The Best Bitcoin Fork? Bitcoin Myk?

Hey you, welcome back to the channel. And guys, today we want to talk about the best Bitcoin forks. What are the best Bitcoin forks? And, uh, do we count as one of them? So it's a loaded question and, uh, a lot to consider, but I think the, the first place to start in this exploration is to start with what was the purpose of Bitcoin forks to begin with? Do they have, uh, necessary reasons to exist? And I'm going to answer that question right off by saying yes. And how I'm going to do that is by— I'm actually going to read a passage here off the Investopedia site. And, uh, as Investopedia with their expertise tries to ascertain why Bitcoin has value and what is needed for it to have value. So I'm going to read this passage. It's not in front of your screen, but I'm looking at another computer my computer, and I'll leave a link in the description to what Investopedia says about why Bitcoin needs value, but I'm gonna, I'm gonna, or how it has value and what are necessary components of that. But I'm gonna read what I found to be the most important passage, and you can read it in its entirety. But, uh, Investopedia goes on to say, our first assumption is that Bitcoin will derive its value both from its uses as a medium of exchange and as a store of value. As a footnote to this assumption, it should be stated that Bitcoin's utility as a store of value is dependent on its utility as a medium of exchange. We base this in turn on the assumption that for something to be used, as a store of value, it needs to have some intrinsic value. And if Bitcoin does not achieve success as a medium of exchange, it will have no practical utility and thus no intrinsic value, uh, and won't be appealing as a store of value. So guys, that's saying a lot, uh, in their, in their findings of this. And, um, We have to explore this and determine if this is the case or not. But notice that it says that in the, in the, in the, in the, in the final, in the final sentence, it says, if Bitcoin does not achieve success as a medium of exchange, it will have no practical utility and thus no intrinsic value and won't be appealing as a store of value. So according to their research, it's necessary for Bitcoin to be an efficient medium of exchange. It's necessary for it to be a store of value in order for all this to properly work. So now this takes us back to Bitcoin forks, why some people felt they were necessary to be created. It's no question, as we got to learn, that Bitcoin did not work efficiently to transfer value as a medium of exchange. We found several dozen cryptocurrencies that work far better than Bitcoin. And so Bitcoin kind of became our symbolic store of value, our goal, if you will. But just being a store of value for the purpose of being a store of value, as Investopedia brings out, it doesn't quite work well for Bitcoin to the degree that it should. So the forks start to create faster ways to move Bitcoin. Bitcoin Cash, most of it's, the idea behind its creation was to treat Bitcoin as a money and move it efficiently and move it faster. According to Roger Ver, I watched an interview with him today. I haven't done a lot of research on it myself, But, you know, you can kind of factor what he said with what's been going on. And what was— what he was getting at was he was saying that the Bitcoin system as it was didn't want to be improved upon or changed. They wanted to keep it slow. And the reasons for this was because they could have higher transactional fees. The more difficulty in the transactions, and of course that we got to see the value of Bitcoin balloon up. So that was some of his thoughts on it. What was a big concern is over the years we did get to see many Bitcoin coins using the Bitcoin software, whether it was Dogecoin using it and or Litecoin. All these were basically using, you know, the Bitcoin software. And, uh, you know, so the problem was it was more of a question of why wouldn't Bitcoin do this? And of course they had the big disagreement and we started getting all these forks starting with Bitcoin Cash. Uh, so was it, was it a sound reason to create these forks to create, you know, all the dozens we've gotten. What— well, maybe some can make an argument if it's— if, if what Roger Ver was saying was true, if that was the idea behind it, then that would give reason for that. Um, again, from my perspective, it is concerning that over the decade, other coins could do this better, but Bitcoin for some reason, with all the money investment poured into the infrastructure of Bitcoin, with nearly a billion or more is gonna be coming in in 2019 just to work on the infrastructure, that, you know, it looks like to me it could have been, you know, developed better by now, but again, I'm not a super technical person. Whereas to some of the people who fork Bitcoin, they said it was easy to increase the block sizes, and this wasn't a big issue at all. Um, now looking specifically at some of the forks and just kind of comparing us, you know, where are we ranking this? Would we be a better fork if, if, if it is a question of, or if it is the answer of, forks should exist due to, uh, many problems within Bitcoin? Uh, and based on the Investopedia, uh, uh, exploration of Bitcoin and how they feel that store value versus medium of exchange should exist. If all these assumptions are true, then which fork is the one that probably works best to use? And how do we rank in, uh, the ones we have that are still around that are billion-dollar, uh, coins that are still running? Uh, even the ones people don't like, still billion-dollar coins and top 10. Um, you know, should we be using them? Do they make sense to use? And, and what are our thoughts on that? So if we go to the very basics of what we're trying to achieve with Bitcoin, some people would use words like economic freedom. They would use words like being able to manage your own money, control your own money without all this government intervention. And all of these different ideas about Bitcoin would emerge into the idea of what Bitcoin has been for many people. With it not being realized yet, but with these forks hoping to do it, or some of them. So let's see how they check off on the checkboxes and let's see how we check off on the checkboxes. So