Steem For Investors #7 – Is Steemit Really Legit?

https://www.youtube.com/watch?v=tgp0_sS8rLw

Tai Zen: I’ll introduce you guys. At this point, everything that we do or say is going to be recorded. Okay, now it’s live.

Omar Bham: Oh yeah, it’s live.

Tai Zen: Yeah. There’s a commercial that always comes on.

Omar Bham: A commercial.

Tai Zen: All right. This is Tai Zen from a cryptocurrency.market. On this fantastic hangout we have today, I have 2 very special guests, who are 2 big players in the crypto investing world.

We have YouTubers that broadcast about the technology of cryptocurrencies. We usually try to keep those guys away because that doesn’t help us make money.

Today, I got 2 guests that are cryptocurrency investors. They broadcast in their unique way. I got one who is Adam Meister, the Bitcoin Meister, also known as the disrupt Meister. I’ve been waiting for a while to say that, Adam.

Adam Meister: It’s a mouthful.

Tai Zen: I don’t know if it came off right, but it’s a mouthful. So say hello to everyone.

Adam Meister: Hello everyone. Hello.

Tai Zen: Okay. So we also got Omar Bham from Miami. He is a broadcaster from the Youtube channel, Crypt0, with the number zero at the end, Crypt0. So say Hello Omar.

Omar Bham: Hey, I’m really excited to be here again, Tai. This is the second one. I’m super excited to actually meet Adam Meister live cause I’ve been watching this his stuff.

Adam Meister: We’ve never met in person. It’s good to see you guys in face to face like this.

Omar Bham: Yeah, just Steemit posts, blog articles, and youtube. It’s good to be live here.

Tai Zen: The reason I had this gathering about Steemit is recently I put out a video about why I thought the price of Steemit was falling.

Hold on real quick. I keep forgetting this. Before we go any further, can everyone hear us?

Please let us know in the chat box that you can hear us and what city you are in before we start the discussion about Steemit.

All right. It’s loud and clear according to Richie Rich.

Adam Meister: Richie Rich, I know that dude. Hey Man.

Omar Bham: Oh yeah, that sounds familiar.

Adam Meister: I wished I could see the names. I can’t see the names on the screen.

Tai Zen: Yeah. You have to look at the youtube channel that the audience is watching from.

Everyone says is good. Let’s go and get started. The topic of this video is whether Steemit is really legit.

The reason we are having this powerhouse debate is I recently put out a video about the drop in price in Steemit and my opinions about it. I believe that people are cashing out on their Steem tokens.

We got the honorable grandmaster Adam Meister here. He left some comments saying that he believed I was pumping Steemit.

Therefore, I invited him to have a friendly debate here on our hangout and discuss his thoughts on Steemit and why I believe it’s doing what it’s doing. I’m not trying to pump it. I also brought Omar from Miami to give his thoughts on it as well.

We’ll start by letting Adam speak first. What’s your thoughts on Steemit, Adam? What do you like about it? What do you not like about it?

Adam Meister Well I’ll say something positive first about Steemit the site because we need to keep Steemit and Steem – the currency separately. You can go on the Steemit to post whatever you want and make Steem dollars from it. Then what I like to do is I take their dollars and trade them in for Bitcoin. Therefore, I think Steemit platform is positive because you can get Bitcoin from it without having to give them a thing.

However, where the problem starts is this. You can take a look at Tai Zen Steemit page. He has posted all of his excellent videos on his Steemit page and the one that has made the most money by far is the one that he’s saying how Steemit could change the world. That’s not his fault for doing. It was a good video.

The thing is it gets upvoted because of this whale upvotes something that is an infomercial for them because it gets more people excited. It gets more people coming. For that reason, unfortunately, the site becomes an infomercial for Steemi, and you are encouraged to make more infomercials for them because those are the posts that get the most money.

You can check out Tai Zen Steemit channel yourself to see that it was his best one according to them. I don’t know if it was the best one according to what everyone else with think. Therefore, you acquire these Steem dollars.

There’s nowhere really on the site is that tells you what to do with them, which is a little strange. If I were you, I would use it immediately to get Bitcoin because I think it’s a great way to get bitcoin.

You also get Steem power. The only way you can get that Steem power out as Steemit is when you power down. I think everyone should be doing that. This is where I think Tai that I am on completely different pages because I don’t see the point in Steem cryptocurrency at all. It just powers a big infomercial.

What is the value in that? Why should anyone purchase this cryptocurrency that powers this infomercial, so you can vote on other people? What you are supposed to think is I can now buy Steem, then buy Steem power and vote on other people because I have power.

That’s not worth anything. I’d rather have my free Bitcoin than play around on this big infomercial site and give them money.

You’re taking a really big risk by buying this Steem power. Some people bought it for $3. It’s not going back to $3. It’s $1 right now. If they’re in that situation where they bought it $3, it’s in their best interest to say good things about Steem because they cannot get their Steem power out for 104 weeks.

