Polkadot - Top Cryptocurrency Ranked 7 Pt.1

Welcome back to the channel. I hope you're having a great day. So this is exciting news. Polkadot is now ranked number 7 on CoinGecko, broken into the top 10. We had spoken a little bit about Polkadot being potentially an Ethereum killer, and looking at the statistics, Polkadot is now value-wise more valuable than Ethereum, or price-wise rather. And the reason we can come up with that, that information is that Polkadot was reduced 100 times, right? So it was divided by 100, and basically fractions of— you basically receive a full unit of the new dots, um, that divided by the old dots, right? So that brought the price to, um, about, uh, $5.40 a dot, uh, at this, at this point in time. Now keep in mind that had not the new denomination of DOTs been administered, that Polkadot would now be worth about $540 per Polkadot. Now I think it was a great move. I think Polkadot could see that, uh, the attractiveness of the coin was going to appear to people to be, oh, this is not a good time to buy in, it's going to crash down. And that is definitely more attractive pricing if you're able to buy a full DOT unit for $5.40 or so, as opposed to buying 1 DOT for what would have been $540, right? Ethereum is just under $400. And so had Polkadot not decreased its denominations, or increased rather, you would have a price per Polkadot worth more than Ethereum right now. So is Polkadot the Ethereum killer? I believe it is for many reasons. Polkadot is bringing a new type of technology we haven't seen before. We also have to keep in mind that Gavin Wood, who is basically the founder of Polkadot, was actually as well a co-founder of Ethereum, right? So he knows his way around Ethereum, and so he's not some outsider who doesn't know what he's doing. And they've been working on this for some years now, and this is creating interoperability. Now, just to show you the tremendous power of Polkadot, keep in mind our project BitcoinMYK, that was just a token trading on several chains as a multi-chain token. Didn't have its own blockchain, and we thought that that might be several months off to a year. Well, we can announce to you today that due to Polkadot technology, we do have our own blockchain. And that's been quite an accomplishment for us. Polkadot technology is what makes this possible. It's also going to be able to interoperate amongst or have this interoperability amongst many blockchains as well as the Polkadot ecosystem. Polkadot's also going to be producing something called Polkaswap very soon, which is going to be a lot more cost-effective than Uniswap, right? And if you're like me, uh, Ethereum isn't one of your best products to use because, um, I've always found the user experience with Ethereum very, very unappealing. And I think many of us share that. And so I think Polkadot's gonna bring a lot of improvement to that, and it's probably likely that Polkadot's gonna overtake Ethereum. It's also gonna overtake many other cryptocurrency projects that are out there. I think the question that we really have to ask ourselves about blockchain technology is what are we going to be using this technology for, right? Many projects that are in the top 10 want to use or create some type of payment system, whether something like Ripple XRP or Bitcoin Cash, right? So what are some of the problems and setbacks with that? So if we go back to Satoshi's original vision for Bitcoin. If you really look at the white paper and you're honest about it, this is talking about a currency, a digital currency, right? This is a time where, you know, Satoshi couldn't see the future. So the best thing we could come up with at that time was payment systems, right? Digital currency and so on and so forth. Now the problem with this type of currency, a lot of people believe this spun off from products like E-Gold, where you have this digital currency backed by gold and so on and so forth until they shut down. Some people believe Bitcoin kind of had its genesis after that, after that point. Now, of course, the problem with this is that it's probably not likely we're going to be using cryptocurrency as a payment system and currency, at least not in a way that we think of it. And the reason I say that is because if we look at the many difficulties with how we would use a currency today, you know, you might want to return an item, you might want to charge back, you have all these problems with the merchant, you obviously have the price volatility that's just, you know, unacceptable. And so what we're very realistic about this, we have to step back and go, hey, that's, that's probably not going to work. A payment system is probably not going to work. Now that brings us to our next issue, which is going to be store value. So the story about Bitcoin is that Bitcoin is gold 2.0, right? And it has all these properties that are better than gold. And so thus, you know, it would make sense that we would use Bitcoin in place of gold. But here's the problem: Bitcoin was created a decade ago, and the, the situation with Bitcoin is that it was created to be a digital currency, not a store of value. And so with that narrative being changed and with that concept being changed, it was changed without changing the, the structure