Samir Mayfield is the founder of MineFullTrader, the original one-stop mining trading platform founded in 2018. In this episode, we discuss crypto mining and automated trading as well as a new ICO for you to grow your investment.
Jay Feldman 0:00
What’s up mentors, collective entrepreneurs, investors, everyone who’s trying to better themselves and move to the next level of life. On this episode, we’re going to be talking about a passion of mine. And I’m sure you’ve become interested in it too over the past couple of years, and that is cryptocurrency and investing in that space. Now if you’re have gone down the rabbit hole like me, you’ve probably heard of all kinds of crazy wacky terms yield farming, staking mining. And a lot of it can get technical and scary. So we’re going to spend some time on this episode breaking a few of them down for you, letting you know what they are maybe figuring out if it’s a viable option for you. And to do that I brought someone in much smarter than me and deep in the space to have this conversation with that is Samir Mayfield. He is the founder of mindful trader, which is the original one stops one shop stop mining and trading platform founded in 2018, and just launched their MFT token today. So a big round of applause for Samir, and welcome to the show. Brother. I’m excited to talk crypto with you.
Thank you so much for having me, Jay. It’s pleasure to be here. And I’m here to talk about crypto.
Jay Feldman 1:10
I love it. Tell me briefly how did you get into the space? How long have you been in crypto and what are you doing in the field?
Man, I remember taking a sales job after high school. I was about 18 years old. This was back in 2011. One of the salesman I worked with he’s older, he was 59 at the time. And he knew some guys in the Portland area. And he took me to come see them. And he was talking about you know, they’re mining this Bitcoin. It’s like a decentralized currency. And when I first heard about it, Bitcoin was about $2 in price. And I thought it was fake. I thought it was a big scam. I did not invest at that time. And when I talked to them about it, it was really awesome. I’m like, you know, how much money do you make a month on Bitcoin? And they’re like, we mined like 500, maybe 1000 Bitcoin a month. And I asked how much is a Bitcoin? And they’re like, well, it’s $2. I said, Okay, how much is your rent here in this big commercial area in Portland? And they’re like, oh, it’s like 4000 a month, it’s kind of expensive. And then at that point, I was just like, Okay, this looks like a scam. And it sounds like you’re losing your money. But then a couple years later, in 2013, working for a internet cable company Mitko communications in South Dakota, some tech friends approached me and mentioned Bitcoin, again, I hadn’t heard about it since 2011. So there’s a couple years span where it just sort of lost my memory. And then I checked the price. And it was like $150, creeping up to 200 $250. And at that point, I started to become more of a believer. So I bought some bitcoin when it was about $150. And at that point, Mount Gox, you know, got hacked, and it went down. And that created a ton of scarcity in the market. And I actually sold my bitcoin at that time at about the price that I bought it. It just bounced back for a moment. And I thought to myself, This is too volatile. I can’t get involved with this, because I just can’t, I can’t afford to lose this money. And then, about a year, couple years later, 2016 2017 There was another Bull Run, and Bitcoin and Bitcoin has been following these cycles. You know, it was, it was a great experience in 2017, I had quite a bit of luck. And that has caused me to start the business and to create a mining application that has a trader with it, which no one else really seems to be doing. In fact, a lot of big people today like Elon Musk, or Richard Hart, who created hex, they really hate proof of work concept. They really hate Bitcoin. And I just don’t get it. I mean, I understand it’s high energy consumption. And this is more technical stuff. But there is some use case for higher energy consumption. If I’m storing billions of dollars. In a blockchain, I would rather have a proof of work concept to you know, protect my money, because it has that carbon print, which is much harder to fake than simply having a proof of stake or faking that you have digital, you know, ownership over the coin. So there is a great use case for for mining for proof of work for energy consuming based transactions. And so I’m I’m here trying to educate people to run it on all of their devices, because when they’re idle, it’s making money and it’s paying for the device.
