Bitcoin Private - Over 2 Million Premined Tokens

Hey you, welcome back to the channel. And guys, today we're going to talk about some more Bitcoin forks. So what has been my position with Bitcoin forks? Well, initially, not good. I think like many people, I was kind of concerned about the effect Bitcoin forks would have initially. Later on, as I start to look at some of the issues and problems with Bitcoin in blockchain, the cryptocurrency space, I started to see that sometimes it's necessary for adaptations to be made, for changes to be made to make the system work better. So I became a little bit more open with some forks. Of course, we got Bitcoin Cash, we got forks like Bitcoin Gold, Bitcoin Diamond. And I guess like with Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, some of those, they performed fairly well. They didn't exactly, you know, leave people high and dry. They, you know, kind of survived and I guess gave some value to some people in some regard. But we're not talking about Bitcoin Private, which was a fork merge of Bitcoin and ZClassic. And so that started to come on the scene and there were mixed emotions about it. A lot of it had to do with one of the founders who, whose reward was, I believe, removed. Bitcoin Private defined its initial supply according to the sum of the outstanding supply of Bitcoin at the time, 16.8 million, the classic 3.4 million, and a small 62,500-unit miner program. This was intended to give it an initial supply of 20.4 million Bitcoin Private with a decaying miner reward, capping the total supply at 21 million units as with Bitcoin. However, and this is the problem, 2.4 million, um, 2.04 million rather, additional units were covertly minted during the import of Bitcoin UTXOs and sent to the Bitcoin Private Shielded Pool, bringing the initial supply to 22.6 million, contradicting the white paper and all of the materials published by the 2017, 300,000 units of the COVID premine were moved out of the shielded pool towards what appears to be exchanges. Ultimately, the lack of uptake of Bitcoin Private by the recipients of the airdrop meant that these additional 300,000 transparent units today represent close to 10% of the Bitcoin Private supply in circulation, 1.80 million covertly minted units remaining in the shielded pool. So it's about 2 million of these tokens that apparently have been entering the market affecting the Bitcoin Private price. Bitcoin Private has denied knowing about this. Some people speculate it's the former member founder of Bitcoin Private who was ousted, looks like. And I'm not greatly familiar with the Bitcoin Private history. I never really got involved with them, but I have been able to find many divided camps Bitcoin Private. Uh, we do know John McAfee endorsed Bitcoin Private, and some people didn't, didn't like that idea. They felt that maybe he was doing that because there were a lot of incentive for him to do that. But whatever the case is, uh, with Bitcoin Private, it is yet another Bitcoin fork. Uh, and, um, Bitcoin fork just kind of puts a dark cloud on Bitcoin forks, as you know, they can be problematic. We have BitcoinNYK, which is my personal project that I don't think would have any kind of issue like this because, you know, the way our programs run is vastly different. We're actually giving out our tokens in the form of universal basic income. We're giving them out to Bitcoin holders already. Many Bitcoin private holders are probably Bitcoin holders. And, you know, Sandy, disaster that's become Bitcoin Private. Uh, maybe this is, you know, there's a time, there's time for maybe, you know, better products to look for. I don't know the total story about it, but it doesn't look good so far. Uh, nobody wants to be hit with 2 million additional tokens unloaded on the market that people are unaware of, uh, and, uh, that don't even know are out there. And, and that's what, that's what happened with Bitcoin Private, and that's what caused the severe, uh, problems in price. Uh, but also a very interesting news that came up, um, as I was looking into Bitcoin Private was that it looks like during their fork— and I apologize if this is the— if this is incorrect information, but I'm pretty sure initially there was only about 3 million actual tokens claimed from Bitcoin Private. So it's only 3 million claimed And so there's a lot of tokens, you know, that should have been out there. But, you know, what we want to do is we want to keep Bitcoin forks in the area of they can be good in some ways to help the cryptocurrency space. To grow it, to develop it, to where when we run into problems, we're able to adjust and make needed changes for the better. So, um, so I still believe that some Bitcoin forks are good, just very fewer and far between now with them. We certainly have had a very negative year with them, uh, Bitcoin Cash, Bitcoin Satoshi's Vision, but, uh, You know, Bitcoin Cash was kind of catalyst as well for many other forks because initially Bitcoin Cash performed quite well. And that kind of encouraged many other forks to come about. But again, I think what's important with a Bitcoin fork is that you solve a problem that is affecting the cryptocurrency space and that needs to be solved. And I think Bitcoin Cash did to a degree address a big issue, which in Bitcoin at the time had to deal with these extraordinary transaction fees and the speed of sending, you know, money over the blockchain. So I, you know, I believe there was a valid reason initially for Bitcoin Cash to exist, barring all the things that happened after that. But in looking at Bitcoin Private, You know, I think it's been controversial from the start, and the creators do deny knowing anything about these extra 2 million pre-mine tokens at the time. But, you know, I think they do have a plan in order to how to deal with this, whether that be, you know, basically doing another hard fork or doing some kind of hard fork or something like that. 00:07:07] So we'll have to see what happens with them. But if you are a Bitcoin Private holder, I would encourage you to look into Bitcoin MYK. You probably qualify for being able to participate in our fork rather. It is a Bitcoin fork and look into it and check it out. And hopefully this doesn't shine an overly negative cloud on Bitcoin forks. They are looked at as diluting the crypto cryptocurrency space, Bitcoin in some regards. I'm a firm believer though in that forks, if you short Bitcoin for a fork token or to some degree like that, I more so look at that as a, as you're seeing the value of your Bitcoin less than the fork token. So I kind of look at it that way in that regard. But anyway, guys, tell me all what you think about forks. Do you, do they shine a negative cloud over you? Which has been the case for us with many forks throughout the cryptocurrency space history, especially here in 2018? Or do you have a more optimistic view about them? Have they worked out well for you if you've tried some of these various forks? That is it. Let us know in the comment section, guys. If you like content like this, don't forget to like, subscribe, and until next time, take care.