Xen Crypto - What's The Use Case?

going to stop it from pumping? No, right? But the pro— uh, welcome back to the channel, guys. I wanted to, uh, get a video in real quick here. Uh, I was looking at some of the comments from a video we got in yesterday, and it was talking about why I felt Zen would only work, uh, in the short term. Um, and, uh, thinking about what the use case of Zen was, right? So I found some comments interesting. Uh, let me see if I can pull them up real quick here. Um, let's see what we got here. Uh, this was an interesting comment because the— they were saying, I think it comes from Emo, they were saying, I think Zen and Hex will go up for bull run, then if you sell at a profit, all is well, and they will have served their purpose for me. All right, excuse me guys, let me hit that for a second. And what was some of the other replies? It says Crypto Elite says your coin doesn't need a use case. If you link a blockchain to it, magic can happen. Just not many know this, right? So that's kind of interesting. I wanted to talk about that a little bit today, and you know, in response to that, because it got me thinking about Zen. where exactly Zen stands and, uh, how to think about Zen going into the future a bit. So let's talk a little bit about that today, see what we get. All right, let's get into that a little bit because I, I think I, I, I think about this in passing, but I really need to take a moment and logically think about what that means. So, uh, your, your coin doesn't really need a use case, just link a blockchain to it. Um, so, so here's what I'm getting from that. What I'm— and I've been thinking about this for a while now, um, but I don't usually spend a lot of time on it because the way that cryptocurrency moves, you know, cryptocurrency to me is similar to when something goes viral. You know how when content goes viral, what a person will try to do is they will try to analyze what made it go viral. But no matter how much they analyze it, it is, it is not always possible to determine what factors caused the content to go viral, right? It could be, it doesn't even have to make sense in some cases. It can be the most outrageous thing. It can be, you know, in fact, there are many cases of where things you wouldn't think would go viral, things that don't make any sense. It could be a stupid squiggly line box jumping across the screen and it has billions of views, right? What people tend to do, they try to replicate the success of when something goes viral. And hope that they can achieve that. And nobody, you know, obviously if they could, if they knew the answers, they could just probably have every, all the content they produce go viral, right? They would have that secret. But it's one of those things that doesn't really have a determinable secret all the time, right? So here's the, here's the point I'm making about that, right? So when you're investing in cryptocurrencies, right, Um, when you think about something like that, right, if a cryptocurrency doesn't need a use case to go up in value, to be valuable, right, uh, is that something that you will confidently invest your money in, or is that just something you just invest your money in and hope it, you know, it does that? And I think this is very important because, uh, I think it does matter when we really analyze what we're saying here and what we're looking at. So Zen Crypto, right, for whatever reason, uh, it's gained, uh, the, the attention and values is, is gained. I think we need to take a moment to think about, uh, what the term is that. And, and in my last video, I think that's why I did a video called, uh, Zen— the Zen crypto project will only work short term, because I don't think those answers were properly, uh, those questions were properly answered. So let me give you— let me give you this example. Uh, the ChatGPT coins, many of these artificial intelligence coins have started to go up right now in value, right? They weren't always going up. Uh, in fact, one of the, the, the, the biggest minds right now in artificial intelligence in the crypto— well, he's just in the artificial intelligence space, period, was one of the, the, the biggest minds, Ben Goertzel, who— he's responsible for the, the Sophia Android. That's the first, if you're not familiar, the first Android to become an actual citizen of a country, right? He's responsible for Singularity.net or the AGI cryptocurrency, um, which is dealing with decentralized AI. And the, and the purpose for that is if, just say for instance, a nation gets a super AI before another nation gets it, it can basically put them so far ahead of everybody else, right, uh, that everybody's afraid to, uh, have AI that is centralized to one area. That's why they want to decentralize AI, and you could do that with the blockchain and That's what projects like the AGI token does and Singularity.net. That's why I'm a big proponent of that cryptocurrency. Now, performance-wise, at this stage, uh, it hasn't went to the moon or did anything like that. But here's the thing, guys, uh, these artificial intelligence coins are starting to go up now, right? They probably didn't go up right away, but why are they starting