Jay Feldman 4:33
Awesome. And you mentioned a couple things here, right mining, trading. And these are terms that I become familiar with and have a very surface level knowledge of, especially trading bots, I have friends who are using them mining, I have friends who own little server farms and mining rigs. So I really want to spend a few minutes and dive into these terms because this is essentially what your platform does and brings all together so I guess let’s start with trading that these automated trading bots, how particularly does that work?
Sure. So our platform is going to have a basic trading bot and an advanced trading bot, the basic trading bot is going to be free to use for anyone. So if I return $30 of Bitcoin mining on a laptop, and now I want to trade this Bitcoin, I can trade it on the exchange on the mindful trader platform by myself without the use of a bot. But if I wanted to utilize a bot, I could in the near future, and the basic bot is going to do a specific type of trade called DCA trading, which is just buying a when it when it continually drops in small amounts so that the average price is lower. And if they’re, you know, if the pounds, if the price does bounce back up, then there’s a much, you know, smaller window where you have a bigger opportunity to make money in that style of trading, but it’s not guaranteed nothing, nothing is guaranteed.
Jay Feldman 6:03
course interesting. So you can mine directly on the platform, earn money, and then have it traded automatically to, I guess, invest that money and try and increase it.
Exactly. And we’re going to bring other things to the platform like staking and things like that, and collateralized lending so that people can get more out of the the coin that they’re mining, they’ll have potential to, you know, double their their mind profits over the course of a year pretty easily. Or maybe take more riskier moves where they can 6x or 7x their profits over the course of year pretty easily. And that’s just something that’s in the crypto space. I don’t see any other. I don’t see anyone else doing anything like that.
Jay Feldman 6:45
No, I mean, either. And the concept of mining is a little bit complicated to or at least someone who thinks about it as traditional mining in a coal mine. So talk to me a little bit about that. What is mine? For cryptocurrency for Bitcoin, specifically?
Sure. So the best way to explain it is actually through torrenting. Bitcoin is just like torrenting, you know, there’s, people are confirming that this coin moved from point A to point B on the block. And in order for this consensus to be legitimate, there has to be a confirmation from a multitude of different participating individuals. So this actually makes it far more secure than a centralized server. But it actually acts in the same way. So, you know, sort of backtracking into a past story of how we got to Bitcoin was the.com, boom. And the government seized a ton of centralized servers that contain serial numbers for digital currencies, like did Imani e gold, easy money, internet gold, and they said, This is a security you can’t be giving this money to people and securing it inside of your own treasury. This isn’t safe, this isn’t protected, this isn’t backed. They’ve physically, you know, they subpoenaed them, they went into the building, they took the server out, they said you’re done for and then lo and behold, six months later, Bitcoin just pops up out of nowhere, magically? Not really. But Bitcoin, you know, had that consensus that made it impossible to shut down because now those coins are no longer stored on a single server, or realistically, a company is going to have maybe 20 servers around the world because they need need protection. So it won’t just be one server. But still 1000s to millions of private individuals, providing the backbone to that server will create a much higher security behind the serial numbers stored in those databases than it would in a typical institutional manner.
Jay Feldman 8:44
Cool. So for mining, it’s really the the power of all of the people validating the transactions and providing their servers to do that, and then exchange the rewarded with Bitcoin.
Exactly. It takes a lot of energy to do that. And so you know, Bitcoin is a proof of work concept. There’s there’s two different concepts, proof of work and proof of stake. Proof of Work says I had this much computing power, it’s really hard to fake that. And then proof of stake still hard to fake is to say that I have this much ownership which gives me this much validation. And they both have great use cases. I think proof of stake is more for spending things in the store. If I go to McDonald’s to buy a cup of coffee, I probably want to use a proof of stake concept type of coin. But if I want to store a ton of money on a blockchain, I probably want to use a proof of work type of coin because of that carbon print that’s impossible to fake.
Jay Feldman 9:38
Very cool. And who is a good candidate for mining? It sounds too good to be true, right? You just run your computer and you make money and you start earning Bitcoin. But like you said and alluded to earlier, it does require quite a bit of power. And you hear about all these things set up in China, these server farms that are mining Bitcoin, and they’re A major problem in the energy sector. Can I start mining Bitcoin on my MacBook Pro? Like who can do this?
