Circles UBI Cryptocurrency Launched VS Bitcoin MYK
In this video the host introduces the Circles Universal Basic Income (UBI) project built on the xDai network, outlining its purpose as an alternative economic system that distributes a daily basic income to verified participants. He explains Circles’ tokenomics – an inflationary, decaying token that loses value if not spent – and its trust‑based account verification requiring three connections. The presenter then conducts a head‑to‑head comparison with his own UBI project, BitcoinMYK, which runs on Bitcoin Cash, uses a social‑media verification key, and follows a deflationary model inherited from the Bitcoin ledger. Throughout the discussion he argues that many cryptocurrencies are speculative and lack real utility, positioning UBI tokens as a meaningful use case, especially in the wake of crises like the COVID‑19 pandemic that highlight the need for basic income. He examines how value is generated in Circles through network effects, community trust, and analogies to gold‑backed currencies, and contrasts this with Bitcoin’s store‑of‑value focus. Practical challenges such as early‑stage low token value, verification hurdles, and funding the UBI payouts are addressed. The host concludes that multiple UBI projects can coexist, encouraging viewers to join both Circles and BitcoinMYK to increase their chances of receiving a sustainable basic income, and promotes his channel for ongoing coverage of UBI initiatives.
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Welcome back to the channel. I hope you're having a great day. So today is going to be an interesting video. We're going to talk about the Circles Universal Basic Income project on xDai. Um, and this has been a project years in the making. Um, the team behind Circles is a dedicated team, very dedicated, and This, um, idea has been popping up, um, over the, over the years since I got into cryptocurrency. I've been hearing about this project. Now, I don't fully understand as of yet what's taking it so long. I'm going to, um, probably go with it's probably had a lot to do with, uh, authentication of accounts, verification of accounts. And when you're doing a universal basic income project in cryptocurrency, That's a very important factor to get around. So today we're going to discuss exactly what Circles is, um, what are some of the features of Circles, how it works, how do they, how they go about achieving, uh, universal business income over the blockchain. We're going to do a head-to-head comparison to our project BitcoinMYK, which has been out there a while, hasn't been out there longer than Circle, Um, but it's going to be quite interesting to see, um, how it pans out. And the thing about universal basic income projects is that, um, the more the merrier. Um, the more there are, that's better for the space, that's better for the recipients, right? Because, um, you're getting universal basic income on Circles, maybe you're now getting it on Bitcoin and YK as well, and maybe you're getting on several other projects, and maybe some of the shortcomings of what it would take for you to be able to have a sufficient universal basic income each month, a basic income each month, is now met by these projects working hand in hand to, together, right, in a sense. And so that's why universal basic income Um, over the blockchain is not only a good idea, I think, but I think the more projects, just the better it's going to be for the end user. So what we want to do, we want to talk about Circles, and let's talk about it and let's explain it in the words of the creators here. We're on the Circles, uh, uh, site, and, um, what is Circles for? So let's read that off. Circles is an alternative economic system that acts a bit like a basic income. Rather than wait for someone else, we can build our own economic systems to support each other and in effect give each other a basic income. Circles is intended to be a new kind of exchange, completely different than any kind of money in use today. It comes unconditionally and grows in value based on communities. Circle tokens move through communities through trust connections. The goals of this are to foster local economies, interactions, and to value those things which are not seen, are invisible, or are not valued under our current system. Circles is building a new network to acknowledge those fundamental things that in the current system don't have a euro value, right? So, um, that's very interesting. Of course, they're talking here about networks and the value of networks and the value of the people behind the networks. You know, if we, we really take a step back and we look, we look at a project like Circles, um, or look at networks in general um, or cryptocurrency, right? What's going to really give those projects value, of course, is going to be the community, the network, the participants, right? The wallets. And so, uh, theoretically, by building these large networks, you're going to build more transferable value amongst the, the members of that network, right? So that seems to be what Circles is doing, is taking these communities together and they're able