UBI Ep.9 - Will It Save Crypto & Global Economy?
(Edited)
UBI Ep.9 - Will It Save Crypto & Global Economy?
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STOPAnother good one, "MYKe!"
The FACT that btc/myk is GROWING BRISKLY even without a major benefactor is very appealing, and proves some of the basic tenets of both 'chain' and UBI. Once we have the average daily user base built up, the 'chain' has a certain inherent value. The ad sales could be very useful to the corporations buying them, since the UBI is partially generated by the ads. If I am receiving a useful daily/weekly income from my use of MYK, of course I would be Smart to pump some of that money back into the companies that I am seeing in my feed. Then it becomes a 'feedback loop' and we all benefit!
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Those are very good points. The perception in cryptocurrency is if you see a project trading well with millions upon billions of dollars that it's a good project. The fact of the matter is the most successful projects receive so much funding at startup it makes them appear to be good executional projects even in the cases they aren't. My belief is this is why all but bitcoin lost over 90% of its value and even now struggle to get it's value back with the exception of ethereum.
Eos received over $4 billion before it launched. Polkadot just received over $150 million before it had a working product. Many other major products we deem to be successful but we're still under on all received upwards to the tune of over $40 million yet still lost us most of our value and even to date i don't believe has gotten our money back except btc and eth.
Imagine being a project founder or developer and receiving billions of dollars before you even produce a workable or executional project. That is quite something i think it's also a problem.
Ubi and the chain is very important because this may not be the reality we wanna hear but most people outside of crypto really don't have much reason to use. Yes it's nice to have products like hive that are good products. However many people don' t have disposable income and more than likely you're not going to have big user bases on platforms like this and even if you do without certain velocity of money applications being in place. It probably will not yield the kinda results it wants.
As to say the value that new users get from this platform may be minimal to the point they may not hold it as valuable as maybe it is.
So Ubi pulls them in and incentivizes them to stay in build a larger network they in turn contribute through " attention value". Attention value is the pillar of the freemium service model. That of course relational to your internet service provider, restaurant . travel amazon just about every major service you use implements a freemium service model and especially social media.
Yes how i view Ad sales is similar to how many in crypto wanted institutions to get involved. It's not really that they wanted institutions to get involved. They wanted what they see with institutional money. The problem is they've now made this faustian deal where now the companies control and corner.. that's not a mistaken word. ." corner" the cryptocurrency market which his dangerous which is horrible and not smart for us.
We have allowed this because we didnt create good enough products to bring in the masses of people. So these institutions one day can probably control over 20% of btc which is not a good thing in the least and if they control btc they control a good portion of everything else.
Our ad sales allow substantiation of value of Bitcoin MYK. It allows these businesses to gain value without controlling our networks. So we accomplish this i believe in a safer way. The other part is ads are but one way we gain utility as a product and value.
Bitcoin holders can claim in relation to their btc holdings Bitcoin MYK. Many here have spoke on how great and versatile the hive system is. it's fast its cheap its user friendly. Imagine 1% of the bitcoin network using bitcoin myk over the hive infrastructure. That's potentially billions upon billions of dollars and although we did enter such ideas into the proposal system. Unfortunately the Hive blockchain didn't yet share our vision.. unfortunately.
The possibilities are endless for a project like bitcoin myk. We believe acting as a currency we will be many times more useful and valuable to people across the globe to use. The problem with store of value products is they don't get in enough peoples hands.. We see this with not many people holding btc. So this can hinder economic prosperity as well as growth. So i think the best thing you can do with a project like bitcoin myk is use the network. I think on sheer growth the value will be substantiated through attention value. I think we're on a good road to accomplish that.
This post has received 100 btcmyk
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I like the user based tokenomics, building a foundational platform that can attract capital based on the number of wallets. 'If you build it, they will come' in and use it. This works both ways. Build a user platform and then the advertisers will also jump in.
Mr. MYK, I think this needs a user feedback system and the people can also block ads selectively, kinda like google ads has that little "X" in the corner. It also needs an analytics division.
