Bitcoin MYK - Better Than Steemit?

Hey you, welcome back to the channel and I hope you're having a great weekend. So we want to talk a little bit today about BitcoinMYK. Now, uh, if you heard of BitcoinMYK and you've been watching the channel, you probably know that all week we've been talking about we're going to be releasing new features to the site, making some new announcements that we hope many of you all are gonna like. And if you can tell by the title of the video, it's a very interesting title, BitcoinNYK, is it better than Steemit? So some people might say, we didn't even know BitcoinNYK had a social network, anything like Steemit. So that's one of our announcements this week. So just wanna say with the title of the video, if you're a Steemian watching this, don't panic. I think you're gonna like what we have to say by the end of this video. And I think you're gonna really like what we're offering here because what BitcoinMYK is doing is very, you know, we want to be clear that BitcoinMYK is gonna function as part of the STEAM blockchain, right? So it's not really a competition. We're going to— our cryptocurrency is going to be traded against STEAM, and we're going to show you that, how that exactly is that's going to work. If you're a STEEMian, you're probably already quite familiar with the Smart Media Token and the idea of how projects were going to be able to have these projects running over the STEEM blockchain and a variety of those things. And so we're going to help y'all understand how exactly this works, kind of in harmony with that and in unity with that. And again, we think you're going to like what what's going on. So to understand what Bitcoin NYK is doing in relation to Steemit, you first have to understand the idea behind Steemit, right? The original idea. And a lot of us don't know what that was exactly. And I think it's changed quite a bit since since its origins. But real quick, this is just our layout. Now here's what we want a lot of you all to understand about this layout that we're going and why it looks this way and why it's so important to how the social network is going to function. Um, this layout, uh, that's being done in this particular hub or website The BitcoinNYK project is going to have several dozen of these websites all across the network. Okay, so what, what that basically means is that you're, you're going to be able to visit several websites like this. This won't be the only one. This won't be the only design, but this will be basically the idea of how it's going to function, similar to what you get with what you might call a Steemit front-end site where they have a variety of Steem sites that you can go in through and you can do Steemit-like functions, but you're not on Steemit, right? You're not on Steemit.com. And if you're a Steemian, you understand that. But let's explain how this social network works, why it's so important. Then we're gonna get into a little bit of the early history of Steemit, the idea behind Steemit. And I'm gonna help you all understand why this is so important as part of the, the STEAM blockchain and the STEAM ecosystem. Okay, so if you look at the layout here, um, and how we have this structure, this is gonna, this is gonna function pretty much just like, uh, a standard social media website, right? It's gonna be a little bit different from Steemit. It's going to be more in this, in the idea of maybe what you get with your Facebooks and your Twitters and a variety of things like that. Okay, so it's gonna be very simple for anybody to use, and we're doing that on purpose because we— what we're looking for is we want to be able to onboard a great deal of people, and we want the user experience to be very, very easy. That's very important, guys. We make this accessible to people who use social media every day, people who don't have a lot of time. Statistics suggest that the average social media user only has about 5 minutes to engage in his social media per se. So we need something that people can get involved in but don't have to take several months to learn how to use it, don't have to take several months to, you know, to, you know, to spend hours a day on this, to realize that the whole day is gone. So let's tell you quickly how this is going to work, right? So you do these, these, um, a variety of things on this social network. Now You earn our cryptocurrency similar to Steemit based on your likes. Okay. So, uh, what happens is a like right now is at the value of one of our cryptocurrencies, Bitcoin MYK. And we're going to explain a little bit about how that cryptocurrency works a little bit later. But every time you get a like to your profile, Okay, you earn one of our cryptocurrencies. Uh, now this is a little bit different from what you get with Steemit. With Steemit, it's an upvote, and you can control the value of that upvote, as many of you all know, uh, through, um, uh, your voting power, right? So this is kind of a little bit different, and all this is going to make sense as we go on with this video. So when you get a like, you get one of our cryptocurrencies, right? You get the value of that. Now, it's one vote per account, right? I'm sorry, it's not one vote per account, but every time you vote, your vote is worth about the price of one of our cryptocurrencies right now, which is somewhere around 5 cents, I believe, last time I checked. Um, and, uh, right, it does trade on exchanges. It trades on the Waves exchange, and it's now trade on the Steam Engine Exchange. Okay, so when you get those cryptocurrencies, you get them in likes, right? Now, as you know, with Steemit, you have something called Steem Power, and it influences the value of your vote. We do it a little bit different because our process is very, very democratic, and that's why I think many of y'all are going to like this, um, because it makes the experience similar to what you get with Steemit very democratic. Now, We're going to tell you why that's very