BitShares Forum
Main => General Discussion => Topic started by: Rune on December 17, 2014, 10:13:14 pm
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Hey everyone. As some of you might have seen, Valentine has been developing an interesting faucet coupon system that allows us to use 3rd party social networks for faucet authetication to make account registration really easy faucet.bitshares.org), and use them in innovative marketing campaigns.
The first idea we've come up with is to use it to attempt to go viral on reddit with the simple question: What if you could turn your karma into real money?
karmatocash.com will be a website where you can authenticate with your reddit account, and then get a quick introduction to bitshares alongside some crisp internet cash (bitUSD) in proportion to your comment karma. Now your internet points will finally have real world value!
If stakeholders like the idea, then it will be funded through a delegate that will be launched alongside a number of other marketing delegates from nullstreet (details are still being worked out on this). If the reddit faucet turns out to be a success and gives a positive ROI, we can try with other interesting marketing campaigns based on the faucet idea, such as a github "tip4commit" that rewards you with bitUSD based on number of commits, or a twitter faucet that pays users for retweets. The faucet infrastructure can also be used for referral systems.
Just a heads up to let you hear some of the ideas the community marketing team is working on, and so we can put this in the update tomorrow. Any feedback will be appreciated!
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This is awesome!
There needs to be a reasonable maximum value. Some people have a LOT of karma. We dont want to have a few people eating up our entire budget. I think the main goal of using karma is to ensure that people dont abuse the system with fake accounts.
Perhaps the amount awarded could have a logarithmic function involved?
For example, maybe you get 1 bitUSD for 100 karma, and then 1 more bitUSD for every doubling of your karma?
That way someone with 1000 karma would get about 4 bitUSD. Someone with 100000 karma would still only get 11.
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This is awesome!
There needs to be a reasonable maximum value. Some people have a LOT of karma. We dont want to have a few people eating up our entire budget. I think the main goal of using karma is to ensure that people dont abuse the system with fake accounts.
Perhaps the amount awarded could have a logarithmic function involved?
For example, maybe you get 1 bitUSD for 100 karma, and then +1 bitUSD for every doubling of your karma?
That way someone with 1000 karma would get about 4 bitUSD. Someone with 100000 karma would still only get 11.
I like the idea of logarithmic reward, it's a really elegant way to solve it.
Otherwise I was thinking of giving it a linear hard cap, such as 10 USD, and all karma beyond that would be rewarded in a vanity UIA that can be exchanged for reddit gold or something like that, similar to the YUN asset the chinese community is using. If we also got a tipbot it would now (sort of) be possible for redditors to tip their karma to each other.
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It would be useful to get stats about the karma levels of all redditors... is this easily obtainable?
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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.
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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.
+5%
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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.
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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.
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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 ?
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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 :D
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@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.
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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?
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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.
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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.
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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.
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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?)
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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 :)
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+5% 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.
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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.
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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.
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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).