to go up because of the technology, right? That's getting back to the use case. Now, um, uh, there's nothing wrong with making money investing in projects, catching them at the right time, but do you want to base your portfolios on that? Uh, that can be very scary, uh, and probably not the best plan, not the best well-thought-out plan. Um, when I look at something like XIN and HEX, right, here's the, here's the differences in these projects. If you look at something like HEX, Richard Heart was very adamant that his concern was cryptocurrency prices improving. In his thesis, he He didn't believe that people traded cryptocurrencies for use cases to actually use them, right? And I think he's right in that in the early beginning stages of cryptocurrency, but I do believe cryptocurrency is getting more sophisticated to where the use and technology is going to matter over these viral cryptocurrencies or once the prices go up. And the other problem with prices going up cryptocurrencies is that you don't know when, uh, who's going to be in the hot seat the next day, right? Who's going to be hot the next day? It could be any project, like how you see many of these meme coins pop up, right? I guess it becomes a question of not so much is it right or wrong to follow cryptocurrencies that probably haven't given a compelling use case, but just more so of Uh, you know, is that how you want to play your portfolio, right? And is that going to be, uh, the best way to go about it? Um, you know, for you personally, is that something you can put confidence in, um, to any degree? Um, so in saying all of that, how does XIN stack up? Well, I think the difference with XIN and say something like HEX and the Richard Heart ecosystem was Richard Heart, uh, in his idea about it, he was, he was pretty much just, you know, uh, clear in that people just care about the price of cryptocurrencies going up. And where that has been provably true in certain time frames, right, uh, I think it, it is erroneous for him to make that statement because that's not all cryptocurrency is. There's a lot of cryptocurrency projects don't get into coins just because the price goes up. There's a lot of people getting— actually do get into them based on the development and the, and the actual use of the application. That's where there's a game or anything like that. Now the, the problem I have with HEX and XIN and why I say they're probably going to be short-term is because do you really use HEX and XIN on a day-to-day basis, right? When you're, when you're, when you're doing your staking or whatnot, right? What is going on in these projects per se that's going to create that actual use and drive to it beyond just the price going up? Because again, if we, we want to move only on price going up, then we're going to be faced with, uh, you know, then what's going to happen when the next shiny thing comes along? And that's, and that's the problem with projects like HEX. And, uh, uh, the verdict's not all the way out on XEN yet, but I think XEN does follow a very similar, uh, uh, path that HEX— and that is people are interested to drive the prices up. That's why you got all this burning going on right now, right? Not so much based on what Zen's able to do, but just based on the price going up, right? And so that's why I found that comment from, uh, one of the, the channel viewers so interesting, that, uh, the entire goal seemed to be when the price got to a certain level, that's it, right? And that's how a lot of cryptocurrencies are. But is that going to be sound in the future? And I don't know if that's going to be the case. Um, also it's harder to sell people on the idea, right? So, uh, he said just link a blockchain to it. You know, many of you all know I talk about BitcoinMYK, uh, project that I founded being this great cryptocurrency. And the reason I feel that way about it is because we actually sit and think about these things before we do anything. right? We don't just, uh, typically, and this can be the case where the market moves, right? What people are interested in. And this was part of Richard Hart's argument that he was targeting certain things based on what the market did at the time. But here's the problem. It's not just about targeting what the market does at the time or what everybody's doing. It's about being a pathfinder and leading the way about what the market will do and why they will do it. And generally that why lies in what it does. What's the use case, right? What are we doing? Um, let me just give you a quick example to kind of drive the point home. You're looking at the screen right here. This is my cryptocurrency. I found it, right? And The thing is, right, I don't worry about this project and, um, I don't really worry about even a time frame on it because I know it is something that it's not so much of will we do it but when we'll do it, right? So this is what we're going to use, it's no question in my mind about it, right? And you can see people earning cryptocurrencies doing various things, becoming members of the platform. It's like mining, uh, for liking videos, for visiting profiles and sites, for logging in. They're getting by their kinetic energy, they're