Hive Coin Dumps - BBD Coin Network Value Rises!

Welcome back to the channel. Hope you all are having a good day. I want to talk about the Hive coin price. Hive coin seems to be dumping now. It seems to have taken a big hit. Um, it had went all the way to— I think it peaked at around $3.60 a coin. Uh, and a few— in a day or so later, it's down to $1.67. And, uh, we'll talk a little bit today about, uh, what the future of Hive Coin is going to be. I think why these events are happening, um, you know, is it a, is it a good coin overall? Uh, and so, um, there's a lot of talk on the channel about Hive Coin because, uh, our cryptocurrency project It is one of the blockchains that it is running on, right? A lot of people who are familiar with the Bitcoin NYK coin and the back dollar, the Bitcoin NYK back dollar, the BBD coin, they're probably aware that it does run on the HIVE blockchain. And what is the HIVE blockchain, right? What is so interesting, significant about it? Well, it uses something called delegated proof of stake, right? And that is these government governance models where you actually get to vote on who mines, secures the network, right? Um, and that's an interesting, uh, a much more, um, different and interesting algorithm than what you get with proof of work, which you might see on Bitcoin and, uh, or Ethereum or something like that, right? Or just your standard proof of stake, right, which is, uh, all devised of Um, you know, whoever has the most money in the network pretty much runs the network. Delegated proof of stake, you at least to a degree get the vote on the people who mine it, to a slight degree. Now, your, your position of the amount of cryptocurrency you have, it's also a very big factor, but everybody gets to vote on the people who run the network. So there is some element of democracy in there, and that is something many blockchain projects have been trying to encapsulate, right? This, this more democratic decentralized governance model. That is something that even in Bitcoin, I think the numbers are something like within Bitcoin, about 87% of the network is owned by 1% of the people, right? So, you know, none of that sounds like anything close to decentralization or democracy or anything like that. Now, unfortunately, with the Hive Coin project, Although it has some features that are good and interesting, uh, it doesn't seem to go, uh, to, uh, to jump that hurdle as well, right? And that is because Hive Coin, uh, you know, the network is pretty much controlled and run by about 30 witnesses, right? These are the top witnesses. And although they are voted on, uh, the people with the most control and power of the network, they're able to influence the people that are the most that are being voted on. So it kind of circles back to similarities of the same thing, either money controlling all of your network or even, or the mining network, right? Which is gonna require in a lot of cases mental aptitude, energy, resources, right? Where there's a miner operation that is in control generally out of one to two. Right. So another issue with the, with the HAI blockchain, um, is that, uh, one of their biggest, uh, apps— because remember, it's a blockchain, which means then there are these applications that run on it, right? And most people are familiar with it because really what it is is a fork of, of STEEM, of the STEEM blockchain, all right? So a lot of people were familiar with social networks being a part of, or the social network applications being built on the Steem blockchain, HIVE blockchain. And they have become somewhat popular because their interfaces are a lot more digestible, a lot more user-friendly in a sense, to the point where people who don't maybe understand a lot of cryptocurrency, They can come in, they can use interfaces similar to what they use on like social media. So they can upvote these posts and they can move the cryptocurrency around doing posts, uploading pictures, videos, and so on and so forth. So because of that, it gained some popularity, you know, with social tokens, social communities. The interesting thing about it is when Steem first came out, the Steem blockchain came out and then it later forked Hive. Um, there wasn't a whole big hoopla about social networks, uh, on the blockchain, which was kind of strange to me because it almost just seems natural for to just put social networks as your main applications and that these things would be the most popular things. But nope, that's not what happened. Bitcoin, Ethereum still dominated the cryptocurrency space, although many people didn't fully understand it. Many people didn't know how to use a wallet. Many people didn't understand what private keys were, but they still managed to dominate. And I think a lot of that had to do with development teams at the top, institutions and things like that. I don't think regular people was, you know, behind what's been the success of many of these cryptocurrencies. But there was a time in the first phase, I guess I would say, when we had the big, blew up in 2017. And that is when a lot of retail investors tried their hand at attempting to get into cryptocurrency, right? They got in, they got burnt. Then later the institutions saw technology-wise this was going to be a big thing down the road and it's something they didn't want to get left behind on. So then they got in and then I think the prices have been stable and going ever since then and heavily manipulated because these people own and control all of it. Now, and that's what's been a lot of problems with these projects. Now Hive, you know, basically, well, the community would say that is something new. It's done great in just a few years. I would debate that and say that these are the same people who existed on Steam, meaning that it's probably the same ideologies, it's the same people in control that was in control then. It's the same people with the same positions. 