Steem - Bitcoin MYK - Curation Report Released!

Welcome back to the channel. I hope you all are having a great day. So want to bring you this information. The BitcoinNYK project, um, that has been curating across the Steam blockchain has now broken over 1,000 curated accounts over the last few weeks. We put together a curation team of some hard-working individuals who've done a great job to help us to curate over 1,000 active accounts over the last few weeks. Now, the reason that this is important to us, especially now at this time in Steam usage on the blockchain, we're finding that some of the largest applications on the Steam blockchain range in a usership rate of about 1,000 to maybe 3,000, or about 2,000 to 3,000 people, which is some of the largest applications used on the Steem blockchain right now as far as we understand. So when we really look at the active users on the Steem blockchain, if the biggest applications only have about 3,000 active users, you know, per day, uh, then what we're looking at is we're looking at, um, curating these active accounts. We're getting a large number, uh, we think of some as user base. Now, why is this important? Uh, well, the reason that this is quite important is because, um, when we really look at the statistics on the blockchain, what is the telling sign is that transactions, uh, pretty much equal use, right? It lets us know who's using the tokens. And of course, without use, there, there is no, uh, use to, to the project or the token. Um, and, um, so you, you definitely— transactions is a great sign of, um, people are actually using your, your product. Obviously, the more people use it, the more that use can relate to some type of network value. When we look at the entire blockchain, what we see is some blockchains that do the most transactions actively over the, over the, in the cryptocurrency space. So you get products like Bitcoin, EOS, and somewhere along those lines you find the Steem blockchain ranked quite high. I believe the last time I checked was like number 6, but evidently the Steem blockchain, a lot of these transactions are included as part of what we do in our daily curations. We're valuing these posts, and so there's a very important element to the curation of these blog posts and the transactional value over the blog post, right? Because when this content is upvoted and when this value is transferred, most of this, I would probably guess and guesstimate at probably about 90% of what happens on the Steem blockchain in relation to transactions relate to us valuing these posts and upvoting these posts, right? So in other words, if it wasn't for the blogs, if it weren't for the articles and the bloggers and curators, for the most part, The Steem blockchain would not be used. Now, there is a great hope and push that the Steem blockchain will be able to have these many applications built upon, built on top of the blockchain, and we have seen many of these applications, and that has occurred. Unfortunately, these numbers are still very, very low, which means people aren't using them. So what's occurring, it seems more so on the Steem blockchain, is the curation of the blog post. Hence why we've targeted blogging and curation. This helps us build our network. It helps us transmit value to the users. Now, what, what we have to understand as well is that part of Steem model is based on stake-weighted voting. Now, what does that mean? Well, stake-weighted voting means the more you you invest into the Steam cryptocurrency and invest in what they call Steam Power, the more influence you have over the network, right? Now there's a stigma in association with that, and it has led some of us to believe that it has led to many people leaving the Steam blockchain. What can happen is there can be this, uh, if you will, disconnect or conflict between the value of a post and how much money gets invested in network. In other words, the people who have the influence, they have the right to move this value, of course, to any people they want. Now this can basically relate to, uh, or translate rather to them determining the value of a post Despite the merit of the post and the work put into the post. Now, of course, this doesn't happen all the time, but this is a part of the problem on the network. Also, relating this value, it can be quite subjective. And so what we've done is with our curation system is very unique to what we've seen on Steem blockchain so far. And what it does is it takes everybody's votes basically and equals them out. So everybody who votes on on the post, the value of the post is the same, right? Each vote is the same. Now this is the ultimate level of fairness we could create or come up with with the project. Now we're able to do that by taking our cryptocurrency BitcoinNYK, which is also trading on the Steem blockchain against Steem. And we're able through our treasury to basically facilitate the value of these posts to bring them at least in relational value. As far as the votes and with the Bitcoin NYK project, what it means is it deals with any issues of fairness and the stigmas of stake-weighted voting, you know, as opposed to democratic voting, which some of us are now more so championing. And we believe this is the reason why the various communities in Steam have formed in order to push them to an area where people can value each other's contribution to the community better. The BitcoinNYK project pretty much solves many of those issues as by equaling out the votes. It means that there is a consensus model in place that allows now for people to basically get the same value on the post. In other words, if 20 people were to vote on a post, whereas maybe one of those voters would have a significantly higher value than the rest, What the Bitcoin MYK project does is it would effectively make all those votes equal in value. So this is very important to our model, and it's also very important, you know, we believe that we see models like this implemented more and more. So we're very proud of what we've managed to accomplish in this very limited amount of time. It was difficult to get curators in the beginning, but we've started to get them more and more. And they're just doing a fantastic job more and more. And we're covering a lot more ground. Now, there's a big misunderstanding with our project and it's led to, we believe, in the minds of some people thinking that the token doesn't have a lot of value. To explain, there was an experiment performed based on a, a pair of designer shoes that were actually very expensive shoes. And what happened was these designer shoes were actually put on sale and unbeknownst to the consumers, these shoes had went down maybe like 90% in value, but they're very expensive shoes. What happens were the consumers would walk past these shoes and not purchase them