Bomb Token - Review/ Competitors Ethplode & BtcMyk

Hey you, welcome back to the channel. I hope you all are having a great day. So today is going to be a very interesting video. Uh, we're going to actually review projects such as Bomb Token, uh, the new one, uh, we talked a little bit about called Fplode, and we're going to get into now I think one of the most exciting, uh, projects, uh, in this area, BitcoinMYK. That has a very interesting deflationary feature as well. So let's start off here with Bomb token. Let's, let's understand, uh, what this is about. We know that, um, recently Bomb token kind of just took off, uh, and a lot of people start to kind of get into this project. But let's read up on a little bit. Let's try to understand, uh, how it works exactly. So the origin— the BOM is a social experiment and financial case study to measure the feasibility of a deflationary currency. The rules are simple. There were originally 1 million BOM in existence. Each time a BOM is transferred, 1% of the transaction is destroyed. There will never be newly minted BOM. The intention is not to be used for day-to-day transactions, but rather as a decentralized hedge against traditional inflationary instruments. Through a system of immutable smart contracts and continuous destruction, BOM is the world's first destructing currency. Wow, so that's very interesting. So this is something that moves ever closer, closer to deflation, right? To become this deflationary cryptocurrency. And it seems the, the only interest, uh, in this is to create this hedge against traditional inflation. And I think that's quite interesting. Uh, of course, we know what Bitcoin— that kind of started the entire, uh, you know, um, uh, deflationary concept, uh, in our monetary, uh, systems. And so, uh, and since then, uh, has been this, um, kind of this pull and tug against, you know, whether this is some type of store of value or if it's a money or if it's meant to be more of a store of value, uh, and the pros and cons, um, and that. So this seems to be working quite well for the BOMB token so far. It's, uh, shot up to about over $10, and, uh, you know, interesting enough, it it's been doing quite well on, um, Self-Destructing Currency. It's been doing quite well on, uh, based on the CoinMarketCap data. No, I don't want to sign in. Let me go somewhere else. Okay, here we are. We're over on CoinGecko, looks like, and the BOMB token's at $12.09. Wow, that's interesting. I think it was like about uh, I guess about $10 when I checked earlier today. So, uh, it is on the move. Wow. And a lot of people are jumping into this cryptocurrency, uh, and that's quite interesting. Now, uh, looking at this, this project, uh, this idea of store value, right, and going ever closer to deflation, uh, I think it's a great concept. I think projects like this, uh, make the space— or, or more projects going into the space like this, I think it's going to make the space a great deal better. Uh, now, uh, Bomb Token spoke about, uh, on their website, uh, they seem to talk about there not being any competition. Uh, and I think since they did that video, maybe there wasn't any competition, but since then we have two projects that have popped up that are doing this. And one we know is FFlow, and the other one is now BitcoinMYK. So, so far I think everything with this project seems to be going well. People seem to be buying into this idea. I guess what it's going to go back to, and I think what I would say we need to be concerned about a project like this is As a store of value, this has been a philosophical question throughout cryptocurrency for some time now. It is part of the philosophy of what caused Bitcoin Cash to fork from Bitcoin. When we speak of concepts like deflation and the store of value and not being interested in everyday use but purely, specifically, uh, a, uh, a device to hedge against inflation In theory, that works well, but many economic, uh, ideas speak to, um, the idea that if you have a store value, it needs to have components in it that make it appealing as a money as well. So it needs to have a certain amount of monetary application to really be more appealing as a store value, if that makes sense. And what I'm seeing in projects like the BOMB, um, cryptocurrency is that Although I think this is a— these are good projects for cryptocurrency because they are deflationary, they are burning, you know, the tokens off, and we don't have to deal with all this inflation. So in that way it's good, but without it having that day-to-day use, without it having the utility and a use case, then we're gonna always be faced with another project that comes along, does the same thing, does the same thing. And then, uh, it's starting to kind of feel like some of those Ethereum contract games where you're just buying in and then they might start to sell off and dump on you. Without a use case, I think we face those dangers. But with that said, I'm not anti the project. I think it's actually pretty good. I might buy into some of this, I don't know, but I would feel more confident with it having a use case. But let's, let's look