Bitcoin MYK backed dollars breaks .03 cents!/ Purpose?

Welcome back to the channel, guys. I hope you're having a good evening. So today we're going to talk about BBD coin has hit just over 3.5 cents, right? So interesting, BBD coin's been quite erratic. Um, we want to talk a little bit today about the idea behind BBD coin. If you don't know what BBD coin is, it stands for the Bitcoin MYK Back Dollar. Basically what this represents is what would be our version of a unit of currency that an idea is made to remain stable for purchases in our network. That way, uh, when you're purchasing products we have, we're all going to be doing it in the BBD, uh, coin on the platform. And as such, right, in order to be able to conduct commerce in a way that's going to be easy for a lot of people, we're using the BBD coin, right? The— so if you, if you wanted to make sense of it, the BBD coin would be sort of like money currency, whereas the BitcoinMYK native token on the platform when you do these activities and generate them, right, you receive these BitcoinMYK coins. You're basically, um, it kind of feels like gold, right? It's a short reserve. Uh, it is tied directly to its intrinsic value with what you do on the platform. And this is how we're able to substantiate value, right? And as we go on, it'll make a little bit more sense. Of course, the holy grail has been to create the natural, perfect stablecoin. That's very difficult to do. When we think of stablecoins, typically what we're— what people are talking about, which I think is an error, which I think is not a good situation, but it is a necessary one at this time so we can do business back and forth because we don't know the value of these cryptocurrencies. But If something had its value and it could be substantiated outside of the fiat currency market, that would be ideal. Unfortunately, anytime we speak of a stablecoin, we're really talking about fiat currencies. And unfortunately, fiat currencies' value are conceptualized themselves, right? They don't really necessarily have the value. That's why they're under inflation and hyperinflation because they're not really worth what they say they're worth. We don't really know what they're worth, right? Whereas gold is a bit different, as it being a tangible, uh, asset, uh, having an innate use, an inherent use, an inherent value, right? Um, what you get there is gold's hard to say it's not worth this or that, right? Because you can do things with it. And that's the same type of element we're trying to create with the Bitcoin MYK back dollar. And we're going to talk a little bit about how we're achieving that. Now, ideally, you see it's only 3.5 cents, right? As we continue on with this experiment of the BBD coin. But ideally, what you will want is the BBD coin to be stable around $1, right? And it has to have the value and able to do that, right? So it's nowhere near about a dollar. That's just so it's easier for people in their mind to process, right? So we're going to talk about today, uh, you know, why it's necessary in some aspects to hold a BBD coin. Uh, you will have the option to convert, uh, minted BitcoinNYK native tokens to, uh, basically, um, uh, BBD coins, as we're going to explain a little bit later in this video. And whereas Anytime you create a product, right, you never want to discuss price. That's why you see many founders not discuss price of their cryptocurrencies. It's a bad idea to do that. You don't want people jumping in, getting pulled to the top by the market. Uh, of course there are speculators that do this, but who may be skilled traders and so on. But for the average person, especially new people, we don't want you jumping into these markets and they're very unstable. As they're trying to find their value as such, right? So we all— so the only reason that we're talking about this really is to try to keep a record and track the price, uh, in this experiment to get BBD coin closer to a $1 peg. And if we can do it, if we can maintain it, uh, it would be fantastic, right? That would be like the holy grail if you can kind of create a cryptocurrency independent from fiat markets, right, that is stable, right? Then you can buy things, you have to worry about the price going too low, going too high, you spend too much or whatnot. Um, but the reason that we do talk about prices, well, we want people to understand that, uh, the platform and the value of the platform itself, we could do transactions, we could trade with one another, totally independent from secondary markets, from third-party exchanges and such. So you can generate these cryptocurrencies through your activity. You don't have to purchase not one. And especially if you're doing it at this time, you know, there is good opportunity for growth, you know, at this stage of the project. And so I want you all to keep that in mind, right? We understand that in cryptocurrency, 90% of these coins are running a scam. 90% of these coins are pumping and dumping. Nobody's interested in using