Crypto Investing #63 – What Is A Bitcoin Maximalist? (Part 2)

Tai Zen: All right. What’s up, guys. This is Tai Zen. We’re broadcasting from an area a shopping center called Ponce City in downtown Atlanta. It’s one of the major metropolitan areas located in the southeastern part of the United States of America.

In here, we have headquarters of Mercedes Benz, Home Depot, Coca Cola, CNN, etc. Just giving you a lot of big fortune 500 companies here in the great city of Atlanta.

We’ve had lots of great people around us. We give you guys a glimpse of the neighborhood that we’re in.

Put your mic over here on this side.

In this video guys, we’re going to do our part 2 of what is a bitcoin maximalist

Leon Fu: We love it

Tai Zen: We are bitcoin maximalists ourselves. We bumped heads into a lot of other bitcoin maximalists.

In case you’re new to the world of cryptocurrency, bitcoin maximalist is the term was invented by a Vitalik Buterin, the co-founder of Ethereum, which is the second most valuable a cryptocurrency on the market as the spring of 2017.

He coined the term a bitcoin maximalist for the people that are die-hard fans of bitcoin and they don’t see any other cryptocurrency surviving.

Leon Fu: There are also many people saying Ethereum was a scam.

Tai Zen: They’re very technically knowledgeable about bitcoin. That’s one thing I will say about most of them. They are much more knowledgeable than the Altcoin traders about cryptocurrency technology that is understood by the alternative coin or the Altcoin traders.

The example of a bitcoin maximalist is one of our fellow broadcasters. His name is Tone Vays. He runs a youtube channel called Tone Vays.

Just google Tone Vays bitcoin. His face and everything that’d belonged to him will pop up. He’s also one of the hosts on the world crypto network youtube channel.

He’s like the undisputed heavyweight bitcoin maximalists of all time

Leon Fu: Are you giving him the title too? Undisputed?

Tai Zen: Oh, he’d undisputed. We got other guys out there, but he’s the undisputed heavyweight bitcoin maximalists.

There’s one thing that’s different about him versus all the other Bitcoin maximalists that I’ve seen is he makes a technical argument, not just opinions.

Leon Fu: Sure.

Tai Zen: However, this episode is not about Tone Vays. We just mentioned him because he’s the undisputed heavyweight bitcoin maximalists in the cryptocurrency community.

If you know any other heavyweights that want to challenge him, let us know so that we can review that other heavyweight.

Leon Fu: Sure.

Tai Zen: Anyways, this is a cryptocurrency investing channel. The reason why we’re talking about bitcoin maximalists and their ideology, beliefs about bitcoins is they believe that bitcoin is the original cryptocurrency and it is the true cryptocurrency. Any other alternative cryptocurrency commonly known as Altcoins, garbage or scams and you should not waste time with it.

Leon Fu: They’re all going to zero.

Tai Zen: If you are a bitcoin maximalist, especially from 2012, 2013 or earlier than 2016, it’s more than likely that this video is not going to change your opinion about bitcoins and how much you dislike Altcoins.

This video is targeted towards the people who are new to bitcoin for the first time starting in 2015, 2016 moving on forward. It is also for those want to invest in cryptocurrencies and wonder to choose to focus only on bitcoin or focus on bitcoin and other cryptocurrencies.

The reason is there are so many bitcoin maximalists that swear up and down that that all the alternative or altcoins are scams and Ponzi schemes.

Leon Fu: They also believe that if one of these projects come up with an innovation, a feature or anything that is valuable, bitcoin incorporate it and then destroy them.

Tai Zen: and adopt it into the bitcoin network because it’s a software.

Leon Fu: Yeah. it’s a software

Tai Zen: Take that feature and coded into the Bitcoin.

Leon Fu: Bitcoin is like the Borg in Star Trek. If you are worth of anything, you will be assimilated.

