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LTB #139 The Validity of Appcoins Discussion

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Cryptonaut

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Discussion on the debate on todays episode.. http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-139-the-validity-of-appcoins

what do you guys think?

Posted on August 26, 2014 at 10:48 AM

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• LittleShibe

  

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  I have not listened yet but will after posting my opinion, then see what thoughts the episode brings up.

  I think a token could hold its value separate from the chain its linked to. A few examples below

  Famous rockstar sells 10 tokens that are back stage passes, Doesn't matter what the price of BTC (counterparty) is, if the rockstar honors them the people will assign a price based on their desire independent of BTC.

  Video game gives out tokens as promotion at convention, Bring token to next years/any convention and receive $20 off purchase at booth.

  Other similar examples could be given. I think the issue would mostly be how much do you trust in the particular system and stewards, counterparty, storj, etc.

  An error or hack happens there and that could cause people to lose tokens or not want to risk it and that is what I see as the major issue at first. Other things such as forks etc it BTC could also cause some issues.

  Now to listen to episode :)

  Posted on August 26, 2014 at 11:20 AM
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• exhaustedcover

  

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  I really hope projects like storj make it long term. I think with the right application and development behind them, appcoins will be around for a while.

  Posted on August 26, 2014 at 1:18 PM
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• danielsbitcoin

  

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  I loved the idea of having debates. I certainly prefer the open dialogue you guys engage in for the majority of the shows, but every so often if there's a hot topic that merits a LD style debate, by all means, let's do it!

  Can I suggest that there also be an element of voting for the winner by the community? Many of us have LTBcoins burning a hole in our pocket. Why don't you set up two counterparty wallets - one for the affirmative and one for the negative - and users can send LTBcoins into these addresses. Each transaction would be one vote and the wallet with the most incoming transactions will be declared the winner of the debate. The quantity sent to both wallets will then be joined up and sent to a charity of the winner's choosing. That charity will either use it for whatever they want (e.g. sell it for BTC) or potentially use it to sponsor an episode such that Adam gives them some exposure.

  Just a thought... make it a little more interesting. Users can, of course, EARN LTBcoins with a proof-of-vote, if you want to go the other way.

  Posted on August 26, 2014 at 3:58 PM
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• pairmike

  

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  I thought it was in interesting format.

  In regard to the proponent argument, I believe once a market offers choice, the participants determine if something is valuable or not. Therefore, the market of supply and demand has determined that appcoins have value. How high the value or the length of time a particular appcoin has value varies per project.

  Posted on August 26, 2014 at 6:31 PM
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• dima0474

  

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  Всегда хочеться верить в будуюшее. И этот проэкт мне нравиться. Посмотрим дальше, что будет.

  Posted on August 27, 2014 at 3:19 PM
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• decentral

  

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  Nice format!

  Both sides had good arguments, I guess the problem is that the term coin is not that well defined... as a gift card is obviously not a coin in terms of money/currency, but might be a coin if meant in a token way

  Posted on August 27, 2014 at 3:38 PM
  Last Edited: August 27, 2014 at 3:38 PM
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• CrimsonRoze

  

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  @danielsbitcoin Can I suggest that there also be an element of voting for the winner by the community? [...] users can send LTBcoins into these addresses. Each transaction would be one vote and [..]

  It is very easy to send multiple times. I would rather make it that each sending address counts as one vote, but even that is easily exploited. Also, if the "winning" team by votes gets the losers value, then it's a betting rather than voting and it could encourage the participants of the show to send multiple small transactions in order to win over the value of the other side.

  As much as I have having money to govern things like voting, I think in this context it is probably the most efficient way to add costs to abuse - and therefor keeping the abuse low.

  Posted on August 27, 2014 at 11:31 PM
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• CrimsonRoze

  

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  I felt a crucial definition was missing in the debate: the definition of long-term. Are we talking months here? weeks? centuries? It was very unclear and the entire argument that the market has already proven the case relies on the definition of long-term.

  If long-term is weeks, then the market has over and over again proven the case, if the long-term is defined as centuries it has not.

  Posted on August 27, 2014 at 11:33 PM
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• danielsbitcoin

  

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  @CrimsonRoze: with regard to your input on voting techniques, this is all pretty light-hearted, the way I see it. Sure, people can cheat and send multiple transactions, but for something as inconsequential as a poll, I'm not sure many people would go to the effort (essentially, that's what it is, right? it's a poll to see who presented a better argument. It's not a vote on who gets to rule over us for the next 4 years or which commit gets implemented in the Bitcoin protocol...). It seems more like it that the number of transactions is a better indication since it's how many people agree with a certain argument rather than how much money one side of the debate has vs the other....

  Either way, just a light-hearted suggestion ;)

  Posted on August 28, 2014 at 9:05 AM
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• shawn_j

  

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  I guess the problem is that the term coin is not that well defined... as a gift card is obviously not a coin in terms of money/currency, but might be a coin if meant in a token way

  I think the term "coin" may branch out into multiple terms as these "coins" see more uses than just money. "token" is a good term, implying value, but not necessarily monetary value. tough for economists to wrap their heads around, but easy for the fans that earn them.

  Posted on August 29, 2014 at 11:55 PM
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