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.
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.
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?
- 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.
- 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?
- 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.
- 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.