Polkadot - Sustainable/DEFI Equals Bitconnect/BTC Dumps

Welcome back to the channel. I hope you're having a great day. So today we're going to talk about Polkadot, why it's sustainable. We're going to also look into DeFi, its latest comparison to BitConnect, and we're going to talk a little bit about why the price of Bitcoin is dumping. But, uh, we're here on the memo.cash site. We're going to speak to you a little bit later in the video about why we're on this site and why it's so important, I believe, to the future of cryptocurrency. But first, let's talk a little bit about Polkadot. So Polkadot, uh, a sustainable project. What do we mean by that? We mean that there are some projects that have really good platforms, use cases, uh, that they're going to be around, uh, and, um, uh, doing well over the next several years. Now, um, quick early history of Polkadot. Polkadot has been working on this technology for about the last few years. Uh, they received something like over $150 million $1 billion, uh, in startup capital, uh, lost $90 million, right, through some type of technical error with the chain. Lost something like over $90 million. The remaining dollars they had, something like $40, $50 million, they were still able to go, go on with that, make this a, uh, billion-dollar project, right? Um, And now the reason that Polkadot was able to secure such a huge, tremendous amount of value is obvious, that their direction and the technology involved with Polkadot, uh, was something many people believed was going to be, uh, something of tremendous value. And evidently it is, as we can see what Polkadot technology is allowing people to do. Uh, people are able to create their own blockchains quite easily. Uh, they're going to be a lot cheaper fees and congestion. And using their parachain technology, they're going to be able to do things that Ethereum can't do, um, that's happening within Ethereum right now that's causing, uh, just a lot of, uh, drawbacks for use on the Ethereum chain. So Polkadot has looked at that— excuse me— because they are the same people who founded Ethereum, and they've created this cryptocurrency that addresses many of the problems we have today in cryptocurrency. Polkadot is sustainable because it's useful to people, right? And it's creating a tremendous amount of value. It's going to solve many issues in cryptocurrency. Unfortunately, many of the decentralized finance projects that are now surfacing on the Ethereum blockchain that's pulling in a lot of craze and money initially. We've seen this kind of thing before, is basically alluding many to believe that DeFi platforms are some reincarnation of BitConnect-like sites. And how do we arrive at this? Well, if you really look at some of the major ideas behind decentralized finance, many of the tokens that are being created are using this methodology in order to be able to take advantage of arbitrage that is going to exist in low liquidity markets. Because of this low liquidity, it's creating all this upside potential, and they're able to, through these platforms and this technology, zero in on those margin spreads and basically take those profits, right? Whilst at the same time presenting to many of the people buying in as they print more and more of these tokens, uh, that they're going to get these high annual returns. And the people who are getting them initially, uh, the fear is, will this be able to continue on? Now, we all know by now that just printing up tokens and printing more money doesn't do anything of that nature, right? The only thing that's going to happen, you're going to create a lot of inflation, and you're going to drop— you're going to dry up liquidity, and the price of that thing is going to crash. Now, many of these DeFi projects to get around that, what's happening is you're just seeing more and more and more and more of these cryptocurrency projects, uh, basically, uh, start off, right, and take over. Um, and, um, it becomes a game of hot potato, right? This is akin to, uh, excuse me, Let me move for a moment here. Okay, this is akin to kind of what we saw with the Ethereum contract games, the FOMO3D and all these various projects. They would create one that would go to the moon, it would take off, and then they would end up, uh, back on a new one that's going to repeat the same thing over and over again. Of course, you can kind of gather what the problem with that is after a time. There doesn't seem to be a huge difference in these, these DeFi tokens, right? Now, one can make an argument that obviously that's a good thing, taking advantage of arbitrage and doing it in a way where people can kind of join these pools, right? And they're able to take advantage of that. Through this technology. But the problem is the projects themselves, how they're popping up and how they're arranged, and the great, this, uh, uh, imbalance and the large amount of, uh, liquidity issues is causing, is not going to be the end result of people able to take out value. Uh, it's just, it's not sustainable. It's just, it's, it's just not possible. We would need a whole new group of buyers entering into the market, and right now they only consist of about 400,000 people in the DeFi space altogether. So where is this money going to come from? And I think some of us are under the notion that this money, just because it's printed up and just because the