Bitcoin Latest Fork - Bitcoin Myk - Are You Kidding Me?

Hey you, welcome back to the channel. And guys, today we want to talk about yet the latest Bitcoin fork, Bitcoin MYK. So I know a lot of people going, oh, we just came off of the worst fork, worst Bitcoin fork in history, has utterly destroyed cryptocurrency. Why on earth would another fork be a solution. So what we've gotten is through this, these, this, these large amount of forks, it's actually 70 active forks now. It's been a total recorded by fork.io of 98. And so, you know, I think that for the most part, many people might feel like none of them have done anything really to help the nature of Bitcoin. And in fact, maybe the opposite could be said, correct? So what BitcoinNYK attempts to do is maybe combine many of those, uh, um, the good things that came out of these forks, if anything, and try to come up with a solution to the present-day situation we have within Bitcoin itself, its limitations, as well as its— the limitations of many other forks that have come out of Bitcoin. So Bitcoin MYK is a brainchild that I created. It developed out of one of the first tokens I created, which was Miko's Coin, which which was meant to be this simplified way to mass adopt. And, you know, it recently came to our attention that it would work better if this became a fork of Bitcoin and gave value back to the Bitcoin holders. So I'm gonna get right into— we all understand forks, we, we understand the negative components of forks. I'm gonna jump right into what's so special about this Bitcoin fork and why I think it might be part of the solution. So if you look right here with this wallet ID, you see dates transactions and balances have come in, and this is similar to how the Bitcoin NYK fork is, is gonna work. We're basically going to be able to take your balance here, at a specific, date in which you claim your tokens. And this is where it's going to get a little bit different from the Bitcoin forks we're accustomed to. Now this will fork on the same scale, as, as the 21 million existing Bitcoins. That exists, but we will fork Bitcoin MYK at a 4:1 ratio. But let's, let's explain why, why this is, this is important and different than what you're going to get with the other Bitcoin forks and why we think this is going to help to solve a lot of problems. Instead of it being your traditional snapshot taken We will have a verification wallet when you claim your tokens to receive your Bitcoin MYK, and whatever your balance is, you will receive Bitcoin— of Bitcoins, you will receive Bitcoin MYK at a ratio of 4 to 1. Now, and that is because You know, it's, uh, it's about 100 million tokens in Bitcoin MYK, obviously over the 21 million Bitcoins that exist today. But you will actually have a ratio a little bit more over 4 Bitcoin MYK to Bitcoins. Now here's why this is all important, and here's where the difference is with Bitcoin MYK. When you claim your tokens, we will check your balance here, and as your balance exceeds the balance from the point in time which you claim your BitcoinNYK tokens, uh, as you buy more Bitcoins, you will receive additional BitcoinNYK tokens over the amount that you buy. Now You know, you know, obviously with us doing that, the idea, the idea is to encourage buying Bitcoin, right? So this is where this is a kind of different type fork. We actually want to encourage you to buy Bitcoin, not go off and buy something else. And it's going to be a little intricate and it's going to be a little, some complexities to this. But before the video is over, we're going to try to explain to you the direction we're going in, why we think that this will be the better approach to this. So the design is to encourage everyone to buy Bitcoin. As you go over your, your verified balance, you'll receive over that balance the additional Bitcoins you've bought and Bitcoin MYK tokens at the slightly over 4:1 ratio. Now, you know, one issue that comes up in an approach like this would be double spending, right? Somebody could just as easily get, um, send their money off to another Bitcoin wallet. If the idea is to encourage you to buy more Bitcoin and you're awarded Bitcoin MYK tokens whilst doing that, You know, somebody could just send the tokens off to another Bitcoin wallet, try to claim that wallet. So here's where we solve that issue. When you go on our website and you apply, or I'm sorry, or you claim your BitcoinNYK, you will have to register an account. Now when you register that account, you don't have to provide any personal details. You will need to provide an email to verify the account. But you don't have to provide— it could be a dummy email, you know, our direction, our— we're not after personal data. The only thing we're attempting to do is try to prevent any type of double spending by people trying to use several dozen wallets and to try to claim from those wallets in a type of double spin type situation. So what we do to combat that is if we suspect, we have, you know, various means. When you get the Bitcoin MYK wallet from the account and you go and you download our wallet and, and you get our, um, or you can use the online client wallet as this will be available on the Waves decentralized platform. Uh, which is where BitcoinNYK will trade. And we're going to explain to you why we chose that exchange and why we're using it