Steem Forking! - Ecoin Mass Adoption Coin Vs BTCMYK

Welcome back to the channel, and it has happened. Uh, the Steam fork is happening. It is real, and as you can see, we're here on what seems to be the announced platform site of the fork of the new chain. As it's being described as fast, scalable, powerful, Blockchain for Web 3.0. Um, the Hive ecosystem has a thriving ecosystem of apps, communities, and individuals leveraging the Hive blockchain technology and decentralized structure. So this is very interesting. I mean, this has been a complete episode, hasn't it? From Justin Sun coming in and implementing, or attempting to implement, changes to the blockchain, to the witnesses finally deciding that enough is enough and perhaps the right thing to do is to create their own chain separate from the issues that is now being encountered on the Steem blockchain. So, uh, what does this mean for everybody? Is this a good thing? Is this a bad thing? Uh, we're going to discuss that a little bit today here. So, um, you know, unless you've been under a rock someplace, I think many of us who are part of the Steem community at least are well aware of what's been happening. Even in passing, you've probably heard that Justin Sun acquired Steemit.com and since then has acquired a large amount of STEEM coins to the point where he's able to now implement many changes to the, to the, to the chain. Right, by, um, by putting in his own witnesses. Um, of course, that creates a lot of issues. If you don't know how the Steem blockchain works, it works, um, basically by the witnesses being able to implement changes. Um, they are the block producers, as it were. Um, and whoever can control, uh, delegated proof of stake in this way they're able to implement changes to the actual chain itself, which can create problems to a community that may or may not want certain changes. So this had been proposed earlier and nothing was actually done, but as we can see here now, something is actually being done and this is serious. So let's go over a little bit of the details. Of what we know to be happening, right? So there will seem to be two chains, right? It will be a fork between STEEM and this now Hive coin, all right? So two chains and two coins will exist. Now for people who have STEEM stake, it is my understanding that they will receive a, airdrop of these Hive coins in relation to the STEEM they hold. So it's probably going to be a 1-to-1 ratio, more than likely. Um, you know, uh, basically, uh, so both of these chains will exist. They will still work, but now the community gets to decide which chain it wants to represent. Some people are uncertain or in the middle, and they will represent both chains, or they will use both chains continually. But, uh, with many of the developers going over to the new chain, uh, it would seem that many applications that we once used may not be able to be used on Steam, uh, traditional chain, but may move over to the Hive coin chain, right? Um, now does that mean that the original Steam blockchain, for those who've of you all who wish to stay, um, will be— will not be, uh, someplace ideal to be. Well, it all depends, right? Not sure what Justin Soon's plan is going to be, um, for the Steam chain. If he's going to bring in a lot more development and money and have an overall plan, then that might turn out to be something else. If, um, If he doesn't, then it could be that many people end up on Hive. Now, although Hive has made this, uh, this step towards the future, which is quite exciting, and, uh, I personally like to see, uh, development and innovation and, um, competition, at least when it's healthy. It may not be all roses for the Hive chain. We know that we've had a, um, a history of people who thought they could fork from the original chain of Steam and do things better, and, uh, they for whatever reason just haven't worked out, even though they felt the direction they were going and the, uh, things they implemented, uh, were going to, to be better. Doesn't always work like that. Unfortunately, we can't see the future. It would seem at first glance, you know, when I go into these various Steam communities and chat rooms, it does seem like there is a huge rallying cry to move from Steam to some other chain and what and so on and so forth. But I'm really starting to realize that a lot of the activity I'm seeing in certain areas of Steam represents a minority of Steam, right? It doesn't, or at least when I'm there, right, it's not representative of the entire chain. And there's people still divided in how they feel about moving out of a Steam coin into something else. It's still quite a bit of division with what people want to do overall on the Steam chain. So There's still going to probably be a lot of the community on the original chain, uh, trying to figure out what's going on and maybe using both, right? And kind of hedging their bets, kind of hedging their bets, so to speak. Um, also there's the issue of the exchanges now. Uh, Steam, through its branding and, and over the, the course of since it's been existence for about or 4 years now, or pushing 4 years, has built up its presence on several exchanges and people have built up a certain confidence in the STEEM coin. And now you're going to have a new coin that is not on all these exchanges, gonna have to get on these exchanges, right? It's gonna have to be let in by a variety of exchanges. Some may go for it, some may not. And, you know, build from there. But the idea is the Hive project will have a lot of Steam community, and that hopefully will be able to make this product work. It is going to be interesting to see