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Siacoin Sucks - Here's How To NOT Build a Cryptocurrency...
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i've been minding cryptocurrency for
years and one of the most exciting and
most lucrative coins i ever mined was
not actually really based off of the
coin but it was actually based off of
the miners performance looking way back
when damn miner
a3 today i'm here to tell you how my
bitmate antminer a3 and asic mining rig
is making 500 a day
what as they beat cya coin to market in
manufacturing their own asic miners an
application specific integrated circuit
miner these are purposeful machines all
they do is mine one cryptocurrency
mining algorithm well at least normally
but a couple miners we're going to talk
about later in this video
will surprise you but this video isn't
all about mining we're really going to
be talking about cya coin what happened
how they're dead in the water and just
for a little bit of alliteration
basically
sucks and i'm not trying to be mean or
rude or disrespectful or anything like
that let me show you how they're acting
basically opposite of all the successful
projects in the cryptocurrency ecosystem
right now
and well that really normally only ends
up one way
if you're mining cya coin you may start
auto dumping it after watching this
video if you were thinking about
investing into cya coin you may change
your mind after watching this video if
you currently hold or huddle sc yeah
that's a ticker for cya coin you may
dump it after watching this video it's
not financial advice but i will advise
you to check out tails our resident
sheba inu rcio our chief investment
officer here at the boss coin youtube
channel my name is vosk make sure to
slap that subscribe button let's jump
into another crazy crypto video
i'm not saying i know everything i
definitely don't
but
i kind of just crypto all day every day
i review projects all day every day and
again like that doesn't mean my word is
absolute i make mistakes overlook things
or you know crypto has a tendency to
just really prove you wrong time and
time again because it's just crazy and
it doesn't play by the rules but
i just see some things that i'm just
like just so disappointed with
especially being a mindable
cryptocurrency with a cool
it's not a use case because it's not
useful but a cool mission so cya coin sc
we've talked about it numerous times
over the years especially in the last
cycle and wow has cryptocurrency changed
so much since the last cycle verse now
cycling hit their all-time high four
years ago all around this craziness it's
down 83 percent from there yeah uh one
way to summarize that is this would be a
bad coin to hold it's up 375 percent
over the last year
so
what i like to do is just take the
second biggest cryptocurrency and rank
my coin market cap to get a baseline of
returns right
eth up 420
currently and then obviously everyone
can compare things to bitcoin bitcoin
over last year only up 60 percent right
so that's what a lot of people forget
about that we've been in the sustained
bear market
if you want to call it that or even just
a generally positive cryptocurrency
market for like a year now right bitcoin
only providing 60 returns over last year
that's just really not that interesting
imagine if you get into a speculative
layer one like uh i don't know maybe
solana which is now the fifth biggest
cryptocurrency in ranked by coin market
cap bringing you 9 430 returns
but i guess you can play in the mud with
old mindable coins and
orange coin but what do i know
but that's not the point of today's
video and i guess just to reference one
more thing something that's really
brought me back to sci coin a couple
times is a comparison with newer
alternatives competitives like filecoin
as well as the fact that it's been
mineable or had mining support added by
numerous cryptocurrency miners and again
i i referenced the miner a3 and the
whole cya coin debacle and i didn't
really even dive into the whole obelisk
basically they made their own asic minor
with people associated with the team
brought it to market got ripped got beat
to the punch it was a whole lot of drama
but here's antonio dydx
perps formerly worked at coinbase
tutelage to degree under brian armstrong
main guy coinbase right
here's his opinion and a quick i don't
know response crypto community's
obsession with burning and deflationary
tokens is super counterproductive
without diving too much into his opinion
the tl dr from him is better for d5
token holders for the protocol not to
enact a buy and burn and treasury should
hold more money or dollars or stable
coins on their balance sheets and that
really just hedges their risk and i
absolutely agree and get that and it's
something i personally have done with my
cryptocurrency portfolio over the years
