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How many total LTBcoins should there be?

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adam

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So, I've been working on the numbers. and right now we're looking at issuing about 191,000 units the first month which puts an average show at around 3700 LTBcoin for an episode, 1200LTB or so for a blog entry and the numbers are only going to go down from there. After five years we'll have about 3.2 million LTBcoins at which point issuance ends.

Would it be better to add a zero to the end of everything and pay millions in the beginning? People seem more generous with Doge than they do with Litecoin, so since one of the major intended uses of this is Tipping perhaps this makes sense?

Posted on March 8, 2014 at 2:37 AM

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• rubenalexander

  

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  This should be 2 bounties, Adam. Part of the first bounty would go to someone who could select the best total number of coins and prove it in an essay. The other smaller portion of the first bounty would go to those who voted for the highest voted essay. It may be best to let the final number an author chooses to remain hidden, but reveal the argument so folks can bet on the argument.

  The 2nd bounty would go to those who voted for the number that was argued to be the best from the 1st bounty. The essay would remain hidden until the final vote from the 2nd bounty was complete. This way those who enjoy reason can vote and those who enjoy luck and fun can vote as well.

  Posted on March 8, 2014 at 4:36 AM
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• adam

  

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  Haha, I like the way you're thinking but I don't want to make this too complicated. We don't know what the right answer is, and I'd rather have a conversation about it than make a contest out of something that is arbitrary.

  There will be lots of bounties, but I don't want to get started committing to a bunch of bounties when everything has to be done manually on the forum and more importantly, I'm going to be paying the bounty with funds I don't yet have.

  Bounties will be built up once we have the weekly issuance start.

  Posted on March 8, 2014 at 4:46 AM
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• rubenalexander

  

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  I still think you should see if someone has a sound theory for picking the right amount of maximum coins. There is something about Dogecoin that makes it more fun and less risky. It may have to do with the amount that's available, but you'll need to take into account the psychology of value so people don't hoard.

  Posted on March 8, 2014 at 4:52 AM
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• Tim Swanson

  

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  While voting may create a lot of community involvement, it would likely also create an incentive to game-the-system via sockpuppets as well. How can that be prevented/mitigated?

  Posted on March 8, 2014 at 5:46 AM
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• adam

  

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  I'd like to hear proposals on how many coins there should be rather than discussion of what the format for discussing how many coins there should be :)

  Right now I'm leaning towards the 10s of millions total tokens issued after the five years. Using our current allocations that puts issuance at around 30 million and means that initially people creating a lot of content will get paid tens or hundreds of thousands of units.

  I don't think hundreds of millions makes any sense, but again would like to hear feedback.

  Posted on March 8, 2014 at 6:09 AM
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• BitcoinMKE

  

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  I think you're in the ballpark, Adam. I always thought 21 Million was a great choice by Satoshi. Just a nice figure, 21.

  Posted on March 8, 2014 at 6:39 AM
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• deweller

  

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  I agree more coins is better. It feels cheap to tip 0.1 coins or even just 1 coin. I would like to tip 10 or even 100 coins without having to give it a second thought.

  It is hard to predict the value of the network in the future. What if it is wildly successful? Will 20 million coins still be enough? If 1 coin == $1, then I don't think you issued enough coins.

  I recommend playing it safe and issuing 10x MORE coins than you think. Think of each LTB coin like a penny, and not like a dollar.

  So, my opinion is to think on the order of 100 million coins total.

  Posted on March 8, 2014 at 1:19 PM
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• adam

  

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  Funny part is, I derived the 3 million number from $.01

  I don't want LTB to be percieved as a spam coin, that is my concern.

  So far you're the highest at 100 million units, which would have like 40 million created the first year, 30 the second, 20 the third, 10 the 4th, 5 the 5th and 6th

  Posted on March 8, 2014 at 2:23 PM
  Last Edited: March 8, 2014 at 3:05 PM
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• Cryptonaut

  

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  I think basing it on a $0.01 is fair. Maybe even 0.001 but I wouldnt go much lower than that, IMO

  Posted on March 8, 2014 at 4:57 PM
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• mmanvil74

  

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  I think one idea would be to base the initial number of coins on a "visionary goal" of total market cap for LTBcoin at the end of the five years. For example, if we as participants determine the goal for LTBcoin total market cap to be worth $100 Million in 5 years (or $50 Million if that seems more realistic) then we could maintain a sort of visionary goal that one day, if our goal is reached, one LTBcoin will be worth $1 US Dollar. If we achieve that goal, not only are early holders of the coins rewarded exceptionally, but it makes the coin fairly easy to use at that point - a 2 LTB tip = $2. If we plant this idea in the minds of the contributors, we might just get there (whether it takes 5 years or 10 years who knows).

  Of course we have no idea if that market cap valuation will ever be achieved but it seems like a lofty yet reasonable goal to shoot for ($50 Million) which is roughly the market cap of a small scale startup. Adam will have to determine what number he thinks is more realistic but I think the goal of 1 LTB = $1 in 5 years could be considered an important milestone, yet long term enough so it wouldn't amount to an obsession or damage the intentions of the network. So my vote is 50 Million LTBCoin.

  At one time it might have seemed ridiculous that one Bitcoin would ever be worth $1.00 but now look at it...

  Posted on March 8, 2014 at 8:56 PM
  Last Edited: March 8, 2014 at 9:06 PM
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