value's going up at the time, that that's going to continue. That is impossible. It will not happen, uh, and for obvious reasons. Uh, what's going to likely happen is people are going to be left holding the bag in certain tokens, and they're going to move to the next token, and it's just this gambling fiasco that has to end. How is that any different than BitConnect? There isn't a great deal of difference there. At least it's not gonna play out. Now, the story is better, but how it's going to play out is probably going to be much of the same. So when you look at this site we're on now, let's understand what's happening here. Now, this is running on the Bitcoin Cash network, and Bitcoin Cash has had its problems, but it's also had its successes. But one thing that seems to be key, at least in my opinion, is that Some version of social media and currency, cryptocurrency system is going to be the answer to many of the problems that loom over our heads in cryptocurrency. And the reason being is because social media brings the most people the most value at the less cost. It makes the most sense to already have a network and to integrate a cryptocurrency into it. And so, uh, it's a lot easier to, to find its value due to the user base. You know, as to say, uh, we look at something like Bitcoin, we look at something like, um, Ethereum, and in some cases when there are— there's a huge run-up in price, it can become difficult for us to sit back and go, how What is the true value of this cryptocurrency? And social media is a bit different because, you know, if you have millions of people on your network, they're finding some use in that technology and in that platform, right? So sites like this, Memo, that has its token creation on the Bitcoin Cash network, I think is, is leading down the road of that, right? Also on Polkadot, Polkadot's coming up with its own social media integrations and sites that are going to run on the Polkadot blockchain. Our project BitcoinMYK has its own blockchain on the Polkadot network, but it also— you're going to be able to integrate into social media on other platforms here like Memo, where we're already set up with our cryptocurrency. Right? You can post here. Uh, this is value that is sustainable, that people can see, and it's very easy to get a wallet. So it is quite easy for a person, a new group of buyers to come into cryptocurrencies, or a new group of people bringing value to cryptocurrency to enter into these markets. And it doesn't turn into a Ponzi scheme. It doesn't turn into a pyramid scheme. but it becomes something that they use every day in their lives, right? And that makes probably the most sense I could think of, right? Only 400,000 people in the DeFi space. Where are these new buyers going to come from? Is this going to just end up being another one of these sophisticated Ethereum contract games, right? Um, that's what many of us are starting to believe, right? That's what many of the experts in the field are believing. That that's going to be the end result of that, just another gambling-to-nowhere fiasco. But let's talk about Bitcoin for a moment here as well. What's happening with Bitcoin? Bitcoin dumped today, right? Um, and it's left a lot of people wondering what's going on. Some believe it's due to the strength gain of the US dollar this week, uh, as well the, um, what I believe to be what's causing a lot of it as well is the high inflation that still exists in Bitcoin. But, um, you know, when you couple all these things together, uh, a lot of these shorts that are going on on sites like BitMEX and so on and so forth where people are not seeing the value of Bitcoin is high. Not seeing it as high, uh, uh, as, uh, it should be, right? Or that many people believe it is. Um, you know, that's what's causing the downward pressure. Now this is something considerably different from what we're getting on, um, what we're getting this year about the Bitcoin halving and, uh, Bitcoin breakouts. And is it going to hit $15K? Is it going to hit $20K? And it seems more in line with many of your earlier predictions now that Bitcoin's probably going to go to the $9,600 or, or the $8,000 range, or, or, or even fall further, which is some of my viewpoints, down to $6,000, right? I still think we're going to see a $6,000 Bitcoin. I don't think Bitcoin's made a compelling enough case yet. And here we are on MemoBitcoinMYK. Uh, number 31. We peaked at number 30 today. Very impressed with this site. Uh, you can start earning Bitcoin MYK today free, signing up, doing things you do every day in your everyday life. Make posts to your social media, tweets, share your favorite experiences. You can do that here on this site. Uh, integrated social media and cryptocurrency site. Moving along the lines that I think what we're going to have to end up with to have sustainability, right? Pyramids and Ponzi aren't going to do it. And unfortunately, the fall in Bitcoin and what's been happening with the price of Bitcoin is leading some to believe that Bitcoin, whereas it may not be a pyramid or Ponzi scheme, it sure attracts many of them. And its behavior has become relational to it and has driven many to go back to the likes of, uh, uh, thinking Ethereum might be the chosen one. But I think it's more, more likely going to be Polkadot because I don't see where Ethereum has the technology that Polkadot has. I don't