and interesting to watch. But I also want to put out there that for a lot of people who kind of want to straddle the fence with this, I think it's going to also come down to Uh, um, you know, kind of, uh, sorry guys, the attention value that is, uh, necessary or going to be necessary, um, I think to make Hive a great, uh, product and work towards the success is also going to depend, I think, a lot on establishing, establishing itself as the chain of the people, meaning that a lot of the attention value that is going to be on the traditional Steam chain will probably need to be starved of that in order that it— we may be able to tell without a doubt. Uh, I'm sorry guys, I was getting a bit of a distraction there, but tell without a doubt that this is the chain of the people, right? And so I think that's going to be very important too in the success of Hive. But it's so far, it's exciting. Like I said, I like to see competition. I want to see what happens with this. I don't know what the price of these coins are going to be. I don't know what's going to work, what applications are going to work and what isn't going to work. Um, but it's going to be quite interesting to see this, right? But this is happening. Love to hear you guys' thoughts and opinions on this. How do you think it's going to work? Um, are you excited about moving on? Are you a little bit concerned about your price or your, value you've built up on Steam over the years? Do you feel you're going to lose a lot of that value under the Justin Sun situation with Steam? So very much looking forward to hearing what y'all got to say about that. I want to segue into something else here, a project that I'm seeing here quite a bit. Called the Ecoin project. Okay, we're here on the Ecoin website, and this is quite the interesting project. Ecoin, I'm calling it the Ecoin project versus the BitcoinMYK project, and I'm going to talk about some of the similarities in that. And if you don't know, BitcoinMYK is a token created on the Steem blockchain, and Ecoin is a token created on the EOS blockchain, right? So this is very interesting. But look at the similarities here, and this is what you really need to pay attention to. It's being marketed as the simplest, uh, the world's biggest and simplest free crypto, right? Where else have you heard free? The Bitcoin MYK, uh, Universal Basic Income project, right? And so why is free such a big deal? Why Does that make business sense? Why does that make any sense when obviously if something is given away free, the following idea will be that it has no actual value, right? It has no value because you're giving it away free. But we have to take a look at ideas that exist like freemium services. When you get your satellite provider, and they give you several months free, or you get coupons in the mail, or so on and so forth. This is all part of building networks and using essentially freemium free products and services, right? And that's of course— so it's saying here it acquired 1.5 million users in just 22 days and set a startup record as as the fastest growing cryptocurrency, top 20,000 ranking in Alexa. So obviously, um, this project is, uh, already in the head-to-head between Ecoin and BitcoinMYK. It is outperforming BitcoinMYK in a landslide, right? By that, let's, uh, so, so, so let's see what else they got and how I was able to do that. A cryptocurrency which is the world's easiest to sign up, earn, and use. A cryptocurrency that uses your email as your identity. A cryptocurrency that will onboard billions of users worldwide and trigger mass adoption. And this is the claim they're making right now. They're using a, um, what they would call a proxy identifier. Um, we use something called the, um, the, um, L-Drake protocol, which is, I think, kind of a similar idea. Um, we use, uh, something called a social media verification key. But let's look at what they're using. It is designed to be the first email-based proxy identity that ensures a single person cannot claim with multiple emails. Yes, this is our secret weapon. Test it by creating junk emails if you want. And we have something similar with the social media verification key. But it doesn't work on emails, but it does work on, um, a database of your social media. Um, it's also saying it's the world's biggest airdrop. eCoin will distribute for free to everyone with an email. Expecting users to pay for something new like cryptocurrency is impractical. And this is why I agree with eCoin, and this is what BitcoinNYK has attempted to bring to the Steam blockchain. Right? So whereas eCoin is doing this for EOS, BitcoinNYK is doing it on Steem blockchain. Now, you know, of course what they're saying here makes a lot of sense. The impracticality of paying for cryptocurrency doesn't make any sense. But people will say things like, well, wait a minute. Universal basic income doesn't make any sense, right? How can you give something away free and have value? And their language is very similar to ours. It says Facebook would never acquire a billion users if they asked you to pay for signing up. So think about that for a moment. I want everybody in cryptocurrency to think about that. I want all you people in crypto who are making investments in cryptocurrency to think about that for a moment, that we're talking about a half a trillion dollar company that never asked for a dollar, right? And, uh, that's, that's, that's very big there. That's— you have to stop there because his success is— was also very, um, integral in that, right? It was, it was very, um, uh, uh, you know, much linked to that. Uh, strong network effects. We talk about branding in