important as we go on in the video. But as you get, as you acquire more of these likes, and we have sections where you can do your polls, you can do your topics, you can do questions, answers, and a variety of things. And the community can upvote you on these things. But the likes are what we're going to get paid for. Now, in order to increase the value of your likes, We're again, it uses the steam power idea. What we're going to use is some, is a form of staking, what we call the staking multiplier. And how that works in this system is that every basically BitcoinNYK token is a hundredth of a of a Bitcoin MYK. So it's a— in your, in your light power, right? So how that works, every time you get a vote, you get the value of 1 Bitcoin MYK. Now, if you have staked Bitcoin MYK, let's simplify it. Let's say you staked 100 BitcoinNYK tokens, although there is no staking limit at this time or minimum, right? You can stake 1 token, stake 100, right? But they are locked for a 30-day period. Now here's how it works. Let's say you, you staked 100 BitcoinNYK tokens and you received upvotes for every vote you got. I'm sorry, or every like you got. I'm still thinking about staking, but for every like you got, you would— it would multiply your vote by 1. Okay, so if you're getting 1 Bitcoin MYK per like and then you had 100 Bitcoin MYK staked, then you would, you would basically receive, uh, twice the, the vote, right? So instead of getting 1 Bitcoin MYK every time somebody gives you a like, you'll get 2 Bitcoin MYK. And if you stake 200, you're starting to get the idea, you would get 2 additional BitcoinNYK tokens on that, uh, on that like, right? So if you got 300 and then let's say you stake the 1,000 for the month, that 1,000, uh, would give you an additional 10 BitcoinNYK tokens per like you get, right? So it's being multiplied by every 100th of a BitcoinNYK token or every 100 BitcoinNYK tokens that are, that are stake is being multiplied by that, right? So, uh, here's the, here's the next great part about that. Our system is different from Steemit. You can self-vote on Steemit. You can upvote your, your own stuff, and a lot of people frown upon that. You can't upvote your own stuff on here, and we're going to tell you why that is. The reason that we limit people, we don't allow that, is because what happens is when a person can upvote themselves A lot of times they don't distribute well and they don't want to vote for other people or like other people's comments, right, in some cases. So, um, you know, the problem with that is this is a social network. So if you're not doing that, if you're not engaging with other people, then kind of what's the point? It's kind of no point to it. And this might sound a little bit confusing how I'm explaining it at first, but I promise you guys, it's very, very simple and you're gonna get it. For every 100 tokens that are staked, you're going to— it's going to multiply your vote by 1, right? So that means if you had 2,000 staked, it'll— you'll get 20 tokens per vote. Now, um, in addition to that, because you can't self-vote, and I know that's a big thing on Steemit, what you do get is for every 100 tokens that are staked as well at the 30-day period. Right now it's going at a rate of an additional 29.9 tokens per, um, per stake, right? So in other words, if you stake the 100 tokens, uh, in our, in this social network, you would get 29.9 tokens per 100, right? after the 30-day period. Plus, for every time you get a like on a post, you would get, uh, the multiplier of that 100. So you get 2, right? So sounds a little bit confusing, guys, but I promise you it's very, very simple. Um, and you know, of course you'll be able to leave comments in the comment section, talk to us directly. We'll walk you through it and we'll give clear written instructions on how exactly it works, but it's very, very simple. But the, the whole idea behind it is you cannot self-vote because we want to encourage you to like other people's content, a variety of things. So the entire idea is the democratic vote and being able to move that value democratically across the network, um, and giving everybody that, that opportunity. So we think it kind of presents a much better, uh, approach to this, uh, and we hope you all like it too. So, so that's how that portion of it works, the, the system itself. Now I want to take you over to a, uh, a video, uh, with, uh, the former CEO of, of, um, Steemit, Ned Scott. And it's very important because it really plays into how BitcoinNYK compares to Steemit Why, why is so much part of the Steem blockchain? And so we're going to help you understand that here in a moment, but just let us get over to the video. One second. Okay guys, we're here. So I'm going to play a clip of this video with, uh, Ned Scott, uh, and he's talking about the, uh, theoretical concept of what they call oracles. Now, I'm gonna give you just quick lead into this so you'll understand. So several months ago, I had a public conversation with Ned Scott here, the former CEO of Steemit.com. And we then had a follow-up conversation to that first one. Now, the purpose of this conversation was to discuss democratic voting on Steemit. And it was a very good conversation. We actually agreed on Democratic voting. Ned Scott was for Democratic voting, and he actually showed me this video. I'm about to play a clip of it for you all now. And I was very impressed that he was really after the Democrat because the way Steemit was set up, and many of us know this, is that it's been a great deal of concerns about Uh, you know, the, the original purpose of Steemit, how it was supposed to work, the distribution, and, um, that it wasn't achieved, that in some ways some, some things happened that weren't planned to happen, um, with Wells as such. And, and there began to be these issues and problems with distribution. Uh, so I'm gonna play a little clip of this And this way you guys can kind of see how this all works together.

