BitcoinMYK burned 175,000 tokens in November, bringing cumulative burns to nearly 300,000 as part of a plan to destroy 95% of its 100 million supply. The project uses a 1:1 burn ratio on every transaction and compares itself to BOMB token, arguing that scarcity plus utility will drive price appreciation.
Welcome back to the channel. Hope you're having a great evening. So, um, we're basically talking about our burn report for this month of November. We've burned a tremendous amount of tokens, 175,000 BitcoinMYK tokens. That is correct. Um, We have one of the most aggressive burn rates, um, I believe in cryptocurrency at this, at this stage. It's, um, right now burning at a 1:1 ratio on every token transaction. Um, we like to reference ourselves to the BOMB token project quite a bit. If you're not familiar with that project, we'll try to leave a link in the description. But it was quite the interesting project that basically burns down the supply very, very low, almost to there are no tokens left. In Bomb's case, I believe it started at something like 1 million tokens or something like that. And very interesting and successful project. Um, in the beginning. Now I think the only issue with something like bomb tokens or burning in general is some of these projects have been these kind of social experiments, um, and the token itself, the product itself, didn't really have a use case outside of that. Whereas the BitcoinNYK project is something a great deal different. Uh, it, it does have several use cases. Um, and, uh, burning these tokens at such an aggressive rate when there are only 100 million tokens. Um, the goal is to burn down 95% of our supply very aggressively. So this creates quite a bit of opportunity here. Last month we burned about slightly over 100,000, so we've already, already, we've already burned nearly 300,000 tokens. And, um, by the time we make it to a million tokens, that will already be 1%, a whopping 1% of the total supply. So, um, basically, if our theories pan out, what we're looking at is we're basically looking at this type of situation where, uh, we're creating, um, this vast network where the supply is basically being limited to a great degree. Now, based on many economic ideas, the belief is when you reduce the supply, well, then the token should in theory become more valuable, right? It should to some degree force that price up. We think coupled with a use case the use cases we have, uh, the daily use of the tokens and the transactions we do, um, that, uh, is going to create a great deal of value. Um, and so this is a great opportunity now to, to be involved with this project. Um, these tokens, we don't have very many, and it's going to be quite interesting to watch the network grow and what happens when there's not many left. Um, Bomb token used a similar thing. It does seem in cryptocurrency, burning tokens is pretty much a surefire way to increase the value of the token, right? Many projects do this, and there's a reason that they do it. And we're very confident that we're gonna be quite successful in this. But right now, these tokens are at very low prices. People are still learning and understand this project, and that's also allowed for quite a great deal of opportunity. I think the more they start to understand what's happening with this project, the less and less they're going to want to let go of these tokens on the market. So this is the time you definitely want to get in. The price of them is now moving somewhere around, uh, kind of reminiscent of Dogecoin prices. So it's, it's a great— it's acting as a great money, transactional money, if you will. Um, but, uh, right, yeah, we're very excited about this project. Uh, many other projects on the Steem blockchain we're a part of deal a great degree with inflation. There are many rewards pools and a variety of things like that, and this makes it very difficult, uh, for the price of the tokens to go up because of the inflation rate. Um, the selling pressure, the creation of this, um, the movement of these tokens in, in this rewards pool, uh, means that the supply actually is, is increasing and a lot of people are selling these tokens, right, keeping the price down. Whereas in our situation, as the tokens become more rare, uh, we're basically looking at a situation where people are going to want to hold the tokens longer, not trade them at a price that's too low. And we seem to be finding our floor right now. Uh, it seems to be a certain price that we can't seemingly go below that people just don't want to sell. So I think we've hit our floor, and I think the only way to look now is for it to go on up. But it's a very interesting project, uh, very simple yet complicated project. A lot of information about this project. This channel is a wealth of information about the BitcoinMYK project, uh, and we hope to check it out and really get to learn about this great project that we hope can create some of the early opportunities in cryptocurrency that probably aren't really there anymore. But maybe this is one of those last chances to have some of those opportunities that we've had in cryptocurrency before. We shall see how that pans out, but that's all I want to say in this video. If you like content like this, don't forget to like, subscribe. Don't forget to join our BitcoinMYK project. We'll leave a link to our Discord, um, in the, uh, video here so you can come over there, join us. You can earn some free tokens just hanging out, chatting, participating with us. And until next time, take care.
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