What is Yen? An analysis as if I were a new comer researching Yen

beginner
educational
yen

#1

Preface
This post is going to be fairly long one needs to understand the approach that I am taking when writing this analysis/review. I am going to try to take the approach of a new comer to the Pub and Yen community by association. There are a few biases that I do have that will show here in my writing but we all have them. The two biggest that I am actively trying to avoid are I despise social media platforms like Twitter, Facebook, and Instagram. I think they have dumbed down the general population more than they have helped to get information out to people. The second is I have been a member of the Pub since the beginning. The later has two effects I have higher expectations for Yen than say some random coin and have been privy to some of the private conversations so there may be information or viewpoints that have not been released. With that being said, I am going to attempt to only use information gathered by searching on the internet and not use any of the Patreon information. Some of the Alpha Cohort videos are going to be mentioned in here as they were in the search listing for google. Please do not take these as personal attacks again; I am just trying to portray what would go through my head when researching a new project.

Coin review template will be posted later as I am currently at work and do not have access to google documents.

What is Yen?
Website - Yen.io
After looking at the website, it looks like just another Facebook or Twitter. There is no about page as to who the creators are. Apparently, you need some type of invite code to join Yen but no directions on how to get one.
Found that they have a staff of three based out of San Francisco, CA on LinkedIn. I find it odd that the main Yen.io page does not have this information. On LinkedIn, they state that they building the “first social cryptocurrency meta exchange”. Not sure what that is or means as that is the only line in the about us section.

So let us dig a bit deeper and watch the top three video’s that popped up.
These are in order that they came up in the list.

What is Yen.IO - Andrew Henry - 09AUG18 - This guy calls it an amazing platform, but yet it has launched yet so how can you call something amazing when it doesn’t exist yet. It might be an amazing idea but it cannot be an amazing thing until it exists. He goes on to state that this will enable everyone the ability to get the word out. We already have that ability through YouTube, Facebook, Twitter, forums and many others so this is nothing new why reinvent the wheel? He goes on further to state that it is being created by the Saddington brothers and include elements of decentralization, crypto currency, and social media. “The guys will add features that I am sure we can’t even imagine right now” What in the world does that mean? Do “the guys” have any idea what they are creating? I am not sure on this; as there is no publicly available road map to say what it is it will do or can do currently. There are great partnerships and interesting stuff going on. Nothing mentioned as to what these are. Great and interesting are subjective but one need to provide more detail for me to be able to decide if I think they are great and interesting. Sure partnerships often stay quiet until both parties decide to publicly disclose it, but what is the interesting stuff. It sounds like thus far people are just making stuff up.

Video 2 on the list
Even CEO Nauman Anees Thinks Yen.io is the Answer to Fee-less Transactions – Decentralized TV – 30APR18
Peter is reading an article here and every time the author brings up an issue, he states and the answer is Yen.IO or when CEO Nauman Anees is quoted, he throws in Yen.IO. According to this video Yen.IO is the end all be all for everyone and everything. As the creator he should feel this way but there needs to be an explanation of how Yen.IO will solve the issues mentioned in this video and not just say Yen.IO as many times as you can.

Video 3
5 Reason to Use Bitcoin Mixers – Maybe Yen.io will Do This… - Decentralized TV – 27AUG18
Hits at the possibility of Yen.io may create their own mixer. How and why would a social media platform need to create a coin mixing service? This Peter guy is goofy as one can be. This video seems to contradict the previous video I watched. In the previous video, he stated Yen.io may be the answer to fee-less transaction but then in this video he states nothing is free. That does not make any sense. I kind of get where he is going with this but not really.

So at this point, I have watched the top three videos that showed up in my search on google, searched Yen.IO website, and hit up LinkedIn but still have no idea what Yen is or why it needs to be on a block chain. Sure if you want to create a crypto, friendly social media platform go ahead but why does it need a block chain? What will the cryptocurrency do? What benefit will the Yen block chain provide? What real world problem is Yen solving?
Time to dig deeper as all these people seem extremely excited about something that does not seem to exist yet. I really want to find out exactly what this is. Going to hit up this site called TheBitcoin.Pub and do some straight YouTube searches.
Video 4
What is Yen.io? (Or who?) – John Loppnow – 11AUG18
Yen.io is the Saddington brothers that build stuff break it and build something else that might be better. He states that there will be transactions of value with products and services, but does not go on to explain what those are or what they are envisioned to be. States that Yen is the way to be a better person. How will a block chain make us a better person? How will a block chain take us personally to the moon?
So after two video’s Titled “What is Yen.IO?” the only thing that I can come up with now is that it is an online community but still nothing about the crypto currency or how it will be used or the problem it will solve.

