Other Cryptocurrencies Besides Bitcoin

00:02 hey everyone I thought I'd do a quick 00:03 video about all the other meme coins and 00:06 crazy knockoffs of Bitcoin that exist 00:08 out there specifically I'll Focus for 00:10 this uh video on Dogecoin which is 00:13 spelled D o g so it's spelled like doggy 00:16 coin but it's pronounced Dogecoin and uh 00:19 Sheba anuc coin which is a knockoff of a 00:22 knockoff so uh Dogecoin is a knockoff of 00:25 Bitcoin and sheba Anu is a knockoff of 00:27 Dogecoin which itself is a meme coin of 00:30 the Sheba an new dog um there are like 00:34 20,000 different ridiculous 00:36 cryptocurrencies uh a few of the smart 00:38 contract tokens will be worth something 00:40 one day but nobody knows which and I do 00:42 not recommend trying to figure that out 00:44 it is pure Venture Capital sort of 00:46 speculation um but anyway so let's talk 00:48 about a couple of the knockoffs of 00:50 Bitcoin because most of the 20,000 coins 00:52 out there work in a similar fashion so 00:54 let me start with Dogecoin so Dogecoin 00:58 if you'll remember from my previous 00:59 videos um what makes Bitcoin valuable is 01:02 its scarcity it's scarcity security 01:06 decentralization distribution and its 01:08 Anonymous creation there's a bunch of 01:10 other things that make Bitcoin valuable 01:11 but those are you know a good top five 01:14 for that are relevant uh for this so if 01:17 you remember right uh come April the 01:19 number of new Bitcoin that get created 01:21 every time a miner uh solves a block and 01:24 mines a new block of Bitcoin is three 01:26 Bitcoin so coming up in April that will 01:28 be three Bitcoin every 10 minutes to 01:30 show you how ridiculously not scarce 01:33 Dogecoin is rather than three Bitcoin 01:37 every 10 minutes Dogecoin generates 01:40 10,000 new Dogecoin every minute that is 01:45 144 million new Dogecoin tokens enter 01:49 the circulating Supply every single day 01:52 so again that's compared to in June for 01:54 Bitcoin the total number of new Bitcoin 01:56 uh entering circulation a day is 450 450 02:00 uh meanwhile Dogecoin a 144 million new 02:05 Dogecoin enter circulation every single 02:07 day and the total supply of Dogecoin is 02:10 not 144 million per day but a total of 02:13 144 billion so if you own a Dogecoin you 02:17 have W 144 billionth of the supply 02:21 except the supply is going up by more 02:23 than 5 billion a year and it goes up 02:26 forever for Infinity so if um if you 02:30 think that Dogecoin is valuable then uh 02:33 I would say yeah just like grass 02:35 clippings are are grass clippings 02:37 valuable to you know mulch your lawn 02:39 yeah sure um but eventually Dogecoin 02:43 will Trend toward the price of a GL of a 02:45 grass clipping because a blade of grass 02:48 is uh is essentially almost worthless um 02:51 and Dogecoin will eventually be as well 02:53 and as a quick uh sort of bullet point 02:55 in time the highest price that Dogecoin 02:58 ever touched was in June of 2022 a 02:60 little less than two years ago and it is 03:02 down 80% from that all-time high so even 03:05 though Bitcoin keeps touching new 03:06 all-time highs every few days as of the 03:09 last couple weeks even though Bitcoin is 03:11 touching new all-time highs Dogecoin is 03:14 down 80% from its all-time high and I 03:16 don't ever see it recovering um you may 03:19 Wonder well why is Elon Musk pumping 03:21 Dogecoin why does he talk about Dogecoin 03:24 well first of I love Elon Musk and his 03:26 technology and SpaceX and Tesla and he 03:28 has done an incredible amount of stuff 03:30 but often Elon Musk gets hung up on 03:32 things that he thinks are funny that 03:34 cost other people money um so for 03:37 example he posted on Twitter a number of 03:39 years ago that he was taking Tesla 03:41 private for $420 per share which was 03:44 significantly higher than the trading uh 03:46 amount of that day uh or sorry the price 03:49 of that day I should say so a bunch of 03:50 people bought Tesla stock believing that 03:53 what he had posted on Twitter uh was 03:55 true and that they could buy the stock 03:57 for less than $420 a share and they 04:00 would get $420 a share when he took 04:02 Tesla private well it turns out the 04:04 whole thing was a joke Elon Musk thought 04:05 it was funny the Security and Exchange 04:07 Commission did not think it was funny 04:09 and forced him to step down as chairman 04:11 of Tesla he remained CEO they forced him 04:13 to step down as chairman because his uh 04:16 joke cost a bunch of people a bunch of 04:17 money uh Elon Musk thinks Dogecoin is 04:20 funny uh that is also going to cost a 04:22 bunch of people a bunch of money and he 04:24 is being sued accordingly by people who 04:26 bought Dogecoin when it was much higher 04:28 than it is now and there being they're 04:31 suing him for essentially pumping a 04:33 worthless token that they bought at the 04:35 high so uh Dogecoin I think will Trend 04:37 towards towards zero and uh it's about 04:40 as valuable in the long term as perhaps 04:42 grass clippings so if you think that's 04:44 