think it has a good story Polkadot has. And, uh, although things could change in the future and Ethereum can really get its game together, and, uh, retain some of that value. I still think Polkadot's going to be a major player. And with so many more features, I think, that are going to, um, come out with Polkadot, I don't think technology-wise Ethereum is going to be able to really hold a candle to it. Although some of the bigwigs in Ethereum may try to keep Ethereum a player, uh, I don't doubt that. But the bottom line is the useful cryptocurrencies, the sustainable ones, the ones that are going to have real value and real purpose to people are going to be projects like Polkadot and Ethereum. Nobody really uses Bitcoin for anything with the exception to buy altcoins. I would say Bitcoin would go up in value due to, uh, it being probably the major trading pair cryptocurrency to other cryptocurrencies, right? And in that, uh, state of affairs, it feels more like a stablecoin, uh, not, uh, a store value. To me. Um, those are my thoughts through my analysis. Now, of course, a lot of people will disagree with me, but, uh, if you really take a look at the performance of Bitcoin and what we've been seeing over the last several years, uh, I believe some may start to believe, uh, more that to be more the case, what my findings are. Um, Bitcoin coupled with social media, that's what BitcoinMYK is. That's what Bitcoin MYK is. And my belief is this is where we're going to have to go. This is what we're going to have to do, you see, in order to really, really get there, to really, really get there where we need to be at. Of course, Bitcoin MYK will exist as a parachain on the Polkadot network. We've already started running our nodes. and, um, you're able to participate in that, become validators for that. Um, but this is where the sustainability is going to come from, guys. It's not going to come from pyramids and Ponzi schemes. It's not going to come from, unfortunately, uh, Bitcoin, I don't believe, because Bitcoin has been compromised by a great degree of people who control the price, great degree of entities, great degree of institutions. And at least in the case of Ethereum and Polkadot, you're going to get a real use case of smart contracts that are going to do everything from legalize estate planning. It's going to take a lot of the expenses that go along with many legal concerns and attorneys. Right now, blockchain technology is a much greater way to, uh, basically review contracts as opposed to not, uh, reviewing them over the blockchain, right? The problem with Bitcoin, however, is Bitcoin— nobody builds anything on Bitcoin, right? So Bitcoin is just still caught up in this romanticism, uh, but it's not really doing anything. It's not going to be a good currency, right? Uh, for, for, you know, we could tell you a million reasons why. Yeah, it's not going to be a good currency, right? The blockchain itself, similar to Ethereum, these aren't going to make good currencies. But back to it, uh, to the, uh, uh, situation with Ethereum, you're dealing with smart contracts, right? Same thing with Polkadot. And because Polkadot makes it easy for so many projects to create their own blockchain, you're going to have many more options on Polkadot, like our project BitcoinMYK that you should really be taking a careful look into, right? Not getting caught up in what many experts now believe to be nothing more than Ponzi schemes. Nothing more than Ponzi schemes, right? Let's be careful, folks out there. But also, let's be realistic. When we look at projects like Facebook and Twitter, projects worth almost a trillion dollars. Just some quick information here. I believe when Facebook first got started around its heyday, they received something like $50 million in seed money to get started. Now comparably, cryptocurrency projects have received way more than $50 million that are social media sites, right? And look at their value today. You can't find one social media product in the top 10, right? You find something that's got half a billion dollars and value-wise, uh, they're not even worth $50 million today, right? Facebook, oh, like $50 million is worth almost a trillion dollars, right? And many other, uh, social media predecessors are worth hundreds of millions of dollars easily, pushing toward billions of dollars, right? Um, that means we're doing something wrong here in cryptocurrency. Social media coupled with cryptocurrency is one of the greatest uses of crypto. It's one of the best ways to use cryptocurrency to move it, to, to, to make it a larger network. And we haven't been able to do that yet. And we keep focusing on the finance sector, which makes sense to a degree, right? If you're looking at smart contracts and you're looking at something that people are going to actually have to use. If we're just looking at driving the price up and trying to find a price arbitrage between cryptocurrencies that within themselves don't truly have the value that they're supposed to. Because remember another thing, an investigation done into cryptocurrency that was sent over to the SEC, we found, we found out that only 3% of the trading was actually legitimate. That means that 97% of the actual value of cryptocurrency is false. What do you think DeFi is going to do With all that, those false numbers and that false arbitrage, they're going to give you