Steem - Token Burn BtcMyk Beats Bomb & Btc?

Welcome back to the channel, and I hope you all are having a great weekend. So very excited to talk to you all today about the BitcoinNYK project, uh, how it deflates. The deflation process has now started, and this is very important to understand, uh, how this works and the importance of deflation throughout the cryptocurrency space. So to kind of get into the mechanics of why deflation is so important, it has more to do with the opposite of deflation, which is inflation, right? Which generally means that your investment, where you keep your value, is ever so much being reduced by factors impacted by the economy. Now, what happens in cryptocurrency, because A lot of what we do has to do with a manufactured economy. We can simulate deflation and create mechanisms that create scarcity. Now, that in itself is not enough. We've experimented with this. Bitcoin, the entire idea of Bitcoin is that there are only so many Bitcoins out there, and this causes it to have value because of the scarcity of it. So in keeping with that theory, if we were to use that method and reduce the supply, we could artificially in some sense create value. In the case of Bitcoin, a store of value. But in the case with Bitcoin, in parallel to Bitcoin, where there are only 20, about 21 million coins, um, that amount is the fixed amount. And because of that, whatever value comes into that is only going to be dispersed amongst those 21 21 million coins. Now, but what if there was some way Bitcoin could reduce that supply even less than 21 million? Let's say if it go to 5 million, and that is part of the basis of the BitcoinMYK deflation project. Now, looking at your screen here, where the BitcoinMYK token trades, um, the blockchain is related to the Steem blockchain. Uh, to help you understand that real quick, the Steem blockchain now kind of has its own version of ERC-20 tokens. They're called SCOT tokens, and you can create these tokens on the Steem blockchain using the SCOT protocol. Um, so what happens is the tokens we created here, uh, are being burned off in relation to the trade volume. Now you can see here we burnt 100,000 BitcoinMYK tokens based on how many tokens we've traded. Now, uh, at about a 6 cents value, that's about a little bit over $6,000 was just burned. Uh, I always joke and say I could have went and went out and bought me an ATV with that money, a four-wheeler with that, that money. But this is so very important because it is creating a scarcity model. The tokenomics is suggesting that cryptocurrency works better as a store of value. So in our project, we mean to exploit that to the value of the investor. Now, this isn't new, and this has been done and conducted with projects like Bomb token, which I thought did it quite successfully, which they just burned down and down and down till they get to like less than a million tokens or something like that. And see what happens with that. I believe it went something like 1 cent to $14, right? It has settled down greatly now, but I think a lot of people made quite a bit of money with it, with that experiment. And we want to duplicate something like that. Now, we did find many issues with the BOMB project, with Eveplode and several others, and that is ultimately there were no use cases to them. It was just the experiment of deflation, but kind of in a similar way to what we get with Bitcoin, right? Bitcoin is the store of value, but when it comes to transactions and spending it as money or something like that, doesn't really work because Bitcoin, just how it's designed, uh, is not fast enough. The fees are too high and it's just very problematic. It's best to just sit there, be on a secure network, kind of act as a gold cryptocurrency. We want a different approach to this, a very different approach. Now this is something totally different than what you're going to get with Bomb Token, and we're going to explain why. The BitcoinNYK project allows you, if you hold Bitcoin, to first collect in ratio value Bitcoin to BitcoinNYK tokens. Meaning you don't have to pay for them. You don't have to pay for them, yet they have value for the network. As long as you have Bitcoin, you can get them. Now what happens is as you collect your, your BitcoinNYK tokens, the supply starts to reduce. It starts to deflate. Now why does this happen? Well, it's, it's deflating against the unclaimed tokens, right? It's deflating against people who haven't claimed or can't claim. They've lost their password, a variety of things. So it continues to deflate, whereas it starts at 100 million it deflates down to 21 million, putting it right center par with Bitcoin, allowing people who've come in at the 100 million mark and down to that to gain some value. And then it does something Bitcoin does not do— it deflates down from 21 million to 5 million. Now, how that is achieved is it is achieved through, uh, the fact that a lot of people aren't claiming. We predict it'll probably be about 3 million