Bitcoin - Why Forks Are Good!

Hey you, welcome back to the channel. And guys, as you can tell by the title of this video, I want to talk to you about why I think Bitcoin forks are so great. Now I think it's important to know that I didn't always feel that way. I felt that Bitcoin forks were just basically a way to distract from the actual real Bitcoin and just create potentially problems down the road, potentially create dilution and things like that. Things I didn't think would be good for Bitcoin at the time. But I remember hearing about how some would compare Bitcoin to insurance against the collapse of fiat currency, right? And so I went, hmm, that's a very interesting way to explain what Bitcoin is and explain the greatest use of Bitcoin. Very simple, very to the point. Insurance against a collapsing world of fiat currencies, you know, which many of us fear, and it does happen in particular places at particular times. But let's look at that example. Let's examine it for a second. If there is a comparison that Bitcoin could be likened to insurance, Maybe you could think of an insurance policy. Then you could also probably come to the conclusion that amongst our insurance industry, you have a variety of insurance policies against certain things, right? You might have fire insurance, you might have flooding insurance, right? And And so forks in a way from Bitcoin could be looked at that way. So I want to talk about why Bitcoin forks might be really good and not the negative thing we thought they were after some special considerations. But going back and And looking at what's happened with this recent fork, obviously it's put a bad taste in people's mouths about forks. Now here's my take on it. I first blamed— I said, well, this thing happening with Bitcoin Cash and what's happening with Bitcoin Satoshi's Vision, I originally said, well, these guys are the reason the market's going down. But in studying economic models, that can seem to be the case, uh, on the surface. But I think also over the years I've, I've recognized some inherent flaws in Bitcoin itself. And as I understand correctly, I think from Satoshi's vision, it was meant to be improved upon, right? You know, that wasn't supposed to be the final, you know, conclusion to the— to what Bitcoin was supposed to be. Uh, and, um, so it was, it was kind of meant to be improved upon. But, you know, as we could see, the first rough draft has created some systemic issues. And let's get into that a little bit. So what we're finding out to be one of the main issues is it being a money and it being a currency. Now, where it is true that Bitcoin has quite a bit of vendors and quite a few people accept it, um, you know, it still isn't as good of a money as it should be. It's not as efficient. And then some people would raise the argument, well, it's not meant to be a money that's just good as gold. It's just good as a store of value. But let's stop right there. I think that's the first problem. If we say, if we go and create something digitally, right? And we say that the only reason that it's going to be um, valuable is because we've reduced the supply. It is just rare, and it's just based on, uh, on being rare, and the value's there. So some people might listen to that, they might just go, well, that doesn't make a lot of sense. You kind of just made something valuable and just limited the amount, and it's still not any more valuable than it was when you created it. Then the next thing that gets raised is, well, it's the cryptography in it, and, uh, and so the security of the network is so secure that that makes it valuable. But aren't there other cryptocurrencies that have highly secure networks, but they can be used as, um, uh, um, a money as well, and they can— they use their users of money better than Bitcoin? Because see, the problem, guys, is that, um, if you don't use it as a money, right, and you have vendors, you see where the, you see where the problem is right there? You use the vendors to improve the, the economy of Bitcoin, right? I can trade my goods for Bitcoin, but you haven't improved the the main concerns with Bitcoin, and that has to do with the transaction times and all those very important things that'll make people just go, well, this isn't a good use, this isn't very useful to me. Maybe I can use something else that's just, you know, easier to use, it's just more efficient to use. So Those are some of the concerns. Now, what's interesting about forks, and let's try to get into a little bit what a fork is exactly. A fork is basically, uh, let's just very simplify this very much. This is generally someone's idea about they don't like how the, the path that Bitcoin's taking. They don't know, they don't like where Bitcoin's going, and they have a different vision where they can see Bitcoin going in another direction. There are many things that are defined as a fork, right? There is many— it's not one idea, although some people single out certain characteristics and qualities about a fork that they find to be the best. But there, there aren't exactly any specific definitions of forks other than the inheritance from the Bitcoin ledger is held by those fork— by the new fork tokens, right? As to say that everybody who holds Bitcoin, who's on that ledger and holds Bitcoin, they're going to now hold that new token, right? And so then from there, then it goes into using the exact Bitcoin code to, you you know, miners, and it goes into all those technical specifics that mirror it to more to Bitcoin. But let's think about that for a