Meritocracy Based Crypto

Welcome back to the channel. I hope you're having a great day. So today we're going to talk about cryptocurrencies that fall under what some deem the holy grail, a meritocracy coin, right? The meritocracy token, cryptocurrencies that, uh, are very much decentralized in that fashion. Of how the structure of the system is put together. But before we talk about this concept, this idea of the Holy Grail, the, the ever so elusive system of the meritocracy where people just want to be rewarded fairly and properly for their, the value that they put out, excuse me, the value that they put out. And so fairness seems to be very much interwoven into our moral fibers, right? And so there's always gonna be this push toward an idea like a meritocracy. It seems this is something that has stuck with us throughout humanity. When it's not there, we seek it out. When it's not there, we try our best to fix the system until it honors that. So before we get started on that, I first want to just speak to you all about, uh, the, the most famous of all cryptocurrencies, the number one cryptocurrency, Bitcoin. Now there are many critics to Bitcoin Uh, there is an economist by the name of Roubini who's one of his most harshest critics. And what I've always done from an academic perspective in many things I've been involved with is I've always listened to the critics because you can get some of the most important details and information from critics. Granted, you can also get FUD. But somewhere in the details, critics oftentimes present truth and tell you the truth about things that sometimes when you're all on the same side of something, it's hard to hear. So looking at thoughts from economists like Roubini, there are many other people who have shown great concern about Bitcoin. Bitcoin and, and some of its distribution rates and so on and so forth. But we're on The Guardian and we're, we're, um, reading an article. And I'm not going to read the entire article. I try to read a link in the description, but I just want to hone in on some of the relevant, uh, parts of the article that speak about some of the, some of the issues with many of the blockchain technologies and many of their algorithms and governance models and so on and so forth. So I'm going to start here. It's speaking about blockchain technology and Bitcoin. It says, yet far from ushering in a utopia, blockchain has given rise to a familiar form of economic hell. A few self-serving white men— there are hardly any women or minorities in the blockchain universe. Pretending to be messiahs for the world's impoverished, marginalized, and unbanked masses, claim to have created billions of dollars of wealth out of nothing. But one need only consider the massive centralization of power among cryptocurrency miners, exchanges, developers, and wealth holders to see that blockchain is not about decentralization and democracy. It is about greed. For example, a small group of companies mostly located in such bastions of democracy as Russia, Georgia, and China control between two-thirds and three-quarters of all crypto mining activity and all routinely jack up transaction costs to increase their fat profit margins. Apparently blockchain fanatics would have us put our faith in an anonymous cartel subject to no rule of law rather than trust central banks and regulated financial intermediaries. Similar pattern has emerged in cryptocurrency trading. Fully 99% of all transactions occur on centralized exchanges that are hacked on a regular basis, and unlike real money, once your crypto wealth is hacked, is gone forever. So I want to stop right here and just talk about some of the problems we encounter with many of these cryptocurrencies that, um, as it is expressed in, in this article, it talks about these very oligarchical relationships. It talks about, uh, decentralization of miners, the centralization of the exchanges, the centralization of the development, right? And there's just a lot of control. The statistics that keep emerging from even, uh, the best of the cryptocurrencies like Bitcoin is something like 87% of the network is owned by 1% of the network. And I think we don't have to go very far to understand that's not the very best situation to be in. When we look at Bitcoin and many cryptocurrencies who have very similar statistics, um, it does make us want to, uh, consider that there are some issues in cryptocurrency that are big that, uh, we may have to come to terms with. Some of them may not go away. Some of them may not be solved in many of the cryptocurrencies we're in. If only there existed a meritocracy in the truest sense of the idea that finally rewarded people based on their contribution and what they did, not their pocketbook. And in this ecosystem it would be a self-generating ecosystem. The participation of the users would create the value of the cryptocurrency as they went on. And to demonstrate what that would look like, you can kind of see it set up like a standard social media site, social media interface. And that's very important because this is going to be something that, uh, much of the world can identify with, right? Over 2.5 billion users on Facebook. Um, and in something like this, it would be something they can readily identify with. And as this cryptocurrency based on the meritocracy as it exists, it would be able to, uh, basically take that value, that attention value focused through these social media interfaces, and integrate a wallet into it, right? And That's what projects like the BitcoinMYK project has done, right, along with its back dollar, the BitcoinMYK back dollar. So let's demonstrate how this would