Tai Zen: Be careful man. If you catch him in Atlanta, Georgia and they’re licensed to carry guns and stuff, they might shoot you if you compare them to the Borg when you’re in new territory.

Enough about me explaining what the Bitcoin maximalists. Now, you go ahead and explain what the misconception that these bitcoin maximalist have and how they prevent you from making money in cryptocurrency investing because this is an investing channel, not a tech channel.

Leon Fu: In investing word, an idea ultimately fails doesn’t mean you can’t make money from it in the meantime.

Tai Zen: Yeah. I think we need to define a scam or a Ponzi scheme too because a lot of these alternative currencies are being accused of being a scammer currency.

Every time we talk about a new cryptocurrency, there’s somebody that pops up out of the woodworks and accuses it of a scam is.

I grew up in the hood and I grew up in the projects. To us, we have a lot of scams running in the projects, so I’ll tell you what a scam is cause I’ve been scammed many times.

It is a scam when you give someone your money and expect them to do something with that money, but they don’t do it and run off with it. That’s a scam.

For example, let’s just say that I have wireless Bluetooth headphones. You say:” Hey Tai, I need $100,000 from you because I’m going to go build this magnificent headphone that has battery life for a week. It’s not going to be long like this. It’s going to be tiny. No one’s going to see. You can walk a hundred meters away from your phone and the Bluetooth still works.”

Leon Fu: All right, cool.

Tai Zen: Then, other investors give you money as I do. Then, instead of building these Bluetooth headsets, you take off with the money and we never hear back from you.

That is a scam because you promise us that you were going to design some new Bluetooth headphones and you take off with the money.

For every dollar that we give you, we were supposed to get a brand new Bluetooth headset or headphones that you promised you were going to design, but you take off with the money and we never hear anything from you.

Leon Fu: There are 2 extremes here. One is obviously a scam. The other is you did everything I said…

Tai Zen: No. The other end of the extreme is that you pretend like you did everything you could.

You’re trying to design this Bluetooth. You put in some plastic molds. You put in circuit boards together, but the reality is you don’t know anything about making Bluetooth headphones.

You’re just faking the funk and you’re acting like you’re making one, but inside it’s just a chunk of plastic.

Leon Fu:

Tai Zen: That’s the other end of the extreme. It’s very hard to determine if you’re scamming us or not because you are telling us this and that.

Leon Fu: The question is whether that is a scam or you are just incompetent.

Tai Zen: No. You’re purposely trying to scam us, but you’re trying to cover it up by hurting like you’re doing something but you’re not.

Leon Fu: All right

Tai Zen: To sum up, one end of the extreme is that you just run off and we never hear from you. The other end of the extreme is you’re trying to cover it up and it’s very hard to detect.

The only way I would know as an investor is I’m technical and logically savvy enough to examine what you’re doing by going into your factory and finding out that there are no circuit boards and everything in it, then I can call you out for being a scammer.

Leon Fu: Sure. There was an intent to mislead people.

Tai Zen: Exactly.

If you did everything you could and it doesn’t turn out to be as good as you thought it would, that is not a scam.

Leon Fu: In other words, you make a good faith effort.

Tai Zen: Yeah. You made a good faith effort to do the best that you can write. Maybe you reach half of your goals, but the other half was not reached. That is not a scam. That’s just the risk that I took when I invested in these headphones.

There are 3 reasons for a project that is not a scam. Firstly, when you do your promise, I and other investors cannot accuse you of being a scammer because the one you never run off with our money. Secondly, you update us on what your progress is. Thirdly, you’ve shown us the testing that you’ve done.

Leon Fu: and that’s the risk you take.

Tai Zen: That is not a scam just because you are in competition.

Let’s assume that you’re an incompetent engineer and you’re too dumb to realize that you’re incompetent.

Leon Fu: You just can’t figure it out.

Tai Zen: Yeah. That’s not a scam either because I am not aware of how incompetent you are.

