Bitcoin Myk - Up 98% / New Social Network Integration

Hey you, welcome back to the channel. And guys, today I want to talk to you about a little bit about the price of BitcoinNYK tokens, ticker symbol NYKOS, on Waves decentralized exchange. Uh, now up 98.82%. Um, Litecoin's down 2.68% on the Waves market. And yeah, this is very interesting. Generally, when projects first start off, you get in some cases large jumps and the prices seem to correct. We have went all the way up to $1. We're trading at around 0.33 waves now. So we're somewhere around about the 60 cents range. We went all the way up to around a dollar. We jumped back down about 35 cents, went lower than that, then came back up to around 60 cents. So we expect some erratic movements like this early on as, you know, people are discovering what to do with these tokens and various things like that. But it has been holding good from 35 cents and up. So I want to talk a little bit today about the price, why I think that is, and try to dispel some misconceptions about what exactly gives BitcoinNYK value and, you know, why is it valuable at all. So first, let's try to understand a little bit about the value of social networks with BitcoinNYK. The cross-chain token capabilities and how value is gained through this. So to, to understand this, I think social media is probably one of the easiest ways to determine how valuable a network is by, you know, people who are— how many people use them, um, you know, what the idea behind the social media site is, traffic to it. And, uh, I think one of the most important factors is how you monetize them and get value from them. Because a lot of social media sites, especially in cryptocurrency over the blockchain, what I found is they don't know how to extract value from their projects from social media. And I think with our project BitcoinMYK, we've become quite efficient at extracting value from our participants and people who use the site. We use something called the proof of participation model, um, and, um, what it does is pretty much all these tokens that are earned by members of the site, um, their— the activities they do has some value of some sort. Across several networks. So I think when people earn BitcoinNYK tokens, they recognize the work they had to put into getting the tokens, whether whatever tasks they were completing. And I think that probably— so you, you pretty much, when we say you get the token, we don't really say you get the token free. We say you earn the token, right? And even with our very small universal basic income program that's attached to that, those are only— those tokens are distributed only from the Bitcoin Fort tokens that were claimed, uh, that go out, uh, per month to people who claim it. And so, um, that's the only portion, which is a very small portion of our activities, that tokens actually go out where people don't pay for them. But as far as the proof of participation model goes, uh, people are doing things that could be kind of considered as a task that put value back in the token. So I think when that's considered, I think some people probably can then recognize the value of the BitcoinMYK token. And so maybe they aren't as quick to get rid of it because, um, you know, looking at this, as I've kind of studied and evaluated this over the last few weeks, um, uh, looking at the behavior and the activity of the tokens, we, we have several hundred wallets already and counting, and people aren't dumping the tokens. Now, the buy orders are out. You think they— what that indicates to us is that if they aren't dumping the tokens, that they believe that the tokens can get them more value. So that, that's a market indication that people believe the token is more valuable. That's why when the market prices fall, we get people just dumping tokens at any old price because they have determined that the value of your token isn't valuable any longer, so they're getting rid of it. Or some other, some other thing could come up, but pretty much it's an indication that they don't find that token valuable at that price anymore, so they're going to get rid of it. Whereas if you expect the price to go higher and you're long on an underlying asset, you're long on, on a coin, you're going to hold it until you think it hits the price you want to hit. So it's just interesting seeing the market behavior with BitcoinMYK. Uh, we— anybody could come on the site, give out these tokens, the trade volume, the prices are real. Anybody can come in, get the token, dump it. They don't do that because there are factors that go into doing that. Uh, and, um, I, I think that, uh, it will be great corrections, but I think it's sending out to us the message just how valuable the token has become. Now, it's also very important to understand that our connection with social media across the blockchain— we have these cross-chain tokens, and so, um, a lot of these social networks use a form of inflation, and what it does is it allows, um, them to in a sense, create more money through their token that is traded throughout the network. And we have access to this money to liquidate and cross-use these tokens across several chains. So what that basically adds up to is then there becomes this floor of the value of that inflation, that printed money, and the value we can get for our token. So it becomes very difficult to go below certain prices with our tokens, whether it's around 5 cents or 10 cents or whatever it is. There's these prices that it kind of just hits the wall, and even if people try to dump it, it becomes increasingly hard to do that. And it's kind of complicated to explain if you're not accustomed to the social media sites on the blockchain, but if you've used them, I think you kind of understand to a degree what I'm saying. As we expand into, into more, we've just expanded into a new one called BearShares today. And, uh, there's so many of them popping up and we're integrating into many of them, and that value is being spread over through our cross-chain token. Um, and so it's all very interesting to watch. I, I think the next thing that might, um, kind of, uh, uh, give some understanding about the, the price of the project where we're