Polkadot & BCH - Ghost Chains/Btcmyk Passes 6000 KYC Accounts

Welcome back to the channel. I hope you're having a great day. So today I want to talk about a very interesting show I saw earlier today on the Chico Crypto television, or rather, um, YouTube channel here. And, uh, um, Chico Crypto to me is one of the most respected crypto YouTubers that are left. And, um, you know, part of the problem with some of the major crypto channels out there, 100,000+ subscribers, 200,000, half a million subscribers and so on, is that when you start to get that big, um, you know, you got all type of promotional deals and paid advertising coming towards your network. And in addition to that you probably have bought into certain cryptocurrencies for whatever reason. And then there's a lot of politics in there because you're holding all these bags and you're also an influencer, which means that you can get people to now buy into these various cryptocurrencies. And so there's a huge conflict of interest, I think, there with delivering to the public important crypto media and what is going to be to the agenda of some of these, these channels, right? Whether they're selling some type of marketing program or they're selling some type of university or course or, you know, it's just trading bots or whatever it is. There's a lot of incentive for them to be more interested in opportunities that directly impact them and affect them, as opposed to, you know, what's best for the public and our well-being. So the reason I respect Chico Crypto so much is he seems to still try to deliver what is good, a full broad view of the crypto, you know, media going out to the public, right, and giving you information, important information you need. And I don't see him trying to sell a lot of stuff or doing a lot of marketing for himself or anything like that. And so I feel like I'm getting a great deal more honest, legitimate information in cryptocurrency. Um, now what was so interesting about his show today was he talked about fake ghost chains, and I was probably like many of you like right now, what is a, what is a ghost chain? What's a fake ghost chain, right? And he spoke about, uh, how it comes from, uh, or what it is basically is it's these chains that don't have a lot of development going on on them. Not a lot of building on them, and where most of the transactions are false. All right, it's a reference or a throwback to the idea of a ghost town, uh, which used to be boomtowns. And a lot of video speaks about the relationship between the, the gold rush, like the California Gold Rush, and a lot of the gold rushes in the, uh, 20th century or 19th century out in, um, in the Americas, specifically out west, where gold would be found or in these towns, or it would be the rumor of gold. And what would everybody do? They would move into these towns. They would move into these towns that were the day before, not many residents there. Move in, start to set up mining operations. Then they would have to bring in businesses, infrastructure, saloons. They would have to bring in police departments, fire departments. People would move in, build up these communities. They would become these booming towns, which they were referred to as boomtowns. And in doing so, they would bring up the prosperity of this town. Now fast forward, here's where everything starts to go south. They figure out there there's really not any gold there. There's no gold there. And what happens? Well, the people— there's no opportunity, there's no gold, uh, and then the people start to go back home. They start to move out. And what happens to these boomtowns? They slowly over time become ghost towns. And this is a— this is very, uh, much in line with what many of us see happening in cryptocurrency, right? We see this, uh, hype cycle of things happening on certain chains. People rush into these chains and then they discover that, uh, many ideas about these chains aren't true, right? Uh, that the opportunity is not there. And, uh, generally what happens, they pour their money out of these chains and we see these chains lose a great deal of value, pushed out of top 10. And this is something that we've become accustomed to seeing in cryptocurrency, but the thing that the Crypto Chico channel, or the Chico Crypto channel, talked about was when this happens with your top 10 cryptocurrencies, and that's what we see happening now. So many of these projects like EOS and projects like many of the early cryptocurrency payment systems, like whether it was Dogecoin or Litecoin, uh, many of them are starting to get pushed out. And Bitcoin Cash, I think, whereas he did name that in there, uh, he also said that Bitcoin Cash, their transactions were at least honest, uh, more so than what's happening to a lot of these major other cryptocurrencies where you have bots that have picked them up, you have founders that are keeping them afloat or attempting to, and that one day this is all gonna come crashing in and come to a halt because the use is not really there, the transactions aren't there, and that they really are only happening really on Bitcoin and Ethereum at this point in time. Now I talk a lot about Polkadot I think Polkadot is going to come into the fray and it's going to turn Ethereum on its head. So I really see the major cryptocurrency platforms are going to be something like Bitcoin, Ethereum, and Polkadot. But Bitcoin Cash does something I think that got left out of the video, and that is they, they