Steem Price Up! - Bitcoin MYK Moving To Eos &Telos 800% climb

Welcome back to the channel. I hope you're having a great weekend. So, uh, had to talk about today what's happening with Steam. Steam had a great price pump, uh, went up about 50% earlier today. This was big news for Steam, of course, because with Steam, Steam had declined quite a bit, uh, in price, and it was several reasons as to maybe why that was. But with the NFTs, the non-fungible token support now being added to Steam, it's actually, some believe, the catalyst for what we got today. So let's talk about what a non-fungible token is, what an NFT is. Some people are a little bit in the dark on that. So this article actually comes from John Buck. Excuse me. And, uh, um, there are several articles that have went out, um, all across the internet today speaking about why this could be the factor for the rise in the price of STEEM. Of course, STEEM, uh, the blockchain, well known for its social media application Steemit, which is sometimes confused as the same. One is a social media site that just runs on the blockchain itself. But the NFT support is now possible, uh, on the Steem blockchain. And so to get into what NFTs are, what a non-fungible token is, if we were to take Bitcoin, which is fungible because all Bitcoins are the same, a transaction in Bitcoin is non-discriminatory. Whatever Bitcoin that is transferred is a non-issue. So as long as the transfer takes place, however, with NFTs, users can uniquely identify each token, creating a simple system for tokenizing any asset. Additionally, the unique ID would make the tokenized asset trackable within the blockchain. Users could track inventory, follow up on specific asset locations NFTs were popularized with decentralized applications such as CryptoKitties on Ethereum, right? So when you're looking at something like an NFT, it is basically this, um, basically could be a token, uh, this asset that has a different value system within it, different and uniquely separate from the other. So For example, a great application of this would be something like a card game like Steam Monsters or Splinterlands, where you would have a card that is more valuable than the next card. Keep in mind, all these cards through a traditional tokenization would all be the same, just like every Bitcoin is the same. But in a non-fungible asset, you could basically have one of those tokens be different in value from the next, right? And so that's a basic idea of, of what is so special about the NFT. That is something like a game or some type of asset where you would need one to be special and different from the others. You could do that with a non-fungible token. So this is big for the Steam blockchain, so big some believe that it has caused the, uh, price and the value or the pump in the value. I believe that it could be a factor in that, but I also believe there are several factors, uh, that are out right now that could also be in relation to this. So they could all be working the same, uh, of course the interface that would be used to accomplish this on Steam blockchain is Steam Engine, which is the Steam Engine marketplace. Now, interesting enough, the That is the same platform where many of the tokens now part of the Steem blockchain, such as even our own BitcoinMYK. It is where they trade. Uh, and so that is quite interesting and big for the many uses of what can be done, uh, with applications on the Steem blockchain. And that is why these prices are doing phenomenal right now at this point in time. Okay, so we're here on the Steam Engine Marketplace, and this is part of the interface that can establish NFT support, uh, as such. So this is part of what might be causing the rise in the price of Steam. Now, it's also interesting to note that whereas this could be factors to what's causing the price of Steam to rise, uh, there are there are other rumors out there as well. So some have kind of get far-fetched to come back to sort of something that could be affecting it. We don't fully know, but we think together all of these possible scenarios could be what might have caused the price of Steam to go up. So one rumor is that it has been established that EOS Voice will not be able to open as planned or as soon as planned, or there might be some system limitations. If that rumor is true, it's led some to believe that some of the members who left Steam, maybe went over to EOS, have decided to come back and have decided that maybe Steam is a better situation. That could be possible, or it could just be rumors. Then it starts to get even a bit more out there with ideas like maybe Justin's son has started to turn his attention on Steam and he wants to purchase some ownership in Steam. Even up to ideas like people like Jack Dorsey trying to get involved in some kind of way. So, It could also be something that, like, bots, trading bots that have locked on and targeted, um, uh, the STEEM, um, price. Uh, and there could be many reasons as to why this is, and they could all be, uh, valid reasons and all part of the same thing. But whatever the case may be, the fact remains that a lot of trade volume has went into STEEM over the last 24 hours, I believe approaching about $20 million in a 24-hour period, um, and, uh, basically causing the price to jump to about 50% increase to coming down now selling around 17%, but still kind of up there. Don't know if this will continue or what will happen, but it has been quite interesting that, uh, this happened to STEEM today. Now, of course, the BitcoinMYK token trades on STEEM blockchain, We talk about how great this blockchain is. It is basically, um, uh, boggles the mind. Hard for me to understand why STEEM isn't a top 10 cryptocurrency, why it's not a top 5 cryptocurrency, or maybe a number 3 spot cryptocurrency. I would think that social media would work very well in the cryptocurrency space, and the way that STEEM is designed, I would think that it would fall into that category. Maybe it will one day, maybe it won't. But speaking of such things, understanding these NFTs, non-fungible tokens, this is what they would probably trade on through this interface on Steam, much like our token does. That basically is a deflationary token that is basically a Bitcoin sidechain, and it will allow Bitcoin holders to be able to move their