Update: LTBCOIN Asset Drop Incoming later tonight! 6/27/2014
Adam B. Levine here and happy to finally share the LTBCOIN project with you. If you’d like to dig into the more technical papers, you’ll find them here.
LTBCOIN is a brand new kind of thing - a crypto-rewards system where people who help LTB to be useful are rewarded for their efforts, and it’s built on Bitcoin!
Why is LTBCOIN Valuable?
Effective July 1st, 2014 LetsTalkBitcoin.com, the Let’s Talk Bitcoin! show, and the LTB network will only sell sponsorship space (on the web properties) or airtime (on the show) for LTBCOIN, to the highest bidder, in LTBCOIN, at our regular auction events.
The final user does not need to buy sponsorships directly from LTB, they can be purchased by ANYONE, and are delivered to the highest LTBCOIN bidder as a SPONSOR token which can be sold or traded before being eventually redeemed for the specific type of access.
We will be publishing our full Sponsor Standards guideline before the first auction takes place.
What does LTBCOIN mean to me?
If you’re a user...
Log In! Registered users of LetsTalkBitcoin.com earn LTBCOIN by reading articles and listening to shows. You can earn more by interacting with the community, tipping posts, commenting on articles (even via our iPhone app!) or discussing the latest episode of Mad Money Machine, or Bitcoins & Gravy in the forum...
If you’re a creative...
If you create a show, or write an article (or ever wanted to!) either by yourself or as part of an ad-hoc group formed for the task on the forums, you’ll earn LTBCOIN not only when we publish your work to our audience but again a month later when the performance of your work is compared against all the other work published during that week, and then rewarded again!
If you want to become a core part of the Early LTB network....
Contact us about starting a niche or viewpoint specific blog on the LTBCOIN platform and become a curator, partnering with writers and creators to showcase your favorite works and earn your share of the LTBCOIN allocation and time on the LetsTalkBitcoin.com front page.
Why are you doing this?
When I started Let’s Talk Bitcoin! we were a basic blog, then we moved to Wordpress and for about 9 months we were a blog with an odd front page. About four months ago, LTB 3.0 got underway and the website you see today is the result.
What we have built, although you can’t see it yet, is a community platform that has cryptocurrency baked into its bones and while we’re starting slow, in time there will be thousands of individually curated blogs feeding their best content to dozens or hundreds of unique front pages. And it’s going to be open source, so anyone who wants to roll their own content universe can follow our model and use the best tools we can make, we’re working out the details on this now.
We aim to make cryptocurrency a normal, exceptionally useful part of everyday life and invite you along for the ride.
What do I need to do?
First, visit CounterWallet.co and generate a free multi-wallet that holds bitcoins, LTBCoins and anything else built on Bitcoin using the Counterparty protocol. With one click you'll generate a secure 12 word password, you'll want to keep it safe as it's your private key.
Once you've created your password, log into your wallet and you'll see three brand new bitcoin addresses you control.
Copy one of those addresses, then head over LetsTalkBitcoin.com login to your account in the upper right hand corner of the page.
Inside your account you'll have a few options, one of which is "My Profile" - Click on that, and at the bottom of the page you'll see a place to put your LTBCOIN address. Paste your newly created bitcoin address, save the change and you're done! When we release LTBCOIN later this month you'll be all set.
If you have any issues, questions or comments please post to this thread on the new forums
What happens now?
Today the first 51,000,000 LTBCOIN (this represents 10% of the eventual 510,000,000 LTBCOINS that will exist at the end of five years) were created as the initial supply and are being distributed as we speak according to the below diagrams.
We’re tallying user participation, and next week will see the first Proof of Participation round where 1,734,166 LTBCOIN will be divided between all the people who participated during the week.
Next week will also see the first Weekly Proof of Value distribution, where all the content published on the front page of LetsTalkBitcoin.com will split 2,254,416 LTBCOIN based on how many pieces of content of theirs were published on the front page. This is a weighted split based on how many published pieces there are.
We’re going to do this every week, you can see the complete weekly distribution schedule here.
We can’t know what will be successful and what won’t, so the weekly Proof of Value distributions will begin in five weeks. At this point another 2,254,416 LTBCOIN will be distributed to content created during the first week, based on how well it performed (compared to every other piece of content published that week) over its first month.
The more successful (the way we measure this will certainly change over time as we discover what works and what does not) the piece is compared to all the others, the larger its share of Proof of Value.
How does LTBCOIN “ride on the Bitcoin network”?
Everyone is familiar with Bitcoin and it’s miners. Bitcoin miners check and power bitcoin transactions, so we can think of the bitcoin network like a giant distributed parcel delivery system - Miners power the deliveries and in this delivery system there are a fixed number of boxes that simply circulate from person to person. Mostly right now they are sent around just as empty boxes because you didn’t used to even be able to send boxes so efficiently, so the boxes themselves have become useful as money.
Delivery is nearly free to the sender (.0001B) and totally free to the recipient. Mostly though, the system rewards them with new parcels (bitcoins), which they can then sell to those needing to use the system.
So that’s the Bitcoin Box Delivery Service, Let’s Talk Bitcoin is proud to launch LTBCOIN as one of the first good uses for these boxes.
How many coins will there be, and how fast will they be distributed?
A total of 510,000,000 coins will be created over five years as described by the below charts. To see the complete weekly distribution schedule, visit this chart
In closing, let me borrow some of my favorite words
Let us think the unthinkable, let us do the undoable, let us prepare to grapple with the ineffable itself, and see if we may not eff it after all. Douglas Adams
Adam B. Levine, June 27th, 2014
Editor-in-Chief, LTB Network