at the other one. Let's get over to FPLD now and see what's happening with that, because that's, I guess, would be their next coming Okay, so now we're on the fPLD, um, website. And fPLD, I guess you could say the competition, the competitor, the other similar project to this that has emerged, uh, you know, here recently. Uh, and what is fPLD or ETHPLD? It's a store of value built on the Ethereum blockchain with deflationary characteristics. Whenever, uh, ETHPLD is transferred a half a percent of the amount is burned. This built-in self-destructive functionality increases the asset scarcity over time and is hard-coded directly into our monetary structure. ETHplode is based on the design of the BOMB token, the original hyper-deflationary self-destructing currency. And they got a quote here from Ronald Reagan. So again, I am all in for these type projects, but we can see some vast differences in them. One is burning cryptocurrency at 0.5%. It's on the Ethereum blockchain. I think it's great that it's on the Ethereum blockchain because with it being, uh, functioning on the Ethereum blockchain, uh, what you have is, uh, you have a pretty secure, you know, blockchain there. And I'm not sure where Bomb cryptocurrency is running on. I, I, I, I, I, I don't— I'm not sure if it's running on its own blockchain. Um, I didn't seem to pick up that information on the website, but ETHPLD is, uh, and, uh, it's pretty much the same thing. Now, uh, just like the BOMB token, it's talking about scarcity, uh, but, you know, excuse me, as far as the use has a 100 million supply, BOMB token had a 1 million supply, so it's a lot more with the ETHPLD token. Giving away— it's giving away 70% of all. So that's good because that's good distribution, helps in the velocity of money and the transfer of value, you know. Although, you know, at this point in time, there is showing no actual uses to the cryptocurrency. I believe when you get the cryptocurrencies, they have like these bounties or airdrops, rather, but They don't seem to be trading— well, I'm sorry, they are trading, but they're not releasing these tokens until the end of next month, I believe. So that means a lot of the people who are the 70% they're speaking of, they have their cryptocurrency, but they haven't yet put it on the market. So what's going to happen when they do? I don't know. But let's get over and look at the price and see what's happening here. Okay, and we're here on CoinGecko. ETHFLOW looks like both of these projects are on CoinGecko. I couldn't seem to find a listing for them on CoinMarketCap. Um, but we see it's down 18%. It's at 13 cents now. Uh, this is a bit concerning because the ETHFLOW cryptocurrency, I recall it was at about 59 cents earlier today. I could have sworn it was— I'm sorry, that was— must have been yesterday. But it's at 13 cents and now it's had a— okay, this says it had a 24-hour high of 28 cents. So that must have been another day I saw that. But it's at 13 cents now and I recall it was at 59 cents. Hmm, I don't know. But anyway, um, seems like what we're getting here with ETHFLOW is the exact same cryptocurrency as the BOMB token, right? Uh, and again, they are both going after, uh, these— this, uh, this idea to be a hedge against inflation. I kind of thought Bitcoin was that. But this seems to be more fast-paced in how they're burning the cryptocurrencies, and that's the idea behind it. Um, I like the idea of the projects. Now I'm a little bit concerned about how many projects are going to be doing this, and is there going to be a lot of projects doing this and they're not going to have a specific use case, right? So it kind of, it kind of again to me feels like one of these Ethereum-based games where you're buying in, I'm buying in, they're burning these tokens, people are selling the tokens, people buying the tokens, and the price kind of moving up up and down. Seems like a pretty good trader's market, but it doesn't really strike me ultimately in the end as something that a year from now or 2 or 3 years from now is going to be, uh, you know, something that, you know, we're paying attention to or something that's moving up on, you know, the, uh, uh, you know, rising in, in, on CoinMarketCap or in the value of how we see this crypto, these cryptocurrencies. So I think they're interesting. I think maybe they do facilitate something like a trader's situation for traders. That might— this might be good for day traders, but, you know, for use case and advancing the space and things like that, I don't really see where this adds a great deal of value to that. Just me personally. But let's look at the last project, BitcoinNYK.com. That's the one I'm involved with. And let's see how it holds up and, and what are some things about it. Okay, so we're here now on the BitcoinMYK site and it's talking about BitcoinMYK deflation. So let's try to get into BitcoinMYK. What is it exactly and how it is related to these, these other projects. So BitcoinMYK aims to be the most deflationary of cryptocurrencies. Bitcoin MYK is a universal bridge cryptocurrency that gives out universal basic income to 80% of the