Specifically to why I'm here, you know, I think with the Webtoon partnership that we've put together with GoPAX, you know, I think that we've got a great example in front of us of how we can use cryptocurrency to impact real people and make a real difference for our online experiences. So that's all I've got for now. So thank you guys so much for having me here. One account, one vote. The way that the Steem blockchain decides who's rewarded can only be done based on information contained in the the Steam blockchain. So the Steam block, the way we decided to do this for Steam is to have one Steam or one Steam Power technically be one vote, um, because—

so I'm gonna stop right there, but if you heard clear in the video, they're trying to figure out a way for one Steam to be one vote. And the purpose of this was to create this democratic system across Steemit, um, where they wouldn't have the problem of the, the whales and, and a lot of problems they, they had with what happened. And I'm going to leave a link to this video and it's going to go into detail about what some of those problems were and why they couldn't be solved and why they would have preferred to have built the One Account Per Vote from the very beginning. So it's a very good video, and I, and I think what it does is it really sheds a lot of light on the concept behind Steemit. I think as we look at Steemit today, many of us felt or, you know, thought that it's supposed to have ended the way— ended up the way it is. But in actuality, the, the idea of Steemit, how it exists today, is greatly different from how Ned Scott and Dan Larimer envisioned it. Envisioned it earlier. So I just think that's very important to put out there, that sometimes people, they kind of run with steaming how it is today, and where do you, where do you want to say it's been, um, uh, as successful as it could be, or that if it could have been more successful, or that if it is successful in its own right as it is, which I think all those things are correct to a great degree, uh, but however you want to look at it Uh, this discusses, uh, a project called Oracle that finds a way to make this possible. Now, of course, the, the biggest problem with this is it's a problem for us, is what— or it was, and we're gonna tell y'all how we got around it. But the biggest problem with one account per vote and having this equality across platforms like Steemit is that it would just incentivize people to create, uh, multiple accounts. And we all know that. So then it'll be this guy creating multiple accounts, he would be just upvoting himself, he would be the same person, uh, and then he would just game the system. So we're gonna, we're gonna show you how we got around this, we're gonna talk about that next. But we will leave links to this because I think this is very important to the Steemit community, because especially from the perspective of those who unhappy with Steemit, maybe after hard fork 20 or prior before that. You know, many of us have watched a lot of people leave Steemit. They've been upset with the distribution of money on Steemit. They've been upset with the adoption rate of Steemit and a lot of things. And it's been this constant trying to figure out how to fix this. So we're gonna tell you how we got around it. And, uh, why Bitcoin NYK might provide a great solution for this. Uh, interesting enough, this created Bitcoin NYK a great deal, the structure of it and how to approach this problem. It also made it so we could have Bitcoin, uh, be able to move across several blockchains without the problem of double spending. Addressing the same issue that Steemit has with having a democratic vote but not being— but not having a problem with people creating multiple accounts is addressed with the Bitcoin issue, uh, as well as the Steemit issue at the same time. Now, how we do it, how we solve the problem, is something called social media verification key, uh, and that's what— where we were able to use this group of social media accounts to verify unique accounts to that particular user, right? So if you can do that, if you can basically identify those accounts as unique to that particular account, then you wouldn't have the problem of a person creating another account. Now, in order for us to achieve this properly as well and to stop that, we use a combination, not only social media verification key, but a VPN detection system, which means a person can't— it's hard for them to try to come in and create another account, then be attached to certain social media accounts with limited accounts and be able to create these multiple accounts. Now, of course, the problem with that is it will leave some to the point of where, well, if you can limit those systems like that, through this kind of low-level KYC, if you will, right? If you want to call it that, uh, then it feels pretty much pretty centralized in that degree. So let's, let's address the centralization part and help you understand how we look at that and how I think the, uh, you know, uh, the, the reality of that is probably going to look like. So we know when we talk about decentralization, uh, that many of us have come to the conclusion that there isn't a such thing as decentralization. There is— there are