value without absolutely free. Transactions are fast and free as well, uh, with BitcoinMYK, so they can claim it for free. So it should be quite interesting. BitcoinMYK is now up over 19% today, so not doing too shabby. Um, I also want to talk about what's happening with BitcoinMYK on the Steam blockchain. So, uh, Steam, uh, BitcoinMYK is a deflationary token, of course. Uh, what that means is Every time a transaction is done with the BitcoinMYK token, uh, you're basically having tokens burned against the token transacted. Uh, this is quite interesting because one of the, uh, components of Bitcoin that makes it, uh, valuable, uh, is the deflation, uh, token that it is, or deflationary model which it is, right? It's, uh components that allow it to, to, to be deflationary as opposed to inflationary. So what the Bitcoin NYK project does is it exploits that to a level several times further than where Bitcoin goes, where it can actually deflate. It can trade on par with Bitcoin, but then it can deflate much lower than Bitcoin. And under that principle, create theoretically the idea of more rarity and more value. It seems to be working quite well with the project, um, and we think it's going to be quite interesting for when Bitcoin users really start using Bitcoin NYK, how valuable it will be on the Steem blockchain. We estimate it could hit numbers in the billions. Uh, this is based on data from other Bitcoin-like products and forks, things that share similar components to the Bitcoin NYK project. It's going to be quite interesting to watch. As the deflationary model of BitcoinNYK continues, it is also interesting to note that BitcoinNYK is expanding as a network. So whereas it will be part of Steam, the Steam blockchain and Steam Engine, there will be a gateway open to where now BitcoinNYK holders will be able to move over or move their value to EOS and not just EOS, but Telos as well. So we believe along with deflation and the ability for the BitcoinMYK project to do these things, that is going to be a great situation for it to gain in value. The announcement has caused some people to the other day jump in and it's quite interesting to see that happening. BitcoinMYK is basically doing very well. in the area of growth right now. So it's going to be quite interesting to watch what happens when BitcoinNYK ends up this month, um, tradable on Telos and EOS. Um, also, um, I want to take you over here to some other features about the BitcoinNYK project, uh, that I think is quite interesting, and that is the, um, the, the ad system that it uses on this platform that I think is going to be quite interesting for Bitcoin MYK holders in the future of the product. All right, we're here on the Bitcoin MYK website. I want to talk a little bit about, uh, some of the features of the product, some new, some new ones that we've added in here. And Bitcoin MYK is quite interesting. Not only is it this Bitcoin sidechain that is a deflation token exploiting the idea of the Bitcoin store of value, where it can become more of a store of value than that. Then it also has this deflation, as we've explained, that burns the tokens against these transactions. So you're getting less and less tokens. It's really tapping into that deflationary model. And the theory is it gives you more value from the idea of rarity and scarcity, right? So very much exploring that at a very aggressive rate, more so than what we get in Bitcoin. But what we've also discovered by being part of Steem blockchain is by having fast and free transactions, if we do that with Bitcoin or Bitcoin-like product, we have a recipe for success there. And that's why we have this system that is integrated into Steem as part social media network, social network platform, and payment system. So that's, that's saying quite a bit. This is like the perfect mix of if Bitcoin was a group of the perfect money, fast and free, and it had a social media integration with it where people were all together and able to do, um, uh, have the attention value social media has and be able to transact and send value back and forth. To one another. So quite interesting, gives you that kind of feel of what we might have got with Libra coin being a big network that is, uh, has the social media mixed in, the payment system mixed in, where remittance can be performed globally. And Bitcoin NYK is following a similar path, at the same time inheriting the Bitcoin ledger and being able to use the power of the Steem blockchain to transact transactions fast and free. But we've also discovered that the use case and value of this token is quite unique, even beyond and outside of the deflationary model, the payment system model. And that is through what we have now through our platform, our ad project here. And how it works is another use of the Bitcoin MYK token would be in a situation where, uh, the users of the platform— excuse me— would be able to take their Bitcoin MYK tokens and these tokens would always have a pegged asset value to them. So let me explain how that works. So basically it means that the Bitcoin MYK token, no matter what the market price is on other exchanges, would always be pegged as $1 to the platform. What does that mean? Well, it means you would always be able to come on the site now and use your Bitcoin and YK tokens to purchase advertising space, which you could then promote the things that you wanna promote, whatever they may be, your businesses. And you will be able to buy a dollar worth of ad space with the BitcoinMYK token, regardless as to what the market predicts it as or sets the price at. And this is very important to have this peg value to the network itself, the ever-growing network, and taking the value of that network and monetizing it. So that's why this feature is so very important. Um, and it is now available to BitcoinNYK users. So that's all pretty interesting darn stuff. Um, if you haven't joined the project yet, be sure to come on over to the site. We'll leave a link in the description. Give it a try, it's absolutely free. You can get free tokens by participating. You can also use our social media here on the site and you can post to our social media sites here integrated through the Steam Groups and earn money that way. So very interesting stuff. Uh, 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.