ridiculous um the Sheba an new coin 04:47 which is a knockoff of Dogecoin the 04:50 Sheba an new rather than having 144 04:53 billion coins in circulation which is 04:55 what Dogecoin has remember Bitcoin is 21 04:58 million the lowest of them all 21 05:00 million fixed Supply hard cap super 05:03 secure super decentralized super 05:04 distributed and anonymously created 05:07 these other coins don't have any of that 05:08 so anyway instead of 21 million for 05:10 Bitcoin or 144 million um sorry 144 05:15 billion with a B for Dogecoin Sheba Anu 05:19 has 05:20 589 trillion coins in circulation so if 05:24 grass clippings are worth something the 05:27 value of a Sheba new coin will Trend 05:29 toward the value of a Rin of sand and 05:31 it's ridiculous because you hear people 05:33 say now and then yeah but for only 200 05:35 bucks I bought like you know a gazillion 05:38 Sheba new coins and if each one is ever 05:40 worth a penny then I'm going to be rich 05:42 well each one is never going to be worth 05:44 a penny uh I could do the same thing 05:46 collecting uh pine straw or collecting 05:49 sand and I could have a huge sand pile 05:51 in the back of my yard and tell 05:53 everybody that if each grain of sand is 05:55 ever worth a penny I will be rich well 05:58 grains of sand are never going to be 05:59 worth a penny because they are not 06:00 scarce Sheba and new tokens with 589 06:04 trillion in circulation will also never 06:07 be worth a penny because they are also 06:08 not scarce and if you look on coinbase 06:11 uh at the statistics it says total 06:13 Supply is infinite the little uh 06:16 horizontal figure eight that is infinity 06:20 is the amount of total Supply on 06:22 coinbase it literally says the percent 06:24 of the total Supply is infinity percent 06:26 like as in there is no cap on the total 06:29 Supply like this thing is going on you 06:32 know it's ridiculous so um not only is 06:34 there 589 trillion Sheba new coins 06:37 already in circulation it to is down 73% 06:42 from its high in June of 2023 it's a 06:44 newer coin than Dogecoin otherwise it 06:46 would have peaked sooner uh both of 06:48 those I would estimate are never coming 06:50 back and again they're never going to be 06:52 worth a penny or in the case of Dogecoin 06:54 it's worth more than a penny now but I 06:56 think ultimately it will Trend back 06:57 toward uh back toward zero so in the 06:60 world of crypto everything is either 07:02 trending toward infinity or zero and 07:05 Bitcoin is trending toward infinity and 07:07 everything else is pretty much uh 07:09 trending toward zero because everything 07:10 else is almost worthless uh because it's 07:13 not scarce so with all of these things 07:16 you got to remember what brings value is 07:17 its scarcity its security uh 07:21 decentralization distribution and the 07:23 anonymous creation so let's talk about 07:25 each of those with scarcity Bitcoin has 07:27 uh 21 million total coins that will ever 07:29 be in existence 07:30 um that is a hard cap the miners only 07:33 are going to get about three Bitcoin 07:35 every 10 minutes uh starting in April of 07:37 this year right now it's twice that it 07:39 will drop to half of that in April of 07:40 this year and uh Bitcoin is by far the 07:43 most secure uh uh digital currency ever 07:46 created uh the security of the Bitcoin 07:48 network is about 20 times more than the 07:52 security of all other crypto tokens in 07:54 the world combined 20 times that so it's 07:57 20 times more than 20,000 thousand other 08:00 cryptocurrencies combined so Bitcoin is 08:04 I mean it's on the other side of the 08:06 literal Universe insecurity from any 08:08 from Dogecoin or shanu or anything else 08:10 decentralization meaning is it 08:12 controlled by a small number of people 08:14 Dogecoin was created by two people we 08:16 know who they are we know where to find 08:17 them Sheba new also created by a small 08:19 team of people we you know those are 08:21 that's knowable information uh Bitcoin 08:23 is decentralized in that the network is 08:26 controlled by a massive number of people 08:29 uh no one person controls it if you 08:30 wanted to shut down Bitcoin or if you 08:32 wanted to change Bitcoin there's 08:33 literally nowhere to go because it is 08:35 decentralized uh the distribution of 08:37 Bitcoin Bitcoin is the fairest most 08:39 distributed cryptocurrency that's ever 08:41 existed because it's been around the 08:43 longest and because it naturally and 08:45 organically distributed around the world 08:47 through Bitcoin mining and then people 08:49 uh buying and selling Bitcoin all over 08:51 the world uh no other cryptocurrency has 08:53 that level of distribution and again 08:54 Bitcoin has its Anonymous creation where 08:56 nobody knows who Satoshi Nakamoto is or 08:59 who it or who Satoshi nakabo is where he 09:02 is how to find him and he has not been 09:04 involved with the network in more than a 09:06 decade and everything works fine because 09:07 it's all open source software so um 09:10 that's the highlights almost all of the 09:11 20,000 cryptocurrency