levels of decentralization, uh, and we kind of move from this point of centralization to decentralization, right? So if I were to take something like Bitcoin and say it was decentralized, Bitcoin would only be as decentralized as the mining, sorry, the mining, the structure of the mining, where the mining occurs, who the miners are, and those things, right? Then it would also be decentralized to who's actually working on the blockchain, right? Who are the developers and what influence do they have over that blockchain, right? And then it would be levels to the decentralization of how much value and money was in that, the value, the wealth value in that network, right? How decentralized was the value there? So you have all these components working together, right? And any areas they were weak, they will become less decentralized, if that makes sense. So it's levels, it's varying levels to it. So we get to social media where we're dealing with, can people be censored to some degree with this social media, right? And if they could be censored, it's not decentralized and kind of like, you know, what can be done about that and how should we look at that? So here's our approach to this. The idea of completely decentralized social media in theory does sound good. However, the, the problems with that are so, so looming and severe. For instance, let's say if we did have a social media site that was totally decentralized and you could put anything you want. Now we know on Steemit, uh, for instance, that it's not really decentralized, right? That there is a great deal of censorship that happens. If you post things people don't like, they can just downvote you, right? And they can turn your post invisible and they can censor you that way. The, another thing that's problematic about that is a person with a lot more higher staying power than you, he can pretty much do that. Himself and knock you down severely, which means that it's less democratic because it wouldn't have been so much the community that did it, uh, in a cohesive way, but it was just this person who did it, uh, for the most part. So it wasn't a democratic process, it was, it was a, it was a centralized authority-like process, if that makes sense, right? Now Looking at some of the things that could happen on a totally decentralized social network, right? You could have hate speech, you could have child pornography, you could have all types of things, promotion of terrorism. And without the ability somehow to deal with that effectively, plagiarism, people uploading illegal content, a variety of things. If we're, if we're realistic about that, about, about this, to have a total decentralized system, that means all those people would be allowed to do that. Now the question becomes, would you want a system truly like that? And even if you did and people said, yes, this is what we want and this is what we're asking for, Wouldn't you think that people who share that network with you would come to the conclusion that, you know what, I don't think I want to be a part of a network where they're going to allow racism, hate speech, anti-Semitism? Uh, you probably have people who would want to leave or would leave, right? Uh, so what I'm saying is or what we can tell you from the perspective of moving from a centralized point to a more decentralized point is that we're huge believers of freedom of speech and we're very highly tolerant of many, many things. But there has to be a level to this, a level to decentralization and degrees to this to keep us out of those dangers that could end up doing a great deal more harm than good, right? So we, we do use some deterrence in that way. We use deterrence on the— to stop the double spin problem. We use deterrence to limit people from abusing the community in, in, in these ways, right? If that makes sense to you. And so it is levels to it. As we move through this project. We can promise you this, that when it comes to distribution, right, which is probably one of the main, gonna be one of the main components of decentralization and one of the more important factors. When it comes to distribution, we can tell you that and pretty much guarantee you that you will find no other model even close to ours that distributes the value of our network and cryptocurrency like we do. And we would challenge you to find one that can and does that on a level like we do it. And so in that way, I think that, you know, it's going to allow for us to be an option to Steemit, yet still a part of Steem blockchain. that many people are going to like, especially people who maybe have had many concerns about what Steemit became. Now, it's important to understand that we take no success away from Steemit, and we like Steemit. We use Steemit all the time, every day actually. But there have been concerns about it, and We're providing an option to those concerns. Now, it's also important to understand that going back to the early history of Steemit, like, we're kind of helping you understand some of the history over here, is that the original idea of Steemit was— or the Steem blockchain, Ned Scott— was to create the skeleton and we build upon it. Now, Steemit was just an application running on Steem. Steemit was not really meant to do