Turn your reddit karma into cash: Karmatocash.com

[sumantso]

I wonder if it makes sense to have an UIA for reddit and distribute it based on points, and they will continue receiving based on activity. The issue is how to make it a business, like LTBCoin did. Reddit was planning on a crypto so this may act as a back door entry.

On the other hand tipping them with BitAssets or BTS would be useful in setting us up as a tipping vehicle, and other places like irc may start implementing it. Currently BTC tipping is not convenient (or BTC micropayments for that matter).

[gamey]

I was just brainstorming.  Russian demographic has some value but some downsides.  I was just having a conversation with someone who was asking me if a Russian could buy bitcoin and it had me thinking how much more appreciated the gesture might be.

If you are to tip to trading reddits we might consider tipping more.

[bobmaloney]

What we need is 1 random service where they can go blow their bitUSD directly.

This is also my biggest concern. We need them to be able to do something, anything, with the money after they get it, so they don't just try to cash out, or uninstall the wallet again right away. I was thinking having a tipbot could be useful because then they could at least send them to other people on reddit. I was also thinking of having a vanity UIA so they can try trading a block chain asset with their new funds right away, but I don't know if it's something people will care about. I'll figure out more about how YUN works to see if we can emulate it.

If we had different faucets targeted by demographic, this particular method might be very useful in attracting traders (especially with products that are difficult to obtain or trade in the current regulatory environment - bitRUB?)

Targeting a Russian demographic out of the gate would be a great move if they donations are big enough to make some press.  Not sure.. reddit + karma might work as proof of person.  You could target any Russian speaking sub-reddit, maybe not the ones used ncessarily by crypto-people.

At first I was like GIVE THEM bitRUB !! but obviously thats not what they want

In this specific example, I was more referring to all traders that are looking for less regulated environments to short/long bitRUB - not necessarily the Russian demographic.

[Method-X]

  Can't wait until we get this going. It's the perfect MVP for Valentines referral program. Like Toast said, the trick will be presenting this in a way that's not spammy.

[gamey]

What we need is 1 random service where they can go blow their bitUSD directly.

This is also my biggest concern. We need them to be able to do something, anything, with the money after they get it, so they don't just try to cash out, or uninstall the wallet again right away. I was thinking having a tipbot could be useful because then they could at least send them to other people on reddit. I was also thinking of having a vanity UIA so they can try trading a block chain asset with their new funds right away, but I don't know if it's something people will care about. I'll figure out more about how YUN works to see if we can emulate it.

If we had different faucets targeted by demographic, this particular method might be very useful in attracting traders (especially with products that are difficult to obtain or trade in the current regulatory environment - bitRUB?)

Targeting a Russian demographic out of the gate would be a great move if they donations are big enough to make some press.  Not sure.. reddit + karma might work as proof of person.  You could target any Russian speaking sub-reddit, maybe not the ones used ncessarily by crypto-people.

At first I was like GIVE THEM bitRUB !! but obviously thats not what they want

[bobmaloney]

What we need is 1 random service where they can go blow their bitUSD directly.

This is also my biggest concern. We need them to be able to do something, anything, with the money after they get it, so they don't just try to cash out, or uninstall the wallet again right away. I was thinking having a tipbot could be useful because then they could at least send them to other people on reddit. I was also thinking of having a vanity UIA so they can try trading a block chain asset with their new funds right away, but I don't know if it's something people will care about. I'll figure out more about how YUN works to see if we can emulate it.

If we had different faucets targeted by demographic, this particular method might be very useful in attracting traders (especially with products that are difficult to obtain or trade in the current regulatory environment - bitRUB?)

[Rune]

What we need is 1 random service where they can go blow their bitUSD directly.

This is also my biggest concern. We need them to be able to do something, anything, with the money after they get it, so they don't just try to cash out, or uninstall the wallet again right away. I was thinking having a tipbot could be useful because then they could at least send them to other people on reddit. I was also thinking of having a vanity UIA so they can try trading a block chain asset with their new funds right away, but I don't know if it's something people will care about. I'll figure out more about how YUN works to see if we can emulate it.