and crypto 09:14 projects are worthless Bitcoin is one of 09:16 the very few exceptions I do say think 09:18 some of the um uh uh would I guess some 09:22 of the smart contract platforms may be 09:24 valuable one day for example ethereum 09:27 but nobody knows if ethereum is going to 09:28 win or another smart contract platform 09:31 in the world of digital gold and money 09:32 Bitcoin already won a long time ago uh 09:35 so you don't have to worry about that on 09:36 the Bitcoin side but on the smart 09:38 contract side it is still uh very 09:40 unclear what is ultimately going to win 09:42 that Marketplace um but anyway so of the 09:45 20,000 cryptocurrencies and crypto 09:47 tokens and crypto projects almost all of 09:49 them will be worthless uh with very few 09:52 exceptions and Bitcoin is is by far the 09:54 U 99.9% certainty to be one of those 09:58 exceptions that ends up becoming the 09:60 default monetary system of the world and 10:01 all of the knockoffs will fall by by the 10:03 wayside as they should um last highlight 10:07 as a bonus for this episode is uh 10:09 everybody who asks me I tell them you 10:11 know you should buy Bitcoin now as 10:12 opposed to wait and the reason for that 10:15 is if you've held Bitcoin a long time 10:17 you know that major news can hit the 10:19 market at any time so right now there's 10:21 really only one Corporation in the world 10:23 that owns a huge amount of Bitcoin and 10:25 that is micro strategy and the CEO the 10:28 founder and CEO of micro strategy uh the 10:30 company uh the founder and CEO's name is 10:32 Michael sailor he's a genius he's 10:35 brilliant the guy's incredible in every 10:36 conceivable way uh but they're really 10:38 the only company in the world that's 10:39 accumulated significant amounts of 10:42 Bitcoin on their balance sheet meaning 10:43 in their corporate treasury so um at 10:46 some point we will hear a news article 10:48 you know nobody knows when nobody knows 10:50 if it's this year next year tomorrow 10:52 this afternoon but we will find out that 10:55 Amazon or Tesla or Tesla already has 10:57 some Bitcoin on the balance sheet but as 10:58 a percentage it's very small 11:00 uh microscopic compared to what um 11:03 compared to what uh micro strategy has 11:05 but we'll find out that some major 11:07 company that is more mainstream like 11:09 Amazon or Apple or Google or um or 11:13 Facebook or Netflix puts Bitcoin on 11:16 their balance sheet which is what uh 11:18 what um Tesla did back in 2021 which was 11:22 one of the catalysts for a huge increase 11:23 in the price of Bitcoin um so at some 11:26 point other companies are going to do 11:27 that and the price is going to rise 11:29 radically and you certainly want your 11:31 Bitcoin purchases to be on the before 11:33 that happened rather than the after that 11:35 happened in addition to that no nation 11:37 state other than El Salvador owns 11:39 Bitcoin and they have a dollarized 11:40 economy which means they can't print 11:42 their own money to buy Bitcoin at some 11:44 point um either Switzerland or somebody 11:47 is going to we're going to find out that 11:49 they've been accumulating Bitcoin on 11:50 their central bank balance sheet um 11:53 again I don't know that to be the case 11:54 I'm just speculating that at some point 11:56 a central bank will decide to do that 11:59 and that will Tri trigger a series of 12:00 dominoes that result in a huge price run 12:03 in the uh price of Bitcoin so um all 12:06 that to say that's why when everybody 12:07 asks me uh is now a good time should I 12:09 wait should I watch you know whatever I 12:11 always tell them absolutely buy now 12:14 because you don't know when those news 12:15 stories are going to hit when they do 12:17 hit they tend to result in a huge price 12:19 rise in the price of Bitcoin and then uh 12:21 the probability that you miss out on 12:23 that is much higher than the probability 12:25 that you wait and buy Bitcoin at a 12:26 cheaper price uh so any of those sort of 12:29 major catalysts can happen at any time 12:31 nobody knows when they hit um and 12:33 typically you find out after the fact 12:35 because bitcoin's price went way up uh 12:38 and then you go check the news and find 12:39 out that there's some major new 12:41 development that has resulted in uh a 12:43 huge price rise in the price of Bitcoin 12:45 um so anyway hopefully this is helpful 12:47 highlights on Dogecoin Sheba and new and 12:49 again I just talk about those because 12:51 they're two of the better known coins 12:52 but the same uh the same Dynamics apply 12:54 to the vast majority of the 20,000 other 12:57 cryptocurrency crypto tokens out there 12:60 in that the uh they are not limited to 13:02 supply there's basically a gazillion of 13:04 them um they don't have the security 13:06 decentralization distribution or 13:08 Anonymous creation of Bitcoin and they 13:10 will eventually uh Trend toward zero so 13:12 hopefully this is helpful happy to do 13:13 additional videos with anything that any 13:15 of you would find um find helpful in 13:17 your Bitcoin Journey thanks