Crypto Anti -Whale Coins/Don't Buy Join

Welcome back to the channel. I hope you're having a nice day. So today we're going to talk about anti-whale coins. Um, why is that necessary? Why do you think cryptocurrency needs to have an anti-whale coin? So we first want to dispel some of the myths in cryptocurrency about whales, uh, about the issues that come out, uh, come about with them. And why it's prob— they can be very problematic. Um, this is not an attack against if you're a whale or something like this. This is more of an academic look at the problems in association with whales and cryptocurrency and why we think there needs to exist cryptocurrencies that create atmospheres that don't encourage large world control over networks, and obviously for good reasons, as we will bring out in this episode. Let's give an example first so a lot of us understand where we're coming from with this. Let's take a look at EO's voice right now. EO's voice didn't turn out to be the savior cryptocurrency many of us thought it would be, but the concept of EOS Voice was in the right place. Here's the problem: EOS Voice was created to be this cryptocurrency that you could not purchase, right, per se. So the idea of it was that you would come on this network, you participate in this network, and your voice, the value of your voice throughout social media, would be heard in a fair way based on your level of participation and everybody having a chance by starting off from same, from the same starting point to where they can earn the EOS Voice cryptocurrency. What they could do with the cryptocurrency then is they would be able to have their content move to certain positions, right? Their voice, right? So that it can be heard equally. And if we compare this to many networks that are out there, the people with the most money generally going to end up with the biggest voice, with the most influence. With the most control. And this is a very anti-crypto message, right? This is a very anti-decentralization message. And erroneously, unfortunately, even many of us who are, have a good handle of decentralization, many of us who are involved in cryptocurrency and who push for freedom and rights and voices the right that everybody's voice should be heard. Unfortunately, many of us, uh, uh, give in to this theory that whales, um, uh, should exist in these platforms. And generally what happens is they end up with their influence and control basically having this position over others, right? Essentially making our voices less important. So the way that EOS voice worked around this idea, around this concept, was to essentially— excuse me— not allow you to be able to buy the cryptocurrency because By allowing you to buy it, that took away your power and your abilities to, you know, to be able to have equal voice, so to speak. So one of the issues with EOS Voice, although it got many of those things right in the area of how people would generate this cryptocurrency and how they would be able to push their voices to the forefront. Uh, it didn't really have many of the other elements that many people in cryptocurrency look for. Didn't really have the tradable market, because if it did, then what would happen is someone would be able to just kind of buy up all the cryptocurrency, then in turn use them right through the wallets, use them to control the network. So to— that kind of gives you the basis of understanding some of the reasons whales are bad, right, for a network. Here's the other part. Now, some of the statistics that are coming out, and I don't hear many people refute these, and, and I think I know why. We, we hear statistics now like 80%, 87% of Bitcoin is owned by 1%, only 1% of network. And this 1% of network, these are going to be those big conglomerates like Grayscale. It's going to be, uh, you know, the Satoshi Group, right? Or Satoshi. It's going to be all these people that's controlling a large amount of Bitcoin. Now we don't know these people's intentions. We don't know what they can do. They can just dump Bitcoin on the market and so on and so forth, right? And that would be catastrophic to, to many holders of Bitcoin, and that wouldn't be good, right? So that's not a good situation to be in, and I would go far as to say that's not a safe network to be part of. So how do we deal with that? How do we get around that? How do we— what's the solution to that? And when we're talking about anti-whale cryptocurrencies, What are the pros to them and why do I think we need them? So if we again look at EOS Voice example, one of the issues is going to be when the cryptocurrencies were sold, let's, let's say if they were allowed to be sold on a third-party exchange, once these cryptocurrencies were sold, what was going to happen next was that they're going to use these cryptocurrencies to influence the network, right? Control the network. Now this is where, uh, anti-whale cryptocurrency projects like BitcoinMYK, and of course that's what we're talking about today, how is anti-whale gets it right. So on the network you earn and generate cryptocurrency through your voice, through your post, through the messages