Therefore, if you’re a guy who bought Steem power, you can’t talk down the site really, or else the price is going to go down further and you can’t get your Steem out. It’s just a never-ending cycle. You cannot get that Steem power out as it drops down. I feel like the price is going to keep dropping down. Definitely.

Tai Zen: Okay. By the way, as the links that Adam just referenced, I put it in the chatbox. This is the link to our Steemit crypto channel. I also put in the link of the specific video where I talk about how Steemit is going to revolutionize online advertising. That’s the one that Adam is talking about where we got paid a really well for it.

What’s your thoughts on Steemit, Omar?

Omar Bham: Well, I was saying before we were talking this. I think that we’re reaching a testing point in which whether Steemit will be around for a long time.

I would say $1 is where we see regular people begin to by Steem power, which causes the price to get locked up and the market cap to grow on exchanges as well. This is what causes the value to go up. The amount of circulation divided by pretty much what is available on the exchanges.

Therefore, I think this is an important point. I don’t know if it’s going to survive. It could keep going down. It could go all the way down to zero.

We see that all these whales that Adam’s talking about are powering down. I mean we see Bernie Sanders powering down. He has a huge amount of Steem that he gets every week for 104 weeks. He can keep renewing that and he’s going to blow that money onto exchanges. Why else would he power down?

He’s going to be flooding exchanges with cheap Steemit at this price. Price could keep going down unless we see a big influx of new money, which we haven’t seen recently.

It’d be interesting to see how Steemit plans on attracting people without all these infomercials, which clearly aren’t bringing people in right now.

I don’t know what’s going to happen. I hope for the best. There are a lot of people that have Steem power locked up because they did buy it at these huge prices. I think it could go back up.

I just don’t know if it’ll hit that $3 mark. Maybe it will. Maybe it’ll go all the way back up to $3 again or at $4, and ride back down then continually hitting new highs. There are untested waters and it could totally do that, but this is that point. We’ll find out within the next month probably.

Tai Zen: Okay. What did you suspect that is going to happen in the next month?

Omar Bham: In the next month, to be fair, I’ve focused so much more on Etherium and different protocols for that. I became disinterested in Steemit. Even though I have so much Steem power locked up myself, it’s exactly what’s true.

I’ve been very disappointed and really disheartened recently with what gets upvoted. It’s true. I had a post that makes $3000+. It was about Steem whales, dolphins, and minnows. It was about whales. It was catered to the importance and the power of whales and how they’re pivotal. It got upvoted by the whales and anything else I make just doesn’t reach that mark.

To me, that’s not fair. That’s not a fair system. Something needs to change there. If not, what’s currently there is not worth that much according to me, even though I have a lot of plans.

Tai Zen: All right. Here are my thoughts. In addition to what your thoughts are on a Steemi, I believe that the Steemit so far is a legit decentralized social media platform.

As Adam said earlier, we got to separate the Steem tokens from the Steemit social media website. The Steemit token is just like any other cryptocurrency, but Steemit is actually something that I believe is very revolutionary. The reason is it’s the first time we have an application that is built on top of a decentralized cryptocurrency network actually inviting new users in.

I just checked while you guys are talking. Right now, Steemit has a thousand new accounts created every day. Just to give a comparison so that people know if that’s a lot or not.

For example, my youtube channel gets about anywhere between 20 to 50, 60 new subscribers every day. On a slow day, it’s 15 to 20 new subscribers. On a volatile day where the markets are moving, people look to my channel to see what my thoughts and Leon’s thoughts are about cryptocurrencies. Therefore, it goes up to like 50 to 60 new subscribers a day.

That’s just to give you guys an idea of comparison. If you have some of the popular youtube channels that have like over a million subscribers, those channels probably get like over a thousand new users a day.

Therefore, in my opinion, when Steemit is getting a thousand new users a day, that is a thousand new cryptocurrency customers that are coming into the cryptocurrency world. Right now, they’re at 75,000 users ever since they re-open for new registrations.

In my opinion, we don’t have any cryptocurrency on the market right now that attracts a thousand new users a day.

Keep in mind that I have no way of being able to verify that’s a thousand new users a day. The reason is if I was a computer programmer and I was an evil person knowing how to use some black hat techniques, I can easily program my own network to show that it’s creating a thousand new users a day.

That’s can be easily manipulated or hacked to show the public that they’re getting new users a day. However, at the rate they’re getting a thousand new accounts a day, I don’t think that it’s too out of line for what it’s doing.

The reason we have a lot of accusations and negative beliefs about Steemit is even some of the people I’ve talked to, who have been around in cryptocurrencies for more than a year, can’t imagine that this the social media platform automatically just prints money.

That’s the thing that people don’t understand. How is it printing money just because you post something or somebody votes on it?

If you watched my previous videos, I talk about how Steemit is fixing some serious problems, which is it allows the content creators to get paid.

