(BBD) Bitcoin MYK Backed Dollars Explained/ Up 7%

Welcome back to the channel. I hope you all are having a great day. So today we thought it was important to do a Bitcoin MYK-backed dollar explainer video. Uh, we've kind of, um, done some videos relational to it up to now, but want to try to really drive it home what Bitcoin MYK-backed dollars are because there's a great deal of confusion, I think, still on what they are. I think most people think of them in terms of like a stablecoin, and there are some similarities there to a stablecoin, but this is kind of more like a— feels like a stablecoin with a lot more features than your, your average stablecoin. So we're going to talk about that today, and hopefully by the end of the video, uh, you're a lot more, um, aware of what Bitcoin and YKBack dollars are and how they work. So to understand the need for a Bitcoin and YKBack dollar, you first need to understand some of the basic problems that exist in cryptocurrency. And as many of us well know, a lot of those problems have to do with volatility, right? So when you're sending cryptocurrencies around, The market is going crazy and there are great price fluctuations. So by the time your cryptocurrency arrives at its destination, um, oftentimes it's not the same value. It could be a great deal less, it could be a little more, it, it could go anyway. Now, whereas many of us in cryptocurrency love the speculatory nature of cryptocurrency, and if they're higher, that's fantastic. You can see in the area of a business where that would not be a good thing. And so the other part is I don't think it's just a problem of an appreciating dollar. We all want appreciating dollars and we want more buying power with our dollars. I think the problem is from a business standpoint, uh, it's not going to be good to provide that medium of exchange, what we really need. Where we're really just trying to gauge the value of our goods and services and trade them. So that's not gonna work very well. So what Bitcoin NYK-backed dollars has managed to do, it's managed to do something that I think many of us would like to see it do, and that is maintain a certain amount of stability. Whereas at the same time, uh, gaining that buying power, right? So, um, oh, didn't mean to go there. Trying to get back to the member page here and make sure it's not going to lock me out. But, uh, what we're attempting to do is try to show you Basically, I didn't let me out. It just kind of took me back to my— it's kind of took me back to the menu page here. Let's get back over to members because that's important what we're doing here. So Uh, okay. So anyway, the amount of members on our network, uh, we find that that's where the, the true value of the network is going to end up being. And, um, if you think of it in terms of how you would value a network, right, what's going to be the most important thing is going to be the members in that network. Uh, they all are going to be adding value to that network. Now that's going to take us to our next breakdown of exactly how the value is calculated in Bitcoin and YK back dollars. Um, the dollars are directly relational to the Bitcoin MYK, um, project, and they're tied to something called the Bitcoin MYK token, which you kind of think of it like our version of gold. Right. And, uh, right now we've amassed over, looks like, 7,200, um, members, low KYC members. And, um, each one of these accounts are a certain value, right? A certain amount of money. How much are they worth? And why is this important? Well, this is important because if you think in terms of one big issue we've had in cryptocurrency, it has to do with, um, when we build this technology, what is it worth? And in markets, generally it will come up whatever a person is willing to pay for it and how useful it is to the market. Now, the reason why cryptocurrency is a little bit more confusing in this area and hard to pinpoint is because it's so much driven by speculative nature that, um, you know, it kind of gets out of the realm of reasonability. And what I mean by that is that, um, you know, it just has this very unique, uh, situation to it, unlike many other industries where there is this mass mania to gain value from these things. And I think that mass mania overtakes the actual value of the technology in some instances. And we know this because of many of the applications that are used in cryptocurrency right now are being used by a very small percentage group of people. And, you know, if something's useful, people are oftentimes using it because there's a great demand for it. And that's a direct relation to how valuable it is. Again, cryptocurrency is driven a lot on speculation, right? The idea that one day people are going to get probably rich off this thing. And, um, that creates a lot of problems because again, it takes you out of the realm of usefulness. But now you can kind of understand, uh, accounts, social media accounts, value. You can kind of understand how the Bitcoin MYK cryptocurrency would have value. Okay, so I hope you can see this okay on your screen. Uh, I'm just like, so I can make it bigger. I'm not sure if I can or not, but we're going to try to go over this, get you a better idea of how Bitcoin MYK BAT dollars work. So if you can, you can understand up to that part, that Every account, every registered account is going to create some value over, over network, right? And this is how the Facebook model worked. So what Facebook did was, uh, it has about 2.5 billion accounts. Over the lifespan of these accounts, um, through Wall