Steem HF21 - (SPS) Steem Proposal System Review BTCMYK PT.2

Welcome back to the channel, and this is part 2 of the review of the Steem proposal system. The BitcoinMYK project, which we're involved with, had submitted a proposal, and we were going over part of the system and part of the proposal we had submitted. So we had left off talking about universal basic income, something we talk about quite a bit on the channel. But universal basic income is now part of the political race campaign for 2020 in the United States. And of course, we know that this can end up being a very big thing because I think if universal basic income becomes accepted in America, I think it's going to kind of create a more of a very much accepted idea of universal basic income. But in the purpose of this video, and trying to understand the importance of universal basic income as it relates to the blockchain, as we have been describing, um, the atmosphere and the sentiment that is creating, uh, throughout the United States and worldwide, we believe will also create demand and driving people to want to use systems to now facilitate this new adopted idea or an old idea that's been readopted to meet certain conditions in certain economies. We believe this is going to create a great deal of demand. Now, specifically in relation to dealing with something like blockchain technology, as we have been discussing, what's going to happen if we, if we go to the very bare bones idea of What in idea does a cryptocurrency want? Well, most will say the ultimate goal is something like mass adoption, it being accepted everywhere. So one idea to achieve that is in order for everybody to have your, your, your currency or your value, probably the easiest way is to just give it to them first. Uh, in giving it to them, uh, you you basically assure that they have it. Now, a lot of people would say, well, if you're giving away a lot of free money, then that means that it will make the system have no value at all. But that's not exactly true. I think the misunderstanding in this whole idea is that, uh, in cryptocurrency, we kind of have a backwards look at how value works in cryptocurrency. And generally what's been happening in cryptocurrency is we've been taking our fiat currency putting it into cryptocurrency and using that fiat currency to substantiate the value of the cryptocurrency. But we believe that's, that's working backwards. We believe what needs to happen is our value represent that cryptocurrency. And as one of the concerns have been, universal basic income would be essentially free money being given away, where we've already addressed it will be paid for by the unclaimed Bitcoin holdings. But To clarify that, the project also has what you might call a work function, a job proposal function, a gig, a gig function, or, um, something like a task workers program. And so what this allows is people who do receive universal basic income, they are now able to essentially trade those skills for the backed against the Bitcoin MYK token, right? So they can do a lot of tasks, whether it be computer-related, assistant-related, posting-related, editing-related, whatever the case may be. They can offer their skills, and through this transfer of value, now a lot of what was termed or deemed to be just free money or with no value being returned um, would be, uh, incorrect way to look at this. And so what's happening in a particular situation like this is you do have the opportunity for universal basic income recipients to bring value into the system, although the value that is in the system is not money being taken out of the system as far as it's, uh, money that existed already in the system. It is the unclaimed, uh, cryptocurrency from the project, right? Um, also, as we have been discussing candidates like Andrew Yang, we also thought it would be quite interesting if we kind of have cryptocurrency meet world global politics, uh, meet specifically the politics of the United States, have a situation where we could have a community communicate with the Andrew Yang campaign and possibly have a situation where they can use our cryptocurrency to help fund their campaign as well. Not only is this a cryptocurrency-friendly president, they're gonna be a good situation for the project, and a lot of people who are gonna be joining this project are going to be interested in ideas and policies like Andrew Yang as well. So, you know, this could be a very large project and we could potentially have a large amount of wallets as universal basic income will, we believe, become a household name or a household idea cuts up over the next few months. And we believe a lot of people are going to be looking for ideas like this, ways to transfer value in a variety of things. So it's going to be quite interesting to watch. But we think the timing is just right for ideas like this to implement into cryptocurrency. Once we have 50 million, 100 million, 200 million wallets, the, uh, the recognition it brings to cryptocurrency and also the usefulness of it. Now these people being able to send remittance payments all across the globe, back home to their families, across the globe, whatever the case may be. Uh, this type project is going to allow for that. Also, at transactions being free over this network, uh, it will be a great situation. But anyway, let's get into the next, um, topic that I think is going to be one of the most important in this, uh, proposal, and that is the funds itself and how we use this fund, these funds. So the Bitcoin MYK project on the Steem blockchain is now operational. Its value is dispersed through SCOT tokens traded on the Steam Engine exchange. The project will seek 1 million Steam Back dollars at daily payable rates of $2,739. So let's, let's