Btcmyk - Guaranteed Crypto VS Random

Welcome back to the channel. I hope you all are having a great day. So today we want to talk about guaranteed cryptocurrency versus random cryptocurrency. So what do we, what do we mean by this? So, um, in looking at cryptocurrency and how it's generated, right, there are several systems, means that this is done, and they can range from many different ways. Some of our more common type ways we earn cryptocurrency is through the mining process. Now we need to consider the idea of mining in a very loose sense. In very loose terms, right? Meaning that there are many type systems, platforms, algorithms that can kind of take the place of what we consider mining. But let's go to the very deep rudimentary idea of how mining a cryptocurrency works or how it originated or some comparable things that we get in our standard economy. So if we go back to some of our earliest money, going back thousands of years ago, we arrive at something like gold, right? Gold was probably used as money probably 2,000, 3,000, maybe even 4,000 years ago. Um, and in order to first get gold as a money, there would need to be some type of extraction process, right? Right? And the extraction process was generally conducted through mining, where there were physical mining shafts that made it possible for people to extract gold, right? This is the first stage of the development of money for mankind. Using these precious metals, stones, what have you. And then as we get to a more sophisticated level of banking, then you have the, the early state of the goldsmith, right? The goldsmith would probably have been ideally what we term today as the beginnings of the banking industry. But let's, let's focus back on first just generating the value. Cryptocurrency— the currency is part of this compound word, right? So currency and how we transfer value through the use of a currency is very important to what happens in cryptocurrency. Now, why is this all very important? So let's consider a few things, and it's very important, um, this video you might have to rewind it back, watch it a few times to, to really get the full understanding of it. If it, if you don't get it right away, that's okay. Money and economics can be a bit complex, but let's first understand the early developments of money and how this relates to cryptocurrency and how, where do you get it guaranteed, or where do you get it through some type of random process, or both. Let's make these comparisons. So some of the problem with crypto mining is that, well, first, if you— how people would generate cryptocurrency, or even how in the early days that they were able to mine for gold during the many gold rushes. Maybe we can just pick one specifically to the era of the 18th, 19th century. America, where they had like things, ideas like the California Gold Rush. It was quite possible for a person to take a pickaxe and go up into an area of the mountains or some region where it was reported gold was found. They could take their pickaxe and they could mine for this gold. Now, what's very important about this example, and to help you understand this, is that What that meant was that there was a level of accessibility for many people to mine gold that can later be used for money. Cryptocurrency, a lot of the mining, um, especially in some of your more higher value cryptocurrencies, um, it can be a very difficult process from the equipment through the mining data centers. Through the idea, is it even worth the time and value to even buy the expensive mining rigs and things that are going to be needed to conduct this, right? So part of the problem with this is then it becomes less accessible to more people, and although there is more rarity and maybe thus scarcity in that, there is also less, a less participatory economy, as to say people— it's less and less people engaged in it. So you're going to find less and less miners, right? Uh, you're going to find less and less people with the mental aptitude and the technology to mine. And so this is an economy not everybody can participate in. That can be a problem because that can get you further away from decentralization. What you can actually have is you could have a, um, a centralized, for lack of a better word, mining operation. And so centralization can start to occur in many cracks and forms of the, uh, cryptocurrency structure, right? In order to solve this problem, what you need to do is kind of create this situation where there's more accessibility. That means there needs to be some type of format. There needs to be some type of system where more people can participate but yet satisfy what's necessary to generate the value of this money. Now, of course, with gold, some of the things that probably went into the value of gold would be the energy it took to extract it, right? The, um, the, uh, acquisition of the land in the regions where the gold was, meaning you have to put up money first in order to be able to locate this, this gold and to be able to secure that land. Now cryptocurrency, because everything's happening in this type of virtual intangible type space, there aren't going to be the same issues that you would have in the extraction of value from things like gold and so on and so forth, right? But what you are going to have is you're going to have the technical limitations and the solving of these algorithms, right? And so on and so forth. So in order to be rewarded the cryptocurrency, so these systems are then going to create more ways in order to, uh, basically, um, um, you make it so, uh there are different approaches to this. So, uh, in some cases, uh, when we think of the energy that goes into the value of what's going to be the valuable currency or money or what have you, um, with projects like Bitcoin MYK that we're looking at now, a lot of that's