Polkadot - How High Can It Go!/ Buy Back Burn

Welcome back to the channel. I hope you're having a great weekend. So, uh, interesting video today. Polkadot, how high can it go? So we've seen this phenomenon of what Polkadot has done over the last 30 days, has went live and become a product of over $5 billion, top 6 cryptocurrency at this point in time. And a little quick history about Polkadot. Polkadot, a product similar to Ethereum that can scale, started by Gavin Wood, a co-founder of Ethereum, and may very well be an Ethereum killer. So we're going to explore the possibilities of that today, and we're going to find out just exactly, to the best of our ability, how high Polkadot can go. So looking at Polkadot since it became the new DOT, Simply put, Polkadot was once, would have once been valued at $598 per DOT coin after it issued 100 additional DOTs per DOT, per old DOT, 100 new, new DOTs to one old DOT. In other words, giving you 100 coins for every one you held, right? So what that does is took the market cap down to the denominations into— went from hundreds of dollars to now $5.98. Now, what are the possibilities that this can go all the way to the top here, talking about maybe flipping Ethereum? And how far are we now? So one problem that happens a great deal with cryptocurrency prices. I can imagine that's why they issued the denominations to break the price down and make it look more appealing so that people will buy. So for instance, if we're looking at a price of $5.98, had they not have done that, issued 100 new coins per coin, you now have a price of $598. Now what happens when the price of a cryptocurrency gets too high? I won't say necessarily you buy less of it, but it is more attractive and more appealing to hold cryptocurrencies in lower denominations, right? So as to say, you want to hold an entire, like if you look at something like Bitcoin, you really want to hold an entire Bitcoin, okay? And with Bitcoin over $11,000, you know, buying, putting up $11,000 to get one Bitcoin, you probably prefer to have hundreds, if not thousands of Bitcoin or something like that, right? That's just something psychologically how we like to look at things. We like to have more. So I think Polkadot, looking at how fast this progression went, how quick it's moving up, and I think they were able to anticipate that it was gonna only go higher and higher based on the future of their technology, right? They were able to try to make the price more appealing. And I think that was a smart move because at the time, I think it was around $300 or so, right? And it's about double since the split, right? Since the new issuance, the new denominational issuance, right? But looking at the value of Ethereum, okay? Ethereum is at about $45 billion right now. And Polkadot is around $5 million. Moonlight's around $6 million— I'm sorry, $6 billion. We're way past millions now. So Moonlight's around $6 billion, Ethereum around $45 billion. It would require about a 7 to 8x for Polkadot to surpass Ethereum. What are the likelihood of that happening, right? Um, uh, in the short In the short— well, this is all going to depend on a lot of things. What I think more likely is going to happen, um, and this is not financial advice or anything like that, this is my personal research and personal journey that you're taking along with me, uh, and you should always look at cryptocurrency as highly volatile, high-risk investment, um, that, uh, you, you're gonna— you could possibly lose every dime you have. You should come in with that. So If you're not able to lose it, uh, my advice is don't play this game. So you really have to put on your big boy pants with cryptocurrency. Um, although it's performed quite well, uh, there are many things going on that you don't see in cryptocurrency that are dangerous, right? So you definitely want to have a full education, understanding these markets before you invest. But for the people who get all of that. Let's continue forward. So, um, I don't think— I think in the short term Polkadot is going to surpass Ripple XRP. It's around $12 billion. It's only going to require to double a market cap to beat Ripple, right? Also, Ripple doesn't have the technology or the use that Polkadot has. Ripple XRP to me is a remnant of the, of the old ways, the old Bitcoin payment systems that were initially a good way to use cryptocurrency as we didn't know the future. But many of that has changed. Now there's all these applications that have various uses on the blockchain. And because of that, you know, people are seeing real use in those areas. You know, it's no longer people so much want to have this global money. And if you're going to have a global money, it's probably more likely going to be done through some type of social media system like Facebook or Reddit. Right? Uh, unless provided there is a cryptocurrency that has its own social media that challenges that in a similar way. And we'll talk about one and such a little later here in the video. But, uh, that's what you're looking at. It's probably going to absolutely pass Ripple XRP for so many reasons, right? What is it going to do with Ethereum? Just how high can this thing go? Well, I think it's going to be a battle for dominance. Between Polkadot and Ethereum, at least until Ethereum is able to create new technology to deal with its congestion, its high fees, transactional fees. And as long as those things exist, everybody who's realistic in cryptocurrency knows that people are gonna use the alternative. You're not gonna spend $6.30 to do a transaction on Ethereum and lose all this transactional money when you can do something that can scale easier, that is comparably just about as valuable, and you're— that's just not going to happen now. Um, that's not exactly a green flag for Polkadot because, uh, more than likely Ethereum is working on many of those problems, and although Ethereum might not have them yet, they will be coming up with ways in the future, right? And Ethereum's hard as a rock. It's been tested like Bitcoin, it survived the Holocaust, and it's going to be able to come back again, right? So in the short term, I think Polkadot's going to have a kind of battle out with Ethereum where there's uncertainty. And I'm gonna, I'm looking at something around about taking nearly half the value of Ethereum With all of this new technology, exciting technology, people able to create their blockchain through grab-and-drop technology, the lower fees, Polkaswap, and so on and so forth. I'm looking at it to maybe be in the $20 billion range. So vying out with Ethereum. So I would say Polkadot is probably looking at a 4x from this point on. So a lot of people saying, oh, you know, it's probably going to pull back. I think you can do a 4x over, you know, going out going, um, exiting out of 2020. Now I don't know what 2021 is going to look