the network effect with the BitcoinNYK project. Network effect is a numbers game. As more people sign up, the value of e-con rises more. The more the value of eCoin, the more people will sign up, right? Now, I shouldn't even name this a eCoin, uh, this new crypto versus BitcoinMYK, because, you know, like I said from the very beginning, if someone copied BitcoinMYK or did a very similar thing to what we're doing, I would welcome that because I'm a big supporter of universal basic income, and I'm a big supporter of cryptocurrency should be distributed to the world for free and allow the world to determine its value. And Ecoin seems to be on point doing that and are doing a great job of that. So I don't really see them as competitive, but I will talk about some of the things I think they should think about because we really wanna see this thing grow together as one unit. Like I don't, You know, I think this project is moving in the right direction on certain things. And universal basic income projects can't compete with one another, right? 'Cause they're all for the same thing. It's all about free cryptocurrency and good distribution to the world, which will trigger mass adoption. And I really think every project should have done that from the beginning, but because they didn't, we've spent decades not growing. Right, but I really want you guys to pay attention to this video because I know a lot of people are going to leave this video and they're going to go on and they're going to do the same thing as the cryptocurrency. And I don't think we're going to address the problem until we have projects like eCoin and Bitcoin MYK. These— it's a reason why it's acquired so many users. And I don't know what the future of eCoin is going to be like, but I hope it's a bright one. I do know projects like this are going to be the future. User onboarding is the toughest part of cryptocurrency adoption. So far, all cryptos either expect users to mine or buy, all of which created huge barriers for adoption. And that makes a lot of sense, right? Uh, ECON lowers the entry bar with 3 simple ideas. 750 ECONs will be distributed free of charge, this site, for everyone with an email. This number will be dropping as the price of ECON goes up. Which will benefit early adopters. So they're kind of— they're doing a similar thing to Bitcoin NYK, whereas Bitcoin NYK does the deflationary quality token, which means as more transactions take place, there are less cryptocurrency. This does— as more people join, the number decreases. So that's quite interesting, right? That's, that's pretty darn interesting. I, I think that's a great idea. Simple referral process that earns you 750 more eCoins every time your friends sign up. Advanced fraud detection engines can claim with tens of emails to stop them, rather. These 3 simple ideas create an incredibly easy and attractive onboarding, which ensures eCoin to be the first cryptocurrency to acquire billions of users. Now I think that is quite optimistic, but I understand where they're going with this. Now I think it's going to be a, a few problems with this. And we're going to talk about that, but, uh, there is a lot of great things with this, right? They have the referral program, then the instant transfer. You can, you can earn interest on your earnings and additional earnings, withdraw them when you need. You can withdraw your coins to any EOS wallet you want and operate independently. Second level referrals, you also earn your referrals referral. When your friend's referral joins with us, you'll get another 188 coins. Wow, so it even has downlines. Ecoins, world's fastest growing cryptocurrency. So I'm gonna need to watch that video. This is so interesting. Feel free to contact us. And I, I love what I'm hearing. You know, like I said, um, the BitcoinMYK project was designed in this way. It was designed first, and this is basically what we were trying to do. And, uh, we've managed to onboard thousands of users, but obviously eCoins onboarded more. And what I wanna say to the people who have joined eCoin is join us too, right? There's no competition in these type of projects, I don't think. I would like to see all the entire cryptocurrency space do this so we can arrive at mass adoption. But join us as well. You're gonna get great advantages too. Now let's, you've heard all the great things about eCoin, 2 downlines of referrals. Referral programs are very important. Amazon.com has them. A lot of great companies that built to mega companies use referral programs. Okay, but here's the thing, here's a few problems with eCoin. Although onboarding and getting the people the cryptocurrency is, they're making that quite easy and that could be a very good thing. There seems to be no use to the cryptocurrency after that. There seems to be no social media, no anything but getting these cryptocurrencies and sending them off to someone, right? Okay, and we're here on BitcoinMYK. So BitcoinMYK, quite similar to eCoin, right? But as you can see, BitcoinMYK is more like a traditional social media site, right? So you can do things with social media on this site. It also has musicians. You can listen to music, video hosting. It has just an assortment of things you can do on the site, and the token itself can be used to promote anything you want, like an advertising token. You'll be basically able to put your— whatever you want to promote, any ads anything on our front page with the Bitcoin MYK cryptocurrency, right? The Bitcoin MYK project trades on the, uh, Steam Engine blockchain right now, um, and, uh, it's also on Memo.cash and it's on Waves Exchange. And, uh, um, it's been