the coins. Everybody's just trying to make money. We're going to change you guys' minds about that. And show you just how much sense this project, the BBD coin, makes alongside with the BitcoinNYK token. And, um, we think that's very important that you understand that the reason these people are getting these coins and using these products is because they make sense. And we try to make products that make sense. So let's get you over to BitcoinNYK and explain to you a little bit about those details, right? All right guys, so over here on BitcoinMYK.com site, the platform, right, social media, right, it's, it's, um, composed in this social media, uh, basically, uh, where your attention value is able to be traded amongst each other, monetized, right, throughout the community and this attention value product, right, is able for people to put their voices out, put their content out. Now, we know there is big money in communications networks, social media networks as such. Twitter sold for $44 billion, as we know, was purchased by Elon Musk and so on, right? As people come in, their attention and eyes are on the content, right? And that is of value to some people, right? So to explain the BBD coin, right? If you were to say something like the BitcoinMYK token, which is what we generate when we use the platform, this is the rewards we get for participating. This is what you get for building a network, right? You get the BitcoinMYK native token, right? How are you building the network, right? So as people come into a communications network, the value of that communications network is, is basically in conjunction or parallel to the value of each person in that network, right? So as you square that, if you use ideas like Metcalfe's Law, what that typically means is that as more people just keep stacking coming in, they're building up a, not only a sizable network, but a valuable network. How much is that value, right? Well, that depends on how the network is composed and it depends on how many people are on the network. There will seem to be relevancy in how many people are on the network and how much the network is worth, right? And that is why when networks have a billion users, several billion users, they are worth trillions of dollars, right? So And understanding that, it became— becomes quite easy to understand why, uh, these products would have value. But also what you can do is you get down to the, what we call the Bitcoin and YK Ads Network, right? You might see various social media ads, you might see, uh, something might come to mind like Google AdSense, Google AdWords, such like that, where content providers are monetized and so on. Where people want to promote their content. We do it a little bit different. The community can promote their content and they can do it by basically converting their BitcoinNYK native token to the BitcoinNYK back dollar, right? Which is basically, it's basically just utilize, uh, in liquid form, right? BitcoinNYK native tokens, right? It's like turning gold into money. Right? Like spinning gold into money. Now, as you hold the BBD coin, you can now, right, purchase items, right? What kind of items can the BBD coin buy when you convert them to that? Well, that's the thing, right? Many cryptocurrencies don't have sizable expandable markets. They don't have vendors and a lot of people taking their coins, right? So these aren't everyday use items that people care about, find important. Within the scope of a social media-based platform, it can be usable every day because people want to promote their content. They might want to promote some business. They might want to promote their own business, right? And so now the BBD coin value becomes directly tied to that. Now you can substantiate. Now you can say, BBD coin is worth $1, and that's how— because that's how much the transactions are to purchase it within the basic, what would be attention economy, right? Attention-based economy. You can purchase that attention, eyes on your content, right? If that makes sense. So Now what that means is that kind of creates a market for the BBD coin. Now you can also convert it back to a regular Bitcoin MYK token on the platform. That's why we call them Bitcoin MYK back dollars. And then, um, as we saw in the beginning of the video, there's a third-party exchange. There is a market of the community that moves it and values it and so on, that's gonna be in participation with a lot of people trading it, right? So a lot of people would think, oh, well, yeah, well then can I come and convert that with you? No, we're not an exchange to where you can get different prices for it, you can sell it. You have to sell it over there on those third-party exchanges. But what we do is we offer the notion of redeeming it Bitcoin, we can convert it for on the platform. You can use it on the platform like, like many other social networks, right? Um, so very interesting, very interesting what happens with the Bitcoin MYK, uh, backed dollar. Um, the other cool thing