Stop buying LBRY credits
LBRY is a project that claims revolution in content delivery. It even has its own streem here. Let me throw some quick facts.
- Current valuation of LBRY according to explorer.lbry.io and Bittrex is about 400k bitcoins or $250M
400 051 000 LBRY credits x 0.001 BTC - This valuation is about 30 Steems or 1/4 Ethereum or 5 Dashes or 12 Moneros or 25 Bitshares or 5 Storj or 7 SafeNetworks or 25 Sias.
- There is no paper that clearly explains technology and economic behind. Only slides in a blog. Our experience show that if whitepaper don't exist chances that a project will be successful are near zero. Dogecoin and Litecion are the only exceptions but to be honest we dont feel that those are examples of success. We don't know any revolutionary project without clear explanation.
- Distribution is funny. 5 accounts control over 99.99% of tokens.
- 75% of tokens are claimed to be for charity and adoption. Stellar and Neucoin prove that unprovable giveaway type of distribution could not bring sustainable growth. 100% corruption will be there at your expense.
- 25% of tokens are developers claim. Not bad. Their right.
- According to slides and Github this is a fork of Bitcoin Core. The only development is a simple client that get info from a blockchain using SPV about locations in DHT and is able to relay this information to other nodes.
- The whole technology is a name registry on top of Bitcoin Core. Plenty of Ethereum contracts can do the same. Namecoin, Emercoin, NXT, BitShares but without name auctions. Even Steem can do this. Steem can do this in MUCH more effective way. Even Bitcoin already have what they did.
This guys are selling an unfinished piece of software for $250 million without even explaining how peer-to-peer network will be motivated to persist data that it stores in DHT. I want to remember that we already have IPFS! It don't need tokens.
Hope that helps you pass through this "unique offering" and save your money. My recommendation is to look and follow this project as a technology but stay away of this project as an investment.
Hi, one of the LBRY founders here. We appreciate you taking the time to look at LBRY and skepticism is the proper response to, well, just about anything, especially something that makes such extraordinary claims as LBRY. We intended a quiet beta launch and have honestly been a bit shocked as to how much trading there has been. I'd like to be very clear that we are not encouraging anyone to buy LBC.
However, to correct a few misconceptions:
I am 100% agreed that there is absolutely no way LBRY is worth $250 million. I am also 100% agreed that you should look up and follow this project.
Thanks for you thorough response.
First of all my position is that I am not against any kind of blockchain innovations. Otherwise I support them as much as I can. But I want to reduce a negative that I observe for almost 3 years in a community. Vast majority of negative come from unwise or fraudulent distribution that cause people loose bitcoins.
I read but I was not able to find any incentives. Only concept level things.
Sorry, but there is. You can discover history of Stellar and Neucoin. Maybe you realize that unprovable distribution is guarantied way to fraud first coming investors.
I don't think that LBRY can be done on top of bitcoin if a project will get a traction. And that is the biggest question.
Thanks for clarification of your intentions. That is make sense.
I would like to discover your project deeper if a good technical paper appears describing rationale behind incentive structure of micropayment providers, data keepers and authors. Also would like to understand how are you going to provide transparency of giveouts.
By the way. Everything technical issues you are trying to solve already has been solved by a Steem blockchain. Your previous comment has been stored on a blockchain without transaction fees and micropayment channel hassles. Technology behind is Graphene. Worth to look. Economical issues you are trying to solve can be solved by a simple auction plugin.
lol you are genius in hindsight...haahha
@hipster get rekt dude :D
Excellent points.
There is also no talk or documentation about security, privacy, or reviews by third parties of those capabilities.
Agree. A whole project built using Voxels model. I don't trust this guys. I would not buy it even at $1M valuation.
Now I have created https://LBRY.Community - for Content Creators, Users and Developers - The Ultimate Headquarter for Projects built on the LBRY Protocol.
LBRY is as high risk as they come, but many of us dream big here and have made money on discovering gems that at the time look worthless but become beautiful diamonds. STEEMIT is like that, but obviously with a team that has proven themselves with failures along the way. I will buy a little, but really I will be getting most of my LBR from mining and hosting. If what they are selling is true then it will be very valuable. How many times do we lose out on potential earnings because we get stuck thinking our current favorite coin flavor is the best! @hipster I do appreciate the public service announcement. People really do need to know the facts before spending time or money on a new unknown tech.
I think immediately of the Miami convention several years in the past-where XPY(Paycoin) was the star of the convention. At the time, I was a passive partipant in the XPY community-although, I purchased mining equipment from their GAWminers website and also participated in their POW stage. Therefore, the Miami convention was an excellent form of promotion for XPY. Of course, we all know what happened to XPY.
At the same convention, Vitalik Buterin was promoting his Ethereum. Unfortunately, Vitalik nor Ethereum was in my vocabulary. Therefore, his presence and his product was ignored by my person-and overshadowed by my affiliation with XPY. Had I channeled my attention to Vitalik and Ethereum at that point, I would have affiliated with the proper crypto-token and community.
In summation, XPY has expired and Ethereum is definitely a crypto-token designed for the future.
Is STEEMIT going to allow users to post unrestricted content--AND pay users for their contributions based on community reception? That is the draw for LBRY: freedom.
It's not a strength. As soon as child porn is uploaded the entire blockchain will be made illegal and potentially all crypto media delivery systems will be tarred with the same brush. It's very counter productive imo.
I know this is an old article, but it gets a lot of views, so wanted to dispel this concern.
Video content for Lbry is not actually stored on the blockchain. The Lbry blockchain is largely just an interesting DNS-like system that can be used to keep track of server hosting said content and a specific address; it's effectively a torrent tracker on blockchain system.
As such, not only will someone be able to track who is actively hosting illegal content, but potentially anyone who ever hosted the content.
It's very similar to IPFS, but with a built-in way for creators to directly monetize their content. And actually, the Lbry team has hinted they'll be looking at supporting IPFS as part of the Lbrynet content-hosting backend.
Some coin markets guy rage quit the CCC as he didn't like this project being questioned. I also remember the CEO is some Bitcoin miner that quit my social media group a few years ago, before it became the most popular Alt coin group on Facebook. Not the best judgment there, as now we are discussing if we will allow their content in our group like we do for STEEM. 250 million valuation for 6000 hours work? That is way over priced. I think STEEM is way over priced as well though, so people are a bit disconnected from reality and what it takes to compete with legacy social media. Anyway, I don't have any reason to believe this is a scam. Although Adam G (Nazi scammer) and coin markets people are not a good sign, even if they are just trading it and tweeting about it.
Simply Great Information and Presentation
So what's the status here 11 months later? Any changes? I agree the valuation numbers we're hearing are absurd (then again valuations even for many mainstream companies are also absurd, including the stock market itself), but that's not something even really under the devs control.
Interesting blog. Good to see I'm not the only one that is thinking about this. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. An interesting website I found: https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. For example: https://www.coincheckup.com/coins/Nxt#analysis To see the: Nxt Analysis.
Nice article. Same mindset here. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. I was wondering if anyone of you uses: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. For example: https://www.coincheckup.com/coins/Emercoin#analysis To see the: Emercoin Analysis