Electroneum - New Latest Fork!

Welcome back to the channel. I hope you're all having a nice day. So, um, this is going to be an interesting video because Electroneum has just been one of those projects that has always been on my radar. Um, to me, Electroneum pretty much did everything right that could possibly be done in cryptocurrency. And what we found is that being a good project, being a great project, uh, isn't always enough anymore in cryptocurrency. Some of the mechanics of cryptocurrency just don't work, um, altogether like we would think logically they should work. And, uh, because of that, um, Electroneum, which is this great project— like, if I were to sit down, really conceptualize a cryptocurrency project and what would have to happen within that project for it to work, I would probably come up with something like Electroneum, right? Um, and Electroneum did that, but the problem has been that there is a different universe in cryptocurrency, right? What drives markets and what drives demand in cryptocurrency in the very earlier stages of it is a lot to do with the speculation and basically the growth of the asset itself, the price. And many times I think we've tried to sidestep that and get around that only to come back to the reality of the situation is that is a truth in cryptocurrency. And because of that, we cannot get around that, right? And so Electroneum has a market cap now of about $41 million. The 24-hour trade volume was $169,000. And what we have to understand in cryptocurrency is that that is not gonna be enough, right, to attract a lot of people and excite a lot of people to the point they're really going to find a lot of value and use in that. Now the thing is, Electroneum is also what I would call a growth project, which means it has the potential to keep growing and growing and growing. And in that way, Electroneum, just growth alone, at some point value-wise, the growth and the value of the token couldn't, you know, keep up. A large network gets crammed into Electroneum, then it could force the price up, right? That is possible. Now it is also possible that that doesn't exactly happen. There have been some cases of very large networks with very little value, and in those particular cases, then people need to understand what to, what to do with their, with their users, right, through their large base. And, uh, based on what they do at that base, in some ways they might grow bigger, uh, or grow more value, but What's happened with Electroneum is it's kind of falling into that box of either it's going to be one of these great projects where the price is not reflective of that, or it's going to grow and grow so big that that alone is going to force the value up. And I think Electroneum has kind of, um, went into this dual-like situation, as it were. So as you can tell by the title of the video, This video is about the latest Electroneum fork. And what is it? What is the latest Electroneum fork? We're going to talk about it today and, uh, show you what it is and why we think it's important. Okay, we're here now on the BitcoinMYK site, and as you can see, we're on this page called the Gateway Fork System. And what it's doing, what the Bitcoin NYK project has done, is now has forked Electroneum. Now the thing about what, how Bitcoin NYK works and why this is so fundamentally different from how Electroneum forks have worked in the past, we had the, was it the Electro Nero one? And, um, it didn't do well, right? It actually fizzled away and it's nothing now. So why would we attempt then in that way to fork Electroneum with the Bitcoin MYK project? Why is it even called Bitcoin MYK? And we're going to explain that as you take a look at this information. Now of course you can see here it's not just Electroneum that's getting, getting in this forking process. It is Bitcoin, it is EOS, it is Telos, it is Waves, and, uh, now it's Electroneum, right? So how does it work and why is this so important? Well, here's the thing. We kind of, uh, came into this epiphany, right? And what was the epiphany? Well, we discovered that a lot of issues with cryptocurrency wasn't just that they weren't great projects, right? Or that they were great projects, but they just didn't get the value there, excite people enough to want to participate in a way where the actual use cases into the project were basically correlating to, uh, the value itself. You know, it's a simple way just saying that people are using it. All these people are coming in using it. Millions of people are using it and the value is going up, right? We haven't seen that really happen with Electroneum. We see more and more people use it. We see more partnership deals. We see more expansion, but the price doesn't respond and it just kind of doesn't respond with that growth. Sometimes it actually goes down with the rest of the cryptocurrency market. Electroneum at this time doesn't have a direct fiat gateway, as I understand it. Well, they