BBD Coin Safest Crypto On Hive Engine?

Welcome back to the channel. I hope you're having a great day. So the question is posed: is the Bitcoin MYK/BAT dollar the safest cryptocurrency on the Hive Engine exchange? And so, um, I think how we're going to approach this is we're going to give first a short answer and we're going to give a longer answer. So let's first do the shorter answer. If there is the Bitcoin MYK back dollar, uh, the safest cryptocurrency on the Hive Engine exchange— we're talking about, uh, Hive Engine, that, uh, is the exchange for many of the, um, what would be the SCOT, uh, tokens that were tokenized based on the Hive blockchain. And this is, uh, uh, akin to what you might get with Ethereum ERC-20, uh, tokens and Tron tokens and, uh, you know, many of these, uh, blockchains that have tokenized. But, uh, the Bitcoin NYK backed off. So let's, let's answer that question. Let's give you the short answer. Is it the safest cryptocurrency on the Hive Engine exchange? And the short answer is no. All cryptocurrencies, for the most part at this stage, in my opinion, are high risk. If possible, don't even buy them. Uh, if there is a way to earn them or get them free, which is the model for the Bitcoin MYK token, our Universal Basic Income project, do that. These are still very high-risk investments. These things lose 30%, 40%, 50% of their value in 24 hours, right? You know, and you certainly don't want your, you know, your future retirement accounts and plans connected to this. Now I know a lot of people in cryptocurrency you know, speak a lot about the amount of money they've made and how great things have been. But, um, I, you know, I think we could, um, balance that out and have equal size of that story where that didn't happen for people and where people lost, um, you know, most or all their money. And so those aren't good stories. Uh, so the short story is they're all risky. Don't buy them. You don't really have to buy us. There are many ways we offer to earn them. That would be the short answer to that, right? And us being the safest cryptocurrency on the Hive Engine. Now with that out of the way, let's give you the long rundown answer. So The Bitcoin NYK backed dollar, what is it? First, you have to understand what it is. It's based on this cryptocurrency project that deals in this cross or mix between a Bitcoin fork and universal basic income on this social network, uh, which is kind of creating, uh, the oil of the 21st century or data. Uh, this is what's feeding the value and giving the cryptocurrency self-value, the native token, the Bitcoin NYK-backed dollar. So what a BBD does, or a Bitcoin NYK-backed dollar, is it is redeemable for the Bitcoin NYK native token. Now because of that, it is kind of flexible and is able to be inflated with the growth of the network, which is something totally different from the Bitcoin NYK native token which is linked and geared to as the native token to the chain itself. And I know people who aren't deep in the cryptocurrency yet or who don't understand terms like this, it might sound a little bit confusing, but you can think of it very— I think the simplest idea of the Bitcoin NYK-backed dollar would be something like the US dollar, how at one time it was redeemable for gold. And basically what that meant was that you can people could take their US dollars and they could redeem them for a yellow rock called gold, right? And they would be guaranteed so much of that yellow rock, uh, by holding that. This is a very similar concept to the Bitcoin MYK-backed dollar. Not so much that it is a stablecoin within itself, but it is a backed dollar in which the value and growth of the network, the Bitcoin MYK network, um, you're going to be guaranteed that many BitcoinMYK back, uh, BitcoinMYK tokens to, uh, basically give you back that dollar value of the BitcoinMYK, uh, back dollar. And it's done in, uh, it's calculated on the US dollar. Uh, as you can see, one is a dollar, is in the market at $1.69 right now. Um, it's calculated at that rate. However, uh, it is compensated and it is redeemed in BitcoinMYK tokens. Now this is very important because this can get a little bit deep and we want to be able to, um, uh, deconstruct this in the simplest way possible. So first we have to kind of Uh, understand the differences between a cryptocurrency and a fiat currency. And this is all very important because any idea of— any idea of safety and cryptocurrency, or any idea of a stablecoin, you know, meaning you're trying to somewhat have stability of price, um, the mechanisms to facilitate that, if it's going to be a fiat currency then it can quickly move to the idea, okay, well, if we're saying that this cryptocurrency is stable because it is based on a fiat currency, what would make the fiat currency itself stable? And the, and the answer to that is generally going to be that the fiat currency is backed by government X, Y, or Z. Now, in all of these fiat currencies, when they are traded against one another, they gain strength or they lose value against one another. And basically what that's saying is one is generally more stable than the other, but they're not, not all really stable. They're just relatively stable to one another, right? And I, and I think we kind of all understand that. Now what we do in cryptocurrency is we move that value situation over to these fiat currencies, which is kind of oxymoronic. It's a little bit weird. So where Bitcoin NYK-backed dollars are different, it proposes something else. It says that the redemption is done in the Bitcoin NYK token, but the Bitcoin NYK token's value is based on a social network where data is the oil of the 21st century. and within this, uh, value system of the BitcoinMYK token, if you believe that is valuable, and who would believe that? Probably would be people who use it, people on the network, right? There would be that belief in them that, um, as they join the network, the value is there. Now what's also very important to understand about just money in general is that money is constructed, right? It's kind of made up, right? It's not really that there's money. Really what there is is there are resources and there are limited