Bitcoin MYK - Important Update - Burn/Forks/Elections/Doge Coin

Welcome back to the channel. We got a lot to cover in this episode, guys. This is, um, kind of crescendoed up to the BitcoinNYK project. Now we've, uh, finished our elections off. We've actually, uh, now put together our system to fork Bitcoin. Uh, they're actually going to be several forks now, uh, with the, with the coin. It's gonna be a fork of Bitcoin, EOS, Telos. So real important video here to try to understand what's going on and how exactly this is gonna work and why it's very important to the expansion of the network. So I'm gonna go on the assumption that you already understand the BitcoinNYK project, the the deflation, the sidechain deflation token it is, and some of the very basics of how it works. And if you don't, you can subscribe to the channel. We have an entire video series about how it works, but I'm gonna try to just get to the updates as to now of what's going on. So we've already opened up our gateway here. Let's take you there and, and let you see how the gateway system works on the site. And that you will need to use the site in order to access the gateway and how it's going to work. So first, the gateway is first going to show you how to fork, how we're forking Bitcoin. So the supported exchanges that we're going to be able to achieve this with is going to be the Steam Engine exchange and it's going to be the Waves exchange. And so how the Bitcoin fork is gonna work is the Bitcoin that is held on the Waves exchange and the Bitcoin that is held on Steam Engine, all of those accounts will receive 100 Bitcoin and YK tokens to them. Now every Bitcoin account that has more than 25 Bitcoin in it they're going to receive an additional 4 Bitcoin MYK for every Bitcoin they hold, right? So, um, these systems allow us to identify that the person is the holder of the Bitcoin, and in that way we will be able to basically fork the Bitcoin. Now you do have to register with our account That, that's part of the process. You have to register with the account, and then when you basically hold your account, your account is then identified to hold those, those Bitcoin, and then we can send the tokens over to you. Now with EOS, it's gonna work a little bit different. EOS, every EOS account is gonna receive 100 tokens as well, but The way it's going to work is the EOS tokens will have to be sent to the Steam Engine, um, NGINX account here. Now that is because there is an EOS pairing on the Steam Engine account, so the system will allow us to know who holds EOS, and then that way they will receive 100 BitcoinNYK tokens. Um, now where it says the transfer minimum, we're going to explain exactly how that works in a second. But if you, you have EOS, then you only need to send your EOS to the Steam Engine account. We can identify you got the tokens. Once you get the BitcoinNYK tokens, if you want to sell the BitcoinNYK tokens, you can simply sell them and use the EOS system to send them back to your EOS account. However you want to do that. Now here where it talks about the transfer minimum, uh, this is simply saying that if you would like to basically send your EOS, um, uh, basically over to get the coins, you need to have 1, uh, 1 EOS in there. But that's actually inaccurate. If you have any EOS, you can send that over there to the account. We do have a transfer minimum, but that doesn't apply for, um, every, um, cryptocurrency. Um, so that minimum won't be necessary as long as you have any EOS, uh, over on Steam Engine. You're going to get 100 BitcoinNYK tokens. Uh, the Telos deposit is going to work Pretty much the same. Have any Telos in your wallet, you're going to get 100 Bitcoin MYK, right? Um, now with the Waves exchange, how it's going to work, uh, is basically the same. Every, uh, community member of the Waves, um, exchange, as long as you have Waves in your wallet, you're only going to need to basically register to the site and fill out the form here. We'll show you at the end of the page here, and then you're able to receive 100 BitcoinNYK tokens. Now with BitcoinNYK, and again, you see these minimums, and what this is saying is, it's saying if you hold BitcoinNYK tokens over on the Waves exchange, you can send those tokens over to the Steam Exchange and vice versa back to the exchange absolutely free. But there is a transfer minimum of what would be equivalent to about $0.88, right? So you're going to have to send the equivalent of 1 Waves and Bitcoin MYK, right? So you don't have to, you don't have to, you don't have to, there's no fees for this service with the exception of what's happening on Waves. And I think just to do one to, to send one, um, transaction. You can send any amount of BitcoinNYK you want over there. It's only a tenth of a penny, right? So we're talking a tenth of a penny, um, and you get the 100 BitcoinNYK tokens. That is because you have to deposit them in our account you see here. Once you deposit them there, you can then— you will receive those over on the Steam Engine exchange to do the transfer. To get your BitcoinNYK over there. And those tokens will be burned actually from the supply, so we will keep the same exact supply. And with BitcoinNYK, to send money outside the Steam Exchange, like say you want to send your BitcoinNYK tokens over to Waves or the other exchange, then you would only— you would at least need to send at least 2,500 BitcoinNYK, and that's gonna run around a couple of bucks maybe. And this is all done basically to stop the system from being overloaded with just, you know, very small amounts of cryptocurrency sent, like somebody sending 5 or 10 cents. You know, obviously, you know, we were trying to avoid that. So that you're gonna have to at least send a couple of bucks or something like that, you know, over the transfer system, the gateway as it were. And that's basically how it works. So