are getting, getting it now through the, um, through the smart device, uh, the M1 phone, I believe. And you're also going to see through the, um, through the, uh, the AnyTask, uh, ways that you could take credit cards and buy directly. And of course, these are going to all be great things potentially for the, for the price and the growth of Electroneum. But it could also just simply be that none of this actually catches on, not in the time frame any of us would like. Or it may continue to grow, but it may just be a very long drawn-out process, 5, 10 years, and it may just cause a lot of excitement in Electroneum to dwindle away. I think now people make less and less Electroneum videos, so all that excitement has gone, uh, for a very good amount of it. What we like to do is not only bring back that excitement to Electroneum, but explain to you why this fork is so different and why we believe that the Electroneum community— whereas I don't believe it's going to take away from Electroneum, I would look at what the BitcoinNYK project is doing with Electroneum as a partnership type situation. I know a lot of people won't probably watch the whole video, they'll just go, oh, Electroneum forks don't work, and you'll probably see them in the comment section because they haven't watched the entire entire video. But let's explain, let me explain to you why this is different and why it will work. The thing is this, the Electroneum community is a great community. It's a big community. It's a very, uh, vigilant community. It's a, it's a very active community. It's a very believing community. And it has all the components to, to make a great product. So why just hasn't Electroneum went to the top went to the top 10 and done all the things we know it can do? Well, the answer is simple. The epiphany we came into is that all of the cryptocurrency projects out there are dealing with the same major issue, even Bitcoin, and it is high inflation. Now, a lot of people would believe that Bitcoin is very much deflationary in its nature and its quality. But would it surprise you if I were to tell you all that the inflation rate of Bitcoin is a great deal higher? I mean ridiculously higher than the US dollar. What people don't realize is the US dollar annual inflation rate is only about 2%. Bitcoin's inflation rate is several times that, right? So it is not more deflation. It is not holding the rate of inflation anywhere near the United States dollar, right? Or holding the value or anything like that. And this is commonplace in every cryptocurrency. No cryptocurrency has been able to escape that, I believe, until now. And we're starting to see results and data to back up what we're saying in the Bitcoin NYK project. So let me explain how this works and how forking Electroneum into this helps and why it makes so much sense. So first, the BitcoinMYK project, um, it is a deflationary token based on transactions. In other words, every token that is moved or transacts— transacted actually gets burned, right? So if a million tokens move, a million get burned. What's happening here? Well, you're compiling a network, okay? You're compiling a network, but the supply is getting less and less, not more and more. And because the supply is getting less and less, that token value is getting easier to go up because there's going to be less selling pressure at some point, right? Now what happens if you get 3.5 million, almost 4 million users from Electroneum to fork our project? What happens? Well, what could happen, or what we believe may happen, is that all these Electroneum users will get the free tokens. They get them absolutely free, don't have to spend one dime. They're getting more value to their, to their Electroneum holdings. They could fork this token, they could sell it, they could sell it, right? They could go sell it and buy more Electroneum with it. That is absolutely fine. It wouldn't change the fact that it would burn against the BitcoinNYK token. So what you're going to end up with, you're going to end up with this huge network with a lot of tokens that have been burnt in supply, making it much easier for those who are holding on to their tokens for the value to go up because of the less sell pressure. Not to mention, the BitcoinNYK project is doing this with several other projects. It has a very good use case. The transactions are fast and free through the Steem blockchain. Um, and, uh, you know, the other connection that is so great to Electroneum is whereas Electroneum does have the, uh, what would be the airdrops every month, right? The, the, uh, mobile miner, uh, as it were, uh, as it has the mobile miner, right? It is a simulated miner. Now this simulated miner is effectively airdropping your tokens every month. Um, now the BitcoinNYK project not only has a simulated miner that is very, very interesting— we're going to explain some of the future, the features here a little bit later— but it also has a universal basic income