globe. The project recognizes universal basic income as a mass adoption vehicle. The value of Bitcoin MYK comes from Bitcoin holders claiming Bitcoin MYK as a means to transfer it from blockchain to blockchain. Without removing their value from Bitcoin. This allows Bitcoin holders to keep their Bitcoin safe in their wallet as gold. This allows Bitcoin MYK to act as a money to Bitcoin holders. This is significantly different from using altcoins to facilitate movement of Bitcoin, as they depend on swapping coins for other altcoins. The purchase of other cryptocurrencies or leaving their Bitcoin in the custodial capacity of some other group or entity, which could create legal issues or even break banking laws around the globe. How Bitcoin MYK continually becomes deflationary is by burning cryptocurrencies or leaving them in cold storage wallets against their volume of transactions. This is done on a 1:1 ratio For example, $1 million worth of BitcoinMYK cryptocurrencies traded would equal the same value amount of coins burned. Bitcoin holders every month have incurred a 1% penalty for not claiming their BitcoinMYK tokens. At this time, Bitcoin holders can claim at a ratio of 4 to 1 minus a 6% transactional fee penalty. This is because our network allows for transactions to be free through a Bitcoin NYK token claim program equal to the value of your transaction fees every month. So let me stop right there because this kind of saying a lot and I think we need to break this down. I think this is kind of what gets to the core of some of the issues I might have with projects like Bomb Token and Ethplode. And that is when you actually have these cryptocurrencies, what do you do with them? And so we use the term store value quite loosely, But what we can see with BitcoinMYK and how its deflation works is the cryptocurrency is actually used, uh, it's used as a way to facilitate trading of Bitcoin from blockchain to blockchain. And how this works is normally with Bitcoin, you'd have to move that Bitcoin out of your wallet to get that value moved over. With this, it works vastly different. Uh, Bitcoin holders claim BitcoinMYK, they claim it for free. Uh, and, uh, we're able to verify that they own the Bitcoin through processes of signatures and through, um, uh, something we use called the social media verification key and using, uh, blockchains to verify that they hold the Bitcoin. Okay, once that's done, uh, they receive these Bitcoin NYK tokens, uh, that represent the value of the Bitcoin they hold. They can now move the Bitcoin value from blockchain to blockchain as we have a bridge We act as a bridge cryptocurrency on several blockchains so they can now move that value. So that's of great use because this allows Bitcoin to scale and it allows you to move your Bitcoin value without the danger of your Bitcoin being hacked or stolen or you losing it. Now, one big workaround to this has been the Lightning Network, but we're finding out through study and research, and this is backed up by many people around the world, that the Lightning Network might, may violate several banking regulations. And with a lot of the pending regulations that are coming on the horizon here, the Bitcoin Lightning Network may not work very well. That custodial capacity it holds might put it under certain banking laws, regulations. But with us, you never move the Bitcoin. You never actually move the Bitcoin. You get our cryptocurrency free. So this creates a vast use. The Bitcoins that aren't claimed, they go to people who can claim them on our Proof of Participation model on the site. And these unclaimed Bitcoin get paid out in Universal Basic Income and a variety of things. You can also use them, earn them from completing tasks and offers and a variety of things like that. Excuse me. But what is so unique about the protocol, we use the El Drake Equation. The protocol uses something we call social media verification keys, where it's able to use social media profiles to authenticate that you're the— there's only one owner of that account, right? And that is a valid person to that account. And through doing that, it stops the double spend problem that many people get in, uh, would get in doing a project like ours with Bitcoin, trying to move that value from blockchain to blockchain. So We have a method to stop that double spending using social media verification keys, right? So what happens is through transactions, every time you make a transaction with BitcoinNYK, let's say you make a $1,000 transaction with BitcoinNYK, uh, 1,000 BitcoinNYK tokens get burned. There is no half a percent of the transaction fee. There is no 1% of transaction fee. 1,000 Bitcoin NYK tokens get burnt. And what that does is that accelerates us to inflation. Now, I know a lot of people think that's too much, but the reality, the reality is we, uh, the amount of cryptocurrencies don't really matter, right? It is the, uh, the use, the volume, and it is how divisible they are. And, um, there is a total of 100 million tokens, uh, but so that means by the time we do about 100 million in volume, uh, we would have, uh, basically, uh, distributed