of Bitcoin. Right? So what you got is this thing trying to be a very poor currency, but they're moving the idea to store value. Let's get to the problem. The problem is because Bitcoin wasn't created from inception to be a better product than gold, it's only a matter of time before products are created with this, with the sole purpose of being a store of value and doing it better than Bitcoin. I don't think it's a question of if, I think it's just a question of when. And we're going to start to see a lot of these old cryptocurrencies, uh, lose spots, lose position, right? And, uh, it is very likely for me to see Ethereum flipping Bitcoin and then a battle ensuing between Ethereum and Polkadot, right? Because The, the fact of the matter is these technologies are useful to people. You know, Ethereum is going to have legal contracts being executed over the blockchain. There's going to be a lot of replacements and automations of these smart contracts against many professional areas that are very costly, such as estate planning and so on and so forth. And Polkadot is going to do a similar thing, but I believe Polkadot looking at Ethereum much like how we're looking at Bitcoin today, it's kind of a dinosaur. I think Polkadot's coming in with fresh new eyes and are going to do a much better job than Ethereum, right? And I think these things are going to occur much like how we're seeing this crazy run-up with Polkadot now. What do we use a blockchain technology for? A lot of this money raised in the cryptocurrency space, all these billions of dollars, right? I recall EOS, one of its first applications was a gambling application after it raised something like $4 billion. Bitcoin Cash is doing something like a gambling application as well. A lot of the space is speculative and doing nothing but just gambling to no end. These are all problems because they don't create real use. And if you don't create real use, you're not going to convince people to use your products. It's just, it's just not going to be important to them, right? What is going to be important to them? So when we look at all the various uses of these, of this technology, what comes to mind that is the best use for blockchain technology? If it's not trying to replicate gold, which it probably can't do because even if you get a cryptocurrency that's good as that, uh, and it's possible that in the future they could replace the gold market of over $8 trillion, um, they're, they're going to be vying for that position, right? And you're going to see all these products pop up, uh, going into the future that are going to be very better at being a store value. We're starting to see some of them now, uh, and trying to hold on to the Bitcoin brand just for the sake of it, I don't think it's going to be sufficient. We should never forget that being the first out the gate and being a brand, a good brand, having a network effect and a brand effect doesn't mean you can't be replaced, right? Same thing with Facebook and MySpace. MySpace was replaced. Uh, there are many examples of products and services that dominated space once that got replaced, right? The Coca-Cola and Pepsi wars went on for years. Sometimes Pepsi would be on top, sometimes Coca-Cola would be on top, but it was possible to replace these huge brands. And maybe at some point in the future that will happen to something like Facebook as well. However, the thing we have to understand about all of this is we have to find a real significant use for blockchain technology. The days of just raising money is over. You know, creating games on blockchains. I don't have a problem with entertainment on the chain, but looking at many of these games that have been juggernauts like Fortnite and so on and so forth, I don't think a game's gonna be created necessarily on the blockchain that's gonna be as popular as some of these games. I think that there are many advantages to games being created through a centralized format, but then going on to, or they could go on to create their own blockchains for their own game ecosystems. I don't necessarily think it logically follows that gaming is going to be it that creates this over-significant use. And so I'm not certain that's what's going to happen with that. I wouldn't want to bank on that. The other thing is, you know, we've We've covered the payment systems, which is mostly what these cryptos are. They're very redundant, right? They're redundant coins. They're either trying to be payment systems or they're trying to be something like Bitcoin to store value, or they're trying to be these type gaming applications, right? And none of which has really been successful. What would be successful? What is the best thing that can be on a blockchain that is going to be something masses of people care about? And I think the answer is simple. I think it's something like social media, right? I think social media can dominate, uh, into the top 10 of the cryptocurrencies. The, the thing is you have to make a social media that works. And the reason that social media makes so much sense is because social media is one of these products— it's probably one of the only products in the world that more so depends on its consumer base, its user base, to create the product for it, right?