project, which means that you come on the site and based on how many, uh, hours you've been on the site, you just input it in our system and you get those tokens, and we call it part of our Universal Basic Income Mass Adoption Project, which is what we believe is going to be the ultimate airdrop marketing system in reality. We believe this because whereas Universal Basic Income has been controversial in other areas of the economy, and we have to agree that there is a lot of uncertainty with Universal Basic Income, And cryptocurrency, we already do it. We do it through the form of airdrops. And this is how we market to people. You know, this is just part of our system. So we figured if we expanded on that, branded that, and marketed it, that it would create mass adoption across the globe. And it would be a lot more digestible and understandable— excuse me— to people who don't understand cryptocurrency nor feel they need to use it. But the idea of universal basic income may resonate with them, right? So let's go over how you're going to be able to claim your, your Electroneum. Now this is the important part, um, because we're doing this kind of mixture of forks with the Bitcoin fork being the main fork. And to explain this, why this is important, and to really get the gist of this, the Bitcoin network pretty much owns all the tokens. The only tokens that are being really forked are based on a transactional penalty that incurs to Bitcoin holders who haven't claimed in the calendar year, right? So because they haven't claimed, they incur these small percentage-wise penalties that go from 1% to 10%. And what that does is it creates a treasury of tokens that we use to fork to the other blockchains. Now, in addition to that, What you have to understand is that even in the most successful forks, you look at something like Bitcoin Cash or something like that, Bitcoin Satoshi Vision, it's only about maybe 3 million people claiming on these forks. Hex did a version of a fork, only about, not quite 200,000 people claimed. So we're not expecting a lot of Bitcoin holders to claim and these transactional penalties fees tokens back to the treasury to be able to distribute to the rest of the network. But to be clear, uh, the biggest part of fork targets Bitcoin, and it is in our idea of Bitcoin fork because the Bitcoin network is really the inheritors of the Bitcoin and YK project. And, uh, what we're doing with this, um, this, um, these, um, surplus of tokens as it were is giving them to the other blockchains to further build our network, right? So Electroneum is getting some of those tokens, and that's why they've been included in the fork. Now, how they get the tokens, I'm going to demonstrate here on the system. All you need to do here is select— they're first going to select Electroneum, okay, as you can see here. Then they're going to come here and then they're going to select— I already got on there, but I select BitcoinNYK. It should already be there by default, right? Now, the sender wallet address, that's going to be your Electroneum address, right? So ETN address here, I'm just gonna write ETN, okay? Right? Did that take? Right? I wrote ETJ, but you know what I mean. And then your receiving wallet's gonna be the BitcoinMYK, but it's gonna be your actual BitcoinMYK wallet and your actual Ethereum wallet as the sender. Okay, so you can roll the video back if you're a little bit confused about that, you know. So that's going to represent your Ethereum, your, your Electroneum wallet. You're gonna, you're gonna fill in, of course, um, you know, your actual wallet address here, right? And your, and your receiving address is going to be the, the BTCMYK wallet, right? But you're going to put that. Now, how do you get a, how do you get a BitcoinNYK wallet? So it's two ways, and one is easier than the other, but, uh, it doesn't really matter because you can move this token from any, from any chain. We have trading pairs with all major, with most of the major cryptocurrencies, okay? So how it works is once you do that, you're going to need a BitcoinNYK wallet first. There are two ways you can get a wallet. They're very easy ways. One is easier than the other. The first way is the Waves exchange. Takes you about— it's absolutely free and it takes you about 2 minutes to get a wallet. So you can get a Waves exchange wallet. Now if you're already part of the Steam blockchain, you can use your Steam wallet, right? All you need is your name and you're going to go here to where it says steamengine.com right here on the first link and get your wallet. Now once you got a wallet anywhere, whether it's on Waves or you got it everywhere, right? So now you can effectively just send that token to your wallet over on Steam. You can send it, you know, basically to Waves, and you have several dozen trading pairs from Bitcoin, Cash, Litecoin, and Monero. Direct trading pairs between Bitcoin, MYK, and those other cryptocurrencies, right? So