have a good possibility of expansion and setting up, getting boots on the ground. I still think the people-to-people business is still very important, even though the cryptocurrency space is about decentralization and trying to get away from any type of middlemen, intermediaries, and things and so on and so forth. And we do envision a day when that is possible and cryptocurrencies have mass adoption. However, getting to that point, I still believe, is going to require people-to-people, uh, business transactions. And Bitcoin Cash, I think, is going to fulfill an area in that. The rest of the projects, though, I think he hit spot on that they are— those are going to become those ghost towns, uh, of 18— of the 1800s. Uh, after they discovered that there was either not enough gold there or no gold at all, and the boomtowns became the ghost town. So I thought I was— I'm going to try to leave a link in the description for this video. I think it's one that you really need to look at. It's probably like— you likely, you know who Chico Crypto is if you're watching this channel, or you, you probably already subscribed to his channel. I think he's pushed like 200,000 subs now, uh, but a really good channel, and I really like, uh, his integrity Uh, he's probably one of the only ones left, I think, who really has enough that I can trust. Probably a few others out there, but you know, we're talking about major crypto tubers. And be careful with some of the ones that you do listen to. Uh, a lot of it is, uh, I think it's going to be biased upon what they have, uh, and not so much, um, what the reality of the situation is, right? So, so great situation. And once I want to move us on to our next topic that relates to, uh, the difference between transactions, real use, what's going to happen in the future, and, oh, you know, projects that probably won't end up ghost towns, so let's— or, or, or ghost chains. So let's talk a little bit about that. Okay, and speaking of projects that we don't believe are going to become ghost chains. The Bitcoin MYK project that has started its own blockchain on the Polkadot network. Um, it is a multi-chain operation. Uh, the token has the ability to move from one chain to another, and with the Polkadot technology, uh, we wish to have that interoperability. Into many chains. Um, but today BitcoinMYK has reached over 6,000 low-level KYC accounts, and we're very proud of that. Uh, over the exchanges, we have, I believe, now well over 13,000 accounts, and we verified these accounts. These are real accounts. And what's happening is projects like Bitcoin and YK, we believe, are going to translate into real use, real use of the blockchain, right? And this is a huge issue, and this is a huge problem that's happening now. In cryptocurrency. What we have is many chains that caught the early days of the gold rush, and now there are bots that trade them over the exchanges, and there is centralized exchange wash trading going on. But the reality of the situation is there aren't any real users, right? There aren't people who really care about these products. And are going to use them. We're at a very interesting time now where we live in a world that I believe is right at the precipice of the entire economic system changing, right? The entire social system changing. And we're seeing that with the introduction of many new ideas like universal basic income, dividends to citizens, and them being now implemented on a scale unlike ever seen before, and that the future spelling out more and more of these situations going forward into the, into the future, right? So this is something that we believe is not a question of if it will happen, but when. And we believe blockchain technology is going to play a big role in that now. What's great about the BitcoinMYK project as well is that a lot of people who are joining our project don't have any interest in cryptocurrency whatsoever. They are just people who want to use technology to make their worlds better, right? And, um, so that's pretty darn interesting, uh, to see that that's where we're going and, and this is the direction that this is going in. I think it's also important to understand that the false idea of universal basic income has been that it is because it's free that people, it has no value. And that couldn't be further from the truth. How many things have you used that were free that have a lot of value? You've had basically trial offers come in, you've had coupons come in, you've had rebates come in. So a lot of things free that have come your way, and, uh, the projects involved with them have netted a great deal of money, right? And, uh, that's, that's pretty darn interesting. Um, now what I wanted to say, um, was that, uh, also if you look at something like Facebook, that's a freemium service. You don't have to pay to use Facebook. That is worth, uh, almost $700 billion, pushing a trillion dollars now, right? Now this is what we believe has to happen in the future with this, um, with what's with the blockchain adoption. Also, if we look at the data, unfortunately it simply isn't true that everybody is over-obsessed with privacy. Now privacy is very important. We don't want an Orwellian society. This is very true. However, the statistics show that people are putting information online out freely, their personal and private information out at a rate more than they've ever done before in human history. So people want to be known. There is profit and value in being