Leon Fu: It all boils down to intent.

I think what Tai trying to say is the intent is what makes it a scam or not. When people took the money, did they have an intention to run off with it? Did they take the money in bad faith? That is really what we would do describe as a scam.

Tai Zen: Let’s do a few examples of what is a cryptocurrency scam and what’s not a scam.

The most obvious and heavyweight undisputed cryptocurrencies scam on the market is OneCoin.

Leon Fu: and it’s still there

Tai Zen: Now they changed the name to OneLife. That is the undisputed heavyweight and the number one gold medalist scam coin on the market. There are no others can outperform that.

You can take all the cryptocurrency, all the altcoins scams and put them together. It still does not be the OneCoin scam, which has now been rebranded as OneLife.

There is still a scam no matter what they rebranded because that is a straight Ponzi scheme. It’s a multilevel marketing scheme and multilevel marketing business is not a scam. I want to make that clear to the audience.

Most of them that I have been involved in have never worked. Nobody I personally know of that has been involved in a multilevel marketing business that makes money. However, that doesn’t mean that it doesn’t work. It’s just because we haven’t seen it.

OneCoin is a scam simply because it’s multilevel marketing that is promising people that they are a cryptocurrency, but they’re not. The evidence is they’re not a public open source blockchain; their coin is not traded on any public exchange.

That is a complete scam because you got to buy something to participate in the network. Whereas, bitcoin and all these cryptocurrencies, you just got to convert what you have into their token and use it in their network. You don’t have to buy anything…

Leon Fu: or you can mine it.

Tai Zen: or you can do services as we do. I mean we can accept cryptocurrencies as payment.

Therefore, that is clearly a scam.

OneCoin is an outright scam. There’s no single person that is reputable in the cryptocurrency community will argue against that.

You got the Bitcoin Meister, Adam Meister. He does not believe that. He knows that one coin is a scam.

Omar Bahm Crypt0, who are broadcasting in Miami and now moved to Hollywood, to Los Angeles. He agrees that OneCoin is a scam. Tone Vays agrees that OneCoin is a scam.

All the cryptocurrency investors all agree that OneCoin is a bullshit scam and you should leave it alone.

Now that we know a prime example of what’s a cryptocurrency scam. Let’s talk about incompetent projects. For example, Lisk. We lost money on Lisk.

Tai Zen: It was a huge risk.

Tai Zen: Let’s give examples of incompetence.

Leon Fu: I’m not saying Lisk is a scam.

Tai Zen: I don’t believe that Lisk is a scam. I just believe it’s an incompetent team of developers working on it.

Leon Fu: I just think that it’s not worth our mental energy to follow it at the time, but that could change in the future.

Tai Zen: If it changes, we’ll get back into it. We have to be flexible and nimble.

Let’s talk about some of the incompetencies.

For example, they raised $8 million that grew to $16 million, which is double because of the price of Bitcoin went up.

Now let’s list some of the incompetencies they have.

The first one is they raised all this money and they couldn’t access it for several weeks or months. It was stuck at Coinbase and they couldn’t access it due to legal reasons.

Then, they brought on Charles Hoskinson, who was a co-founder of the Ethereum, to help them.

Remember he’s not the CEO of Ethereum. Don’t get that wrong or he’s going to kick our ass.

He’s one of the most knowledgeable guys out there about cryptocurrency and one of the sharpest minds out there. He has a company with over 50 employees that build cryptocurrencies as their business. He’s advising them what to do to make Lisk successful.

Max Kardec, the CEO of Lisk, didn’t do anything about it. That is incompetence.

Leon Fu: Eventually, they broke up.

I think that there was a blog post published about that. We don’t see the progress that we’d expect them. We expects that project with over $10 million to…

Tai Zen: Just go out there, hire some goddamn developers and put the project to work instead of screwing around with people’s money.

Now let’s take an example of another project that we talked about. Let’s say Waves with Sasha.

