Best Stable Coin? - BBD Hits $2.45

Welcome back to the channel. I hope you're having a great day. Uh, so today we want to talk about Bitcoin MYK backed dollars. They have hit over $2.45 per coin. That is due to the large swings, um, and volatility of the market. Their true value is around $1.35, so your— the, the offer, uh, amount for the Bitcoin MYK, or the ask price, is probably going to be— or I'm sorry, the offer, I was correct— it's probably going to be somewhere around $1.35, which is the, the accurate, um, analysis evaluation of, uh, the Bitcoin MYK back dollar. But of course the market is going crazy and we're seeing many of these stablecoin coins hop up. So a lot of people are getting into stablecoins. Stablecoins offer something, I think, that other cryptocurrencies don't offer, and that's downside protection. They're generally backed up by something, which means there's going to be, you know, a floor that they can't go below. But I want to address something a little bit more important, I think, right now, and this is something I think we need to to really pay attention to, and that is that, uh, when we look at these cryptocurrency projects, um, there is kind of this false misconception, I think, going around that good projects equal good value and good performance. And, uh, we're finding out that cryptocurrency is mostly just driven on pure speculation something being a store of value that has no means of analysis, that could just go straight up with an almost infinite upside, has led many to believe that cryptocurrencies is just going to create endless bubbles, endless cycles of bubbles. And I think with the Bitcoin NYK/BACK dollar, it's seen that as well, and it led our team to create a product that we think address many of the culture of cryptocurrency, which is, you know, of course, high prices and value going up, but then a mechanism that made sense on how we got that. And that's not something we see in cryptocurrency for the most part. What we see again is the endless cycles of speculation bubbles. We don't know the real true value of these products, and that puts us in a lot more danger. There's no way to break them down and analyze why they have the value. What's true, there's something totally different from what you get with stocks and holding companies where you can go into the assets and see what you got. These are highly speculative, um, assets. They're very, very risky. But I think Bitcoin NYK-backed dollars offer something that, um, is interesting enough, uh, probably one of the best trading tools I believe out there. I think it was created to pretty much solely address our needs in cryptocurrencies, and that's where we want to see the potential of this space to have high-value gaining assets, but at the same time it be in a means we can analyze this in a practical way, um, that is not outrageous to what we're getting in cryptocurrency. So when I mentioned backed dollars or stablecoins, one generally goes, okay, but then how is it that you can potentially see high price gains on something that, um, is pretty much meant to have a stable price, hence the idea of stablecoin or backed dollar, right? It is backed up by something and and it's going to always be able to perform, uh, at that price. So let's discuss that a little bit, why this might be the ultimate trading tool, um, why we may be under a false misconception that, uh, the idea of a good project with a lot of technology, um, and a great use case is probably not the reality of what happens in cryptocurrency. So let's get over to the BitcoinNYK.com site and let's go a little bit more in detail about this. Okay, here on the BitcoinMYK.com website, um, and this is very, uh, important to understanding the value of the BitcoinMYK Back Dollar and how it works exactly and how it gets value. That's been a big question with this project since the beginning, and we're going to explain it today. So, um, First, we have to understand that when you're talking about a stablecoin, the importance of a stablecoin is going to lie a great deal, uh, within, um, uh, the ability of it to hold that price, maintain that price. And generally, you're putting your money in a stablecoin to preserve your capital, your value, right? So how does it— how is it that stablecoins, some of them, manage to gain value? They go off their pegs, and that's generally because of the assets that they're tethered to, they either gain value a great deal or they lose value a great deal, so much that it pulls them off that tether, right? So here's how the Bitcoin NYK back dollar works, and this is how it gets value. Many stablecoins like Tether, which is geared toward a fiat currency, which some of us believe to be a kind of an oxymoron because The entire idea of cryptocurrency has always been about getting away from fiat currencies, getting away from the printing machine. And now we have a cryptocurrency that is essentially backed by the same thing, creating this circle of events. Now, it is true that stablecoins have become a staple in our cryptocurrency culture, and they do serve some good functions, and they've helped us to determine price and do many things, but for the most part, they're probably very anti-cryptocurrency. BitcoinMYK Backed Dollars is something entirely different. It's purely cryptocurrency-based. And how does it work? Well, what we discovered was that anytime a social network is created, okay, and this is what you're looking at, you're looking at our social network that is this cryptocurrency with a native token called the BitcoinMYK. Token. Um, anytime you create a social network, much like any company or business or structure or network, there's analysis done on it by the members, by the attention value, by the advertisements, by whatever type of revenue stream it may have. There's analysis done on it, and there's generally a determination of what each account is worth. And this is a, a in comparable data to many other of large social networks we're aware of, whether it be Facebook, Twitter. I believe Facebook now has a value of each count being around $400. Twitter around $200. eBay around $400. YouTube and so on and so forth. All of this, these eyes on these, in these social media sites are bringing it a tremendous amount of value. And when you get up to millions and hopefully billions, now you got a very valuable network. But if you have a stable cryptocurrency that is backed by this network