Bitcoin Myk - Founders Wallet Rules/Lockup/Sell

Hey you, welcome back to the channel. And guys, today I thought it was very important to do this video, um, to, uh, answer a question that maybe some of you had on your mind, uh, about what's in the founder's wallet, the people who started the BitcoinMYK, uh, how many tokens do they hold, um, are they able to just dump them anytime they want, um, and if they did, wouldn't that be catastrophic for the price and my value in the token if I want to hold this token? So we're going to answer all of that today, and by the end of the video, uh, hopefully not only will you understand a great deal more about BitcoinNYK, but you might agree with us that we think it's one of the most fair systems out there, uh, and also probably one of the best distributed, um, systems out there as well over cryptocurrency. So to, to understand, uh, what's in the founder's wallet, what can be sold, what's locked up, and various things like that, you first have to understand, uh, what a network supplier is. It's a term we use that, uh, that has to deal with how our tokens get distributed out. And so to kind of illustrate what this works like it kind of works like what you might call delegated proof of stake. If you don't know what delegated proof of stake is, it's proof of stake basically that elects the members to mine the blocks, right? So, you know, proof of stake of course is different from proof of work. It works differently. It's based on how many, how much value, how many tokens you have in the network staked in it. In the network, and, uh, that's what gives you influence over the network. And then the next part is they elect, uh, those who will mine the blocks. So it's different from proof of work. And, uh, to fully understand that, uh, you probably have to get into some various definitions. But if you, if you understand those systems enough, then you can understand how network suppliers work and, uh, how many tokens are in the founder's wallet and how they get what they can, what can be sold, what can't be sold. So, um, so what happens with a network supplier, they're basically our version of block producers, right? So here's another thing you have to understand about BitcoinNYK, and we want to be as clear as possible with this. About this. So the BitcoinNYK token uses the Waves platform, right? The Waves platform, um, is a blockchain that we piggyback off. Now I know some people will say, oh, well, why don't you have your own blockchain? You should have your own blockchain. Here's the problem, guys, and here's what we need to understand. When you have your own blockchain, there are several issues that come up with that, um, that don't make a lot of sense to us for many tokens to have a blockchain. And what we mean by this is that the first problem is network security. Um, many tokens out there, thousands of them, probably everyone except maybe the top 20 or so tokens maybe top 50, have blockchains that can easily be 51% attacked. And so the problem is when you have a blockchain, more than likely the token is an inferior blockchain that if it even starts to get bigger and more adopted and people start to invest more into it, it can be attacked. And basically Uh, you know, everybody's in trouble. The network's, uh, you know, been hacked, right? It's been— the tokens have been, uh, sold on exchanges and the price tanks. So that— those are the dangers of having your own blockchain unless you're going to be able to build a blockchain on the level of Bitcoin, right? Uh, even if we take something like Bitcoin Cash, it only has about 6% the hash power of Bitcoin. So every blockchain that comes after Bitcoin is pretty much an inferior blockchain. However, they have the ability and the power to, uh, at least resist these 51% attacks because it costs so much per day to attack them. Uh, some cost a lot less and that's why they're easier to be attacked, right? But the problem is that people can do that, and because of that, you're going to always be limited in this box of how far you can get, right? They're going to try— if they see you coming up, then they can just attack you and keep you in your place. So that's a huge problem. So, so it made more sense to us, okay, to piggyback off the Waves platform, which we think is a good platform. Waves was meant to be the Ethereum killer, uh, you know, way back when. But I think Waves has proven to be, uh, a good blockchain. And, uh, with Waves, um, you know, it— because we're able to piggyback off of it, a lot of the value that it would, or resources that would go into creating our own blockchain Um, that money now gets to go back into the network. Now that's more value for the end user because instead of wasting all that money on a blockchain that's not even going to be security-wise able to resist attacks like 90% of the coins, we can now give that value back to you, something that matters and something you can do something with, at the same time having the network security. Uh, so with us understanding that part, then it becomes clear that we don't really need block producers or, or any of that, right? But what we do need is the best distribution across the blockchains, because at the end of the day, decentralization value and the ratio and who holds these tokens is what's going to matter in the end, right? Uh, Now, once, uh, it's distributed over the net, over the blockchain, uh, everybody, uh, and it's well done, then everybody holds a good stake in that network, hopefully, ideally, right? If everything went correct. Now, uh, where network suppliers come in, who kind of act as our block producers, or, you know, for lack of a better word, Um, the, the tokens they're given to distribute, they get to distribute half of them and keep half. Um, and if they do a poor job at it, we have elections, democratic elections over the blockchain. The votes are cast over the blockchain, so nobody