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Yes i'm actually surprised this hasn't been executed well in crypto yet. For example a project can develop a technology that cost millions in development hours and infrastructure. The problem is our markets have a difficult time finding the value of such products. So we don't really know what to pay and the speculative nature of the space makes things problematic.
I picture things differently. I picture the value of the network being corelational to the size of the network. This as well seems to follow suit with many other projects. Bitcoin has the largest network is the most valuable because it has the largest network so to speak. Most major cryptos have large networks. Even if you take something like tether which many believe to be a problem. I could see bitcoin myk value being based on the value of the network and the metric switching from ideas like being backed by a usd and more like being backed by the scale and support of the network as the say the value proposition would be more solidly based on attention and the most important assets we have .. people.
Following up with what you're saying of course is about where the value comes from. So the value is obviously always in some form in " attention value". So i may hate football. However during the superbowl most people are tuned in and the biggest advertisers are present trying to get space during the game. They are there not because they like football either necessarily.. They are there because you are there. They are hoping the vast numbers will sell their products. Thats why you see all these weird commercials.
So yes we do have an anayltics system that works exactly like what you may get on google analytics. We have adboards specifically tailored to your ads and all data is segregated and analytics. The only issue is we haven't yet developed it to display on member profile accounts. I believe we'll have that available within 30 days.. all we'd need to do is attach a csv file to the accounts of advertisers which will display all analytics and data updates. I think we can have that available within a month.
What is available now is many aren't aware yet bitcoin myk tokens have internal utility on teh site. So some of what you can do now is use your btcmyk tokens to pay for ad boards on every page of the site.. and in membership profiles all ads will display as well.. now what we can do is.. in membership profiles we can disable ads for people who opt out of ads.. but we'd probably then require they forego ubi payments. The thing is i don't think people should get a tech check if they don't enable ads.. but maybe that wont matter going further into the future.
The reason i say that is because there is a certain threshold i believe we'll hit as a widely accepted currency that will have buying power from the network scale. If you think about the us dollar it has value because everyone holds them.. not to mention being a world reserve currency but that still equates to widespread use and people preferring to hold them. So i believe we'll hit a similar position of value and buying power from widespread use and being deflationary. So again good points and yes we have a very kool analytics system but we just need to code it into member pages who have ad accounts such as advertisers and again i think thats very easy as we already have the tracking analytics system on every ad. So right now as long as you hold btcmyk you can buy ad space with them. So that's pretty kool as long as the ads comply with tos and don't violate many of the same rules and regulations of many giving municipalities of the kinda content you promote. Good points again you seem to be thinking parallel to us.
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Yeah, there should be a privacy opt-out. But privacy members will still get their upvote values, Correct?
Will there also be curation rewards for upvoters similar to other platforms? All in all it is sounding like a much better blogging and social media arrangement. 💪😎👍
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Awesome comments as always the kool thing is we had already prepared for many potential issues for this and although we had laid it out very well we could have done a much better job explaining what we did. So your first question about ads and kyc as well as ubi.
Here's the interesting thing. We think of bitcoinmyk.com like bitcoin myk but that's not an accurate way to think of btcmyk. Bitcoinmyk.com is a structured website with ceo and it incorporates the btcmyk token. it is not btcmyk. So what is btcmyk? Btcmyk is the network you all run through the chains its on and the token. So even if there was no bitcoinmyk.com btcmyk would still exist on the chain and be a function cryptocurrency and let me tell you exactly why that is.
So to solve the kyc problem the really identification problem because to have ubi the biggest hurdle is multiple account creation and how to identify authentic users. identifiying authentic users is even more important than identifyign multiple accounts and i'll show you why.
So bitcoinmyk.com is one site in a network of sites that incorporate the btcmyk token. What are some others? Well the next would be over on memo through hitting the micro blogging tab. Why is that important? Well when you go there similar to what you get with a tribe on hive you have a system you can post and earn on post directly in the btcmyk token. it shows up on your profile.