false liquidity and they're going to crash the market. The only way you can really value, find a value in platforms is based on their attention value, not the price, not manipulation, not some whale at the top or entity or a bank or institution manipulating the price, but their attention value, right? That's why it's so easy to value social media, and that's why it's so easy for social media projects to be worth billions to trillions of dollars. Whereas in cryptocurrency, we can't even be as valuable as one of them. Whereas in cryptocurrency, after a decade, we can't even get enough people interested in this to get involved, to bring their value in and money. Because we never made a compelling case in the first place why they should use it. But Bitcoin MYK does away with all of that. Running on the Polkadot network, running on the Bitcoin Cash network. We invite you all today to come over, start using it, start posting like you do to your regular social media. Post and earn our tokens, right? Post whatever value you have and where you post on your social media. Post here, earn our cryptocurrency. That's deflationary, and that's going to be of value to you one day. We recognize and we understand the tremendous value. That's why we can say, come in, use our platform absolutely free and gain value from it. We know and understand how attention value works. We understand how freemium service works. We understand why you can use Facebook, Twitter, and Instagram without spending a dime, and they'd be worth trillions of dollars, right? We understand all these things. The problem is a lot of cryptocurrency does not, and we have to get off the gambling train now because we're headed down a path to destruction, right? So I don't know, I think that about covers everything. We're going to leave a link in the description. You should start posting over to the BitcoinMYK site now. Um, as you can see, people have already been posting here, right? And, uh, we're starting a new movement to get people over here, right, posting on this site, uh, because we think this is going to be sustainable. If you're on Polkadot, you're going to be able to move that value over to Polkadot blockchain. As, as we said earlier, we have our own blockchain on the Polkadot network. So these are good times coming ahead if you're in the right projects. If you're in the wrong projects, if you're in Bitcoin, you probably have a rough way down now. You probably have— you're probably going to be headed from $9,000, $8,000, maybe even $6,000, right? Uh, that's probably what's going to happen. If you're in DeFi, Uh, oh, if you're in DeFi, I don't know what to say to you, my friends, uh, except I told you so when it happens to you. It is time to really do your research, find out what's going on in crypto, find out why cryptocurrency isn't growing as much as it should be growing. This is some of the most revolutionary technology to date now, and it has struggled over the last several years. Right? Time for a project to come out and change that. We believe we are that project. And, uh, right guys, you can join and participate with us today. You're gonna love BitcoinNYK. It is more deflationary than Bitcoin. The US dollar is gaining against the price of Bitcoin right now, and that's what's causing Bitcoin to crash as well and people to get out, to sell out of Bitcoin as the US dollar strengthens. That is because the inflation rate Bitcoin is still struggling today to keep up with the US dollar, right? But BitcoinMYK does something different. It's moving on a lot less inflation, right? A great deal less inflation, and it's going to make it more easy to compete with the US dollar and any other cryptocurrency out there. So make sure you get involved. Don't bring your pocketbook, bring yourself, your participation, attention, value. And, uh, you will see why this project, we believe, is going to be such a great project, introducing universal base income into it. Something that as this economy starts to crash going into 2021, a lot of attention is going to be garnered over the universal basic income. It is time to— for us to mature in the cryptocurrency space. It is time for us to stop being gamblers and chasing the sword of Damocles, right? Trying to catch a falling dagger. Those days are over. It's time for us now— the ICO days are over. You know, we went through all these stages. Then it was the stablecoin days, right? Then it was the, uh, the halving days. And now we're here on the, uh, DeFi days. It is time to mature in cryptocurrency. It is time to do things we can actually see the value in, and it not just be a pyramid or Ponzi scheme, uh, trying to get people involved to get rich, and they never get rich. They end up losing all their money. Let's build something with the value of Facebook. Let's build a trillion-dollar cryptocurrency. We can do it with universal basic income. We can do it with social media. We can do it with Bitcoin-like products that are deflationary and not inflationary, but at a rate lower than the US dollar. Bitcoin's inflation is not impressive compared to the US dollar. It is time, guys. But that's all I want to say in this video. If you hear what I'm saying, uh, follow this channel, like and subscribe, get involved in our project. That way you don't end up on the wrong side of the cryptocurrency space. Until next time, guys, as always, take care.