can cheat the system, or so it's totally transparent. Okay. Okay, and, um, as they get into higher levels of being network suppliers, their token supplies increase. Like, it goes from 2,000 to 10,000. And as long as they're distributing out these tokens well across the community that has elected them, then what happens is then they, uh, get more of these tokens. Because basically it's been proven they do a good job. They're giving out, getting more value out to everyone, right? Um, now the next part, going back to the founder's wallet, so we can finally answer that question, is the founder wallet being the sole wallet that the cryptocurrencies are in, the tokens are in, uh, true, it doesn't go through an election process, but it doesn't change the dynamic that the Founder's Wallet still has to act as a network supplier. It might be the biggest network supplier, but it is not, uh, it is not, um, exempt from acting and collecting in the same capacity as well. So to explain how this works, um, with more rules on the Founder's Wallet What happens is this. So everybody involved in this project that are part of the founder's wallet, basically what happens is as tokens come in, right? Meaning that the transactional fee network we've discussed in other videos is basically every month Bitcoin holders don't claim because we are a Bitcoin fork. But every month that they don't, they do not claim, there's a small transactional fee. Now to understand, it's not a penalty, it's a transactional fee to give everyone lifelong, lifetime free transactions. So nobody pays transactions. And the, so basically what's happening is The only people who pay transactions are the Bitcoin holders who do not claim their tokens on time, right? And then so if they don't claim, what happens is they get these network fees that are deducted from their balance. So it starts at 1%. So every Bitcoin wallet that doesn't claim, that goes into a Uh, that goes back into the founder's wallet, and now the founder's wallet has to distribute out all those tokens back across the network. Now it works just like, um, the network suppliers works. We get the founder's wallet gets 50% of that, but here's the catch to it. Here's why it's not the same as the network suppliers, and here, here are the other, uh, restraints on that. And there's several. The first is, as these tokens come in from the unclaimed tokens only, um, the tokens that can be traded or used or spent to any capacity can only be relational to as they come in. So let's just say, for instance, the 21 million wallets that exist in Bitcoin let's say, uh, 50% of them, just for example, didn't claim their tokens, right? So that would mean that it's something like about maybe about 100,000 tokens that would go into the founder's wallet. Of those 100,000, now the founders would have 50,000 to, uh, to sell, um, uh, you know, as they wish on the market or whatever. They just— like the network suppliers, they get to sell, they get to keep and do what they want with half of the network tokens they distribute back to the network. But here's the catch: the founder's wallet under no circumstances, uh, can ever sell more. And I mean this throughout the entire history of the project, forever. Can never sell more than 5 million tokens and can never sell more than, um, and can never sell more, uh, pardon me, can never sell more than, um, uh, um, the, as the relationship, the relational value to as the tokens come in. You know, as again, back to that example I gave, if 100,000 tokens came in for the month of February then only 50,000 could be sold. Now here's another thing that's important to note. Out of that same founder's wallet is your universal basic income has to be distributed out. All of the proof of participation programs have to be, uh, distributed out of that one wallet, right? At the same time, not being able to claim any of the Bitcoin holders' tokens. that are claiming as part of Bitcoin Fork, right? So you can see from that example, what's in the founder's wallet is very much limited to, uh, you know, what can be, uh, used, right, and utilized. And again, out of that founder's wallet, all the network transaction fees have to be paid for everybody using network totally free. UBI has to be paid, proof of participation has to be paid. So it's a, it's a wallet that's going to do a great deal of distribution, uh, out to the community at all times. And so, um, it's, you know, it's very unlikely that, uh, in other words, I guess what I'm saying, guys, BitcoinMYK is probably one of the tokens you would have to worry about less than any other token about the, uh, founders dumping. Um, you know, we could never have a Charlie Lee situation. If you think about Charlie Lee of Litecoin, where Charlie Lee sold all his Litecoin, right? Well, we couldn't— we could never do that because we can never sell more than 5 million tokens at any point in history. At the same time, those same tokens in that wallet have to supply Again, our universal basic income program. So BitcoinNYK is a fully— it's basically a distribution model, right? That does many things, but at the same time sets up a system where it's meant to be a money with money constantly being moved, spent. It's not meant to be an asset that you hold and go to the moon on. And some people might go, well, why would I be invested in this? Well, Here's the thing, although we believe it works this way, we believe that by it, people seeing the uses of it being used as a money, that's what will make them want to invest more in it because it actually has this use case. It's actually being used by people. It's not just a speculative device that people hope they can hype up to be used, right? That, that's number one. People are actually using it. People are selling it. People are spending it. Um, the next part, uh, of it, I, uh, of it, I think would be, uh, uh, as it is deflationary, I mean, there's only