Street valuations and analysis, they were to come up to a value of each Facebook account being something like $200. Now Um, the BitcoinNYK project uses a similar valuation method, and in some respects we find this a little bit more solid and accurate than maybe what you get with Tether and some other gold-backed, um, uh, cryptocurrencies, as it were. And I know some people will say, well, that sounds kind of ridiculous, but if you really think about where value comes from and the entire concept of value. The entire concept of value is relational to the human beings involved in a network, and it is their perceived value that gives the idea value. As to say, if you take human beings out of the equation, nothing really has any value in the universe. It just kind of exists in the universe. It is in the minds of humans and the participation of humans that that value gets there. Now, based on that idea, one would think then that the more human beings are interested in a particular system of value, then the more valuable that system will become. If you follow that same type of logic, and I believe most people do. So some social media accounts might rank or might have a certain value of about $10 to $20, whereas some like Facebook that is massively used and a big collection of data and information, there's up to $200. And then when you take about 2.5 billion accounts, you know, you can see that you're getting, you know, several hundred billion dollars worth of value driving Facebook's valuation all the way up to something like, $700 billion, almost a trillion dollars. Also keeping in mind, Facebook has done acquisitions and acquired many other businesses that go into that valuation. But the bottom line is most of that value is driven by the accounts, the participants, right? And they are the actual value. Now, the reason I go on to say that's a better way to audit a cryptocurrency and find value in a cryptocurrency is because you can actually see the value there, the network there, and the people there. Let's give a very fantastical example of where I'm going with this, uh, and try to stay with me. Let's, let's say I'm inventing a time machine and I tell you that I'm building this technology that's going to allow people one day to travel through time. And I tell you, with such a technology, we can go back and we can prevent death and world wars. We can undo bad mistakes. And I tell you all this stuff, right? And I tell you, well, I'm not done building the time machine yet, but I'm getting close. And if I were to finish, then all of this value and all of these possibilities would come with this time machine. Now, what would be the value of that technology? It would probably be, uh, priceless, right? Very, um, unquestionable, you know, that it would be very valuable. Now let's say that, uh, All whilst this time machine is being built, it's never really complete. It's always just the idea that it will be complete, and people just pour money into this thing. What eventually happens is it's really hard to gauge the value of this technology of the time machine because you don't really know if it's ever going to travel through time. Right now you just know that the potential exists that one day there will be this machine. And cryptocurrency technology is a similar way. A lot of it is based on the idea that one day there may be something there of tremendous value. But that doesn't mean that that is a future eventuality or that it will happen at all. So getting back to why we believe something like Bitcoin and YK-backed dollars makes a lot of sense is because Bitcoin-backed dollars, Bitcoin and YK-backed dollars only come into existence instance, as the network already grows, right? So there are no BitcoinMYK back dollars printed unless the network itself grows, right? So let's get back to our example of each— if each one were like, um, let's just say if each account was like $200, right? So you multiply that by Right now we have over 7,000 accounts, something like 7,200 accounts. And that kind of, I would say, gives us a value around a little bit over a million dollars. Now a lot of people say, oh well, this isn't Facebook, it doesn't have the growth or the value of Facebook. But I would move to say that in some sense, a social network based on cryptocurrency would probably potentially have account-wise more value than Facebook in that there's a great possibility that the users are gonna purchase the cryptocurrencies. There's a great possibility that they're gonna be more in tune because there's direct money involved and so on and so forth. And as participating in the network, they're gonna get these cryptocurrencies through doing normal things they do any day, every day anyway, on their social media sites. So that might be an account that's either comparable to what you're gonna get with Facebook, based on more complexities of it and more intricate parts and financial systems in it, probably going to be either on par with a Facebook account, or I would estimate probably even more valuable. Um, now keeping with that, you now have an idea of what the value of the cryptocurrency is, right? So Um, in that way, then you're able to understand that is the growth of the network that's creating the value in the printing of these Bitcoin NYK-backed dollars. Now, the reason for the USD peg that we use is determinable as to keep a balance of the Bitcoin NYK-backed dollar even in the face of high volatility in other cryptocurrencies. So if we were to price it against Bitcoin or price it against Ethereum or some other cryptocurrency, the