Proof Of Humanity - Btcmyk Partnership?/Elon Musk Kills Bitcoin

Welcome back to the channel. I hope you all are having a great day. So today we want to talk about the Proof of Humanity platform and its future, what it looks like. Very interesting project. We had, uh, did a review on Proof of Humanity our last video, and after getting a bit more chance to get acquainted with the platform and what's going on what their plan is toward the future. We're finding that this is a very interesting system, is that, and that a lot of the important aspects of it is based on having an identity on the blockchain, right? Again, going back to authenticity and being able to authenticate something, and that can be important for maybe proving who you are especially in a, in a very complicated future where you have things going on like deepfake, right? And so this is going to be a very complex future where what you see with your eyes may not actually be what is going on. And things like identity theft could be potentially a big problem in the future, right? And, um, many, uh, uh, there are many approaches on how to prove one's identity, identity. But, uh, you know, things can start to get crazy. You know, we could start to have futures like what you see on science fiction movies, movies like, uh, Face/Off, and movies where people can cosmetically alter themselves to look like you, or maybe even just futures again like what we're getting now where people can display digital information that isn't the case. And so that could potentially be some interesting, uh, problems solved by proof of humanity, which again doesn't just deal with universal basic income But when you're going to basically implement a UBI program, you're going to need a means to identify people. And so Proof of Humanity is working into that area, and it seems to be doing a very good job of it, but not without its problems per se. For instance, Proof of Humanity runs on Ethereum, which for especially, I think, new people coming into cryptocurrency who will probably be very much interested in universal basic income projects, I could see that being a great amount of incentive to get people to come into cryptocurrency, to get people to understand the use case of cryptocurrency, right? I could see that happening in projects like this. But again, Part of the issue is that if they come through Ethereum, there is going to be, uh, you know, a big problem. And not only learning to use Ethereum wallets, but, uh, also just the, uh, the, the large amount of fees with the rising price of Ethereum, just very inefficient, uh, for, uh, people who— many of the people in the Universal Basic Income community who might, uh, certainly want to take a look at, at this. We believe that Universal basic income is the ultimate mass adoption vehicle. It is the ultimate freemium service that can draw billions of people, uh, who were once not very much interested in cryptocurrency, now part of the cryptocurrency ecosystem, right? So these are all very important things, but, uh, the barrier of entry the— what is required to prove, prove one's identity on the blockchain is quite problematic for a lot of people. And some people are just not going to participate until there is a much easier system. And so with something like universal basic income, What I love about universal basic income is what we've experienced in cryptocurrency oftentimes is a type of tribalism, right? Where people are very tribal about cryptocurrencies they're involved in. They put a lot of time, energy, and resources in these cryptocurrencies, and any competition could be frowned upon. But Universal Basic Income projects are different because they run on freemium services and they fall into this very interesting area of where it's not a for-profit business per se, but then again, there is value in the cryptocurrency. But then there's also this type of, uh, found— foundation-like, charitable-like status, uh, or line that it walks where it's really helping a lot of people who need help, and these resources are being distributed over to them. And so this, this then becomes this very versatile platform socially, dynamically, socioeconomically, uh, that is something that can, uh, basically create mass adoption. And that is something that is very difficult in cryptocurrency models that are mostly just speculative, or mainly the idea is just to make a lot of money, um, you know, um, and, uh, so it's this very business-like capitalistic model. And, um, you know, those can be, uh, not enough incentive sometimes to get people involved in such a movement like cryptocurrency. But I believe something like universal basic income can. So the Bitcoin NYK project, many of y'all who watch the channel know that Bitcoin NYK is this, uh, Bitcoin sidechain fork, uh, and it is a way to basically, uh, draw the Bitcoin community in, uh, and that is because the Bitcoin community is still the biggest community in cryptocurrency, still holds the most wallets. So logically, it would seem that we would go there first get value from that community. And, uh, what we've done with BitcoinNYK is it then became like this global project. How we identify accounts— we use what are called social media keys, and these are basically just keys that are sent around, pin codes if you will, to various social media sites that all link up to one account under BitcoinNYK.com. And through this means there is their levels of security and verification. Now, this is something, uh, that is different from what Proof of Humanity is doing. They have a very sophisticated identification system, but at the same time, a very complicated one, right? So whereas they have