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Offline fuzzy

BTS-X Altcoin Competition/Promotion
« on: March 13, 2014, 05:20:51 AM »

After taking some time to consider potential ways for indirect marketing, an idea came to mind:

There will be more than one BTS-X chain, with each having 16 BitAssets.  The first chain is the most common commodities / currencies currently traded. 
However, what if Invictus were to announce a competition among Altcoin Devs to implement their own "(insert_coin)Shares" to use for bootstrapping the growth of their own infrastructure?  The first 16 altcoins to accomplish this will be placed in the first BitShares chain to allow the trading of altcoin futures.  These coins will not only benefit from the capital they receive from these investment vehicles, but they will also gain the benefit of higher price stability that comes along with infrastructure development and futures markets.  Lastly, any altcoins who accomplish this will also gain recognition from the BitShares community, which serves to help market their coins to a broader audience. 

This would help BTS as well.  Each altcoin that signs onto this funding model will have a vested interest in promoting BitShares.  It will also give those altcoins/shares who have already signed onto the social consensus (MMC and NoirShares at the time of this writing) the added benefit of having priority access to Devs who have already accomplished this...practically guaranteeing a spot on the first chain (and in history).   

This would be a win/win...unless I am missing something. 
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Offline xeroc

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Re: BTS-X Altcoin Competition/Promotion
« Reply #1 on: March 13, 2014, 08:24:39 AM »
Very nice idea .. +5% .. but: the altcoins should be chosen carefully ... no maxcoin, and other shitcoins
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Offline davidpbrown

Re: BTS-X Altcoin Competition/Promotion
« Reply #2 on: March 13, 2014, 09:54:16 AM »
That's a very good idea.

I'm not partial and wonder that it doesn't need to be a fair competition even. Perhaps look to more established alt-coins first and prefer those?.. PPC and/or XPM would be ideal, since those are established and have a competent dev in Sunny King, who might understand the opportunity and be in a position to act quickly.
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Offline xeroc

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Re: BTS-X Altcoin Competition/Promotion
« Reply #3 on: March 13, 2014, 09:57:12 AM »
+5% for sunny king coins .. other options: ltc, nmc, vtc, mint, ...
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Offline fuzzy

Re: BTS-X Altcoin Competition/Promotion
« Reply #4 on: March 13, 2014, 10:52:24 AM »
Very nice idea .. +5% .. but: the altcoins should be chosen carefully ... no maxcoin, and other shitcoins

Well the point would be to let the developers decide if they wanted to create "shares" for their coin.  It would not be you, invictus, I ...or any other community members choosing which coins to do this with.  It would be on a first-come/first-served basis--the first to bootstrap their expansion in such a way would get on the chain.  A big reason (one which I earlier failed to express--sorry!) why I found this consideration worthwhile was due to the fact that many people can just make their own altcoin and let good, yet uninformed, people who are just walking into the cryptomarket fall victim to multiple pump and dump coins.  So this would serve as a proving grounds for DEVELOPERS to show the crypto-community they actually care about building infrastructure / seed-funding development of tools etc rather than just starting yet another clone, putting up a forum, posting an "ANN to Bitcointalk"...then dump their premined or early advantage coins for a premium. 

It is intended to weed out bad actors as much as to reward(and recruit) those who actually care about producing value for the community members who put their TRUST in them.  Many people like to say these are trustless systems, which is of course true on the code side...but who writes the code?  who has central control of multiple variables before and sometimes even after launch?  We should never be so naive as to think dangerous actors exist in this space and any way to reward those with good intentions while creating disincentives for the bad actors helps the community as a whole.

Outreach to the cryptocommunity's Devs should be one of the number 1 methods Invictus' team utilizes to gain traction in the market, and this would do well achieving it while also showing the rest of the community that BitShares truly INTENDS TO CHANGE the MtGOX (honeypot, fraud, scam) paradigm, and that they and our community are only interested in working with honest actors. 

Of course, Barwizi, the creator of Noirbits and Noirshares, would be the first to get on the altcoin BTS chain as he has already created his shares (and even honored the social contract).  The Dev of MMC would have Barwizi AND Invictus' entire team to assist him with the finer points of accomplishing this same thing and as such would effectively have an upper hand on accomplishing this over most other coins (maybe they would charge for this service? or expect the Devs they help to honor the PTS/AGS NoirBit/NIG concensus model(s)).  Then it would be on him/her to decide whether or not he/she wanted to participate. 

Of course coins like Peercoin who are working on implementing their own Peershares are also one-step ahead (and as such they probably deserve to be rewarded by the market for adding more value to their ecosystem anyway). 

P.S.  if you are from another Bitcoin 2.0 site where this model could be utilized please feel free to share it there as well.  Though these ideas are expressed here, it is only out of respect for Invictus that I post here.  I do not honestly have the time to post them to every forum.

 
« Last Edit: March 13, 2014, 11:24:01 AM by fuznuts »
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Offline toast

Re: BTS-X Altcoin Competition/Promotion
« Reply #5 on: March 13, 2014, 04:29:39 PM »
Why bother? It'd be trivial to make a new chain with whatever assets you want. For example I'll make a chain with BTC, LTC, DOGE, etc. as soon as possible. Having a BTS X chain with your new coin on it is hardly a reward.
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Offline CWEvans

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Re: BTS-X Altcoin Competition/Promotion
« Reply #6 on: March 13, 2014, 06:53:19 PM »
It should be interesting to see how closely Bit[X]coin tracks [X]coin, especially in the face of pump-&-dump plays on [X]coin.

This also lends itself to issuing Bit[vapor], when someone announces a project that allegedly is in the works.

Offline fuzzy

Re: BTS-X Altcoin Competition/Promotion
« Reply #7 on: March 13, 2014, 10:18:39 PM »
Why bother? It'd be trivial to make a new chain with whatever assets you want. For example I'll make a chain with BTC, LTC, DOGE, etc. as soon as possible. Having a BTS X chain with your new coin on it is hardly a reward.

In that case, wouldn't it still benefit Invictus and the community?  I mean it would basically supercharge development of new chains and would serve as free advertising.  Why?  because many people here are also invested in other altcoins...which would incentivize them to go to the forums where they already have a reputation (no 5-posters that tend to turn off a community) and reach out to find more developers to help with the development of these chains. 

It would become a self-perpetuating cycle at worst...and the best thing is that each chain brings MORE value to the current investors in BTS-X. 

Sure beats having the members of team viral all make accounts at bitcointalk and other altcoin forums...and pushing it that way (imo).
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Offline etherbroker

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Re: BTS-X Altcoin Competition/Promotion
« Reply #8 on: March 15, 2014, 03:18:34 AM »
I think we should do whatever we can to get all the alt-coiners to come here.  It will probably kill the alt-coin bubble too, when they can swap it for BitGold or BitUSD.

Offline CWEvans

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Re: BTS-X Altcoin Competition/Promotion
« Reply #9 on: March 15, 2014, 01:36:41 PM »
I think we should do whatever we can to get all the alt-coiners to come here.  It will probably kill the alt-coin bubble too, when they can swap it for BitGold or BitUSD.

 +5%

Offline donkeypong

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Re: BTS-X Altcoin Competition/Promotion
« Reply #10 on: March 15, 2014, 06:55:35 PM »
Pretty soon, it may be known as the alt shares bubble. Or the alt shares boom. Better yet, how about the Bitshares boom?

 

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