It’s a good question. I don’t have a solid, you know, definitive answer or a specific answer to that, because it depends on the hardware. Yep. But a MacBook Pro. I mean, that was a very specific hardware. So the MacBook Pro is a good mining machine, in a sense that the processor will make about $3 a month. So over the course of a 12 month period of time, if you were, you know, trading your Bitcoin for a stable coin, you would solidly have about what is that $36 By the end of the year. And then you’ll be able to utilize that $36 to, you know, multiply into more money based on trading bots, and collateralized lending, and staking and many different ways to sort of use the cryptocurrency ecosystem to make more money out of the money. And with that said, you know, it is it is not a bad idea to invest money into cryptocurrency, but people are so skeptical about cryptocurrency, I think that the mining application is really the foot into the door.
Jay Feldman 11:11
Yeah, that’s really cool. And interesting that you say that. And he said, $3 per month on a MacBook Pro? Yep. So what would be I mean, if someone wanted to turn this into a business model, what would that look like? Like a server farm? And does it make sense for the energy costs? Sorry, for the the product questions help?
Great questions. The energy cost, it’s going to be, you know, more profitable in terms of the coin you’re receiving versus the energy consumption that you’re paying on the electric film. So, you know, it is calculated inside of this Windows mining application that we’ve developed. And it does produce a calculation over a 24 hour period of time. It’ll, it’ll provide the calculation after about an hour of mining, it’ll say, Okay, if I continue this rate for the next 24 hours, based on your energy consumption, you should make this much profit per day, which is taking into account the cost of the electricity.
Jay Feldman 12:09
Oh, very cool. It does this software costs anything say I go and sign up on your on your website? Do I have to pay a monthly fee and annual fee? Is there a lifetime license? What is the business model?
No licensing, it’s completely free. And to be quite honest, the file structure of our setup file, I mean, pretty much anyone could, I shouldn’t say this, because I’m not trying to shoot myself in the foot. But anyone could really steal our files. It’s what once you do the installation, it’s in the it’s in the C drive, and it’s plainly inside.
Jay Feldman 12:42
I still wouldn’t know how to do that. I’m not a coder. But good to know if there was any listening. Thank thanks to me for that one. So very cool. That’s definitely something that I’ll check out. And an opportunity for some people who are thinking about entering the crypto space and mining your own Bitcoin, I think it’s a super cool and sexy industry to be in. So something to keep in mind there. Now, I know within your company, you’re you just launched a coin today. Tell me a little bit about the MFT token, what does that doing.
So the MFT token is the first utility platform token of the mindful trader platform and the mindful trader token to try and put this as simply as possible. The biggest benefit for holding it is that half of the profits that are generated from all of the platform services, such as staking services, debit card services, mining services, trading services, half of all of the fees generated will then be used to provide liquidity towards the NFT token and so this is the closest thing you know so this was really the only way the closest way to get the token to kind of act like a security without it being a security
Jay Feldman 14:01
very cool and where can people buy and use the token I guess they buy it directly on the website and they use it on the website
the crowd yes the the token is it can be bought are the website is launched on mindful trader calm and there’s a button to buy NFT and it takes them to a different URL called presale dot mindful trader calm and so the actual purchase page is presale. Dot mindful trader calm and for everyone listening I just want to say this because mindful traders hard to spell. It’s m i n e FULLTRAD are mine full trader.com And people can download the Windows minor on the www subdomain. From there they can find the launch subdomain the presale subdomain but the only way to purchase the token is with BNB coin. So for people to buy it, they’re going to have to To set up a meta mask, wallet, and then go through KYC on the meta mask, wallet, and then purchase BNB token through meta mask. And then with the meta mask, go to the presale dot mindful trader.com page and then connect their wallet and purchase the token using the BNB. Coin. So it is a process.