at, maybe why it's holding. I, I would like to think Bitcoin, um, Wave, uh, network has something to do with that. And that's this project where we match the Bitcoin ledger, and anybody holding Bitcoin, they can kind of just spend our, our money against their Bitcoin, kind of like a, uh, how money would used to be backed by gold. So if you got Bitcoin, we send a representative value of our BitcoinNYK tokens to you, and we also use a, um a feature called social media, uh, the social media, um, uh, verification key. And that basically uses several of your social media sites in order to, uh, verify, um, that you're the owner of the— your Bitcoin account. These are all the same profiles. We know it's a unique person to that unique account. And so that stops the double spend problem. A little bit technical, but it's something that keeps coming up and something we're gonna need to address. Now, for people who don't think that's a big deal, let's say you saying, okay, this is just, you know, uh, I don't— I could just use this or an exchange, or I can use a— uh, interesting enough, um, just happened today. It was on the news, I believe, or I've definitely been around crypto, crypto, uh, news a lot, and that is that some major exchanges have been hacked and all of the driver's license personal information and data have been, uh, claimed by hackers and they're now selling this data. So what happened was under major exchange, I believe Binance may have been one of them. I'll have to double check that, but, um, I will leave more details to that in the, uh, in the comments section. But, um, I just was, uh, uncovering some information that suggested that when a lot of our data gets passed off to these, uh, centralized exchanges, um, that it's possible that they've been compromised. In fact, the hackers were selling the data, it's like $10 each, for all the, uh, um, identification and all the personal data they could— they were able to extract from, uh, hacking into these exchanges, right? All your driver's license, because they have to, you know, go under KYC and AML and things like that. So by them doing that, it created a, um, a, uh, a compromise in privacy, right? And so now they're selling that data. So that's the kind of danger you're in when we're trying to move Bitcoin and our various, um, assets across these exchanges. Now, of course, with, uh, doing this with, um, using, um, the social media, uh, private verification, um, keys that we use, uh, that we just created this feature, uh, you don't have to give out driver's license or personal information or personal details. We only need to know, uh, that you're a unique person, and that— and then you can send these— this, this all across the network at high speed. So this is kind of becoming an option to even, you know, having to deal with sending your Bitcoin, you know, over to an exchange to trade it for something else when you could just go through us and not have that problem. So I like to think that has something to do with sustaining the price as well. And just getting back to anticipating the growth of a social media site, you know, for every person that joins a social media site creates an amount of value, uh, in, in that network. And our social media platform part, uh, not a lot of people have joined yet. We, we have a ton of wallets because a lot of people might just come in to claim tokens and they don't worry about registering for an account because they don't have to. But certain features you have to register for. But I think the anticipation of that is building to or what could be a great token with our project. I think people really want to see this token get up in value. And so the people who are involved in it, they seem to be, um, you know, big believers in it, such as myself. It's a kind of a passion project for me, so I'm really patient with it. And, uh, I do expect, uh, before it catches on, that people are gonna— it's gonna take a while because I think people are gonna really have to understand some of the technical parts of cryptocurrency to see what works and what doesn't work, because there's a lot of things that don't work. But I think we're going to surprise a lot of people, and I think we're going to be one of those cryptocurrencies that sneak up on a lot of people. And so, uh, right now at 98.82%, uh, I'm very happy with that. Um, be sure and join our networking, start getting these tokens in our proof of participation model. That's another thing. Our prices are holding, but we aren't selling any tokens. We do not sell our tokens. Um, you have to— you can get them through proof of participation, or you can get them through, uh, claiming Bitcoin. If you're a Bitcoin holder, you can claim them through Bitcoin, or you can get them on the third-party exchange from another person who holds them and they want to sell them, right? Um, like here on the Waves DEX, you can get them that way as well. Uh, but we don't, we don't sell any of these tokens. Um, we, we, we use a kind of complicated network where we gain value without, you know, we don't have to sell the tokens directly to gain value, uh, because of the network effect that we're creating and the value from this site, you know, because we're good at extracting value from, you know, our site. And so that's why that is not, you know, a problem for us to do this. Also, we're piggybacking off of a blockchain, uh, and, uh, that gives us a lot of, um, uh, flexibility and value. And a lot— all that money that went into, or would have went into, creating what would have been an inferior blockchain, we're pretty sure, to many others, uh, we can give that value back to you all. So That I think that has a lot to do with it as well. But guys, um, I hope you like the price. I hope you continue to participate in the site. Don't miss out on this value. We're building something great to the future. And be sure and read our white paper to really understand what's going on and what we're doing here. And I think it'll— a lot of it will start to make sense. But guys, just want to update you on the price, what's going on with BitcoinMYK. If you like content like this, don't forget to like, subscribe, and until next time, take care.