explain what that means. A Steam Back dollar is somewhere around 80 cents. It is the peg, uh, cryptocurrency to the Steam blockchain that allows us to know the value of everything that's being moved. It is pegged to the US dollar, um, and, uh, 1 million SteemBack dollars is not a small amount of money by any means. Now, the reason we have to ask for so much is that, you know, this is a very ambitious project. We're talking about 1% of the Bitcoin, uh, holders on this network, and because of that, we're gonna need to really go after them market-wise, get them using this network, get this on them. And we're going to do several ways to do that. Uh, we're going to basically market this to Bitcoin holders through, uh, forking websites, uh, through CoinMarketCap advertising, um, a variety of things and avenues that will be effective, uh, in order to get these Bitcoin holders using this network, and that's gonna, that's gonna take a great deal of money. Uh, so we figure that if we do this correct with about a million SteemBack dollars, we could potentially have a market value of about $1.7 billion now enter into the Steem blockchain, making the Steem blockchain one of the premier cryptocurrencies. And we believe this is more doable and likely to happen than some might not think it would be. So I think it's putting the Steem blockchain in a great situation, and we know we can execute this, uh, if given the resources and done properly. So let's speak a little bit about the use of the funds. So the project would use the funds to give value to our Bitcoin network in an effort to attract Bitcoin holders and content influencers. The network will grow against accounts, content influencers, and an ever-deflating token. Approximately $2,739 per day would be used to go on the open market and purchase Bitcoin MYK tokens. 10% of the daily trade volume may be sold and traded from the Bitcoin MYK treasury to allow operational costs to be met and paid for. That would be no less than $273 per day at a maximum rate of whatever the height of the daily trade volume is. Any amount exceeded for that day or under would be deducted or carried over the next day. So let's explain that a little bit. So as this period is— I'm sorry, or as this, this project term is going to extend to about, uh, over 365 days, uh, we're basically going to have a daily payout from the requested 1 million SteamBack dollars of $2,739 per day. Now, what do we do with that money? Well, this money does go out to marketing and to fund a variety of projects, but it doesn't go out directly as SteamBack dollars. It first circulates through the BitcoinMYK token, tradable on the, uh, on the, uh, Steam Engine Marketplace. And let's explain why that's important. As the BitcoinMYK token will be the method of payment to content creators in a lot of the deals we broker, um, it's going to be necessary for this token to have value backing it so that these content creators, the areas of the marketing department that is hired to go after these Bitcoin holders, that this token has value that can be used to pay them for the services. Now, uh, it's also very important that we build up the value of this token as it grows, because at that point then it would allow us to have a treasury to be able to write checks to go after, uh, and create more, uh, go after more ambitious things like actually getting, uh, the, uh, Bitcoin holders really using this network to the point where they're seeing such a great value in it, they may rather use it than Bitcoin to a great degree. That could happen, and that's what we're pushing for, uh, in our first phase. You know, of course, the second phase is kind of focusing on the universal basic income or getting a large amount of people on the network. But the first phase, we think, is important to building up the foundation and structure of the project, and that is going after existing people in cryptocurrency who need to focus their resources in areas that will grow this area and make it a lot bigger, grow the cryptocurrency space. So to kind of understand what happens after it goes into the token value itself, in order for us to pay for this, we will be taking about 10% of the daily volume traded. So, uh, the, the, uh, tokenomics of what happens when value goes into the cryptocurrency market, uh, it could be a variety of things. The value of the market can increase, uh, that value 50 times or more. So even though we'll, we'll probably, we'll be injecting about $2,739 into the market each day, the true value of the market value might be $20,000 or $100,000. We don't know. So, um, what we plan to do then is let's say if we inject $2,739 and that's the daily volume for the trade volume for that day, then we're only going to take 10%, sell off 10% of that per day in order to finance our daily operations. Now let's say the daily trade volume is $10,000 or $100,000. Yes. In that case, we will be able to take 10% of whatever that trade volume is. So if it's $10,000 for the day, we'll take $1,000. If it's $100,000 for the day, we'll take, we'll be able to sell off $10,000. Right. Uh, but recall the next day, then we'll be injecting another $2,739. So that, that's basically how that will work as we grow the value of the project. Now, in the case that we, uh, get more than 10%, and we talk about it here that any amount exceeded for the day or under would be deducted or carried over to the next day. So let's just say, for instance, we were slightly over. Let's say we're only supposed to sell off $270 worth of tokens. Let's say we sold off, uh, um, uh, $400 worth of tokens or something to that degree. Then that would mean that the next day we would, we would have to deduct what we went over from what we take out the market that next day. So this is kind