EOS - Announcement Analysis/BtcMyk Still King!

Hey you, welcome back to the channel, and I hope you all are having a great day. Beautiful day outside, but I want to take a moment to do this video because of the, the big announcement we got with EOS Block 1, um, and, uh, do a little bit of analysis on, uh, what we got, um, you know, uh, in, um, relation to our predictions Um, and, uh, basically overall how we feel about this, uh, you know, what are our thoughts on this? Was it all we wanted it to be? And also gonna go a little bit into why BitcoinNYK.com I think is still the king in this area, uh, or somewhat the area many of us wanted this to go into. But anyway, I'm going to focus now on the most— to highlight, I think, the most important part of the, uh, entire announcement that many of us were focus on, and that was this type of Steemit 2.0, this social network that many of us had predicted was coming out, right? So how'd that fare? Is it— was it what we wanted it to be? And is it something that, uh, you know, we think is going to be significant in the cryptocurrency space? So let's talk about the pros of it first, because there were definitely pros to this, and I, and I, and some of these things I was agreeing with. 100%, um, wasn't now, uh, you know, what I thought it, you know, could— I thought it could be much more than it was. But let's, let's talk about what the good parts of it was. So it stressed a lot about bots, right, that it will be no bots, that they're going to use this, um, authentication system, right, uh, to make sure that they're not duplicate accounts and, uh, people just trying to exploit the system, right? Uh, and that would be done through some type of— I don't think it's really explained how they would do it, but it's some verification process that they're going to be able to, to, to use through your phone numbers and things like that. All right. Um, and so they stressed a lot about the bots. I think it was like direct blows thrown at Steemit, you know, all the problems wrong with Steemit. Whales coming in just buying their way through the system and then using these bots to basically push their articles and posts to the front, greatly reducing the integrity of the Steemit network, right? Making people in some cases not feel it was worth using or fair. So it seems like Voice.com is going to remedy that situation. They have that, uh, worked out some way where they'll be able to stop these duplicate accounts. Now the next part was, um, that you can't buy these tokens, you can't sell them either. Now I thought that was the best part of the whole announcement, right? That is gold, because that's what's been the problem, hasn't it? That, uh, that's what's created the, uh, the biggest inequity in, in this, in these projects. But not just inequity, but just the quality of the products as well. Because, uh, obviously what happens when you have people— it's psychologically several things happens, right? People who, uh, have, uh, more voting power and influence over the network, people, uh, generally will flock to their polls, not necessarily because they're great polls, but because these people got money and they're hoping that they can get some of it through an upvote on a comment or something like that. So, you know, so it, it, it again is reducing the integrity of the network, something that should have never been, uh, added into these type systems. And so you're losing in that way. And then the, of course, the big money rises to the top and it just becomes, if you got more money, then you just control the network. And by default, your material and your contributions are reflected in that, right? So with something like this, it solves that problem, right? It's just like regular social media. Excuse me. It's like regular social media now where you get into social media Everybody has a chance to become a popular blogger or whatever the case may be, right? It's not a situation where you can kind of just buy your way through that. And so they solved that problem, right? And so that was awesome. Now, Dan Larimer also went on to say that there will in the future be more things you can do with these cryptocurrencies. You know, it's an enclosed network, right? So they might have prizes or whatever. Whatever the case may be. But, um, it— in this way, it, uh, it will make— it will incentivize people, I think, more to want to use it than maybe, uh, many other of these social networks that now, um, exist in cryptocurrency, right? So these are all good things. Uh, the, the levels of KYC, that might be a little off-putting to some, but I guess it's necessary. You have to have some give and takes with these systems. So this is the pros to this, right? Now let's talk about the cons. You know, this, this is what the problem is, you know, with all of this. Well, the number one problem I've heard a lot of people saying, and I have to agree with this, is you've taken such a long time to hype everybody up and get this out, right? And then we, and we finally get to this announcement, and what do we get? More promises of the future. right? Because when you come to the site, you can't log into the site. They're talking about beta access. We don't get into the site. I haven't gotten an email from them. And, uh, so I don't know how long it's going to take to roll this thing out, but it wouldn't have just been better to make the announcement when the project was ready, right? You already got the people waiting. You got $4 billion behind you in development money. Uh, there's, you know, there should be like no reason to have people, you know, get to this stage and they still can't use the platform. It's still not ready, right? It's still not ready. So, that, that was the first major problem, right? I guess the second issue now would be in this ecosystem, these voice tokens as it were, right? We're not really sure what we're going to be able to do with them. You know, you can use them to push your content, you know, whatever your promoting or advertising or whatever the case is, whatever you're doing, you can use these tokens to do it. But that's not enough incentive to mass adopt people, right? Remember, if you take something like Steemit, it was, it was models that worked in Steemit models. Like Steemit didn't need to be totally taken apart. Only thing needed to be done with Steemit was there needed to be of the parts of Steemit that didn't work taken out of it, and you