Bitcoin MYK Backed Dollars Now Trading!

Welcome back to the channel. I hope you're having a great day. So this might very well be one of the most exciting videos I've done. Definitely probably will end up in my top 5 of the best videos I'm gonna do, uh, and the reason I, I'm saying that is because we are— we have now introduced Bitcoin MYK back dollars. Now, that might not seem like anything to get excited about. For many of you, you've probably heard ideas similar to some type of cryptocurrency being backed by something, and that means something or another. But this is probably one of the more interesting ideas about this I've seen. And, uh, we designed this project to work a certain way, and we're going to talk to you today about it. So We have been bringing up some other videos and mentioning Bitcoin NYK back dollars, and we said we were going to be releasing them, um, and, uh, what we have just released them and they've just went live on the Hive Engine exchange today. Um, so let's talk a little bit about it. Let's— why so much the excitement? See if I can get in here. Let's see, I want to go to the info area. There we go. Let's go to the info area. Here we go. So what's so significant about Bitcoin MYK backed dollars? Let's, let's read some of the description here. So the Bitcoin MYK backed dollars are redeemable for your standard Bitcoin MYK tokens. They redeem at a rate of their market price and the USD value of Bitcoin MYK tokens. The buying power of the Bitcoin MYK-backed dollar increases based on the growth rate of the Bitcoin MYK account-based social media platform. Now that is the part that is quite significant. And again, I know some people might kind of be scratching their head going, okay, but I still don't get it. So let's explain it to you. Now, one of the big crazes in cryptocurrency for 2020 has been DeFi, decentralized finance. And what has typically happened in many DeFi projects is one comes up And, uh, several pop up later and they're doing these crazy ridiculous returns— 600% a month, 1,000% a month, 1 million percent, uh, uh, uh, in return, uh, who knows what. And then what happens? They speculate these projects to ridiculous prices, um, people lose money in them, they jump to the next one, and so on and so forth. The bottom line, or what factor is missing a great deal, is we don't really know the value of these cryptocurrencies. And when I say we don't know the value of them, I mean we're not even close. We don't even have any type of way to gauge the values. It is just a speculation fest, and it is very dangerous. And Bitcoin is no exception to this rule. Cryptocurrencies are so very high risk and dangerous because of their highly speculative nature and the fact that we don't know the value of these coins. There is no real way to gauge the value until now. So BitcoinMYK works much like many of your traditional, uh, ways to analyze an investment. You might look at a company, you might go in, you might find that it has assets, it might have a building, it might have gold, it may have cash, it may hold stocks in this or that. And in any event, you're able to kind of do your own personal audits and you can then find out what the value is. In cryptocurrency, we have no such, uh, effective audit. That is why we had so much issues with the Tether debacle, right? Because nobody really knows what these things are worth. It is based on pure speculation, and I think it's inaccurate to even feel like the value that the market is paying for these cryptocurrencies are, uh, really representative of what they are, especially seeing that in most cases they have very small networks and, uh, there aren't many— much utility. They're not— there isn't many users. But social media networks, social media platforms are a bit different because you can see the people there. You know that the people bring their attention value. You know, each account, uh, is worth some, a certain amount. You can see the activity, and not all of these projects lack that. Uh, many of them do have a network activity, but do they have significant network activity? How many users are there? And unfortunately, this is where many get in trouble, where you find out they only have a few thousand members, but they have ridiculous valuations. This is a huge problem. So how the Bitcoin NYK backed dollar works is the issuance rate of this backed dollar that has a specific issuance rate price. It will only be issued at a rate that is, um, relational to the growth of the network, right? So if you have a network of active people and active users, you can see that are joining up, registering, uh, visiting the site, we know that there's a certain X amount of value there based on how much that network grows. That is the issuance rate of the Bitcoin NYK back Now that's very, very important because that growth is substantiating the value and the liquidity of the project. This is similar to what happened with the Facebook project. So in order to determine the value of Facebook, um, at the IPO of Facebook, um, it was estimated that the average Facebook account's value was around $200. And of course, we know that is because, you know, Facebook is marketing to people. They're, you know, using the data and so on and so forth. The important part of it isn't so much the dollar value of the account as much as it is a a range