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• Replies: 274
• Topics: 11
• Likes Received: 142

• Re: LTBCoin and the start of Private Network Tokens

  slashbinslashbash said: The more I read about this coin, the cooler I think it is.
  
  I do have one concern, though, about the initial distribution.  You laid out in another thread the payout percentages to content creators, forum members, etc. and I have no problem with any of that.  My question is about the amount distributed in that first week; the Genesis Block as it were.  If (say) 100k LTBCs are distributed every week, including the first week, the system will see very rapid inflation; first week will be 100% inflation, 2nd week will be 50% inflation, etc.  This would result in a rapidly declining per-LTBC valuation for those first few weeks.  I would be in favor of a much larger Genesis Block, perhaps as much as 25% of the final money supply, just to prevent the inflation issues.  Even if it means tweaking the initial payout percentages, so that (say) content creators get 75% instead of 50%.
  If the distribution schedule is known in advance, won't the market immediately price in whatever potential there might be for future inflation as new coins become available?
  Also, I don't like the idea of having a premium membership be purchased with fiat, and then that premium membership coming with a certain amount of LTBCs.  I think that it should be the other way around -- premium memberships should be purchased with LTBCs!  This creates more money flowing into the ecosystem and setting a price floor for LTBC.  Instead of $20 for a premium membership, charge 20 LTBC.
  
  In general, I think that the more you can get fiat flowing into LTBC through exchanges, the better off the coin will be.  I understand that you and other contributors have to earn a living, but IMHO the best way to do that is by having a liquid market in LTBC (to BTC or directly to fiat).  Allowing LTBC to be purchased (directly or indirectly) through other means will just distort the market.  In general, just make the statement: "LTBC is the currency of the Let's Talk Bitcoin network, and it is the only currency we accept for payment.  If you want to buy anything from us, you must obtain LTBC."  I understand that it might be wise to transition to this philosophy over time, but I think that it makes a lot of sense.
  
  I haven't seen any discussion regarding fiat being be used on the LTB network. In fact it will be exclusively LTBcoin and your proposed statement in quotes that LTBcoin is the only currency that will be accepted is precisely what is planned. LTBcoin will be immediately tradeable for BTC and any other asset available on the Counterparty distributed exchange, though we still have to work out the details as regards trading it for fiat. 

  Posted on March 25, 2014 at 9:25 PM
  LTBcoin Talk

• Re: Project Needing Developers: Clone of http://helpmewrite.co/ powered by LTBcoin

  
  I meant to give this some proper thought but ran out of time today. 
  Off the cuff, there's nothing wrong with  "me too" tips as such. I still see what you mean, and maybe the issue could be resolved by diminishing returns on tips that come in later, or maybe an outright cutoff. 
  I think Adam might have missed saying up top that  the bounties are shared between the producer (who divides it among the rest of the ACT) and only mentioned the person who came up with the idea and the platform. Maybe check that with him, but it's logical that the content creators get a share.
  Consumers tip to see ideas they like come into fruition and also for the potential for return if the idea becomes popular.
  I suppose a producer's incentive to choose a bounty would be a combination of profit motive and being a fit for the task. This sounds like a too-easy question. Am I missing something?
  And content could possibly go through a private vetting process by the people who tipped the idea before being made public. At this point it is voted upon and either accepted as completely fulfilling the bounty, rejected, or sent back to the producer to be reworked.
  If a work fulfills multiple bounties, I suppose it would get them all if the people who put up the bounties are satisfied and vote for that. Maybe there could be a way to specify when posting an idea if it has to be implemented as a standalone project, or can be merged with another bounty.
  Hope that helps!

  Posted on March 24, 2014 at 10:10 PM
  Project Development

• Re: 10k LTBcointest Giveaway! Post your counterwallet address and I'll send you coin!

  Done. Coogr111, it looks like you dropped an extra '0' before that address. ;)

  Posted on March 24, 2014 at 9:16 PM
  LTBcoin Talk

• Re: The Multiwallet is out on Testnet! Hop in the chat, I'll see you on the DEX

  I'm pretty sure that has been accounted for and the address won't be recognized as valid. That's what happens with BTC, though I haven't tried it with XCP. 

  Posted on March 24, 2014 at 5:31 PM
  LTBcoin Talk

• Re: 10k LTBcointest Giveaway! Post your counterwallet address and I'll send you coin!

  James and leo, enjoy!

  Posted on March 24, 2014 at 5:25 PM
  LTBcoin Talk

• Re: "Counter-tip" reddit tip bot idea

  Does this need to be a separate tip bot, or can it be some kind of browser extension that interfaces with Counterwallet? I don't even know if that's a terrible idea. I'm not a security expert. Maybe people could have a separate tipping wallet with just small change inside.
  

  Posted on March 23, 2014 at 3:49 PM
  Project Development

• Re: DEVELOPER REQUESTED for MVP: Pay-To-Display service

  What happens if the LTBCOINSEAT token gets passed around during the week? Or will you activate this service at the last minute just before the hangout?
  

  Posted on March 23, 2014 at 3:44 PM
  Project Development

• Re: 10k LTBcointest Giveaway! Post your counterwallet address and I'll send you coin!

  sirdigby, you've been served.
  

  Posted on March 23, 2014 at 3:41 PM
  LTBcoin Talk

• Re: Want to Help with LTBCoin? Update the Wiki!

  I personally think we should consider the wiki as an extension of the LTBcoin website and have some kind of control over who is trusted to update it. The reason is that there is a lot of potential for abuse not just by trolls, competitors or whatever, but by scammers who might post misleading info to cheat people out of their LTBcoin or what not.
  
  I wonder what Adam and the rest think.
  
  
  

  Posted on March 23, 2014 at 3:35 PM
  LTBcoin Talk

• Re: 10k LTBcointest Giveaway! Post your counterwallet address and I'll send you coin!

  Sent.

  Posted on March 23, 2014 at 1:01 PM
  LTBcoin Talk