second. If Bitcoin was meant to be improved upon, if that was pretty much meant to be the, uh, the, the initial draft, it is more reminiscent of the Constitution of the United States, which after it was first written out gets all these amendments later. Um, you know, maybe to some making the Constitution, oh, you know, a different thing than what it was from its original writing and printing, because through the course of future events, the contract has had to change with the environment and the times, right? And so in some aspects, it probably would no longer be that original constitution, right? But it would be better for the people. And I think this is how I'm looking at forks, that we got all these insurance policies, these various insurance policies, um, and, uh, they're improving upon the crypto space. Now there are some significant differences, and I think these are the things people focus on the most that find forks negative, and that is malicious forks, where you have forks designed specifically to scam and rip people off, right? And, uh, you know, these, you know, basically like the scam forks, you know, or the malicious forks, you know, going back to, uh, which I think would be more directly related to what we got with Roger Ver and Craig Wright, you know, um, where it's kind of like an ego battle going on at the fork Bitcoin, uh, you know, many suggest. And then, you know, we get the scam forks, which are forks just meant to try to rip people off. Um, and so obviously those areas of forks are definitely not what we want, but at the same time I don't think you can throw the baby out with the bathwater, right? Uh, you know, as to, you know, as to say, um, you know, you, you, you can't just, you know, have this negative idea completely about forces to say they're all bad for cryptocurrency and Bitcoin because you have some that are bad. Now another good thing about the, you know, obviously it's advantages to the Bitcoin forks. People get all these free tokens that are somewhat valuable, and now they pretty much got twice as many tokens as they had before, and they can sell them and they can cash out, and a lot of them do. And that generally drives the price of the Bitcoin forks down because a lot of these forks people just don't believe in their sustainability for good reason, because many of these forks haven't done anything really that isn't already being, uh, able to, you know, that's been solved in the cryptocurrency space, right? We have many fast payment systems, um, many things that can be used efficiently as money in the cryptocurrency space. But I think the only difference in for that I could say in that particular example would make good sense is that people who have invested so much in Bitcoin, and it's a, it's a lot of people have, obviously it's more people who've come into cryptocurrency and invested more in Bitcoin than anything else. When they suffer and when they lose money because of Bitcoin shortcomings and another coin comes up and it's more efficient and better, than Bitcoin, as we've seen, uh, they don't get to pass on that inherited value to the changes made to Bitcoin if they want to make them without a Bitcoin fork, if you're following what I'm saying. So they would have to jump into another cryptocurrency, and whatever happens to their money on Bitcoin, whether it goes up or it goes down or it goes sideways or what have you, they're not going to share in that inherited value. So forks work, uh, good ways on both ends, whereas it gives them the opportunity to share any inherited value. But from the perspective of the visionary or the person who disagreed with the Bitcoin direction or just thought they had a better idea or view on it, now they're able to also now get all these token holders to their coin, and they're just moving that value, uh, over there without losing any value over in the original Bitcoin. So I think that's a good thing. I think that's a great thing. Uh, I don't think that's a bad thing, and I don't think it necessarily dilutes Bitcoin. In fact, it could def— it could have the opposite value. The shortcomings of Bitcoin, this could actually produce more money in the cryptocurrency space. Now, um, you know, from, from my perspective, BitcoinMYK, we have a different view altogether. And that is because what we found to be a huge issue is many of these Bitcoin forks, they, they're startup, they get the wallets, but the people just want their free tokens. They're going to dump the tokens. They don't really believe in what they're suggesting and what their direction is. And these tokens go down, down, down, down, down until they fizzle out to very little, nothing, or they're not quite significant. They're certainly not going to be effective to do any of the things that they propose. So let's talk about Bitcoin NYK and why I think it's different and why This approach might make a little, a little bit more sense in the direction of a Bitcoin-like product going forward, yet keeping the value that the Bitcoin, original Bitcoin holders have put in, put inside it there. And what I found to be one of the greatest uses of cryptocurrency is social media, right? So you might say, well, What's that got to do, you know, with Bitcoin and being a money and being this monetary policy? Well, let's think about this for just a second. Let's think about you got Bitcoin and the idea is that Bitcoin is going to be this valuable token, commodity, money, whatever you want to, whatever you want to call it. And you're gonna, you're gonna use it to exchange with vendors