When we first interviewed Sasha and we talked about it, there were people saying that it’s a scam and it is not going to work. Out of all the cryptocurrencies that we invested in 2016, in my opinion, that’s the most productive one.

Leon Fu: Yeah. He’s been pushing out a lot of stuff.

Tai Zen: He’s updating everyone every week what they’re up to.

Leon Fu: Something like a few gateways set up.

Tai Zen: I just saw that they had the credit card gateway.

We haven’t had time to take a look at it because we’re so busy researching the privacy coins. We’re still in the process of doing that.

We and even Sasha told everyone that’s not an overnight success. There’s a lot of features and a lot of things that he wants to do on the wave platform. He needs time to build it.

Now, he got the headquarters. He rented an office. He got developers and I mean he was moving. He even put the Black Chick up so that she can broadcast news about what they’re doing. I mean she got replaced by the other girl, but they’re moving along.

Therefore, that’s not a scam. He’s taking time to build out the project while people are rushing to get a profit and they want to see the waves tokens increase in value. That’s why they’re accusing his project of a scam, but I don’t see how that’s a scam just because of he…

Leon Fu: …takes it longer

Tai Zen: well, I mean it’s a software project…

I mean you’re a software engineer, so how long does it take to build software?

Leon Fu: Typically, these software projects have a 2-year life cycle. It means you know whether they succeeded or not after about 2 years.

Tai Zen: Yeah. When the project releases a token available for trading, it does not mean that the project is available for use.

Leon Fu: there are many tokens like…

Tai Zen: For example, the waves release it a few weeks after they raised the money. There’s no way they could have built the software overnight and now it’s working.

Same thing with Melonport. They released their tokens right after the ICO.

Leon Fu: They did that because they want the investors to have liquidity.

For example, when Ethereum did their ICO, you couldn’t trade it for a whole year. Even after when they did really release, the interface was so clunky that we were scared to even trade it.

Tai Zen: And you’re a senior software engineer.

Leon Fu: At that time, I didn’t want to mess with this yet because my Ether wallet wasn’t around yet.

Tai Zen: Thank God for MyEtherWallet. When they made an infographic about all the projects that were involved with the Ethereum, I was upset because they left out MyEther Wallet. That was the project that made everybody available to transfer the Ether token, not Vitalik and his team.

Leon Fu: That’s right.

Tai Zen: Make sure you guys do use MyEther Wallet.

Leon Fu: One thing I’d like to point out is even if a project ultimately fails or some other projects suspend it, it’s still an opportunity for us investors to make money.

Tai Zen: Yeah. It’s just not a lot of money.

Leon Fu: Maybe not a lot of money. I’ll use the example of like Myspace

Myspace made early investors a lot of money even as facebook ultimately was the winner in the social media space.

It’s our job as investors to manage our risk, to take profits, to rebalance our portfolio. That’s really where we make our money from.

I mean we all want to buy Ethereum and make 100 times our money. That’s great. That’s where we actually do make most of our money.

However, at the same time, most projects are not like that. They have some successes somewhere down the line and a lot of them will ultimately fail, but that doesn’t mean as traders and investors, you can’t make money if they accomplish some of their goals.

Tai Zen: In America, there is a small business administrations that help to promote and grow small businesses in America.

There are statistics in either the small business administration or the Rich Dad, Poor dad book of the famous business book by Michael Gerber. It is said that 90% of small businesses fail within the first year.

If you have 100 companies that get started, after the first year, 90% of them will fail.

Leon Fu: even big fortune 500 companies fail

Tai Zen: The name of that book by Michael Gerber was called Emyth – Entrepreneur Myths.

Based on what it said, there’s only 10 left, Then in the next 5 years, 90% of the remaining will fail. As a result, there is only 1 out of 100 businesses will succeed and continue to survive.