because they thought they were too cheap. Whereas these same shoes had been about 90% more than that the following week. They moved the value of the shoes back up to its original price and people began to purchase the shoes again. There is this type of relational idea of value in the price of something. But I think that we have to kind of understand that in the concept or the idea of what people believe to be our token given out free to a great degree, that in cryptocurrency we have done what is called airdrops, and there have been tons of free tokens given out with these airdrops. And this has been the model to, to promote cryptocurrency. So this is nothing new in cryptocurrency. We've always given out free tokens. In fact, the beginning of Bitcoin, nobody was buying Bitcoin. Bitcoin was given out free. Uh, our project also encompasses a UBI element or universal basic income element. And, uh, that has been known for, to some in the cryptocurrency space, some great articles have been written on it that, uh, universal basic income can represent the ultimate marketing plan. Why is that? Because a lot of our society has been driven on the idea of samples, free items, coupons. And what generally happens is people use these products and they, they find out they like them. They find out they're more efficient. And when that happens, they begin to use these products more and more. Also, I think it's very important to know that in cryptocurrency, um, there's nothing more important, I believe, especially in these early stages, than community and the user experience. Um, and building a vast network that everybody's on, uh, I, I think it's become quite clear to many of us that Large networks pretty much work in cryptocurrency, or, or, um, an idea they, they, uh, make a lot more sense, right? Because if you want to have some type of money transfer system or value transfer system, uh, it will follow logically that the more people you can distribute to, um, the more, um, use that network's gonna have, right? You know, in other words, if I had a money The best situation for my money could be that everybody held it. That way I could do commerce with a large amount of people. So building up your network is probably one of the most important things in cryptocurrency. Of course, we also have a deflationary quality to the product, which means that the supply is ever reducing very fast. So what you have is you have now this clash of a growing network with people being transacting our token in some form or another. Some people are holding the tokens. Some people are buying some of our products with the tokens, which we're adding more and more great products to our project. And some people are just dumping the tokens, and that's all to be expected. It all makes the ecosystem, right? It all makes the economy. Because think about this for a moment. If every dollar you receive you just held, uh, and you never let it go, then there would never be another person on the end of that transaction. Understanding economics and ecosystems is very important to understanding what needs to happen to cryptocurrency. The reality of the situation is cryptocurrency has not mass adopted, and it's very difficult for it to do so because demand factors and because the network is too small. Well, it would logically follow that if everybody had your money, uh, that, that would solve that problem. So what do you do in a case like that? You give everybody your money, right? Now the confusion is by giving away money, like in the early days we gave away free Bitcoin, that it makes the project, uh, of not of value. But is that true? When you think about using products like social media, Facebook, Twitter, YouTube. Do you remember paying anything to use these networks? Although these networks are valued at hundreds of billions of dollars, half a trillion dollars, right? The difference with the Bitcoin MYK project is that instead of just using these products, which appears to you to be free, which is not, but it from your experience would appear that way. The only difference with our project is you actually are a part owner in the network, right? The network isn't any less valuable because, uh, of the idea of free, uh, tokens given away, any more than the idea of Facebook, Twitter, or YouTube is any less valuable because you use it free and you don't pay at the door. BitcoinMYK uses very similar ideas. So that's why our push and focus is on the growth of the network curating accounts, getting our brand out there to people, trying to help improve some of the elements of the Steem blockchain, like a more democratic approach to it, and just overall good distribution, which has been proven by many economists to be the most healthy economy and ecosystems we have this far. So I thank you all who are curators who are participating in this project. I'm very happy with the results we've gotten so far. Uh, the— we are making progress. The value of the network is growing. I know a lot of people pay attention to price, but if you understand economics and you understand what happens when deflation, uh, gets cramped into a, uh, or a large network gets cramped into a very, very small supply, right? Like anything in economics, as the supply reduces, what tends to happen the remaining supply generally becomes more valuable, right? So that's probably the easiest way to think about it. And so people who don't understand economics, they will probably continue to dump the tokens, which is actually not a bad thing because remember, business is bad when people refuse to let go of their dollars, which means there's gotta be somebody on the end of that transaction. A seller has to have a buyer. Right? And so it's got to be that movement, that velocity of money. And so that is very much needed. But, uh, very excited to give you that information. Uh, there are some great products we have coming up, more uses to our cryptocurrency. We already have several, but I can give you a sneak idea of what is coming up next. Uh, we're going to be doing a market prediction game based on our, uh, BitcoinMYK token here pretty soon. It may come out before the week's over, and it's going to be followed up by this cool trading card game where communities can customize their own trading cards on the Steem blockchain that has various values based on the model of the trading card, based on the reputation of the Steem power of the, uh, of the user. And, uh, right, you're going to be able to buy these tokens and trade these tokens— I'm sorry, buy these trading cards, trade them on our platform, as well as this option game. So we're very excited about that. Stay tuned, we will be bringing you more details about that. But that's all I want to say in this video. If you like content like this, don't forget to like and subscribe. And until next time, take care.