The LTB Network Forum

What are your thoughts on DeleteCoin? Could LTBcoin use this model?

Back to Project Development

Comments

Matt

Offline
Posts: 227
Location: Charlotte, NC

The idea of DeleteCoin is something I've been thinking about for the past couple days and I wanted to see what the community thought about it?
https://cryptocointalk.com/topic/8217-deletecoin-del-information/

DeleteCoin as I've come to understand accepts virtually any altcoin and "proof-of-burns" that asset into DeleteCoin, basically taking copycat useless altcoins and combining them into a single asset.  This has been proven to work and did so with counterparty's initial burn.  This is the only concept of Deletecoin I want to use, other details regarding deletecoin aren't relevant to LTBcoins disbursement model.
The reason why I'm asking this is because a lot of people have asked how they can buy 'LTBcoin' or will it be possible to buy 'LTBcoin' and the answer will be no until its available on an exchange.  However, a critical backbone of LTBcoin is the idea of tipping and goodwill in general and if LTBcoin accepted donations in any cryptocurrency LTBcoin could in turn existing lowvalue assets into a highervalue asset through LTBcoin.
I think accepting all cryptos as donations through a one-way single portal can help the LTBcoin community establish an adoption of the entire alt coin community, the alt community as whole is much bigger than the bitcoin community.  LTBcoin could be distributed initially to a wider market as well.
Let's be honest the 1000's of altcoins to flood the market aren't all going to be successful, which is ok, but people lose out in the end.  Inbreeding is not necessarily helping the market grow with such few miners.  Using existing assets to create value in ways that are outside of computational mining seems more important to me.  Traditional mining methods only benefit a very small percentage of users, LTBcoin will be mined by everyone participating on the network.
I look at altcoins like startups, 99% of them will fail in the long term even innovative ones.  This donation gateway could provide a way to recycle your coins.  Since the real value of LTBcoin is derived from its use within the network.
We could do a lot of innovative things with this model, but if it's too taboo than it's too taboo.

Posted on March 18, 2014 at 4:41 AM
Last Edited: March 19, 2014 at 4:21 AM

0 likes

• adam

  

  Offline
  Posts: 1980
  Location: California, USA

  That's a really interesting idea Matt.   We actually might be able to do this without LTB having to become the bank of awful alts that nobody wants using one of my other projects, i'll check on that.

  Posted on March 18, 2014 at 12:51 PM
  Permalink
  0 likes
• Matt

  

  Offline
  Posts: 227
  Location: Charlotte, NC

  Here's a visualization of how the system could work:
  Referring specifically to the "Gw node" the green represents the gateway and the white represents the creation of new LTBcoins.  The only asset you wouldn't want to burn would be XCP/Bitcoin since LTBcoin is built on top of those structures.
  
  
  
  All nodes operating on this platform will be supported through their own Gw nodes and sub-nodes.  Essentially every node with more than one user has their own Gw sub-node, where donations and tips are received.

  Posted on March 18, 2014 at 3:58 PM
  Last Edited: March 18, 2014 at 4:02 PM
  Permalink
  0 likes
• rotalumis

  

  Offline
  Posts: 285

  I've been turning this over in my head since I saw it this morning. My gut feeling is that LTBcoin should be either bought or earned by contributing to the LTB network, but that's just me. I still think this is an idea well worth considering.
  In particular, I see how it could work well as a one-time thing, or for a limited initial period. Otherwise, there are some issues that would need to be addressed/overcome. Some of them have been brought up in the comments thread below the Deltecoin announcement Matt linked. I'll summarize my main concerns:
  1) Deletecoin seems to be doing all the burn manually at this point in time until they figure out a way to automate it, which could be a non-trivial drain on our resources. I have no idea how Deletecoin plan to have their protocol read all the other blockchains to verify burning, but at least they have a real mining setup that just might be able to do that. Would we be able to automate something like that without mining per sé?
  2) How do you establish the weighting of different altcoins? If I burn X% of all Litecoins and the same X% of all Crapcoins, do I get the same amount of LTBcoin? Copy/paste from the Deletecoin comments: Total time over mining all coins of any altcoin is not taken into account and neither is difficulty/popularity of the coin in question. For example If you mine a large percentage of a coin that was completely mined in 30 days at low difficulty, would you be entitled to the same amount of DEL as if it were a once popular coin that has a total runtime of say, 100 years?
  3) If burning for LTB is more advantageous than buying LTB then that would negatively affect (kill off?) the LTB exchange. People could just buy Crapcoins on the cheap to get discounted LTB. On the other hand, If it's more advantageous to buy LTBcoin, then why burn for it? If the altcoin is defunct and now worthless, then we're probably devaluing LTBcoin by trading it for something worthless.
  Again, most of these issues would be less of a problem if this is just part of the initial distribution.
  