just work upon that, right? You know, if you don't throw the baby out with the bathwater. So, you know, to incentivize people to maybe mass adopt over, like I thought maybe the direction they were going in, like a lot of things I was hearing and how they were talking, uh, it would be good as a network to give value back to the people through a cryptocurrency where it is valuable and tradable, yet take away the ability to manipulate it through the system itself, if that makes sense, right? Meaning that you still earn the tokens, right? You still earn the tokens, but there you're not able to use them on the network, right? So people are able to kind of trade them, you know, the value of them back and forth over an exchange. Or if not that, incorporate the type of UBI into it, right, that they were talking about that we didn't get. And that is using the inflation. What about using the inflation, the annual inflation of EOS, to put EOS dollars into this social network so that, you know, so, so I guess the point I'm making is it shouldn't have even been a voice token. It should have just been EOS, right, that you get, uh, but you can only get it through earning it, right? And then you could just send it off to the exchanges and trade it, trade your EOS, right? I think that would have made more sense to do that, and they didn't do that. So, you know, I don't think that's gonna incentivize a mass adoption of people over, right? Because the, the whole idea of this is about using, um, uh, social media to, uh, where you control your data and privacy. And these things are very important, but we've kind of went over this in earlier videos I've done. This doesn't go to the top of the list for most people. In other words, people aren't going to I believe, leave Reddit or leave Facebook to join the EOS Voice Network necessarily without incentive because they're on Reddit, they're already incentivized to be on Reddit, right? And Reddit's already built up its system and it's hard to onboard people from another system unless you're offering incentive that is more than what they, uh, have available. And these established social networks, whether it be Facebook or Reddit, uh, people still get a lot of value from them because they're still able to reach a lot of people. They don't have to build up their network, it's already there. And all their, um, their business contacts and networks and friends and families are already on there, right? So that's the, that's the problem with that approach, unless you come with something new that incentivizes people to leave. And that was similar to what Steemit did that was a successful blueprint. And their plan was, hey, you know, now you get paid for your blogging, you get paid for your, uh, um, you know, your contributions to the social network. Just because we make money, we get value, we're giving some of it back to you. I think it would have worked better than that, but it is not the end of it. Maybe it will progress and evolve into something like that later. Maybe you'll get so much EOS for a voice token, I don't know. But it looks like they should have had all those things worked out, you know, when they made this announcement and when they put this together, right? Because, you know, it says here, we think social networking is due for a major rework. From the bot mobs to the data tracking to the shady algorithms behind our feeds, social media has not been a good friend to us. Yeah, you know, that all makes sense. And that's a good a point to make. But is it enough to onboard people from Facebook and Reddit and these other megas? No, I don't, I don't think that's going to be quite enough to, to get that done, you know, in my opinion. I could be wrong, but I think they're going to have a hard, a long, much longer road than they've had. And I think people are going to still use platforms like Steemit and many of the other Steemit clones because You know, although they aren't perfect, there's still many parameters in them that I think work for many people. But those are my thoughts on the social network part of that. And I think after that, I'm gonna move on. But I want to move on now to tell you why I think BitcoinNYK.com is still king in this area and gets many things right. So we're gonna head over to the Over here on the site, and this is what I want to show you guys about BitcoinNYK.com and how we feel social networks should work and the model that they should have used. So what you're looking at is an integration into the Steem blockchain, a social network that is integrated into Steem, but not just Steem. This, this is an internal social network as well. Meaning it exists independent of Steam and other social networks. However, if you're already integrated into these social networks, you can get our tokens from the contributions you make on other social networks. And so we'll be doing a similar thing with EOS soon. We're gonna have it to where our blockchain integrates into the, the EOS blockchain. That's because we're a universal bridge cryptocurrency, meaning you can move our cryptocurrency value back and forth. So we'll have a very version of our cryptocurrency on EOS doing this very same thing. So I, so I think that's gonna make a lot of EOS people happy because they're gonna be able to use this and trade against EOS for it without leaving the EOS network. So how great is that? So it's already set up for Steemit. So let me show you all what we mean by this. Here's how this works, right? One of the big problems with Steam, it was, you know, of course, if you got, you know, if you have enough steam power and if you have enough bots, you influence the network, right? So what happens is a lot of hardworking people get left out of the entire situation. It's not merit-based, it's, it's bot-based, and it's, and it's steam power based, right? So you just come in, buy all your steam power, you win the game. So with this, this is more about the community-driven and your actual contribution to the community. So if you look right here, It's condensed into two categories, right? How you earn. You earn by your reputation score. Why your reputation score? Because your reputation score is both a version of your Steam power contribution and how the community sees your contribution, who upvotes you in a variety of things. So this is a kind of milkshake of solving many of the issues because one, Let's say for instance people just came in and earned