1 narrative they made was that it was very important that they left Steem because Justin Sun would have controlled the network with his stake. And there was truth in that, but I think also part of the issue that needed to be understood was these are the same minds, same ideas, same community of people that had existed on the Steem blockchain. So they go over to Hive, it's pretty much the same thing, right? And my, my best guess is it's going to follow a very similar formality, right? And that's pretty much what it did. Now, if you keep it in relation to it still being Steam, well, if you look back 2016, 2017, you got a price of Steam that's around $2.50. This is at $1.66 today, right? So in the continuity of these blockchains, right? These, I wouldn't look at that. I wouldn't view that as success. Although new people coming in who probably have had a chance to get a little bit of opportunity with their positions as it went very, very low. I think at one time you could pick up Hive for like 10 cents or something. And then, you know, now it's $1.66. So from their perspective, it does look good, But the reality of the situation is this is pretty much still the Steem blockchain. Everybody who was on Steem migrated to Hive, right? And so value-wise throughout that timeframe, you really haven't seen any progress. Now, although that seems kind of like a message of gloom and doom for the Hive blockchain, that's not necessarily the case because there are still some things That makes sense. There have been some apps that have come on the stage that have done well, new projects as it were, namely one, and that's Splinterlands. But the reality of that situation is Splinterlands exists as a second layer token on the Hive blockchain, right? So by being second layer, you know, we're talking about, if you look at something like an ERC-20 token, that's kind of where our project Bitcoin NYK comes in, BBD, uh, Decoin comes in. It is also a second layer token solution on Hive blockchain, right? So over here on Hive Engine, as we look at some of the second layer solutions, uh, unfortunately one of the only projects that has succeeded so far has been Splinterlands, the, um, which is basically a trading card game uh, on the HAI blockchain, right? And this has succeeded even when they were steamed. But besides that, no other project has really been, uh, an application that showed any promise, right? Uh, until now, I think, which is going to probably be something like the BBD coin, right? Or the BitcoinNYK project, which we'll explain in a second here. But, um, the history of the blockchain, uh, if you go back to when it was STEEM, and again, I, I have to do that because, um, and even, even if they're saying that it, it is something new, then I will still look at value-wise, it should be at this stage still outperforming, uh, where STEEM was a year in into, you know, if you look at something like STEEM a year into into it, you— it was, it was still $2, $3 or something like that. The Hive blockchain can't maintain $3. They can't seemingly maintain $2, and up until recently they couldn't maintain $1. But let's talk about some of the good parts about it though. The transactions, although they aren't free, they, they use the network resources to the point where they seem free, right? So there's a lot of, uh, it's The way it's done, the way transactions are done, is very convenient. It's one of the best ways to do transactions I've seen, and it definitely gets a star for that. Now, of course, again, the problem being that a lot of the apps that work on it, like the main app, which is at hive.blog, there is the movement of the cryptocurrency through when you do posts and photos and videos, whatever you're doing. And of course the, the big problem with that is that there is no model or metric for the value that one receives for this post. It's, it's, it's so what I think it does, I think it creates a lot of inflation. To the point it's going to impact the price of Hive. And so to me, that makes Hive not a good investment more so than it just makes it more stable in price at some point in time, right? I believe that if this keeps up, uh, with this model, Hive would eventually become like a stable, a stable cryptocurrency, which could be good. But from an investment standpoint, for a lot— which is, you know, why a lot of people are here or trying to earn or something like that, or at least from the best step, might not work the best for them. Now, it might work good for the people who are strongly using the application, like if you're doing a lot of posts, write-ups, if you're a writer, feels like a writer's guild, people get the most benefit out of it, you're gonna probably have a pretty good experience with that. But the problem is most people aren't great writers, they aren't article creators, right? And they're none of these things, and so they're going to have a a different experience, not one that I think they're probably going to stick around for. Um, so these second layer tokens, at a time in cryptocurrency where social tokens are thought to be the next big thing, even bigger than DeFi, bigger than NFTs, uh, people like, uh, Raoul Paul, who's a big cryptocurrency personality smart guy with a big finance background. He talks about social tokens being the next big thing, and Hive blockchain are almost synonymous with the idea of the social token. But unfortunately, it hasn't caught fire yet, and even if it did, uh, it's probably not going to be in the native Hive coin but in the one of these breakout, uh, projects here, these second layer tokens. Right? That's where BitcoinMYK comes in, in the BBD coin. Okay, so here on the BitcoinMYK site, basically social network. And here's the thing about the BitcoinMYK project that I think is significant. Um, it is second layer. The token is on Hive. But what makes it different than like the Hive coin price itself Even though I think that it could somewhat help stabilize the Hive coin price. But again, I don't see the Hive coin as becoming a big cryptocurrency from an investment standpoint. You gotta make a lot of money from like— I don't see it going from $2 to $10 to $50 or $100, which is what a lot of community is hoping. I don't see that