to, uh, transfer this value back and forth. Let's, let's read a little bit more about what, what's going on with Circles. Isn't this all a bit crazy? All this time and effort just to be able to pay a few tarot card readers? Let's see what that's about. Um, We're aware that we are working on a radical new approach. We believe our society is in such a complex crisis that only something radical can give us a chance to avoid collapse. Actually, the corona crisis made the importance of our two main foundations newly visible. For many people, basic income and the importance of a non-material value such as care and mutual aid It is now clear to many more people that basic income is the inevitable solution for the crises we face, and we will face on an even more severe scale in the coming years. So that is quite interesting. They're speaking here about how universal basic income might just be inevitable, right? We're witnessing it with what's happening with the coronavirus, the pandemic. Most people, or a large portion of people who weren't labeled essential workers, were just out of the workforce during this. And how do you feed these people? How do you take care of them when they can't earn a living and when all businesses are shut down, right? When it's a mandate and you can't do anything. And so that would go back to some type of perhaps government intervention, some type of financial aid. And care. And all of these things, um, make a good case for universal basic income. In order for universal basic income, I think, in modern days to be quite effective, there has to be a crisis. Uh, the— some of the original ideas of universal basic income, like, which existed maybe 200, 300 years ago, I'm sure it was hard then as well too, and people needed some type of help from the government, but or a booster or some type of supplemental income. The idea of universal base income up until now, or at this period in time, has been there needs to be a looming crisis, right? Needs to be automation, there needs to be a plague, there needs to be some lack of a job or employment situation to make a good case for it. And it just so happens we're right at the precipice of these catastrophic events that make universal basic income sound like a great idea, you know. And, um, that's what it's bringing out here, that whereas this may have been one of these optional ideas or just maybe a good idea. Um, it is, uh, avail— I mean, it is happening now and it is in use now. Um, just to add on a little bit with that, uh, what I find a little bit concerned about the cryptocurrency space is that, um, as, as I go around, especially found in projects like BitcoinMYK, uh, and speak to people, they seem to, uh I think be more a great deal interested in speculation over use cases. Um, and I think that's trending along a very dangerous path because, you know, as we well know, there's got to be a purpose and a use for many projects where money goes in. You can't just keep putting money into no end or staking to no end. You create a bubble, right? You create a bubble that's going to burst. And so a lot of these cryptocurrencies aren't being used. A lot of them don't have good use cases, and a lot of them don't have the chance to show the world just how effective they can be. And I could think of no perfect— more perfect example than universal basic income. And, um, you know, people who are serious about cryptocurrency, uh, for the advancement of this space, I would hope that they would take a step back and really look at some of the direction and philosophies and ideologies they have about cryptocurrency, really sit down and take a moment to see which ideas are going to really make sense and be used by people and not leave people, so to speak, holding the bag of losing a lot of their hard-earned money because they're in a project that really doesn't have a future. And this happens a lot in cryptocurrency, and, uh, hopefully we'll be able to flesh that out and really find great uses for cryptocurrency, such as universal basic income, which I think probably the best right now. Uh, let's see, is Circles a real basic income? It is a basic income in the sense that if you are in the system, you you will get it without any further conditions. And on each day, everybody will get the same share of this economic pie. But in the beginning, we expect it will be more like basic pocket money. And this is actually important in that early stages of the system, we need to let Circles grow naturally so that the amount of Circles being created every day is in proportion to the amount of goods and services that can be exchanged with Circles. Later, if the system is widely used in a community, in order to be able to cover one's basic needs. Circles is also meant as a basic income in that it is not for saving. The Circles token supply is inflationary, which means as you hold on to your Circles for a long time, they actually end up worthless than when you got them. The goal of this is that you and your network are motivated to use your Circles instead of sitting on them, which supports a flowing vital economic system instead of a stagnant one. Another way to think of