medium of exchange. So you're going to want it to be efficient. You're going to want it to be fast because if it's not fast, then, you know, you're probably better off using a faster coin or using, uh, traditional banking methods, using Western Union. Using bank wires. So Bitcoin Cash, just picking Bitcoin Cash since they seem to be the most successful fork, seems to have the speed thing down. They have the speed thing down, uh, but some people have contended that is more centralized. They don't seem to like that. With the recent fork with Bitcoin SV, Question was posed that which one is— what are the differences between the two? And surprisingly enough, there are like zero differences. And when people try to figure out, well then why do they exist? Then they come up with ideas like, well, they exist because mostly of an ego war. And so this, this fight in their holdings of Bitcoin brought the market down and brought a lot of concern. It would seem to me that Bitcoin Cash does meet a lot of the efficiency methods as far as being a medium of exchange. Um, but there are several problems that exist with many of these forks. And when we say stores of value and when we say medium of exchange, there is one last thing that is needed, and that is security, network security. And It was kind of problematic in this is that Bitcoin security is at the top of the echelons. They're at the top of the, of the hill when it comes to that. And so many of these tokens that create their own blockchains, they're going to end up being a lot more inferior to that, right? So what, what should we do and what should we use So the next part of it is, if this is going to be a medium of exchange, if this is going to be a way to take value back for the people, then you're going to need a lot of people using it, right? For it to really be effective. And so you're going to need mass adoption. And so the problem is, what are your methods for mass adoption? How does that hold up? And how does, you know, how does that rate? And so what are good about Bitcoin forks? So Bitcoin forks, everybody who's holding Bitcoin automatically holds the fork token. So If Bitcoin has 50 million wallets, then theoretically all the fork tokens in theory will have the 50 million wallets until they sell off all their value, et cetera. But the thing is, when the question really pops up, what is the best road to mass adoption in dealing with this? For me, it would be putting value, that this, that the token be valuable and recognizably valuable to everyone that's holding it. And usually how is that? Achieve? How do you gain value of something? How do you, uh, care about the value of something? Generally, it's because you're owner, right? Many of these fork tokens, when they get ownership of them, they sell them. They sell them up. They sell them because they don't value them. But if you actually had ownership, regular ownership of a token, then your viewpoint in that would change. It would be very important to you. And as you know, we've got to see with Bitcoin NYK, it implemented a universal basic income program because we understand that that has— carries value to everybody. And if everybody's an owner in our network, they will care about the network. Um, and so with many of these tokens and exchanges, uh, or these tokens and platforms rather They want us to take risks, invest in their projects, and, um, you know, and, and hope it works. Well, our thoughts are different here at BitcoinNYK. We say, uh, give us a try, use our tokens, and, uh, you know, the risk is not on you. Just much like in the real world, if you, you think about How you came into contact with value. It generally came from somebody giving you your first dollar or you have an opportunity to earn your first dollar. This is something that's very hard achievable in comparison to the cryptocurrency space, right? You actually got to, most cases, come in with a fiat currency or you got to have these mining rigs that aren't practical for use for most people and come in and mine tokens. right? And, um, and, and so that creates many problems on the road for mass adoption. And this relates back to it being an effective medium of exchange. This has to be in everybody's hands. People have to care about the value of it. We have to be able to ascertain and derive the value of it, as Investopedia is having a hard time doing, as they talked about, um, you know, that if there's no intrinsic value, it won't even be appealing as a store of value if it doesn't have practical utility. That's the key word, practical. How practical is it? Not just that you have it, but is it practical? It's not practical. You know, it's like, um, I always give the example of pennies, uh, creating pennies. Sure, you can create a penny, but it costs more to create the penny than the value of the penny. So the penny thus is not practical, right? It is being utilitized, right? It's being used as a utility, but it's not a practical utility. And when it's not practical, it's not appealing its value, which is why people want to get rid of the penny. You know, they're talking about getting rid of the printing of the penny. And so this is the concern with Bitcoin. Now another thing comes up. This is an economic fallacy, and that is that forks hurt Bitcoin, core Bitcoin, right? It hurts it because it somehow is usurping value from Bitcoin. This to me is an economic fallacy because it is based upon the idea that there's only so much money possible in the cryptocurrency space. This is the same argument against capitalism with the pizza. You take a pizza, every time slices come out of it, the pizza reduces. And if you take away all the slices, there's nothing left. However, you could simply create more pizzas. So my, my, My argument against that idea that Bitcoin forks hurt Bitcoin would be that, that I would see that not as the case. I would see that people would sell off the value of Bitcoin because they would find less value in Bitcoin. Um, so where are we at with this now? Are we closer to what's the best Bitcoin fork or are there none? Well, we have to make that determination for ourselves, I think. But I can tell you this, if the idea is to gain mass adoption, you're going to have to have a lot of people that care about holding your token. How