TLDR;
This video introduces Texacoin, a cryptocurrency initiative focused on crowdsourcing funds to establish a decentralized mining operation in the United States. It explains the mining process, the advantages of Texacoin's immersion technology, and the community-driven aspect of the project. The video also covers the compensation plan for those who promote Texacoin and the project's long-term vision, including the development of a network for cities to create their own digital currencies.
- Texacoin aims to build a large, decentralized mining operation in the U.S.
- It utilizes immersion technology for efficient and eco-friendly mining.
- The project fosters a strong community with shared goals and mutual support.
Introduction to Texacoin [0:11]
The presenter introduces Texacoin as a learning opportunity for those interested in cryptocurrency. He encourages viewers to ask questions and mentions his upcoming in-person appearance in Granberry. The presentation aims to explain the purpose of Texacoin, the concept of mining, and the project's goal of crowdsourcing funds to build a large, decentralized mining operation in the United States.
Understanding Cryptocurrency Mining [1:51]
Mining involves using supercomputers to verify transactions and secure the network by solving complex mathematical equations. The first computer to solve the equation receives a reward in the form of newly created coins. Texacoin operates similarly to Bitcoin, using its established technology but with some advancements and the ability to build on its network. Bitcoin has approximately 27 million mining machines globally, constantly competing to solve these equations.
Texacoin's Mining Process and Rewards [4:51]
Texacoin generates about 95,000 coins daily through the same mining process. However, instead of individual machine owners receiving the coins, they are deposited into a pool. These coins are then distributed equally among all mining share owners at 7:00 PM each day. Owning more mining shares results in receiving more coins.
Immersion Technology and Decentralization [6:14]
Texacoin uses immersion technology, where mining machines are submerged in oil, which reduces heat and noise. This technology makes the mining process more environmentally friendly and less disruptive compared to traditional Bitcoin mining. The mining facilities will be located in Texas, with plans for 36 locations to ensure continuous operation even if one grid goes down. Decentralization means there is no central authority, making it nearly impossible to shut down the network.
Community and Mining Shares [9:58]
Texacoin fosters a strong community where members share equally in the coins, promoting collaboration and mutual support. Joining the Telegram group is encouraged for communication and assistance. The project sells mining shares, representing a percentage ownership of the pool, with a limit of one million shares available. Once all shares are sold, this phase of the program will end, but the residual income from the coins will continue for over 135 years.
Selling and Using Texacoin [12:58]
Texacoin can be easily sold on exchanges like Dex Trade, where it can be converted into stable coins pegged to the US dollar. These stable coins can then be transferred to accounts like Coinbase and cashed out. The presenter encourages users to sell a portion of their coins to experience the real-world value and share it with others.
Texacoin as a Layer 1 Network [15:50]
Texacoin is a Layer 1 network, which is more difficult and expensive to establish than Layer 2 networks. Layer 2 networks, often called memecoins, are built on top of existing networks like Ethereum and can be easily created. The presenter cautions against memecoins, which are often associated with scams and pyramid schemes due to their volatile nature and lack of regulation.
Transparency and Commitment [19:53]
The founder of Texacoin has invested significant personal funds into the project, demonstrating a strong commitment to its success. The project emphasizes transparency, with regular updates and open communication provided to the community. Weekly Zoom calls with the founder offer insights into the project's progress, challenges, and future plans.
Texacoin's Financials and Marketing [21:46]
Texacoin has generated $102 million in sales from mining shares, dispelling claims of it being a scam. A significant portion of the funds is allocated to commissions for promoters and marketing efforts, including billboards and advertisements in major airports. The project also invests in unique marketing initiatives, such as a Texacoin-branded hot air balloon and sponsoring supercar giveaways.
Building the Mining Infrastructure [25:20]
A percentage of the funds is dedicated to building the mining infrastructure. Every Saturday, the company calculates the number of mining shares sold and purchases the necessary mining machines to match that computing power. These machines are then set up in plug-and-play containers, utilizing immersion technology for efficient and quiet operation.
Liquidity and Path to $16 [27:27]
Texacoin has allocated over $5 million for liquidity to increase the coin's value, following a "Path to $16" plan by February of next year. This involves strategically buying up sell orders on exchanges to reach target price levels. The presenter believes Texacoin has the potential to reach $80 or even $2,000 per coin, driven by growing excitement and community support.
Texacoin's Vision and Network [32:19]
The primary goal of Texacoin is to create a network that allows cities to build their own digital currencies on top of it. This concept involves cities creating branded apps and tokens for local use, promoting local spending and economic growth. Texacoin would serve as the underlying network, with transaction fees paid in TXC, driving up the coin's value.
City Integration and Mining [35:54]
The company has created custom mining units to be placed in city halls, educating the public about cryptocurrency mining and the local digital currency. Once the Texacoin network is sufficiently large and secure, cities will be onboarded, creating significant excitement and demand for the coin.
Compensation Plan: One, Two, Free [37:50]
The compensation plan is optional, with 70% of members choosing not to participate. The "One, Two, Free" program rewards members with a free mining share for every three people they bring into the project. If done within the first 30 days, they receive two mining shares.
Binary Compensation Structure [39:16]
The second part of the compensation plan involves a binary structure with a left and right leg. Members earn points based on the number of shares purchased by those they bring in, with points traveling up the leg. Earning three points on each side results in a $1,000 commission or two mining shares (BOGO). This BOGO offer will end once the project reaches 50,000 total miners.
Points System and Pyramid Scheme [42:23]
The points system allows members to earn commissions and mining shares based on the activity of their downline. The presenter emphasizes that Texacoin is not a pyramid scheme because earnings are capped at $3,000 per position, ensuring that everyone has the opportunity to make money.
Conclusion and Q&A [44:06]
The presenter acknowledges the large amount of information covered and encourages viewers to watch the Tuesday calls for a deeper understanding. He advises transparency when discussing the project with others and encourages interested individuals to reach out to the person who invited them. The video concludes with a Q&A session, addressing questions about the progress of mining operations in Victoria and Mansfield.