volatility would be so great that it'll be hard for us to get stability. So that's why we use the, the US dollar, right? In order to, uh, peg it, not back it. It's not a stablecoin. It is backed by the Bitcoin NYK backed, uh, the Bitcoin NYK cryptocurrency. However, the redemption rate is pegged to the US dollar. That's to say that if you have 1 BitcoinNYK-backed dollar and it started at a dollar, then it would redeem for the dollar equivalent of the BitcoinNYK cryptocurrency. Right? You might have to roll that back a few times to understand that. But, uh, um, in other words, the redemption rate for the Bitcoin NYK backed dollar will always be able to get you a dollar worth of the Bitcoin NYK cryptocurrency. Right? Think of the Bitcoin NYK backed dollar as the money, and think of the Bitcoin MYK cryptocurrency like gold, right? Think of it like how at one time the US dollar could be redeemed for gold. Same similar example. Now that you understand that, what's so great about Bitcoin MYK backed dollars that's different from any other stablecoin or backed coin out there? And I think the answer is simple. I think the answer lies in the inflation rate. So when a person holds Bitcoin NYK backed dollar, inflation is their friend. As the network grows and more are printed, the buying power of the Bitcoin NYK backed dollar goes up. It goes up with the growth of the network, meaning you can take a Bitcoin NYK backed dollar and buy and redeem it for more Bitcoin NYK cryptocurrency, or you can go redeem it for another cryptocurrency. As they have their own markets they trade in. So in other words, let's go over the example real quick. Let's say their network grows by 10% in 30 days. Well, BitcoinNYK back dollars, their starting inflationary rate was at a dollar and it's just been going now a little, I believe over a week, and the inflation rate has increased by 7%, right? So in this example, over 30 days, what would happen if it increased by $10, it would then be able to buy $1.10 worth of Bitcoin, uh, MYK tokens, or any other item, uh, as it would be that much grinding, that much in that particular cryptocurrency, right? So it's a very simple yet complicated product, and I think it's one a lot of traders are going to love, and a lot of merchants are going to love, and just a lot of people in general are going to love. And I think it's one of the, probably one of the best ways to trade in cryptocurrency and make money. Of course, the success of the Bitcoin NYK Back Dollar is going to depend a great deal on the growth of the network. And seeing that the product runs, uh, on the concept of universal basic income, that's quite interesting because we can kind of project that and predict that we're going to probably have a pretty large network. And of course, when you're dealing with cryptocurrency, Having a mass amount of wallets and a large network is going to be very instrumental in how valuable that cryptocurrency is going to be over time. So in that ex— in this example, it now buys $1.10, and as long as that network— the network grows, the inflation keeps getting printed on the Bitcoin NYK-backed dollar. Now the theory, of course, being similar to the Facebook theory that the more information or accounts you have, the more traffic you have, the more attention value you have, the more eyes on a platform you have, the more valuable that platform and its cryptocurrency will become, theoretically. So we believe this should balance the system. Also keep in mind that the Bitcoin MYK -backed dollar is always only going to be relational and printed relational to how many Bitcoin MYK cryptocurrencies exist. So it's never going to be more Bitcoin MYK-backed dollars printed than can be accommodated, right? And so it's going to always be a liquidity pool. I guess the other thing I bring up about Bitcoin MYK back dollars, and I think there's a big one, is that the inflationary rate is a gradual increasing rate and it generally moves less than 1% a day, which means if you're a merchant, you're a vendor, you're doing global remittance, you're going to send your money or you're going to trade the money and you're going to see very little price fluctuations. So that's very important to a vendor or merchant because that's one of their biggest issues. And so we believe this is going to make the Bitcoin NYK-backed dollar very useful. Now again, this is very, very simple and complex at the same time, right? And then this first video about it, we want to keep it very simple so you can understand in a very simple way. If you can understand that the growth of the network is tied directly to how the Bitcoin MYK back dollar grows, then you got 90% of this correct. Now, a lot of people get confused at the point of the downside drops of the Bitcoin MYK back dollar, but you should keep in mind that it can only drop in relation to the size of the network. So once the network reaches a certain growth, the Bitcoin MYK dollar is not going to drop below that price. It will only either stay there or rise with that price, right? It won't go back in time and it won't go below that. And even in the event if the markets get low liquidity or dry up, then the Bitcoin MYK dollar will always be able to redeem for the Bitcoin MYK cryptocurrency or our own internal gold market. So I hope that makes sense to you guys. Uh, we'll do some more videos in the future. Uh, also, um, be sure and ask questions if you have any. A lot of people will move to the question then if that's the case. So, and looking at the value of the Bitcoin MYK cryptocurrency versus the Bitcoin