However, I also have a problem with how they get paid like both of you guys say. Whenever I produced that video talking about Steemit or hypes up Steemit, I get paid for those videos. On the other hand, if I talk about something else, I don’t get paid for it and the same thing with you, Omar.

If you look at all the videos I talk about the Ethereum or anything like that or how to invest in cryptocurrencies, I believe those videos are way more important than my Steemit videos. Nonetheless, none of those get upvoted simply because they don’t focus on Steemit.

That’s where the part that I don’t like because of these whales…In case you’re new to a cryptocurrency, the whales are the people who own most of the Steem tokens.

I just don’t see how that’s going to benefit very much for everyone when all those Steem tokens are in the hands of a few people that have the ability to upvote or downvote you.

For the newbies in cryptocurrencies, it’s hard for them to imagine that this money is real. Therefore, as soon as they get paid for an article or a blog, they’re cashing it out, whichever portion that they can and convert it to Bitcoins, then to dollars. I believe that’s the reason why the price of Steem tokens being pushed down. That’s my thoughts.

Adam Meister: Yeah, a few comments on what you said about a thousand new users a day. You’re right there. That could be manipulated behind the scene. It could be a bunch of boxes. They want to have a thousand new users a day because that gives more value to the cryptocurrency because, again, the cryptocurrencies is powering the site.

If the site is growing at a good rate, I mean they’re incentivized to make it look like that site is growing at a good rate, do we know how many people are quitting each day? No, we don’t know that either.

I’m not even going to try to guess that, but I think you’re right. A lot of people’s questions about this site revolve around if they can just print their own cryptocurrency and you could understand why people would be a little confused by that.

I think the bigger question is why are Steem dollars? Who is buying the Steem dollars on the exchanges?

That is a really interesting question because, in theory, the big whales could be selling their Steem, then going back to purchase Steem dollars and still making a profit off the whole thing and just keeping everything elevated.

I don’t believe for a minute because people were doing what comes naturally, which is selling their Steem dollars for Bitcoin that’s suppressing the price.

I just think a lot of traders and speculators don’t want to speculate on this anymore. They’d had enough of it. They’ve moved on to Monero. They moved on to other things. Therefore, I think that’s bringing the price down.

Crypt0 has questions. I have questions. If we’re having questions, there are a lot of other people who won’t feel like paying $3 or $2 for this coin that really only powers this one site. Then, if the site looks like it’s going down the tubes, those people were going to lose confidence in Steem dollars. I forgot what else I was going to say, but that’s a big point right there.

Omar Bham: I’m total with that. However, what really gives value to Steem dollars is really cool would and make anybody want to buy Steem dollars. I’ve even considered buying Steem dollar because the Steem dollar is equivalent to $1 worth of Steem.

The problem is that we haven’t seen the price of Steem stabilized enough to want to hold in dollars, but Steem dollars give you interest, right? Therefore, if you buy a bunch of Steem dollars on an account, it’s smarter than buying Steem because the price is going down.

Eventually, you can transfer that Steem dollars into Steem if you really believe in the platform and you’d be getting interested for it if you just hold it in your account.

In general, Steem dollars are a pretty cool thing to hold for that purpose, in a way. Craig Grant has said this before on his videos and his channel. It’s a cool thing to have because it’s better than the USD. You’re actually getting money back. I actually saw my interest being received on my Steem dollars.

I stopped selling my Steem dollars. I am no longer buying Steem power. I’m no longer buying Steem. I am just holding those Steem dollars and honestly, I really enjoy my Steem dollars above everything. Nonetheless, it’s just becoming harder and harder to get upvoted as we have that issue and what’s really going to give value.

I didn’t want to say to Steemit versus the Steem price. What’s going to give Steemit the social network value is content.

How are we going to get content creators to make content that is great, amazing? It is not just about how great Steemit is, but it could be about anything we can’t find anywhere but on Steemit, which brings people to that site. Plus, those articles can have nothing to do with cryptocurrency so that they click the big button saying deposit Steem power.

That’s the big question to me.

Adam Meister: That’s up to the whales. If the whales continue to the infomercials, it’s going to make people more and more suspicious of what this is really going towards.

It really reinforces Bayes’s theory that this has been a scam from the beginning. It’s really easy to change what the content is. Stop upvoting these infomercials and the guys in charge need to start upvoting quality stuff, then let’s see how it work. From that, we can judge the site on its content.

Right now, the content is getting to a point that it’s ridiculous. It’s one big infomercial. Also the Steem dollars though. I wouldn’t hold on the Steem dollars because at first, they were worth over a dollar. Now they’re worth around 90 cents. Consequently, Steem dollars have lost value compared to the USD. Therefore, I’d much rather hold USD and I’d much, much rather hold Bitcoin.

Omar Bham: However, if you hold Steem dollars in your actual Steem account on Steemit, it’ll take 7 days to turn into an equivalent amount of Steem, which you can immediately move to an exchange and sell for whatever the value. It would have been for $1.

