Best Social Token - Btcmyk - Egalitarian

Welcome back to the channel. I hope you're having a great day and, uh, I hope my sound's coming through okay. So we're going to talk today about the best social token in cryptocurrency. And every time there's this new, um, a focus of attention, uh, on a cryptocurrency sector I generally try to home in on which one of the projects are the most promising, which is doing the best. And I think this time around it's going to be quite biased. I think it's going to involve a project I'm involved in, but they're going to be some very practical reasons why that is. And so first, uh, in, in understanding the social token, first of course What you need to understand about a social token is this is this kind of new focus on in cryptocurrency. Some believe it's going to be bigger than DeFi. Uh, some believe it, it might be some mix of NFTs in it and that it's going to be this very, very big deal. And the reason that is, a lot of reason they believe it's going to be bigger than DeFi is because DeFi tends to focus on one sector, right? One area, banking. And, uh, social tokens can focus on so many things, but the primary, uh, idea being giving value to the community, that the network, the community itself is the value, right? That it is the most important thing. And so this can break down into individuals with communities, uh, businesses with communities, or even projects that build a platform and the technology to house and facilitate these communities, right? So first, let's start off with why social tokens can be not only the biggest thing in crypto, but why they're so important and what are the driving factors behind this. So first, we need to understand something that came from Robert Metcalfe, and that is Metcalfe's Law. And what Metcalfe's Law says is that a network's value is proportional to the square of the number of nodes in the network. The end nodes can be computers, servers, and simply users, right? So it doesn't have to be nodes, right? A lot of times, and when we think about cryptocurrency we tend to just think of the idea of a system decentralizing a network, right? A computer, a server, right? But there's a broader thing happening in crypto, and that is the network. A network can also be decentralized simply by the users, right? And, um, one, um, big debate that's always come my way is What's more important, the technology or the community, right? And a lot of people would say that the community is more important no matter what. Some in the development community try to say it's these servers, these systems, and maybe the truth lies somewhere in the middle. But according to Metcalfe's Law, what is basically part of his law And what causes network effect is that the value— and, and this almost seems like common sense, and right, that the value is proportional to the size of the network, right? How many networks you have, how many users you have, how many nodes are being run, right? That, that network is proportional to that. In other words, if you had a network with a very small amount of users, or it couldn't grow, then obviously that wouldn't, uh, create a lot of value. So knowing that part, it becomes much easy in this equation to determine what projects are going to have the better chance of success in the social token arena, what projects are going to be the most successful. And we can also just look simply at something just like Bitcoin. And when you get the Bitcoin, Bitcoin still stands as the biggest network in cryptocurrency. It's number one, but it also has obviously the most users. And Ethereum, number two, but follows closely behind it, right? No other cryptocurrency has the amount of nodes and servers and users that Bitcoin and Ethereum has. Now that doesn't mean that that's gonna hold true in the future. I don't think it is because I think one of these social tokens are gonna be able to get— if you look at something like Bitcoin, it only has about 100 million users. I believe one of these social tokens is gonna be able to get, uh, probably a half a billion users or something like that. Um, now it could also follow that Ethereum could be the chief candidate in getting the social token, uh, operating on it. Because a lot of people are on Ethereum, a lot of money's there, uh, a lot of people gonna want to build on Ethereum to get access to that money. And so that's probably going to drive a lot of that. But even that doesn't necessarily mean that Ethereum will be the biggest network. I do believe it'll be a social token, and I believe it'll, um work the same way, the same equation, as many, uh, networks that have gained network effect, uh, have done this, uh, by the size of their networks. So based on that information, and we're here now in the BitcoinMYK site, or the BTCMYK token, Given that information, um, what then is possibly going to be the biggest social token? And so we're going to go under some, some, some, um, some areas or cover some areas. What will more likely determine what's going to be the biggest social token? Right, so first what we can look at is which of these social tokens are going to do best to garner the kind of numbers that it's going to take to make it a huge network. So let's first kind of look at some examples what's happening out there in mainstream social media. So there, there are several factors we, we gotta put into this. And amongst first is, um, how many of the social networks that have grown to billions of users, how they work today. Now, how they work is, um, when you use these social networks, nobody pays to use them, right? They're, they're essentially a freemium service. And this is a big hurdle in cryptocurrency because cryptocurrency more so functions on this kind of very capitalistic idea of, uh, you're gonna own the networks and you're gonna own the projects, but you're gonna do so because you're gonna have to— you're gonna have to basically invest and prop up these projects, right? Kind of think of it like a membership site. Think of you signed up for Facebook and Facebook went, hey, you know, in order for you to use this platform, you got to pay us to use it, right? So this is a very foreign concept to a lot of mainstream people out there using social media. Never had to pay for it before. Before, they might be familiar with membership sites and so on and so forth, and they may understand that concept. But in a sense, cryptocurrency feels and works more like a membership site. Now, what are the pro— when you're dealing with social tokens, at least. Now, what are the, the issues with membership sites, right? You're always going to have a very limited pool of people, right? Because it's just gonna follow that you're gonna have more people involved in things that are free than things that are not. Now, many social media projects will say things like, uh, well, you can use these platforms free, you don't have to pay for them, and you have the potential to earn or the ability to earn. But as I've done research and looked at many of them, the reality of the situation is that many of them, um, do not offer, uh, significantly value in relation to if you're not paying for something, if you're not buying some type of cryptocurrency or staking some type of cryptocurrency. So I believe this is going to be their Achilles heel for that, and also that their particular, uh, sectors and ideas are going to be very niche and limited. For example, one big element around social tokens is famous content influencers, right? Celebrities, right? And let's say a celebrity has 10 million followers. That's great. But it may just follow that, that celebrity is only