Bitcoin MYK - Deflation Most Important Feature

Welcome back to the channel. I hope you're having a great day. So this is a very important video. Uh, I think in this video we want to talk about Bitcoin NYK and how deflation might be its best feature. So when we think about terms like store value, um, You know, I think that's important to understand why that's worked so well in cryptocurrency, specifically with platforms like Bitcoin. And store of value is so very important to how we preserve our value and wealth. And so being able to facilitate that is going to be very important. And this is something crypto has been able to be— to do quite well with deflation. Um, something like Bitcoin that only has a fixed supply of about 21 million coins. So what's— why is it that store value is so important? So let's look at some of the statistics, try to put this in perspective. So when we think of store value, we first identify it with something like Gold, right? Gold for thousands of years has been able to store our value. Now, over the course of the millennia, gold has been used as in religious ceremonies, it's been used as for jewelry. And so it's actually been used in modern day, of course it's been used in semiconductors, on computers, on car engines. So it does have its uses. But for the most part, for the more significant part of gold, it hasn't done anything but sit there, right? Because, you know, it doesn't blemish. It can be traded for something. Wars come up, economies collapse. So gold has kind of held its place as a store of value, the store of value we use. And so The numbers come out to something like about $8 trillion in value in gold. But when we compare something like gold to a store of value, right, or rather, I'm sorry, a payment system, a payment processor, when you think about things like PayPal and you think of Western Union, you think of MasterCard and Visa. Combined, uh, many of these services don't equal up to $1 trillion, right? So they're worth hundreds of millions of dollars. You can see that Visa's worth $300-400 million. You can see that PayPal's worth $300-400 million, Mastercard and the like. But compared to gold, that's like $8 trillion. There is no comparison, right? They are 10, 20 times behind the value of gold. So what does that mean? Well, obviously it means that gold is very, very valuable and a great deal more valuable than any type of payment system could be. Right. So in cryptocurrency, the idea of this type of replacement gold is gold 2.0. This more portable gold is more secure gold. Something like Bitcoin has caught fire and although it hasn't mass adopted or got anywhere near gold, um, we can still kind of see the potential and use of that to a great degree. And that's going to always give Bitcoin a certain amount of value unless something could be a store of value better. So what are some of the qualities and ideas that it takes to be a store of value, to be on par with something like Bitcoin or to be at the level of something like gold? Well, you need a fixed supply. Bitcoin has that. Most cryptocurrency projects have that. But, um, you know, Bitcoin being the first out of the gate, Bitcoin being a very secure network, uh, has pulled that off better than all that have come. But I think it's also very important to note that although Bitcoin's done a very good job of pulling that off, think in comparison to gold, which is at $8 trillion, and Bitcoin gaining on that, uh, looking at some future possibility with Bitcoin, you can almost see Bitcoin can come close or act as a replacement for gold to a great degree. I don't know if it'll surpass gold, But the seed is kind of planted there. We understand how valuable it could be in relation to something like gold and use of something like gold. But the reason that Bitcoin is able to do that is because it can exploit some of the cons of gold, right? Some of the things gold can't do better than Bitcoin, Bitcoin can exploit that, such as portability. Gold is quite heavy, right? And not only is it quite heavy, it's a lot easier to steal than Bitcoin, right? And so these, these ideas can cause Bitcoin to gain value against gold because Bitcoin becomes in some ways a better gold. But let's look at what's happening in gold to relation to what's happened to Bitcoin in relation to what could happen to Bitcoin at some future point. And that is something could come along that acts as a better deflation method than Bitcoin does, right? That although it has a fixed supply, it could have even more deflationary, lower supply, yet have some of the qualities, branding, and acceptance like Bitcoin. And that can happen. It's definitely possible. And many crypto experts, many economists have predicted that this could occur. So what are we talking about here when we talk about Bitcoin NYK deflation? So here's what we need to understand about Bitcoin MYK deflation in relation to something like Bitcoin. So Bitcoin MYK is what you might call a type of overlay over Bitcoin. Um, the understanding of Bitcoin MYK is that it is a it inherits the Bitcoin ledger. When we say inherit the Bitcoin ledger, it simply means that the Bitcoin— everybody who holds Bitcoin, there is a ratio trade-off from your Bitcoin to Bitcoin MYK. Some of us consider it a fork. Some definitions online would consider a fork anything that inherits the Bitcoin ledger. More technical forks range from soft forks to hard forks where there's these total system upgrades, changes to the system, uh, where the code is actually changed, right? That's not what Bitcoin MYK is. Bitcoin MYK is just imitating and mirroring the Bitcoin ledger. And why is it doing that? Well, the reason it's doing that is because the Bitcoin MYK project looks at Bitcoin as a product that Works to a great degree, but has some shortcomings in certain areas. And one of the easiest ways to correct some of those is to kind of overlay this project like Bitcoin, but make modifications to it. An idea where