and it is based on these accounts and the belief of the value of this network, what generally happens— because I've, I've yet to see a, a large network worth zero If you have those things, uh, then you're going to have something to back it against, and it's going to be a lot easier to determine the value of that project than, say, a store of value asset that has no determinable value. Now, it's a double-edged sword. If it has no determinable value, um, it is a, it's a great deal easier to make a lot of money, right? Which is what we see with Bitcoin and many other cryptocurrencies that can go up ridiculous amounts. Of course, the negative of that is they can also go down, and we don't know the value of them, and we don't know when to get in and when to get out. With this, this is something entirely different. This is you're adding to the network value and gaining these coins as you go. Now you're also putting in other cryptocurrencies against these, uh, to establish value on several sides. So you get something like the Bitcoin NYK-backed dollar. What you're actually getting is you're getting, uh, this dollar that is going to be pegged to a US dollar, right? But not backed by— it's going to be backed by the US dollar value equivalent of the value of an account. There's something different because it's not dependent on the US dollar. It is dependent on the network itself, and it's very important we understand that. The beauty of the Bitcoin NYK BAT dollar is the inflation rate is in direct relation to the growth of the value of the network. So they start at $1, they're at $1.35 now. This is their second month and they're already up 35%. So that is a tremendous growth in the, in our network, and this can be all substantiated by the growth of the network. As long as the network grows, the Bitcoin NYK-backed dollar can grow, but only in relation to the size of the network. Now, as far as solvency goes, when they are purchased, generally about 80% of a Bitcoin NYK-backed dollar retains its pool, as to say, uh, generally it just keeps circulating back into the Bitcoin NYK Back Dollar to purchase, around 80%. Only about 20% is being absorbed by the social network, as to mean if you can't redeem a Bitcoin NYK Back Dollar, you can actually, um, take the Bitcoin NYK Back Dollar, turn it to the native token here, and just sell it on an exchange. Uh, generally it's going to be at a fixed rate of the value of the Bitcoin and YKBack dollar. You're going to be able to, uh, take that, redeem that over on that network in the event that you cannot, uh, basically there's no solvency in the Bitcoin and YKBack dollar. Because again, this is different. This is not backed by a fiat currency like the US dollar. So it's not you bring a truckload of millions or billions of dollars up and you say, okay, well, we're establishing this cryptocurrency on that. We find that to be very anti-cryptocurrency. Of course, the other issue is we believe that that is the wrong approach in that how would you audit this thing? And we've seen these auditing issues with Tether and many other stablecoins since we've started. And the BitcoinNYK backed out a much simpler way to do this by looking at data analysis and looking at the accounts available on site. Um, Now, of course, there's an issue with that as well, and that there could be bot accounts, uh, that are coming in, and there could be create a false sense of network value. But the reason that we think that's going to be very unlikely in this project is because if you look at the BitcoinNYK, uh, project, it is a universal basic income, uh, pro— a Bitcoin universal basic income project. So, or universal basic income project. So And to understand a universal basic income, you, you can look at a similar idea to what you might get with large-scale social networks. And the question becomes, how much did you pay to join a social network, a big, a mega social network? And the answer is probably you paid zero. So if you paid zero, how is it that your account could be so worth so much, um, but you didn't pay any money to get involved? And that is because of many things, many tools that are connected with these social media sites, uh, analytical tools, uh, advertising, marketing. Attention value is money in itself. What the BitcoinNYK project does is through a universal basic income project, which we believe will attract billions of people throughout the course of this project, you're going to have a lot of attention value gaining value to that network, and that's how the money is created. To back the Bitcoin NYK Back Dollar. It is quite a— it may not sound like it, but it's quite a revolutionary idea on how we should monetize our value. Also, the performance of the Bitcoin NYK Back Dollar, at least in theory, has come out to create very little risk for the Bitcoin NYK Back Dollar holder. And, uh, I believe it's the ultimate stablecoin in a sense. Um, it's not a stablecoin in the sense it's backed by fiat currency, But it's a stablecoin in the sense it's backed by the network itself, and you can redeem them for the native network token that they're only issued in relative to how many Bitcoin NYK native tokens exist. So in other words, there can never be more Bitcoin NYK backed dollars issued than, uh, or set aside of Bitcoin NYK native tokens And because we have the blockchain, uh, the audit is available on the blockchain, right? The audit is not available to the, uh, Tether or, or fiat currencies-backed crypto projects because you cannot see, um, where these reports are, where these audits are, right? You haven't been able to visit, uh, the location where the money is stored. With the Bitcoin NYK-backed dollar, you would only need to apply and compare the Bitcoin NYK, uh, native token ledger to the Bitcoin NYK-backed dollar ledger, and you can rest at ease that the value is there, the network is there, all through transparency on the chain. So if you don't understand what's being said in this video, we would recommend you rewind it a few times. It is quite Revolutionary. Ask questions in the comment section or in our Discord or in the chat site on BitcoinMYK.com. We'll be more than happy to explain the BitcoinMYK Back Dollar to you. But, uh, a revolutionary way to analyze a stablecoin unlike ever seen before. Uh, that's all we want to say in this video. If you like content like this, don't forget to like, subscribe, and until next time, take care.