Now the system on memo is different than with proof of brain or hive upvoting and dpos. It works like this with our system anyone who posts automaticaly earns on the post based on attention value". So if you post you earn btcmyk. Now you may say what about spammers you probably wont have many issues with spammers because you don't have to pay for accounts but you do pay for transactions just like you need hive and steem to pay for posts through the account setup and we usually award enough bch to do a post. So i think it will be limited by the same parameters of spamming we have on steem or hive and we do monitor for spammer comments so we can easily just take them out of the system solve that issue.
Now this is the important part. This is necessary to create a competitive pricing model. So one big issue in steem and hive is eitehr you get nothing for a post. you get too much for a post.. or you get kinda in the middle but its no market in that way to determine value and a consumer is motivated by many other factors that create many issue psychologically that will have half the users leaving.
With us you post the attention value earns it is a competitive attention value market as to say your attention spawns teh same payout per post. so you got all the upvote features etc., the shorter post system similar to twitter but stats show that the average social media user only has about 5 minutes per social media interaction so thats better laid out for more realistic social media use.
so my point in all this is that different front ends that exist that earn btcmyk in this way should solve any issues of privacy concerns of people who wish to use the project anonymously. They could use our social media area of memo and they don't have that problem. they have a means to engage like everyone else. So on memo their attention gains them coins on bitcoinmyk.com they can collect ubi based on account authentication but again much like hive applications you just go to the one that is relative to your ideas about crypto.
Also we have communities where there will exist network distributors these are ambassadors tasked with developing their own communities discord rooms .. social media groups and they will incorporate the btcmyk token and they can be administered to the public however they see fit. So the point i'm making is that this will spawn many versions of ubi as the network distributors still have to give it away free to their followers. So bitcoinmyk.com is not the btcmyk project. its on site on what will be many with different ideas about how to distribute the token. some may be kyc and more strict some may not be strict at all. some may be in the middle.
I think though in looking at all this we have to remember something. We use centralized exchanges now at a rate of about 90% or more. These businesses require often times kyc alot of identification and so crypto is already deep in on not only being exposed to advertisment on many sites but their id being required.. It's going to get worse as fatf comes in many of your favorite projects will just be delisted so the binances as it were will have to remove them. Ripple xrp already being removed form everythign just got removed from my wallet. due to sec issues.
So right now ubi is attracting or could attract over 2.5 billion social media users that already do this everyday. So my point is this. Yes some people need privacy provisions and at a high rate but keep in mind tehy represent a very small group of pepole as to say the verification and ad issues will only be a problem to a very small few group of people and if that nubmer grows we have things in place like memo.. and its a really good token integration with btcmyk i think its fantastic between that and network distributors i think this won't be ultimately a problem to many people.. Especially if i'm a blogger i'm going ot get tokens for my contribution as opposed ot say i prepare a post al week and i get very little upvotes because the system designed to favor those with money over those without money despite their merits and value of post. So we dont have that problem on memo and becaue of that i think that will spawn many to feel more comfortable using it. As far as curation goes.. We don't have a system of curation that pays you for upvotes however we do have staking thats comparable to the curation rate. Let's say if you wanna be strictly hive because we have to be multichain in order to not only scale but to have more value and get aorund congestion.
However let's say you are a person who doesn't like to leave their platforms. thats fine too we have many ways you can earn on your standard platforms and still be exposed to the btcmyk token. comments here to our post earn you tokens.. posting about us earns you tokens...that sort of thing. So then everyone can partake in the btcmyk and of course we trade on hive so that should give more than enough exposure. So yes just keep in mind bitcoinmyk.com is not bitcoin myk lol.. I know it seems that way because that where everyone goes but i think that will change in the future. i think it will be split between bitcoinmyk.com and memo. Also we have to be realistic about some things. It's going to make alot more sense to be on bitcoin cash because they have great network security and they worth billions of dollars. if we depended solely on our own chain and maybe less security chains other projects as we rise could just attack us and probably would lol.. So we need safety from those attacks and investors have put billiions on bitcoin cash and in the future if we grow to billions we'd as well need a top security chain to protect us.
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I'll gladly take MYK AND LEO upvotes,
💪😎👍
Hive is OK too, but incidental 😜
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