What's up guys and welcome back to wall street millennial with the rise in mainstream adoption of bitcoin over the past year, thousands of people have tried to cash in on the crypto craze. During the first altcoin crates of 2017, there were 1300 cryptocurrencies available on the market by july of 2021. This number has soared to more than 6 000.. To put that into perspective, the number of cryptocurrencies is about the same as the number of stocks listed on the major u.s exchanges.

Some of them, like dogecoin, were created as a joke. Others, like senta, were outright scams and deceived thousands of investors out of 32 million dollars. Recently, a new all coin, called million token, has been sucking up a lot of hype in the crypto world. It was created by the youtuber tech.

Lead techleet is an ex-google x. Facebook tech lead, who runs a youtube channel with more than one million subscribers. He used to make videos about technology and his life stories, but over the past few months he changed the direction of his channel to talking about exclusively crypto million token launched less than a month ago in early july, and the initial results have been impressive. Its market cap peaked at a high of 200 million dollars on july 14th.

According to coin gecko, it has since fallen to 69 million dollars, which is not bad for a project started by one guy a few weeks ago. The coin got so much hype. That briefly became the number one cryptocurrency on the unit swap exchange tech leads promotional comments around the coin's launch, have caused some critics to call it a scam in this video we'll discuss. What million token is why ticklate started it and, most importantly, whether or not it's a scam to start off we'll hear what million token is straight from the horse's mouth, i'm putting a million dollars of my own money into this to get us started, but this coin Can skyrocket and price it can take us to the moon? So what is million token? What's the concept? Well, it's like this million token is much like a stable coin.

One token equals one us dollar minimum, but here's the thing, unlike a normal, stable coin, where the supply changes and fluctuates to maintain the packet value. For million token, the supply is fixed, there's only 1 million tokens total worldwide. No more can ever be created as guaranteed by the smart contract code, and so for million token, although we will initialize and start it at one us dollar, each the price can actually go much higher than that, and so the tokens start at an initial minimum base. Value of one token equals one us dollar, but the value can actually rise higher than that, because there's only a total limited, fixed supply of a million tokens, total no more can ever be created, and so with more usage popularity and increasing scarcity.

As more and more people start using this, then the price can actually increase. There's nothing inherently fraudulent about the coin's structure. Technique put up one million dollars to fund the stablecoin aspect of million token. He has the money to do it and all the transactions can be viewed on the ethereum blockchain, which the coin is built on.

Tech lead provides a floor for the price at one dollar, so the coin is always worth something, but the whole idea of the coin is as massive following as well as other interested people can provide buying pressure and push up the price well above one dollar. Most of the articles, accusing tech lead of running a scam focused on his marketing and promotion of the coin. He has a massive social media following and has strongly advertised the potential of the project to yield huge gains for investors around the time of million tokens launch. He tweeted saying the coin could go to 100 million dollars at the minimum.

He encourages his followers to help the coin appreciate by buying it we'll play a clip of him promoting his coin on youtube, so you can see for yourselves, and so we did it. We did it, you guys it's marvelous. This is genius, we're going to the moon, we're going to the moon. That's right.

I mean we're going to be rich. You guys, i don't see how we cannot be rich. This is it millionaires. All of us i mean this is the key.

This was it. It was just that easy. It's like magic, while his antics are highly promotional. He technically doesn't say anything, that's not true.

After the release, the coin skyrocketed, just as he predicted all the way up to 223 dollars, it has since fallen to 67, but this is still 67 times the initial price of one dollar. The people who got in on the ground floor could have made a lot of money if they sold at the right time. To be clear, the million token has no intrinsic value besides the one dollar per coin technically put in at the beginning. The only reason it went up is the greater full theory of investing this theory states that the price of an asset is determined by whether or not you can sell to someone else for a higher price in the future.

Playing the greater full game is similar to a game of hot potato. Eventually, the asset is purchased by the last fool. Who cannot find anyone else to sell it to? This is the greatest fool and he ends up holding the bag, while everyone else before him made a profit while on its face, the greater fool theory does sound like a scam in a way, it's really no different than bitcoin. Despite what some of its proponents claim, there is no intrinsic value for bitcoin, while it can theoretically be used as a medium of exchange.

The transaction costs are prohibitive and it hasn't yet gained mainstream adoption, while some people talk about bitcoin's function as a store of value or usefulness for some vague future technologies. The vast majority of bitcoin investors buy purely because they think demand will continue to increase and they'll. Be able to sell it to someone else at a higher price in the future. There's no fundamental value bitcoin only goes up because it has limited supply and people want to buy it.

The same could be said for gold. There is some value as inputs for jewelry and some electronic devices, but this alone cannot explain the 10 trillion dollar aggregate market value of the world's gold supply, possibly the most ridiculous example of the greater fool theory is modern art. This piece of so-called art looks like a printing defect. It would take a third grader three to four minutes, to make something of this quality in art class it sold at auction for 84.3 million dollars.

You could buy this private island resort in the mall dives, which includes an airport for 20 million dollars less than this modern art. Some rich people buy modern art because they genuinely like how it looks. Others buy it for money laundering purposes, but a significant portion buy it for the greater fool's theory. They think that they can eventually sell to someone else for even more absurd price tech leads million.

Token is a greater fool's asset, just because it's a greater fool's theory that doesn't mean it's a scam. There's no reason to believe anything. He said was false, he's already a millionaire, so it wouldn't really make sense for him to risk legal repercussions by doing a rug. Pull or other type of scam, what he's doing is no different than bitcoin founder satoshi nakamoto satoshi kept 1 million bitcoins for himself, which is now worth 32 billion dollars.

So he made 32 billion dollars by creating some computer code with no intrinsic value, but to be clear million token and any other cryptocurrency for that matter are not real investments, just like in a casino. Some people will make money and some people will lose money, but there is no net value created. The assets that create value in the long run are real assets such as stocks or real estate. These create value for society and will generate cash flow, either now or in the future.

What is it about bitcoin that gets you guys so fired up? Well, when you buy a farm uh, you look at the crop every year and what prices are and you decide whether it was satisfactory investment. I mean you look to the asset itself and what it produces for you. When we buy a business. We look at what the business earns and decide how we feel about it in terms of what we paid, but we are buying something that, at the end of the period, we not only have what we bought in the first place.

But we have something that the asset produced and when you buy non-productive assets, all you're counting on is whether the next person is going to pay you more because they're even more excited about another next person coming along, but the asset itself is creating nothing. If, if you and i buy various cryptocurrencies they're, not they're not going to mobile they're, going to be a bunch of rabbits sitting here in front of us, they're just going to sit there, and i got to hope next time you get more excited after i bought It from you and then maybe i'll, get more excited and buy it from you and actually we could. We could sit in the house by ourselves and we could keep running up the price between the two of us, but at the end of the time, there's one bitcoin sitting there and now we've got to find somebody else and, and they come to an end, all Right guys that wraps it up for this video, what do you think about million token or cryptocurrencies in general? Let us know in the comments section below as always. Thank you so much for watching and we'll see you in the next video wall street millennial, signing out.

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