Bitcoin MYK - Hits ATH - 6x Gains

Welcome back to the channel. I hope you're having a great day. So today we want to talk about, uh, some new price, uh, breakouts with BitcoinMYK. Uh, BitcoinMYK, um, reached an all-time high, hit around 22 cents, um, over the last 24 hours, something like that. It did pull back, pulled back somewhere around 4 cents, but was a big gain, a big breakout. I think something like 3,000-4,000%, 3,000-4,000%. Um, and we're going to talk a little bit today about why I believe, uh, BitcoinMYK can have those huge price gains. BitcoinMYK is still in its infancy of projects. A lot of the, uh, concepts with Bitcoin MYK are still, I would say, quite experimental at this point in time. And so it's running on several of these low-level, uh, low-liquid exchanges right now. But the fundamentals of Bitcoin MYK are what's very interesting, and we're going to talk a little bit about that today. So we're over on the Hive Engine exchange, and as you can see, very low-liquid exchange. $5,000 trade volume a day, $2,000, $1,500. We're in the number 4 spot right now, you know, per day. And this is kind of to be expected on these type exchanges. I believe many of these DEXs, these Hive Engine DEXs that are part of Hive blockchain, they started as part of a trading card game exchange and it kind of expanded into these other cryptocurrencies that are uh, connected to the, uh, Hive blockchain. So a lot has to be expected at this point in time. Um, but again, getting back to Bitcoin and why I believe it is we reached our all-time high. So, um, I think what we need to understand in cryptocurrency, and this is probably a hard pill to swallow for a lot of people, you know, it's very hard because It's very hard to try to understand something like cryptocurrency, what gives it value. Even at this stage in the game, we try to link it to good use cases and good value, good, good businesses, good useful things, utility that people are going to use, but The reality of the situation is that for the most part still, cryptocurrency is driven on pure speculation and the idea that people are going to make a lot of money for this thing. And, um, you know, that's pretty much still at this stage was driving it. And one of the huge, um, one of the huge misconceptions I think that occurs in cryptocurrency is that, uh, you know, people think good projects are necessarily reflective of price. Um, and, um, you know, I think it's kind of opposite of that. If you look at something like, uh, Bitcoin, that— if you look at something like Bitcoin that basically kind of just sits there as a store of value, right? It's supposed supposed to simulate gold. Uh, what does gold really do? Let's think about that for a moment. Well, what gold is really used for— it's not used as a get-rich tool. Gold's utility is in the preservation of capital, right? In other words, you're putting your money in gold and you're hoping that inflation doesn't cause your investment to lose value, right? Bitcoin and cryptocurrencies aren't really doing that, right? They— what, what they are doing is it's more so, um, about, uh, speculation, the price driving up, and which cryptocurrencies can do that the best. And the ones that have certain characteristics to them and fundamentals low supplies, the right brand and network effect, the right venture capitalists behind them, the right private investors behind them, the right banking institutions behind them are going to do that better. And that's something significantly different than you're going to go out and build a product like Apple or Amazon or something like that. Now that's not saying that in the future that won't change, but what it is saying is now that seems to be the order of the day. So the reason Bitcoin has worked very well is that when it was created by Satoshi or the Satoshi Group, um, something was put in there called the halving, right, that many of you all well know about. Now, why was that put in there? Nobody exactly knows what was the purpose of the halving, but it was seen when you look at the halving that there are some, uh, mechanism in there, but that seemingly is going to cause the price of Bitcoin to go up. And that's seemingly what's happened. Now again, not quite sure why it was put in there, but we know it works. And I think what the BitcoinNYK project And it's called that because it's basically a Bitcoin sidechain product, and it's facilitating the movement of Bitcoin. It simulates that— its own version of the halving, right, where tokens are burned against certain levels of the network growth and against transactions. That's what's caused these large jumps from earlier, 7,000% jump, uh, um, all the way to, um, uh, just over the last 24 hours jumping up about another 3,000-4,000% because those mechanisms work in cryptocurrency, right? And, uh, you know, I think, um, a lot of people miss that, right? They miss that. Now, of course, if you got mechanisms like that and you do have a significant use case and utility, that's going to help. What the Bitcoin NYK project has managed to do, which causes the network to grow ever larger, is in creating this— I like to think of it as an overlay, not Bitcoin. I like to think of it as an overlay, just like you might have the Lightning Network. You could have Bitcoin Lightning