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  • Replies: 1,764
  • Topics: 216
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  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @kylerk Is a new counterparty currency created for each new token type? How is that managed. Is it something you have to do before you create the Auction?

    There are a few tokens we officialy support

    LTBCOIN is our base token, given out through our rewards program and the "Ground floor' of all other token projects

    SPONSOR is a token that can be redeemed for a 45 second sponsorship read on either Let's Talk Bitcoin! or Mad Money Machine. This is auctioned for LTBc, but can be resold by the winner of the token for whatever to whomever.

    LTBDISPLAY gets you 1 week of display sponsorship on the front page of LTB, and will be auctioned for LTBc

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @faceface

    @adam

    @faceface

    @adam this is a fundamentally better way once we work out the bugs.

    Why?

    Tokens that can be redeemed for something valuable are better than the something valuable by itself because chances are pretty good the something valuable is difficult to buy/sell/trade. By making a token specific to that purpose, you imbue the value of the thing with the transmissability, verifiability, etc. of the bitcoin network onto whatever it is you're representing.

    Not if I don't honour the backing. Of course this is 'the big problem', how to tie blockchain technology into the real world, but, well... it's a problem here too.

    It gives you more options, which makes it more useful which makes it more valuable. You would acquire and hold the SPONSOR tokens because you think they will appreciate greater than alternatives so you might be betting my time appreciates in value more (whether because I become more high profile and thus the time more valuable or because the LTBc you sell it for will be worth more than the LTBc you bought on the market.

    OK, for SPONSOR tokens this totally makes sense.

    Someone who believes my time is undervalued can buy up my HOURCONSULT tokens then market my expertise and the value of my time to other people and sell the token to them at a profit, they redeem it with me, I don't have to care how it happened and I don't have to worry about if its a valid token or not. It exists, they have it, the only way that can happen is if someone gets them from me first so no problem.

    I'd like to do this in future. When I mentioned the idea before it was kinda squashed because you didn't want your time floating in the wild for too long (which I totally understand).

    Tokens give you options you dont otherwise have.

    OK, I guess I just resent having to arbitrarily send back a token I had (literally) only just been sent in addition to the rigmarole of setting up the meeting in exactly the same way I would have to do without the token.

    I think that having a token to redeem against an auction should be optional when creating the auction because it's just a faff and only stands for the thing in word only (and we're only using words to transact currently). i.e. Hey, I won, here is my address, please ship me a keychain, etc.

    Tokens right now are more difficult to use than not, but thats because like the Auctioneer, these things don't exist until we discover "Oh that part kinda sucks" and fix it.

    The meeting token is an excellent example. It was entirely manual (Manual auction on the forum of the non-transferrable right, manual meeting scheduling, etc.

    Now its Automatic auction, manual meeting scheduling

    Next it will be auto auction, auto scheduling - When you're ready to redeem you go to the coins page and either use it to book the appointment in an available slot with a calendar, then send your token to a specific address to lock in the appointment. If you dont want to redeem it, you'll be able to send the token to a vending machine that will offer it for sale at a fixed higher price to people who don't want to bother with auctions. So don't think about the auction like retail, it's wholesale.

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @faceface

    @adam this is a fundamentally better way once we work out the bugs.

    Why?

    Tokens that can be redeemed for something valuable are better than the something valuable by itself because chances are pretty good the something valuable is difficult to buy/sell/trade. By making a token specific to that purpose, you imbue the value of the thing with the transmissability, verifiability, etc. of the bitcoin network onto whatever it is you're representing.

    It gives you more options, which makes it more useful which makes it more valuable. You would acquire and hold the SPONSOR tokens because you think they will appreciate greater than alternatives so you might be betting my time appreciates in value more (whether because I become more high profile and thus the time more valuable or because the LTBc you sell it for will be worth more than the LTBc you bought on the market.

    For example, Anthony Di Iorio paid for 30s on a year worth of shows at the beginning of this year. He is locked in. It would be better if he instead had each of those shows worth of sponsorship as a token that he could choose to redeem or sell to others who would value it more.

    Someone who believes my time is undervalued can buy up my HOURCONSULT tokens then market my expertise and the value of my time to other people and sell the token to them at a profit, they redeem it with me, I don't have to care how it happened and I don't have to worry about if its a valid token or not. It exists, they have it, the only way that can happen is if someone gets them from me first so no problem.

    Tokens give you options you dont otherwise have.

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @faceface I like the idea of getting a 'token' for winning an auction conceptually, but in practice it seems like a waste of time. i.e. what did sending my HOURCONSULT to @adam achieve, given that there'll never realy be a market on his time, as it's fundamentally limited. e.g. he's stated that he doesn't wasn't to wait long before it's claimed.

    I think that when creating an auction, a prize token should be optional.

    The system can only work with tokens, and people are already buying HOURCONSULT to speculate on my future time. You don't have to redeem it immediately, you have the option. We're just playing for now, but this is a fundamentally better way once we work out the bugs.

  • Re: CP quite busy today, why?

    FLDC did an airdrop to everyone with an address in our system, as usual that means we set a XCP record.

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @davos I'm not entirely sure I follow how the bounty works - is that an additional fee paid to the previous bidder?

    Are other shows using LTBcoin for advertising spots / will they be using their own sponsor tokens or would it be possible for sponsor tokens to be used across shows?

    If you auctioned a number of sponsor tokens which could be used on any show - even if LTB spots cost 2 tokens vs 1 for less trafficked shows - it would expand the network which is only good.

    We will be auctioning a different sponsor token for each LTBc show, but I can't stop bitcoins and gravy from accepting and LTBc sponsor token if they want to.

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @loon3 @adam awesome. is this an implementation of vennd's software?

    No, we tried to work with them but they have too many things on their plate, we wound up rolling our own. @deweller was the guy on that project.

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @bcohen @adam proxy bidding would take my bid and adjust to slightly over the current high bidder (Assuming i've bid greater than the current high bid)... and keep adjusting it as new bids are placed....until my highest bid is breached where the next highest bidder would..well be the highest bidder.

    This doesn't appear to be the case.

    The spec was for stepped bidding, but it does indeed look like that changed. How do you want to proceed Brian, I'm fine if you don't redeem these sponsorship tokens tomorrow, we'll just go without for a week during the transition.

  • Re: AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    @bcohen @adam

    is this proxy stile bidding ? http://en.wikipedia.org/wiki/Proxy_bid

    Is there an outbid email notification in case I get outbid and decide to increase my highest bid later on in the auction ?

    It is loosely modeled on proxy stile bidding, yes. We will be tweaking the incentives

    Currently there is no connection between your account on LTB or an email address and your bid. I suggest you take the bidding address and add a http://counterwallet.co watching only wallet to monitor this.

  • AUCTION VENDING MACHINES ARE NOW OPERATIONAL

    We're no longer running auctions on the forums - links will be posted here shortly but the first two auctions are now live

    http://auction.letstalkbitcoin.com/auction/ltb-weekly-sponsorship-auction-2 and http://auction.letstalkbitcoin.com/auction/ltb-weekly-sponsorship-auction

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