these things get changed without some of the more complicated things that need to happen, like complete system upgrades or changes to the Bitcoin code itself, which a lot of people don't want. In other words, you'd have to change the Bitcoin code in order to get Bitcoin to do some of the things we want it to do. So why we want to do these things? Well, obviously because it would be more efficient for it to do it, right? It will be cheaper, faster, and in our case, probably even free. And so that would be very appealing. Um, but that's not quite enough, right? Just being faster, because Bitcoin isn't really being looked at these days as a money. Some people believe the original idea of Satoshi was for it to be this digital currency money, but, huh, you know, but the future— nobody can predict or see the future. And, um, they figured out a better way for Bitcoin to work in a uh, in a, to another, uh, specification, right? And that is store value. But in being a store value, just like the example we gave earlier with gold, something being better than gold, gold 2.0, you can now have something that, uh, in certain ways could be better than Bitcoin. And how would you achieve that? Well, You could have a supply equal to Bitcoin supply that reduces further than Bitcoin, deflates further, yet at the same time still inherit the Bitcoin ledger. And that's part of how deflation works with Bitcoin NYK, whereas Bitcoin NYK will match up to the 21 million, uh, coins that, um, are part of Bitcoin. It will move from 21 million to about 5 million at some point in the future, which means that if people, um, find value in Bitcoin MYK on par to Bitcoin and they're kind of running head-to-head, then as Bitcoin MYK deflates even further from the 21 million, you could possibly have a situation where Bitcoin MYK is of more value to some of the Bitcoin holders right now. That's not saying that it is better than Bitcoin in any kind of technical, uh, mechanics or anything like that, as systems. That's not what we're saying at all. What we are saying is that the data would suggest that the reason that Bitcoin is doing as well as it's doing is due to its deflationary quality and specifically in this idea of being a store of value. When it comes to use, it would be very hard pressed for many of us to come up with things we've done with Bitcoin today. It is probably more, more likely that many of you watching this video didn't even use Bitcoin today. So Bitcoin suffers from not being used at all. Um, and, um, that's because it has the idea of store value, which doesn't need to be used. It could just sit there and grow in value. However, it always kind of circles back, circles back the wagon that what can you do better than the first version of gold meets the second version of gold meets the third version of gold, right? And so I think it's gonna always be this race in store value as to who can give you the better store value, who can give you the best store value. Now with the BitcoinNYK project, many of us have looked at it. It has many features. It does everything from, we believe, acts more like a money that is fast and transactional over a network that it is used for curation on the Steem blockchain. Right now, this is happening quite a bit, that it is now used as a token where people part of our social network can use their token value to promote themselves for advertising, and so it has this internal value within it. It is used to supply universal basic income, which some of us believe is a mass adoption vehicle. And another reason why I think it's so important to look at Bitcoin, the BitcoinNYK project, and not get too lost in ideas like universal basic income, because although we think it gets us closer to being a more widely global used cryptocurrency, you know, we think it's important that people understand the universal basic income aspect of BitcoinNYK is but one facet of the project. And it also leads some to believe that the project won't be able to make money or be valuable or something to that effect, which that is not true at all. You know, the deflation of BitcoinNYK helps to we believe against growth give more value to the token. Now it's also very important to understand that, um, um, that BitcoinMYK, um, is going to be— or its deflation is going to be moving against growth. So it's very important we understand this part as well because where tokens are being deflated, or we use terms like burned tokens, right, where the tokens are burned away and they're taken from the supply and they can never be put on the market and sold again, right, driving the value of the cryptocurrency down. But I think it's important to understand when we use terms like that, or in the idea of burning to no end on its own, just to burn, or or staking just to stake, I think it's important to understand that in our project, the universal basic income aspect is so important because it helps to facilitate growth to a level to where you have UBI, universal basic income, or a large, a very large growing network that meets deflation, right? That means the token supply reduces. If you could imagine 50 million, 100 million people on one network where there is a very, very small amount of tokens similar to Bitcoin, right? But imagine a Bitcoin with more people using it, right? More people finding use in it. And that is why the deflation could be our most important feature, I think. And it's why it can also be a very valuable store of value to people who wish to speculate or just hold Bitcoin MYK. And they're wondering like, why am I holding it for nothing if they're just going to be giving it out away free. So that's a great misconception. To understand, or to talk about our, uh, how our deflation works a little bit more, um, so for every token that is traded on over the exchanges, we burn a token for a token per token. So if we were to trade 1 million tokens in a month, we would burn— take out of the supply— 1 million tokens. This