it is if the circles are decaying, which is also an important part of the circles ecosystem. If we have more money than available resources, the money loses its value. The system can lose its balance and then could possibly collapse. So when circles are not needed, they decay in order to not block space. Like in a garden, the older and dying plants make space for and feed the new growth. Yeah, that is very interesting. And now I want to just tie in some the similarities between Circles and Bitcoin MYK, our Universal Basic Income project. Like, as I can see, very similarities. And that's why, um, Universal Basic Income projects— I think we're going to see the rise of the Universal Basic Income token, and we're going to see many Universal Basic Income cryptocurrency projects that people are going to get involved, especially now. So I think it's just a matter of time. Um, but it talks about here, uh, the importance of people circulating this money and not holding on to it like what you get in a sense with Bitcoin. This is a more inflationary product. Now, uh, here's the interesting part about it. The approach of Circles makes a lot of sense based on, uh, how they would motivate people to keep it, uh, spend these, these Circles funds, because you need to be spending it in order that it can be used. Um, if, if that doesn't happen, the economy becomes stagnant. So what they have to do is they have to, uh, basically, uh, it loses value if you don't use it. It's, it, uh, it, it basically, uh, uh, uh, is, is no incentive to hold it, uh, later on, but to use it in this utility form. And this is what I believe a big problem the cryptocurrency space has been with Bitcoin, that Bitcoin doesn't get used. It's just held on to speculate upon. It is a speculative device, and the more speculative device it is, the less useful it becomes because people don't actually use it. It doesn't give as much economic prosperity as it could because it's not getting in the hands of more and more people. Um, now interesting enough, our project BitcoinNYK didn't choose that route. It did choose to stay deflationary, and the reason being is trying to get people faster to amount of value that will result in, uh, basic income, right? The value, enough money to supply the basic income needs. But what is interesting is that when transactions are, uh, at a, at a very high point with Bitcoin and YK, uh, the cryptocurrency does decay. It does get burnt out of the system, but the, the more that it, it circulates, the less of that you see, right? So it's like you got more in the pool, and then the, um, the Uh, when the cryptocurrency is, uh, not moving much, when it is, uh, almost stagnant, that's when more are burnt. So less are burnt when it's circulating more. So in other words, these are achieving the same goals. It's just, uh, uh, in kind of reverse, but it's— the result is the same. And I find that very interesting. Uh, I think we're going to see a lot of universal basic income projects, uh, happen like this. Now I don't know if this was always the idea behind Circles. It could have been, uh, we weren't that familiar. I wasn't really that familiar with Circles other than I would hear about it and that it was universal basic income. Um, but the tokenomics in both of these projects, uh, their similarities are accidental to one another. And, uh, as far as our, our, from coming from our standpoint, but it does work. So what I'm going to do now is I'm going to just look at Instead of trying to go through all of these, I'm going to look at the more important ones, and that way this video doesn't go into 3 or 4 hours. But let's check out this one. Why do circles have value? I think this is very important. Um, uh, what'd I do with it? Oh, here it is. Money is a sort of language. We agree on its meaning, and that agreement is why it has value. It may not seem like it, but it works the same way with euros or with Bitcoin. Circles value is based on the value that people put into it and offer in the community. If you sell your bike for Circles or translate for someone in the job center and they pay you with Circles, this value comes in the system and stays in the community and circulates. We believe there's a real value behind our currency as the gold reserves behind euros, a value we have never seen and never will. That's quite interesting as well. Uh, how does, how does this have value? Well, actually, you know, obviously it's coming from the use of it, right? It's coming from, uh, it kind of is doing a simulation of gold, um, or, or, or money that is backed by gold. In this case, I guess it would be the network and the use, right? So very, very interesting, um, You know, if you kind of think of it in terms like, um, what you got with Facebook, which is a large social media, uh, uh, platform, and it's, uh, over 2.5 billion users, and its value is something like $700 billion, you know, pushing a trillion dollars, uh, you think— you sit back and think, how can a private company grow to this value? And it is all these participants, right? So going upon that theory One will probably end up with the more users you have, the more accounts you have, the