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One of the main reasons for issuing a colored coin over a centrally-controlled asset is decentralization. Having said that, decentralization does not really matter when it comes to tokens backed by centrally-controlled assets. There is not much of a need (or possibility) for censorship-resistance when issuing shares in a legal, regulated company.US Government Won’t Allow Decentralized Reddit CoinThe real problem associated with issuing a colored coin backed by a real world asset on top of Bitcoin is that the US Government won’t let it fly.
Quote from: roadkill on October 01, 2014, 04:11:09 pmQuote from: donkeypong on October 01, 2014, 03:21:12 pmThe writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.Maybe they don't take the time to understand it? Their loss if they don't get it. Anyway, we'll soon have several of the Top 10 coins and BTSX will be in Litecoin territory, so it will be hard to ignore in another couple of months.
Quote from: donkeypong on October 01, 2014, 03:21:12 pmThe writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.
The writer didn't even mention BitShares, so we didn't get tarred with the "scheme" brush he applied to Ethereum, Counterparty, and Mastercoin. I guess he hasn't bothered looking at the market values in about two months.
I've noticed this in several recent articles. How is it that BitShares is ignored so frequently? Usually when Counterparty and NXT are mentioned.
FYI:An Open Letter to Reddit: Why You Should Build on Bitcoin:https://medium.com/@barisser/an-open-letter-to-reddit-why-you-should-build-on-bitcoin-e52705bc87c5
Don't you think any coin worth its salt is trying to get them interested? If Reddit wants to use something that works, they could go with a social currency like Dogecoin or Reddcoin. If they wanted something more than just a coin, they could go with BitShares. But instead, I'm guessing they want to do it themselves, in which case it will be a Dogecoin- or Reddcoin-like coin which they can control.
Brian & Co. should be reaching out to the Reddit folks.There is literally no better exposure to a crucial BTSX target demographic than a deal with Reddit.I3 could contribute development time/funds as required to build a bespoke solution.This is an incredible opportunity that should not be missed!I can't imagine how many users this would bring in.
As seen here:https://www.reddit.com/r/blog/comments/2hwpmm/fundraising_for_reddit/ckwph30?context=3
Quote from: dat peg doe on September 30, 2014, 08:10:57 pmQuote from: sschechter on September 30, 2014, 08:09:10 pmI made my first post on Reddit this morning....does that make me a shareholder ? How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?Think they would go for that?I just do not get - Are you a ReddBull or not?Will edit Reddit for ReddBits....you read me?
Quote from: sschechter on September 30, 2014, 08:09:10 pmI made my first post on Reddit this morning....does that make me a shareholder ? How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?Think they would go for that?I just do not get - Are you a ReddBull or not?
I made my first post on Reddit this morning....does that make me a shareholder ? How about we offer to donate their listing fee if they use BTSX, that way ReddBits can be traded alongside bitUSD?Think they would go for that?
Quote from: dat peg doe on September 30, 2014, 07:05:18 pmQuote from: nomoreheroes7 on September 30, 2014, 07:03:00 pmlol too bad "Reddcoin" is already taken... bitRedd it is...
Quote from: nomoreheroes7 on September 30, 2014, 07:03:00 pmlol too bad "Reddcoin" is already taken... bitRedd it is...
lol too bad "Reddcoin" is already taken...
Reddabit
Any plans to reach out to these guys? Seems like an excellent opportunity to flesh out ideas on both sides and potentially gain some huge exposure.
What is the goal of the currency?
Probably tipping.
this summer
Ok, here it is:CAVEAT: KEEP IN MIND THAT THIS PLAN COULD TOTALLY FAILWe are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.Nothing like this has ever been done before. Basically we have to nail down how to do each step correctly (it is technically, legally, and financially complex), though in our brief consultation with an ex-SEC lawyer, he stated he could find nothing illegal about this plan. Nevertheless, there are something like 30 different things we have to pull off to make this work, so we're going to try.(Also, I know this totally contradicts what I said over here[1] but that was before Sam proposed this plan to me, and the idea of being able to distribute ownership of reddit back to the community - a long-held dream of many of us, frankly - is important enough to try and do this)Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because... well, because we are reddit and we do these kinds of things.
Quote from: roadkill on September 30, 2014, 06:54:03 pmIf Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?What is the goal of the currency?
If Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?