it's kind of doing both. It's actually gonna fork these because communities together. Uh, it's going to allow us to do a lot of participation with the, uh, basically the Waves community over there on the Waves exchange. And there are many advantages to the Waves exchange. Not only do they have a, uh, a very good mobile wallet, but they actually, uh, have a system we can fork Bitcoin over there, um, to be able to expand our network. Again, remember, we're a deflation token. So all these transactions burn against our token supply. So the more we expand, the more value comes into this very limited supply cryptocurrency. So it's going to be very interesting to watch the dynamics of that as we go forward with that. But that's a basic understanding of that. You might have to watch the video a few times, kind of really understand how it works. We have live support here on the site. You can go to the chat rooms, talk to us, or you can visit us in our Discord. We'll leave a link in the description, but that's basically the basic idea of how this works. Okay, so now we're over in the Waves, um, exchange, and we're looking at some of the Bitcoin NYK pairings over on the Waves exchange. So this is quite interesting. You can see that we have a pairing with the Waves community a pairing with Tether, a Bitcoin NYK pairing with Bitcoin, Bitcoin NYK pairing with Dash, Bitcoin NYK pairing with Ergo, Bitcoin NYK pairing with Monero, Bitcoin NYK pairing with the euro, Bitcoin NYK pairing with Bitcoin Cash, Bitcoin NYK pairing with the US dollar, Bitcoin NYK pairing with TRY, Bitcoin MYK pairing with Zcash. Bitcoin MYK pairing with Waves. Bitcoin MYK pairing with Bitcoin Satoshi Vision. Coin MYK pairing with Miner's Reward. Bitcoin MYK pairing with Litecoin. Bitcoin MYK pairing with Ethereum. Bitcoin MYK pairing with West. And the Bitcoin MYK pairing with Tidex. That's a lot of pairings. So what's significance of these pairings? Well, through the expansion of BitcoinMYK, it's very important to understand that due to the model we have of deflation, we have deduced that to have a deflationary model as aggressive as we have, if we can expand more rapidly than the deflation rate We believe that we can have a great situation for growth and value in the cryptocurrency. So, um, that's the model we're using. It's going to be interesting to see how it works out. And by being able to bring so many communities in where they can now just send their cryptocurrencies and trade against Bitcoin NYK from all these various markets and these base pairs, we believe that's going to be able to facilitate that a lot better, you know, not to mention this mobile app is awesome. And so now you can walk around with your, with your, your smart device in your hand and do some, some pretty good trading on the Waves exchange with the Bitcoin and YK pair. So that's pretty darn good with everything that's going on. It's going to help us to expand in a way that we very much want to expand. Uh, and so that's a good, a very, very good thing. So now I want to talk about the, the burn report. We're trying to cover a lot here, guys. Um, a lot happened today. We close off everything here at the end, um, or nearly the end of the week. But we want to talk about what happened with the burn report. Uh, the deflationary model is now very, very much highly kicking in. And now let's talk a little bit about what that means. Okay, so let's go over the burn report for BitcoinMYK. So as you can see right here, 20,200,000 BitcoinMYK tokens have been burned. That is a tremendous amount of tokens. It is over 20% of the entire BitcoinNYK network, right? There's a very aggressive deflationary cryptocurrency. It is linked to the amount of transactions of tokens that move each month. And what happened here was we had a great amount of tokens move, and it's going to continue, and it's going to burn until there are hardly any left. Now I think in understanding this, I think that people are going to start to really understand how the BitcoinNYK project works. And that's generally how the mechanism works is when the price is very low, more and more tokens are going to get burned because you're going to— it's going to be easier to move more tokens. It's going to burn more and more. As the price gets higher, it's going to actually burn less, and that is because it is burning on a ratio of 1-to-1 token that's moving. So the higher the value of a token gets, it becomes much more difficult to move that token, whereas when it's a very low price, it's going to move very, very quickly. All right, and so from the, um, the position of a trader, this is something that could be quite valuable to the person who holds the right amount of BitcoinMYK tokens at the right point in time, uh, because no matter how low they go, they're going to burn more and more cryptocurrencies. And as the market value of the project expands, you know, obviously with our pairings now and growing, um, the number of accounts we have, um, we expect to see a great amount of value go into this project. So that's something to think about with that burn rate, how aggressive it is. Now Will it be as high, um, next month? I, I have no idea. It's all going to depend on the price of the token. Obviously it's going to be less tokens on the market, probably going to be less selling pressure as people realize what's happening. They're probably not going to want to give up their cryptocurrencies as quickly, seeing that when they're burnt they can never return, they can never come back. So, uh, it's a very interesting project. I'm very excited and very interested, like many others who are participating in that, to see what's going to happen, uh, with this cryptocurrency. But that is the burn report, um, for the, um, for this month. We've burnt about 22%, uh, of our tokens, uh, to, uh, to date at this point. And it's going to continue on to the