In this video Michael Joseph Presley provides a comprehensive update on the BitcoinMYK (formerly BitcoinNYK) token project. He reports rapid growth to 13,073 user accounts, a surge in daily transaction volume from ~50 STEEM to several hundred‑thousand, and the transition from inflationary airdrops to an aggressive 1:1 token burn on every transaction, positioning the token as a deflationary store of value comparable to Bitcoin. Presley explains the dual‑reward system where users earn 200 MYK tokens per post and 50 per comment, as well as STEAM rewards, and highlights recent contest winners. He outlines the upcoming community elections (≈87 candidates) for curators, miners, and affiliates, describing the stake‑weighted voting mechanism that requires subscribers to comment their vote. The video also covers current market data (≈290 STEEM per MYK, recent pull‑back from 400+), liquidity concerns, and expectations that the upcoming SmartMedia token on Steem will boost trade volume. Presley concludes with a call to action to register on BitcoinNYK.com, claim bonuses, and subscribe for future updates.
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Welcome back to the channel. I hope you're having a great day. So got some updates for you today with the BitcoinNYK project. Uh, we have broken over 13,000 accounts, 13,073 accounts to be specific. And it's been a pretty darn good week here. Uh, we were just around 1,800 accounts several weeks ago. Now we're at 13,000. The volume has picked up tremendously. We've went from barely doing maybe 50 steam a day or something like that to something more or less like about 400 to a couple of thousand steam a day. And so this is quite interesting. Um, now the BitcoinMYK project, as many of you all well know at this point, it is a deflationary token. That means that it has a very aggressive burn rate. It's on par with Bitcoin as far as the ratio of Bitcoin holders to the value of coins they hold in the network, and the Bitcoin holders get a free. Some will call it a fork, or some something akin to a fork. And so it's quite the interesting product because it is utilized on the Steem blockchain, which is very fast and essentially free transactions. And this makes it just an excellent system to send value globally. And the user interface is actually quite appealing, easy to use. And I think that what makes a lot of sense if you're going to have systems where you want a lot of people using the product. Now, um, it's very interesting that we have, uh, done about millions of tokens now in airdrops driving us to a very highly inflationary rate, uh, but yet we've, we've actually start to go, uh, go up and, uh, we, we actually— I'm sorry— did more trading volume, uh, during that period. Now what's great now is that the, um, airdrops that we had going are now over, and so, uh, we're now looking for deflation to kick in, and there's going to be a lot less. Or the hope, of course, is that now the value of the cryptocurrency goes up with our very aggressive deflationary rate, uh, and with the now, um, you know, ending of the airdrop. So, uh, you know, it would follow as far as we could conclude that That should hopefully make prices go up. Uh, but of course nobody knows the market and things can come in and change that. But we're happy with the results we've gotten over the last week or so. Um, also just want to talk about Thursday will be the start of our elections. They're going to last a few weeks. Let's get you over there and talk about what that means. Okay, we're on the BitcoinMYK website. Uh, let's get you over— let's talk to you a little bit about, uh, the, the elections, how they work, give you a general idea. So let's head over there to the social network part where we're integrated with Steam. And, uh, right, this is where people can post, um, and they earn our BitcoinMYK tokens as, as well as Steam, right? Uh, Excuse me, guys. Now what's great about this is you actually earn 200 tokens per post. Oops, 200 tokens per post. And as well, you, you earn, you can earn STEAM as you see here, right? So it's this kind of dual system. What you're presented with is basically stake-weighted voting with STEAM and earning STEAM, but you also get a more democratic merit, merit, merit, uh, something I would call a meritocracy or based on your merit. The BitcoinNYK token that trades against STEAM, and you can earn both of these cryptocurrencies. Um, a great, uh, system, over 200 tokens just for posting, right? Um, and this is a very interesting article one of our curators did saying that the inflation rate has now ended, airdrops are over and will not continuing. That is correct, uh, with this very aggressive burn rate. Uh, and to kind of clarify that, we burn tokens— every token is transacted in any way or traded. It can be through purchasing items on our website or whether it's transacted over the exchange. Every transaction burns tokens on a 1-to-1 ratio. So if you transact 1 token, we're going to burn a token against that. Very, very aggressive rate. create a great store of value system. But keep in mind, because it's a fast cryptocurrency, the Steem blockchain is very, very fast, quite efficient, and it's free, to send whatever across the blockchain. You have this holy grail, this kind of Goldilocks zone of what could be a perfect payment system as well as being a store of value. So that's what we were going for, and that's what makes this product so unique. And we think will add so much value to the cryptocurrency space unlike any other cryptocurrency. I don't think anything's been created quite like this in existence, um, and, uh, you know, this is now the time to be involved in such a great product. Uh, we did have a contest here, want to let y'all know about the endings of that before we do talk about elections. And, uh, these contests that we've, um