going to come from attention. Why is attention so important? Well, focused attention is a type of energy and value to itself, right? You know, there is something termed attention value, right? So when everybody becomes fixed on a certain, uh, area, uh, platform, uh, or part of the, of the same network, that network gains value from the attention. So hopefully this is all kind of equating and making sense, you know, um, to trying to understand value and what would make a guaranteed crypto as valuable even though you're guaranteed. Now when I say guaranteed, I don't mean in the sense that you're just guaranteed it specifically for nothing. But what we mean is in the sense of that there is an award to the system and the mechanism, right, that if your attention goes to it, it creates value. And let me demonstrate how it works. We're looking at some of these, uh, registered accounts. Let's focus on the, this one called Walter Tag. Now, as I'm looking at his registration action, I can like the fact that he's registered. I click the like button, and when I do that, you probably noticed that he was awarded one of our cryptocurrency. Now, it's a little bit more than that because By me selecting for Walter to earn one of our cryptocurrencies, it was, uh, a decision made on my part, and in some sense it could have been random, meaning I could have did it or I didn't have to do it. Now the difference is with BitcoinMYKR system is when Walter registered an account in his wallet, he received so much of our cryptocurrency for the action of becoming part of the network, which lends more value to the network. And then his attention and visiting certain pages also earned him cryptocurrency. So in other words, this is kind of set up in a structure like a social network, but everything you do based on this attention value earns cryptocurrency, earns money, and it earns it automatically. Based on the value and the attention you bring. And although there is the element of people still have the ability to, in a random sense, um, give you a like, which equals a cryptocurrency, or just decide whether you get money or not— they can do that— there's the second part of the system that if energy has went into the network, be it from what you've done, whether that be visiting pages, liking content, uh, whatever the case may be. Think of this as social media that pays you this guaranteed cryptocurrency based on your participation. Now some would say, well, we've seen the similarities of these type systems And, um, that is true. Uh, certainly they have existed, uh, prior to this in some form. But what I do find about many of these that do exist is that oftentimes they are built and based on if a, if a part of community decides to give you a certain amount of cryptocurrency. Right? So if they don't decide, or if they have some type of stake, uh, weighted vote or attention, uh, or position or whatever the case may be, if they decide not to give it to you, then you earn nothing and you have no value. This is a totally different system in that it is very egalitarian, in that the people who participate in the system are rewarded based solely on their own participation and not that of somebody else's. And I think that's very revolutionary. I think that's very important because we really haven't seen anything quite like this in cryptocurrency, not as of yet. We've— we have seen where through an attention value system you're awarded cryptocurrency based on a time system, right? Mean the amount of time you spend on the system, but it's very specific to the amount of time you spend on the system. This is different. This is specific based on the amount of actions you do on the system, and each action has its own value. For example, if you post a photo, uh, a photograph could be of yourself, or it could be a photograph of a landscape, or whatever the case may be. The system will look into that and say, well, you added some type of content or value to the network, and it will take an average of what that is, what the amount, uh, is generated from that, and it'll give you that cryptocurrency value. So let's just say we're just going to use arbitrary numbers here, but let's just say we, um let's just say that a Bitcoin MYK is worth $1, right, just for the sake of this video. And, uh, um, posting a photo is worth a dollar, right? So you post the average amount that a person earns is a dollar. Let's just say the average amount a person earns is $10, right, for posting some type of photograph. So that would mean that every time you post a photo, you receive $10 worth for the BitcoinMYK token. That's how the system works. And maybe if you just like a post, you might only receive one, one token for that, right? And each one could be different based on an average of what the network sees value-wise is entering into that. So very interesting concept, very interesting system. A guaranteed cryptocurrency based on the attention you've put over into the network. This is all based on ideas like Metcalfe's Law, that the more people come into a network, the more valuable it becomes. And if it— that's a very provable law. And because it's a provable law, we can prove that the cryptocurrency would thus have to have value in reference to that law. But that's all I want to say in this video. Make sure you join BitcoinNYK today. You can start earning cryptocurrency for free by your attention value. Um, if you like content like this, don't forget to like, subscribe. There will be more and more videos on this in the future, and, uh, you can take your time, go through our libraries and find a source of information that goes greater into detail about this type of project that I think many of you are going to like. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and until next time, as always, take care of yourselves and each other.