Jay Feldman 15:20
You know, I recently had to learn this to to send money and I did staking with the Phantom network. And this is before I really had an advanced knowledge of this stuff. I still would say that I don’t but I would love to take this opportunity to go over how the chains and how the conversions work, because we’re probably going to lose people on how to buy BNB outside of binance. So you use meta masks, is that correct? Because I recently started using it as well.
Yes, meta mask is, you know, just recently, it was just sort of solidified as the add on that that’s going to be accepted by the internet. It’s a part of web three, development. And so anyone that’s you know, like right now we’re we’re doing this interview through a web two portal. And so the future coming of web three is really connected to meta mask. And pretty much any Aetherium related token. And I know this is probably just a ton of alien talk here to a lot of people. But you know, mindful trader is a it’s technically an Aetherium based token, but it’s on the by Nance smart chain. So it’s actually it’s actually a b&b token. But b&b by Nance smart chain was forked off of Aetherium. So it’s all Ethereum. And really only the Etherium protocol, consensus is going to have consensus.
Jay Feldman 16:48
I’m really proud of myself right now, because I understood everything that you just said. But for those that don’t, kind of all of these different major coins, the Bitcoin network, the Ethereum network work on their own chains, you got to stay on chain, sometimes you have to transfer them between chains. How do you buy BNB? Through Metamask? I actually don’t know the answer to that. I usually I would historically, buy it on finance and then send it to my meta mask wallet.
That’s a great way to do it. There’s there’s nothing wrong with that. There’s there’s lower fees on the buy Nance exchange. So if you want to pay less money, go to buy Nance go to Coinbase. Actually, I’m sorry, maybe not Coinbase. That’s a competitor to buy Nance they might not have that. But still, there’s cheaper ways to buy it. But I think it’s like a 5% fee to buy it through meta mask, which is pretty high.
Jay Feldman 17:37
And where did you What did you say FY network
which network comm sorry, on meta
Jay Feldman 17:45
mask to buy BND, you said through the KY or FYI, something of that nature, oh,
sorry. So basically, once you download the meta mask add on, you’ll then you know, you’ll create a wallet, you’ll have to write down your secret recovery phrase, it’s like 12 words, you have to write this down, if you want to be able to get access to it again, because it’s stored locally in that browser. So if I go to a different computer, a download Metamask. And I try and log in, there’s just the only way to log in is with that 12 word, seed recovery seed. So that is something people do not want to lose. And I have to be honest with you, this stuff is too complicated for the average user. And so what really needs to happen, which is the sort of long term vision of mindful trader is to bring our own protocol to the space. And our protocol would mimic, essentially the centralized system, because that’s what people are used to. But we can still use web three, we can use the meta mask as a back end development, but we don’t need to put it in front of people’s faces. It’s just too complex. And just reality is just the reality. So we do want to, you know, eventually move in that direction, that that’s the long term goal. If I forgot my password, how do I get my password back, I have to go to the company that hosted the database that has my information. And they have administrator keys to pull my password and reset it at any time they want. They have access, they are in control. But it’s a good system. We need to have people in power to protect ourselves. If someone were to hack my computer, and, you know, send coins to a different address in my name, and it’s confirmed on the block. There’s no way I’m getting that back. So where’s the collateral? A credit card is protected. A checking account is protected. A debit card is not protected. If you’re using debit card, you might as well use crypto. Yeah. So you know, having that same centralized system where you can have secret, you know, recovery questions and answers that connect to your private key and ways of restoring your account where it doesn’t go through. It doesn’t go through As a intermediary.
Jay Feldman 20:04
Yeah, I’m with you. It’s the future. But it’s also scary. I’ve lost some money sending Bitcoin to the wrong address before, actually kind of recently, and there’s really nothing you can do, which, which is a bummer. But definitely, I think it’s for people who are experienced people who are willing to experiment a little bit, dig into this stuff, and find a mentor, watch more of these podcasts, listen and watch some more YouTube videos, and mining and bot trading, what you’re doing is kind of a next fun level that I definitely want to dabble in when we’re done here, I definitely want to download the software and try and figure it out. Staking is one thing that I’m currently doing on the Phantom network. And that’s been fun with the Dark Knight protocol and made a couple bucks so far, it’s just sitting there earning earning money. And I don’t know how long this stuff is going to last. How long do you think this is going to be an opportunity to, to mine to stake and earn these massive, annual annual returns?
