Okay I just got done listening to the BitShares Music episode. I’ll probably listen to it a couple of more times just for the amount of information and relevancy.
https://soundcloud.com/beyond-bitcoin-hangouts/beyond-bitcoin-music-dac-edition-2014-10-03-starring-cedric-cobsonI'll be mentioning time pointers from the discussion so people can check it out.
Delulo thanks for linking this discussion. I owe you one
Tl;dr BitShares Video will use the BitShares Music model to launch itself. We can definitely use it and modify it for phases of visual content creation and the film world. It is at its very least worth it to experiment with with a solid use case such as Sollywood TV w/ Sollars and Sense Now the DAC projects will have some differences as film and its process is very different from music and its process but there will be major similarities especially with funding itself as a DAC and incentives for investors to purchase its Note-like / BitShares-like unit.
By the way is BitShares Music DAC open sourced?
Compared to BitShares Music ModelThese are just my initial thoughts from my first run through of the discussion. They are not super organized but instead flow like a brainstorm. The point here is iterating on constructive criticism with more ideas that bring us closer to a solution many people can get behind.
The Note and FundingSo we would have one unit like Notes. Right now I call them BitVids for lack of a better term.
BitVids would most-likely be distributed in the same way COB described for Notes. This is what I suggested must be highly strategic for the benefit of all involved in the
Funding and Financing section.
But again I want to start a serious discussion about this with community members who actually want to be involved and see this project as a profitable incentive to their BitShares holdings. I'll keep searching and I plan to make videos to speed up this process.
Just as COB explained at 31:51 we will need a pre-sale in addition to the share-drop. This is what I wanted to discuss with the community to do it the right way and with people who see its potential. Again Funding + Financing section
We would do a pre-sale/crowd-sale, and distribution such as was described for the same reasons he mentioned. We cannot solely rely on pre-allocation and dilution to fund us no matter how cool it sounds. And its very cool in theory but we all have to eat now. This is also where the 100% delegate comes in for the short-term
Holders of BitVid11:59 is relevant to this point and its project. Persons who hold BitVid would not own a portion of projects which choose to use the DAC to fund or issue their own tokens. Only if you buy into them specifically would that be the case such as with Sollywood TV and Sollars and Sense.
For our DAC we can make it such that registering a token to do any type of project is a fee or a burning of all BitVids which is paid to BitVid holders at a higher rate than which was initially purchased?
Selling Powered By BitSharesAll projects would be powered by BitShares and that is what we plan to sell which BitShares Music has not done so well in my opinion. But they are not really filmmakers I dont believe. As such an awesome project with a clear vision and a relevant demographic that is useful to the larger BitShares community I think they are dropping the ball on this one. Content creation to tell a story is key for this generation they are aiming for. Even if its static one room content.
For every one snapchat there are a million no-name losers and not because they weren't better plays (snapchat is kind of irrelevant) but because they didn't catch on.
Content is no gaurantee but it is the visual language most connect with today. Even if you can get some of these technology kids on YouTube to review it it can be used over and over again to sell a point.
I don't say this to be an asshole. I make this point to motivate them to get their goddamn project out in the open more. If it wasn't for delulo's post I probably would have never seen just how much relevancy the project has for me and the younger generation. And just how cool their model is. The time is now not tomorrow.
BitShares Video DAC FeesAll of the fees COB named for Note holders of the BitShares Music network would apply for BitVid holders in the BitShares Video DAC network.
Sollywood TV w/ Sollars Similarities and differencesSollywood TV is like the PeerTrack in this DAC. Its only one shop on the network. Not the entire network. And its helping out content creators in one specific way (distribution not fundraising) with one token Sollars and Sense.
Sollars and Sense is something else all together. It has no analogy in the BitShares Music model. It is not an artist coin in the same sense as was used for Justin Bieber Coin or Snoop Coin. Those sound like shares of something.
So something like a Sollar Bond would be more analogous.
Something with zero-coupon bond like qualities to gain value over time and be cashed out for Sollars or bitUSD? We would promise but not guarantee that?
