Author Topic: BitShares Music non-technical paper. Updated.  (Read 23087 times)

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Offline Mysto

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I'm still confused as to how the person who owns PTS will profit?

Offline Shentist

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business model sounds solid now!

Snapshot is October 10th

Do you release the allocation, so i can decide if i increase my PTS amount.

Offline Frodo

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Awesome introduction. Really explains the key benefits in an easy to understand way.  +5%

The % for the coin buy back can be set by the artist? If so is it ensured that the rate can't be decreased after the coin was issued?

38PTSWarrior

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Some celebrities tweeted about BitShares Music already:

"BitShares Music is a hell of a dac" - Rick Shames
"The real" - 2Pak
"Buying PTS right now" - Robin Herjacek
"Good for the ghetto" Elvis Presley

:D

Offline cob

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3.2.3 is something I never thought about (perks for coin holders) and is absolutely brilliant! Imagine the spike in One Direction coin price when they announce that the top 50 coin holders get a backstage pass. O. M. G.

Yes! And the fun thing is that it's not a centrally planned feature. It's success does not depend on a couple dev brains. It's a tool that allows every band and artist and label, and promo team to think up how they can get value from that artistcoin... working for us, the Note holders!
« Last Edit: September 28, 2014, 09:03:02 pm by cob »
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Offline cob

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Looks good cob!

Sorry, but I'm at it again with spotting typos. In part three it says, "Every time the song is or purchased".

Edit:

cob, I'd like to ask you something. There is an established band which I love. I think they may be interested in PeerTracks. When do you think would be a good time to try to get them interested? If they are interested will there be a special channel set up whereby PeerTracks work with artists to educate, assist and bring them onboard?

Thanks for the typo! edited from the actual paper. Thanks.

And for now, the peertracks newsletter is a way for us to keep track of who to contact when there is relevant news.
http://peertracks.com/#8

It's still a bit to early to really reach out to them. It will be clear when BitShares Music is ready.

Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline cob

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Solid job Cob,

I really see the potential growth there.

The artistcoin buy back from song selling revenues is very nice, there's going to be a great appeal to create artistcoins for niche artists as well as established money making machines (the likes of U2, Rolling Stones, etc.).

How do you plan on making sure there won't be any "scammers" that will create an artistcoin without being the real artist and try to sell them to others that believe they buy the coins from the real band? I mean it might take a while before some artists get to hear about Bitshares music, and  nothing (that I know of) is preventing early scammers to upload existing music for which they don't have the rights and sell artistcoins as well.

There will be a few mechanisms is place.
Reputation for one.
The front end sites will have a report/flag button so that people finding out someone is selling someone elses music can report it. The Front end website could always refuse service to these people, they would have to do their scams from somewhere else.
Once you have a mechanism that detects a scammer, people will not want to invest in that user's fake artistcoin since that's very risky business. Especially if he keeps getting barred from the big sites. Imagine getting banned from ebay. Sure you can still sell on you own site/app, but soooo much less traffic will even see your product now. Ostracism is the name of the game.

PeerTracks also intends to have a "verified" artist green check feature.

Any other ideas are welcome!
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline cob

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This project has me so excited I can hardly sit still, it's absolutely revolutionary and the paper does a good job of exposing the potential, well done Cob! :)

One thing I'm still unsure about is how exactly being on a playlist will generate income for the artist, or rather why the artistcoin value will increase? Just from popularity and the fact that people will want to buy their songs or is there an actual mechanism in place?

Quote
You can see your artistcoins rise in value if the artist starts selling albums or gets their song played on one of the more popular playlists.

I'm no expert but I imagine that if an artist get's played regularly on the radio, he gets compensated according to how often his songs get played. Will you implement a similar concept for the playlists? If so, where will the money come from to pay for this compensation, ads?

The MVP will not incorporate streaming. It is one thing we want to do of course, but it would require WAY longer dev time and we want the proof of concept out as soon as possible.

But eventually, just the fact that you are in one of the playlist that was 2000 people currently listening (like you see on grooveshark) means a few people are clicking through to purchasing the song (other sites link to the itunes store).

So being included in a popular playlist means exposure + possible click through conversions to purchase song or album.

We have look a bit into having each play be a micro-transaction, but since we are not doing the streaming thing just yet, it's on the back-burner for now.
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline xeroc

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something I discussed with cob also and should be mentioned here too is the ability to

cryptographically verifiable auto grams!

Imagine:
Code: [Select]
You've been a visitor of the greate Rock concert in L.A. 2014

---signed Beatles!
..... crypto-signature ....

Offline serejandmyself

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well done for that "short" paper! Looking forward to that
btsx - bitsharesrussia

Offline svk

3.2.3 is something I never thought about (perks for coin holders) and is absolutely brilliant! Imagine the spike in One Direction coin price when they announce that the top 50 coin holders get a backstage pass. O. M. G.

One thing I'm still unsure about is how exactly being on a playlist will generate income for the artist, or rather why the artistcoin value will increase? Just from popularity and the fact that people will want to buy their songs or is there an actual mechanism in place?

One of the biggest hurdles for new artists is exposure. Getting on a popular playlist would be the same as getting on a popular music station. As people buy the song a portion of those sales goes to burning that artistcoin. Combine that with 3.2.3 and you have a resource that is both becoming more scarce and more desirable.
Agree on 3.2.3, genius :)

And you may be right that getting exposure is enough, can't wait to see it in action.
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Offline Riverhead

3.2.3 is something I never thought about (perks for coin holders) and is absolutely brilliant! Imagine the spike in One Direction coin price when they announce that the top 50 coin holders get a backstage pass. O. M. G.

One thing I'm still unsure about is how exactly being on a playlist will generate income for the artist, or rather why the artistcoin value will increase? Just from popularity and the fact that people will want to buy their songs or is there an actual mechanism in place?

One of the biggest hurdles for new artists is exposure. Getting on a popular playlist would be the same as getting on a popular music station. As people buy the song a portion of those sales goes to burning that artistcoin. Combine that with 3.2.3 and you have a resource that is both becoming more scarce and more desirable.

Offline hadrian

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Looks good cob!

Sorry, but I'm at it again with spotting typos. In part three it says, "Every time the song is or purchased".

Edit:

cob, I'd like to ask you something. There is an established band which I love. I think they may be interested in PeerTracks. When do you think would be a good time to try to get them interested? If they are interested will there be a special channel set up whereby PeerTracks work with artists to educate, assist and bring them onboard?
« Last Edit: September 26, 2014, 04:40:17 pm by hadrian »
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Offline GaltReport

Yep, great job.  Very clear and concise.

 +5%

Offline oco101

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Brilliant !!!!  That's music revolution !!!! Great job !!!