At this point, I am done researching Yen. I have no idea what it is, and the people that claim to know what it is either one wont share or two have no idea themselves. It seems like just another Facebook, Twitter, or Instagram. The only difference is it is being called the “first social cryptocurrency meta exchange” when it is just a social media platform.
In the end, this project is not worth my time or money to invest into.

Therefore, that is my experience researching Yen going about it as someone that is not part of this community. If in the first hour or so, I cannot get even an idea of what it is or what problem it is, trying to solve then the project is not worth my time. At that point, I would not care because it does not seem like the creators or community cares to enough about their project to get me as a new comer on board.
Noticed I did not actually research it on the Pub in that initial analysis. The only time during my search that I saw or heard about TheBitcoin.pub was in the DCTV video is which really didn’t say they were associated with Yen so I would not have caught the connection with TheBitcoin.Pub.
What is Yen? - As a member of the Pub
I did do further research watched many of the Alpha Cohort video’s and made a few comments and such. By the way all of you Cohorts should be featuring each other’s channels and at minimum DCTV.
It is a social media platform with a link in to other exchanges that allows you to buy and sell your crypto. In its current form it is not an exchange but a top layer that gives access to multiple exchanges. It also allows for followers of the users to do a one-click buy (called a replay) of someone else’s purchase.
I have a couple concerns with purchasing through Yen and the ability to show the world what you have purchased. Most if not all of us have seen over the last year nearly every YouTube personality stop showing the world what, when, and how much crypto they buy. Primarily because this puts a target on your back to be hacked especially big buys. So doing this goes against best security practices. The only way I see this usable is if it is off by default and you need to add Users to a white list type option. The other concern involves the ability to purchase Crypto. As this is a layer over top of the exchange log in’s this is another attacked vector. If you only used Coinbase and now you are, purchasing through YEN this doubles your exposure and attack vectors and goes up with the more services you tie to one app. Peter has discussed this many times when talking about dApp platforms like ETH.

My opinion of what needs to be done in order to get the newcomer (I was portraying in the first part) onboard?

  1. First define what Yen is and what it can currently do along with maybe what is in the pipeline. This emergent community driven inspirational project definition does not tell anyone anything. The Cohorts paying for a QM Patreon membership cannot tell you what it is other than it is a community and regurgitate John and Peter’s lines of adjectives.
  2. Answer the following questions, which will probably need to be done after item 1.
    a. What problem is it solving?
    b. Why does it need a block chain?
    c. How will the Yen Currency play a role? What is its purpose?
  3. Cohorts if you are going to do a video about What Yen is or a Yen educational video, then do exactly that. I had seen a couple of educational video’s that did not educate me on Yen in the slightest. They were more of a commercial for Yen. Then there were the what is videos; of which none explained what it is and one of them never actually got to a point where they attempted to discuss What is Yen.io even though that was the title.
  4. Peter you know I don’t mind the shilling but if you are going to say Yen is the answer it would help if you gave some information or insight of how Yen will solve the problem you are discussing in your video’s.
    Anyhow as Peter stated in one of his videos nothing is free, and the price will more than likely be emotions. I hope no one takes this as a personal attack and see it for what it is. My attempt to give an honest review of the situation while attempting to portray a new user trying to find out more about Yen.
    Please feel free to analyze the heck out of this and educate me or provide information that I missed. I did put quite a few hours into this analysis. I review products all the time at work and am just as brutal with my vendors as I was here. Heck, I silenced a room full of IBM thermal engineer’s once because I tore apart their current mainframe designs.

The "Put me to Work" / "How Can I Help" Thread
#2

Constructive criticism.

I believe this is the first.
A bit sharp at times but ill be looking at the posts following.


#3

Spot on in lots of areas. Needs a response from the horses’ mouths to answer much of this, though I’m sure you’ll be getting some answers from others. Looking forward to those responses from @john and @peter, though they may feel like they’ve already answered much of it in disparate areas of content.

They have no control over content created by excited members of the community. They (John & Peter) seem to be sharing it out of pure joy rather than taking it as official Yen content. It all needs to be refined, and I hope you comment on those videos to help creators get pointed in the right direction.