pretty cool, interesting stuff. You can watch other videos on that, but this is a growing project. This is a project that is not a simple— it's a simple yet complex project. It's one we put a lot of thought in, and we understand that the problem in cryptocurrency has always has been high inflation, right? So if you can cut that inflation dramatically, it's going to force your token up more than likely, provided you get the network. And we can do that with Electroneum. And Electroneum users can actually participate in this absolutely free. So we're going to leave a link here so you can get involved. We think you're going to really like this. Uh, I've been a big supporter of Electroneum for a long time now, and I've done a lot of Electroneum videos and It's been my pleasure to bring these videos to the Electroneum community, and I hope that Electroneum participants look at this as a companion to Electroneum and not as a competitor, because what we push a lot is concepts like universal basic income for mass cryptocurrency adoption. And I know a lot of people say, well, yeah, but universal basic income can't make any money, it can't grow. Nobody will value a free token. Incorrect, because we have a deflationary model mixed in. And because we have a deflationary model mixed in, we have rarity, right? And scarcity in the token. So that means that it's this kind of game theory of the people who get the tokens now, they're gonna have more than the people who got 'em later. So it's still that element there. And yet it still allows us to use ideas like universal basic income to mass adopt and to build all these networks. So it's a very ambitious project, but it's also a project that I think if you really sit back and let this settle, it makes a great deal of sense. And this isn't a worthless token you're getting free here. I just want to remind you that, that BitcoinNYK has, um, according to the Steam Engine marketplace, it has, uh, what would be average to better than average trading today, right? So it's not a lot of money right now. Obviously we're growing, but you can see the tremendous potential here with a project like this with so many use cases and free transactions and fast transactions, right? And we have a wealth of material in our videos here on the channel. You can subscribe and learn so much more about it. You can read the white paper, you can go through the site, and you'll see a lot. In conclusion, I want to show you this last part of the BitcoinNYK project that relates so close to Electroneum. Why I think so many of you all are going to like it and why Trine is probably going to be something that you, you definitely want to consider. Um, so let's check that out. Go to the bottom of my screen here, hit the power button. I want to go to our simulated miners here. Okay, let's see here. Let that load up a little bit. Okay, so this is our simulated mining operation here, and it's quite interesting how it works, guys. Um, what this is, is obviously we're using the, uh, what would be the Steem blockchain to facilitate our transactions at a fast and free rate, right? So it's, it's awesome because we can establish this global cryptocurrency that's not going to cost you anything to use, right? But what's cool about it, we can simulate miners, right? And that's what we've done. Now, this is different from what you get with, um, uh, many other mining operations where they be simulated or otherwise. And how it works is it's become this very fun-like, um, project to participate in. It's a lot of fun. Um, people are purchasing these miners because, as you can see right here, they mine out a certain amount of our cryptocurrency, right? We got something called the MY Miner. It's mining out 78.15 of our tokens per day, and it costs about 7,815 BitcoinNYK, down from about 10,000, right? And it's dropping with the burn rate of the network. So let's explain what's so fun about this and what's so cool about this and why it solves many mining problems as such. So what happens is simulator mining is a great option for us because we're finding that it's become inefficient to use miners as we use them today. And what we use instead is a distribution system and random algorithm that selects miners in the network to receive certain distribution of tokens. Uh, whereas, uh, controlling and holding these miners guarantees a certain mining rate of these tokens per day, in this case 78.15 tokens per day. Now what's cool about this is that, um, as you're mining these tokens, there is a, uh, a miner pot where as these miners are purchased, the value goes into the system and Half of that pot gets moved back to miners each day, right? So a miner, his miner is selected through a special algorithm. We now have about, it's close to 500 miners now. So we've had a lot of miners purchased now. These miners aren't cheap. They started at one point, they were around about $60 each. Now they're down to about 4 or 5 bucks or something