Network, you have Ethereum Lightning Network. The it can work on any cryptocurrency, right? It is not that by putting the Bitcoin Lightning destination on a cryptocurrency that it becomes on the, um, the Lightning protocol that it becomes Bitcoin, right? You can work on anything. And I think Bitcoin MYK is similar in that fashion that we use the Bitcoin designation because it inherits the Bitcoin ledger, right? Uh, in doing so Uh, you know, it's going to absorb some of that Bitcoin network, and as well as that is going to simulate the halving, right? And so that's going to be very interesting. I think the other thing that leads to a lot of growth in the BitcoinNYK network is we do something a little different. Whereas what generally happens when a project inherits a Bitcoin ledger, just, you know, just meaning if you hold Bitcoin or own Bitcoin, you automatically hold Bitcoin MYK. You know, you can just claim it free. Um, it's similar to what you're getting a fork. I think the differences are, um, in a Bitcoin MYK project, in a standard project, if a person doesn't claim, it kind of just sits there stagnant. It doesn't do anything, right? And our project, if you don't claim or the coins never make it to their destination, And that's generally going over a period of time where small pockets of percentages are taken away from those unclaimed coins. They go to redistribute back to the general populace, right? And so we call it our Universal Basic Income program or feature. And so instead of just those coins not doing anything, they actually do something. And we think that's very important when you can create a manufactured economy. One of the biggest issues in an economy is our, um, going to be, um, stagnation, right? Just, you know, money not moving, not circulating, people locking up their funds. And although nothing really has necessarily happened with the resources is still oftentimes the same amount of resources. One significant issue is that, uh, you know, people stop spending, they start— stop buying, and they stop supplying jobs, right? So, uh, in that sense, the BitcoinNYK project doesn't allow the stagnation of the money to stop flowing in that sense. There's going to be, uh, basically, um, there's going to be basically, um, a, um, uh, that measure to redistribute that, those coins to people who, uh, uh, are newly incentivized to join the network, right? And so we think that's very important for onboarding, right? Right? You know, if there's no incentive to join, uh, if there's no reason to join, no use to join, people probably just aren't going to want to go through the vast learning, uh, and mental aptitude necessary to do cryptocurrency. It's probably just not going to happen. Um, but I think that's some of the reason the project is starting to take off and people are starting to take notice. And what's very interesting about it, I think, just that misconception that building a lot of technology, building, um, uh, that concept of if you build it, they will come. I think in cryptocurrency, that narrative has turned out to be quite false. And, um, the main narrative is price of your coins go up, right? That's just the reality of it. And creating a mechanism that can in theory do that, not necessarily that it will, but obviously if a project has something designed in it to do it like the Bitcoin halving does and like Bitcoin MYK does, then that's probably going to yield better results, right? You know, given those parameters. But that's really all I want to say, uh, today about the Bitcoin MYK project, uh, I will say the results don't necessarily surprise me. I find myself somewhat in the middle of the rate of progress, whereas in some areas I see the rate of progress is not there, and in others I see certain concepts of the project working well. But what it does seem to be necessary is that there are going to be a lot of needed changes in cryptocurrency to really address those psychological needs of why people are using this cryptocurrency. And if it's a strong enough narrative as to why, um, I think it's also important, you know, to add that the BitcoinNYK project is multi-chain. The supply doesn't change, but you can move your coins from one chain to another and they go out of circulation on one, repopulate on the other. Um, that's very important because obviously, uh, you're gonna have more values and be easier for people to onboard on through networks that they want to use, yet still be in the Bitcoin and YK ecosystem. And that's a lot easier to do and I believe a lot more effective than trying to go through one which may have its own hurdles and obstacles. So BitcoinNYK, very interesting project, also runs on UBI freemium service models, uh, something that's been quite successful through many ventures, big successful companies and businesses. Freemium services, letting you use products free, letting you sample products free, giving you so much of the product for free without you paying for it. And that's what we do, um, use a similar model to, uh, with Bitcoin and YK, right? So make sure you join today, try it out for free, get some free cryptocurrency. We'll leave a link in the description on how you can, uh, get those cryptocurrencies. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and until next time, as always, take care.