It’s a great question. So the way I see it is that half of the fee that’s being mined, is actually coming from newly minted coin. And then the other half is coming from scraping a little bit of the coin off of the transaction itself as gas. So the fact that the coin that’s being rewarded to users isn’t 100%. newly minted coin means that if the world were to adopt and start mining on it, the reality is, is that it’s actually going to distribute the money to the world. And there is going to be some inflation, because half of that money is being newly minted, but because the other half is being scraped from from the transaction, as more people start using it, it will be you know, it will equate in a higher price of the coin, you know, that they’re holding such as Bitcoin, or, you know, there’s there’s other mining coins out there. In fact, our application minds the most profitable coin on the market, and then it pays you in Bitcoin, because Bitcoin is the most liquid coin on the market. So it
Jay Feldman 22:05
doesn’t actually mined Bitcoin minds, what is the most profitable coin on the market?
It changes every day. Interested, be Mineiro, it could be there’s a lot of fancy names for them. I should know them all. But there’s just too many for even for myself to know.
Jay Feldman 22:25
So essentially, whatever coin is paying the miners the most for their services at that time, is what the technology decides to put those resources towards. Is that correct?
Exactly. Super cool.
Jay Feldman 22:39
And then converts that to Bitcoin for you and pays you in Bitcoin? Exactly. Wow. That’s pretty cool. Can you use this without buying your native token, or you need the native token, the MFT to actually start start mining.
People can start mining without the MFT token. But you know, the more people that that use the platform, they might on it, or they trade on it, the fees on the platform are going to increase the token price is just how it’s designed.
Jay Feldman 23:08
Yep, very cool. What should people know if they are interested in getting started with MFT? Buying the coin? What is kind of the vision for this thing? Where do you want to see this go?
I would love for there to be a one stop platform for all of these crypto services. I cannot mine crypto on Coinbase. I cannot mind crypto on by Nance. I can’t mind. And that’s just one small piece that I can’t do on pretty much any of these platforms. Because the world is trying to break away from the proof of work. But the truth is, is that the whole point of this crypto was to distribute the money. And if we’re going to stick to a proof of stake concept, then we’re not redistributing the money. It’s just just moving into a different form of currency. So that’s not actually, you know, I don’t see that as revolutionary has a lot of usefulness to it. But our current system has, you know, usefulness it’s been working well. There’s people with admin keys that can reverse transactions that are illegitimate. And so our current system is working well. But the thing is, is the government is printing a ton of money. And so if we were to move all of our money into like, let’s say, a stable coin, a stable coin is really interesting. And it’s receiving a lot of scrutiny by the US government right now. But it’s been around for so long. I don’t think that it’s going to disappear anytime soon. But it’s a really interesting concept. Because cryptocurrencies biggest problem is the volatility it’s also the biggest benefit. But if the price is dropping 70 80% and all of our money is sitting in Bitcoin and it’s connected to a debit card to go to the store to pay our bills, and the moment I received my money I just put it in Bitcoin was pretty stupid. I just lost all my money because the market moves. So We need a we need a currency that’s stable. I think that’s the next step for adoption. But not only that, the interesting part is how the US government prints money based off of how much money is inside of our digital accounts. That’s FDIC, backed by the government, stable coin is not FDIC, backed by the government. So technically, if everyone put their money inside of stable US dollar, they’re going to keep the value of the dollar, there’s no risk involved with it. And the government is going to have to stop printing money, because no one will have US dollar anymore, they’re going to have some other US dollar tether, some other brand of US dollar that isn’t even native to the government. And I and you know, when these lending protocols, when when you can lend your money out through a decentralized system, you become the bank, you’re the one who’s making money off of other people. And that’s a big misconception that the bank is lending our money to the government and the government has to print more money to bail them out. That’s not what’s happening. They just print more money based on how much money is in the account. So I think