Bitcoin Myk /Ivan On Tech/Richard Heart/Bitcoin Hex

Hey you, welcome back to the channel. And guys, today we're going to talk a little bit about a recent interview that included Richard Heart and Ivan on Tech. So very interesting interview. I like Richard Heart, very smart guy. Startups, or was in the process of starting a token called Bitcoin Hex. And so we've talked about forks quite a bit over the last several episodes, and I think the conclusion that I reached, uh, was pretty much that forks were a good thing— not all forks, but could be a good thing, uh, depending on, you know, what their project was. And so after listening to Richard Hart's, uh, project Bitcoin Hex, uh, I, I have yet to say that it's a— I think it's a good idea. And, uh, gonna just talk a little bit about his project a little bit, why, why I like the idea of it, uh, why I want to be involved in it, and, uh, maybe do a little few contrasts between, um, Bitcoin and YK because they're not the same thing. And this is the good thing about forks. Uh, forks give an opportunity to deal with potential problems, to solve existing problems. Uh, and, um, so that can be a good thing, right? You know, if we can, we can fix some of those things. Uh, we're going to talk a little bit about what started forks to begin with. So we got to hear about Richard Hart's, uh, a coin, Bitcoin Hex, and, uh gonna, uh, in the simplest way I can, try to explain what Bitcoin Hex does, uh, what the idea and the concept behind Bitcoin Hex. So Bitcoin Hex, I think it'll be ready in a few months if I heard correctly, um, is going to be a fork of Bitcoin that uses, um, Ethereum contracts, uh, and it kind of works on the staking model, right? So where if you lock up your coins, you get rewarded more coins. So it's like staking coins, like the, you know, many projects we've seen that, you know, stake. And of course, the idea is to, you know, to gain more value through the network. This is a model that I'm seeing used a little bit more frequently where tokens have these platforms where your tokens get locked up, but the longer you keep them locked up, the more value you get from them, things like that. Um, but let's talk about the project itself. So, uh, the idea is— but besides that, the, the idea is dealing with medical, uh, technology, anti-aging and longevity. So it's about making humanity better. And I thought that was a very interesting and important point that Richard Heart was making in, you know, trying to put it in our minds how we should see valuable and what is valuable. Um, he would use, uh, examples like, you know, if you find yourself a billionaire, uh, and you're, you know, and you're watching, uh, digits and numbers float across the screen and things like that, uh, but you know, you haven't, you know, where's your value? Where's the actual value to that what you're doing? Like, does it extend your life? Are you helping humanity, or you're just collecting things. And, um, you know, and then, you know, he kind of, you know, went on to talk, you know, a little bit about something to the effect of, uh, like, uh, you know, if you're a cancer patient or a person who's developed cancer, you know, uh, you know, having funds locked up is, is not going to save you or your family or anybody else. And so I thought that was all very important. I, I, because I, I think we sometimes get quite confused by value. Um, you know, I, I think we really start to believe that this construction of money, the, the zeros and ones that are coming across the screen, uh, directly translates to, and thus your life and everybody else's life is better. You know, that may or may not be the case. It could be actually worse if it— if you, if you come to find out, had you have released this money to where it can work at its maximum efficiency, that the return on that would have been much greater than just keeping money locked up for the next 30, 40 years, what can that possibly do? The money is not doing anything, right? You know, it's just sitting there. It's not circulating around. So I thought all that was very important. And also discussed a lot of the issues in the concept of Bitcoin being a store of value. So Whereas Bitcoin does work good as a store of value, that's where it works at its best, uh, it doesn't really seemingly address many use cases for it. You know, as to say, like, if you can only use Bitcoin as a store of value, You know, if the idea is ridiculous to consider doing anything other than with Bitcoin, like sending it as transactions, you know, and then the other idea of dApps, you know, they went on to speak about how many people you know who actually use these, a lot of these blockchain dApps. And then you— and then Bitcoin, how many people use it, you know, uh, as a money? And so they use it as a store value. Now, now the philosophical problem I think with saying, well, this is the best use for a cryptocurrency to be considered gold, right? Um, is that then if that's the case, what would stop any other blockchain that can create scarcity from being considered the same thing, right? So then you probably go into things like, oh, well, the network's more secure and the, um, the branding is better, you know, because everybody knows about Bitcoin. People are talking about Bitcoin. It's on the news every day. It's on CNBC. Um, but is that a real good, uh, uh, way to think about Bitcoin being able to stay in a situation like that forever just as a store of value. Well, let's think about it. If everybody can do it and you're, you're branded, people just kind of stay with you because people have used it, they feel safer. You got all the miners, but remember how things were. I don't know if a lot of people remember, uh, this. Maybe some people listening are too young, but there should be a time where all these social networks congregated together and it was like any one of them could just be the dominant one. And what would happen, you'd have