you know, that we've taken part in. Um, they, uh, basically if you post the most in a, in a, in standard week, uh, within our group— it has to be within our group— um, you have to come up here, hit the subscribe button, right? Hit the subscribe button and then post, and you see you're gonna earn 200 tokens per post. If you're not good at posting or you don't know how to post, you're also going to earn 50 tokens per comment. So very good, a good deal. There's a way to get our tokens mass distributed and anybody can participate, right? So, um, we believe that this week, okay, Draker Noise came in second place. He will earn 500 tokens. And, uh, Bear here, he comes in third place. He earns 100 tokens. And @Quill22, he earns 1,000 BitcoinNYK tokens. It seems he runs a blog, a horoscope blog, and so he does pretty well with getting a lot of posts out. So I think he's gonna be a tough guy to beat, but keep in mind you earn 200 tokens per post regardless 50 per comment. And if you got the most posts, you're going to earn that extra 1,000, extra 500, or extra 100 Bitcoin MYK tokens. But let's talk about what elections are all about, right? And we have a complete video series on this, but, uh, we'll just give you the quick version here. Our elections are based on the idea that we only believe true decentralization can be achieved by democracy. One of the key words in decentralization is delegation. And what is a delegation? Well, a delegation is generally a smaller group that represents a larger group by taking power away from a central authority and then taking that power and representing that smaller group, distributing out to the masses of people, representing them in some way. And we believe through cryptocurrency you have to elect groups of people to do that. In comparison to Bitcoin, Bitcoin has, uh, a very minoritized mining system. That is mostly conducted in China, that is basically composed of maybe 3 mining pools, uh, we do not find that this represents decentralization in the best way. Um, with our situation, we have a series of miners, um, we have affiliates and curators that together distribute this token and they compete evenly on an even playing field, and they win, uh, rewards and are rewarded for their, uh, service to the network, their contributions to the network, to the community, and our cryptocurrency. However, they get bonuses based on elections. All right, so how do the elections work? Well, first they will be this coming Thursday, they will be entered into our, uh, our group here. And what they will have to do is they will have to, uh, basically, uh, they will be presented to the community. Anyone who wants to vote on them will have to hit the subscribe button here and then go to the section of a post like here. I'll demonstrate. We'll click on here. Um, and it takes you into the post. But if you go down to the post, you will notice that, uh, there is a section here where people comment and they vote. So what they will do is in the comment section and put vote on the curator, miner, or affiliate they wish to vote on. I believe that this Period. Now we're going to have something like about 87 people up for elections, which represent the people who distribute our token across the network. Uh, they would be similar to what you get with a Steam Witness or the Steam Witnesses in our, um, in our project on our platform. So these people get the tokens out to the masses of people in one way or another. So You have to subscribe to the group for your vote to be counted. And then you will put who you're voting for. Now, there's nothing really that the electees have to do. If you are, if you just become a curator this week, to be officially entered, you will need to do at least one post here by Thursday to be entered into this election period. The next election period will take place at 100,000, um, at 100,000 accounts, right? And right now we have over 13,000. So, um, and then the one after that will take place at a million accounts. So it goes every time the group grows by, uh, the project grows by 10 times, um, that's when we have elections, right? And of course this is to, uh, achieve the truest form of decentralization we believe we can get to. Let's look at the market today and see what's happening over there. Okay, presently at 290 STEEM. Had a little pullback there. We were up beyond 400 earlier today. Uh, we seem to be, um, holding around that price. Looks like the buy orders are pretty, uh, holding up pretty strong there. Um, and so we are starting to see some growth and progress with the project. Um, these projects are— or I'm sorry, the, the trade volume on these exchanges at this point in time, the liquidity is, uh, not very high. However, with the SmartMedia token on the horizon through the Steem blockchain, which will tokenize the entire Steem blockchain, which some people suspect will bring a lot more value to the Steem blockchain. Many of these tokenized tokens are going to probably be traded here on the Steem Engine Marketplace. And so over time, we do expect some great improvements in the trade volume. Also, with the high amount of inflation just coming off of our airdrops, we are seeing um, we saw a great deal of selling pressure, but now, uh, we are hopeful that that will turn around and we will start to see a great deal of progress, uh, going, going forward into the future. Um, I think that about gets everything, guys. Uh, we're very excited about the progress we've done so far. A lot of great features with the BitcoinMYK project on the horizons here. You can visit us over on our website, BitcoinNYK.com. Uh, register there for some bonuses and free cryptocurrency with the Bitcoin NYK token. Um, and I think that's all I want to say in this video. Uh, if you all like content like this, don't forget to like and subscribe. And until next time, take care.