Buying Steem backed dollars at the price of 90 cents is a very smart thing to do. If you have the patience to wait for 7days for it to convert to Steem, which will be worth $1 equivalent, assuming that price has been stable.

Adam Meister: I’d rather use that Steem dollar and be really patient to wait until 2020 and see how much that Bitcoin is worth, then I use that Steem dollar to buy, instead of playing these games or you have to wait a week.

Again, people are suspicious about Steem because you get locked in or you have to wait 7 days for interest. Again, with Bitcoin coin, you just buy the Bitcoin and it’s over. That’s it.

There’s a big difference between Bitcoin and Steem, plus Steem is also inflationary, which leads to another suspicion about it.

Because of all this suspicion, I’m not going to be straight-up to say it’s a scam. I mean I think my advice is solid. Don’t buy any Steem. Don’t waste your money on any of it.

If you want to waste some time, be my guest. You might get:” Hey, I have no problem earning like 2 Steem dollars a week. It is better than 0.” That’s another thing.

I think if the price of Steem goes down to 10 cents, the platform will still exist because there are going to be people who are like: “Well, I’d like getting $2 a week. It’s better than getting nothing a week”. Then, maybe they finally realize that they have to upvote good content or they won’t give a darn at all. They’ll just run away with all their money. That was the plan all along.

Tai Zen: Here are my thoughts about Dan and Ned, the creators of the Steemit platform.

I do not see them running off with the money because they are going to make so much more money by holding onto it and actually making the Steemit social media platform actually work.

We have some people that have moved over to the Steemit platform from Youtube, who I never thought would move over.

Just a little quick Youtube education piece here. In the world of Youtube, they really don’t pay attention to your channel When I say “they”, I’m talking about the advertisers, Youtube and Google don’t pay attention.

There’s like a 300 subscriber tier if I remember correctly. Then, that number went up to 5,000 subscriber tier, 10,000 subscriber tier and over a 25,000 subscriber tier. Anyone of those tiers they have a different value in it. Right now, the people that are over the 25,000 a subscriber tier and over the 50,000 subscriber tier are moving over to Steemit.

The reason I’m bringing this up is those are not like small time Youtube. They are very experienced content creators. When they saw the Steemit platform, they are moving over.

One time, I saw a post where this Playboy Playmate said that she got a million followers.

There is also another person that many people don’t know about is from the cryptocurrency world. He is the number one pickup artists in the world, Neil Strauss. He has one of the biggest followings in the dating and relationship community and even he created a Steemit account.

As you can see, these guys are heavyweight marketers. These guys are not amateur content creators. They are very professional.

Just think about it. There are hundreds of cryptocurrencies out there and Steemit is the first cryptocurrency to attract the heavyweight content creators to come over and use their platform.

To me, I think that it’s more beneficial and more profitable for the developers and the people who are involved with creating the Steemit platform to actually make it profitable instead of running off with money or trying to cash out and crash the system.

I’m going to go back to it again. It’s just like what you just said, Adam. You are telling people that they should just cash out and convert to bitcoins and hold it. I believe that most of the users of Steemit share the same view because they’ve never seen magic internet money before. They’re not sure if it’s real or not. Therefore, they’re going to cash out just to make sure that it’s legitimate money.

Adam Meister: I think you mentioned these major personalities coming over from Youtube that the only cryptocurrency they’re embracing is Steem.

Well, the only cryptocurrency that’s bribing people is Steem. Bitcoin isn’t being given away for free. Litecoin isn’t being given away for free. Steem is the only cryptocurrency that’s being given away at this site. Therefore, they’re going to jump over and embrace this crypto because they’re getting it for free just by posting their regular articles on a new platform.

I mean they’re not doing it because they necessarily believe that the platform is awesome. They’re doing it because they want money. They’re being bribed basically because it’s the only cryptocurrency that’s being given away in this manner.

You’ve got to look at it that way too. It’s special in that way, but that’s kind of a sketchy way of special. I wouldn’t say Steemit is awesome because these guys are embracing it. They’re embracing it because they’re being bribed.

Tai Zen: I’d like to add something to that Adam.

If you look at our official Steemit crypto market account, you guys will notice that we have quite a bit of Steem in there where my partner, LeonFu.com, and I purposely locked it up to do research on the Steemit platform.

When we did it, each of us put in 5 bitcoins to lock it up in Steem power. That’s not a small amount, especially when bitcoin was worth $600-$700.

For your record, we make money from investing in cryptocurrencies. We don’t make money from the Youtube ads or any of that dumb nonsense because you only get paid like maybe 5 cents for every thousand views or some stupid nonsense like that.

Plus, Leon and I have created content on the Internet for several years now and we’ve had a very successful cryptocurrency channel.

Therefore, the reason we locked up that money in the Steem power and invested into the Steem tokens, the network and the whole idea of Steem itself and Steemit is we believe that it solves some very critical problems that exist online.