occurring, but I do see that happening in one of these second layer tokens, right? For many reasons I'll get into later. But a project like the, the Bitcoin NYK project, the Bitcoin NYK-backed dollar, is that, uh, what is a lot different than what happens with the Hive blockchain is that the Bitcoin NYK project is a freemium service model. Now that's something that is very important to what I believe is going to be the dawn of the social tokens, as Raoul Paul and many other people in cryptocurrency underline the idea of the social token, you know, being this thing bigger than DeFi, this thing bigger than NFTs, right? And the reason this is, is because our social media and freemium services go hand in hand. What do I mean by freemium services? Freemium services is all about building a network based on your ability to use it free, right? In other words, if you can earn cryptocurrency, if you can move it free, if you can use it free, you would likely use cryptocurrency before if you had to buy it, you had to pay high fees to move it, you had to go through a lot of, uh, education to learn how to use it and learning. Um, if those barriers were taken down, you would use cryptocurrency more. The network would be bigger and it would be more valuable. And that's the idea of Bitcoin MYK. The idea of Bitcoin MYK is to piggyback off multiple blockchains, have people join these networks free, and all while you're joining, the value of the network's growing because that's where the value comes from. Now, unfortunately, the high blockchain can't do that because who's going to pay for the servers? Who's going to pay for electricity, right? Who's going to encourage the witnesses to buy machines and things like that and learn and mine and so on? So within the scope of the BitcoinNYK project, none of that is necessary because it's running second layer, meaning that it's already taken care of in the Hive network right now. Of course, because you're going to be transacting between the BitcoinNYK-backed dollar and Hive, much like Bitcoin is going to stabilize value there. But simply put, the deflationary, uh, value of the BitcoinNYK project is going to create, uh, in theory, and what we've seen happen with Bitcoin because based on this deflationary model and it's halving over the years, which is what the Bitcoin MYK project does, which is why it shares the name, uh, likely you're going to have value go up because the network's going to get bigger, more valuable, more people going to move through it, more money going to move to it. That's something that doesn't happen on a high blockchain, right? Now not within the Hive coin price itself. And so for me, holding Hive, whereas I wouldn't say it's the worst investment, but it's certainly, I think, not a very opportunistic one outside of the utility of the Hive coin becoming some stable price coin or something like that. Now, why would you want Hive coin itself to be stable and not maybe like the, the, the Hive-backed dollar or something like that? And let me explain that briefly before I get out of here. Is what's important to be stable is wherever the value, whatever the value of the posts are being paid out, right? Because the Hive community would probably say something like, much of the, um, that the Hive blockchain, you can do so much with it. It's a, it's a competitor to Ethereum. You can build so many applications on and so on and so forth. But the Ethereum community and most, most of the cryptocurrency community doesn't honor that, and they don't see that as a viable option because they're worried about the security. They're worried about those 30 witnesses controlling that entire network. That is not feasible to them, right? So oftentimes their ear is going to fall on deaf ears about that. But where Hive does seem to make sense is in the area of social media. If it could become the king of social media in cryptocurrency, and people are being paid and valued in posts they create and videos and artwork they create, um, if the cryptocurrency itself has a stable value, that's going to be more important to a person who wants to be paid for things they do on social media, that the price remains the same and not dumped to $3 one day and $1 one day. So that's the importance of that. What BitcoinNYK project gets right is that not only do you use it free, there is an auto-curation system that can value your post based on other posts, where it is up to the, the programming of the chain itself, not individual curators who for whatever reason decide randomly prices of, of things, right? So that's a whole nother conversation, a whole nother complicated conversation about it, but The bottom line is we believe BitcoinNYK will be the most valuable project on the Hive blockchain simply because the network based on freemium service will continue to grow. The execution of how they— how we value posts is just a better model. Uh, it's just better all around. Um, and people join every day based on that ideology, and everybody who comes in the community is valued. The only way you get value on the EnHive community for the most part is if you invest a lot of money in their coin. It's just like the proof-of-stake model, right? And although there is a necessity to those things to a certain degree, as we move forward into the social token age, it is just not the best way to implement it. And that's why I believe a lot of people aren't joining the network right now. I believe that's going to change in the future, but it's going to be because these second layer applications, I believe, and not because of the, the Hive coin itself, or even some of its flagship projects that exist right now. But a whole new wave of projects. 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. Don't forget to join BitcoinNYK.com for free today. Get some free cryptocurrency, hold on to it as the network grows in value. You might be able to look back one day and be glad you hold on to those coins and see the value as they grow. Absolutely free to join. Until next time, as always, take care of yourselves and each other.