#4

fantastic first-pass and it has a lot of very good, objective qualifications to boot.

here are some thoughts i’ve shared previously that might be helpful (but not comprehensive, sorry!):

there’s a bit of a difference between how we’ve built #yen and how other blockchain or decentralized projects got started. for instance, a typical ICO project looks like this:

  1. create whitepaper based on a concept
  2. launch ICO, promise delivery of a product (at some point)
  3. get money
  4. then proceed to try to deliver on #2 or… if they are bad actors, exit scam…

instead, we did it this way:

  1. build community (through youtube, initially)
  2. create a ton of different products to figure out what our community needs (e.g. cryptoyum, coinpuffs, the pub, etc…)
  3. ask tough questions, listen to community re: #2
  4. start building #yen through the feedback we’ve received.
  5. launch barebones app, continue to get feedback and build through iteration

there isn’t a lack of information… but rather, there isn’t a “central place” for all of the messaging (like a whitepaper or a canonical landing page). most of our information is “with” the community (i.e. they carry it with them).

this, of course, isn’t easy to understand or grok immediately and we need to do a better job of canonizing what we believe, what it is, and where we’re headed… and we’ll continue to do it through co-building with our community.

it just looks really different… this doesn’t mean that we’re right or better… that’s for sure. we’re just doing it differently and so it’s a bit harder to bucket all of these experiences and pieces of disparate content into a singular source, especially since we’re still building it out and the design, features, and more will inevitably change.

here’s the great thing (and we’ve been also honest about this as well)… if this product doesn’t “work” then we’ll just build something else! we hope it works, but, it might not if we can’t come up with a system that really is valuable to our users and community.

and we need feedback like yours to stay honest and grounded. so, thanks for that.

finally… and i repeat… we need to do a better job of communicating what it is and how we’re building, despite the fact that we’re doing it iteratively. we have some ideas and we’re working on them!


#5

Yeh this the response you gave me the other night and one of the driving factors for doing this experiment.

To say that the information exists but this experiment shows that if it does it is not available at all even in the Patreon and Discord sections.


#6

Always working on the sharpness but to the point and sharpness is what has gotten me to where I am in my career and life. More often than not this is what has gotten me the promotions and bonuses as those above me in the chain respect that I am do not try to sugar coat something as it allows them to make better and more informed decisions. Giving constructive feed back is like sharpening a chisel blade. Some purposes you want a high angle and some you want a low angle but either way it needs to be sharp to get the job done. A dull blade will just increase chance of injury or in this case of constructive criticism mistakes/misunderstandings.


#7

you continue to miss this:

most of our information is “with” the community (i.e. they carry it with them).

it does exist, but, it’s not centralized into a dedicated repository or whitepaper and not easy to extract.

we may differ on the pragmatics around “exist” but that’s where i sit. again, we need to do a better job of all of this.


#8

I am not missing the point here. You need to re-read the statement you quoted. I am saying the information is not available through searching the internet or searching through the Pub and Discord. Therefore it does not exists to many that even have access to these channels. Someone keeping something in their head or as you say carry it with them does not make it available. This statement has nothing to do with Centrally located or not.

Sure centrally located will help tremendously but just getting the information posted and available is the first step then we as the community can start to consolidate it for you guys as many have done here with other topics.


#9

Regardless, im thinking, based on Johns response, that is their aim.


#10

Let me sneak my 2cents in! I think it’s a smart move not to put it anything in writing or have like a set guidelines on a whitepaper of what Yen is or what it can do. You want the secrets of Yen and how to navigate it’s inner working then be part of the community. I think this helps on the legal side since there nowhere online that says what Yen is supposed to be. No promises made, no love lost. Now I know that can sound shady as fuck but were in crypto everything is shady lol :joy:


#11

I keep reading that Yen is “for the decentralized community”, so I’m assuming that Yen itself is decentralized, meaning that it’s built on decentralized blockchain tech. If so, then this is THE key defining piece of information that needs to be clarified, as otherwise people will assume that the platform is just a traditional web based product with a few crypto related features tacked on.

This distinction is incredibly important, yet I’ve seen no mention of it.

Given that we’re here on the Pub, I’m also surprised that I haven’t seen any discussion regarding what blockchain Yen is it built upon, what is the underlying consensus method, how will the tokenomics work, etc. Even if there is no whitepaper, it would still be great to learn more about these types of details.

People want to help, but they’re confused. Definitely consider doing an AMA and embracing the entire community. The perspective of people on the outside looking in is as important as those already inside the ecosystem.


#12

There are hints that Yen will be built on Icon or have some affiliation with Line + Icon(?) , and will be pos or poa (based on Peter’s testing VeScam staking). The token details are still up in the air as far as I know.

It will not be decentralized in short term, it’s just a web app ATM. A rough road map may be more useful at this stage than a whitepaper in understanding what’s to be expected from Yen. Current form, short/medium/long term expectations, final form.


#13

Johnny’s right. @Nathan_D, i had come to believe that you had read most of the material (i believe you said you did) as well as watch most (all?) of the videos, but, clearly you’ve missed this information somehow. and we’ve even done AMA’s (which i believe you had access to) so… we could do more but… we’ve kind of already have done a ton of them.

