In this video the host examines the paradox of a stablecoin designed to increase in value, using the Bitcoin MYK‑backed dollar as a case study. He begins by questioning what "stable" means, noting that even fiat currencies like the US dollar fluctuate within a managed range. He then outlines the general concept of a stablecoin that is redeemable for an underlying asset, comparing historical gold‑backed dollars to modern crypto‑backed tokens. The core of the discussion focuses on the Bitcoin MYK‑backed dollar, a cryptocurrency pegged to the US dollar but backed by the native Bitcoin MYK token and its growing network. He explains how redemption works, how the token’s inflation rate is designed to rise alongside network growth, and how account‑value metrics (similar to social‑media valuation) generate additional value. The video highlights the project's low overhead—leveraging a Bitcoin fork combined with a universal basic income model—to avoid typical mining costs, enabling potentially billions of accounts and high liquidity. He describes the token’s price behavior (e.g., rising from $1 to $1.37 in ~60 days) and its tight‑margin market that limits volatility, making it suitable for payments and remittances. The host contrasts this model with Bitcoin, arguing that Bitcoin’s scarcity, high entry cost, and uneven distribution limit its utility for the masses, whereas an appreciating stablecoin could foster broader economic prosperity. He concludes by urging viewers to try the Bitcoin MYK‑backed dollar and consider the broader future of stablecoins as accessible, global money.
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Welcome back to the channel. I hope you are having a great day. So today I want to talk about a topic that kind of feels like an oxymoron, and that is the idea of a stablecoin that goes up in value. So at first glance, that just doesn't sound to seem to compute, and that the idea of stablecoin is for it to be stable. But I think a broader question is, what is stable exactly? If we were to look at something like the US dollar, the US dollar is, we would term as pretty much stable, but the US dollar, it does move and fluctuate quite a bit. Now, of course, there are things that are set in place that of course, keep the dollar from inflating and keep the rate of inflation at certain levels. And, you know, we know that this is administered through our economic system, through what happens with the Federal Reserve and so on and so forth in monetary policies. But, you know, in looking at what happens to many currencies across the globe, especially as they trade against one another, is of course there is movement, there is fluctuation. So there is this relative stability, but not so much that it is stable, so to speak. Would something like this idea of a stablecoin we were talking about Um, you know, obviously, uh, I think the— first of all, I think the, the more accurate description of it would be a, a cryptocurrency that is backed up by something, meaning you can redeem out of that thing, meaning there is some facilitation of a means to redeem that cryptocurrency for something else, something that has value set aside somewhere. If we think back to the earlier periods in American history with the US dollar, before the 1970s, the US dollar could be redeemed for gold, and then that was did away with, in which it was totally going to be backed by the full faith and credit of the US government. A stablecoin we're talking about right now, Bitcoin NYK-backed dollars, uh, seems to be a similar idea in what's happening with it. Now it's not backed up by gold. Uh, one big issue I think we have with gold and cryptocurrency is that, um, when there's time to audit, uh, obviously there's going to be a problem with Who's going to establish inspectors? You know, where are we going to be able to audit this deposit? And so there are many factors that, uh, you know, will make us question if we can really trust these backed-up cryptocurrencies. However, if we were to back it by some type of native token to some project of value, um, then, um, it becomes this back dollar and it is, uh, basically backed up by that, by that, uh, native token of that, of that chain. Um, and so that's what's happening with the Bitcoin NYK back dollar. Now, what's— there are, there are some unique factors with the Bitcoin NYK back dollars They are the dollars of the Bitcoin MYK project, which is, uh, basically like this Bitcoin fork meets universal basic income. So it's constantly people coming in, accounts of value that are adding some monetary value to this product. Um, now because Bitcoin MYK backed dollars can always be redeemed for Bitcoin MYK, there's, there's a stability between that and that network, provided that network continues to grow. So there are a few things go hand in hand with this. First, if you have a certain faith and belief in the BitcoinMYK project and its ability to grow and be valuable in