Bitcoin Forum

Apparently, Bram Cohen, founder of BitTorrent, has announced plans to introduce his own crypto-currency within the next few months.
http://www.trustedreviews.com/news/death-to-bitcoin-bittorrent-reveals-plans-for-rival-cryptocurrency

If he was able to put a cryptocurrency value on each seed that BitTorrent users currently serve/seeding. It might just be something :)
Bittorrent users will be able to provide seed and earn cryptocurrency amount per uploads :)

Coins are mined just by user seeding.
(proof of seeding)

This can be an interesting development. I hope the team of programmers and developers behind this coming cryptocurrency can really be able to make it into the market in the right shape. Well, this is certainly a big good news for many BitTorrent users and fans all over the world. I for one will be interested to be a part of this nice-looking project. I can sense that more and more niche projects are riding the fame of the cryptocurrency thing. I am just hoping that investors in the end will not be holding an empty bag. :)

If all the torrent users in the world adopt  this cryptocurrency,bitcoin might face it`s strongest competitor. ;D
I don`t use torrents i never will ,but there is big potential in this project.

Make it PoU = Proof of Upload and everyone will be happy.

The more you upload, the more coins you earn. This is the real PoW which is superior to ASIC mining. This has the most potential than any other alt coin that came up till now. Might be the next "real" big thing.

looks to me like everyone these days wants a piece of the action! after the recent big coins that filled the news with the hype spam to pump it is obvious that everyone sees a potential market to milk dry!

putting money on something that has been free for years is just going to kill it in my opinion.

If there's an attempt to monetise torrenting, the torrenters will simply say fuck off and do their own thing. That's why they torrent.

I can't see any indication of him planning this and he's probably sad that his invention is a byword for dodginess.

Indeed, if he tries to make people pay for torrents he's going to fuck himself up. I doubt he is that doubt, people don't want to pay for anything generally, let alone digital stuff that is already available for free.

But then again, uploading something on the internet is also free, and people love making free money, so I can see it being balanced out by this fact.

Bram is a good guy, understands why Core is best and why BU is crap etc, so I can see him delivering a good an interesting project. I'll surely buy some, I can see this pumping hard..

LOL, i am not going to read an article that is about another "rival" cryptocurrency for bitcoin. what is that now, did we get past the 1000th coin that made this claim already or not yet?

in any case, what is this coin supposed to do, can anyone give me a TLDR. people go buy "CohenCoin" and then pay to be able to download what is already free. or possibly pay to get pirated stuff?!! i am sorry but i can not come up with any reason why we need another coin for something that a couple of thousand other altcoins are doing.

I actually hate people creating coins for the weirdest things, like that concoins. What is the point of creating new coins that do not have anything innovative but just to create a coin for a particular purpose? Why not just use bitcoins for bittorrents? It still does the same thing and it doesn't need to create a new shit coin.

Well, at least he is not going to use Bitcoin for his service that promotes elicit activities, so we {Bitcoin community } cannot be blamed for this.

I am so sick of the finger pointers, saying Bitcoin is used for illegal activities, so let them do this with their own Alt coin. Yes, we will miss out on

some adoption, but we will be free from the flaming when this backfire.  >:(

This is awesome !! Very clever I'm not sure why noone had thought of it before. I will seed even more then I currently do anyway. :) Get paid too !  ;D


Actually concoin is pretty good and has an actual use and reason to be same as this coin.

I like this news.
Hope to hear soon about the release date of the coin)

I was wondering when something like this would be seriously considered....However, I do see where it might cause a backlash.  A project like this doesn't mean that downloads are paid for....it just means that seeding is paid with an otherwise arbitrary asset....right?

This new coin will have potential it may be something fresh and unique. But why in the name of Lord everyone is is wishing bitcoin bad?
Real sing new, even good and advanced altcoin is won't necessarily mean death to Bitcoin. Ethereum didn't kill bitcoin.
Why people assume that this new altcoin will kill bitcoin? There is plenty of space for new and well developed coins.

I agree with that 100%. I don't know why Developers make all those alternative coins and people get emotionally attached, and start all time hyping for their beloved ones until they pump, and then transfer them to Bitcoin or fiat ??? Such a loyalty, Altcoin lovers!

Humans are always looking for opportunities to make money, that's usual. All of these altcoins are a clear result of that.

