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Correction to LTBCOIN.com website and the end of the Auction paradigm

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adam

Hey everybody,

Two things:

1 - We're ending our policy of selling sponsorships via SPONSOR token only and are moving to a policy that allows for a variety of tokens to be accepted, with preferential rates being given to the more network-y tokens like LTBCOIN and SPONSOR, etc. You can find the new multi-token system here and if you'd like to list something of your own for redemption in the tokens of your choice we'll be offering a tool for that soon.

2 - it came to my attention yesterday that the copy on the ltbcoin.com introductory website makes a flat statement.

"The LTB Network will not sell LTBCOIN"

This is an incorrect statement. The explainer page is the only place it appears. You can take a look through the linked documents on that site, you won't find it in there because it wasn't in the spec.

This wound up on the website because at the launch of LTBCOIN we did the initial 10% distribution of coins to people who had created content for LTB over the first year, and since I was the creator and primary content creator for most of that time I wound up receiving a very large amount.

I personally made a commitment in the various recorded meetings we had on the topic that I would not sell any of those LTBCOIN because the market would be too new and I wanted contributors who had created for us and recieved some LTBCOIN to have an opportunity to sell their tokens when the supply was limited and interest was high.

It was mistakenly put on the website by the volunteer who put together the explainer page as an unsuccessful interpretation of that commitment. The intent of this commitment was not to hobble the LTB network in its ability to be a participant in the ecosystem of LTBCOIN, it was to protect early content creators who might not want to hold for the long term .
About nine months have passed since then and we're now rolling out a variety of tools that add utility and value to ltbcoin as well as any other token built on counterparty that wants to follow our trail. We're definitely going to be offering people easy ways to exchange their bitcoin, SJCX, SWARM and all the other interesting tokens out there for LTBCOIN at whatever the current market rate is, without registering for an account or having to do anything more complicated than send a transaction. I've been doing tutorial videos explaining these new tools and I keep being reminded of what an inconvenience it is having to do your trading through a centralized exchange. Automated vending machines are the solution, and we've already built them - The prototype will be rolling out Saturday.

The new language on the explainer site now reads:

"LetsTalkBitcoin.com, the Let’s Talk Bitcoin! show, and the LTB network will sell sponsorship space (on the web properties) or airtime (on the show) for LTBcoin at a discount relative to the retail price in BTC."

That discount will be change over time, initially it will be set at 40% cheaper relative to bitcoin. Other ACTs on the network will choose their own discount %.

I'm happy to answer any questions on either of these issues, thank you for your time.

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  • pooktwo

    Sounds great, just to clarify about the Auction system as in the title it says "The end of the auction paradigm", you are not ending the auction program correct? Or are you replacing it with the vending machine?

    • Robert Ross
    • Director of FoldingCoin Inc
    • Community Director for the Counterparty Foundation
    • Skype: foldingcoin
    • Twitter: @pooktwoFLDC
    • FLDC Twitter: @foldingcoin
    • Email: rross@foldingcoin.net
    • Alt Email: foldingcoin.net@gmail.com
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  • adam

    @pooktwo Sounds great, just to clarify about the Auction system as in the title it says "The end of the auction paradigm", you are not ending the auction program correct? Or are you replacing it with the vending machine?

    We're ending the exclusively booking through tokens sold via the auction platform.

    The last time we addressed this issue plublicly, the statement was this.

    "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 auction platform isn't going away and is on the roadmap for an upgrade in the next six months.

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  • pooktwo

    @adam

    @pooktwo Sounds great, just to clarify about the Auction system as in the title it says "The end of the auction paradigm", you are not ending the auction program correct? Or are you replacing it with the vending machine?

    We're ending the exclusively booking through tokens sold via the auction platform.

    The last time we addressed this issue plublicly, the statement was this.

    "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 auction platform isn't going away and is on the roadmap for an upgrade in the next six months.

    Perfect, I havent used it yet to sell anything myself, but I have used to buy off of others. Its a very nice feature that I would hate to see go. Thank you all for your work :)

    • Robert Ross
    • Director of FoldingCoin Inc
    • Community Director for the Counterparty Foundation
    • Skype: foldingcoin
    • Twitter: @pooktwoFLDC
    • FLDC Twitter: @foldingcoin
    • Email: rross@foldingcoin.net
    • Alt Email: foldingcoin.net@gmail.com
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