the future, that you're always going to be able to redeem the BitcoinMYK back dollar for that, and that the BitcoinMYK back dollar does something very unique that I think should be adopted in cryptocurrency, but I don't think we've quite seen it yet. And that is the Bitcoin MYK-backed dollar inflation rate basically increases, which causes it generally to go up in value against the growth of the network. So there is a correlation between when the network grows, as I say, it gets many more accounts that we base a lot of the value of the accounts similar to what they do in account valuations, what Wall Street does, what many have done, what they do with Facebook, what they do with what the value of an account could be worth. And although it may be somewhat questionable up to What exactly is the exact dollar amount of accounts? What we can be certain of is that activity and accounts and platform and the attention value do garner a certain amount of value. And of course, the more people come in, the more accounts you get, the more value comes into that network. I think another problem with cryptocurrency is people just aren't incentivized to join many of these projects. There are some good ideas for projects, but the reality of the situation is Uh, they're probably not going to get enough users because many projects follow the same rule of thumb, and that is there needs to be a certain amount of, uh, overhead costs that come into running these chains, paying for electricity, having miners, and so on and so forth. And so many of these projects are then going to require that somebody purchase the cryptocurrency and This is what allows miners to pay for electricity, and that miners can't pay for electricity in many of these cryptocurrencies. Because the BitcoinNYK project piggybacks off of several chains, we have very little overhead and we don't have that problem. Coupling what is essentially a Bitcoin fork with a universal basic income project, we can foresee a future of millions, if not billions, of accounts And we've seen what happens when billions of people are connected to a network and there is, um, promotion and advertising. It can generate, uh, a certain amount of value. Because of that, the growth rate and the inflation rate of Bitcoin MYK, uh, backed dollar, they increase. Now, what's important to note about the Bitcoin MYK backed dollar is it's not just exchange for another cryptocurrency. It actually will hold the dollar value to the network value, right? As to say, um, like we're seeing right here, $1.37 for Bitcoin MYK back dollar. It was at one point at $1. Um, that was like last month, and it's up like 37%, uh, in less than 67 days— less than 60 days, right? A little over a month. Um, and this is because the network value and the backing of the money that's going into the BitcoinMYK-backed dollar, uh, about 80% of it is staying in circulation in the dollar itself, and about 20% of it is moving into the actual ecosystem of the BitcoinMYK native token. Right now, this is very important. What you got now is you do have a certain amount of value stability on both sides. Um, also with the new value being created with the new accounts coming in every day. So I think this is a model cryptocurrency should adopt. Um, it's, uh, it's very radical what we're doing here, and I think it makes a lot of sense, but I also think it's important to be able to do something like this your projects would need enough incentive and value to keep drawing new value in, new attention value in, new accounts in. Because at the end of the day, money isn't really money. It's just resources and a limited use of these resources. And it has drove some to even come up with ideas like they should be— money should just be known as energy units or energy credits, right? That the concept of money itself is false. But the idea of, or rather, resources are real, right? Water is real. Mountains are real. Trees are real. Gold is real, right? So networks are real and people are real. So this is almost like a literal aggregation of account value backed by humans in the network. That is constantly growing and pulling more value into that network, right? Now because of that, this value is added into the BitcoinNYK Back Dollar, but it is real value. As to say, uh, you're going to be able to take a BitcoinNYK Back Dollar, you're going to be able to cash it out for what essentially is $1.37 if you own one. And the reason being is that um, it keeps up with the US dollar rate, right? And not the cryptocurrency rate. So despite of cryptocurrency's rise or fall, the Bitcoin NYK-backed dollar will, uh, peg to the US dollar, right? Well, it will hold to the value of the US dollar, although it won't be paid out in US dollars, it'll be paid out in cryptocurrencies, but in that amount that, that, uh, facilitates that what would be essentially the same value of a US dollar, if you follow what I'm saying here, looking at something