and buy products, and they're all gonna accept this particular coin, right? Well, first, obviously, due to the fact that the fluctuations and volatility of Bitcoin makes it a horrible exchange of value, right? That's just the, you know, that's just the fact. You know, it would work better, you know, as they have suggested, like just gold sitting up there. But think about what that would mean. It wouldn't really be used. It would just be this speculative thing that people just going, okay, I think it's worth this much, just speculating at high heaven. But it really wouldn't be used in exchange. You know, that wasn't Satoshi's vision. So if, you know, people are going out and saying things like, oh, it works better as a store of value, well, it, that might have been how they found a use for Bitcoin in a speculative environment, and that might keep some stability in Bitcoin due to the speculative, speculative nature. But the reality is, if it's not a money that people are willing to trade and barter with and trade goods for, you know, uh, you know, it really doesn't really have a use. Now, um, you know, also I would say even if it does have a use in that department, why would it be more efficient for me to just jump on Bitcoin to try to use as some kind of digital money when I got MasterCard and Visa and I got several dozen monetary institutions I can use that even if one failed, I could just go to another, the next one, right? Um, you know, it just— I'll put it this way— it just doesn't produce the amount of urgency, in my opinion, to where people just feel they have to use it. You know, it just doesn't do that. The, the only time I see it doing that, if it's operating in lands like where, um, the government is suffering hyperinflation, where, uh, you know, there are unbanked people. But even in that regard, it's probably more unlikely that many of these countries that use Bitcoin for that will use other cryptocurrencies that are better equipped to deal with those particular specific problems, if you're following what I'm saying. Now, why, why do I say social media? And it's more than social media. Why did I say social media and entertainment? Let's, let's sit back and let's think about that for just a moment. Now, have you ever saw someone who suffered from, uh, Facebook addiction, social media addiction? Have you ever met someone that said that they can live without entertainment or they don't want entertainment? These things are at the— at a level of urgency, right? We can't stop using social media. We can't stop using Facebook. Some of us will probably go insane if it— if they just went, okay, no more social media, you know. So this is a sense of urgency now. Thing about social media that's so very interesting and unique as a business, as a, as a way to move money and value around, is that social media is, um, um, is one of those things where the majority of the value will actually come from the end user. Now when you think about other business models, you know, it would be ridiculous to say, I got this business set up, but you guys got to come in here, do all the work, set up all the items in the shopping store, and I'm gonna let everybody come in here. Then you come back and then you buy the same things from me you just set up, and I make money off of you, but you make nothing. You would, you would think that was ridiculous, right? And so that's what happens with a lot of social media, right? But if you somehow incorporated social media into cryptocurrency in a way that a mass amount of people used it, right? Let's say like if as many people use a particular social platform based on cryptocurrency, uh, uh, in the numbers related to how many wallets Bitcoin has. If Bitcoin has 30 million or 50 million wallets, whatever the number is at this point in time, if you had that as social media with people using it like they use Facebook, you can actually use that, move your value around in that ecosystem. And social media is all over the world. It creates ecosystems of something that is needed, that people need to use. Um, and so if you had something like that, that would make a lot more sense for use of cryptocurrency. But it would also make a lot more sense because it would make it easier for people to relatably mass adopt and actually be able to relate to having value in this that they actually need right now, because they would probably come to the conclusion that Uh, yeah, I, I think I do really need social media. I think I do need to, to get on my social media account every day and heckle my boyfriend or my girlfriend. And with our payment systems the way they are, especially in the West, um, I, you know, I just think we're gonna always have pretty good payment systems. you know, um, in the West that are, that are going to use blockchain technology, but it's not going to be Bitcoin right now. It could be some Bitcoin fork that uses things people find valuable to move value, and I think that would make more sense. So why do I feel BitcoinNYK is actually solving this problem? Because BitcoinMYK isn't just trying to go, we're going to create this one social media website that uses this for cryptocurrency, um, and use it as a payment system as well. The, the thing is BitcoinMYK is kind of going to work more like a social media hub for cryptocurrency. right? And, you know, basically besides the number of Bitcoin wallets, what's the next thing that's going to hold the most wallets in cryptocurrency? Probably some type of social media type apps. They're the, or systems. They're the ones that are