a great solution, at the same time, they probably won't have a lot of users, right? I think Bitcoin MYK has found this very interesting place in the middle where its hope and goal is to have a synergy with many other universal basic income projects because they are freemium services and they operate different than, uh, for-profit businesses. Um, you know, that said, we could see a very, uh, helpful partnership between ourselves projects like Proof of Humanity, many other universal basic income projects. And we'd be more than happy to work with, um, many of these projects because, um, there are some algorithms running now in cryptocurrency, one of which is called Proof of Responsibility. Now let's talk real quick about what Proof of Responsibility is. What Proof of Responsibility is, is that the Electroneum project that Some of you may know something about it. It's this project that kind of felt like a universal basic income project. It would give out free cryptocurrencies to its token holders every month. And it started to do these global partnerships with many mobile smartphone providers, or maybe many mobile operating services. Many smartphone companies, utility companies, and they were doing these global partnerships and where people were able to use their Electroneum to pay their utilities, to top up their cell phone minutes with Electroneum cryptocurrency. And with the blockchain, there were various changes to it and issues and to eliminate waste. And we're going to talk a little bit about waste a little further in this video as we talk a little bit about a tweet from Elon Musk today. But because of waste, uh, they thought it would make more sense to use an algorithm where, uh, primarily organizations like charities would do all the mining and they would thus earn the cryptocurrency from the mining. And it was, the mining was only done by these various charities. It was not mining that was able to be done by the general public. And of course the idea was just to eliminate waste. So they took that and that algorithm became very interesting and I thought very useful, especially for a project like BitcoinNYK where we felt it would be a good idea to allow charities to distribute the universal basic income cryptocurrency or the BitcoinNYK token, and they will receive half of the cryptocurrency in the amounts of every cryptocurrency dollar that they distributed, right? So for every $1 of the BitcoinNYK token they gave out, they would retain $1 BitcoinNYK. And we thought to have some of the best algorithms, the best distribution system, we could use these foundations and charities to do it. But not just them, other universal basic income projects like Proof of Humanity. Um, and we believe that, uh, that could be very good situation for Proof of Humanity, who's probably like many universal basic income programs are going to deal with a great deal of inflation. And one way to combat deflation is getting cryptocurrency off the market. So by receiving our BitcoinNYK token, they would be able to, um, sell it on the open market and buy their Universal Basic Income crypto coin back, or burn it, or, uh, or use it for other projects within their community, whatever they saw fit. The entire overall goal of BitcoinNYK would be to be a well-distributed cryptocurrency, right? Uh, there is no expectation of profit, but for the BitcoinNYK token to function as a viable currency, right? One big issue in cryptocurrency as well now is the expectation of profits and people making money and prices going up with speculation. Causes many cryptocurrencies not to pass something called the Howey Test, which by the SEC, Securities and Exchange Commission, makes you an unregistered security and can get you delisted from most major exchanges. And so it's important that we don't fit that category, and I don't believe we do. But by using these NGO partners, non-government organizations, charities as it were, to do this and creating this great distribution, um, we obviously think that would make us a great deal more decentralized, and by doing so, we wouldn't be in that category, and we would be one of the best distributed cryptocurrencies out there. Uh, but most universal basic income projects could be through various partnerships and, and, uh, that synergy that we can have between one another. And I think it'd be helpful for us all and that we don't see it as any type of competition. We don't see it as any type of, uh, we win, you lose. With universal basic income, one wins, we all lose. But we have to make these platforms user-friendly. And unfortunately, sometimes we tend to, in the cryptocurrency space, tend to focus too much on technology. The BitcoinNYK project, a very simple project, maybe too simple, and it's led many in the project to greatly criticized, uh, lack of technology, right? We've purposely refrained from complicated technology because we want the general masses of people to easily be able to use this, as easy as they use PayPal or Cash App or a standard social media website. And so it's very important that we make it as simple as possible. And, uh, well, because of that, uh, in a, in a place with so much technology, uh, it doesn't always sit well with some, but I think many people do understand the overall goal. We are definitely extending our hands out in friendship to projects like Proof of Humanity. If you're a member of Proof of Humanity, join us. We'll be more than happy to get you free BitcoinMYK tokens that are valuable and trade on several exchanges. And we believe that this could be a good situation for us all in the future. So we have left some communication to Proof of Humanity in hopes that, you