where you can value the accounts in relation to the growth of the network, right? In Facebook's case, over 2.5 billion users. They've estimated these accounts to be worth about $200. And again, a little less important in our model, the exact dollar amount, more so the percentage of the growth rate, sorry, in comparison or relation to what the dollar is going to be backed, and redeemable for in which relation. And of course, and that we use the USD, right? So if I can exit out of here, okay, there we go. Let's go into the Bitcoin NYK backed dollar market just to give y'all a little bit example as we've just went live here. But we do think this is going to be a, uh, a game changer, uh, in this space. Oh, excuse me. I don't think— oh yeah, it did let me in there. So, okay, so when we get down here, we're looking at something like the sell orders. Okay, now what you can see here is 1 Bitcoin MYK back dollar is going for about the price of a, um, of a USD, of a, of a, of a dollar, right? United States dollar. It's around about a dollar. I think it's about $1.07 for a, um, a Bitcoin MYK back dollar right now. It's stable, and this is also very important, it's artificially stable based on the network the size of the network and what happens to the issued Bitcoin NYK-backed dollar. So what happens to these things? So when they're issued, they circulate out of the Bitcoin-backed dollar, Bitcoin NYK-backed dollar, and they— I'm sorry, they circulate into the Bitcoin token or the BTC NYK token. It was just your standard deflationary token, right? And we've discussed a lot of that in the video, the halving quality that happens with the BitcoinNYK token. And so because of that, coupled against growth, it's a good likelihood that the BitcoinNYK token will go up in value. Now, as this is being issued against them, it's creating a which would effectively be a liquidity pool, right? So that money circulating around back through the Bitcoin and YKToken bot, it's also sitting in, uh, going back and forth between the, the buy orders and, um, the Bitcoin and YK back dollar and the, um, buy and sell orders in the Bitcoin and YK token. So it's very interesting and it's all controlled by the growth of the network in which these more stable tokens are issued. And of course, there are many, um, great things that can happen, uh, with a Bitcoin MYK-backed dollar. For example, uh, global remittance, right? If you want to send your money from, uh, across the globe, but of course you want to be there and it retain the value it had when it left and the liquidity be there. So that's the purpose that Bitcoin and YKBackDollar solve. It's also going to work very well for commerce and merchants because of course they want stable prices and not prices all over the place. So that's why we're so excited about this project. We're going to bring you more videos in the future about why we believe that it's going to be such a game changer and, um, so, so useful as a currency and a payment system as many other cryptocurrencies. So again, what changes the game with the Bitcoin NYK-backed dollar is the idea that you can finally not only have some stability in cryptocurrency, but have a great idea what the value of these cryptocurrencies are. In addition to that, as the Bitcoin MYK network grows, the accounts grow, the social network platform grows. Thinking of it similar to Facebook Libra coin, what happens to the Bitcoin, uh, MYK-backed dollars is the buying power increases, right? So this circulation and liquidity pool between the Bitcoin NYK-backed dollar and the Bitcoin NYK deflationary tokens is what happens is the, that buying power increases. So the buy orders go up, right? As the buy orders go up in relation to the account growth, the growth of the network, right? The value of the Bitcoin and YK Back Dollar not only grows, but in a sense, in a very stable way grows, because as the buying power increases, it's done so over 30-day averages so that if you're a merchant or a vendor, or there isn't this erratic price change that push you off in your merchant activities, right? In your money transfers, you're not going to have a Bitcoin MYK-backed dollar go from the value of $1 USD to $0.80 in a matter of, basically a matter of minutes or hours or something. right? And this is a huge problem with cryptocurrency. It's probably one of our biggest issues, right? And so finally, a way of looking at this, in my opinion, doing it better, engaging value better, making these cryptocurrencies more useful is happening with the BitcoinNYK project. So we're going to bring you more videos in the future detailing the actual mechanism at play, how much the issuance rate increases, which is this type of controlled inflation and increase in buying power. So we're going to have many videos in the future that discuss that, but that's all I want to say so far. Uh, we hope you're excited as we are. Make sure you join the BitcoinMYK project to get those tokens free. just for signing up and joining with us. And you can, uh, use those tokens to purchase, um, Bitcoin, uh, NYK-backed dollars. You can use them to, uh, trade out for your favorite cryptocurrencies. Whatever you'd like to do, you're going to be able to do that by joining the BitcoinNYK.com project. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and until next time, as always, take care.