work. So, uh, let's see here who we have here. We have one of the latest members here. Let's click on their profile. It's also quite the transparent system, so you get to see everything that's going on with the project, right, and with the members on it. Okay, so we're on one of the members' profiles here, and let's demonstrate how the meritocracy works. So he logs on to the system. As soon as you log on, you start to accrue what you can think of as a dividend. Some of us call it a basic income, uh, that you earn every day. Uh, but when you log in, you start to accrue and earn these, the cryptocurrency, every day. Every day you log in, you're going to earn them, right? So let's look at some of, you know, as you can see, it's pretty much set up like a standard social network. But let's look at how, uh, people actually earn the cryptocurrency, how the meritocracy takes place, right? You know, obviously we're talking about a meritocracy, we're talking about rewarding people based solely on their contributions, right? Solely on their contributions. There's no, uh, there's basically no, um, you know, no buying the token, those, you know, no influence over the network. No, if you got the biggest pocketbook, you can make this person do this or that. Everybody's on equal ground, and it's all about what you do, right? So let's go down here And let's look at just some of the ways that, um, the latest member has been able to earn. So if you look right here, you'll say— you'll see that they became members of the— let's see if we can get it where you all can see that. Trying to make it a little bit bigger. Yep, looks like I'm able to make it a little bigger here, give a little more clarity to your system there, so to your screen. So Upon becoming a member, they earn 10 BitcoinMYK tokens. There's their daily login cryptocurrency, they earn 1. Uh, they earn 1 for visiting a site, 1 for viewing a page. Um, they got 1 for their content being liked. And these variables and the amount they get, they can change based on the completion and the participation levels they're at. But what's going to be different from many other cryptocurrencies, if we go back to the idea of what we were looking at with Bitcoin, right? They will speak— the critics of Bitcoin were saying things like, well, Bitcoin, uh, is centralized by the miners, right? I'm not a Bitcoin miner. You're probably not a Bitcoin miner. The people who are Bitcoin miners don't represent everyone else. So in that sense, it doesn't feel very democratic. And because they don't represent the rest of us, they aren't the rest of us, right? And then of course it's these exchanges, right, that we're funneling all our money through. Now it does ring true that we have the Uniswaps of the day. We have the rise of the decentralized exchanges, However, in comparison to the use of centralized exchanges, it is still very much not a comparison, right? We're still over, not like over 90% using centralized exchanges. The development teams, right, there are some, much like the mining pools, many of these development teams are very limited and specific, and some may even be domineering the block streams, as it were, right? And they also— one of the biggest problems in the room, I think, is wealth, right? Going back to numbers and statistics like suggested of 1% of, or 87% of the Bitcoin network being owned and controlled by only 1%. And the reason, uh, looking at, uh, cryptocurrency like Bitcoin is so important, because at the growth of Bitcoin, even with the growth of Bitcoin, we still see, uh, very, uh, concerning numbers like that, right? And so, you know, I know a lot of people invest in Bitcoin, they like Bitcoin, they just can't see any better system And I can understand that. I can understand, uh, the, the, uh, security one could feel with Bitcoin. But I, I do think we have to be honest about, uh, there are still some things that Bitcoin just hasn't accounted for. And in this 21st century future we're marching into Um, many critics don't feel that's going to be enough anymore, and I think we do have to come to terms with that. Meritocracies are always going to be something the human condition desires, and cryptocurrency may be the first chance to give us that. Up until this point, I haven't seen that happen. Many projects, uh, depend on the donations of whales, the participation of whales, And they've made this Faustian agreement, as it were, right? Deal that it's kind of locked them with the Wells. And unfortunately, even if the Wells have good intentions, these systems still don't generally work out to the best of the network. And that's why it's so very important in economics to fight against dual economies, to fight against oligarchies, to fight against plutocracies, because these systems always, but always, prove negative in the end as they march people further to neo-feudalism. They march us farther away from democracy, And without democracy, there's no decentralization. So I hope you all understand this video, and if this resonates with you, I hope you'll join the BitcoinMYK.com project. I truly feel it's the only merit-based cryptocurrency I've seen, uh, thus far in existence. And, uh, um, maybe we'll ever see, I don't know. But, uh, anyway, check it out. Feel free to leave your questions, comments, or concerns. At the— in the video, in the comment section on BitcoinMYK.com. And, uh, make sure to register and join our site. That way you can start earning the cryptocurrency absolutely free. Participation is all that is required, and everybody will have a fair shake with BitcoinMYK. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe. Until next time, as always, take care.