One is that the content creators are not being rewarded because it goes to the middleman.

Number two is the people that are curating the content and filtering out good quality content from the poor quality content are not being paid.

Another one is spam. We have a lot of spammers and there’s nothing on the Internet right now that Leon and I have seen that fixes that problem. In Steemit system, downvoting mechanism helps people push them to the bottom. so they don’t make money. It takes away their incentive to spam people

The last one is plagiarizing content. We got so many people plagiarizing content. I see channels that download my content,  Adam Meister’s content, Omar’s content and put it on their blog and website. They never give us credit for it. I mean there’s nothing out there can stop that.

Steemit is the first platform that I’ve seen that has all solutions to those problems. It may not be the best solutions to get rid of the spammers or the ones plagiarizing other people’s content, but it is a solution that is working.

When you get downvoted for plagiarizing someone else’s content or stealing their content, it takes away your ability to make money from your Steemit account

Basically, those are 4 main reasons why we made the decision to invest in Steemit.

If you been following us for a long time, you know that we don’t believe anything until it becomes a big hit.

We’re willing to put a little bit of money in each one of these different decentralized social media projects like Steemit, Scenario and things like that. When Akasha comes out, we’ll put a little bit in that too. Then, even if we lose on most of it, but if one makes a big hit, we got paid for it.

That’s the reason why we put money into Steemit and convert to Steem power. We knew that the time we did it, there’s a high potential that’s the Steem tokens will go down in value and that we will lock up our money for 2 years.

Omar Bham: Steemit is a very exciting platform for that reason. As content creators as we are, we are doing this stuff Youtube and it pays us nothing.

If you want to get a bunch of subscribers, you got to do it constantly. Most of that money does not go to you. It goes to Youtube, to the advertisers. You’re making very paltry sums especially if you’re making really high-quality content.

I had Janell. She’s an artist. She writes and draws. Imagine an artist who does really cool art by hand, they’re not being recognized these days. I can’t think of a platform to help you do that,  except you open a gallery with your really cool paintings or whatever that will bring you money. However, that takes a lot of money to do.

Therefore, an artist who has a lot of talent is not being recognized or even being found these days. Especially, if they’re not the kind of putting themselves out there and wants to do that for a living, they just drop. However, they have fun doing that and they do a really cool piece.

She draws a cool sketch and she’ll write a story about how that came to be very personal. Then, she’s made some money on Steemit without having put some in. Now she did lock some in, but she’d made some money without it.

The incentive for a lot of people to come in is this free Steem. For investors, this is also an issue. One thing for sure that the platform will be around forever because people always want to get paid, even if it’s 10 cents. The real issue is whether it’s smart to invest at this price or not because we’re all trying to get our money back.

However, the cool thing is if it is locked up in Steem power, you’re watching that number of constantly rising, which is why I put something like $5,000 us into it and it’s still worth more than that. All of that.

It’s something like $8,000 now. It hits a ridiculous amount of $18,000 at some point. I mean it’s still expanding the whole system with that inflation and causing your value to kind of stay around the same until it gets lower than my original investing point, which would be around 75 cents.

I guess we’re in it to win it. I hope it works out well. We’re watching people like her making money.

I mean how many of those people will get paid, watch Steem dollars into their account, be recognized after putting up a really quality post and now watching it goes across the feed and keeping it visible so that other people can find that content and upvote it rather than just hope it’s a voted by a whale within the first minute or it’s lost forever.

Adam Meister: I want to say 2 quick things. I didn’t want to imply that Tai Zen was being bribed or anything like that. Based on what he said, he hasn’t spent any of what he’s earned. You can look at his account.

The Playboy model is being bribed though. These people who are just jumping on now, are being bribed basically.

The question that they need to be asked:” Do you think buying Steem power is good?” I think they’re going to say yes because they’re being bribed.

The second thing I wanted to say is that Tai brought up 4 points of why he enjoyed the Steemit platform. It might have been more than four actually.

I think a lot of those points are still theoretical because people are still plagiarizing and there are still trolls on there. There are still issues with the content obviously.

If it was run properly, it would solve some of these issues better than it is right now. I think there’s a lot of, people say about the site:” Oh, it’s got great content.” It’s all theoretical because if you actually investigate the entire thing, there are some issues though.

In theory, spammers will get downvoted. The same for those copy content. Good content will be upvoted by the people with the most power. However, we’re definitely not there yet.

I invite people to go to this site to explore it themselves and they’ll find all sorts of interesting things about it.

For Tai, as an investor, he thought this has a lot of potentials. I think a lot of people thought that too because of the what it’s supposedly solved.

Let’s see if they really try to solve these problems because Dan or whoever the guys are that are in charge, they could solve these problems. They could do that or they could just use it as an infomercial and keep on boosting up the value of what they have.

Besides, I’m not saying they’re going to run away. The powering down is a slow jog a way through. They’re extracting value from it.