known, right? And giving up some of your privacy and identity, that's just the way it works. Now, again, this is something I think we do have to be concerned about, but I think that the cryptocurrency space might be missing something and thinking that that is the number one objective that's in cryptocurrency. I don't think that the public, the general public is saying that, it is that. We also should keep in mind that private networks have existed since the, you know, the early 2000s, they were doing that. And so if this was a great demand of the people and a great need, they would have done this a long time ago, right? So I don't believe that that's so much the overall issue as more so as I think control of our value system are. And so Bitcoin MYK, Universal Basic Income project that is multi-chain, and that is loosely a fork of Bitcoin, and that Bitcoin holders are going to inherit the ledger. But there are many other cool deflationary things that happen with Bitcoin MYK. We think this is certainly going to end up being the future in cryptocurrency and something we need to pay attention to. But having, uh, the network, right, is what's going to be important in the end. It really doesn't matter, um, how we go about this. At the end of the day, the project that's going to be able to get the most wallets in and the most attention in and the biggest network is what's going to be more useful and valuable to people. And at the rate we're gaining people right now The BitcoinNYK project, if you look at your, your average, uh, half-decent decentralized application, um, it's only 2,000 or 3,000 people oftentimes, uh, daily users on these things, right? And so you look at something like BitcoinNYK that's growing, uh, getting people who aren't even interested in cryptocurrency to join, adopting them over That would have to, in our minds, be what's going to be the recipe for, uh, going where we need to go in crypto down the line. Um, I want to get out, get you over to some of our accounts over on exchanges now. Uh, well over 6,000 low-level KYC. This means people had to provide their email addresses and, um, basic account information. That satisfies most KYC and AML laws. So they had to do that, uh, to register fully to the account, although you can trade the cryptocurrency and get it free still even if you're not on the site over the exchanges and, uh, through our wallets and so on and so forth. But obviously you get more perks when you're registered to the site and on the site than if, if you, if you aren't, right? Alright, so taking a look here at some of the accounts we have here over the exchanges on the Steam blockchain where our cryptocurrency trades as well. You can see here we have over 13,133 accounts, tremendous amount of wallets in our project over on the Steam exchange. And this is very important because, you Obviously you're going to need a lot of people in your network doing trades. And what we envision for the future, what we see happening, is that these numbers are going to increase because universal basic income is a different animal altogether. It's gonna, it's gonna mass adopt and incentivize people to join, whereas what we're dependent on in many cryptocurrency projects are the boomtowns, right? And like what happened in the boomtowns, the boomtowns became ghost towns, right? They became, or they are becoming ghost chains right now. And it's simply because there's not enough use. You know, as we explained earlier, generally what's happened is a lot of the projects that in the very beginning, in the 2014, 2017 years, where we take advantage of these initial gold rushes. Now they're being traded by bots and their rich founders are kind of keeping them afloat, but there is no real adoption from the public. There's no demand, there's no use for it. Like right now, uh, what we have a demand for is better distribution throughout the world. We are an independent ecosystem means we need people to create jobs for us to get value and to do a variety of things. And, you know, no man is an island and we have to live this way. So we need the best economic models that we can create and that can exist. And that is something we've had trouble with throughout the years. Although capitalism has worked a great deal for us up until now, many economists believe it is starting to implode that these things have a shelf life and that, you know, over the course of 100, 200 years, these systems are now running out of time. And so we're gonna need to look for other models that work. And that's what we're doing here using blockchain technology with projects like BitcoinMYK. But people are gonna need incentive to not only use your product, but it's going to have to make sense. And what we mean by that, these are going to have to be easy user interfaces like what we get with Bitcoin and YK. It's going to have to, um, be projects that, uh, um, are going to actually be used by people in day-to-day operations, meaning that's going to have to include something like micropayments. And that's another big issue many of these, uh, top 10 cryptocurrencies have, that they're generally horrible when it comes to micropayments, right? But one of the best examples I think would happen with Bitcoin MYK is with Bitcoin MYK, we would get to see this type of, um, uh, um, stable stabilization of the cryptocurrency itself, meaning that because of the deflation of Bitcoin MYK, when we have a great amount of people joining this program every day. The cryptocurrency