In this video, the host discusses the controversial possibility of rolling back the Bitcoin blockchain, citing the Binance hack as a recent catalyst and drawing parallels to traditional bank bailouts. He explains how a coordinated group of miners could theoretically reverse transactions, raising concerns about centralization, lack of democratic oversight, and the impact on Bitcoin's perceived immutability. The speaker critiques the idea that such rollbacks could deter future hacks, arguing it undermines trust in the system. He then introduces his own project, BitcoinNYK, which aims to add a democratic election layer to decide governance actions without requiring deep technical expertise. BitcoinNYK is presented as a complementary token that holders receive automatically when they own Bitcoin. Finally, the video promotes an upcoming free BitcoinMYK lottery sponsored by Freedom Exchange, outlining how to participate, prize structure, and encouraging community engagement through comments and support channels.
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Hey you, welcome back to the channel and I hope you all are having a great day today. Um, we'll talk about Bitcoin a little bit, rollbacks, bailouts, and those type things. So, um, many of us who have been in cryptocurrency space over the years, we've understood many things, but some of us aren't that familiar with the idea that the Bitcoin ledger can be rolled back. And this could be done with a variation of miners. And if they're in agreement with rolling back the ledger, that can be done, right? And this recently came on the radar with the Binance hack. And the CEO of Binance saw this as a way to discourage would-be hackers in the future, as they would be able to do that, and this would make it so that the hackers didn't— couldn't use the Bitcoin, right? And it probably very, very much would discourage future hackers and That might be a solution to a degree, but many people don't agree with that because it's kind of, I think, out of the idea of Bitcoin that it could be used that way specifically and especially if you're dealing with one business that had some security issues. And it kind of reminds some of what happened with the bank bailouts. Uh, where, uh, taxpayers had to pay those bailouts. Uh, in this case, I guess the investors would be losing, right? Uh, the Bitcoin has just been stolen. Uh, they would lose that value. But with the, uh, with banking bailouts, it was kind of that idea that it was too catastrophic to the system, and so thus we should come in and bail out the banks to keep the system from being disrupted. And in which case, uh, Many people didn't agree with that. They felt that was the wrong way to go about it, that it would be bad for the system if they did that. And as we've seen in the cryptocurrency space, Bitcoin doesn't seem to be unaffected by the Tether scandal and the Binance situation, which personally I'm very skeptical of. I know some people kind of take that as a good thing, But to me, it sends more red flags. It makes me a great deal more concerned about the state of cryptocurrency in it doing that, because then I'm, you know, the question is, well, then what's driving it? If it responds positive to negative news in these catastrophic events, what's driving Bitcoin? And then there were some concerns then about there could be forces, unnatural forces behind that as well, as we try to deal with the supply and demand idea of Bitcoin versus the idea of it being a store of value, then coupling that, uh, you know, with, uh, what's driving these factors and its price still going up and running up. And some people believe it might run up well up to $8,000, $10,000, but then of course, uh, we could be facing severe pullbacks and that could be quite concerning. So You know, obviously I agree with much of the community that this would be bad, but not just that, that, you know, as I understand, I think it's been already two rollbacks on Bitcoin. Some, you know, of course dealing with software updates and a variety of things. Some people in the camp don't feel like Bitcoin should be tampered with at all. Some people are shocked or don't even know that Bitcoin can be changed and these things can occur, which I think would lend a lot of problems to the idea that Bitcoin cannot be change. Obviously, if that can happen in Bitcoin, then evidently it can be changed. And that is a huge, tremendous problem for many reasons, I think. But not just that, just the idea of if miners are responsible for making these decisions, these miners are kind of random people. They're not elected by us. And so this, this kind of precipitates it down to a minority community of people able to make that decision on this global phenomenon. So I don't like that idea of that. And it kind of drives me back to the project I'm working on again, BitcoinNYK, which allows elections to be held on who's responsible for doing what. I still believe the democratic process is going to be the best way to do that as well. BitcoinNYK project, uh, makes this more accessible to everyone, as this doesn't require as high a level of technical aptitude as maybe mining would, and a lot of development to Bitcoin. Now, that's not to say that, uh, the, the, the technology of how Bitcoin works is not important. It's actually paramount. Bitcoin NYK can't work without miners, and it can't work without that technology. But what we do look at Bitcoin NYK is as a something that works in conjunction with Bitcoin. It works alongside with it. You don't purchase it, you don't buy it. If you hold Bitcoin, you get Bitcoin MYK free. So you don't have to purchase it. It works as a universal bridge cryptocurrency and it kind of works as a money to Bitcoin at the same time. But we will leave information in the video and links, a link to the white paper and a variety of things. So you can get a little bit more familiar with that because I think at this time in cryptocurrency, we do need some options. Especially the state of affairs and what can happen in crypto and maybe some misconceptions about how Bitcoin works and a variety of things. Real fast as well, talking about BitcoinMYK, some of you all who well know who are BitcoinMYK holders or you participate with many of our projects, a quick reminder that tomorrow at 7:30 PM we will have our weekly lottery drawings, a free lottery where you can earn BitcoinMYK by playing this fun lottery game and selecting members that is chosen through our television show, uh, through a random number generator. Uh, I got some great prizes for y'all. There will be more prizes than the earlier part, the Monday night drawing we just came off of. Uh, we will be sponsored by the Freedom Exchange, so you'll be able to get Freedom Exchange tokens if you win. You will get more BitcoinNYK tokens, uh, in this, uh, tomorrow's drawing than, uh, was, uh, won, uh, on Monday night. So this is not the one you want to miss. It's a lot of great cash and prizes coming through on this one. Make sure that you catch this one. Uh, easy to get over there, sign up, register, get your free lottery ticket. You can get free lottery tickets every day, increase your chances to win. Uh, and if you have any questions, comments, or concerns, feel free to, uh, either, uh, comment here on the video. You can come over on the website and, uh, contact us, live support. We will assist you. Um, but that's all I want to say in this video, guys. If you like content like this, Don't forget, like, subscribe, and until next time, take care.
