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• Replies: 1,869
• Topics: 75
• Likes Received: 1,082

• Re: LTB #139 The Validity of Appcoins Discussion

  Daniel (from the episode) seems to have a really hard time understanding any potential use case of tokens (aka appcoins, metacoins etc.) that cannot be simply done by just using bitcoin. Only thing I can think of is that he has never even used bitcoin at any sort of scale before...

  Lets take LTBcoin as an example. Pretend that instead of LTBcoin, we just gave people BTC as an incentive to post / create content etc.. (and got rid of the weekly deflationary aspect, since its already sort-of built into bitcoin). Say we gave 0.1 BTC a week to audience members. Right now, over 1,000 people are participating each week. If this was split evenly, you would only get 0.0001 BTC per week. Or in other words about enough to pay for a single transaction fee.

  So what happens if we get to 5,000 people per week participating? How about 10,000? Very quickly it turns into a situation where the average user is going to get like maybe 0.00001 BTC per week if they are lucky and post a lot. Would you rather get a tiny fraction of BTC, or something like 5,000 LTBcoin tokens? Or how about the fact that if you have a ton of really small bitcoin payments/inputs, you get totally creamed on transaction fees (sometimes to the point where the fee is worth more than what you are trying to send)? Or the dust limit (min amount you can send and still get confirmed is about 0.0000055)?

  The only solution to the above problem would be to pay people more every week. So instead of splitting up 0.1 BTC... sending 1 BTC, or 10 BTC... as soon as you try and scale at all, the whole operation becomes REALLY expensive both in transaction fees and the amounts needed to send to even make it work. Which makes no sense at all unless all the posts etc. people are making directly increased the sites revenue - which would not happen for simple forum posts.

  Bitcoin itself is just not suitable for an internal community participation incentive/rewards program. Hence why we have LTBcoin. It serves its purpose as an internal community incentive, and is much more mentally satisfying to receive (getting 10,000 LTBcoin is much nicer than getting 0.0001 BTC.. even if it might be worth the same). Not to mention the whole point of it is very specific to this community, not to create a new form of online cash... with just pure BTC people would just save it up and take it and use it somewhere else the vast majority of the time, which defeats the entire purpose of the project.

  Posted on August 30, 2014 at 12:39 AM
  Listener Lounge

• Re: Which country are you from ?

  so, is bitcoin like really popular in Indonesia or something?

  Posted on August 30, 2014 at 12:05 AM
  Off Topic

• Re: Do you play any musical instrument ?

  been playing guitar for like 7 years now. been kind of slacking on practice for most of this year though :p

  Posted on August 29, 2014 at 9:48 PM
  Musicians Square

• Re: Hal Finney has died

  just learned about this guy recently actually. RIP

  so crazy that he actually got himself cryopreserved...

  Posted on August 29, 2014 at 9:47 PM
  Crypto-News

• Re: LTB / Tokenly Platform Updates

  @hesham3del You mean that we will see a huge boost in the rewards tomorrow ?

  No, the same amount of LTBcoin is still going out, just a higher % will go towards people who post lots of comments and forum posts. You can see the total LTBcoin that gets split up each week here: https://docs.google.com/spreadsheets/d/1GzytNblMx8xBmUczX7sPC8QitkJrrRirNrh2AJtjy1Q/edit#gid=508171322

  Posted on August 29, 2014 at 4:11 PM
  LTB Platform Development & Support

• Re: how tough should the magic words be?

  @page Are you familiar with the episode he is talking about?

  I have no idea lol. I havnt been keeping up on the beyond bitcoin episodes very much

  Posted on August 29, 2014 at 11:49 AM
  LTBcoin Talk

• Re: how tough should the magic words be?

  @page

  @page Where is the latest beyond bitcoin episode? The feed is empty for me and I don't see iton the home page!

  @Cryptonaut @Hesham_3del Can either of you help? Beyond bitcoin is my favourite podcast on the network and I don't see where the latest episode is that is being talked about in this thread!

  yeah, we are waiting on Adam to get back to update the RSS feed URLs :p

  You can find episodes over here though: http://letstalkbitcoin.com/blog/category/beyond-bitcoin

  Posted on August 29, 2014 at 11:18 AM
  LTBcoin Talk

• Re: Username too long

  @hesham3del @Cryptonaut, it seems you missed this buddy.

  thanks. noted

  Posted on August 29, 2014 at 11:15 AM
  LTB Platform Development & Support

• Re: LTB / Tokenly Platform Updates

  @hesham3del @Cryptonaut, could you please elaborate more about calculations for "diminishing returns" issue.

  Thank you.

  Basically, each time you post in a single day, you get less points for each extra post. As described here: https://docs.google.com/document/d/1L7HmE8IupFiSrfqk9BgNa4Zg9XogqtScyQjTw0k2xCc/edit#

  Previously, this was actually being calculated on a whole weeks worth of posts at once. So with diminishing returns applied on an entire weeks worth of posts, you would only get about 19 PoP points for 70 forum posts (as per my above comment). With the fix I added, this is now properly calculated on a day by day basis rather than the entire week, which means you get more like 80 points if you did 10 posts a day.

  Posted on August 29, 2014 at 10:52 AM
  LTB Platform Development & Support

• Re: Open Discussion on Forum Rules, Spam and Post Quality

  @kerneloops has been working on a draft for the site rules and policies. check it out here: https://docs.google.com/document/d/1m62cFEqgiRVC0OKS5lvPJhIbRI_Z2v2OGPGN98WbKh0/edit?usp=sharing

  Posted on August 29, 2014 at 10:15 AM
  General