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surebet
Jan 10, 2013

avatar
specialist




[–]_The-Big-Giant-Head_ 2 points an hour ago
Or have a full Šogecoin on me /u/changetip \0/
Lets hope this silly reddit tipping thingy get banned in /r/bitcoin and /r/dogecoin.

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Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

i thought coloured coins and side chains were all thing that were meant to be stapled onto bitcoin's bloated rotting corpse as a way to "fix" all the problems people bring up, not a separate blockchain technology that could be used as a base for something else

PHIZ KALIFA
Dec 21, 2011
HOTDOG ORIGAMI


Why would they use blockchain tech if they're going to centralize control on the Reddit server? They're giving the notes out as gifts to folks who ask, there's *no goddamn reason* to not just use an internal ledger.

Why are they implementing this dumb, dumb thing in a dumb, dumb way?

Dren
Jan 5, 2001



Pillbug

quote:

[–]akahotcheetos admin[S] 6 points 2 hours ago

While any future payout is undetermined, we're hopeful that there will be one. Remember when people paid top dollar for WOW characters, reddit notes is similar. Except the value of a reddit note is backed by shares from the latest round instead of 100 level awesomeness.

[–]akahotcheetos admin[S] 7 points 2 hours ago

More details next year, but we expect that there will be payout to holders of reddit notes in the future in the form of TBD (but could be cash/bitcoin/etc)

[–]akahotcheetos admin[S] 8 points 2 hours ago

Answers:

Are Notes equity in Reddit, or a portion of the raised funds? Not equity, something new and different that's never been done before. We're hopeful that it will have some to be determined relationship with a portion of raised funds.
Will there be an exchange that allows buying / selling of Notes into fiat currency? We expect there to be one.
How do you see the price / value of Notes being determined? Is it tied to the value of Reddit? TBD - but that's our goal.

sounds like the plan is to helicopter redditnotes -- that they hope they will be able to make redeemable for something of value -- onto the users of reddit

they also hope there will be an exchange where redditnotes can be bought and sold

and they have plans to support tipping w/ redditnotes

idgi

Wheany
Mar 17, 2006

Spinyahahahahahahahahahahahaha!


Doctor Rope

surebet posted:

The asset will be based on blockchain technology.
why?

surebet posted:

colored coins
why?

surebet posted:

sidechains
why? why?

you're giving people's user accounts a number that is only usable inside your own site. why would you involve anything bitvoin with it?

Nessus
Dec 22, 2003

I still can't believe they cast Spock as me. Spock! Can you imagine?

Of course, he was missing a few things.

Wheany posted:

why?
why?
why?
why?

you're giving people's user accounts a number that is only usable inside your own site. why would you involve anything bitvoin with it?
Because then you can leverage this disruptive technology!

text editor
Jan 8, 2007



OJ MIST 2 THE DICK
Sep 10, 2008

Anytime I need to see your face I just close my eyes
And I am taken to a place
Where your crystal minds and magenta feelings
Take up shelter in the base of my spine
Sweet like a chica cherry cola

-Cheap Trick


Nap Ghost


hes spent how many years living in his mom's basement again

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

justice has been served: #bitcoin

FrozenVent
May 1, 2009

The Boeing 737-200QC is the undisputed workhorse of the skies.


"I pussied out and took a plea deal"

HyperPuma
Jun 24, 2007

this is a mess

Nessus posted:

Because then you can leverage this disruptive technology!

assuming reddit owners and friends have way more redditcoin than anyone else it might be a good way to monetize bitcoin idiocy through a pump and dump

Dren
Jan 5, 2001



Pillbug

I guess my feeling on redditnotes so far is that there doesn't seem to be any concrete goal beyond "lets give away a bunch of money to our users". It kind of feels like what they might be aiming to do is jump start an economy based around trade of their "digital asset" that is backstopped by VC cash so it has a guaranteed value. It sounds just like a bitcoiner plan to give away a bunch of bitcoin to some subgroup like MIT students or everyone on a Caribbean Island in the hopes that it will jump start an economy that uses bitcoin as it's primary currency. And as we know from the MIT thing most everyone who gets an airdropped thing redeemable for cash sells that poo poo immediately.

AlbieQuirky
Oct 9, 2012



College Slice

FrozenVent posted:

"I pussied out and took a plea deal"

Only smart thing he's done in years. What did the other guy get sentenced to?

evilweasel
Aug 24, 2002


im not sure once they're finished spending money on the lawyers trying not to break the law on this dumb scheme if there will be anything left of that 5m

indigi
Jul 20, 2004



Pillbug

I thought colored coins only worked if they were all used internally on the same, uh, coloring service, once you transferred them somewhere else the attached asset was loST WHY THE gently caress NOT JUST GROW YOUR OWN CRYPTOCURRENCY INSTEAD OF FORCING BITCOIN INVOLVEMENT WHAT SENSE DOES THAY MAKE

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

it's like gbs' itunescoin fantasies come to life

text editor
Jan 8, 2007



Because if bitcoin and the original blockchain isnt somehow included, all their investing will be for nothing and they will never realize their rightful position as the new wealthy elite

QuarkJets
Sep 8, 2008

Fuck your duck dynasty

Guys it's not the blockchain, it's revolutionary blockchain technology get it right

OJ MIST 2 THE DICK
Sep 10, 2008

Anytime I need to see your face I just close my eyes
And I am taken to a place
Where your crystal minds and magenta feelings
Take up shelter in the base of my spine
Sweet like a chica cherry cola

-Cheap Trick


Nap Ghost

this is how much money goons have spent on fake spaceships

Proteus4994
Jan 2, 2001

You like that don't you, you filthy fiat?


doing the math that's $317,613.64

My Linux Rig
Mar 27, 2010
Probation
Can't post for 3 hours!


indigi posted:

do you really think the heart of bitcoin is "how technology fits in with economics." do you really think that. isn't it way more likely that the heart of it is "I'm paranoid and don't want the government to tax or arrest me for breaking the law," or that "this will make me rich then I can get Biff to wash my car" is the heart of bitcoin. isn't that way more probable.