of way to create, create a perpetual balance at the same time growing the value of the token and the network itself as it gradually grows more and more valuable. Then it allows, uh, us to much more efficiently and effectively meet that goal of at least getting 1% of the Bitcoin holders on the Steem blockchain. So content influence amount of tokens received will depend on the amount of followers they have. So the money distributed to content influencers will vary. However, we expect to spend around about $500,000 Steamback dollars on creating a diverse content influencer portfolio. The funds they receive will be distributed in increments based on the content and representation we receive from them. They'd be more connected and treated with the utmost respect as part of our marketing team. So they have a shared interest in the success of the product. We'd expect to spend about $500,000 Steem back dollars going towards daily operations that may include everything from the payment of salaries, the platform upgrades, the proof of participation model, which gives tokens on the site for completing tasks and generating ad revenue and money for the website. This would also create opportunities for the Steem community to earn on affiliate marketing and referral linking to use our network. So basically that's just kind of talking about— excuse me— the, the money that's going to be sold off every day on the markets against, uh, as the money will back our token and then it'll be sold off to, to, to pay people, right? Uh, in Steam or whatever the case may be, uh, or the tokens will be given to them will, and, uh, or will be able to sell out and market to take care of whatever our daily, uh, day-to-day operations may entail. Uh, that could be paying of salaries, that might be brokering deals with content creators and influencers. Uh, and it's going to be all very important to accomplishing this goal. Uh, now just talks, uh, specifically about, of course, deals will be brokered differently based on what's being brought to the platform, right? Obviously, if you're a content influencer and you have millions of people that you can reach, uh, at one time, that kind of thing is going to be a lot more valuable to us than somebody who can only reach a few thousand people. So those, um, deals will have to be brokered accordingly, uh, but we believe that this is a great recipe to, to succeed in what we're trying to accomplish. It also talks about, um, You know, it would be the daily, um, the day-to-day operations budget. About $500,000 of those Steamback dollars will be going to broker a lot of deals into marketing and things of that nature, partnerships. And the other $500,000 will deal with the day-to-day operations, what's happening on the website, offers that are being done, uh, tokens given out for completing those offers. That's going to be all very important because This is going to allow us to monetize the platform to a great degree to where we're sustainable and we can continue to create this treasury and grow the value of our network, right? At the same time, growing the value of the Steem blockchain from all the value and attention coming through, uh, this project. Um, and to be able to do that, uh, you know, of course we need to move value money to different places. Now when we talk about the affiliate marketing and referral linking, this is a way to give all STEEMians jobs, right? Give them the opportunity to make some of this money that's being rolled and valued in this network. Give them an opportunity to go out and earn on sharing, telling their friends, family, uh, people across social media about the BitcoinNYK project and why you should be involved in it. And, uh, it's gonna hopefully create a very viral type exposure, make people want to join, find out what's going on. So next, very important, talk about security of funds. Security of funds is important to all parties. The agreement made with a community and they're giving over value to grow that community needs to be protected. The reality is the Steam community has given over a tremendous amount of value to projects that have taken this value and not given, given anything in return. These type situations can easily be avoided. We propose several measures. First, we suggest holding a joint account with either Steemit Inc. or highly trusted community liaison. We prefer some connection to Steemit Inc., someone in a high managerial position. However, if one cannot be appointed, then perhaps the community could elect the trusted person who would be— we would hand over the private keys to this entity, group, or person in the event the account is not exercised in a way seen to be properly fit and outside the agreement made in this proposal, at which point they could enter the account and attempt to cease any operations outside the agreement. The next measure would be tokens we have in our account. The liaison would also have access to the SCOT tokens that represent all the value of the project. So the value of those tokens and use of those accounts could easily be frozen if necessary by the Steam Engine Marketplace where they were created. So we believe these, these to be some of the best methods to secure funds against improper use. So this is quite interesting. Uh, this is talking about some problems of funding projects, uh, on the Steem blockchain without any security and without any protection. And what can happen in a situation like that, you can fund a project and they could just kind of up and leave. Or even worse, you can fund a project and they could not only exercise the, the rules of the contract and agreement or what's being submitted here, the proposal, but they could, uh, just kind of up and steal the money, right, and go. And it would be really