more value the platform or project is going to have. If you look at Bitcoin, um, Bitcoin although doesn't have many features of like a social media site, you don't see people around unless some people, somebody builds on or something like that, it's still worth all that value just for what it is. But Bitcoin, uh, also has the most wallets in cryptocurrency, so there's this correlation between a lot of accounts, a lot of wallets, and a lot of value. And universal basic income's gonna always win in that area as far as having a lot of accounts, because essentially people are gonna look at it as free money. They're gonna look at it as they can obtain value free, but their participation in it still gives it value as a currency, as a money. And that currency, the value of currency, or the price of a currency really doesn't matter anything to the utility. Whether it's $1 or $50,000, you're able to exchange it as a medium of exchange and it will have the same exact use. Can I get rich with Circles like the early receivers of Bitcoin? Let's check that out. Um, well, not really. Bitcoin is built like gold. It's based on scarcity and there are a limited amount of Bitcoins that will ever be created. That's why it's good for the purpose of storing value. Euros, dollars, and other monies you might be used to are very similar in the sense their creation is limited by governments. So there's another approach. It's a currency designed for circulating, not for storing. We as people and economy needs both types of currencies. Circles is optimized not for storing value, but for exchanging it, right? So that's another interesting thing that, uh, Bitcoin is storing value, you know, it's not being circulated or used in that sense. I think there's a lot of setbacks to that, but I can see where Circles is going, coming from, um, that, um, you know, it's going to be more utilitized, it's going to have use. I think the same thing can be said about our project. Now it does happen that there are certain tokenomics, and this kind of what separates Bitcoin and YK, and, um, I'm actually going to head over to the Bitcoin and YK site right now and finish out this conversation just to kind of, uh, get the comparisons in and we can wrap it up. How similar they are, how different they are, but how in the end, if you join Circles, join BitcoinNYK.com, combine your universal business income together and get closer to that. And that's what I think is going to happen in the future, that the universal basic income tokens, uh, for the ones who kind of miss the mark and they don't get to that basic income, maybe in the West it might be $1,000 per month Uh, maybe it might be that you might need to use 3 or 4 or 5 or 7 or 10 or 20 or whatever, and you get to that number, but the result is the same. But let's wrap this up. Let's talk about BitcoinNYK.com, do some closing comparisons, and talk about why you need to join both. What are some of the strengths of one over the other? And we'll go on with that. Okay, here on the BitcoinNYK.com site, and, uh, um, I know these videos can get long. Try to put a lot of information in a video, shortest time as possible, uh, but that's why it's good to subscribe to the channel. We have a series of the project, Universal Basic Income projects, and by subscribing you can get to watch all the content for free and get Universal Basic Income from us on top of that. So it's a win-win situation. But, um, let's, uh, talk about Circles a little bit more in comparison to Bitcoin MYK and Universal Basic Income projects. Now, the way Circles work, as I understand it, you have to get 3 people, and this is to prove that you're an authentic account. And these people are generally going to be able to verify that through, or they, or the system will, through social media accounts, right? And, uh, on your Twitters and Facebook, as it were. Now, 3 people— I think that would be the biggest negative with the Circles project, that you got to go out, get these people. And, uh, for some people won't be a big deal. For others might not just be worth taking the steps, especially in the early stage of Circles. The cryptocurrency probably won't be of much value. Um, with the BitcoinNYK project, it's a little bit different. We use something called a social media verification key, and it basically links your decentralized social media accounts. It links your social media accounts to one thing, so you try to use the system, we can verify it against those other accounts, right? Um, other decentralized social media. Also, in the early stages of the project, you're probably not going to have a lot of people really trying to join or game the system simply because the cryptocurrency more than likely is going to be low in value. Because, um, basically people are looking at it as free, it's not worth much, but they're negating the fact that they're building this huge vast network that's probably going to be worth a lot of people if the project keeps going and universal business income becomes as hot of a topic as we, uh, think it will become. Um, the other thing is going back to the inflationary qualities of, uh, Circles, you know, as to