you want to convey to the general public, right? And you can do that through posting from your private accounts, or you can create group accounts, and you can do a variety of things. Right? You do a great deal of things actually that you can do on many mainstream social media accounts, uh, platforms. So, um, you generate— everybody has the same ability to generate the same amount of cryptocurrency. It is by what you do, what you post, and it's very meritocracy-like based in that regard. Now here's the catch to BitcoinMYK. On the platform itself, when you mint your cryptocurrency, when you mint the tokens, when you generate it through the proof of participation model. When that happens, you cannot— then you can send the cryptocurrencies out to be sold on an open market, but you cannot send them back into your wallet, right? So you do have a transactional wallet here on the side, but you cannot use the cryptocurrency to influence the network. You can only send them out and then sell them over in exchange, right? You can also pay for advertising space with them, that's true. But the function of, uh, posting and the content and the messages that you convey, uh, that information and that content is not able to be purchased, right, directly. Now where you win with this is as you're selling your cryptocurrencies on the open market There is the, uh, the people who haven't earned them, who haven't earned them through a merit-based system. Uh, so if you kind of think of in a retrospect, it's like mining, right? It's like mining, being a, uh, representing network through your activity and your earning network, right? You can only earn them that way. Otherwise you got to buy them on an exchange. Those people can take the cryptocurrency and through the traffic and through the attention value, they can promote or advertise in the advertising areas, right? With the cryptocurrency, but they can't take it and control the network like many other social network projects have done. And that is because of the way that the wallets are set up. Because the wallets, you can move the cryptocurrency, uh, back and forth out of your wallet and back into your wallet, out of your wallet to the exchange, back to your wallet. Because you can do that, uh, that's part of the issue, right, as to, uh, what the problem is. Other than that, presenting content in the place of your content on our network is pretty much equal for everybody. Whoever posts, when they post, where they post, that's how it works. Um, this means that people can with dignity have a voice and they don't have to worry about whales having a larger voice on the network, right? Or even getting people to— or, uh, getting people to, uh, um push their content to the forefront based on some type of bribery system, right? Some type of collusion system. And that's where EOS Voice got it right. And that's why I think BitcoinNYK takes it a step forward being an anti-whale cryptocurrency and really doing a good job of addressing that. But the BitcoinNYK project as well takes it a step further as we'll show you here shortly. Okay, so another way that we limit whales with Bitcoin MYK, uh, in this anti-whale cryptocurrency is that one of the big issues that exists around cryptocurrency is the ability to scale. Once networks start to get big, they can become congested, as many of us know. Uh, you're— it's taking forever to do a transaction to receive cryptocurrency to your wallet because the network, the amount of bandwidth that can move the cryptocurrency from chain to chain, is being congested, right? So if we look at something like the Bitcoin MYK project, the way that it gets around this is that you're able to basically take the same supply of cryptocurrency and just transfer them to a less congested blockchain. So for it, so for example, if we're on the Bitcoin Cash network and we want to transfer over to Ethereum, or we want to transfer over to Waves or Hive or Steem or Bitcoin Satoshi Vision, if we want to transfer to any of these chains, we would only need to select the ability to send to the cryptocurrency to one of these other chains here. Here, right? Um, and, um, what would happen is the cryptocurrency on that particular chain would cease to exist. It would be burned away, and it will repopulate on another chain. Now what's happened is you don't have a double spin issue, but you have the cryptocurrency now on another chain, right? On this other chain, you've chosen one now that's less congested. Uh, so, so you've solved the scaling issues, right, to a big degree for, for as the more the people gain, uh, come on the network. Now, how we use this as an anti-well system— one of our latest, uh, rules has been to not limit the amount so much, the amount of cryptocurrency a well can hold, but limit the amount he can transfer from blockchain to blockchain. So in other words, If we're on a— if you're on a chain on one, uh, with the, with the project, and let's say a whale has a billion tokens on one chain, he only has, um, X amount of cryptocurrency on another, right? By limiting what he can transfer, what the maximum transfer amount is per account, that