BitcoinMYK entered the top 20 tokens on SCOT Today, a Steem-based listing platform. The host argues that on-chain trading on Steem is healthier than CoinMarketCap, where an estimated 95% of reported volume is wash trading. A curation project using blog posts is increasing BitcoinMYK's trade volume and stabilizing its price.
Welcome back to the channel. Hope you all are having a great weekend. So I want to talk about BitcoinMYK on SCOT Today. Um, SCOT Today has become one of my favorite sites to visit. Um, it is similar to CoinMarketCap, but this is for SMT tokens, uh, SCOT tokens. Um, which is kind of like the version of ERC-20 tokens for the STEAM blockchain, right? And so SMTs will be coming out soon, but SCOT is the protocol that, uh, basically the SMTs will run on. So, uh, quite interesting today, um, it's been long overdue, it's been a while, but the BitcoinNYK token has broken into the top 20. Um, when Steam Engine, uh, started earlier part of the year, um, and we listed on Steam Engine, we will be hovering somewhere around 20 position, 10 position, somewhere between there. Uh, but since then, a lot of other cryptocurrencies have, um, come on, um, uh, the Steam Engine marketplace, and, uh, it's almost getting comparable to the amount of coins listed on CoinMarketCap. Uh, about, uh, well over 600 now. I think CoinMarketCap has maybe a little bit over 2,000 or something like that. So, um, you know, a lot of people have heard my story why I kind of turned against CoinMarketCap. Uh, CoinMarketCap, um, uh, basically, uh, requires listings of, um, coins that trade on centralized exchanges. I kind of had a problem with that. I felt some of that message was a bit anti-cryptocurrency. We know that, uh, about 95% of our trade volume now happens on centralized exchanges. It is highly subject to wash trading, uh, more so than what you would get on something like the Steem blockchain that has a very transparent trading system. We can see who's making the trades and all of that. So a very, in my opinion, a lot better than the trading that has been going on in cryptocurrency, where reported through several studies and reports that have been sent over to the SEC, rates as high as about 95% of the trade volume is wash trading and is not real trading. Now, of course, that is a huge problem because what it means is that we don't have the liquidity we thought. And so we get these very erratic prices and dumps in the market due to this. So it is very important that we understand why this happens. And systems like the Steem blockchain was happening now and SCOT today which is our version of CoinMarketCap, I think is leading cryptocurrency down a road that's going to be more healthier for us in the long term. So pretty happy to bring you guys that information. We have started doing major curations over the Steemit blockchain through the social media applications like Steemit.com and many others that operate on a Steemit-like model. What we're starting to find out is through this process of onboard more people to the token, the trade volume is actually going up. Now it does seem like the price is stabilizing. The price is stabilizing. However, it is starting, I think, in our opinion, at more like a money, right? So even though the price may stabilize a bit, you're going to get probably a much more stable use of something like a currency or money. And a lot more volume and activity means it has— it's going to be more efficient to use in the transference of value. Right. So very interesting kind of working out with our theories. The more accounts we curate through variety of the blog posts and things of that nature, the more the volume seems to increase. So that's all very exciting to see and does pan out with the theory, uh, that we've been going with. Um, what else we got? What else we got to tell you? Oh yeah, and if you want to join our curation project, um, it's absolutely free. You can earn some Tokens here, get some value out of it. A lot of fun, very easy. We'll leave a link in the description. Come visit the site, talk to somebody there on live support and get you going with that. But I think that's all the news I wanted to bring you all today. I think as we onboard more users, we are beginning to— this theory of becoming more like a money that's going to have more uses starting to pan out. We will be observing this. Uh, we want to curate thousands of Steam, uh, blog posts. Um, uh, the first week really out, we've curated, uh, hundreds, if not thousands. Um, and we want to try to hit every active user on the Steam blockchain. So that's, that's what we're headed for. Um, guys, if you like content like this, don't forget to like, subscribe. Don't forget to join BitcoinMYK.com. And, um, that's all we want to say in this video. Until later, take care.
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