uses to these resources, right? Or there are restrictions to the resources and there is access to the resources. But there's not really a such thing called money, right? There's not really a such thing as digits on the screen, right? Those are abstract and they aren't They don't occupy any physical dimensions, really. Um, it is the people and the resources. If the people believe and they say that they believe in the concept of a project and thus the money, uh, currency system, value transfer system, they back that and believe that, then that value may play out in the form of that platform. And I believe what's been one advantage to us, um, has been that in the concept of universal basic income, there are many people who now believe in the concept of universal basic income, and they believe that humans should occupy a certain value on the planet. If you believe those things and if you believe in the concepts like that, then it may become a lot easier for you to support and believe in the value of Bitcoin MYK, that dollar in that, in that sense, right? Now it's important to understand that that does not mean that redeeming for Bitcoin MYK tokens are going to guarantee you any market value in relation to anything else, right? Again, it will be based on the BitcoinMYK dollar value, right, when you redeem the tokens. But let's say that how you see there's $1.69 market value to BitcoinMYK back dollar, and if we go down here to the BitcoinMYK token We should be around here someplace. Let's see where— there we are right there. And the BitcoinNYK token right now is a bit over a penny, is about a penny and slightly over a quarter, right? That would mean that you're gonna— you're going to basically need to generate, or if you redeem the BitcoinNYK back dollar, which you can do at any time on our— in our gateways and on our platform, you can redeem it for a BitcoinNYK token, right? Now what's interesting about that is you have to redeem it at that market value, the BitcoinNYK-backed dollar, right? Meaning you have to get that many BitcoinNYK tokens if you were to redeem it. Now you can't just sell on the open market, but if the, uh, if the buy orders and the, um, and the sell orders aren't favorable or whatever the case may be, you're, you're still through our platform You have, you have the option to redeem it, right? Uh, for that many Bitcoin NYK tokens. Now again, the Bitcoin NYK tokens will always be there because they are relational to the creation of the Bitcoin NYK-backed dollar, meaning that the Bitcoin NYK-backed dollar cannot be created without the Bitcoin NYK token, if that makes sense. So you might have to roll the video back a few times and, and see what we're saying, or just feel free to leave comments, feel free to come to our Discord, feel free to come to our website, and we'll be able to answer specifically any questions you may have. But I think you kind of get the idea if you can understand the concept of how the US dollar was once redeemable by gold, right? That you could actually take a US dollar and redeem it by gold. Now, of course, the value of that redemption would, would be based on the value of gold. What happens to the value of gold? Well, the value of gold can go up and down. Historically, oftentimes it's went up, but there have been times it's went down, right? But the real idea is that people believe that gold will hold its value. Going back to the BitcoinMYK project, if you believe in concepts like universal basic income will be the future, like many of us believe, then you're probably going to believe that UBI projects will be valuable in the future. If you believe that some Bitcoin forks, uh, like what we're doing with Bitcoin MYK— excuse me— which kind of offering this Bitcoin that's going to be fast on transactions, it's going to be a lot more lightweight, that has a great more, uh, deal of upside potential and network growth than standard Bitcoin of today. If you believe those things, then you're probably going to be more drawn to believe in the Bitcoin MYK native token. So if you redeem the Bitcoin MYK back dollar, then then you're gonna be confident that you're getting something of value. Another way that the value of the Bitcoin NYK back dollar is determined, how it has a market value and how we know what it is, is it's directly relational to the value of the Bitcoin NYK network, right? As to say, every time you have social networks and X amount of accounts come through there, some believe that there's a valuation for each account that comes through. It could be $10, $20, $400, $1,000, $2,000, like what might be in the cases of the Facebooks and Amazons as it were, right? That could be possible. But, um, uh, if you believe that, then, uh, you have more confidence in Bitcoin and YK. But remember, Currencies are a system of belief to a great degree. Now, another interesting thing about the Bitcoin NYK-backed dollar is there are certain percentage of it that go into the Bitcoin NYK token. As the Bitcoin NYK-backed dollar and the Bitcoin NYK token are two sides of the same coin, right? They don't really— kind of think of one as the gold and one is money, but They don't really differentiate from one another really, right? As they could be redeemed back. You could redeem the Bitcoin NYK Back Dollar for the Bitcoin NYK Token, right? They're directly correlational to the growth and value of the network. Percentage growth, the number of accounts affect the value of the Bitcoin NYK Back Dollar, right? So as the network grows, the inflation moves into the Bitcoin NYK Back Dollar, but then it circulates back to the Bitcoin NYK Token. right? And there's this even flow, right? There's this even flow, um, of this, uh, of these, uh, products. So again, I know it's kind of sounds a little bit complicated, but I think if you rewind it back, it'll make a lot of sense to you, uh, what we're saying here. The other part is, um, um, you know, Looking at something like the Hive Engine and what's happening is the usefulness of like, why would I want to buy it? Why is it something I want to use or take a look at anyway? But, and the only, probably the best example I could give you is a recent example that we just had over