means that that whale cannot congest every network unless he physically sells on one chain and then he goes. And, and by him doing that, um, we believe that's going to create a balance right now. Also, the idea is that through this process over time, the idea is to restrict the, uh, and discourage the network control from one whale over another. So we're not It's not so much that you're punishing the whales so much as you're creating a system that encourages a more well-distributed exchange of cryptocurrency. So as we use these various chains to scale the network and further decentralize the network, if you have whales with an amount of their cryptocurrency that's been dissipated across the change to a great degree, then that's going to help to facilitate a, a more decentralized network, right? If you follow what I'm saying, you might have to rewind the video, let it sit with you a while, but I think you'll understand what I'm saying, uh, because a lot of what's happening in cryptocurrency is the flow of how people are moving the cryptocurrency at the velocity back and forth, right? One, I think, error is that we need whales. When I— when we first started BitcoinMYK, uh, one of the biggest arguments was that, uh, well, if you don't have any whales, you're doing a UBI project. If you don't have any whales, it's not going to be a successful project. But I would say that that is a misconception and a misunderstanding of how, uh, platforms work, right? And network effect works. I see— I think— I believe my theory is it's the opposite. My theory is that it is the wells who follow the networks that are the largest, the most popular, and hold the most people, right? So, so take for example something like Facebook has 2.5 billion users. It's not just wells on Facebook, but the majority of the group of people on Facebook are from all walks of life, right? From all classes, right? But yeah, and then you have, do you have very wealthy people on Facebook, right? So that's the point we're making, that it is not so much that the whales are there and we follow the whales there. Uh, it is more so that the whales go where the attention value is. We also have to remember that, um, and this is statistically true, that, uh, the economic engines that generate much of the economies and network in the cryptocurrency economy. Most of that generation comes from non-Whales, right? As to say, it is probably that middle group, and it's a combination of the middle group and so on that are creating more economic value and creating a more economic engine, right? So in other words, even if you have a person like Elon Musk who comes into something like Bitcoin, he spends $1.5 billion Well, Bitcoin is worth like, you know, almost what, a trillion dollars now? It's like trillion dollar thing. So $1 billion to a trillion dollars is very minuscule. It's nothing. It doesn't put a huge dent in Bitcoin. But collectively together, the network is worth trillions because all different types of sources, the resources are coming into Bitcoin from everybody. right, from all the 100 million so-called users. So that's how we have to look at this, and, and that's why we know BitcoinMYK is going to be a success, because BitcoinMYK works on a freemium service model like Facebook. Means that you— it's more so about you joining the project, not buying the cryptocurrency, right? So you join the network, just by joining to participate, you create value into the product right? So I'm going to leave the video there, but I think you all can get the basis of the Bitcoin MYK project and why I think the Bitcoin MYK project is going to, uh, really resonate with people and make a lot of sense to people down the road. And, and they're going to also see the dangers of whales. If you have— and we've seen this happen before— we know of projects where there's like one whale who owns probably more than half of the cryptocurrency. Now that particular whale is able to dump that cryptocurrency, that's endangering that network, right? Uh, or he, or he may have some influence or control over in another way. And the BitcoinMYK project, as far as the platform works, it allows for, uh, whales not to have control over the network because they can't use their cryptocurrency within the network, and everybody generates the cryptocurrency on the same basis, and they, they, um, distribute it on the same basis. When you upvote here on this content, when you curate content, when you send cryptocurrency, uh, everybody has the same, uh, voting ability. Uh, when you, um, uh, uh, get ready to post and you, and, and you earn what is a page visit or, or, or whatever the mechanism is, uploading photos, it's a variety of ways you get paid, but everybody gets paid the same. So that makes it where whales are pretty much powerless in that department, right? At best, whales can earn for promotion and advertising the cryptocurrency and to sell it to someone else who wants to do that. But as far as the mechanism of the network itself, they have no control over that. So that is a way to balance that out to a great degree. 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.