so much, right? Um, and it's a social network at the same time. Many people coming in, they're doing things, they're doing proof of participation, they're playing games, they're Uh, they're making friends, they're blogging, they're doing whatever. Uh, as more people pour into this deflationary token that offers them so much value, uh, everybody can find some value in the token one way or the other. As it does that, the cramming a large amount of people into deflationary token economically should mean that the value should have this gradual rise. Now that's not a guarantee, that's just an economic theory, right? We don't know what it might do, but it would seem that because it's deflationary, there would have— and, and the— as the network grows and those things clash together, there would seemingly have to be some type of, uh, uh, a growth accentuated some way, represented some way in that system. So, um, it's a very interesting project, but I hope that explains to you what's in the founder's wallet. It will, it will always be no more than 50% of all tokens that are not claimed from the, uh, Bitcoin, uh, holders, right? And, uh, it will then be the responsibility for BitcoinMYK.com to act as a distributor or a network supplier to get these tokens out. Now again, uh, the situation with a network supplier where the community is voting them out, um, because they can't, uh, because they aren't doing a good job at that, so the community can remove them and put someone in place who they find more value in, right? So that's kind of putting the fire to their feet. That they got to do a good job of getting these tokens out, you know, at least the, the half they're supposed to get out. Uh, with us, it's the pressure of the universal basic income programs, the pressure of the proof of participation model. So people have to keep receiving their tokens for proof of participation and a universal basic income program in order for the project to be effective. So, um, and for it to grow, you know, obviously if people aren't getting that then they, you know, then they're probably not going to participate, right? And so we believe these are many fail-safes to help people understand that this is a very, you know, although the founder's wallet may hold these tokens, there are rules and there are restraints that keep us from being able, the founder's wallet, to be able to crash the market and flood the market with the tokens. Right. And so, you know, in that respect, we think it represents one of the best distribution models and one of the most fair because it allows anybody to be a network supplier, which means they run a copy of the platform on their computer. They're awarded half the tokens. Then they go through an election. And if they do a good job distributing those tokens, then they are elected to, uh, to gain more tokens, and it's based on their performance, right? Their— the, the levels of being in this network supplier group. So, um, there are many, uh, things that keep this wallet moving money out. You don't have to worry about massive dumps from the— you know, the system isn't designed to accommodate, uh, that type of activity, uh, and anybody who understands economics and can just look at and look at how the distribution works, how the tokens go out, and the fact you don't buy the tokens and anybody can just claim these tokens, then it's kind of clear that, you know, it's going to be very hard for it to be these massive whale dumps with this network. You know, I say nearly impossible for us to have like massive whale dumps now. We may have a lot of universal basic income people dumping their tokens, selling their tokens, you know, to meet their basic needs. That's true. But what we have to understand in the dynamic of economics is that the reason many cryptocurrencies don't work is because people don't sell their tokens. You know, they're just holding them, right? And you would think it would work, but it only proves that they don't work. It just more so proves they don't have a use case and people don't use them. That they don't want to use it for money, right? They're just trying to use it for a store of value. But where I find problems with that argument and where I find it doesn't work, and many economists will back me up on this, is that the idea of a store of value is predicated on the fact that it can be used as an effective money, right? But if you're just holding a token that nobody really takes or really accepts, and they can live without it, then that's not really a store of value, right? And if it is a store of value, it's a very poor one. So that's why it's very important that spending happens. But network effect against spending, you have these two fronts again clashing. That's creating value that's meeting that, that, uh, spends, that spit, that's those expenditures, right? So you have that, that demand coming in, people growing this network against that in a deflationary token. So our theory is that you still have this nice leveled out growth over time. And again, that's not a guarantee or a promise. This is a network community. It's not about speculation. That happens on third-party exchanges. But we just wanted to clear that up. Thought it was very important. If you have any questions at it at all, please let us know. Uh, I would love to talk about, um, if you can show us a better model that distributes better than that, because if you say something like Bitcoin, it uses miner monopolies. I wouldn't say it's good distribution. And if you mentioned something like proof of stake, I would say, well, with proof of stake, the person with the most money has the most influence over the network. Uh, and so, uh, you can see this could become very circular. Um, but anyway, guys, that's all I want to say in this video. I would love to hear from you. Uh, if you like content like this, don't forget to like, subscribe, and until next time, take care.