Or
SoLgoldAlternatively a percentage of what is bought for Sollars and Sense equally goes to Sollar Bond holders? (Sollars and sense will be sold mainly to consumers at a 1-1 exchange rate).
Or a percentage of bondholders receive some sort of value from holding the bond like a company share? Give your thoughts. There are many possibilities to create incentives for purchasing Sollar Bonds or SoLgold.
So to recap if we are going to keep with the BitShares Music model my personal project would make Sollywood TV/Sollars a hybrid between PeerTracks and an artist like Snoop Dogg on the BitShares Video DAC network.
But instead of issuing my coin Sollars and Sense (it already has an artificial market-pegged value which will be kept by consumer purchase and the freemium model) I would instead issue some type of Bond (not security) (Sollar Bond) that holders are speculating will rise in value because of Sollywood TV/Sollars and Sense utility and the way that ties to the bond.
If we launched EVERYTHING TOMORROWSo if we were to launch this thing tomorrow with a pre-sale
The BitShares Video DAC's crowdfunding model would be issuing two units
1. BitVid (the decentralized Note-like unit)
2. Sollar Bond or
SoLgold (a sort of artist coin) a sort of Bond for Sollars (the bond would be marketed for donations? And given in exchange?))
If individuals buy into the Note unit (BitVid) they will be owning the BitShares Video DAC and its basic utility.
BitVid holders are expected to fund content projects which could make the network as a whole profit or gain a larger initial value. They can also utilize BitVid based on individual profit opportunities and risks. Its decentralized. (Projects that are funded are expected to (by social contract) promote a powered by BitShares message)
If they purchase the Sollar Bond unit it will be like purchasing the Justin Bieber coin or Snoop coin as you would be tied specifically to the Sollywood TV/Sollars project.
So will investors be buying Sollars and Sense directly when we begin?Short answer is no.
Investors would not be buying Sollars and Sense Directly. Only consumers who plan to purchase content on the Sollywood TV platform would be buying the coin directly which would have its set price. We will also be giving some (Sollars and Sense) away for free if we raise in Dollars to subsidize initial content creators and get the platform going (already was planned).
Investors who want to make a profit would instead be buying the Sollar Bond/SoLgold in which we could pay out Sollars if exchange price rises above x? Typing my thoughts here.
Other Projects on BitShares Video DAC or blockchainOthers who use the BitShares Video DAC to support their projects can use different economics for their token. And as any visual content creator knows they do not need to be doing what we are doing.
What I mean to say is BitShares Video DAC does not only need to fund distribution platforms such as Sollywood TV in an exclusive manner. BitVid holders can fund anything from large scale documentaries, or any other video type project that has to do with Pre-Production, Production , Post-Production and in my case Distribution of visual content.
They can fund script software, visual effects teams, individual filmmaker movies, the next blockbuster the possibilities are endless. Now I see what Ed was trying to explain to me in the beginning. These various content projects such as mine would issue some type of token in exchange for BitVid eventually.
Will content creators and partners for Sollywood TV issue their own tokens?So Content creators will not be issuing their own coins on Sollywood TV so in this sense we are not like PeerTrack. No other token would be used for Sollywood TV but Sollars and Sense. This may change in the future but for now that is where it starts.
Another cool AnalogyBitVid holders would be funding me as a unique artists who happens to have this crazy idea of taking on Hollywood in addition to creating his own content.
25:15 – 27:42 He is basically describing what I think I will be as an “artist” (filmmaker) for this community. And what this proposal really is at its core. I'm asking people to bet on me and this vision.
Its large yes. But Ethereum is larger and look at what they accomplished in a year. Where do you think this project would be in a year if our community got behind it and promoted it with my visual leadership? Its about priorities people. What is BitShares value proposition? Lets stick to it.
Final Initial ThoughtsAs COB rightly pointed out if we are going to launch a DAC of this sort then there has to be some sort of use case experience that launches with it in order to give people a practical example of what can be done. In this case it is Sollywood TV with Sollars and Sense.
Those are all my initial thoughts to get a conversation going about utilizing the BitShares Music model. I'll have my delegate registered soon. Stay tuned.
As always Feedback Feedback Feedback on any point. Doesn't have to be everything