these tokens. They would all be burnt down to just a few cryptocurrencies based on whoever's holding what, uh, but there will still be use and value in the cryptocurrency as it's divisible. People will continue to sell and repurchase it, uh, in a variety of things like that. So, uh, This is, uh, very interesting to see how deflationary we can get and how much value it gives to you all. In addition to that, you don't have to purchase this cryptocurrency. If you own Bitcoin, you can— excuse me— receive it for free. Now, if you fail to collect your Bitcoin NYK from Bitcoin Holdings, you incur the penalty. Bitcoin holders who don't claim by July 31st will incur a 10% penalty, and following every month after, up until total token burns have been reached, These tokens will then be burnt against a Bitcoin MYK transaction at a ratio of 1:1. It is important to note that this is not a percentage of the transaction. Uh, this is going to be burned on each transaction. So it is like Mirror. Every volume transaction per month, those currencies will be burned. Those, those coins will be burned. So if we did a, uh, $100 million in volume in a month, those, then we would, we would, we would burn the tokens that were involved in those transactions, right, in Mirror. So if it was a million coins, then we would burn a million tokens. Okay, so, um, uh, we believe this will create tremendous value in Bitcoin and YK as there are many use cases for the project. And that's the key word. This is something different. This is uh, wants to be this kind of holy grail of a stable, uh, or I'm sorry, a store of value and a money. So we're actually using it, and that is due to the vast amount of distribution, the universal basic income. These formulas together, we believe, will create the perfect recipe of how a cryptocurrency can work while at the same time giving the user value. It acts, it acts as a universal bridge cryptocurrency. It acts as a money and as part of a social network. The website is a social network with many things you could do on it. You have a profile, social media profile. You can chat with friends and family. You can send money from to friends and family throughout the platform. It rewards universal basic income monthly to users as well as tokens for participation on the platform and completing tasks and offers. We believe this project shines significantly greater than similar projects, and that the cryptocurrency will have daily use. Register with the site and start earning tokens tradable at the Freedom Exchange, the Steam Engine Marketplace, and the Waves Decentralized Exchange. Earn up to 1 Bitcoin MYK token for everyone you refer. So this is for ways for people to earn who don't have Bitcoin, right? You can earn by registering and completing tasks. If you refer people earn 1 BitcoinNYK token for every person you refer, unlimited amount of referrals. Social media influencers, if you, if you have a social media profile with over 2,000 followers, you may be eligible to earn 2,000 BitcoinNYK tokens just for placing your link on your social media profiles, right? So you go ahead and register today and you can earn 100 tokens. Now when you register, it will ask for basic information like your email. That's just a very, just basic verification verifications. However, you don't have to include real-life information or data or emails. This is not KYC or anything like that. So you can use dummy accounts, dummy emails, as long as you can, uh, you claim the account, right? Um, now, uh, there are certain functions like the Bitcoin holders to claim your, your Bitcoin MYK tokens for free because you can claim them on a ratio of 4 to 1. Uh, you do have to either do a wallet signature signing or you have to use our social media verification profile system. Uh, and, uh, you can go on our website. We'll leave links in the description on how to do that, and we have videos on how to do that as well. But this is, um, you know, I think what's kind of missing from some of those other projects, although I like them very much. I think in the end we might see a lot of more copycat-like projects, or we might just start to see them dwindle away. and we might see great price declines, right? As, um, it will be so many people doing this, and I think we're going to be left with why choose one over the other, other than to try to have the opportunity to get in from the beginning. Why not use something like Bitcoin MYK's deflation that is going to, uh, offer you more value, more use, more usability? Um, and because of that, I think it's going to be a project that's going to have a lot more staying power. And carry a lot more value going forward. But, um, have any questions, comments, concerns about the project, uh, feel free to let us know. Uh, we'll be more than happy to answer any questions you may have. We have a live chat on our website that you can ask questions on, and we'd love to have you come over, give this product a try. We know you're gonna love it. But that's all I got to say in this video. If you like content like this, don't forget to like, subscribe, And until next time, take care.