going to probably get the, the more users in, right? That can find value in the space and find that sense of urgency that we need this social interaction, we need this entertainment, right? And those are very important things to think about and, and, and take a look at, right? And so we invite you, if you don't like forks, if you haven't participated in forks, or you have participated in forks but they left a bad taste in your mouth. We invite you to consider what's been said in this video, and if you're a Bitcoin holder, uh, collect your free BitcoinNYK tokens, uh, because we think this will probably provide a solution faster in the cryptocurrency space than you're going to get with many other, not just forks, but, uh, altcoins and Bitcoin in itself. We just do not feel Bitcoin on its own is situated or able to handle, uh, you know, what's going to be necessary for any type of mass adoption and create the urgency for people to think they need Bitcoin or want to use it to the degree that I think many of us are seeing it at. Um, another thing that's unique about this fork is we've opted not to use miners, and a lot of people say that's crazy. How is this a Bitcoin fork and your people can't mine the token? Well, this is why we think this is good as well, because Bitcoin MYK Purpose is not to replace Bitcoin. We do believe the community when they say Bitcoin is the greatest store of value, that it has the most miners, that is the most sophisticated system in that way. So if it already has that, why would we need to create mining networks to mine the tokens? We don't think that's necessary. We have a different solution where we stay closely connected to Bitcoin but use Bitcoin as its own store of value. But we work off the inherited value of Bitcoin and give it to the token holders. And how this will work is simple. Instead of having miners that set up the claiming of the tokens that are out there, we would only need to verify your account balances. So Every time your balance would go over— let's just give an example here. Let's say you have about $5,000 worth of Bitcoin at a particular point in time. We have a way that you can go into our system, okay? And you would be able— let's say your $5,000 stake went to $6,000, your balance of Bitcoin in your wallet. However, the original $5,000, you had already claimed the Bitcoin MYK. So once you claim those $5K, You can't reclaim them. It's just like a snapshot that's taken and you're given all your tokens and that's the end of it. Now the token's a different token and it's off trading. With BitcoinNYK, it works different. If you claimed your tokens at 5,000 and now you have a balance of 6,000 in Bitcoin, you're able to now claim that additional 1,000, right? Let's say it drops to your $6,000 value then drops to $200 worth of Bitcoin. Well, there's nothing you can claim and anybody else who now has a, a balance over that amount, over their original claiming amount or over their original balance rather, they are the ones who will benefit and be able to still collect However, the double spending will be solved by not allowing people to reclaim balances they've already claimed. So they can only claim balances above their Bitcoin balance at their claiming of their tokens, not after, right? What's also— we think better about this in relation to Bitcoin is it means that it kind of encourages people to buy more Bitcoins. It's like you're getting double, double your value for your Bitcoins now, right? And we're still growing and expanding the Bitcoin ecosystem through social media, which we think makes more sense. Imagine a situation like Facebook but for cryptocurrency. Imagine having like, um, uh, almost, uh, what is it, uh, like a billion people, uh, uh, using Bitcoin, you know, right? Like a billion wallets. Wouldn't— doesn't, doesn't to you that make a lot more sense to mass adoption than, you know, just kind of standing over here with people speculating on something that's a manufactured gold that is supposed to be this really secure, uh, technology? And that is valuable and that is very important, but you just have to take a step back and remember that blockchain technology is not limited to Bitcoin. We can do that with any token, right? It's not just limited to Bitcoin. But if we want Bitcoin to be mass adopted, that's why these Bitcoin forks work. And Bitcoin NYK would actually encourage the buying of Bitcoin and at the same time provide this. So that's what I think are so great about this particular fork and many other forks, right? Not every fork, you know, I'm sure we can match up as much negative forks as, as good forks, if you even want to say there's been any good forks. But the purpose of this video was to talk about why Bitcoin forks are good things, right? Why they are great. So that's all I want to say in this video, guys. Guys, if you're holding Bitcoin, don't forget to claim your BitcoinMYK tokens. You can do a lot with these tokens. These tokens are valuable. If you watch our other videos, you'll see why that is. They will not go— in my opinion, they will not go down in value like many of the other Bitcoin forks have. And there are many reasons for that that are expressed in our other videos. So we invite you all to watch them. Don't forget to claim your tokens, guys. If you have a problem claiming your tokens, you can contact us live support on our website, mikoscoin.com, or, uh, you can leave comments on this video. We'll try to help you as much as we can, as fast as we can. But guys, that's all we want to say. Until next time, take care.