Tai, you’re not doing it. I think you should be doing it because if they’re doing, you should be doing it, at least with your Steem dollars.

Again, Tai, I think you’re an example to people. When you’re implying that Steem power is okay or holding it as okay, other people are going to follow in your footsteps. I think that is a tremendous mistake.

Again, you’re going to say that’s your opinion, Adam.

I think when we look back on this in 3 years, I mean a lot of people are going to be: “Oh man, I wish I hadn’t said what I said about keeping this Steem power that because this is a whole new concept in cryptocurrency in locking into it,” but it isn’t a new concept in Ponzi schemes.

Just like cloud mining, you get locked into a time period where you can’t get your money back. It’s similar to Steem power. Not that it’s a Ponzi scheme or you could see what Tone Vays says about that. I’ll refer to him.

Tai Zen: I’ll comment on top of what you just said there, Adam.

The reason why we brought all 3 of us together is we have different opinions and I want you to see that.

As long as someone shares their opinion on it and they’re not trolling or pumping and dumping, I want you to hear it.

Adam has his opinion on Steemit, Steem power, and Steem dollars. Omar has him and I have mine. It’s up to you to listen to it and see what it does.

When LeonFu.com and I invest in a cryptocurrency, one of the biggest things that we look for is whether it solves a real-world problem and whether that is a legitimate solution in this particular, because Leon and I have been broadcasting on the topic of cryptocurrencies since 2013.

This is not the only youtube channel I have. I have other youtube channels that have 10 times the amount of subscribers. I’ve been on youtube since 2009.

The key is Steemit is the first solution that LeonFu.com and I have seen are legitimate solutions.

I agree 100% with what Adam Meister is saying is these are just in theory, it’s still being worked on. However, as a cryptocurrency investor, the advantage that we have is that we get to look at the cryptocurrency in its early stages of development.

The more risk that you take, the more the reward is. For example, I made over 4000% on Ethereum and many people did.

However, keep in mind that if I told you this, will you be willing to give your money to a scrawny little nerdy kid at a Switzerland in Europe that you don’t know? He’s 19 years old. You’ve never met him. Everybody thinks that this guy is a genius in cryptocurrency and software. He could be the next Mark Zuckerberg or something.

When you’re going to give him all your money, he’s going to keep it for a year or more before he even shows you what the software looks like. Then, even when he does show you the software, you’re going to have no clue whether it’s good or not.

You would think that I’m crazy,. but when you take that kind of risk, that’s how you get paid a 10x, 20x or 30x profit on your money.

Omar Bham: Can I ask you a question? How far do you think the price will go then, Tai Zen?  What do you think is the ultimate potential price of Steemit maybe within the next 5 years as a big-time investor?

Tai Zen: If we look at the Steem tokens, they have the potential. We know that the lowest it can do is to nothing.

Right now, it’s at 99 cents on Crypto coin market cap.

We know that at one point, Bitcoin was up over $1,000, so we know that is possible.

We know that Litecoin has gotten up to $50 before.

We know that it is possible for a cryptocurrency to get up to the $50 range or the $1,000 range, even if only one has done it before in the past.

Obviously, on the low end, it can go to 0 or be worthless. No cryptocurrency ever really goes to zero, even Dogecoin. It’s still at 38 Satoshi so nothing ever really goes to O. The most I lost is like 75%, 80% on my money, so even then, it’s not that bad.

When we look at this, we’ve got to look at the potential. We don’t know what the potential is. Could it go the $50, $1000? Nobody knows. However, that’s the risk that we take by getting in early as long as you can afford it and it doesn’t make you homeless.

If the case, I am willing to take that risk. I’m willing to take that risk to get in early before the technology fully developed.

Omar Bham: That’s smart. It’s a cool thing to do with your channel. I mean it has returned on a big sum for you. It looks like a set of categories that you and LeonFu.com look for when looking for a blockchain such as if it solves a real-world problem, which is not just coming from the Ether

Tai Zen: Each of us will get one more opportunity here to share our thoughts. One last thing and then we’ll wrap it up. The topic is what would you personally do? Buy, sell or hold?

Adam Meister: Well, what I’m personally doing is whenever I’m powering down, every week I get like 7 Steem, which I immediately sell. I’m still posting stuff on there, so I’m getting Steem dollars, which I sell every week to get Bitcoin.

I have no price prediction for Steem because I think it will be worthless soon enough unless they come up with some miracle and make the content good, but I don’t think they’re really going in that direction.

I wanted to say that they’re very smart people out there. A guy named Vinny Lingham who says that Bitcoin is going to be $3,000 by the end of 2017.

I guess I’m conservative or whatever. I’m trying to get as much as Bitcoin as possible because right now Bitcoin is worth $600. That would be a 5x rate there.

For me, if just by the year 2020, Bitcoin gets up to $1000, I’ll be happy. I just try to get more Bitcoins. That’s my whole point.