without any contribution, you know, in other words, nobody bought any cryptocurrency or anything like that, right? Well, your rep score wouldn't go up unless you have certain SP and certain people with SP voting on you and the amount of SP you have. So that's still a kind of mix in there, but it's balancing the equation, you see. So we go by that. And you would earn tokens or cryptocurrency based on what your rep score was in every post you make. So let's say you made a post and you had a reputation score between 25 and 34, you get 1 token. Now the next thing goes by Steam followers. Like, who— why are people following you? People are probably following you because they think your content is worth following or they like you, or either way you add something to the network. So based on the amount of followers you got, if you got 1 in 100, you get 1 token. And on every post, see, this is what we mean by not throwing the baby out with the bathwater. You take what works from a system and you keep that, and you discard what doesn't work. You don't just redo the whole system, right? And so we're going to do this with EOS. Uh, we have an internal network where you're— if you're not on any blockchain, you can just earn our tokens. And although we're a universal bridge cryptocurrency, a version of our token exists on several blockchains. We are now testing our own blockchain. Yes, that is right. That's our next big announcement we're going to talk about. We're testing for our own blockchain right now, which means you'll be able to mine our tokens as well. So this is a, this is a very great project. I think it's the best project out there, uh, in cryptocurrency. And you guys try it, I think you're gonna begin to see it as well. It does have the universal basic income feature into it, like many on EOS, or we're hoping to see. It has that, and it also has, you know, just what you get from posting. As you can see, the integration to the Steemit posting site. But again, this will— there is another section here where you can just post as a social network within the realm of a social network. You can post. And when you do that, you basically get our cryptocurrency, right? And it's right now tradable against the Steam— you can trade against Steam. It's on the Freedom Exchange. You can trade it against any major cryptocurrencies on the Waves Exchange, and it's on the Steam Engine Marketplace. But we'll also be an EOS token that can be traded. And, uh, how it works is universal, so you have the same amount of tokens on every blockchain. So it's a very ambitious project. People are starting to join up and sign, and we're— excuse me— we're really loving the way it's working so far, right? But it does incorporate all those things. Now, not 100% sure— we don't take phone numbers to verify accounts to stop the double spending, uh, because BitcoinMYK, uh, that just the next great part about it, it is a sidechain for Bitcoin, right? The, some of the things that we theorize would happen with EOS for Bitcoin, we're already doing with BitcoinMYK.com. We're using, uh, fast, uh, networks like the Waves, uh, blockchain, and we're using, um, Steem blockchain with a version of our token that If you're a Bitcoin holder, you automatically get it free and in ratio to your Bitcoin. So what happens, you get to keep your Bitcoin in your wallet like gold and use the BitcoinNYK token like money, but it can move from blockchain to blockchain to blockchain. So this is a project we've thought about where we've taken the things that work in cryptocurrency and discard the things that don't work. And, uh, I mean, people are signing up every day. Every day I look on here, some more people signing up. But we're leaving our marketing up to the community. In other words, we chose— our whole project is community-driven. We have something similar to block producers on EOS that we call network suppliers, and they are elected just like EOS block producers. And so not only is it a community-driven project on the technical side, it's also a community-driven project on the marketing side. So we opted not to take money out of our system, but to give it back to you all in the form of cryptocurrency, and you all spread the message, and you're doing that. However, I, I, you know, it, it just— the, the advantages this project has that so many people are missing out on because either they don't know about it and haven't tried it, or they just been so busy they haven't got around to trying it yet. Uh, the people who are doing that are really doing themselves a disservice in cryptocurrency. No cryptocurrency offers more to the people than BitcoinNYK.com. It gives them everything they would need. It gives the UBI portion, it gives a fair posting system. You can also use the BitcoinNYK tokens to push your post to the forefront. Um, in our, on our site here, on our network. And so you can also market and advertise with the token. So it has an internal system, has a marketplace, just a very ambitious project we're very proud of. And we know that it's going to become one of the top cryptocurrencies in the world. We have no doubt about that. We wish that EOS would have you know, follow a similar pattern to us. We thought they would. They haven't as of yet. Doesn't mean they won't. Like I said, there were great things that came out of that announcement. The fact you can't buy tokens is very similar to ours because you don't buy BitcoinNYK tokens. They— but they are sold, um, by third-party exchanges. That is true. Members sell them back and forth and you can do stuff with them on the network. However, You don't have to buy them. We have a proof of participation model where you can earn just as many, or you can just buy Bitcoin and get them free. And that's what's so great about this project, the best project in cryptocurrency. It's only a matter of time before people catch on and realize it, check out what we are and what we're doing. Uh, but I have no doubt, and many of the people who've joined and got involved have no doubt that this is the answer and that it's only a matter of time before everybody's going to realize it. But that's all I wanted to say in this video, guys. I hope you all are having a great weekend, and until next time, uh, you all take care. Don't forget to join BitcoinNYK.com. It is your project, it is your cryptocurrency, it is your money. All you need to do is sign up and start claiming it. Until next time, take care.