trading, uh, for several months now. I think One negative about eCoin early on will be that you can't withdraw, I believe, until late April or something like that. So it seems to be locking those funds, I guess, maybe until the numbers grow and to, to keep the price at a certain level. So you're gonna, you're gonna have problems getting those, those cryptocurrencies out. Another thing I think will probably be a problem with eCoin is the branding. Uh, eCoin, like many other cryptocurrencies, uh, I think have suffered a great deal from, uh, not using branding properly. And what can happen with eCoin, it can easily get, um, pushed in a box similar to like many other cryptocurrencies where people just kind of don't notice them or forget about them, right? Um, and, uh, it makes branding a lot harder, which is, uh, necessary to establish a network effect along with it. Um, and if eCoin doesn't do that well, I'm afraid that it can become one of these projects that, uh, start off very well but kind of fizzle away as you go on. Another thing is, in getting billions of users, I'm assuming at some point the eCoin project will actually, uh, start to, uh, for lack of a better word, uh, start to take on some of the value of many other cryptocurrencies. And, uh, the problem with that is that means at some point it's probably going to start to pull from other cryptocurrencies like Bitcoin, Ethereum. And, um, one issue with that we found is that some believe that in the cryptocurrency space, although we have different projects, we're still kind of this one big pool, kind of this one thing. And some people sometimes believe that that might create dilution between Bitcoin and Ethereum. So where BitcoinMYK, I think, kind of works a lot better in this way is instead of BitcoinMYK, uh, just being this, uh, situation where it kind of creates this a whole entire new cryptocurrency you got to buy in, it actually forks Bitcoin. And so all Bitcoin holders, they as well get it. They as well get this, this token free. Um, whereas Ecoin, it kind of is going to rely a lot, uh, in the end on, uh, people coming in and buying the cryptocurrency. And it's based on who comes in now, so that may be excluding Bitcoin holders. Um, and so it's very important. They're going to need that, those 50 million plus wallets from Bitcoin to, to get to numbers like they're getting. Um, So they've started off quite well, and it's a very interesting project. I mean, I, I love projects like that. I will definitely be participating. In fact, I will be leaving a referral link to eCoin in the description. Um, but I do think it's going to have some challenges. I think we've, we've saw marketing coins do, uh, well in the beginning, very well in the beginning, but they seem to, after a certain stage not do so well because I think part of it is just the utility of them too. Like if you take something like, uh, eCoin, what it seems to be doing is it seems like, uh, it is doing a very good job at onboarding, but when you actually get on the site, what are you doing? Because as I looked at the site, uh, I wasn't really able to, um, to do much but send cryptocurrency back and forth. And I think that's a big problem. I think utility is going to come into this a lot. I think what can happen with eCoin, it can become one of these marketing-based coins that, uh, people have seen before. You know, we've seen that play out in Tron and Electroneum to a degree, and, um, in other projects that have done well at marketing, but they just haven't been able to capture market value and price, and, uh, hasn't been price-wise the best investment for people. So that's something to think about with the eCoin project. But seeing that it's free, I don't think you can lose with eCoin being free, so I'm going to be covering it for a while. But, uh, if you do decide to participate in eCoin, I think that you really should as well, uh, check out BitcoinMYK. We'll leave a link in the description for that as well. And with BitcoinMYK, um, you know, you're going to be able to actually use the cryptocurrency on the site to post on the site. You can post articles, You can post videos, you can post pictures. If you're a musician, you can earn on your plays our cryptocurrency. The transactions are fast and free. And so, you know, there's a lot of cool things that you're going to be able to do with BitcoinNYK, as well as many of those same components which you're seeing on eCoin. I would say eCoin and BitcoinNYK are almost essentially the same product. Uh, I think eCoin, uh, it is doing an excellent job marketing, however, but I think essentially it's about the same product. But I think BitcoinNYK does a better job in the utility department of how you're going to actually use this cryptocurrency in the site itself internally as well. BitcoinNYK is also a universal bridge cryptocurrency, meaning it can, it can go from chain to chain, uh, through using our gateway system. Um, and so a lot of great things to consider, and I'm going to leave a link in the description. But check out both of these projects, um, and leave in the comment section, tell me all what you think about them. Do you feel that this is going to be going forward the way to get the mass adoption and to really, uh, be able to finally make cryptocurrency significant in the lives of many people? By this freemium-like approach, that the buy my token at price X does not work, right? That we need a different approach to grow cryptocurrency to the value we'd like to be at. 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 share. Share this video with friends, family, and whoever. But until next time, as always, take care.