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The Internet of Money: A Network of Networks

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adam

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I'm getting ready to start Vloging (my first time, you'll have to be kind) about LTBcoin and I've been thinking about comparisons and answers to questions that will surely come.   One of the core ones is why create LTBcoin instead of just using Bitcoin, what is the value of another type of token.
Take a look at this visualization of the internet (this is years old).  We've looked at this before with regards to Bitcoin, one could make a chart like this that would describe where the mining power and thus the Bitcoin Network Power comes from.  Each point is a miner, each bright concentration is a Mining Pool, and the network is distributed - you can plainly see.
I want you to look at the chart another way, this is a map of value.  Each bright constellation is a metacoin like Bitcoin, Ethereum, NXT - They interoperate with each other but each has its own ecosystem that springs up around it to fill market voids.  A currency like LTBcoin is a point off one of those metacoins, and something like a Sponsorship Token will be a point off of LTBcoin.
To this point in human history, our money has been defined by the geographic area we happen to exist at the time.  Bitcoin is a Global Local currency, which could mean a bunch of things but really it means that the concept of "local" becomes independent of location.
The internet has shown us the way this will develop, sure the internet COULD be one giant page or service that everybody has their own corner of.... But in practice everybody wants their own space, they want to personalize and associate in the ways they choose.   The same thing is happening here with Value, to this point there were gatekeepers everywhere you looked that involved money and because of it much could not be done whether cheaply or at all.  Bitcoin broke the spell.  The gatekeepers are gone, and we can build community value we want, because we can.

Posted on March 13, 2014 at 8:40 PM

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• mckmuze

  

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  I love the idea of everyone having a personalized value network. Though I am curious, what is your perspective on Adam Back's view he expressed on your show about alt coins? He was opposed to the idea because he thinks it would be a problem. I personally don't feel this way. I am more aligned with your thinking on this post. 

  Posted on March 15, 2014 at 7:06 AM
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• mckmuze

  

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  Is Adam THE disgruntled Satoshi? lol It seemed odd to be apposed to the idea of alts.

  Posted on March 15, 2014 at 7:07 AM
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• gthrones

  

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  Could you make the vlogs available in a non-flash format too please? HTML5, etc. For security reasons, I don't use flash.
  
  I've been meaning to mention that it would be be nice if there were a download link to a static audio file for each main LTB show too, instead of needing to enable sound clouds javascript.
  
  Using these coins has made me much more security conscious.
  

  Posted on March 19, 2014 at 10:02 PM
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• adam

  

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  You can find all straight RSS feeds on this page http://letstalkbitcoin.com/show/
  the "vlogs" are embeds from youtube, at least for now this needs to be easy.   FYI all LTBcoin calls are being recorded and released on a new podcast feed.

  Posted on March 19, 2014 at 10:20 PM
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• adam

  

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  mckmuze said: I love the idea of everyone having a personalized value network. Though I am curious, what is your perspective on Adam Back's view he expressed on your show about alt coins? He was opposed to the idea because he thinks it would be a problem. I personally don't feel this way. I am more aligned with your thinking on this post. 

  Adam Back is oldschool, it's like "why don't monetary economists get onboard, or even some austrians"  - it's because they've been around long enough to think the way things are, or the way they thought things would be is the way they should be.   I used to believe in one-crypto-to-rules-them-all but over time, thought and experience has humbled me a bit on making such definitive statements.
  Flatly, I think he's wrong and will come to see that in time as will many other people.  Clones that add nothing, unsuprisingly add nothing, but there is a world beyond what has so far been done and that's the horizon we're sailing towards.

  Posted on March 19, 2014 at 10:23 PM
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• cryptochief

  

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  The "network of networks" concept, I think, could truly change the valuation of not only digital assets, but any physical asset as well. There is just so much value locked away in the by-products of consumer culture. It's all just so interesting.

  I can see the eventual issuance of community-based crypto-currencies or crypto-asset networks as the first major steps towards the rebirth of the barter economy. The exchangeability that is possible through these specialized payment networks could actually allow us to know running rates of second-hand items, no matter what they are!

  Ideas, ideas..