like. However, I feel in the short term that's, uh, ideally what we're going to get. But even if we consider Polkadot getting a 4x, right, that's pretty darn good. Pretty darn good, especially if your portfolio has a great amount of capital. But in a space where people are doing 100x's they're doing all these crazy returns. Um, you know, 4x is quite meager to some people, especially if your portfolio is kind of small. If you're only working with $20,000, $30,000 or something like that, you know, then a 4x is going to be nice, but it's not going to be, you know, really, uh, something that you can't get in other products, right? Um, and so, uh, depending on your portfolio, Uh, you know, you're gonna probably want to look for different things. And, uh, that's what— why it's so interesting. The Polkadot ecosystem, uh, offers so many cryptocurrencies that's going to be able to use a lot of that value up. Uh, a lot of that $6 billion market cap is going to, uh, basically, uh, empty down into these other projects on Polkadot. And I think you will see returns like that in the Polkadot ecosystem, just not the flat, you know, not just the main currency here. So let's look at some projects, especially one I'm involved with, what I think will be able to be one of those benefactors. All right, so on the Hive Engine exchange, looking at BitcoinMYK. Now if you don't know what BitcoinMYK is, it's a project I helped found it. Bitcoin MYK, um, is, uh, part of the Polkadot ecosystem. It has its own blockchain on the Polkadot ecosystem. However, before Polkadot came out, one of the big issues to solve was multi-chain use of our cryptocurrencies, getting them from one chain to another. And so Bitcoin MYK was basically a universal bridge cryptocurrency, right? Uh, it had several important factors. Deflation being one of them. And how it works was Bitcoin is doing what you call a buyback and burn model, right? Which means that if we look at examples like Polkadot, how as it gains more mass, it gets difficult for it to go up in value. The Bitcoin MYK cryptocurrency is designed in a sense to where it's going to burn off so many cryptocurrencies as it buys those back through its ecosystem, through its social media platform, and through its branding of Bitcoin, meaning it does something akin to a fork with Bitcoin, and you're able to now move this cryptocurrency all over many, several different blockchains. And at the same time, it creates this type of Bitcoin Universal Basic Income, which is geared specifically for mass adoption. Now, one of the huge issues with Bitcoin and YK or any universal basic income program has been that if there is such a thing as giving, um, something free, it seems to lack value. And in normal cases, that's true. But some examples or arguments against that, if we look at something like, uh, social media, something like Facebook, that's almost valued at a trillion dollars. Every service that we use on Facebook was initially free to many of us. So freemium services is something that's worked throughout the course of our business lives. And so the argument that you can obtain something free and it not have value is simply not the case. Looking at BitcoinMYK on the Hive Engine exchange, one of the more popular exchanges it trades on, you can see it's a little bit over 2 cents a token now. Remember, it is part of Polkadot's ecosystem as well, and we plan to list on Polkaswap as soon as it comes out. You can buy these cryptocurrencies on Hive Engine. We'll leave a link in the description, and you can— you're able to— then you will be able to send them over to Polkaswap through our gateway feature, right? So this is very interesting, uh, the buyback and burn, uh, feature We believe cryptocurrencies like this that deal with deflation and lower the rate of inflation is going to be very important going forward in the future. And so you don't— we don't run into problems like mass when the cryptocurrency just gets way, way too high. Another thing we have to consider is the branding right now. A lot of people don't like we go with the Bitcoin branding. Here's the deal. Bitcoin has been um, the basically the progenitor of all the cryptocurrency. So in one form or another, whether we want to admit it or not, Bitcoin is the father of every cryptocurrency out there, good or bad. Now the problem is whenever you do some type of fork, and I use that term loosely, uh, with Bitcoin, it is to one end, it is saying that Bitcoin is being fought because we believe there are components to Bitcoin can be done better, right? Now imagine a better version of Bitcoin on Polkadot in the Polkadot ecosystem. That's what we're talking about here that has that store of value relational feature, more deflationary than Bitcoin, right? We're at about 33 million coins now, very, very low supply. And by the time we're done, we want to operate in the scope of about a million coins. So think about that. This thing's 2 cents now. It's up over 1,000% over the last several months. Only 2 cents. What are the chances that BitcoinMYK could go from 2 cents to 20 cents as opposed to Polkadot going from $6 billion to $60 billion, right? And so that's why I'm saying, uh, if you missed the DOT coin, uh, move and you're very interested in Polkadot, we do not have to leave the ecosystem. There are going to be many cryptocurrencies within the Polkadot ecosystem that offer us those opportunities, I believe, right? Another thing with BitcoinMYK, you don't have to buy the cryptocurrency. We have a website you can go on, you start getting our cryptocurrency free. It operates on a freemium service model, meaning that we're going for pure scale. We're going for pure adoption, pure scale, and the deflation does the rest, right? The low coin supply does the rest. When people buy in, they're infinitely getting lower, um, or not infinitely, but when it goes to about a million or zero. So we're very excited about the project. It's so much more I can tell you about it, but, uh, we'd like for you to subscribe to the channel, watch all the videos, a wealth of information. Join our Discord. Don't forget to hit, um, like, um, the like button. And subscribe to the channel so we can keep you updated. But if you're a Polkadot, uh, person who's, uh, really interested in the future of Polkadot, definitely want to pay attention to BitcoinMYK. But that's all I want to say in this video. If you like content like this, don't forget to like and subscribe. Don't forget to share this video across social media, share it with your friends, share it with, um, that way more people get out, we get a closer or faster chance of adoption in that, in, uh, cryptocurrency. And we believe BitcoinMYK is the product that is going to, uh, be significant enough and, and cause people to care enough about it to do that. But that's all I want to say in this video. Until next time, as always, take care.