Don’t play games and risk or something that’s inflationary and that you have to lock into with the Steem power. We don’t know how it’s going to end up. And the Steem power lock and thing is kind of sketchy.

Tai Zen: Okay. Your thoughts, Omar?

Omar Bham: My thoughts, what I’ve come to basically is that I’m powering down. That’s where I’m at. I had started powering down and I noticed that almost immediately the amount of money that I made per week per blog post went down.

I think whales caught onto the fact that I was powering down. They didn’t necessarily like that and I seem to be almost blacklisted. I’m no longer being upvoted by them, so I stopped powering down and put a post about that, made a few more bucks and I said: ” Screw this. I’d rather power down and have the control to either power up again with that Steem I have in my wallet or not.”

I like having that ability to put it on the exchange, but I want to control my money. Therefore, I’m continuing to power down.

I have the choice of power up if the price goes up, but either way I control it and I’m still watching the Steem power goes up due to inflation. Either way, every week I’m up. I’m doing that right now.

I do believe with Adam Meister that Bitcoin hasn’t begun to see the effects of the happening. I’ve talked about that before. I totally agree with that. I think as he says, to gather 10 bitcoin should be a nice thing to do cause they put you in the 1% of people who hold bitcoin.

If you’re in the 1% right now in Fiat money, you can imagine how much money these people have. As see flights of money from the economy, we’ve seen the economy going down. All of the stock mark in the last two days are drastically dropping, including today the DAO went down again.

I think this might be the beginning of the recession. I’m sure it’s going to happen. It’s going to keep getting propped up until the election perhaps. However, Yellin of the Fed is going to be talking tomorrow and giving talks about the interest rate

We might see big flights of money, not just from the US, but Deutsche Bank, Europe collapsing into cryptocurrency. The most obvious one right now that everyone knows is Bitcoin even though they don’t even know what it is.

Bitcoin is the first thing people think of and then possibly Etherium because it’s getting easier to buy as we watched Coinbase adding it today. European can buy Ether and Bitcoin on their mobile wallets on their phone that got released today.

People are going to have the choice once they realized that Ether exists. It’s much quicker and it’s got smart contract functions. I’m excited about DEFCON too. I’m parking most of my money right now in Ether.

That’s just my belief. I think that’s the easiest way for the market cap to double and you to get double your money or even 10x, 100x versus bitcoin going to $2000 or $3000. It might take a little longer. Again, looking at charts, it could happen tomorrow, so that’s where I’m at.

Tai Zen: All right, I will agree with Omar and Adam Meister about the stability of Bitcoin. Whenever I make trades invest, I actually cash out into the form of bitcoin.

I do agree with Omar that Etherium will be the second quote-unquote stable currency in the cryptocurrency world that has a high value.

Now, where I disagree with the 2 of you guys is that Adam Meister believes in cashing out every penny that he makes from Steemit. Omar, you have along the same lines. I will let you guys know that LeonFu.com and I have no plans to power down.

Matter of fact, even if they say that it takes 2 years before you can get it all out or whatever, we have no interest in doing that.

Steemit is going to go to the moon and do what Etherium does. They actually solve those four problems of paying the content creators, paying the curators, getting rid of the trolls and the spammers and reducing the plagiarizing of content.

I don’t know whether Steem is going to solve that problem or not. If people see that problem, I believe that we are going to make 10, 20, 30, 50x.

The investment that we put in it is small enough to where even if we lose most of it, it’s not going to kill us. I’m always going to say don’t put money into this unless you can afford to lose it. That’s my thoughts.

We got a group of investors out there that is going to catch everything they get from Steemit. Then, we got people like I and LeonFu.com that have no interest in cashing it out because we’re testing the system.

If we do decide to do it, we’ll let you know. We report to you and let you know what the results of our testing are. However, as far as cashing out to make a profit from it, we believe that this is a long-term project and we have no intentions of powering down or cashing out and anytime soon.

Our thoughts will scare a couple of questions from the audience here. If you have a question for any three of us, please type in my name, Omar or Adam and we’ll answer it for you. Please also state the city that you’re in.

Tai Zen: Joey Conway says that you shouldn’t pump to your audience. Not sure what he means by that. We’re sharing our thoughts as investors. It’s up to you what you want to do.

Joe Conway says:” Are you a certified investor training?” Not sure what that means, but I don’t know. Are you certified in anything?

Adam Meister: No

Tai Zen:

“Is Scenario the same as Steemit?”

The scenario is also in the bucket. I’ll give you my thoughts.

The scenario is in the bucket of decentralized social media. I and LeonFu.com also put a little bit of money into that also. We don’t know how far it’s going to go.

Are there any thoughts from you about the scenario? Just a quick that we can make a more in-depth later in a separate handout.

Adam Meister: I thought it seemed more complex than Steem. I don’t know much about it. I quickly go look at the page. It looks nice and professional.