  Posted on March 20, 2014 at 7:24 PM
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• mckmuze

  

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  Adam said:mckmuze said:I love the idea of everyone having a personalized value network. Though I am curious, what is your perspective on Adam Back's view he expressed on your show about alt coins? He was opposed to the idea because he thinks it would be a problem. I personally don't feel this way. I am more aligned with your thinking on this post. Adam Back is oldschool, it's like "why don't monetary economists get onboard, or even some austrians"  - it's because they've been around long enough to think the way things are, or the way they thought things would be is the way they should be.   I used to believe in one-crypto-to-rules-them-all but over time, thought and experience has humbled me a bit on making such definitive statements.
  Flatly, I think he's wrong and will come to see that in time as will many other people.  Clones that add nothing, unsuprisingly add nothing, but there is a world beyond what has so far been done and that's the horizon we're sailing towards.
  
  I agree, and were sailing fast. I have some projects on the horizon that I would like to implement LTB coin into. I really like the aproach your taking. I think it will raise the bar and show whats beyond so we can lift above the current stagnation inflation of the altcoins. Its interesting to watch but useless in terms of progress. It's nice to see some value being created to stand behind a network. The currency would act as a spendable asset. This is what people don't see yet. I find it difficult to explain programmable currency to most people, much less spendable assets. I started an educational service and research group called TecMap Consulting (tecmap.net)I am excited to see how your project develops.

  Posted on March 20, 2014 at 7:48 PM
  Last Edited: March 20, 2014 at 7:48 PM
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• mckmuze

  

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  braveryraptor said:The "network of networks" concept, I think, could truly change the valuation of not only digital assets, but any physical asset as well. There is just so much value locked away in the by-products of consumer culture. It's all just so interesting. I can see the eventual issuance of community-based crypto-currencies or crypto-asset networks as the first major steps towards the rebirth of the barter economy. The exchangeability that is possible through these specialized payment networks could actually allow us to know running rates of second-hand items, no matter what they are! Ideas, ideas..
  The asset issuance will bring a whole new meaning to money and community. I really am excited about it. I have so many ideas on how this technology will progress I cant sleep at night.I cant wait for commodity deposit facilities to incorporate these principals. I would love to have a distributed exchange that allows me to spend deposited gold, silver, etc.
  Not to mention, people ask why does bitcoin have value? Possibly because bitcoin is not anything more than an energy based currency. It took commodities to create the electricity that made the currency. This is like looking at it backwards. It is an energy based currency backed by energy efficiant facilities.Imagine selling excess electricity back to a power company in exchange for bitcoin. and exchanging bitcoin for electricity. Does this mean it is the first step to valuing things in terms of kilowatts instead of allowing global market manipulating banks to dictate the worlds fate... I think so.So the more energy efficiant a house is, the more money you keep and can even spend that electricity.
  It would take one power company to accept bitcoin and we would begin to see how this would work in practice.
  The energy industry has been deregulated, so technically does that mean anyone could start a power company that accepts bitcoin? This seems like a complicated scenario. Though I'm wondering how it will play out as we move forward.
  Its more so the fact that large bitcoin mining facilities utilizing geo-thermal energy are some of the most power efficient facilities in the world because they have to be. Even if Bitcoin dissolved as a network, those facilities will have learned a valuable lesson in sustainability and also have very large potential power companies. 
  I know this is a bit out there and we have a lot of barriers, but things are changing, you never know what will happen.

  Posted on March 20, 2014 at 8:09 PM
  Last Edited: March 20, 2014 at 8:09 PM
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• cryptochief

  

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  Many of the ideas that have sprung up from the debate caused by the invention and application of crypto-currency could be considered "a bit out there", but that doesn't mean that those ideas couldn't become realities one day.

  Considering how little innovation has happened in the institutional and personal financial sector in the last 80 years or so, I believe that any well-crafted idea could become a brand new innovation just bc we have the technology now. Not to mention that the technology has created immense discussion and once you get dedicated and inspired people talking..well, anything can happen. :)

  Posted on March 20, 2014 at 9:04 PM
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• edd

  

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  If LTBcoins are successful, they will definitely spawn similar endeavors. Before Adam mentioned them on LTB, I had been considering something similar in order to raise funds to start a new project. Basically, I wanted to do a kickstarter-like campaign but wanted to give donors more than just a Thank You or a t-shirt. I also wanted to stay as far away as possible from issuing anything resembling stock. A token like LTBcoins that increases in value depending on the success of the organization without actually imparting any ownership solves so many problems!

  Posted on March 21, 2014 at 10:01 PM
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