In this video, the presenter explains the Bitcoin MYK‑backed dollar, a cryptocurrency‑backed token on Hive Engine that aims to function like a stablecoin without fiat collateral. The token is redeemable for the native Bitcoin MYK token, and its value is tied to the growth of the Bitcoin MYK network—specifically the number of registered accounts and associated utility (advertising, social network, UBI). The speaker contrasts this model with traditional fiat‑backed stablecoins such as Tether, highlighting both similarities (redemption, market stability goals) and differences (crypto‑only backing, network‑driven valuation). He discusses how the token’s price reverts to a market‑determined value linked to network expansion, and how this can provide a hedge against Hive’s price volatility. Risks are acknowledged, including solvency concerns similar to other stablecoins. The presenter shares personal experience using the token to preserve value during Hive price drops, advises newcomers to start with small tests, and describes a unique feature: as the network grows, the token’s buying power can increase, analogous to fiat confidence in larger economies. The video concludes with a call for questions and a typical YouTube sign‑off.
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Welcome back to the channel. And so we want to talk about the Bitcoin MYK Back Dollar. Is it the closest thing to a stablecoin on Hive Engine? So interesting enough, there are many projects launched on Hive Engine, but to my surprise, you know, even though you look here, there's Dogecoin, there is, there's a there's, uh, Litecoin, there's Bitcoin, you know, even though they have their counterparts here on the Hive Engine exchange, there are no stablecoins. Now I don't know if that's on purpose or I'm not sure why that is. And I think it's important to note that the Bitcoin NYK-backed dollar is not in the sense of a stablecoin like what you might get with Tether that is backed up by, uh, like the US dollar or something like that, right? This is strictly purely based on cryptocurrency and cryptocurrency fundamentals. However, what is unique about the BitcoinMYK Back Dollar is it is part of a, uh, greater network called the BitcoinMYK, uh, network. And, uh, what you have there is it has its own utility native token that could be used to buy advertisements, that could be used to store value, that could, you know, do all the great things cryptocurrencies do. Has a social network. It is part of what you might call a Bitcoin fork. It has a universal basic income program attached to it, and The Bitcoin NYK-backed dollar is this more or less stable cryptocurrency that is backed by the native token. The way it works is unlike the, what you might get with Tether and the US dollar, is the Bitcoin NYK-backed dollar, although it doesn't guarantee you market stability in the Bitcoin NYK-backed dollar itself, as they both have their own markets, What is unique about the Bitcoin NYK-backed dollar is you're able to redeem the Bitcoin NYK-backed dollar for the native Bitcoin NYK token. And the way that this redemption rate works is it will always, uh, basically generate the Bitcoin NYK tokens to equal out what your Bitcoin NYK-backed dollar should be equal. So let's just say that your Bitcoin NYK-backed dollar was equal to $1. right? Uh, right now the market's got around $1.94. Um, and this is also very important to understand that the BitcoinMYK-backed dollar will always revert back to its true market value, which is going to be relational to the growth of the BitcoinMYK project, right? How many accounts? Now, if you believe, uh, any idea that value comes from the network and that you believe that social networks have, or social network accounts have value, then we were able to construct a model where the Bitcoin NYK back dollar can grow, or its inflation can grow, based on the number of accounts that we have, right? If you believe how Facebook gets its value, Twitter gets its value through having a large network that being correlational to the, uh, billion-dollar, trillion-dollar values they bring in, then you will believe that the Bitcoin MYK back dollar would carry the same amount of dollar. Remember, currencies are part of a faith-based system. If you decide that you do not want to accept the currency because you don't believe that the municipalities that issue them are reliable, then you get what you get with our global currency system, which is some currencies perform a lot worse than others and some hyperinflate, uh, and some aren't almost worth the paper that they're printed on, right? And we've seen examples of that. So the Bitcoin MYK-backed dollar basically redeems you in the Bitcoin MYK native token, right? And that's what's part of the social network, the accounts, the advertisements, so on and so forth, right? So with that, it's easier to derive value. One big problem with cryptocurrencies is we don't know what their true value are. Because we don't know what their true value are, we don't know if we're paying too much or too little. That creates just a large-scale speculation and it makes the utility aspect of it less and less viable and important. The Bitcoin NYK Back Dollar attempts to solve that problem by, um, allowing this to happen by using a good valuation system based on the accounts, the growth of the network. We have 11,000+ accounts now, uh, registered local level KYC. We have over 14,000 accounts across exchanges. Um, the Bitcoin MYK-backed dollar is just that. It is part of its design that it is a great amount of stability in it, and that's why you see that it is able to maintain its value and price. And, uh, um, people can, with a large amount of liquidity, go in and out of the Bitcoin and YKBadDollar. Now, um, looking at, you know, many things that have happened, especially with— we're here on the Hive Vision, and that's of course related to the Hive cryptocurrency. But we've seen the Hive cryptocurrency go from almost around $1.90 something cents down to 50 something cents, and, uh, right, it just kind of fluctuates all over the place. Obviously there's a lot of opportunity in this fluctuation, but it can be very difficult to preserve that value and capital because of course if you hold it in Hive while the market goes up you, you in retrospect lose those realized gains. But what if a project like BitcoinMYK, you