itself is being reduced in supply against the growth in the transactions. So it's very interesting mechanism that's at play here, this economic theory that's at play that's giving over to many of these psychological aspects of cryptocurrency, why people get in, that they want to get rich, that they want to make money. Fulfilling some of those things in there, but at the same time being this, this large network that is actually useful. And so what we believe is going to happen is, although in the initial stage you're going to see a great price inflation, inflation of the price, that's gonna have a great rise in the value of the price, although it's deflationary in nature, meaning the supply is going to reduce to use. So it's going to be less coins, but the price is going to go up due to that. All right, in our theory. But there will come a time, we believe, when there will be so many people going into the network that although the price of the cryptocurrency will go up, that it will also at the very same time begin to stabilize to the point there's a useful day-to-day deflationary coin that people are going to be able to make transactions with real fast with their wallets And as a currency, it's going to be the most useful use of this cryptocurrency. Um, you look at something like the euro and the US dollar, they're the most traded assets in the world. So we believe that's what's going to happen with Bitcoin MYK. So it's a very interesting project, very fun project, one you should be a part of if you, you aren't already. Uh, universal basic income, we believe, is going to become a household idea, right? And this is going to be something people are going to care about and how we're going to be able to change our economic systems for the better. It's going to have to be an approach like this. Unfortunately, the approaches we've tried thus far just don't work. They aren't working, they aren't mass adopting. And I think that's a lot to do with cryptocurrency is very, very strange thing. It asks people to come in to purchase these obscure coins that a lot of people don't quite understand to speculate on at high risk. And nobody's really using these things. So it doesn't make a lot of sense from a business perspective, right? Why people would be getting involved with a lot of these programs other than to get rich, which is part of the fantasy that's going, that went along again with the boomtowns of the gold rush. And didn't work out for a lot of people. You know, most people didn't strike it rich on gold. And same thing's gonna happen in cryptocurrency. But there were a lot of prosperity that moved into the industry of the Americas during this time, and everybody benefited from that. And we do foresee a situation like that for people being exposed to cryptocurrency through projects like BitcoinMYK. But the hype cycles of being involved, uh, with projects and, and just living off hopium and going along with your favorite crypto tubers and trying to influence people to flood money in there, pump the price up, just isn't going to work, right? And I, and I think that deep down many in cryptocurrency know this And, uh, they, they keep trying to fight against this thing, but, uh, this, this has to make sense, guys. You know, this, it has to be useful. It has to make sense to people. And, uh, certain projects I think get that and they're going to be successful in that. Some don't. The projects that want to scale like Polkadot and are finding ways to do that, they get that, right? That if they want to get to that point where, uh, uh, there's going to be, uh, enough value there. You're going to have to have a network that can handle the load, right? And so problems like what you get with Bitcoin, Ethereum, not addressing that, uh, something that's going to come back to bite later and something that they're going to have to do something about. And just holding value, your bags in these projects aren't going to be enough because as we've seen in the past, the price can can drop, and it can drop like a rock at any time. And market sentiment can change, and new technology can come about, and new ideas can. And so, um, that is something that I believe is inevitable, something that we, we need to really watch. But BitcoinMYK doing a fantastic job. I couldn't be more proud of what it's done, the value it gives to people. The potential future value it can give to people. And the fact that it doesn't cost a dime, it's totally free, and it still generates value, still does a lot of transactions, still gets a lot of accounts. And all these things are, are just freaking amazing, freaking awesome. And these are the type projects you should be involved with, guys. So that's all I want to say in this video. If you haven't joined BitcoinNYK project, what are you doing? You should already be in. Um, make sure you subscribe to this channel. Hit that subscribe button, uh, go hit that bell notification at the top. That little thing looks like a bell at the top of your screen. You'll always see when we put out a new video so you can get this very important information that's beneficial to you, that's giving you something for a change. You something, not asking for you to go in your bank or your wallet or anything like that. Pull money out. Not asking for you to invest your hard-earned money directly in our cryptocurrency, but just to participate, and you will see the value that is there for you. 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.