  
  
  
  
  

  Posted on March 18, 2014 at 4:57 PM
  Permalink
  0 likes
• adam

  

  Offline
  Posts: 1980
  Location: California, USA

  The solution I'm thinking of is really more of a "give us any junkcoin you want and we'll value it at market rate, because we immediately sold it on the market and bought LTBcoin to replenish our supply.
  I don't want to focus on any sort of token exchange or proof of burn, it has drama associated with it among the 99% of people who don't get metacoins yet, and at this point it's totally unneccesary except in the event we want to abandon XCP as a platform.

  Posted on March 18, 2014 at 5:18 PM
  Permalink
  0 likes
• Dection

  

  Offline
  Posts: 8

  "Borgcoin"..  minus the aggression.
  

  Posted on March 20, 2014 at 8:17 PM
  Permalink
  0 likes
• faceface

  

  Offline
  Posts: 2

  Hello, I'm new here (just making my five posts so I can be involved :-)
  To be honest, I don't get it. If I understand correctly, 'buying' delete coin is a kind of exchange where the original coin is destroyed (transferred to an address that nobody owns) in return for a certain number of delete coins. i.e. the only way to 'buy' delete coins is a proof of burn of some other random coin valued at x delete coins per coin...
  How does this relate to LTBCoin?
  I don't understand your diagram at all!
  
  Sorry for being noob,Dan.
  I'm really interested in some of the concepts behind LTBcoin, so I'd like to get some just to be involved practically as well as following along with the ideas.

  Posted on March 20, 2014 at 11:06 PM
  Permalink
  0 likes
• Dection

  

  Offline
  Posts: 8

  
  faceface said: Hello, I'm new here (just making my five posts so I can be involved :-)
  To be honest, I don't get it. If I understand correctly, 'buying' delete coin is a kind of exchange where the original coin is destroyed (transferred to an address that nobody owns) in return for a certain number of delete coins. i.e. the only way to 'buy' delete coins is a proof of burn of some other random coin valued at x delete coins per coin...
  How does this relate to LTBCoin?
  I don't understand your diagram at all!
  
  Sorry for being noob,Dan.
  I'm really interested in some of the concepts behind LTBcoin, so I'd like to get some just to be involved practically as well as following along with the ideas.

  I just listened to some discussion re proof of burn, and I didn't realize some of the benefits.  It seems to me that it's a good way to establish a value, even if very fleeting.  If you want to claim a coin is some ratio to another, burning it is a concrete way to transfer that value from one to another, though the value is subjective, and isn't static.  Who knows who will & won't accept that.
  
  I kind of like the idea of a housekeeping coin.  Clean up many that don't need to be around, and have whatever their value be absorbed into the new one.
  
  Listening to the discussion on LTB!, I was wondering if anyone has ever done a "proof of donation".  It wouldn't work the same way, but some might find it more appealing.
  

  Posted on March 20, 2014 at 11:56 PM
  Permalink
  0 likes
• adam

  

  Offline
  Posts: 1980
  Location: California, USA

  Proof of donation would be easy and awesome for a token that is not value imbued.   

  Posted on March 21, 2014 at 12:05 AM
  Permalink
  0 likes
• Matt

  

  Offline
  Posts: 227
  Location: Charlotte, NC

  Dection said: Listening to the discussion on LTB!, I was wondering if anyone has ever done a "proof of donation".  It wouldn't work the same way, but some might find it more appealing.
  

  That's kind of the idea I had, a donation bucket for altcoins.

  Posted on March 21, 2014 at 1:43 PM
  Permalink
  0 likes
• sull

  

  Offline
  Posts: 93
  Location: NY

  Wow. I saw the title DeleteCoin and chose not to read it earlier today, until now. It's ironic because I just posted here about something i'm calling PrismCoin.It actually is closely related to this idea.
  I read about Proof of Burn and that was one path to take with PrismCoin.But I've been leaning towards not destroying coins but packaging them in a deterministic manner as a portable and ditributable wallet that acts as a "Coin". Hence the name. All colored coins, one prism coin. Reverse the Pink Floyd logo ;-)
  I think this is begging for some exploration and discovery.Not sure if this could or should be related to LTBCoin though. Adam?I could setup a space on prismcoin.com to further discuss if this is not the proper venue.
  @sull

  Posted on March 25, 2014 at 5:09 AM
  Last Edited: March 25, 2014 at 5:09 AM
  Permalink
  0 likes

Post Reply