of the day, guys, no matter no matter how we look at this, I cannot see anything offering more opportunity than going from zero, right? And that's what BitcoinNYK offers. It offers a zero, uh, um, uh, uh, uh, value put placed in it, but offers great potential upside. And that is because the system is predicated on using the network to gain its value and support it. Comparably so, we could look at what's happening with Facebook, right? What's happened with Facebook is Facebook's going to launch a stablecoin after its network has created millions, hundreds of millions of people for it. They're gonna launch it on WhatsApp with over 200 million people to use as remittance. Uh, and so now these people can use this money to send money across the world at very, very low, uh, costs. And in the United States alone, India sends back home over $65 billion, and they'll be able to do this at very, very cheap prices, right? Looking at Tron, Tron's about to do the BTT token as a part of the BitTorrent network. A network of over 100 million people already. And so the value of these networks and these people substantiates the value of their tokens, right? And this is a similar idea with BitcoinNYK. But that's all I'm going to say on that, guys. I'm declaring BitcoinNYK the winner. Sorry, but please feel free to challenge us. And in this thread. But guys, that's all I want to say. If you like content like this, don't forget to like and subscribe. And until next time, take care.