that’s a fascinating concept. And I find it really interesting how these lending protocols are able to produce a higher interest of earnings on our money than what the inflation rate is a year. What’s the point of, you know, printing the money, just to give it back to ourselves, when we don’t have to print that much money, don’t get me wrong. Printing money has a good has a good, there’s a good reason behind it. Sometimes, like a 2% inflation a year is actually healthy, because our economy is growing. If our if we don’t have more people that are being born each year and coming into existence more than there are people leaving existence, then then inflation is actually a good thing in these in these situations, we do need some form of inflation. And so I think people are mistaken also, when they think just get rid of the inflation. No, we need to get rid of the 10% inflation and the 5% inflation because it’s not a sustainable system. We want to bring that down to like a 2% inflation we can do that with with Blockchain technology. And some people are doing those kinds of things. But really, if we had a stable coin, that was inflationary by like 2% a year, it was set in stone, and it was voted on potentially, by the decentralized system, people had to vote for what the inflation rate is going to be proceeding forward. Then, you know, it’s just like the elections here in America, it’s just hard to complain. When when the when someone gets elected as president, even if I was wanting the other person to win potentially. It just doesn’t matter. It’s a fair system. It’s a democratic system. It’s a democracy. I’m sorry to talk so much into that. But that’s just been on the on the tip of my mind.
Jay Feldman 27:47
No, and this is where I was actually going to go next. Because I love asking people who have been in the space for a long time, what they think is going to evolve out of this crypto thing that’s exploded, because if you talk to anyone older who’s went through the.com, era the.com bubble, they would say kind of the same thing like this is it happened overwhelmingly fast. No one knew what it was going to look like. And it evolved into into this. And I think we’re at kind of that point with crypto right now. It was built with NF T’s with d phi, where there’s so much happening, there’s so much development, some of its going to stick some of it might not. What do you think the world is gonna look like five years from now? Do you think banks go out of business? Do you think they live in? They live together in harmony? Do you think stable coins get approved? Tell me a little bit about your, your vision for the future and where crypto is going?
Um, great questions. Those are really good questions. So I think, you know, some, I’m going to use a company that I bought into called Voyager, I bought some Voyager token. It’s a really cool exchange platform,
Jay Feldman 28:54
I use them to just
just holding USD C in the platform earns 9% a year. And in the coming few months, that company is going to release a debit card connected to the USDC account. It it That should scare banks, it should scare them so much. Yeah. However, Voyager make statements. I’ve heard statements from them that they’re actually trying to be acquired by a bank. So Voyager is doing what they’re doing. So they can get the interest of a bank to buy them out. So they don’t have to keep doing it. And so I think that is the direction that things will go, these companies will be bought out by banks. And that’s what they want to and then the banking institution is going to start promoting, you know, the Voyager platform potentially under a different name or umbrella, or it could be the same name, potentially. But I do think they’re
Jay Feldman 29:46
gonna shut it down. They’re gonna buy it and shut it down, or they’re going to own the process.
I think they’ll own the process. Yeah,
Jay Feldman 29:54
I mean, I hope so. But it’s still kind of scary. I mean, why hold your money in a savings account? The bank that’s making 5% or point 5%, sorry, right now, rather than Voyager getting paid 7%, or whatever their current rate is. So that’s craziness. So yeah, I’m excited to see where the future lies as well. I’m excited and gracious to be a part of it, watching this evolve and being an active participant, it’s exciting, we’re headed to New new grounds are breaking ground every day, and you are on the cutting edge of developing in the space too. So kudos to you. And I’m excited to be a part of your journey as well. I really appreciate that. So for people who are listening that want to get more involved, they want to buy this token and start playing around on the platform. I’m going to drop the links in the show notes, so they can do that quite easily. But is there anywhere else to connect with you if they have questions about the space or to follow your journey and what you’re working on currently?