david borick is the quick summary as
he's the vitalik buderin for aetherium
but for cya coin so he couldn't be more
disappointed with the foundation's
decision to burn 1.7 billion cya coins
this is a lot of ways to spend that
money that could help invigorate the
site ecosystem centers for devs
hackathon projects sponsorships
marketing legal war chest and more
and i couldn't agree more and
let me just
you know address something that could be
a concern right well you don't like that
because that means that they're not
going to sponsor your channel they're
not going to pay for marketing on on the
bus coin crypto youtube channel which
everybody knows is number one
okay i'm just kidding but um i mean i
get that and so i i do have a bias in
here right but i also mindset coin i
have a cya coin miner in my garage right
now that i actually turned off because i
ran out of electricity and i have more
profitable mining rigs for other
algorithms um so that's a good example
of kind of where we're at hey guys it's
miss fosk and i'm here to talk to you
about grand time grand time is a
cryptocurrency ecosystem whose goal is
to make cryptocurrency easy to use for
new and experienced users grand time has
a number of features in their ecosystem
grand social mining grand wallet grand
messenger and grand school according to
their website they have over 24 000
users in nearly 90 countries at the time
of shooting this video their token
launch pad is active now and has 201
phases you can learn more about grand
time and check the current status of
their sale on their website in the video
description below please do your own
research before investing into any
platform but just to elaborate one bit
further is i love proof of work i love
mining i mean if you've ever checked out
the channel
let me look at the background come on
like look at the outro
i want proofwork coins to be successful
decentralized file storage
that's really cool the mission of
scicoin i love
its use case non-existent my opinion
mineable aspect about scicoin i love but
like every other moddable coin they just
seem to die don't have marketing don't
have any sort of reoccurring fee built
in to give them a war chest and then
actually utilize that war chest i mean
you could look at all the top d5 coins
and protocols and and the newer tokens
that are finding so much success that
build just basically revenue streams or
use case and then you know deploy a
product that creates a you know return
for them and then they operate out of
that these old coins are just dead
they're floating in the water they're
bleeding out they're waiting to die and
i just don't understand why they cannot
adapt evolve right the cryptocurrency
landscape has changed and if you do not
evolve and change to a degree you will
become irrelevant and that is what's
happening here and this decision to burn
coins is the laziest and dumbest thing
i've seen in a while let's run through
it and let's specifically run through
take 42's responses which is david vorek
who is much more aware and tuned and
involved in this ecosystem than i am
even though i consistently you know
glance in from the outside the
foundation says that they've received so
much more they can spend they're
obligated to return the excess dude like
what are you talking about hello
foundation war chest congratulations now
you can hopefully be successful because
you have a good amount of funds okay
he's like you haven't even set up a
grants program i don't think you've
established that you've received more
than you can spend effectively right
foundation spent x y s c out of maximum
x s c right the side coins that they've
been allocated raised donated to them
everything like that it's supposed to be
forward-looking by four years they
didn't release a four-year budget okay
the most they've realized is an expected
expense of 2022 like they're looking at
expenses these guys are terrible at
marketing um i mean that's it you're
like all right i mean these are our base
expenses let's just you know dump the
rest um there's no reason for them to
carry any sc into 2022 there's no reason
for the cya coin foundation funded by
cya coin to have any cya coin
and it's not like they're dumping them
for stable coins or something like that
and building some kind of stable coin
war chest they claim to have relatively
few sc expenditures and the subsidy
they'll receive will be more than enough
to cover them the side coins you have
are supposed to cover expenses all the
way into 2026. there's absolutely reason
to carry sc in 2022 without running
through every line the big takeaway here
is that this misses the point of the
subsidy right which is to pay for four
years of expenses from the foundation
four years of expenses from an
exponentially growing foundation the
strategy does not meet the original
