Happy Birthday, LTBcoin!
On June 27th, 2014, Adam and his core team launched a new Counterparty asset called LTBcoin. On the coin's one-year anniversary, I caught up with Adam for a quick Q&A.
Tuomas: Adam, congrats on the anniversary! What is your overall sentiment about LTBcoin, one year after?
Adam: I'm happy to be at this milestone! Launching LTBcoin last year was a difficult but the right decision because it forced us to build tools and solve problems that were largely hypothetical before the launch of the rewards program. It took time, but now that we've got software solutions to handle most of the early issues we ran into. Things are going to get interesting.
T: What have you learned about the process of creating an asset and then creating an ecosystem around it, from ground up?
A: I learned that creating an asset is the easy part and giving it value is a far more complex problem. Until now we haven't been able to even do simple sales of one token for another, or to be able to redeem a token easily, so now that those tools are becoming available I think we'll see projects that come along in the future having a much easier time getting started.
T: The majority of altcoins and appcoins go through a few "pump and dump" cycles before eventually disappearing altogether. What do you see being the main reason for LTBcoin's persistence?
A: Because there's never been a pump. :-) We've steadfastly refused to interfere with the price of LTBcoin on the market in any way, so when the price has been weak, it's been real weakness because we lacked utility, and now that we're gaining utility in what I hope will be large amounts, I expect to see the price be real when it reflects that new reality.
T: You've mentioned a few times that LTBcoin and its related ecosystem is an experiment. At this point in time, what would you say this experiment has proven so far? Do you think it has been a success?
A: The experiment has shown the difficulties in running and administering a weekly rewards program for thousands of people, and we've built tools as a result to address those issues. Those learnings and our tools have, to my eyes, been very successful, so I conclude the experiment is a success even if it is not finished yet.
T: Was it your decision alone to assign 510 million coins as the total? How did you arrive at that number? Any idea, roughly, how many coins are currently in circulation?
A: We talked about it as a community on the early LTBcoin forums. I wanted 51 million and then we had a long talk about: Is it better for the coin to be plentiful (like dogecoin) or valuable (like bitcoin)? And eventually we decided 510 million would be better than 51 million. The number did not really matter, only that we set it and stick to it.
T: There has been a few tweaks to the proof-of-participation (PoP) model over the past year. Do you see the PoP model working as is, or do you see further tweaking for the future?
A: There will be a rebalancing at some point in the next few months as we roll out a complete overhaul of the letstalkbitcoin.com design and some of our internal tools. Mostly the tweaking was in how podcasts would be handled when we introduced magic words. It is, and will continue to be, rare that we adjust the "proof-of" model, but it will happen when necessary.
T: Thank you, Adam, for taking the time to answer my questions, and tailwinds for another full year!
On the forums, Adam has rolled out yet another instructional video. (Does this man ever sleep?) This time, he explains the three key components of the Tokenly Ecosystem: 1) Swapbot, 2) Tend and 3) the LTB Companion Wallet.
LTB member Mark, of In Satoshi We Trust, LLC, recently launched Walletgenie, a command-line interface (CLI) front end to digital currencies.
If you're just starting out with cryptocurrencies and related software or hardware, the Walletgenie may be a bit too much to chew for it to benefit you. You'll need to be running a Bitcoin node, but those of you having some CLI-foo in you, give it a shot. To get a full list of Walletgenie's features, and to give Mark feedback for the project, visit his thread.
I'm going to leave you with two quotes. The first is from our Quotes Garden thread:
The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man. '" George Bernard Shaw
This second quote is mine, which I submitted to the ChangeTip's #dadvice campaign, and against all odds, I did not win the contest:
Never eat yellow snow. Unless your only other option is brown snow. Then eat yellow snow.
Be excellent to each other.
Tuomas
Community Manager
via Lets Talk Bitcoin! http://ift.tt/1GIliUB
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