OMG *right* when I post this:

Quote from: Cob

3.0 Incentives and advantages
The current economic model for buying music gives the listener two choices: one free, and one paying. People getting their music for free are the majority. People that pay for music do so for a variety of reasons but none of them involve self-interest. Our new model favours everyone's self-interests. Unlike the current one where artists hesitate before putting their music online for fear of file sharing / pirating, the Zenith Music Exchange now makes it profitable for the artist to upload and share everything he has.

What Zenith Music Exchange offers is to take the majority of people that normally just torrent music and turn them into music buyers. How so? By switching the incentives around. Buying music through the blockchain is now an action that promotes self-interest. If a user likes a song so much that he is willing to download it with the varying levels of hassle it entails (trojans / malware / viruses and the time required to find the files online), he most likely sees the value of that song. By buying a BitShare of that song directly from our website, he is invested in the song’s success. Every time the song is played or purchased, the new BitShareholder now sees the value of his portfolio rise and can cash out at any time!

A buyer can purchase a BitShare of a song, compensating the band in the process, for the sole reason that he will make money off it in the future. BitShares Music is harnessing the power of greed and putting it at the service of good. As for people already paying for their music, they will keep doing so, but will now get compensated financially for it. Currently, their good dead goes unrewarded. We personally like the idea of rewarding and incentivizing good, ethical and moral choices.

I dont understand how you can "buy" music through the blockchain - who exactly is selling it to you?

BTSX works because when you buy a BitAsset, someone else is taking the opposite view on that asset and shorting it.

Here when you buy shares in a song, who is taking the opposite view? I havent yet read an answer to this basic problem.

Im guessing that if there was a solution to this, someone would have already done it as a centralized service - no blockchain required.

Bytemaster, do you have a solution yet for how transaction fees are paid for direct BitUSD -> BitGold swaps?

I guess the problem of destroying some of the BitAssets as tx fees is that it could theoretically make it impossible for shorts to cover their positions, because there arent enough BitAssets to go around as they were destroyed in tx fees.

Thats why Im wondering if youve got a solution for this.

No one is going to be saying "I have a bad feeling" about Bitshares once BTS-X is released, and people see the price of each share skyrocketing.

Here is how to make it fair - if I am not mistaken the feb 28 snapshot would only convert to 50% of BTSX (if that is not the case then this idea needs fine tuning)

Could we find a fair way to allow post feb 28 to also convert to BTSX but at a proper rate? I.e perhaps at 1:10 ratio since some people put in 150BTC on some days close to Feb 28. Perhaps post Feb 28 would yield only 1/10th. And do this until they release it that way they have incentive to do it sooner.


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The Feb 28 snapshot was announced with something like a months notice, and people like me donated before then based on that announcement. It would hardly be fair on us if Invictus reneged on that date would it? Im tired of hearing people suggesting changing the snapshot - its a non starter.

If you want to get BTS-X cheap then there will be another opportunity once its made liquid but before the BitAsset trading is enabled.

Quote from: sumantso on April 17, 2014, 12:21:12 pm

The biggest problem right now is the 28 Feb snapshot. As we get farther away from the date, it keeps looking worse (and is generating a lot of heartache amongst investors) and creating more pressure on Dan and co.

Yep, it really annoys me.

Having value trap in a black hole during an undetermined period of time was not part of the deal. Having value stuck is reeeeally annoying, especially in the cryptospace where things move very fast. If I didn't mind having my value be illiquid I would have buy more AGS, my portfolio was skewed toward PTS for a reason.

Is having your AGS being illiquid for 2-3 months really the end of the world? You know your returns are going to be huge once the product is released. The only thing Im annoyed about is that I didnt donate more.

They look great!

These should be placed on the bitshares.org site or somewhere, ready for people to use.

Cool. I suppose the important thing is to get everyone used to the convenience of their Keyhotee ID, and from there the software can be updated to include more scalable delivery methods later on.

Btw Dan is anyone working on VOIP in Keyhotee yet? This would be the killer feature that would get loads of people to try Keyhotee - many people are looking for a decentralized alternative to Skype.

Here is another idea for monetizing content: use a prediction market to trade on the content's download count.

Developers announce the details of their content, and take a long position in the market on how many downloads the game/movie will have. As they are long, they have extra incentive to finish the game and make it as good as possible. Other traders who think that the current market price is too high can go short. If the developers release a really successful product then the shorters will be wrong, and they will effectively be monetizing the developers who went long by betting on their own product.

Problem with this idea is how to get the trading volume high enough to allow content creators to get decent $.