going to be able to, uh, basically cater to that user base, right? It maybe it's not going to get any bigger. It's probably going to lose some because there's a very specific area. And although some people kind of see things as it could be a collective growth in these markets, and that could be true, It could also be just that many of these projects fail and you still only have certain projects, certain calibers of projects that are in certain high-demand areas working. Let's get specific with how the BitcoinMYK token works and why I believe it will be the best social token. In several polls that have been conducted from national polls global polls, we found that in the area of something like universal basic income— we're going back to freemium services now— and universal basic income as a cryptocurrency isn't new, but it follows a very interesting pattern with freemium services, how we get content administered to us for free. The internet is saturated with many free educational valuable things that it is free to the world, open source to the world, and there's a lot of value there because there's a lot of people generally around these networks. What we're saying in a project like Bitcoin MYK, the BTC MYK token, is that as a freemium service, it's more likely it's going to get more people in. It's more likely that Universal Basic Income is going to be accepted by like 80% of the globe. And again, one problem with many cryptocurrencies is there is a type of elitist, uh, area. It's not egalitarian like what the Bitcoin MYK social token is, that has an autocuration function where everybody is treated with a certain equitable fairness based on what they do, their attention value, and what they earn, right? So, you know, in this paradigm, then what you have is you have a very, very broad, non-niche, very related to a great cryptocurrency use case, universal basic income that can usher into what could be a, uh, project that solves a lot of future issues. And what I mean by that is automation is on the rise. Because automation is on the rise, one big issue is how do we employ— how do we get resources to people who are going to be replaced by machines and automatons and robots and AI systems, right? And Although there are many projects out there that are specific, some people are making money playing games. We're starting to see the start of that. Some people are, uh, in their own perspective communities doing things right, like how we explained with the content influencer. But it would seem that the, the perfect model is one that is going to interest like 80% of the globe. right? In other words, this is a model, this is a platform you can— anybody will find interesting because you're going to basically take it to this globe, uh, to the globe, and, uh, most are going to be interested in collecting some type of universal basic income. Much like Facebook, because the system is free, you're going to get a lot of people just interested in trying it out or using it becauses for thus building the value of the network. Now, we're not saying that there are not going to be many great social tokens out there. I think it's going to be some great ones, and I think it's going to be a lot of failed ones that just don't work. But what we are saying is that if community is the most important thing, what's going to be, uh, important to a community is how they're valued. And how they're taken care of. And cryptocurrency has become this very elitist place where people who have the most stake and control certain, um, uh, cryptocurrency and tokens, as it were, uh, march off to a different place than the rest of that community. And this can alienate communities, this can divide communities simply because in this new social token model, it is quite different than a lot of the systems we're coming out of, right? As to say, this is something where the investor and the platform user and the end user, they're all the same person, right? This is not a business like Coca-Cola or Amazon catering to a customer. This is a, a situation where the client, the customer, the owner, the creator is all one in the same. And we've never quite had anything like that before, and that's what makes it so interesting, uh, and, and just so, uh, uh, cool to see what happens with this. Now I want to say one other quick thing about what makes Bitcoin NYK the best social token. And it's probably the most nerve-wracking of them all that many people are going to have in this space, and that is security regulations, right? For the most part, many of these projects are going to be met with some confusion of if they're security, because they're going to be selling the tokens. They're going to have these elitist areas where people who have more of it purchase the tokens, uh, like many of the social, uh, platforms work on the blockchain today. Um, and they're going to be declared securities, right? They're going to go after them. It's going to cause the value to go down. The SEC is going to destroy some of them, so on and so forth. But if your entire service is free, as some has mentioned, if it's based on a currency, right, that you can't print more of, it's a deflationary nature, but it's based on a currency that has a use and being a currency and not a speculative asset. And it's given away through the platform, through a system, automated system, that much like what you would get with decentralized systems, uh, something where everybody's treated fairly and earns fairly, right? That we take the human out of it and there is the AI doing it. It's system that's giving you your value for what you produce, what attention value you bring in the form of a cryptocurrency. So this is very egalitarian. It is quite different from any model that you've used in cryptocurrency that is more of this elitist capitalist, uh, if they're not careful, security violation, uh, platform that's gonna hurt investors down the road. Um, and it's going to put a great deal of uneasiness on if it's a, a good place to risk your money. And I believe BitcoinNYK, because it is the base of a universal basic income project, that it is more based on building a network and the network effect than speculation and so on and so forth, is going to be able to make a really good case against ideas like that, in that Now you're operating it more as an actual currency and not a speculation security, right? So, uh, if you're into social tokens, if you, you're buying some, if you're using platforms, make sure that you watch this video in its entirety. If you have to watch it a few times and dissect every point, uh, I think you will, uh be very glad that you did, because I think in the future will save you a lot of issues. And, uh, you'll start to understand a lot of the problem with what the social token area is going to encounter, but also which ones I think are going to sail past it, do a lot better, and the reasons why. So I hope you got that out of this video. Remember, you can join this project absolutely free today. Start earning the cryptocurrency. Use it as a currency as it was meant to be used. Remember, cryptocurrency is about setting men free, not being in a gambling casino. But that's all I want to say in this video. Make a good quality platform first and everything else will follow. The money will follow, the, the value of the network will follow, the connections will all follow. But first you have to make a quality product that makes sense, not a speculation device only. And I think we'll go quite far in cryptocurrency. But that's all I want to say in this video. Until next time, as always, take care of yourselves and each other.