getting this cryptocurrency. Now why is, why is that important, right? Because even if you look at something like the AI cryptocurrency, right? These many of these AI cryptocurrencies are starting to go up in value, trying to solve problems with automation taking away jobs and people being sitting home, uh, at their computers trying to find something to do because the robots have taken all their jobs. No matter how you go about doing that, what it breaks down into is what's the best distribution system to, to methodology to do that. Because if you're going to try to employ people who don't— where there's no job to employ them, and you want to get resources out to them, you've got to still have a method to do it. The use case and what we're doing is the method. Now, the reason that, uh, what we're doing is so useful is because the algorithm itself is able to extrapolate the value of what you do. But not only that, it is able— any algorithm itself— to determine what you do, right? So this is using artificial intelligence to do all these things, right? Now what you got is you got the distribution system, right? You see, it's not just enough to have a minting system, uh, in a situation like this, right? Because when everybody's getting the same thing, it starts to feel more like socialism and communism. Something many economists claim don't work. But if in a sense people can still be employed even against the AI revolution, and they can still in a sense have varying levels of having resources still based on what they do, but the opportunity and accessibility to do it, then what you're going to have is a a situation that is more, uh, healthy for that economy. If the economic theories are right, that socialism, communism, just giving people resources doesn't work in an artificial intelligence advanced society, right? Do you follow what I'm saying? So the use case would be in the algorithm being able to do this. Now when I look at something like Hex and XEM, we're just putting up staking tokens Uh, that can be a problem, not only because so many cryptocurrencies can do that and it might be determined that's not very useful, that's not solving a problem in cryptocurrency because you have every cryptocurrency you can stake coins and so on. But it raises these questions, uh, at a level as especially in the success of a cryptocurrency, the network effect, How long will it last, right? Network effect is what causes blockchains to be valuable, but it's not what keeps the value, right? Are we kind of clear on that? Does that make sense? So unless you have some compelling significant case, your network effect, the value it brings in, might only be successful several months, a year or so on and so forth. Or that window might even be a lot tighter if your project's not very significant. You look at networks like Facebook, you don't hear a lot of people talking about Facebook, even though there's a lot of people on Facebook now, but you can see that network effect is not there. It's not there like it used to be, right? So now people can start to consider that Facebook really won't be around as the head social media platform forever, right? They can see that it could be overtaken. They could probably see that one day it might not be used at all. That's something they probably couldn't see several years ago. So are you guys following what I'm saying here? Why I keep promoting projects like BitcoinMYK is not just about putting another coin up there. It's about really things that make sense. Now, uh, there's an ecosystem building around Zen, but mainly what you hear about is burning the coins and trying to get the price to go up. But what doesn't follow that is applications, right, that are significant to solving problems in cryptocurrency. Now I know one argument could be made about XIN is it was kind of like the better HEX, right? Because HEX kind of, uh, came on this, this, these staking, uh, these staking, uh, user interfaces that it kind of did something a little bit more sophisticated than the others, let you know when people were coming out of stakes, uh, had the communities behind and so on. And Zen kind of comes up and says, well, we can do this better in a sense. And what Zen is doing is Zen is kind of incorporating the fair distribution system where, you know, most of the chain is centralized, right? So that, that makes sense. That's great. But the problem I think with Zen is because it's, is with the technical aptitude with many of these projects that are part of the Zen ecosystem that many new people won't know how to use, many people in the system don't know how to use. Like, a lot of people still don't know how to use many of these applications that Zen, uh, has doing these, you know, various things, right? And, and new burning, uh, uh, uh, uh, protocols keep coming out? And, uh, is it going to just get to the point where it's millions of these things and you just don't know where to go, if you go anywhere, and so on, right? Maybe. And maybe that does help Zen to a great degree. But, you know, overall, if you're holding Zen— but you can kind of see where I'm going with this overall, as far as cryptocurrency as a whole solving a problem. Some