majority of the tokens are burnt. Probably in the end may end up with anywhere from about 3, 3 to 5%, probably looking at maybe 3 to 5 million tokens left, uh, when we're done. So it's going to be very, very interesting to see what it does to the value, what it does to the network. All right, so we're back here on the BitcoinMYK site, and I want to talk about what the aggressive burn rate and, and in our model, what it means for our mining operation here. So Um, uh, the people who participate in our mining pool, um, excuse me, they well understand that, uh, miners, uh, started off at around 10,000 Bitcoin MYK. Um, and a lot of the conversation had been about, um, the getting a return on your miners through the purchase with such an aggressive deflation rate. In comparison to something like Bitcoin, we know that eventually one day, uh, Bitcoin will mine the last token, uh, or cryptocurrency coin. And, um, what that means is, um, obviously the mining equipment will no longer be— it will become obsolete, right? They will have to do something else to make money. Um, With us, um, with this very aggressive deflation rate, much more aggressive than Bitcoin, more aggressive than probably anything I know of, what is actually done to the cost of miners is brought it down. Because as we get close to mining the last token, not only does the mining operation become more— start to get to being obsolete, but in order for the miners themselves to stay profitable, you know, obviously the cost of the miners have to come down. So what's happened is now you can purchase a miner for 7,815 Bitcoin MYK, whereas before you could— they were as high as 10,000, right? Now of course the price of Bitcoin MYK is rising against it, but it doesn't matter as it's enough tokens to generate a profit, uh, as you are able to mine 78.15 tokens per day with this miner. Uh, so the miner should still be profitable and pay for itself and give miners great value. Um, um, with the M2, uh, it's $78,150, but you mine 781.5 tokens per day, down from mining 1,000 tokens per day. So this rate is going to keep coming down. So people who've purchased miners The ones who purchased them before, they were able to enjoy a good, uh, profit situation with those miners and still are. So obviously getting in early has served them quite well as these tokens are becoming more rare and rare. But I just find that quite interesting, what it's going to look like, how the mining market's going to do under these circumstances, and what expansion into other communities, other blockchains as it were, we expect to see more miner purchases than we've seen before. So that's going to be quite interesting bringing this to the other communities, getting them involved, getting them to participate with some of our very interesting features with our miners. Our miners work a great deal different than your standard miner, so getting some miner pool communities interested in this. I think they'll like some of the advantages they have, uh, with this miner. All right, so here looking on the blockchain at, um, our election results, um, you know, this is one of the most democratic processes I've seen on the blockchain. Um, we've long been trying to establish some type of voting system that wasn't, uh, caught in the mechanism of stake-weighted voting, where your account could create value and move value across the blockchain just on the account and just on the vote alone. And that's been quite difficult to, to do over the blockchain, right? Because, uh, people can, uh, basically game the system, as it were. And so that's presented some challenges and issues to account-based voting. But, uh, the BitcoinNYK project is in a kind of unique situation as it's been able to use simulated mining and piggyback off the Steem blockchain, as it were. It's allowed us to maybe do some experimentations, unlike some other chains have been able to do in that way, and take a lot more steps to try to figure out how to make this work. But what we're getting to see here is we're getting to see some steps to getting us to where, you know, we want to be with a more democratic process. It's very difficult to have decentralization in any sense of the word without democracy in it, right? Because without that, what could you have even within a mining situation? You could, uh, theoretically have millions of miners owned by the same conglomerates, right? The same entities. And so you get so far from democracy in that sense and decentralization, then you start to ask the question, who's in control of this? Is it— and is it— does it even really do anything, right? Does it even matter, right? Because many of the aspects of decentralization aren't there. So we've attempted to try to, uh, solve some of those problems with the BitcoinNYK project and allowing our— the people who distribute the value of our cryptocurrency across the network to be voted on by the community, and they decide if they should be rewarded. And, uh, so, uh, we've done that. We're now at about 13,093 accounts. Uh, we've done this, um, at this level when we hit our first 10,000 accounts was our first election, and now we won't have our next one until about, uh, 100,000 accounts. So if you did participate in this election, um, good job. We will announce our, our winners shortly here. I think we can pretty much tell who's the, who's the winners. Um, some people, um uh, did a good job, but they didn't, um— some people could have won. We had a lot of, um, they just kind of disqualified themselves, uh, by not, uh, participating and getting, uh, getting votes because they could also have self-voted in some cases. But, um, but anyway, the first election, very interesting. Was, was glad to see what happened with that. Um, and now in conclusion, I think we're going to get out of here now. I'm going to very quickly here talk about Dogecoin, and I think we'll wrap it up.