all these various ones— Friendster, Um, what was the other one? Um, Beebo. You have all these, and how they work was interesting because it'll be kind of like this. You couldn't even see it coming. People would start this kind of exit inside of one into the next, and it'll be kind of quiet. And then by the time you hear about it, it's already gained about 50,000, 100,000 people. And then, okay, you know about it. A little more time passes, you know, now there are millions of people, right? And then it'll stop and it'll happen with somebody else. But it would happen because essentially these guys were providing the same service. They weren't providing any type of social media that was light years ahead of the next. It was essentially pretty much the same thing. Uh, and I think that's fundamentally a problem. Even though it may not seem like a problem here in the here and now. But I don't know how much confidence alone I could have in that. And so Richard Heart, he, you know, he went on to talk about basically why it would be more advantageous to take advantage of his fork, because Ivan on Tech was alluding to— well, I call it the Bitcoin fork paradox. And that is where, okay, you put up a token, you fork a token, has a little value, and in the beginning people come in, they dump the value, and they go buy another cryptocurrency. In that case, Uh, I don't know, Tech was saying I just do that and just go buy Ethereum. But Richard gave probably one of the best answers I could think of, and, and what, what I think people really need to pay attention to. And that was, he was saying no mathematical model can calculate better rate of return than if you got something for free. Think about, think about that for a moment. Forks give you tokens free. The same ones a lot of these, uh, uh, coins are trying to sell to people. And so the bottom line is this: whether you believe a project will succeed or fail, even if it succeeds a little bit, your rate of return on receiving the free tokens is going to outbeat any high-value coin, whether that be Bitcoin or Ethereum. On the market any day as far as return in value. Now, um, um, you know, one might, one might argue that, oh yeah, but it's going to go to zero, this or that. But it doesn't take much in these forks to really make good money and probably make more money than your ever gonna probably make on Bitcoin. Because look at these markets of— in the values of these tokens, right? Bitcoin at $4,000, you know, you know, Ethereum in the hundreds of dollars, whatever it is right now, and countless others in the hundreds of dollars range. And, you know, then you might have these tokens that are under a dollar, or, you know, or have a lot of upside potential, and you got it free. So you can't mathematically beat that. And, you know, the amount of value that needs to come into the cryptocurrency space to make a token, some of these tokens, 2x or 3x or 4x, it's gonna be nearly impossible. The cryptocurrency space reputation is still negative, right? And then it becomes more negative when people keep doing these ICOs, and there's people still trying to do them. And I just don't think that the cryptocurrency market has, you know, really— I don't want to say that it's no more room for ideas and projects. But I mean, to create them and then ask for people money, or ask for people trying to help you build it, you know, I— for us, the best approach was to, to do the Bitcoin MYK fork. So let's, so let's talk about that real quick. Let's mix it in there where we got Bitcoin HEX that deals with And there's another great thing about forks too. Forks, although they fork off of Bitcoin, they can address specific problems in cryptocurrency that needs to be solved, right? Bitcoin Hex is finding value where it's important, right? In health, medical advances, things like that. We need things like that. It's addressing that problem at the same time using blockchain technology and making, uh, um, uh, Bitcoin holders still have value, not diluted value or disrupted value, but they still have value in the ownership of without having to buy any tokens or pay for it, right? Um, now with BitcoinNYK Uh, our tokens are a bit less altruistic, and I, I use a word like altruistic is because Bitcoin Hex sounds like a great project. I will be involved in it. I will be buying tokens. I like the project. I like Richard Heart. But the reality of it is Richard Heart is too smart for most of us. His ideas are too good. And what I found in my personal experience is when that's the case You know, people don't always respond like they should. It's not that there's anything wrong with the project, it's something's wrong with us. And so we're not as altruistic in that approach. Where we're at is, it's real simple. If you, if you hold Bitcoin, if you mine Bitcoin, you're gonna get tokens from us free. We don't do a snapshot in our forks, and there isn't a— there's the initial, initial balance of, of what you got and you get those tokens. But where it's a little bit different with us is your balance, uh, over what was in your original wallet, we continue to issue you Bitcoin MYK tokens. Why I like forks and why I like the concept we're working with here is because you don't always have to invest money to get value, right? Social media sites have shown us where that can be done, where that is possible. Which leads me to the next part of BitcoinMYK. We're using a, what, what I would call a Bitcoin, or rather a social media hub. We plan to connect with other social media sites over the blockchain. So we're more like this hub. And I'm going to be honest with you guys, BitcoinMYK is self-funded. I wanted to be proactive and not just wait for money to come in the markets, not just wait for a bull market. I actually wanted to be one of those people on the inside trying to make this crypto thing work and not hoping and praying for a bull market every 9 to 10 months. So, um, the site here, let's