I mean like the white paper at least Bitcoin initially started with an interesting idea

Alan Smithee
Jan 3, 2005



"I sure showed the govt by tricking them into a lighter sentence"

Beast of Bourbon
Sep 25, 2013



Pillbug

how could a goon have $300,000+ to drop on spaceships? that doesn't even make sense, i mean sure i can see $3000 or maybe even $30,000 but 300k? no way

edit: or wait is that collectively?

Alan Smithee
Jan 3, 2005


Beast of Bourbon posted:

how could a goon have $300,000+ to drop on spaceships? that doesn't even make sense, i mean sure i can see $3000 or maybe even $30,000 but 300k? no way

cumulatively spent by goons

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

Alan Smithee posted:

cumulatively spent by goons

how much did they raise for that haiti thing again?

Krankenstyle
Oct 15, 2005

Tider skal komme,
tider skal henrulle,
slægt skal følge slægters gang



Aleksei Vasiliev posted:

do sidechains have any implementation at all yet? i'm pretty sure colored coins do but i'd bet whatever ux they have is total poo poo

i implemented your moms sidechain last night

Dren
Jan 5, 2001



Pillbug

Proteus4994 posted:

doing the math that's $317,613.64

whoa starcitizen is backed by math too?

Proteus4994
Jan 2, 2001

You like that don't you, you filthy fiat?

Dren posted:

whoa starcitizen is backed by math too?

actually yes, both bitcoin and star citizen are backed by math

horrible financial math

CapnAndy
Feb 27, 2004

This is how Davos feels.
This is how Davos feels all the time.



And just to be clear, this is a game that doesn't actually exist?

Krankenstyle
Oct 15, 2005

Tider skal komme,
tider skal henrulle,
slægt skal følge slægters gang



is that 3.5 percent of the entire game budget he contributed or what

Krinkle
Feb 9, 2003

Ah do believe Ah've got the vapors...
Ah mean the farts



No it's not a real game but someone showed an animated gif once of the ships driving mostly up a ramp and falling over utilizing the physics engine. But I can't find it anymore.

Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

CapnAndy posted:

And just to be clear, this is a game that doesn't actually exist?
it has deathmatch right now actually, maybe other game modes. this is only a tiny fraction of what they're trying to have though

Snapchat A Titty posted:

is that 3.5 percent of the entire game budget he contributed or what
no, it's how much he contributed of the goon total
e: goons in the spreadsheet have spent $318,000

Krankenstyle
Oct 15, 2005

Tider skal komme,
tider skal henrulle,
slægt skal følge slægters gang



Aleksei Vasiliev posted:

no, it's how much he contributed of the goon total
e: goons in the spreadsheet have spent $318,000

jfc still

Ron Paul Atreides
Apr 19, 2012

I hodl at your neck the gox jabbar




wait how can those reddit notes have value if they aren't tied to equity? like, 'we want the value to be tied to reddit without it tying to reddit in anyway' essentially??

also yeah in what way could this possibly involve the blockchain, what the hell does that even mean

Dr. Honked
Jan 9, 2011

toilet duck


#pureprofit

Buttcoin purse
Apr 24, 2014

THIS DUDE HERE IS A REAL CLOWN


Ron Paul Atreides posted:

also yeah in what way could this possibly involve the blockchain, what the hell does that even mean

It means "we want bitcoiners to like us so we included their buzzword". It's probably just like steampunk - you take something and glue some pointless poo poo onto it to make it appealing to losers without actually affecting its functionality in any way.

Antlerhill
Nov 6, 2012



Smellrose

Ron Paul Atreides posted:

also yeah in what way could this possibly involve the blockchain, what the hell does that even mean

why would they build their own consumer base of gullible nerds when they can just co-opt one that already exists

Dren
Jan 5, 2001



Pillbug

Ron Paul Atreides posted:

wait how can those reddit notes have value if they aren't tied to equity? like, 'we want the value to be tied to reddit without it tying to reddit in anyway' essentially??

also yeah in what way could this possibly involve the blockchain, what the hell does that even mean

they have no idea what they want but they want it to be cool and they have millions of dollars

Antlerhill
Nov 6, 2012



Smellrose

Dren posted:

[–]akahotcheetos admin[S] 7 points 2 hours ago

More details next year, but we expect that there will be payout to holders of reddit notes in the future in the form of TBD (but could be cash/bitcoin/etc)

[–]akahotcheetos admin[S] 8 points 2 hours ago

Answers:

Are Notes equity in Reddit, or a portion of the raised funds? Not equity, something new and different that's never been done before. We're hopeful that it will have some to be determined relationship with a portion of raised funds.
Will there be an exchange that allows buying / selling of Notes into fiat currency? We expect there to be one.
How do you see the price / value of Notes being determined? Is it tied to the value of Reddit? TBD - but that's our goal.

they basically want to issue shares but without calling them shares
they also want to payout dividends but they don't want them to be called dividends

i really hope they actually continue with this stupid idea, the results could sustain the laff economy for years

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crusader_complex
Jun 4, 2012


well its like shares and dividends, except never done before

ed: they are subconsciously referring to legal compliance, i think

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