the weekend. And that was of course the, the large booming price of the Hive Engine. This thing almost doubled like within 24 hours. Now what happens when you're on an exchange and you purchase some Hive or what have you. Well, and you're concerned about the price is holding or not, and this thing is doubled and you probably know it's going to pull back, but while it's doubled, you can probably preserve some of that, some of that some of that appreciation, right? Some of those gains. On Hive Engine, there doesn't seem to be any stablecoin I'm aware of, and if it is, I don't see it here. And I could be wrong about that. There might be some version of Tether. I know it's now Ethereum, but I haven't seen it yet. And I think there have been some type of stablecoins in the past, but I think people have been afraid to use them. And I, I, I, and, and I don't blame them because there, there is no way to audit them, and there's no way to know if they're legitimate. Where the BitcoinNYK Back Dollar is different is the, the, the way that its value comes into being. And the BitcoinNYK Dollar is first through the BitcoinNYK token itself, which is directly linked to the social network. And what can you do with social networks? What can you do with that? If it is all possible to gauge them, and I think it's been maybe a little bit easier for us because we've used, um, models that have worked, standard social media that works on standard social media sites. Like, we hear numbers like $100, $200 per account for Facebook. Once you can kind of determine the value of each of your accounts, and I will move to saying cryptocurrency is going to be a lot more valuable because you're going to have not only people using, uh, your product, using your social media, but perhaps purchasing the cryptocurrency. So then they become these financial products, right? And that's something that probably doesn't happen in standard social media. So you're probably going to get even more value from those cryptocurrency social media accounts. But, uh, if you could gauge the value, right, and we're coming up with values like $100 an account, $200 an account. Well, then it's easy to take the amount of the cryptocurrency in circulation and come up with a number of what each one's worth. And, and that's what we were able to do with the Bitcoin NYK-backed dollar, pretty much, that they be issued directly correlated to the growth of the network. As I say, the value, the new value being introduced into the network can hold that. Now again, None of this is solid enough to where a person could determine that this is the safest cryptocurrency. However, I will say this, I will say that it is certainly one of the safest with this model. And going back to my example of what was happening when the price of Hive ran up, went up to 80, 90 cents a dollar. What do you do when you know it's going to pull back? Don't have a lot of time, the market's moving really fast. If you're on the Hive exchange, you could put the money in a product, a project like BitcoinNYK BackDollar. Now again, no guarantees because percentages of the BitcoinNYK BackDollar do circulate through the BitcoinNYK token, and in that sense there are possibilities that there could be issues of insolvency. Anything is possible, right, when you can't audit a product. With it being on the same exchange, when you being able to monitor the social media network and its value on its own, one perhaps could raise the question that there is some actual value there. It is holding some form of true value. And if that's the case, then you may feel a little bit more safer about something like that. Because Bitcoin and YKBAT are designed to have a certain amount of stability— I don't like to use the term stablecoin because we generally start to think of fiat currencies, which I think is again pretty much anti-crypto. I don't really see fiat currencies as pro-crypto, kind of see them anti-crypto, yet I understand why they need to exist. With the Bitcoin NYK-backed dollar, we may be able to do both without compromising on our cryptocurrency positions. Many of us who have difficulty coming to terms with fiat currencies being used to back these stablecoins— Tether, USDC, you know, all of these, Honestcoin, you know, all these various, I believe, stablecoins that are out there, the new ones. right? With the Bitcoin NYK-backed dollar, you may not, you may not have that problem, you know. And again, also on Hive Engine, I don't know of any stablecoins. There was a big arbitrage situation, um, with the Hive Engine exchange that lasted a short while, and that's naturally going to happen. But there's also a lot of people who, because they couldn't move their value, um, and fro, um, you know, at the rate needed, um, because there aren't really any stablecoins that are being used on the Hive Engine. A price like Bitcoin NYK back then could have maybe saved you 30, 40, 50%, right, when the run-up happened. Because what would happen is you'd put that money in a more of a stable cryptocurrency that you can later come back and you can, you could, um reinvest back into Hive. So that's why I think the BitcoinNYK back dollar is so fantastic in that capacity, and that it could have saved a lot of people a lot of money. But also just an understanding that anytime we use some type of stablecoin to protect our money, to save our money, we're really moving our cryptocurrency into the US dollars. We're really using— moving our cryptocurrency into fiat currencies, and I don't think that's really the direction, uh, we're trying to go into cryptocurrency. So something to think about. Would love to hear you guys' thoughts and opinions about the Bitcoin NYK backed dollar. Some people are using it, some people love it, some people think it's absolutely fantastic. I happen to be one of those people, but I am biased. I'd like to hear you guys' opinions about it. Um, if you like content like this, don't forget to like, subscribe, Don't forget to join our Discord group. Join our BitcoinMYK.com site. You can earn free cryptocurrency, free Universal Basic Income program tokens every month. That's all I want to say in this video, and until next time, as always, take care.