and why it's, um, it's important to what we're doing with BitcoinNYK. Um, so when you register your account, we'll be able to verify that account and link it to your BitcoinNYK wallet. So in order to prevent the double spending We will reserve the right to deny Bitcoin NYK tokens to suspected bad actors. Okay. And so, you know, if they're discovered, if you're discovered to be a bad actor, you will not be allowed to receive tokens that you purchase in addition to the additional Bitcoin tokens you purchase, you won't be able to get over the balance of, um, or be awarded more tokens over the balance. Um, so we're hoping that would discourage a lot of bad actors and stop a lot of double spending. But we do have our ways to track the activity. Uh, and again, this isn't to, you know, collect any personal data on the people or anything like that. We are just tracking the wallets and where the transactions are going to make sure that you're not a bad actor and, you know, hurting the system that, you know, hopes to encourage more and obtain more BitcoinNYK tokens. Now I'm going to get into some important things why I think we need BitcoinNYK. So what it comes down to at this point in time is Bitcoin Core as it exists, it's— we have discovered basically that Bitcoin just isn't good for doing transactions, right? It's slow. Uh, and most of us are still investing in Bitcoin because it has stood the test of time and it's working like a store of value, right? But if we go back to Satoshi's original vision where Bitcoin was supposed to be this, this money of the world, this money of the internet, it fails, uh, to do that, right? Is it, you know, it, we can't use Bitcoin in that capacity. So This brought about the forks like the Bitcoin Cash fork to try to create this more efficient way to send Bitcoin. And as we're looking at that today and the over 90-something-odd Bitcoin forks, we've seen many times this problem in Bitcoin, right, with these trying to solve that problem of it just not being a good payment system. The problem is a lot of people then go off to, well, maybe it's better to use something like Ripple or use something like Litecoin or even use something like, um, Doge, right? Use, you know, all these and it's many more, right, that you can use that can get the job done. The only issue is they aren't Bitcoin. Right? And so you're solving the Bitcoin problem in cryptocurrency, but you're not doing it with Bitcoin. And the people who've invested in Bitcoin, they're not able to take any advantage of already investing in Bitcoin and being able to have a way to quickly send transactions in an efficient way. And so I think that's what's been a huge part of the problem and why people been trying to solve that problem. So let's move on from that to the next part of this fork. And first, I want to— I'm going to use the definition that fork.io uses. And when they talk about what exactly a fork is, because, you know, I know the method that we're using here is probably not one that or what's been seen, seen in forks up to now. So according to fork.io, they consider a Bitcoin fork as a project that issues coins via some inheritance of the state of of the Bitcoin ledger. And so it's a very limited description of what a fork is. And they go on to talk about that is because many of these projects are ambiguous and left up to interpretation and the nature of the projects are, you know, are based on specifics, right? And whatever the project is. And so based on that definition, Bitcoin MYK is a fork because all of the tokens that are in use in Bitcoin will be the tokens that are in use in Bitcoin MYK. That ledger is the inheritance of Bitcoin holders, right? And so, you know, to, to just make it— make a long story short here, this could be a way to reward Bitcoin users and be able to use Bitcoin as a money like it was meant to be used. Now, what we've opted to do is use the Waves decentralized exchange because Waves is super fast. Um, we don't think it's in our best interest to build an additional blockchain. We don't see a point in that. Uh, many other Bitcoin forks have done this. Uh, there's a new Bitcoin fork that's coming out headed up by Richard Heart. Uh, if you don't know who Richard Heart is, he's a very smart guy. Does a lot of crypto content and early investor in Bitcoin, made a lot of money and things like that. But he's actually launched something called Bitcoin Hex. And what Bitcoin Hex is, it's not on their own blockchain. It's going to be an ERC-20 token on the Ethereum blockchain, but they will use smart contracts. Um, with us, We won't need them because we will follow the Bitcoin ledger, uh, as it is in the fork. And because we're a little bit different, as your balance exceeds, uh, your Bitcoin, uh, balance at the time of claiming Bitcoin MYK, we will issue you additional Bitcoin MYK over the balance you originally claimed them at. So to illustrate that, If you look at this person's original— about his final balance here, which is like 0.001 Bitcoin in this example, uh, if we came back, um, if he tried to claim some tokens later and his balance say at 0.002, then he would receive the additional, uh, additional, uh, Bitcoin NYK tokens too. Bring him to, you know, reward him for buying more Bitcoin. By that same measure, if we came back here and say he tried to claim it and it was like 