many of the things we wanted to do. It was really about us building projects on top of the STEAM blockchain, building these projects to do the things we wanted to do, if that makes sense, right? So, you know, keeping that in mind, we get to the SMT project, the Smart Media Token, which is sort of like STEAM's version of the ERC-20 tokens. This is all very important because What that does was it allowed Steemit to create this system where you could build on top of Steemit and have your own token that trade against Steemit, right? Just like the ERC-20 token. This would relieve Steemit Inc. of many of the responsibilities that we put upon them, uh, after Steemit .com became so successful, right? You guys following me, you STEAMians? Um, and again, you know, please feel free to, you know, ask some specific questions about this because I know some people are going to be still trying to figure out some things about it. But to, you know, but this is, this at this particular video is mostly related to the STEAM community. But, you know, other people coming into the social media site, we, we have this smooth transition for them that they're going to understand, and we're going to explain how they're going to do that. But you, you all are pretty much catching on that the Smart Media Token is the answer to us creating these projects and systems we want on top of Steam, uh, to make it, uh, viable for what we wanted SteamIt.inc to do. Okay, so saying all that, now let's, let's get over to how BitcoinMYK as a social network, uh, features of it are going to be integrated into the Steam Community. Okay, so we'll, we'll take you over there. Okay, we're here. So what you're looking at is something called the Steam Engine Exchange. Okay, so Steam Engine is the community's answer to SMT. It is not SMT, uh, but it is integrated into Steemit through smart contracts. Um, and, um, so you're able to— we're basically able to trade our projects, our, our cryptocurrencies here through the Steemit ecosystem, um, through a series of these smart contracts over this exchange. And so you can see all this variety of, of cryptocurrencies that kind of represent the spirit of SMT. Uh, and I can, and I can tell you, look, as I've been using this and, and I've been trading here on Steam Engine with our project BitcoinMYK, I really like it. It's really user-friendly and, um, it really captures everything I picture the Smart Media Token would be like. Now the only differences between the two excuse me, is the Smart Media Token has— it's hard rooted into the Steam blockchain, right? Whereas this uses something called SteamP, and it has contract connected to, um, these, uh, Steam wallets, right? So it pretty much works the same way, uh, but so far it's been working very well, and we are integrated into that. You can see us here, uh, trading on the list here, BitcoinMYK. Um, and, uh, we usually stay somewhere around the top 10, top 5, something like that. Um, and, uh, looks like, um, you know, today we've been pushed a little bit further there. But, um, you know, I think after we release this video and get you guys on board, we're gonna kick some butt over on Steam Engine. Now, funny enough, um, I'm just looking at this list of cryptocurrencies. It's always interesting And I'm going to leave a link in this. This is a very cool, fun exchange, but this is an interesting cryptocurrency somebody's created. It's called Crypto Class Action versus Facebook and Google. So I just find that so hilarious, but I'm not sure what they do, but maybe I'm assuming that they are, I don't know. I don't know. Maybe they're raising money to sue Facebook and Google. I don't know, but, um, interesting is quite a bit of cryptocurrencies on here. And the reason this is all very important, guys, because all these variety of projects that do a variety of things, uh, they, they're basically, uh, being now able to do the original goals of, of, of Steam, right, of the project Steam. And that was to have us build on the Steam blockchain on top of it, which is what Steam Engine has done. It is built on top of the Steam blockchain, build on top of it and make Steam better, right? Have it do the things that the community wanted to do, right? And it's upon us to do it. We build it, we make the projects, you know, not like Steemit, uh, it was Steemit one app there, and it wasn't meant to be the app of all apps. We were, we were meant to create and make Steemit what we wanted it to be. Now again, going back to like Ned Scott and Dan Larimer's idea, it was more based on democratic voting, not what we get now, which is more of these, this like oligarchy concept of whoever can control and purchase the most, you know, Steem power. They're able to kind of control the network, form these conclaves. Problem is that haven't— that hasn't went over well with a lot of community. It has been a thing that's turned a lot of people off, causing them to leave Steam, or cause them not to want to be a part of Steam. And that's just the reality of the Steamians, of what's going on with that. And I talk to people every day and they have some negative things in that way. So this is an opportunity for us to address that and deal with that because Steam is such a great blockchain that, um, you