know, there can be some conversations between our two projects. And, you know, at the end of the day, and as I've said earlier, Successful universal basic income projects are always going to be a win for us. In our mindset, one universal basic income project makes it— as communities use one, it's probably logical to use the other, right? Uh, they're all freemium services and they all help to make the world a better place. Um, so Very impressed with the Proof of Humanity project. Uh, looking forward to hopefully speaking to some of the people who are, uh, heading out those projects and, uh, steering it forward. And I'd be glad to have a sit-down in any way we can help them, uh, and any other universal basic income project. We would be more than happy to do that. I want to segue now to a tweet we got from Elon Musk today. Uh, that many of you all will know about. So we're going to talk a little bit about that. All right, so I'm not going to spend a whole lot of time on this because this was the news of the day for cryptocurrency, but you probably read the tweet or heard about Elon saying they will no longer be selling any Bitcoin. Um, and they're talking about it's not in line with sustainable energy. They are an electric car company. Trying to create products that aren't based on fossil fuels and unsustainable energy, but sustainable energy, right? So, you know, what's interesting about Bitcoin is that especially over these last few months or so, people like Elon Musk have been coming in and making these big gestures and putting in large sums of money into Bitcoin. And they've, they've stirred many, uh, many other billionaires on and, uh, companies and investors to come into Bitcoin. Um, and that pushed the price up a great deal. Bitcoin went crazy. But we can see this large impact already that Elon Musk had on Bitcoin by this tweet he gave out. And that creates a lot of issues. First, to me, it looks like if one person is able to come in and have such a great influence on these cryptocurrencies, are they really decentralized, right? To have this kind of centralized, for lack of a better word, power. Because I think the idea of decentralization is a very broad term. You can be talking about decentralization of the technology and development. You may talk about the decentralization of the wealth, the decentralization of the mining, of the exchanges. And, uh, so it could be a very broad, complicated idea. To oversimplify it is a misunderstanding of what decentralization is, but In seeing this today, it made me go back to what I originally was thinking, and that was that Bitcoin is not decentralized, right? That's not to say that Bitcoin doesn't deserve a lot of praise for being the first major cryptocurrency, uh, introducing many of us to blockchain technology, and us standing on the shoulders of giants So it deserves all the respect it gets. But the, the issue is that, uh, there are things that we're at a time frame in cryptocurrency that Bitcoin doesn't address, and there's problems that Bitcoin doesn't solve. And I think we're kind of burying our head in the sand thinking things are going to be different, thinking we're going to see a $200,000 Bitcoin. $100,000 Bitcoin or million-dollar Bitcoin and thinking that Bitcoin prices can't fall, that once they hit a certain threshold they can't. And this tweet shows us just how centralized Bitcoin is in many facets, but also it shows us that the Bitcoin price can dump and can drop. The Bitcoin NYK project is a Bitcoin fork. It is UBI for not just Bitcoin holders but for the globe. It is, uh, we believe, the perfect combination of cryptocurrency and Universal Basic Income project. And, uh, we don't believe that it can be manipulated in a sense like what we saw with Elon Musk today. At the very least, we believe because of what Universal Basic Income is that you will in retrospect end up with one of the most decentralized cryptocurrencies in the world, if not the most decentralized, because the universal basic income will go out to everyone as a freemium service. This is not a speculative device. This is not a, uh, a business platform. It is a project socially designed for people to prosper as well as economically, um, in a system, not a business. And I think those are very important, uh, elements because I think it kind of harkens back to the early days of Bitcoin when they were trying to build this currency system, not asset class driven system, not high-risk speculation device system, but trying to build a currency system that would give its users freedom, uh, would give its users, uh, the ability to be free from any type of government control or tyranny. And this was a social system, and the early Bitcoin people weren't necessarily trying to get rich, but they were trying to create something special. And I think we've got away from that. We've got away from the idea that through that process The tremendous value was built in Bitcoin and where we're at with it now, I think Elon Musk is right. I think that it is wasteful and not only is it wasteful, but it's not even decentralized in all the ways that matters, right? More Bitcoin is owned by corporations and institutions than the people. So it's not the people's money. And I think we have to come to terms with that, that projects like BitcoinMYK, projects like Proof of Humanity, are going to be closer to the people's money. Guys, if you like content like this, don't forget to like, subscribe. Don't forget to join BitcoinMYK.com. Uh, you start getting some of our free cryptocurrency today. Join our Discord, come chat with us. That's all I want to say in this video. Until next time, as always, take care.