0.0005 or something like that, he would be below his final balance, and so he wouldn't be eligible to claim any additional BitcoinMYK tokens. right? And we're going to leave our website link in the description so you can go to the page and there's some instructions on exactly how that works. Um, but, um, you know, getting back to why we wouldn't feel that would be efficient, Waves is very fast and we wouldn't be faster than Waves even if we built our own blockchain. That wouldn't be very efficient to people. People who would use Bitcoin NYK as money, you know, which brings up the same issue we're speaking about now, why Bitcoin itself doesn't work good except for anything but a store of value. And people are investing in Bitcoin, but it's not a, it's not a money, right? You can't really— it's, it's just terrible if you try to use it as money. Now we could go back again to the Bitcoin forks, like what many of us termed the disaster we've gotten with Bitcoin Cash and Bitcoin SV, and, and what we got in with the mining and hashing power and pulling people's— the Bitcoin hashing power without telling the customers and using it over at Bitcoin Cash without notifying them of their permission as they've been speaking about. Uh, we could also talk about, uh, Dr. Craig Wright, uh, and his, uh, you know, methods to basically, uh, censor the transactions, right? To threaten to, to reject them all. And so we have all these problems in the original Bitcoin And I know a lot of Bitcoin maximalists, uh, you know, uh, who really care about Bitcoin, uh, it really pains them to see that. But I think what the difference with Bitcoin NYK is going to end up being is we encourage you to buy Bitcoin. Um, and, um, you know, the next part to this would be where I think we're going to be different as far as our direction. We will go for mass adoption, but we're going to go for mass adoption on a different method than many other coins and/or people are going. Generally, ideas— a lot of mass adoption works on the concept and the idea of we have these tokens out here, just buy this token and start trading it, right? Well, what BitcoinMYK is doing is creating, creating a completely different ecosystem that relies more on a social capital slash social media approach to gain these users and to give value back to our tokens by using this conglomerate of cryptocurrency social media websites that people gain a lot of value and money from. by using advertising, by using offers. And we create this ecosystem, our team with the Bitcoin NYK we hold, which becomes this perpetual way to give out our portion of the stake to these people to use a social capital-like method that will be available in our white paper. You can read as we'll leave a link in the description. But this is very important because what we have to understand is what we found in our research is one way to grow, mass adopt something. One of the most effective ways online has been using social media, like what you get with Facebook. And, um, you know, billions upon billions of people are using it. YouTube and all these various social media sites. But one thing they have in common is that they don't ask the end user to pay for the service, right? And the end user can come in and they can have access to the service, and through other means, through their system, they're able to generate revenues. And, and that's our approach with Bitcoin MYK, where we use a lot of these social media type, uh, cryptocurrency sites as well as uh, advertising and, um, offers and various ecosystems that generate money back, yet at the same time offset the cost to the end user. So they're more able to just worry about coming in, mass adopting, trading the coin, and using it. And we're going to be able to do this quite easily by being able to purchase Bitcoin NYK over the exchanges due to the fact because of we would, we obviously expect a great margin and difference between the value of a Bitcoin MYK and the value of Bitcoin, you know, obviously like what happens in, you know, your typical forks. So what that allows us to do is initially we'll be able to buy a large amount of these tokens off the market initially, uh, preferably at a really good price, so then we're able to distribute yet still have Bitcoin holders able to gain value from this and at the same time grow to mass adoption. Um, now if you're a little bit confused about this, you can also reference what Richard Heart is doing with Bitcoin Hex. Now his model's different Um, it's— I think it's going to deal with anti-aging and green energy, a lot of things that make the world better, uh, with the value from their token to help people. And that's a great thing. I'm a big fan of Richard Heart, and that works well. Whereas our approach is more to just making Bitcoin MYK an actual money like it was meant to be and growing it through a social media type atmosphere to grow it and give it value. So I'm gonna stop right there with it, guys. If you have any questions, you can leave them in the comment section. We have live support on the website. We'll leave a link in the description. And very excited to bring what I hope will be a solution to the— to the— or one of the solutions, hopefully, to the cryptocurrency space going forward. Guys, if you like content like this, don't forget to like and subscribe. And until next time, take care.