is if you mint some on the site, at any time you can convert them back to Bitcoin MYK. So let's say if you convert them, let's say if you were to convert it And let me get back where I was just so I can be a little bit more clear. All right, back on here on BBD Coin, market cap of over $717,685, right? Over 3.5 cents, down 60%. That's the dangerous part, guys, right? These things are very, very dangerous. They fluctuate very, very much, right? And because of that, there is a great amount of opportunity in them, and And there is a recipe for disaster in them as they strive to get their price. And that's why I tell people, you can mint these things free on the platform, right? Your activity generates them, right? That way you're not putting yourself at risk. And much like most, how most communications networks work, social media networks work, their value is directly tied to the user base. Right? So as long as a lot of people are coming in, the network grows, the value grows, and so on, right? Now, of course, people will find arbitrage situations. What I mean by arbitrage is when you can basically take something off of one market or opportunity at one place, get, get it for less, get it for whether it be less efforts, less output, less money, and then you can put it out on a different market and get more of it back than what you put into it, right? Or what we call arbitrage market. And in this case, there will be people who will seek opportunity to do that. Some people will be just trying to make a few bucks. Some people just want to do it for fun to trade, and some people will do it out of sheer greed. Whatever motivates you, whatever the case is, the important thing to remember is this: whatever cryptocurrencies you engage in, right, make sure they make sense, right, that they make logical sense, right? Is this something people are going to use? Can you see value in being on a social media site and promoting something of use to you, right? Maybe you have a business, maybe you have a birthday party celebration coming up, maybe you have a club you want to promote, whatever the case may be, right? Do you see value in marketing your products, services, and ideas through social media? Do you see value in making friends, uh, you know, with, uh, the community out there, right? And sharing your like minds and shared interests, right? If you can find value in any of those things, you're going to be able to trade that value because of course it's going to be monetized, the activity itself is what we see as the creation of the currency itself, right? And so if you could look at it in terms like that, then it becomes easy to understand how this thing can hold value. Now, in comparable sense to, like, say if you had a meme coin or if you had Bitcoin or something like that, I know a lot of people say, well, you know, Bitcoin is valuable as gold, it's this and that. Well, the truth of the matter is every cryptocurrency can be basically composed, generated like Bitcoin, right? Most all of them exist with the same capabilities of Bitcoin. The only difference with Bitcoin is it has something called network effect. It has good branding effect, right? Meaning a lot of people know about it. They see the Bitcoin symbol and they go, hey, that's Bitcoin. You got any Bitcoin? Uh, network effect means a lot of people on there because it was the first. But just because Bitcoin has those things, it still doesn't make a good case for a lot of people to need to use it or want to use it. The reality of the situation is many people can go day-to-day life without using Bitcoin, right? Many people aren't looking to get rich from Bitcoin, but much like gold, they're looking to preserve capital they already have, right? As a protection against inflation. So those are saying two very different things because what happens in a lot of cryptocurrency space, people actually go into Bitcoin thinking they can make a lot of money off of Bitcoin. When they should look at Bitcoin more like preservation of capital. Now, the thing about a social media site, and the years as we could see how many grew year to year to year, you know, after decades, the successful ones, right, we saw them as they grew, they grew a lot more value money, right? And we're always going to need communications networks like social media sites simply because The ones we have, right, when it comes to ideas like freedom of speech, when it comes to ideas like monopolies, meanings the, the, the top 3 or 4 we use are almost a monopoly since, so they're always in danger of being broken up by their governments. They're always in danger of being ousted out of their countries because they operate on centralized servers. They're not decentralized social media. The interesting thing about decentralized social media platforms such as this is they're on networks that can't— where they can't be muted, right? Where your voice can't be muted. And that's very important in the future, and it's very important especially in regions of the globe