RE: Stop buying LBRY credits

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RE: Stop buying LBRY credits

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kauffj (41)in #lbry • 8 years ago (edited)

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:

You can read about LBRY and how it works here: https://lbry.io/what
All of the code is 100% open source and has been followed by a decent number of very intelligent people throughout it's 18 months and 6,000+ hours of development. You can view that all here: https://github.com/lbryio
We've been very up front about the premine and what it's for. Remember, rewards beyond the hashing power necessary to secure the network is simply wasted electricity.
There is no incentive for us to be corrupt. Over 20, very talented, credentialed, experienced people have put their faces on this project. Not just the team members, but experienced academics and people with far more to lose than anyone on this board. It is our reputations on the line here.
If you think what LBRY does can be done top of Bitcoin, I do not think you understand LBRY. There is more here.
We are not making a unique offering. We did not even pre-sell LBRY. Some of our users chose to sell their credits.

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.

8 years ago in #lbry by kauffj (41)

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hipster (66) 8 years ago (edited)

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.

You can read about LBRY and how it works here: https://lbry.io/what

I read but I was not able to find any incentives. Only concept level things.

There is no incentive for us to be corrupt. Over 20, very talented, credentialed, experienced people have put their faces on this project. Not just the team members, but experienced academics and people with far more to lose than anyone on this board. It is our reputations on the line here.

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.

If you think what LBRY does can be done top of Bitcoin, I do not think you understand LBRY. There is more here.

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.

We are not making a unique offering. We did not even pre-sell LBRY. Some of our users chose to sell their credits.

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.

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