We’ve stated many times that the first version of the app won’t be on any blockchain protocol and thus will not have any intrinsic consensus protocol. like most projects in our space, a decentralized system makes almost no sense in this early stage.

Our goal is to build something that is useful to folks. this doesn’t mean that it’ll be useful to everyone… and perhaps it’ll just be useful to a small, select few. who knows? but, if we help folks learn more about crypto and decentralized systems and help grow adoption (this is our primary objective, by the way) then we feel that we’ve done a good job.

more people need to know about bitcoin, full stop. #yen is one way that we’ve decided to do this to advance adoption. this forum, the bitcoin pub, is also a product and service that we provide (for free!) for folks to grow in their own knowledge and wisdom around these topics, even if it means allowing folks to piss all over it.

c’est la vie!


#14

part of this is just where we are right now… we’re not entirely sure what we have… but, we believe that with others (our amazing community!) we’ll figure it out. and… perhaps, eventually, we’ll all come to know what it is.

but, it is just a web app right now, in its most simplest form. :slight_smile:


#15

If I were a new comer, I’d realize that I needed an invitation code to sign up for the beta and I’d just lose my interest, though.


#16

No sir! I said that I didn’t have time to shift through dozens of long Patreon videos, which is why a few weeks ago I asked for a simple and concise outline of what Yen was.

When I said that many of us don’t understand the basics, I wasn’t kidding. :stuck_out_tongue_winking_eye:

That being said, thanks for the response. I learned more about Yen in that single post than I previously knew in totality.


#17

@Nathan_D ah, that’s my mistake. sorry about that.

glad you’re here asking the tough and necessary questions.

we’re honored to be serving our community in this way… and we have a clear historical track record of creating things and giving them away to our community, for all of our mutual benefit.

when @peter and i first started, we knew that we needed to earn the right to serve this great community and we couldn’t think of a better way to do that given our skillset(s) than to just build some technology for them. not all of it has worked and not all of it is great… but, this forum (the bitcoin pub) seems to be a staple for many now and i couldn’t be more happy about that.

every day i wake up and i’m humbled that anyone would use anything that i build. i have a lot of anxiety and self-doubt when it comes to the things that i build… i am always happily surprised that anyone would find the very things that i have created to be useful!


#18

which isn’t necessarily a bad thing because it’s not exceedingly useful quite yet… we still have a long way to go to make it what we want it to be…! but, every day we’re covering more groundwork.

patreon was a way for us to find co-builders… folks who wanted to roll up their sleeves a bit and help lay the foundation of a better future… a few folks that we could partner with and get into the trenches with, sotospeak.

i think we’ve been able to find a handful and i’m so grateful for them. they make my work feel less like work!


#19

This answer is best answer yet and one that I can accept as it is shall I quote Peter here “radically transparent”. I am ok with not knowing and my post above is to show that. Not knowing is ok and why I created this thread is that everyone kept stating they know when in reality they do not. People may know what they want it to be but until that comes to fruition it is not.

The way I see it is that TheBitcoin.Pub is the community right now, not Yen. This will remain true for what I can see is the foreseeable future. Its like me with my woodworking I have a stock pile of wood in the garage; I can say it is a lot of things but until I transform it into those things it is just a pile of wood. Right now to me the QM’s and Cohorts are that pile of wood with you and Peter being the wood workers.

Keep building man. I think you will build something great.


#20

I agree 100%. I think the Blog of what is being worked on currently even if it is a concept idea would be fine. It doesn’t have to include the inner workings.

For any project to be a success there needs to be at minimum a rough set of guidelines layed out and with the goals you are trying to reach. This concept has been proven time and time again. In the small business sector this is the primary driving factor why small business’ fail. They do not have a plan written down on paper with specific goals. It is also the primary reason many software and IT projects fail. I see this everyday at work.

Just simply by being here on the Pub we are part of the community and many of us here at the Pub are patreons. So this answer that is given so often is just crap. Right now the “inner workings” as you call them are just round table discussions about what Yen could or might be in the future. I can see being a part of these discussion and taking the classes on content creation (cohorts) might be worth the QM patreon level to many. There are still many more that have no intrests in being video content creators that can help grow the community. This whole you must pay to be a patreon to get the information is a junk answer as John just stated the creators do not know what they have yet. So please stop with this answer it doesn’t help at all its just a turn off for many that could have the potential to provide extremely valuable information and feedback.

This only helps if there are paying customers expecting a specific product of which there is none yet and people like me are not asking for this strict of a document that would bring in legal matters.

Not everything is “shady”. In fact some of the projects that this community loves is far from crossing any line that could be considered shady. Our beloved BTC is not remotely shady in fact it is quite the opposite of that, but maybe our definitions of shady are different.