where people can be silenced and you can be forced to use certain monies and your voice can be shut down, right? And unfortunately, Even in Western countries, that's become a big concern, right? That our freedom of speech is no longer a thing, uh, or it's under attack, depending on what narrative you want to go with. So in other words, that's— I hope that pretty much explains the BBD coin. There will be a conversion, uh, form on this platform, uh, should be up today, a little bit later today, um, and if you're using the sites, you want to convert it, just reach out to us, uh, and we can, you know, go ahead and try to push it through, get it. But we could have that conversion form out working today. And, um, you know, uh, we think you're gonna like this product. But in short, yes, BBD coin is the payment currency on the network itself. Think of that Bitcoin MYK native token is the gold. And those are the only differences in these. These are— they're essentially the same. Um, I'll give you another quick example that might make sense to some of you all as you're looking at this 3 cents, right? You're looking at 3 cents for a BBD coin, right? But let's say that BBD coin or the Bitcoin MYK token was, um, 30 sats or something like that, right? Um, it's like around 30 sats or, um, it's around you know, a few sats, you have a lot of decimal points. A lot of people, when they're doing commerce, they just don't like to deal with that. And so an idea, as the value of the BBD coin continues, and hopefully it reaches a natural stable area, right, there will be mechanisms in place, market making, to kind of keep it, you know, somewhat stable just so it could be usable. Right? So this is not meant to like, so this is a BBD coin is not so much in itself meant to be speculative as much as it's meant to be used as a money to use on our network, maybe use at the grocery stores or that are taking our high, you know, the part of high keychain network and wallets, whatever the case may be. It's mostly gonna be used for that, right? So you're gonna need it if you wanna buy items, right? Where you have to convert it from the Bitcoin NYK native token, right? Unless you just want to trade on the market or something like that. And so in that case, it'll just be a little bit more digestible for people to use it, right? Kind of think of it like, I guess another best idea of it would be sort of like how the US dollar used to be. You know, it was a legend that's apparently based on a fact. I wasn't alive to witness it, but Apparently you could at one time take your dollars in, right, and convert them to gold, right? And that's basically what you could do on a platform with BBD coin, right? All it's saying is that you can always convert your BBD coin, which will be used to pay for our ad networks, to pay for whatever products you want to buy on the network or throughout the BBD coin wallets, right? It's just saying that at any time you can take them and convert them over to You'll be able to convert them over to the BitcoinMYK native token if you generated it, right, in the network of the BitcoinMYK. And when we say generated, we don't mean went and bought them on a third-party exchange and you got them in a third-party exchange wallet, right, on another network. We're talking about on the platform itself. If you did it right, if you generate the coins, however you get those coins, within the boundaries of the network, right, the platform itself, uh, BitcoinNYK.com, you can, um, basically do it there, right? You'll be able to swap it for the BitcoinNYK token and so on. Now hopefully, uh, the other thing is the, the other method is that the BBD coin, there will be a great deal less of them than, uh, the BitcoinNYK token. So as people get in, uh, they'll get burned down to Uh, there'll only be like 21 million Bitcoin NYK. They're only going to probably exist about maybe about 5 million BBD coin, right? Because they're going to be used to, uh, basically do commerce and it's got to be constantly— it's not going to be like Bitcoin NYK where people are going to hold it and the value kind of goes like gold, you're preserving your money and stuff and there's value in there. With the BBD coin, it's going to be more so, uh, based on people constantly moving it. So, uh, you know, when it gets to like a stable price and things like that, uh, hopefully, you know, hopefully it's going to stay pretty much stable so you can, you can do these trades and such. But that's all I want to say in this video. I'm going to get out of here, guys. Feel free to ask specific questions about the Bitcoin NYK/BACK dollar in the comment section on the video. More better if you did it over on the BitcoinNYK.com platform itself. A lot of people over there that can maybe help you, having discussions about and so on. But that's all I want to say in this particular video, guys. As always, remember to take care of yourselves, be good to one another, uh, like, share, and subscribe to the video, and we'll talk to you soon.