say that the value of Circles is probably not going to actually ever make you rich as it says to go to high end. There's a kind of slightly different philosophy of BitcoinNYK.com. With BitcoinNYK.com, it is possible the cryptocurrency itself can go to a high value. And that is because it's a very low supply, but it also, uh, it basically inherits the Bitcoin ledger. Okay, so that's like a, a way of saying it's a Bitcoin fork without saying it's a Bitcoin fork, right? Because it's all software and it's not actually the chain, uh, rooted in the code of the chain, but it is inheriting the Bitcoin ledger, which means everybody who holds Bitcoin is going to automatically own and hold the Bitcoin NYK token. And, uh, because it acts like Bitcoin, it simulates the Bitcoin halving and inherits Bitcoin's ledger, uh, that means there's probably going to be a lot of Bitcoin people potentially using the network. And then assimilating the halving means getting less and less tokens. It is theoretically possible that could push the price up, but in keeping with the utility idea of, uh, what Universal Basic Income projects are for. It is for spending and people receiving them to take care of their basic needs, right? Sustenance and so on. With that said, because it's a global project, it's going to be people all over the world from developing nations and so on and so forth. It is probably likely it's not going to be a problem spending the cryptocurrency. You know, people are going to need money People are going to need to transfer value, especially again in hyperinflated lands and so on. So I don't think it's going to be a big problem spending the cryptocurrency. Um, I think that's about it, you know, besides just really interesting cool wallet applications. I think both Bitcoin MYK and Circles have very interesting products in that sense. Chat rooms. BitcoinMYK has chat rooms, has wallet apps, and so does Circles. So a lot of those bells and whistles they both have. Uh, I think BitcoinMYK kind of one-ups things a little bit. It has the, uh, it's rooted in the, um, Bitcoin Cash chain, uh, as a cryptocurrency as well. And you can kind of tip and upvote like what would be something like a Twitter post on a Bitcoin blockchain. So it has that feature, has some other ways to earn it. Uh, so it's very interesting, uh, the many features BitcoinNYK token has. It's similar to the basic attention token. You can use it to, um, put ads up on the platform and so on and so forth. So, so just a, a lot of great stuff there. Uh, and I, I think in the infancy of Circles, there's some great things about it as well as run on xDai. BitcoinNYK.com is running on Bitcoin Cash, uh, two, uh, very capable chains. Secure and big chains, and that's going to work in both these projects' favor. Bitcoin Cash is doing a lot of development on Bitcoin Cash right now. There's a lot of great things coming out, people, developers building upon it. Circles on the xDai system, and we're already pretty established in that sense. I think the conclusion of all this is just going to come down to use all Universal Basic Income projects. The more that you use, the closer you're going to get to obtaining the basic income each month. The other big problem with universal basic income is how do you pay for them, right? That's the 800-pound gorilla in the room. I'm not sure how Circles is going to do it. Their branding is on the Xdai system. I don't— it's going to be kind of hard to convince people, I think investors early on, to invest in cryptocurrencies that they're going to see as being given away for free. But what BitcoinMYK.com did, what was clever, was inheriting the Bitcoin ledger. It's in a sense able to, uh, kind of co-op some of the, uh, value of Bitcoin, right? Because, uh, it's a very fast transactional system, which means person holds Bitcoin and get BitcoinMYK for free. They might want to substitute, use it for micropayments and so on and so forth. So it could create a bigger attention pool and value pool, very slight, from Bitcoin to BitcoinMYK. And we estimate if it was all like 1% of people who did it, it would make the BitcoinMYK.com project worth billions of dollars, right? So that could easily make it possible to pay for universal basic income for BitcoinMYK BitcoinNYK.com is now trading on several exchanges, and although it doesn't have high liquidity, uh, it doesn't have a lot of high value, it is showing a, a very much the potential for the future of ease of use to the end user. And so it's, it's going to come down to a lot of, uh, I think people are just going to see so many advantages and using these universal basic income cryptocurrencies over the standard ones that exist they're going to want to use them. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and as always, take care. Don't forget to join the BitcoinNYK.com project, get your free universal business income today. Don't forget to join Circles, that looks like it's going to be interesting. And look forward to many more of these type projects in the future, the rise of the universal basic income cryptocurrencies. Take care.
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