goals and then this is the worst one
they're like okay we could hold more
cycloid use that to pay the tax bill but
then that would just be more value
moving out of the cycle ecosystem into
the us government well look if you're
gonna make an official foundation and
you're gonna be slapping um you know
some salaries on there whatever else get
what guess what you're dealing with the
government you're paying with taxes and
everybody needs to be law abiding
citizens and all that stuff right
what's the tax premium it would still be
worthwhile right not a tax expert
consult one
but even if the psy foundation has to
pay full taxes as a corporation the
choice between 20 million that could be
spent on grants and funding 20 million
dollars that could be spent on growing
their coin their ecosystem a 20 million
dollar marketing budget and plan look
i've watched tokens spend a million
dollars and have huge growth in their
community price action developing things
building out a team just general
interest
in use and viability and they're like
yeah how about we just burn 3.6 percent
of the total supply because because
basically they're they they don't they
don't have a plan they don't want to do
the job and they're afraid of taxes
that's the tl dr here and and stuff like
that is exactly why when i do have my
scicoin miner on i use something called
catalyst that automatically dumps my
coins for bitcoin you want to talk about
a tax headache well guess what this
helps alleviate it because it compiles a
bunch of coins i mind in their ecosystem
and then they spit out bitcoin to me and
that's me auto dumping cya coin because
i have zero
absolutely
zero desire to hold it long term i do
not believe in them and when i see
things like this i couldn't believe any
less they've got 20 million dollar
marketing budget potentially and they
just decide to do a burn burns are
boring
burns are short-term burns are a fad
burns are best suited for a token on
binance smart chain that does uh not too
much and the like hey we're deflationary
oh wow cool if you don't know saya is
decentralized storage for the post cloud
world all right so whatever
decentralized storage if you don't know
about the use case there file coin
raised like what 300 million dollars
last time we checked
they fund things they got active on get
coin um they they started a big
marketing approach and look they're
gonna find much more success than saya
sorry with their cute little logo and
the lindy effect behind them it's not
gonna be enough um not at all overall
cycoin interest is down huge their
reddit used to kind of be their thing
even though a bunch of crybabies are on
there and moderators uh censored it and
they got all butt hurt about mining
threads and whatever else um yeah it's
you know just kind of ridiculous but to
put it simply no one i know talks about
cya coin really cares about cya coin
it's not buzzing it's not interesting
even though it's ranked 141 by total
market cap of their project and again
i'm not trying to like just
on them so much i'm not trying to be
mean or disrespectful but i could tell
you that a project that was consistently
talked about and buzzing especially if
you were into mining at all in the last
cryptocurrency market cycle right it was
cya coin here's the latest update though
following that thread and and just uh
outcry right at this time
luke expected this to be well received
and uncontroversial obviously luke is
completely disconnected and should be
removed from his position here uh i
think just to be blunt uh no disresp i
don't care about being disrespectful i
mean it's ridiculous if you're so out of
touch you should be a halo i'm not
suited for this position clearly uh
basically so they've decided to postpone
the burn until the community has
sufficient time to discuss the issue and
they want to use this thread for that
purpose it's really simple
you got 20 million dollars apparently
spend it on
guess what
investing in your ecosystem you know
let's go full screen i'll do a quick uh
free some free training here spend it on
your ecosystem put out grants bounties
right people building stuff or want to
build up or build stuff or capable of
building stuff do that oh i don't know
here's a fun project how about a cya
coin nft collection interesting timely
right
house those nfts
on skynet right on your decentralized
cloud storage whatever right host the
image file there
and then pull that to the nft on
whatever chain you want to use and then
that way you're building your community
you're building outside of it it's fun
it's engaging and it's just a general
good use in my opinion of funds and some
people's time hey guys it's miss fosk
and i'm here to talk to you about
today's video sponsor ciscoin
ciscoin is a decentralized and open
source project that started in 2014.