like that, and they go up and down with the value of the cryptocurrency, right? But, uh, what's fun about them as people purchase the miner pot, one miner can win if his miner is selected. We call it solving the block reward. He can win all these tokens. So it's a lot of gamification in the miners, um, and it's a lot of fun because every night you get to look on our system and see if you won. Now it facilitates the distribution model, uh, as it's moving all these tokens across the chain. And really, at the end of the day, it's going to boil down to who controls the most of your cryptocurrency. You know, it really doesn't matter, um, how big Bitcoin gets if only 1% of most of the Bitcoin is owned by one entity, right? And, or, or a very small few. And when that happens, the whole concept of decentralization kind of goes out the window. So in a project like this, besides, um, not harming the environment, being a lot more easy to operate— you don't need the mental aptitude, you don't need to be smart, anybody can use this miner— um, it's solving all of that. So the, the centralization of the developing developers and the miners is all going out the window because Not only can you afford this miner, anybody can use this miner, and, uh, it does all the, the more important things of what needs to happen in a mining operation, right? Some people say, oh, well, it doesn't really mine blocks, uh, in that way it's closer to the concept and idea of like Electroneum, and that's why I think it will relate so much to Electroneum users as well. But the thing is, uh, right, that's not very important, guys, when you, when you think about these data centers that are controlling most of these mining operations. Small guy has to go out of business. Uh, they're being run in, uh, very centralized places like China. Uh, many ideas of decentralization still go out the window in those ways. So what we've done is we've been able to take the best parts of that and put it together in this, in this project, right? So that's the explanation of the M1. The explanation of what we call the M2 is a network growth miner, right? It mines despite what the burn rate is. Every time the network grows about 10 times, that miner receives 100,000 BitcoinNYK tokens, right? And that could be a substantial lot when the burn rate of the token has went so low, the supply has went so low. Remember that the supply of BitcoinMYK is reduced by every token that's transacted. So one token transacted is one token burned. Now keep in mind there's only 100 million tokens, so we're going to end up with just a few million tokens of that. We might end up with 500,000 tokens, who knows, but it's going to be very, very low. It's going to be below 5 million, and we've went from now about $100 million to about $78 million. So just think about that for a moment. Getting rid of the, uh, high inflation, right? Uh, now we're seeing this play out in our exchanges, right? This is on Steam, is it? It's now on Waves. And the trading on Steam, it does some— it averages somewhere between 200 and 400 Steam per day. It's, it's hit a height of around 2,000 Steam trading a day. So my point is, you got an opportunity here now. Electroneum game to get this free valuable token for absolutely nothing. All you need to do is hold an Electroneum account and you're going to receive 100 tokens from this fork. Now we'd love to see about 100,000 people sign up and very fast, but we got to tell you that the number of Electroneum users, um, uh, the fork that's going out to fork Electroneum is going to be limited, right? It's only going to be tens of thousands, right, of people who can claim this. Now, if it goes well, we're pushing it up to 100,000. But the bottom line is we can only give out so much through this system because Bitcoin owns and controls the majority of the system. Pretty soon we'll be directly on par with Bitcoin at about 21 million tokens. It will further decline and deflate against Bitcoin to about 5 million tokens. And then after the 5 million, it is possible it could deflate down to about 2 or 3 million. So we got to be very, very, um, mindful of that and understand how that works. And that is why we have to limit our Electroneum user base. Now keep in mind, 100,000 people can possibly receive 100 of these tokens. That could be a substantial value to them. And, uh, when I think a lot of Electroneum network understands how this project works and how it's so beneficial to to them and just the idea of spreading cryptocurrency, the relationship between Bitcoin and Wyckoff Electrum, how they're so close together with the airdrops and the universal basic income and all that. I think they'll see such value with this that maybe many will want to get in and try this and see how well they do with it. I think you at least owe it to yourself to give it a try, see if you like it. Give it a try and see if, uh, it is something that, um, that, uh, interests you, right? And something that