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  • Replies: 1,764
  • Topics: 216
  • Likes Received: 1,244
  • Re: LTBcoin for Newbies - Under Construction

    rfrazier said: Thanks for this info.  I've written a couple of blog articles for the Let's Talk Bitcoin blog and look forward to doing some here as well.  I've always liked the idea of being able to receive tips, etc., from the readers.

    I've listened to Adam's first two ltbcoin podcasts and am trying to get my head around the strategy.  I understand some of the goals in creating an internal coin.  But, it seems to me, a walled garden approach, and would appear to create some disincentives for participating, as opposed to being compensated in bitcoin or litecoin or dollars.

    Here's what I mean.  I have several incentives to participate as a content provider.  An intrinsic desire to see cryptocurrency succeed is one.  A desire to have my writing published and gain exposure is another.  And, I like what LTB is doing.

    But, when it comes to financial goals, accumulating bitcoin, or litecoin, or ltbcoin doesn't do me any good unless I can spend it on what I want.

    So, let's say I accumulate lots of ltbcoins for contributing in various ways.  The only thing I can buy with them is other stuff in the ltb network: content from someone else, editing services, hangout seats, etc.  If I have need of those things, that's fine, and as someone pointed out on the podcast, it's like credits inside of something like World Of Warcraft, etc (not sure if that's exactly what they said).  But, it's also limiting.  Suppose I want to get some new computer tech as a reward for my work that I'm contributing.  I probably cannot do that with ltbcoin.  I probably couldn't do it with litecoin directly.  I probably could with bitcoin, and I certainly could with dollars.

    It's kind of like having store credit at a local coffee shop, or having it at Target or Walmart, or having it at Amazon, or just having cash.  If I want to get any gift card for Christmas, putting aside the emotional issues where some people don't want to give cash, then the most desirable of all these is cash, since I can then buy at Amazon, or Target or Walmart, or the coffee shop, or anywhere else.

    So, speaking strictly of the financial incentives, would I be more likely to spend my time writing for LTB where I can only earn ltbcoin?  Or would I be more inclined to write for some other xyz blog that would compensate me in something I can actually spend outside the walled garden?  Well, I'd probably be inclined to be contributing to whomever give me the most universal compensation.

    Now, as I said, I have other interests and motives for participating here, and I anticipate doing so.  But, I see the internal currency as reducing my incentive to spend my time rather than increasing it.  It may be that, at some point in the future, that will have enough value that it will be a strong incentive.  I don't know.

    Like Adam said, this has never been done before, so it's hard to predict the implications.

    Sincerely,

    Ron


    Ron, you can sell your ltbcoins for bitcoin if you want. Point is, i can't create new bitcoins because you make content but we can LTB

  • Re: Idea to Encouraging Tipping

    Platform wide accounts :)

  • Re: What is the difference between "Agree" and "Like" in this forum?

    puck2 said: I guess you can "Like" a comment even if you don't agree, but that is a stretch for most forum users, I believe. Dare to dream!

    Yup

  • Re: DEVELOPER REQUESTED for MVP: Pay-To-Display service

    JahPower has offered to make us a custom wallet with custom features. That's f'ing cool

  • Re: LTBcoin Launch Day Distribution

    TBD because the software is still in bug testing. 2-4 weeks

  • Re: A Python library for LTBCoin

    Yes. Will be back Friday we can talk

  • Re: Darkcoin (DRK) may be on to something...

    Does Darkcoin have zerocoin built into it or something?  Or is it just  a name and they're going to build a mixing service?

  • Adam AFK til Friday - Going to be at CoinSumm.it? Meet you there!

    Hey all,I'll be out of pocket March 24-28th, and will first be at Coinsummit and then at http://www.eventbrite.com/e/cryptocurrencies-tech-tickets-10846029767 with Vitalik Buterin, and Tim Swanson talking about Smart Property and meta-layers.   Joel Dietz put together the event and will be moderating it.  Tickets are free but limited in quantity.
    @rotalumus and I spoke this morning about the auction, he's going to organize the details and I successfully transferred ownership of the LTBSEAT asset to him.  
    @all - If you don't know what to do ,than right now you should be playing with the http://testnet.counterwallet.com, issuing assets, playing games on the forum (i'll be starting some of these next week) that use assets and tokens to test and hopefully break the system.  We want Counterwallet throughly tested before we switch to the mainnet and issue assets, so please take some time and do that - when you hit something that doesnt make sense or feels broken, take the time to report it.
    If you'd like to meet up, email [email protected] who manages my schedule.

  • Re: What are the advantages of using the blockchain?

    The only point of centralized risk is the issuance of the token, the trading and ownership are not something anyone at LTB can have control over in a decentralized system.
    In a centralized system, all we have to do is shut down the server and everybodys coins are gone.   We could do that on purpose because we're dicks, or it could be done to us by an outside force.  
    Using a blockchain means we don't have to care what happens to them once they leave our direct custody, and in fact we're not creating them until they're leaving our custody.  I agree there is still too much trust at that step, we're working towards correcting that.

  • Re: Counterparty 40kb limit

    Because they can. Control is sometimes worth exercising just to demonstrate your control. It's really too bad.

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