know, it should be a lot higher, um, in ranking. I'm surprised it's not. It is the best social network, the most successful one, successful one in all the crypto bar none. No other project related to social media can— is holding a candle to Steemit, right? Uh, and so, uh, you know, say what you want to say about— that's just the reality of it. Now with this, this is making it better because it's allowing us as a community to address the concerns in the Steemit community to make it better, right? If you want democratic voting, if you want the respect and value of the community in a way, uh, like I think many of us would want, then BitcoinNYK is going to offer you that through the Steemit experience, through the Steem blockchain experience. So this isn't a competition with BitcoinNYK and Steemit, I think, if you're thinking of it that way, even though the video is titled that way. Doesn't really make a difference if you're on— whether you're on BitcoinNYK or you're on Steemit.inc, you're still, uh, going to be moving value into this over the Steem blockchain. Um, and so that's why this is so very important that you see it that way and you understand it that way. And that, uh, um, ours— what our system does is it's more democratic. Uh, it gives people more value. And it at the same time allows Wells to be compensated for their contributions through the staking mechanism, as well as it allowing them to gain more value. Now, it does not allow them to sell VOTE because we feel that defeats the purpose of, of, of, you know, social networks. It's about Uh, you know, going, uh, going out amongst the people, creating this network of people, right? Interacting with the community, right? It's not about forming a conclave somewhere in a group off somewhere, even though that's fine too, right? You know, however, you know, if you want a huge social network to mass adopt and for it to have that full experience Uh, you know, most people would look at that, they, they wouldn't want to form a small conclave and do those things. This all exists for us to create better projects or, or better products and, uh, options for the user, right? That's, that's the important thing. And the users to get to decide through these options what works best for them. Right? Some, for some people, the, uh, Steemit.inc and, and those Steemit-like sites, they're going to work better, and that's completely fine. We don't have a problem with that. What this is about is this is about for those people who find themselves, who have found themselves undervalued on the Steem blockchain. This is an opportunity for you to be still part of the Steem blockchain and be able to have the respect and value that you deserve on these networks. And we feel we've solved the double spend problem, the multiple account creation issue. And, you know, because of that, we think we're able to offer many of these things. Now, of course, there are limitations to what we can do. In offering some services for— and that, for instance, the idea of total decentralization, you know, for us to be able to monitor and, uh, stop the double spin as well as, um, uh, stop the multiple account creation. Yes, they're gonna have to be certain things in place to, uh, safeguard against that. And so we have to balance out what's going to be important to us, what are going to be the most important aspects to us in that solution or in that problem. Now, now the, the best part of all of this is that we now have these options over the Steem blockchain to where you get to choose the projects that you find value in. Uh, and, and so the more of those options we have, I think that's going to be the bet, you know, better for us. And I think that was the whole purpose of how I understood Steemit to be, or the Steemit blockchain to be. And from the words of Ned Scott, who I've personally spoken with, um, you know, I, I think I can, you know, in confidence say that's what the creators and founders had in mind for this. Uh, but, you know, uh, pretty much, guys, uh, that's all I want to say. I know there's probably gonna be questions about the multiplier and how things work, uh, how exactly we get— you get the cryptocurrency integrated into Steemit and how all that works. And I can tell you this right off, it's all very cool how it works, and you all are gonna like it. Uh, so register today, get over here, and you can try this out, and you're really gonna like it. I promise, I guarantee it. Um, and we'll be able to answer in greater details, you know, some of those things. But just like how Steemit was, you didn't learn how to use Steemit in a day. So this video is probably not going to answer all of your questions, but, uh, for your Steemit, it probably should— it probably will. But, you know, you got specific questions, we're going to be more than happy to answer. We got live support over on the web, on our website, BitcoinMYK.com. Join us over on Steam Engine. I get some value, some value going over there. Um, and I just stay tuned to the channel in our projects, and we think you're going to really love some stuff we're doing. But guys, that's all I want to say today in this video. Um, if you like content like this, don't forget to like, subscribe. Um, and until next time, take care.