say it's not state-of-the-art. Well, I would, you know, as I had some people who, you know, I didn't think was that bad, but you know, some people say, well, you know, you need to spruce this up a bit. Point taken. Um, but I think this was always meant to be a hub to connect through other social media sites. Now, where it is true This can be used as a social media site and will be used, but it's more so about— for us, it's about mass adoption through social media and having this very simplified user interface so people new getting into crypto can take these little baby steps and learn through interfaces they're comfortable with. Uh, to us, that makes more sense for mass adoption. To us, nothing more important than mass adoption. What's the easiest way to get mass adoption? Well, we look at all the websites that are in use. Social media sites generally have the most users. Uh, and so that's our push. It's very simple, guys. It's very simple. And we believe in attention value, right? Doesn't matter if there are a lot of people in one spot, congregate to one thing. There is value there. There is attention value there. That is why when the Super Bowl plays, you got all these crazy commercials. They don't have anything to do with football, trying to get a spot. Not because everybody are football heads. They're trying to get a spot because so many people watch the Super Bowl. If nothing else, you don't have to be a diehard football fan or a football fan at all to watch the Super Bowl. Uh, they know everybody's there. It's value in the attention. What's been a little bit upsetting with me about the crypto space is they haven't quite— they don't seem to me to have quite figured this out yet. I've seen them do these weird combinations of social networks that do weird things that almost purposefully seemingly restrict people from coming in and using them. When they can't do that, they're— that means that they're terrible at marketing or they can't get the people in at all. And so it's just so many misuses, uh, of, of, uh, ways we could improve this space, um, and get mass adoption. It's so easy to the point where I think it's almost on purpose that, that they're— that they haven't figured this out, right? And that is these various combinations. And so what you have now with Bitcoin forks is maybe it might take several dozen, 500 of them targeting specific areas, but not diluting the value of Bitcoin. The cryptocurrency space just hasn't been able to get rid of the negative stigma that goes with it yet. You know, it, The blockchain technology part, it's going to be undeniable, but particular tokens and coins that act like monies and go up and down like at a gambling casino for value, you know, that's not going to attract serious investors. You know, it just isn't until we fix that, get some stability, you know, get get rid of all these flight altcoins. Not Bitcoin forks, mind you. I like Bitcoin forks because at least with Bitcoin forks, even if it's the worst Bitcoin fork, at least with them, even if you try to say it's a scam, at least with them every Bitcoin holder gets Bitcoin or gets your token, right, that they don't have to pay for. Because again, I think there's value can be gathered and found without always necessarily needing, uh, people to prop up your token, right? To try to keep money flowing in there, because as soon as the money stops flowing, you know, it collapses because it really doesn't have any value. That's what's going on. That's why these coins can't maintain and bleed dry. They don't have any products or value. So they're just living off speculated money to no end, right? Then they're on to some other project. And so we got to be mindful of these things, guys, and careful of those things. But I definitely would like you all to watch that Bitcoin— or I'm sorry, Ivan on Tech and Richard Heart interview. I, I, I think what they talked about in that video might be probably one of the most important videos you'll see. Forget about the crypto guys talking about price predictions and, well, I think when this happens and that happens, your money could 2x it. Don't— find out fundamentally, entirely, overall what's wrong with cryptocurrency. Start there. Get the fundamentals together. Get you can make great choices. Then you can see what makes sense and where it needs to go and where it needs to be. Guys, check out Richard Hart's Bitcoin Hex. I'm going to try to leave a link. Well, I'm not going to leave a link in the description yet for that. And I was kind of hoping that you guys would— well, you can still check it out if you sign up under me. I think he's running something like a referral program. And if you, you know, and if you know, if you want to, you know, get over there before time, sign up for That's okay, that's perfectly fine too. I think it's a great project. I'd like to see it happen. Uh, if you're a Bitcoin holder, you're going to be able to get free tokens with Bitcoin HEX. And if you like what Bitcoin NYK is doing, trying to, uh, gain mass adoptions through being a social media network hub to ourselves, for ourselves, for other social media, uh, networks over the blockchain, and getting people involved who don't know anything about cryptocurrency but are accustomed to using social media sites like Facebook and the others, then we invite you to join us. If you're a Bitcoin holder, uh, make sure you collect your free BitcoinNYK tokens because just like Richard Heart said, there is nothing mathematically that can go against free and upside as opposed to pay high-value token with zero down— I mean, with the bottom being zero for your downside and losing all your money. So I don't know, Richard, Richard Heart's a smart guy, but I think he's I think some of this might just actually be common sense. But, but anyway, guys, that's all I want to say today. Guys, you like content like this, don't forget to like and subscribe. And until next time, take care.