claimants. Um, and, um, because of that, uh, we, we would have then about 97 million tokens in theory left out there. Means they'll all have to be burned down to 5 million, leaving about 2 million over. What happens to those 2 million that aren't claimed? They get circulated back into, um, the website projects, um it gets circulated to create or to fund our UBI program, which is a universal basic income program that gives these tokens back to cryptocurrency holders. And this is all paid for by the value of the Bitcoin holders transferring their value to BitcoinNYK. In other words, transferring some of that value of that network over to BitcoinNYK in the idea of usership. Now, why would they want to do that besides just getting these valuable tokens free? Well, because it's now integrated into the Steam blockchain means it can move transaction-free. Means you don't have to cost you— all your transactions are free. It's very fast, super fast than Bitcoin. Makes it more viable as not only a money, but it makes it a great deal more viable as a store of value as well. Because remember, it's going to go from 21 million to 5 million, and the Bitcoin holders at that point who haven't claimed will be claiming at something like 16 to 1, whereas when it was at 100 million tokens, they would be claiming at, uh, what would be 4 to 1. And at 21 million tokens, they'll be claiming at 1 to 1 ratio. Now, how does the burn itself take place? How do we know to burn 100,000 tokens? This is a very aggressive burn strategy in order to, uh, basically and get value back to the investors. Um, and it works by every time a BitcoinNYK token is traded, we burn a token against it. So in other words, like in this case, there were 100,000 BitcoinNYK tokens traded, we burned 100,000 tokens, and they're out of the system, right? And we're going to continue on until we get down to 5 million. At that point, we'll stop and and the value that the Bitcoin MYK token values holders have left, uh, they will be able to, uh, basically hold that value. Very interesting project. The reason that we think that this will do a lot better than some projects like BOMB token and ETHFLOW is because first off, it belongs to the Bitcoin holders, so it has the value of the Bitcoin network behind it. Uh, it has a use case in that The website itself, you can post to it. You can post content on cryptocurrency articles. You can play games on there. Uh, we have simulated miners you can purchase. We will be having some stores to take the token. You can advertise on there. Uh, there is a music player for artists. You can get paid for listening to streamed music, and artists get paid as well. Uh, you get upvotes and you earn money on posting. Uh, you get money for playing games, and it's just a lot of great things that we've learned that work on the Kusama blockchain that we can transfer over to the BitcoinNYK project. So this is just a fantastic project. It's burning on a 1-to-1 ratio. This is a very aggressive burn. This is the most aggressive burn that I'm familiar with in the cryptocurrency space. You know, we're actually burning of only 100 million tokens. So we, by the time we've, uh, traded 95 million tokens, which is probably going to go real fast, we're down to now the Bitcoin NYK token as a money, right? And holding that Bitcoin network. And then we can move that value, transfer that value around the blockchain with a use case. And so we're very excited about that. Now we have more details and links and information and white papers that tell you exactly how this works. But if you're a Bitcoin holder, you definitely want to get involved. If you don't hold Bitcoin, you can still get involved with this. You can get tokens free just by joining the site. Come over, say hello to us. We'll airdrop you some tokens for absolutely free. Just register with the site. We'll get the tokens over to you. Um, so just great project. Um, you can also refer your friends and earn more tokens, and that's important because a lot of these tokens that aren't claimed are what's going to supply that. Just a fantastic project you don't want to miss, so make sure you join today. If you profited on the BOMB token, you're probably familiar with how this works and you understand just how valuable this can be and lucrative to you. Uh, and you don't have to purchase one Red Center token. Again, we have used several models we've researched that allow us to gain value into this token and project without direct purchases to the token. So it's going to be very exciting and fun. We look forward to you all coming over and joining us. Uh, everything can be verified in the burn to make sure that the tokens are burned and that it is basically, uh, uh, verifiable, uh, that those tokens are off the market. So if you have any questions, comments, or concerns, feel free to contact us and let us know what you think about it. We're very excited about it, and, uh, we hope to see you over on the BitcoinMYK site. Until next time, take care.