RE: Brainstorming How to Calm the “Proof of Brain Storm” (Part 2 -- Complex Version)

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Uhn, but I think that would make the token exchangeable useless, so no one will want to buy the token... If the idea is to improve the rise of good content for trending, then I think it's just making the new token with each user worth 1, so whoever received the most votes would be on trending, but without the need to remove the current reward system.



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(Edited)

I agree that this concept is too much of a departure from the norm to be readily accepted as a replacement for any existing token on Hive. Your concern is the same concern @proofofbrainio expressed in our discord convos.

Your comment that the exchangeable token would be useless would imply that bitcoin is useless. $1 trillion currently speaks to the contrary.

I think it is going to take a new experiment, which I am happy to start at some time in the not-too-distant future.

BTW, I'm not saying the new exchangeable token will usurp bitcoin; just saying that there are a LOT of investors out there seeing value in an "exchangeable-only" token that isn't even that exchangeable (given BTC's block timing, transaction throughput, and fees).


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Uh, I'm starting to understand, really using it as a currency is possible to find value. If someone creates a plugin and payment gateway for websites and stores, it would help a lot to happen.

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using it as a currency is possible to find value

Yes. And Tesla's recent Terms & Conditions related to purchasing a Tesla with BTC highlights the 'Bitcoin Flaw' that I wrote about here and here (and will be writing about again, hopefully sometime soon).

If you end up returning the Tesla you bought with BTC (e.g. under a "lemon law"), Tesla gets to decide whether to return what you paid in units of BTC or units of USD.

Who wants to use an exchange currency that wildly fluctuates in value? An exchange currency should be a stable measuring stick by which you can compare goods and services at any given point in time and over time.

I believe POB (as currently constituted) represents an improvement over BTC in that regard (and that will be the subject of my in-the-near-future "Bitcoin Flaw (Part 3)" post). However, I believe a bifurcated POB (e.g. exchangeable-only POBx, and voting-only POBv) would be better, because the decentralization force (the proof-of-brain and proof-of-stake functions) would become (mostly) immune to the influence of whales and hostile takeovers.

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Actually, the concern I brought up in our discord chat was about the token that was not exchangeable. I don't see how a token that can't be transferred or traded can have any value. If it's just your influence on the platform I guess you would probably just call it something like karma points like on reddit. However, I would also be concerned about the the exchangeable token as to what value it has besides the ability to transfer/exchange it. I can't see that it would necessarily have much value as those are basic functions of any token and there are many tokens these days that have more features or at least a better reputation as a currency. But like you point out below, at least it would have a reputation of being able to be mined by anyone even with just a smart phone. Of course that is true of POB as it is now as well.

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