not much could be done about that. But in a situation like this, what would, what would happen in essence is you would have this kind of, uh, shared custody account, uh, this account linked to all of the tokens and linked to the actual account that's holding the, the wallet that's actually holding the tokens and the money in the SteamBack dollars. You have access to that account, so this person could basically go in, try to stop the account, try to move those funds out back to the community where they belong in the case things aren't exercised as agreed upon. Now, The thing is, you would possibly need someone who's a well-respected part of community, somebody that's going to be around as well, because, uh, there, there is the possibility of history of disgruntled employees, right? You know, even people who have been with projects and communities a long time, they sometimes change, they sometimes, uh, have disagreements, and they sometimes have change of mind and heart about certain things. And, uh, You know, of course that wouldn't secure the blockchain of the project as well. So in a case like that, definitely want to be looking for somebody who's kind of contractually bound to Steemit Inc. or at least kind of represents those things. At least that would be my first choice. But provided that, you know, it was just impossible for them to get involved to some degree, probably the next best thing would be someone with a very highly respected reputation in the community. Possibly very high reputation score and somebody who we know is going to play by the rules and, you know, be basically in harmony with the project and not endanger the project in the community in any way. In conclusion, we'd like to take a moment and thank the Steam community and its servers for consideration of our proposal. We appreciate the steps taken to provide value to this network When we first joined this community, the expectations were astounding. We predicted it would replace Facebook. We predicted it would trade at $100. These things unfortunately didn't occur. We hit a lot of bumps and we blamed a lot of people. The reality is I want to tell y'all something different today. I want to tell you a different story. That is, there was nothing we could do. This would have happened in any event. That is because certain economics as well as social dynamics have caused great issues in the cryptocurrency space. No matter how you try to approach them, oftentimes their results will be the same. The good news is I'm here to tell you all that Now that can all change. This project can meet the demand factors that are necessary for many of the things we do in this space to work. We have the power now and the opportunity to make those needed changes. Of course, we cannot do this by ourselves. However, with you all, we can achieve a lot. So let's turn this around now. I'll see you all on the BitcoinMYK Network. So that's kind of our closing conclusion to the proposal and just speaking to the idea of the dreams that the Steem blockchain was and the tremendous value social media has brought to the world. Social media sites with nearly a trillion-dollar market capitalization, and the Steem blockchain providing the premier, the best social media site and cryptocurrency to ever exist. Still a great deal of trading volume per day, still a great deal of use, uh, and still nobody even really close to what Steemit has accomplished, but it could do so much more, right? It could be, uh, next to Bitcoin, or it could be better than Bitcoin. It could be bigger than Bitcoin. And with the examples we have of social media being able to hold nearly a trillion-dollar market capitalization, I don't think that that is impossible at all. But demand has to be there, and there are certain things that go on in the Steem blockchain that just don't work right with that. Um, and as a community, we have to decide what type of community we want to have. Do we want to have a smaller, more niche community, which is fine if that's all we want to have, which is fine if all we want to reach is 3 million people, that's fine as well. But for those of you who see this project as in some ways greater than Bitcoin, uh, as something that could be great to the world, or something that can create a steam dollar so valuable that most of the world would prefer to use it, if you share a similar vision like we do, then come with us, join us, be part of the group with us that sees that as a possibility that can happen. That's all we want to say in this video. I hope you all, um, have enjoyed the proposal and see more hope in the Steem blockchain like we do. Uh, don't forget to join our project now. Test it out, try it out. It is functional. It is trading already, giving tremendous value on the Steem blockchain right now, trading at In fact, I tell you what, I'll show you. Let's take a look. Okay, here we go. So if we look at the top of the screen, one Bitcoin MYK token is trading at just over 20 cents, um, a token. So it's about 25% higher than a Steam dollar right now. Um, and so that's pretty interesting. Um, but you can start earning these tokens now on the website, uh, absolutely free. Um, you can do things like complete offers, you can earn these tokens. Uh, if you have Bitcoin, you can claim tokens free, uh, at I believe something like a ratio now of you get 4 for every 1 Bitcoin you, you hold. Um, And so it's going to be quite interesting to watch, but that's pretty much it for the proposal. If you have any questions about it, feel free to ask. You can also come over to the website, get live support, and yeah, be sure and check us out and keep in tune with us and what's happening with the BitcoinMYK project. But until next time, guys, take care of yourselves and happy trading.