[gamey]

I think it is really important to structure faucets like this to distribute a smaller percentage at time of issue and vest over time.

Incentives, incentives, incentives.


If a faucet is created to simply distribute, it will take all of 5 minutes for somebody to create a pathway to claim the bitUSD and trade for USD or bitcoin.

I suggest something like 25% of total if claimed immediately and an additional 5% added each month, which the unclaimed total returned to the faucet upon time of claim.

The initial notice of issuance should be enough to plant a seed - the required vesting will incentivize the user to stay "tuned-in" and hopefully become cheering advocates for Bitshares.

*This structure would probably be even more effective when using BTS, maybe it would be beneficial, if possible with minimal labor - to allow the user to decide whether to accept his karma in BTS or any bitAsset they choose?

The problem is that if you give away small amounts and then have it vest people won't even mess with it.  It would be offensive.  Those who find it worth their time to check for their $2 after a year or whatever are likely not users worth acquiring in the first place.

What we need is 1 random service where they can go blow their bitUSD directly.

It would be nice if we had a legitimate charity fund.  I know Xeroc tried quite a bit to make progress in this direction.

[Ander]

How about if we give out a much smaller amount at a time, but allow each user to claim once per day?
The ones that keep coming back day after day will turn into core supporters.

This is a system that works well with online games, and it is also effective for the bter exchange.  I have to log on to bter once per day to claim the interest they pay on the BTS I keep there, which keeps me interested in them as a customer and makes me more likely to trade.

This also helps fight spam accounts.  It is way more hassle to log each fake account in each day to claim on each of them, so it wont happen. Whereas with a 1 time full payout, people could try to get paid out on a bunch of accounts.

[bobmaloney]

I think it is really important to structure faucets like this to distribute a smaller percentage at time of issue and vest over time.

Incentives, incentives, incentives.


If a faucet is created to simply distribute, it will take all of 5 minutes for somebody to create a pathway to claim the bitUSD and trade for USD or bitcoin.

I suggest something like 25% of total if claimed immediately and an additional 5% added each month, which the unclaimed total returned to the faucet upon time of claim.

The initial notice of issuance should be enough to plant a seed - the required vesting will incentivize the user to stay "tuned-in" and hopefully become cheering advocates for Bitshares.

*This structure would probably be even more effective when using BTS, maybe it would be beneficial, if possible with minimal labor - to allow the user to decide whether to accept his karma in BTS or any bitAsset they choose?

[Rune]

@gamey

The first faucet will be faucet.bitshares.org, and will be for account registration and possibly to dispense some bts/bitUSD. It will be designed to allow login with pretty much any authentication system. After you authenticate you get a coupon code that you can copy to your client to register your name for free and get your rewards. Valentine already has it working, so I think the beta can be set up very soon and people can see how it works.

karmatocash.com will be the exact same system, just reddit accounts only and with different branding and extra cash rewards from the coupon.

I think reddit has the same kind of authentication system as facebook/google, and that's what this is based on.

[Shentist]

Please play this as a "fun experiment!" and be clear it is promotional in nature and its because we love reddit. Don't be too aggressive with it.

sure, but everyone is hungry to see something is done from the marketing side. So reddit is a great start.

@toast start publishing feeds

[gamey]

Does Reddit have an authentication mechanism for external sites ?  Like facebook/google ?

Is this going to work like change4tip or any other site we could visit ?

[Rune]

Please play this as a "fun experiment!" and be clear it is promotional in nature and its because we love reddit. Don't be too aggressive with it.

Yes, certainly. There's been backlash against both changetip and tip4commit, so we must definitely make sure this doesn't end up becoming spammy as well. I was thinking we should start it out slowly in /r/bitshares and then see if it spreads organically from there.

[Rune]

It would be useful to get stats about the karma levels of all redditors... is this easily obtainable?

Good idea. We need to figure out what to set the minimum karma level at in order to minimize fake accounts, and set the cash reward in such a way that the average real user receives between 3-10 USD. Once it's live we can try different systems and experiment with what works best.