are they going to get it? In the, in the real world, um, again, my first dollar was probably given to me. I think as a child, I don't remember doing anything to earn it, uh, because the system existed where money was so well distributed. Adding universal basic income in there is giving value to everyone. A lot of people ask, if you do something like this, this is a socialistic nightmare. How would you pay for this? But this is very simple, guys, because we're not proposing a solely a universal basic income token from Bitcoin that doesn't have value or can't create value. Um, what we're saying, or what we're suggesting, or how our token works is it's based on the unclaimed tokens, is based on the lost tokens, which are a lot. Uh, millions upon millions of Bitcoin tokens are lost, never to be recovered again. And we're only suggesting circulating those back into the economy to pay for our program, give everybody value, and make it important for them to use this technology to the point where it as a medium of exchange becomes as valuable as trading a dollar or any other thing. But in order for that to happen, it has to be important to people, important enough to address real cases and answer real demands they have. And one of those demands on a governmental level, on a societal level, private sector level, is going to be automation, right? It's going to be robotics. It's going to be job loss. That's why this is so important to understand and develop good use cases for cryptocurrency. Now, another question that could come up, well, if you're giving out all these tokens, right, giving them out free, it's been other tokens that have done this. Some of them are still in business, some of them are hurting from it. Wouldn't that just make the price go down? I'm a speculator, I'm in this to make some money. It's very human to want to make money. It's very natural. Uh, I'm not a socialist myself. Um, here's what I would suggest then. If you believe in growth economies, if you believe in growth funds, think about the period in which a project like BitcoinNYK is developing and people more accepting these, our tokens, and trading them back and forth. And the growth rate overcoming the value, right? So the value would have to increase in theory based on so many users flocking in. And so, so much of this being held value-wise, the people that are holding the token, they're exchanging it back and forth. They're not selling it for something else because they're able to do all the things with it they would normally be able to do. And they want it to succeed. That's the most important part too. They want it to succeed. Why? Because if it succeeds, it's more valuable to them. If you're receiving $1,000 per month worth of a Bitcoin-like product, isn't it more valuable for it to— for you— for this project to succeed than say one that you don't know what's going to happen the next day? The value of it tanks, it goes to— you lose 90% of it. So from a speculative point of view, which we do need speculators, we need it because it's part of human condition. People want to liquidate for whatever reason. Speculators are in this to make money because they have to be able to— for creating this liquidation, they have to be able to gain value and incentive, which is fine, but they can achieve that over the growth rate of the token. And, um, if we look at fork tokens in comparison to Bitcoin, when they do go up in value, we've seen a huge rally on Bitcoin Cash today of a gigantic rally of over 50%, I think. And what that means is that it's much easier for Bitcoin Cash and Bitcoin forks to do this than other tokens. So I would, you know, propose to them that this is possible in Bitcoin NYK, very possible and very likely as it finds its price. Now ideally what you want to happen, where I disagree with a lot of speculators and a lot of people just and it's to make money initially and fast. Where I do disagree is that you're gonna need stable prices and not just values that go up and up and up so that you can have a medium of exchange that's gonna create a product that's going to be lasting and valuable to people and not tank. And in order to achieve that, you're gonna need a viable dollar. So when we're sending out $1,000 of money, universal basic income, it's worth— when you exchange it, it's actually worth $1,000. You know, it's not worth $20 or a dollar, right? Because of the huge amount of speculation. And when you go to convert your token that was worth, uh, $10,000 yesterday, now all of a sudden it's worth $5 or $1. So the truth of the matter is, the less volatile a token starts to get, the more valuable it becomes, the more dependable it is, right? So what's the best Bitcoin fork token? Well, they all have their various projects behind them as well. We have to consider. The question is, what's the best Bitcoin fork token for you? Which one brings you more value? Well, let me pose it this way. Let me give you this, uh, option. Let's say you could change the entire world. And make money at the same time, change the world for the better for everybody and still make money? Would you prefer that? Or if I told you, look, you can make a lot of money, but most of the world's not going to make hardly any money, and you're going to get— keep getting rich, and they're probably going to get poorer, and as you win more, they're probably going to lose more. If I gave you those options, which one would you take? Wouldn't you Wouldn't it be very human and neighborly to take the option where you could do both? And I think most people would probably do that, right? It's still in our power to do that with blockchain technology. And we can do that now, guys. It's all just about making up our mind and determining that we wanna back a token that has value for everyone that can be a money and medium of exchange that actually works. Because like Investopedia brought out, the medium of exchange part is very important. It's almost the most important part. It's what's caused all these Bitcoin forks. Something to think about, guys. That's my take on it, guys. You like content like this, don't forget like, subscribe. If you like the project we're talking about here, join us at BitcoinMYK.com. Together we can change the world and create value at the same time. Take care.