could put your money there and you would know you would have at least the idea that marks the building. Now again, there are risks in BitcoinMYK backed dollars, right? As there are risks in Tether, right? We don't know that many— for a long time we didn't know it was solvent. Some people said solvent now, We knew many of the legal issues they had out of state of New York. So we, you know, anybody can make their judgment on that, whether these stablecoins are really stable or not. But with the Bitcoin NYK-backed dollar, what we're saying is there are market conditions that are created that will allow basically the value of a Bitcoin NYK-backed dollar to be stable to a great degree, uh, and there are risks. This isn't 100%, but this might be better than having a situation like what happened with Hive, uh, the other week where it went near a dollar, and you could still potentially preserve that value, potentially still be taking less risk than leaving your money in some of the huge fluctuations we've seen in the Hive coin price. And I know a lot of people believe in Hive, and they, uh, will probably, you know, want see if Hive's gonna go back up or whatnot. But whenever there's a need for something, I think myself personally, I was able to basically do kind of well by using the Bitcoin NYK back dollar value to shelter against the, the Hive price declines right after our great potential for price gain realization. But I was able to, uh, shelter a great amount of money, I believe around 85 cents at a high price, using methods like this. And so this can be looked at as a deed. Again, I wouldn't call this a stablecoin. I would call it a backed dollar if you believe in the concept of the Bitcoin MYK token. Now, uh, we have many accounts Uh, the reality is like any cryptocurrency project, some people are going to believe, some people aren't going to believe, but these are the choices you have and you don't have to go crazy with it. I say just start with something, um, you know, uh, just test it out with something small, see how it does, because if it works for you, then it could be a solution for you, uh, in solving that problem, right? As it's been a problem for me, but, uh, well, maybe we will see some stablecoins. I think we have seen some some version of a stablecoin on here. And I think it's been some skeptics, skeptics, skeptics, skeptics. I can't say, I can't, I can't say being a skeptic today, right? Skepticism. There we go. There has been some skepticism, you know, with you know, these stablecoins that I think we saw questionable, uh, if there's, you know, if they, they really have the backing, uh, you know, uh, and again, you know, with Hive being able to fluctuate the way it does, uh, how will we be able to solve that issue, right? So, uh, yeah, that's something to think about, but I did— I, I certainly think, uh, the Bitcoin and YK-backed dollar A very interesting project. The other thing that kind of helps against any loss of downside potential is the Bitcoin MYK-backed dollar does something a little bit more unique than a stablecoin, something a little bit bonus added feature that I think you all may like. And that is, as a network grows, if you think in relation of a Bitcoin MYK-backed dollar like the US dollar, like some of the fiat currencies of your country. And I know we're trying to get as far away from that as possible, but, uh, it's kind of a twist that happens with the Bitcoin MYK-backed dollar, and that is you will experience more buying power in some currencies due to the faith in that particular debt-issuing country to pay back his debts, right? So you get a country like America, you'll have more confidence in their dollar because there's more people putting more of their value into the dollar. Its buying power will perform, uh, or it will gain strength against foreign currencies and, and competitive, for lack of a better word, dollars. Bitcoin and YK-backed dollars, as the network grows, they are able to, uh, from that new— if you believe that the accounts are creating if you believe that every time somebody comes in our project it becomes more valuable, then where does that money go? Well, it goes into the BitcoinNYK BAT Dollar based on evaluation system similar to what we use, that Wall Street uses with social networks and accounts and so on and so forth. That can help us to gauge, somewhat gauge, a somewhat reliable value. To what a Bitcoin NYK-backed dollar's worth. And, uh, because of that, that gives us many options and, um, lets us set up a, a, a very interesting product that can serve the public. Um, and so what happens is the Bitcoin NYK-backed dollar is able to take on that new inflation from the new value coming from the new accounts. right? When that happens, the buying power of the Bitcoin and YK back dollar increases against its, its base pairs, right? So that means that it will increase, um, based on the new accounts. It will use the US dollar to determine how much to increase, right? However, if the price of the base pair drops, it will still go up and hold the value of the fiat currency, the US dollar, so to speak, and not the cryptocurrency, right? So if the Bitcoin MYK/BAT dollar, let's say the network increased by 10%, and let's say that a Bitcoin MYK/BAT dollar was $1, The network value increased 10%. Now a Bitcoin NYK-backed dollar is $1.10. If the price of, let's say, Hive as a base trading pair dropped 30%, the Bitcoin NYK-backed dollar would continue to hold that much Hive value up to that $1.10 in fiat currency value, if that makes sense to you. Sometimes you might have to rewind the video back, uh, and look at it again, and I'm sure that it will make sense to you. But that's how the BitcoinNYK Back Dollar works. It's a very interesting, uh, uh, creation that we've done based on many things that work. And I guess it would be more accurate to call it a hybrid, but, uh, we think you'll really like this project. This product and see such a tremendous amount of use in the product. And, uh, um, uh, we're sure that you will want to use it more and more in the future. Uh, so very interesting. Feel free to ask any questions about the Bitcoin MYK back dollar. We'll be more than happy to answer them for you. But that's all I want to say in this video. If you like content like this, don't forget to like and subscribe. And until next time, as always, take care.