The others are still out there. By one count, more than 1,300 cryptocurrencies launched in 2017 alone, and out of all of them, there is Dogecoin. Now, it started off in 2013 as, as a joke based on an internet meme, but recently hit a 2 $1.5 billion market cap. Bloomberg's Remy Essencia is speaking to its Australian co-founder. Remy, thank you very much, Heidi. That's right, I am joined by Jackson Palmer over in San Francisco, joining us at our San Francisco office. Jackson, thank you so much for joining us here. Let's get to the heart of this. So you started Dogecoin as a joke on Shiba Inu memes. I remember those flying around there, much funny very crazy. No, that's not what actually— but you know, why did you start this, first of all?

Yes, so I thought this was important to talk about. I just wanted to make sure I hadn't paused the video. But, um, Dogecoin in relation to Bitcoin NYK, um, and, uh, it was very interesting because When we think about the future of BitcoinNYK and how far it can go, you know, some of the features of BitcoinNYK have been quite controversial, like the portion of our project where we have universal basic income. And without going too much into detail, it's basically paid for by our forks. The math shows us where it will be paid by the forks we do with different communities and chains. But, um, it's led some to believe, well, what happens if, you know, you have a situation like that? We had this aggressive deflation, meaning something that 80% of the globe would opt to have, which would create, um, what we believe to be mass adoption of cryptocurrency. So what happens when all these, these, uh, these, um, these factors slammed together, uh, and I, and I think what I came up with was we would probably potentially have a situation something like Dogecoin. And what I believe would happen in the far future with something like Bitcoin NYK is the price, as the network grows and expands, the price will become a lot more stable Um, but the parallels I want to draw between something like that and what we could get with Dogecoin, uh, would be that even though Dogecoin has remained quite stable in price over the years, Dogecoin doesn't really go up. People mostly use Dogecoin as remittance and they send it various places and Some people speculated with a little, or some news comes out about Doge and they make some money. But for the most part, Doge is pretty stable. And, um, its inflation rate is not much, um, greater than Bitcoin. And it didn't lose as much value in comparison to Bitcoin. It really didn't, hasn't lost that much value in comparison. So that's quite interesting as well. So Doge has managed to do pretty good. At the time of this video, which is a pretty old video, uh, it had got as far as about $2 billion. But even now, I think Dogecoin is still well over a quarter of a billion dollars or somewhere in that ballpark, and it's probably going to jump back when Bitcoin goes back up. But that just shows, um, uh, how, um, these type projects can gain value And interesting enough how Doge gains all this value without the price actually really moving up, right? So just something to think about. When I look at the future of Bitcoin MYK, I wonder, is Bitcoin MYK not only going to be like Doge, but will Bitcoin MYK be a better Doge? And the reason I say that is because with Bitcoin MYK, due to the deflation rate, it's gonna have a lot less deflation than many cryptocurrencies. And because that's gonna be very interesting to see how the value goes up based on that. But we definitely invite you to go to our website, look at, read the white paper, look at a lot of the resources, the videos we've done on BitcoinNYK. We think that you will find it very interesting. Not to be biased, but because I've done the data, you know, I'm confidently able to say that Bitcoin MYK, I believe, is the best cryptocurrency out there, just how it's designed to be that. And I think it solves many of the issues in cryptocurrency, and I think it addresses a lot of the parts of cryptocurrency that hasn't really been able to connect with people outside of it, like demand, right? It's very hard to make cases for demand, especially in the West, for cryptocurrency. But universal basic income has become a very hot topic, uh, in the United States and, uh, globally as well. And, uh, with 80% of the population opting for UBI, we could see this as something that could stabilize Bitcoin MYK into a very usable money system with very little inflation rates and be quite the viable money for many, creating economic freedoms and prosperity across the globe. So a lot of of, uh, great predictions for BitcoinMYK, I guess I could say. And it's been a lot of fun working on it and, um, and putting it together. Um, and so, uh, I hope you all enjoy it, prosper from it. Check it out, BitcoinMYK. That's all I want to say in this video. If you all like content like this, don't forget to like and subscribe. And until next time, Take care.