The Reddit decentralized idea by former employee of Reddit is a donkey, here is real design: (Conspiracy)

submitted ago by k_digi

Here is a link to the 'other' design in which people pay to view content 'lolz'

http://www.trueactivist.com/former-reddit-employee-is-building-an-alternative-website-without-censorship/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TrueActivist+%28True+Activist%29.

  • have a starting peer hold the network (as like now)

  • build the p2p network with another node (just like a mirror)

  • Do not make everyone DL server software I.e NOT everyone needs to run a node.

  • take donations in all crypto and have it auto convert to some 'voat' currency.***

  • Pay full node operators in this 'vote' currency which can be spent back in the site OR converted to paper money.

Summary:

Users would just use an App like normal that would access the site, users never pay, they can donate any currency (paper included) the power of the community will keep the nodes functional, the nodes are paid a certain fixed % of donations taken, it may be low like 10% but as new nodes come online that gets divided between them so too few and more will come too many and some might leave, but the % can be adjusted by the algorithm to an upper bound.

Regards.

Nodes would be full systems run not on mobile devices but depending on the algorithm can be run just on normal PC or ASIC devices, but they are doing this to be paid.

*** the 'voat' currency option could be done many different ways, you could equally make it just 'normal' money to pay node operators but making a 'voat' currency is easier. Then natural market exchanges would allow for the conversion.

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Karys ago

You can't just make up a new crypto currency and then "auto-convert" existing currencies to it... It doesn't work like that. Someone would have to be selling you this voat currency for another crypto currency, e.g. bitcoin.

k_digi ago

actually you can -

source: decentralized economist.

The currency could easily be issued, there is a number of ways it could be activated with full nodes gaining a "reserve" then other % distributed to nodes, If the Devs wanted they could literally mine the currency in a few blocks and issue it like "Reddit gold" to "Buyers" (donators) paying the % to full node operators.-

there is about 100 different ways this can be achieved.

as you seem a little "sweaty" re the non exclusive talk of "Bitcoin" sure, the full node could run off a script side-chain to the Bitcoin BC.

if this system progressed the 'Vota" crypto could be run off a side-chain the 2p2 would run off this chain and the 'vota' woudl be issued in exactly the same way.

Here is where you are getting confused from an economic stand point:

  • You believe that 'Vote Devs" need to buy "Bitcoin" to give to full node operators.

  • That is silly, Bitcoin Devs do not run Vote.

  • 'Vote devs' can issue their own token, just as Reddit Devs did re "Reddit Gold"

  • The thing that makes the 'Vote" token valuable is the actual tangible asset (that is the forum) nothing makes Bitcoin valuable in this case.

Karys ago

Okay, sure you can issue your voat currency in exchange for other crypto, what I was saying is that it wouldn't just magically have an exchange rate and "auto-convert". And there wouldn't be an exchange already set up to convert your voat crypto into other crypto should you want to do a return of sorts. From your original post's wording, it seemed like you expected all crypto to be universally convertible.

k_digi ago

Auto convert existing currency {all other crypto + paper} until said exchange is up and running, also market will fill that gap quickly.

Lots of potential obviously, and this is why this platform is attacked.