is very aggressive, um, and the reason we think that this is so important and maybe it's going to beat out a lot of other store-of-value-like products, even though we consider ourselves being a money— and I'll explain that a little bit in the end— but getting back to the deflation part, at the level we're deflating, it's a very aggressive level. It's going to be very hard for other projects to compete with the amount of value coupled with network growth that we can pack into this project, right? You know, like the example I just gave, we can have 100 million people with 1 million tokens, or 100 million people with 10 tokens, and, you know, it would be very impossible for that token not to increase in value due to its rarity, but also due to a lot of people using that network, right? Universal basic income is said at this point in time, the statistics are 80% of the globe— think about that, we're talking about 5, 6 billion people or something like that— 80% of the globe requires universal basic income or would use it or would not turn it down, right? And what can you do with a token that everybody holds, right? You can trade it anywhere in the world, you can send it free anywhere in the world. So you can see the tremendous value in this. But let's try to deal with the dichotomy of what happens when something is a mix of store of value and money, which is kind of this oxymoronic idea, I think, in cryptocurrency. But I think we might have found the right mix for this to be possible. So imagine, if you will, um, a cryptocurrency that's supplying out a large amount of tokens, circulating a large amount of tokens to the public, great deal of them free, right? And everybody having this token, vendors accepting them, people send it back and forth because everybody has it. Because it has value backed by the network. And then, um, imagine, uh, the large amount of selling pressure on the tokens coupled against deflation, aggressive rate deflation, right? So what you have is you have tokens burning like crazy as people are selling like crazy, and they're getting fewer and fewer and fewer. Now, in our theory our theory is that what would happen is it would, it would kind of do this thing where it stabilizes as a money. So it's going to be convenient for vendors to use it. It's going to be convenient for people who are actually utilizing the tokens, like if you're doing content online or something like that, like what we do on the Steam blockchain. It's going to allow them to earn, whereas at the same time not losing a tremendous amount of value on their, uh, uh, their, their, um, their posts or, or content, um, over a short period of time. So what we're hoping it could do is it can move as a store of value, but at a rate, at a slow consistent rate that gives people both the use of a money and, um, this store value, you know, meaning, uh, the token might be— just for an example, let's say the token's moving at a rate of gaining 10 to 20% or even 30% per year, but at a very stable rate, right? Um, and so what's happening, people are being able to use this as money. Now, of course, the problem is when you have a store of value product and you try to take out the money portion, this is, um, what actually caused the fork of Bitcoin with Bitcoin Cash, then Bitcoin Satoshi Vision. The, the argument, the debate was that Bitcoin should be useful. It should be used as a money. And that store of value was just a dream concept by business people and venture capitalists who wanted to make money off something that wasn't really being used, right? So to take out the ability, the usability of a cryptocurrency to be used, utilized by people, actually utilized by people. you will, at some point in the future, according to some theories, destroy that cryptocurrency value-wise because people will figure out that they can't really use it for anything, right? And this is the big debate with Bitcoin Cash. Again, that's why Bitcoin Cash wants it so much faster to work as a money. And this is where we're at with this. We feel that We have found kind of that holy grail. We found kind of the Goldilocks zone, right? Not too hot, not too cold with cryptocurrency, with this project. And we're very excited about it. Very aggressive burn, very aggressive deflation, 1:1 on a token, and, uh, with a potential for one of the biggest networks in the world. Again, universal basic income being 80% of the globe. Imagine 80% of the globe saying yes to these cryptocurrencies. And where does the UBI come from? Unlike many other projects, uh, ours actually comes from the Bitcoin network. And this comes about by a formula where we find out that on average, whenever people claim a Bitcoin-like fork project or some type of Bitcoin airdrop, Uh, it's probably only going to be around 3 million people. 3 million people of about 21 million, uh, coins. So these coins could actually at some point either be locked away or burned or something like that. But then we came up with, why not use these tokens to create mass adoption through cryptocurrency by giving them out as universal basic income? And we have videos that go deep into detail about that, but this one was about why deflation is our most important feature, I think, and that what we should really consider what can be done with a project that is a store of value but is usable as a money at a rate more efficient than Bitcoin in some ways, kind of dealing with the great battle between the Bitcoin and Bitcoin forks that have been happening over the years. But that's all I want to say in this video. I would love to hear questions from you all about this project. Uh, tell me if you like it. Tell me if you love concepts like this. Tell me if you think you can make money behind something like this. Would love to hear you guys' theories. Uh, make sure you register with us today. You can start getting tokens free. It's a lot of fun. And that's all I want to say in this video. Until next time, take care.