Leon Fu: That’s right. Even things like Kodak, which was the largest chemical company, lasted 100 years and eventually failed.

Therefore, it doesn’t mean that investors didn’t make money in investing in Kodak

Tai Zen: It doesn’t mean that they’re a scam either. The business just failed

Leon Fu: It’s not helpful if you just think everything as a scam because that doesn’t make you money. It really is about risk control. It’s about making sure you’re being compensated for taking on that risk.

Tai Zen: This is the reason why in cryptocurrencies at this moment, as we’re speaking, there are opportunities to make 1000% profit, which is also known as 10X because it’s 10 times your money and so on.

Leon Fu: I mean if you bought the Ethereum ICO at 30 cents and the price now is $50. Let’s do the math. That’s 150 times if you just buy the ICO and forgot about it.

Actually, it’s the $50 in the Ethereum and the $2 in Ether classic. If you didn’t buy the DAO, you have both Ether or Ether classic. The combined value is over $52

Tai Zen: The reason why there are opportunities to make up to 100X like that is when you give your money to some random stranger that has not been regulated by the Securities and Exchange Commission, that’s the risk you take.

Leon Fu: That’s a project in 2014 had never been done before. No one had ever attempted to build global virtual computers that could run these smart contracts.

I mean I had never been done before, so there was a high degree of technical risks. We talked about it a lot in the 2014 year.

Tai Zen: The reason why we were willing to invest in it because we were one of the first cryptocurrency investing channels to interview Vitalik, the founder of Ethereum.

Leon Fu: and we saw the vision.

Tai Zen: we didn’t know him he could do it technically, but we trusted him.

Leon Fu: We trusted him and we also trusted the vision because we understood bitcoin. We don’t know if this kid could actually come through or not, but if he does, we’re going to make a ton of money.

Tai Zen: We’re going to make a bucket load of money

Leon Fu: We’re going to make a bucket load of money regardless of whether Ethereum succeeds or not in the end, because it’s entirely possible that Ethereum eventually fails.

Tai Zen: The audience is probably wondering if we did make a bucket load of money from it or not.

Leon Fu: Well, let’s just say we invested in the ICO

Tai Zen: That means we did make a bucket load of money.

Anyway, what we want to share with you in this video. Is there anything else you want to add about the bitcoin Maximalist?

The reason why we’re bringing this up is if you’re following us because you want to learn how to invest in cryptocurrencies and make money through cryptocurrency investing, you have to be aware of the risks that you’re taking, as well as drown out the noise from the bitcoin maximalist.

Leon Fu: Yeah. Because they tend to think if it is not productive, it is going to be a scam.

Tai Zen: Everything can be a scam and a Ponzi scheme. That’s not true.

You got cryptocurrencies like Factom right now. They’re using their tokens called Factoid and they have paying customers. Even the government is hiring them to do work for them.

You can’t be sitting there talking about there is a scam when the US Department of Homeland Security…

Leon Fu: someone may say that they got scammed too.

Tai Zen: If you scam the United States Homeland Security, you risk going to prison. Everybody knows where the Factom headquarters is down the street from where we lives in the city of Austin, Texas. Therefore, you may not want to be scamming the law enforcement.

For example, people call it a scam, but it’s a technology used to record mortgages into the blockchain. So how’s that a scam if you go there and test their software works.

Leon Fu: That’s something that Bitcoin doesn’t do.

Tai Zen: Anything else for the viewers about..?

Leon Fu: I think that’s a wrap for this one.

Tai Zen: Thanks for watching this video about bitcoin maximalists.

Be careful about letting them prevent you from making life-changing money in cryptocurrency investing.

If you like this video, give us a thumbs up. If you guys don’t like it, give us a thumbs down so that we don’t waste time making these videos.

It’s been a pleasure to broadcast from Ponce City market from the city of Atlanta and the state of Georgia with the honorable grandmaster LeonFu.com. We’ll see you in a future video.

 

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