people saying this to get to the top 100 coin. I think that's going to depend a lot on, uh, when Zen launches its blockchain. You know, like the commenter was saying, just link a blockchain to it, it's going to have value. Uh, I think it's going to have value, but I just, I don't know how significant just linking a blockchain to it will be. Uh, I don't think it's going to do as much as people think it will do, but I also think for it to work I think in a way people would want it to work. The XEN blockchain would probably want to come out before the PulseChain comes out. I think what could happen once PulseChain comes out, a lot of that value, a lot of those people would just go back to the Pulse ecosystem. I, I think XEN is kind of that outcry of the, uh, inactivity of Pulse and HEX, right, if that makes sense. So, uh I think that can be a, a concern for me, um, looking at this. Would I prefer Zen had applications ran more like Bitcoin and YK? Absolutely. Um, but I can see where in, in short term people could see many of these projects more advantageous than projects that have great use cases. Going back to the AI cryptocurrency examples, right? When years ago when people were talking about this, launching these AI coins, wasn't a lot going on. But now they're gradually starting to come up, and I think that's, that's going to continue to happen. Whereas in comparison to many who acknowledge these coins that don't need use cases, just pumping up without significant use cases, I think they will have their time, their rises, but I think they will fizzle out, right? And, and these other coins that had these significant use cases of technology, whether it be something like Bitcoin MYK that would, uh, be this distribution system— because again, we need, we need more than just a distribution system, we need an algorithm that could determine, as things I said earlier in the video, how to distribute it AI knows what value to assign, how to do it, how to onboard easy and get a wallet with Bitcoin and YK in about 30 seconds. So, uh, whereas you can't with HEX and XIN and so on. So none of those major problems have been solved. And what I feel we're getting instead is we're getting kind of like coins eating other coins' lunch, as to say we're just using the people who are already in the ecosystem, but we aren't growing the ecosystem, growing the cryptocurrency space by getting a lot of new people, especially with a lot of the negative things that happened this year. But in addition to that, we aren't getting it because we really aren't solving those problems. I think Bitcoin NYK is solving that problem, and because it's solving that problem, it's going to do just like those AI coins that gradually go up over time, right? I'm fine with that. I'm in no rush for that, right? Because the, the, the, the, the, the crux of it is to solve that problem, right? If you solve a problem, you're going to have the, the benefits of solving that problem. If you don't solve a problem, even if your coin price goes up, is you're, you're not going to have a lasting benefit there because sooner or later people are going to just figure it out and go, well, look, the hype's not there anymore. That's how come when these coins go down, everybody just kind of goes, you know, sells with them, because I think deep in the back of their minds they know it's not a whole lot there, right? So the book hasn't been written on Zen. I like Zen mostly just because of the free distribution system, because that puts up a cornerstone of UBI. Something that I know we're gonna have to have in the future. So it got that cornerstone there, but that's all it has. It doesn't have the rest of the puzzle. So that's the only reason I like XEN. As far as use case in the other parts, I don't really see anything there. Problem with HEX and PulseChain, uh, you're only going to get in if you, you buy the coins. And, uh, we have businesses already on the chain that doesn't solve the problem of what our future economy's gonna look like necessarily. But that's all I wanted to say in this video. Keep the comments coming, guys. I love to take a moment, read your comments. I was gonna respond to 'em, but I decided just to do this video this time. I thought maybe you can get more outta this video. Probably just like the comments. I won't respond to 'em, but maybe this video, you know, will let you know my thoughts about it. But that's all I wanted to say in this video. If you like content like this, don't forget to like and subscribe. Join BitcoinMYK. It is free. If you're afraid, use a— don't use a wallet that's attached to your other cryptocurrency wallets. Set a wallet aside for BitcoinMYK. That way you don't have to be concerned about any security risks if you feel we're one of the projects that are a risk to your portfolio. I could tell you this, Most of the time, free cryptocurrencies aren't going to be the risk. You have to worry— you need to worry about these projects that are actually taking your hard-earned money directly out of your wallet and you're never seeing it again. That's the projects you need to be concerned about. But anyway, until next time, as always, take care of yourselves and each other.