you want to use. Uh, and I, and I think that you will find that with this model, with this mechanism of deflation where it is, uh, deflating at such an aggressive rate to the point where it's more likely going to push that token value up simply because there's not going to be enough tokens in circulation. It's going to be this very big network, right? We, we already have over 14,000 accounts, um, on, on the Steem blockchain. So, so we're growing, uh, we're growing and we're trading value every day. And so it's going to happen, right? But we would very much love for the Electroneum community to be a part of this, right? You've been such a supportive community of Electroneum, and Electroneum has done the best it can under the circumstances with the state of cryptocurrency. But what all the cryptocurrencies have failed to understand, in my opinion, and I think this is just the facts, is that their inflationary rates are too high. Their sell pressure is way too high due to the inflation. Of course, I'm talking now about miners dumping on the market, entities themselves dumping, uh, coins on the market. And the BitcoinNYK project just does not have that. It cannot have that. If you hodl your tokens, the supply will burn against the transactions and you will be left with a more valuable token just in the supply itself than what others who will have, who are, who are doing the transactions and selling and a variety of things like that. So I'm very excited to welcome the Electroneum community to this project. I want you all to give this a shot. You owe it to yourselves. If you're one of those people who have been promoting Electroneum for years, right, you probably haven't got a lot out of it. Um, well, I take that back. You have got a lot out because we've met a lot of great community people and it's been a great project in that way in the community. But as far as value and growth and value in the cryptocurrency itself, we have an affiliate program, a referral program you can join. Anybody can join it, right? If you do videos, you've done a lot of Electroneum videos, You can post these affiliate links to your videos and you will earn 100 Bitcoin MYK token everyone who signs up under your link, right? This is the kind of project that you need, guys, an affiliate program that rewards all this vast supportive community of Electroneum, guys. And if you're a big promoter of Electroneum or something like that, I would love to work for you. We have a very valuable place here for you all, and you will be treated with respect all the time. You get a hold of me, you have a conversation with me, you will work hand in hand with me, and I'll be there with y'all every step of the way. You will earn 100 BitcoinMYK tokens per person that signs up under your link. That's what you will get, and that could represent a great deal of value for you and a project you would share part of the network with. Literally be part of an election process where we all work together and all have the same value, right? It's no, I'm sitting up in the ivory tower, you can't get to me. You're selected by the community to earn more and more of these tokens. You're elected. So even though it's a simulated miner, it is a real democratic election process, right? And just so much about this project I can't explain in one video, but I hope this is enough. For you to at least give yourself the opportunity to see the tremendous amount of value you can get from this project. And you do deserve it. I've watched many of you Electroneum content creators do so much for Electroneum. Get your value back with us. But I'm not saying abandon Electroneum. I'm telling you, or I'm suggesting, that Electroneum is probably a 5 to 10 year project. And because of that, it's gonna cause a lot of people to not want to participate, or it's going to dull down. A lot of people might go out the window with it. But with this project, it's going to bring back that active nature. We're going to be here in the trenches every day making this thing happen together. And I love you guys by my side. So check it out, join us today, send some questions here for me. Get involved. You don't even have to be a content creator. If you're just a regular watcher, you get your affiliate link, put it on your social media site where you got 5 people on there. Those 5 people sign up, you get 500 BitcoinNYK tokens that I believe one day is going to be of tremendous value to you. Doesn't cost you a thing to participate. You can get Universal Basic Income tokens every month free. You can fork the token with your Bitcoin or your Electroneum wallet as we just showed you on here. Get the tokens free and they're trading today, valuable on the Steam Engine Marketplace, on the Waves Exchange. You can earn value today. Don't wait, do it now. That's all I want to say in this video. I hope you like content like this. Don't forget to like and subscribe and share, share this video. And until next time, take care.