Omar Bham: I did the same thing. I went to the page. It looks legit. You can sign up for the mailing list for when they released the official Alpha, I believe.

I’ve been reading that it actually solves a lot of the problems of Steemit has and it’s going to be a bigger platform.

It’s like Ethereum. It’s going to have a lot more functionalities which Steemit does hope to have. Eventually, it’s going to have a market so you can sell stuff on, but it’s not there yet. This is going to appear bigger.

It might be a smart thing. I’m probably going to pick some up to at least hold AMP, I believe it’s called. You can buy some already on the exchanges and hold it. That might have its serious pump very soon.

So I don’t know. It might be a smart thing to hold, at least a little bit of it.

Tai Zen: Yeah. The price is going up as we’re speaking right now. Please keep your questions related to Steemit cause you are asking about the scenario and some of the other stuff.

“What about singular DTV?”

I did some research on that. I don’t see the problem they’re trying to solve, so I stopped looking at it.

Omar Bham: Singular DTV, I talked about it in one of my last videos.

I studied actually acting. I have a BFA degree in performance. I got 3 agents in Miami. One of the first things I did was I was an extra and it took me 9 months to get paid.

I kept asking my agents about this. It took 9 months to get paid because I figured that’s how long it took for the contracts to get arranged, for the money to get a divvied out by people.

If we had something like singular DTV, some sort of easy, smart contract mechanism for the film industry, that could have happened immediately.

For example, as quick as some viewers buy something, you get that money in your account as an actor or somebody who partakes in creation of it.

I think that’s one problem that that solves that I look forward.

Tai Zen: If that’s the case, that’s a huge problem. That’s a huge problem.

I’ll definitely have to look into that some more or maybe we can discuss that some more in a separate handout. The reason is if that’s the case and that definitely is a real-world problem, it needs to be solved.

Do you have any thoughts on that, Bitcoin Meister?

Adam Meister: Just by more Bitcoin. That’s my answer to everything and that doesn’t about Bitcoin

Tai Zen: Are you a bitcoin maximalist like  Tone Vays?

Adam Meister: I’m not to his level, but sort of. I wouldn’t mess with these new ICO until you really understand. In terms of speculations, I only speculate on a few altcoins and my portfolio is basically all Bitcoin.

I love how you said when you cash out, you cash out in the bitcoin. Many people say that now. I think it’s totally awesome.

Tai Zen: Yeah. Hey, if Tone Vays was a 10 on the bitcoin maximalists scale, where would you put yourself have, Adam?

Adam Meister: Well, he definitely is 10 and you have helped his reputation to get the 10. I hope he does well with that. I’d be 9.

Tai Zen: I’m not sure how I contributed to his reputation.

Adam Meister: You said that he was the biggest one. I thought that was a great compliment.

Bitcoin is the biggest cryptocurrency. If you are the biggest maximalists of the biggest cryptocurrency, then you’re going to do well. You had his twitter pinned on the top of your video when you talk about him and stuff. I thought it was great and he thought it was great also.

Tai Zen: He is. When LeonFu.com and I were talking about bitcoin maximalist and we said who you think is the biggest a bitcoin maximalist out there.

I said I would bet you were going to come up with the same guy. He went that guy, Tone V or Tone ways. I got exactly. That’s the guy from New York and we just both laughed about it.

Adam Meister: He calls most altcoins are scams in his eyes. He said something about Monero. That was nice once, but I don’t want to quote him or anything. I guess he is the maximalist

Tai Zen: He actually has to be careful because if he gives a thumbs up or even a half thumbs up on altcoin, I’m going to have to sell the house and put all my money into it.

Adam Meister: You’re right. I agree. He does now have to be careful.

Tai Zen: He has to be careful because I have a set of Tone Vays. One day, when he’s going to say:” I’m Tone Vay and I approve of this bitcoin or this new altcoin, I’m going to load up on it.

Let me see. Any other last questions before we wrap it up

Somebody said:” Tone Vays is a fucking goofball and he needs are slapped.”

I don’t know. He’s from New York, so I’m not going to be the one that’s going to slap and he might shoot me or something. Let me see here.

Let’s wrap it up, guys. I’m going to leave the link to Adam’s channel at the description and to Crypt0 channel in a description. If you can send me the twitter handle, Adam, I’ll believe it in the description too.

Thanks for watching this video and make sure that you subscribe to Adam Meister channel. He has a different view about cryptocurrency investing and I do. So does Omar.

If you want a different view on currencies before you invest in it, make sure that you subscribe to their channels and leave comments on their channels, on their videos as well.

I know Adam makes a lot more videos than I do. So does Omar. Therefore, you will get a bunch of information that you don’t have to do research on.

Check them out. Follow them on Twitter. Subscribe to the Youtube Channel.

We’ll catch you in a video, guys. Thanks for watching this and this will conclude the broadcast.

Adam Meister: Thank you. My pleasure. It was great.

Omar Bham: Thank you

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