like the Hive Engine Marketplace, which is, uh, trade against the Hive cryptocurrency, that would mean that the Bitcoin NYK-backed dollar would always have enough Hive to be worth $1.37 at this point in time. Now there are questions of solvency, and what you get then is then you get the ability to redeem this back into the, to the, uh, dollar value of the, or comparable value of the BitcoinNYK token, even in the case of insolvency. As to say that the cryptocurrency markets drop and the US dollar rate continues to, to, uh, gain against cryptocurrency, um, that you will still be able to redeem the BitcoinNYK back dollar for that much of a US dollar. So that's just very interesting, um, important to note because, uh, the inflation that's going into the BitcoinNYK Back Dollar is being, uh, created by the BitcoinNYK project, the social network, the, uh, the net, the webs, uh, the, uh, the website, the platform, right? Uh, all these things that go into the ecosystem, that value is going back to the BitcoinNYK Back Dollar. Um, now what makes it stable with all that said? Because having a stable product, stablecoin, um, it's not just so much about, uh, you know, just being able to hold your cryptocurrencies in it and waiting for, uh, cryptocurrencies to jump back up and then you can get back in from your stablecoin positions and not lose your cryptocurrency value. But many project that stablecoins are going to be the future of our very worlds, um, as to say that many are now believing that Bitcoin is not going to be as useful and as, uh, a greater product as to use as a stablecoin, um, and there are many reasons, you know, why that is. Well, the BitcoinNYK Back Dollar, the way that it's able to achieve this growth without— or by remaining relatively stable while it does it, it's a very interesting formula here. The way that our network has been increasing in value, uh, last month it went up and increased by a factor of about 30% or so. Now that wasn't all at once. That's happening gradual throughout the month, throughout the days. And this is similar to how the Bitcoin NYK backed dollar works, right? The pricing and the markets are adjusted. This isn't a, in other words, the Bitcoin NYK backed dollar market is, is not a trader's market or it's not a market that can be manipulated In that sense, what the Bitcoin NYK back dollar is, is very tight margins and you can't really trade in and out of it, buy or sell it or something like that. And so because of that, it makes it where Bitcoin NYK back dollars generally remain highly liquid. And when the inflation is pushed into the Bitcoin NYK back dollar, it's done so gradually. There are, there are changes are generally less than 1% per day on average, right? So what, what's happening here is not only is it giving people quite a bit of stability, but it's making it very more easier for people to accept it as payments, to send it as global remittance. So it's a very gradual increase, and it's kind of reminiscent of what we get in our normal currencies when you go to your local supermarkets or so on and so forth, and you go to buy something and you notice that the prices of food have either risen, or maybe it seems like buy more with your currencies. But these movements are very gradual movements. They are so gradual that it's not catastrophic like what you might get in a cryptocurrency that might drop 10, 20, 30%, uh, in an afternoon. Uh, and so when it comes to economic prosperity and usefulness, uh, many believe that the stablecoin or some, some idea of it, some creation of it is going to lead the future in cryptocurrency and that it is not going to be products like Bitcoin because Bitcoin unfortunately has proven to not create not only not enough usefulness, but not enough economic prosperity for people around the world. And that is because it is very unlikely people are going to be holding a lot of Bitcoin, right? It got more difficult as it went on to even hold one Bitcoin. And the distribution of Bitcoin, the distribution rate is very, very poor. And generally when we hear people buying Bitcoin nowadays, it's not your average retail investor, it's not the family down the street, it's some big Wall Street firm or business or company. And that's why many of us believe Stablecoins are going to be the future because they're going to be more accessible to people. They're going to be global. They're going to get into people's hands, create more economic prosperity, and that is going to be the idea of what we're looking for. But the Bitcoin MYK Back Dollar, have you heard of it? Have you tried it? I think it'd be a good idea if you did. It's a very interesting product. The stablecoin that goes up in value, or does it really? Uh, very interesting. We'll be interested to watch what happens with this project. But that's all I want to say in this video. If you like content like this, don't forget like, subscribe, and until next time, as always, take care.