MYK-backed dollar, you know, again, the question could be that then, okay, what gives the Bitcoin MYK cryptocurrency itself value? And we would say it's the network, but it is also that the printing and the movement of the Bitcoin MYK-backed dollar actually circulates through the BitcoinMYK cryptocurrency. So what you have is you have this equilibrium or balance now of this value moving to and fro amongst these joint-at-the-hip cryptocurrencies. So it's a very— it's a recycling process, but it's one done in which the value of the BitcoinMYK cryptocurrency itself is not only backed by the network but in its own nature it is quite deflationary, meaning the supply is reducing, right? So you got this new money coming into the BitcoinMYK cryptocurrency and you got the supply ever reducing, becoming much more deflationary. We like to think of this as our version of the Bitcoin halving, where we simulate a version of Bitcoin halving. And the supply reduces, right? There's less, less going out. There's gonna be less selling pressure on the market, right? And I'm— guys, I'm sure if you rewind this video, just let it sit with you a little while, rewind it a few times, it will make sense to you, and it will really hit you what's happening with the Bitcoin and YK backdoors. A very interesting product. You know, it is meant for global remittance for merchants and vendors, but in retrospect, in retrospect, the Bitcoin NYK-backed dollar doesn't really much differ from the Bitcoin NYK standard cryptocurrency, right? These are very much the same thing. Before we get out of here, let's show you where you can pick up some Bitcoin NYK-backed dollars. We think there's going to be Fantastic for traders because of how it works where inflation kicks in, but there's so much deflation around these projects that the value of them dropping, uh, doesn't happen as much as the liquidity of the markets can start to slow. But then one can just redeem the Bitcoin NYK back dollars for Bitcoin NYK, the cryptocurrency, and go in those markets where the liquidity might be a lot greater, right? So let's get you over to where you can find the Bitcoin NYK Back Dollar. All right, we're here on the Hive Engine exchange right now. The Bitcoin NYK Back Dollar is only available on the Hive Engine exchange, but this week I believe it should be available in the wallet app over on Zapit Wallets. So people will be able to actually carry the Bitcoin NYK Back Dollar around in their wallet app, do commerce, do global remittance payments, and we're very excited about that. Um, and in the future, uh, we're going to have Bitcoin NYK Back Dollars on several blockchains, these several blockchains that we're on. Um, but to explain how Bitcoin NYK Back Dollars— if you look at the rate of a Bitcoin NYK Back Dollar, excuse me, As it's trading on the Hive market here, uh, you can see the margins are very, very tight, close-knit, right? There's not much can, um, you know, get in, and that's on purpose because that is what creates the stability, right? So you see that, um, sell orders occurring at 8.2, um, highs per Bitcoin NYK back dollar, which is roughly, I believe, around $1.07 right now, right? Or I'm sorry, um, slightly above that. I believe that the buy orders are around $1.07. Now again, if you're a trader or an investor, you're winning on the inflation rate. Bitcoin NYK back dollars start at a dollar about a week ago, and they're now, uh, around $1.07, right? And that's going to allow— the tight margins are going to allow people to be able to conduct commerce and send payments without a fear of large volatility gaps, right? Because the dollars are going to be issued, um, based on the growth of the network and also based on the purchase of them over the exchanges. Um, and so you can see how, um, as a trader you can do very well in a certain sense. Now what happens if the market turns against you? Now this is again where we go back to what will happen in these markets. So a lot of people think the price will fall like with most things. But this is an interesting unique feature to the Bitcoin NYK back dollar. The price won't really so much fall as liquidity will start to dry up. Now what happens if liquidity dries up? If liquidity dries up, then what will happen is there will be the redemption option where people can just redeem back into the Bitcoin NYK token, right? And again, that's our standard token like gold that you've heard a lot about watching the videos. This is the dollar. This is the utility part. This is what you're going to be doing all your sending money and spending with. The BitcoinMYK, uh, token is going to be preserving your value and hopefully doing what a lot of people in cryptocurrency want to do, go up in value due to its deflationary rate. So, excuse me. So that's a rough, uh, idea how Bitcoin NYK back dollars work. And I, I, you know, I really think traders are going to really love it. Um, it also helps to solve the liquidity problem, especially in our cryptocurrency, and, uh, seems to be starting to do that. But, uh, if you have any questions, please feel free to ask. We'll be more than happy to talk about and discuss in deeper detail how BitcoinNYK Back Dollars work. But we just want to get you through the first part of it so you can, uh, really see how useful these things are. And, uh, um, sometimes we have free giveaways of them. Maybe you can ask around, might be able to get one free. We'll see what's happening with that. But, uh, anyway, that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and until next time, as always, take care.