their goal is to bring the best of
bitcoin and ethereum together all in one
project they focus on fast secure and
low-cost user experience with
user-friendly decentralized applications
or dapps they also use a hybrid
consensus method of proof of work and
proof of stake they have several
features including nevm smart contracts
and zk roll ups an evm which is like evm
or the ethereum virtual machine is
essentially a processing machine for
ethereum-based smart contracts ciscoine
utilizes cis as an
1559 base gas token their nevm or
network enhanced virtual machine is
designed to provide smart contracts and
interoperability that can scale to smart
cities and beyond while remaining low
cost
they make their smart contract speeds
even faster on evm enabled networks
this allows smart contracts to scale
while maintaining a decentralized cost
model with efficient gas fees
zk roll up features are projected to
launch with six coin in quarter one of
2022 zk roll ups are a layer two scaling
solution for blockchains basically
hundreds of transactions are bundled
into one single transaction on the
blockchain as a proof
after being checked by validators to
ensure its validity
cisco and predicts that zk roll ups will
allow them to process up to 210 000
transactions per second
this project has a lot of very technical
features as well that are laid out on
their website your team is docs and has
their information available too so i
encourage you to check that out before
investing in the project
they don't appear to have an audit but
they did have a third party research
paper created by house of chimera which
provides a good overview of the project
and its features
to learn more about ciscoin check out
the link in the video description below
as always this is not financial advice
please do your own research before
investing into any project
launch a marketing effort i would love
to see a youtube campaign have people
talking about your project on youtube
reach out to the biggest crypto
youtubers say hey we want you to review
our project and they'll let you know if
they can what that costs or if they'll
do it for free or whatever else maybe
fund a open source cya coin miner invest
in your proof of work ecosystem spend
money going to crypto conventions and
conferences get back out there get your
face out there get get the name out
there right
do some giveaways do do some merch run
contests and giveaways within your
community and outside above all
basically build more and market more
that's that's like kind of the key
recipe build more stuff increase your
use case hit the road map goals
have from some fun add-on side projects
and market you can have the best stuff
nobody knows about it nobody cares okay
marketing is very valuable people are
spending more on marketing than ever
before right now because everyone's
sitting at home coveted world whatever i
mean obviously some people are getting
back out there whatever else but
advertising just spend is through the
roof because there's just less organic
style advertising going on than ever
before people aren't at the office
talking oh yeah i'm doing xyz it's
really cool what this is is a business
that i have worked toward my entire life
they're working from home at best you
know you get mentioned in the slack chat
or the microsoft version or what is it
teams and then obviously the score so
without droning on and on cya coin proof
of work the the mission i think it's
really cool the fact they brought a
minor to market was very interesting
they did it in basically uh
controversial way you know historically
right they got stagnant they stopped
investing in their ecosystem some people
became more and more disconnected some
people left the team
and then they just they don't have a
long term plan in place i mean the
foundation is a foundation support is
supposed to support the project right
the foundation's long-term plan was to
literally get rid of their funds and
budget
that's quitting
that's not
that's not support
i wish cya coined the best i hope they
do well i think that'd be fun benefits
me as a miner i know about the project
you know just acknowledging the selfish
things here if they launch a marketing
campaign it'd be really cool and it'd
make a lot of sense for them to work
with vosscoin i mean i see like stupid
token over here that does absolutely
nothing getting all this buzz and phrase
and it's just exhausting and it's boring
cya coin is sort of like a decentralized
competitor compared to filecoin they're
way more decentralized compared to
filecoin and they have other competitors
in the space now as well so hey look
i'll leave it at that there's something
else i want to talk about today viono
technologies they're like hey you can
make the most out of your crypto and
fiat but kind of digging into them i
found some things i didn't really like
because you know i'm always looking for
more ways to make money with crypto
right uh but look you cannot turn your
replies off on social media
like it's just you just don't you don't
get to do it whether you want to or not
right scroll through here no reply so if
people are having a great experience
we'll never know if they're having an
absolutely awful experience we will not
know clicking over to their blog it's
literally just a feed of their twitter
that you cannot even reply to they offer
a very heavy affiliate program here five
percent of all deposits so if somebody
puts in twenty thousand bucks and they
use somebody's link they get one
thousand dollars
for comparison to competitors
that is exponentially higher than
anything i've ever seen honestly
i don't think that's sustainable it's
kind of worrisome looking at their
reviews on trustpilot there's a bunch of
just spam that's you know they don't
look like legitimate reviews and then
there are negative reviews i mean i'm
not sure they claim to be the biggest
and the best but there's still a lot of
information that needs to be deciphered
here so as always i hope you enjoyed
today's video if you did please make
sure to subscribe hit the thumbs up
leave a comment below and uh i'll see
you on the next one thanks for watching
please be advised there are scammers
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everything in this video is for
entertainment purposes only that means
it's not financial advice
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