But isn't it interesting that BitTorent  now wants a cut of the pie of cryptocurrency industry?  They have the idea of mining thru storage space, seems like burst coin, since they think that PoW is just a waste of electricity but isn't Data Disks are consuming electricity too?  This might give a spike of price on the storage disk since once this project started, there will be a lot of demand on disks.  Though I wonder what is the difference of their project to burstcoin.  Quite intriguing isn't it?  And take note Bram Cohen, founder of BitTorrent said that Bitcoin at its current price is "overhyped", seems he already stated the obvious, he wanted to create a new cryptocurrency as a rival of Bitcoin.

What a great idea. This is going to be the next big thing in currency.

It's supposed to make the dev rich of course  ;D... and I bet it works. They could probably do a dutch auction like Gnosis just did and walk away with over $100 mil.

Interestingly, I realized that sites for torrents already allow users to receive donations in Bitcoin, so there are already a large number of uploaders who are familiar with Bitcoin, and who would be interested in this cryptocurrency.

And check how much those sites receive in donations. It's bleeding pitiful. And I assume most of the BTC sent is nicked as well.

Well, to be fair, the users of Bitcoin are often more reluctant to give donations to people online (partially due to potential value changes), but even then the entire online community is often fairly stingy with their donations and it isn't all that common for people to give anything to others.

You are right, though, the donations have been very minimal in my observations. Maybe my hypothesis is wrong.

That is an interesting development Bittorrent always had the Peer to Peer aspect that was applicable to cryptocurrencies the only issue that remains is the size of the block and the type of storage. Maidsafe, Ether etc already have the design similar to storage so how they do it different would be worth watching. Well off to the observing panel.

What do you mean with"very minimal "? Should rich guys donate to them?

Nope. It just demonstrates the appetite for torrenters to part with their money.

Here's the address posted on the Piratebay - https://blockchain.info/address/129TQVAroeehD9fZpzK51NdZGQT4TqifbG

Those countless billions of dollars worth of content have garnered...

Wait for it...

11 BTC in donations.

Anyway, as I said before I don't think this is going to have anything to do with torrents. He probably wants to separate himself from that dark little corner.

BitTorrent always has been a "free" service and make a cryptocurrency based on storage, what make it different to others?  there are already other projects similar to this. Also, I think that make a project like this maybe would do a negative effect because some users aren't accustomed this technology or simply won't be in accordance with this.

Yes that's right. Coins will be paid out according to some formula they have and given to you for seeding. What we will be seeding is another story. Maybe it doesn't matter. But I think they should have their own library as well. Just a thought.


What are you even talking about ? There no projects like this. Also if someone doesn't use torrents then this isn't for them so I'm not sure what you going in about when you say some people are not "accustomed".

I think this is a good chance for bit torrent to raised funds and improve its services through ICO. Bit torrent / torrent as a name is already known and I think its easy for him to raised higher amounts since people are enjoying the benefits of this system. I am also supporting this project if ever this will be materialized and push through.

This is just going to end up being like any other coin, it's going to garner an insane amount of attention due to the simple fact that the person in charge is someone who actually has some sort of following due to the company / service he provides to people. With this known, people will think he has a reputation to uphold and his coin has to do good simply on this fact of reputation. But like anyone else, this guy is simply going to make a ton of money off peoples' false hope and hell run away with a lot of money.

This is going to be everything but revolutionary, sad but true.

this is usually the case with all the donations. and also partly because most people don't even have bitcoin!
also there are lots of donation addresses, mostly belonging to the content providers (pirates) and some donations go directly to them. and we all know that bitcoin is not anonymous and DMCA is watching, shh

well its another project to watch out and see to it that it will served its sole purpose, we are looking for the service that will make the progress
continue and served the needs of the project, as many of us here waiting and watching where this project will bring, keep moving forward and
make this things happen for crypto lovers.

Lol. Not another coin that will so called "beat" bitcoin. 1000 coins have tried, 1000 coins have failed. I like the idea though, but I don't think this will become a bitcoin killer.


"Cohen also took aim at Bitcoin during his appearance on the podcast, saying he considers it to be "still over-hyped".

He added: "it's getting a lot more media attention than the actual impact that it's having so far... a lot of people get excited about Bitcoin because it's gone up a lot in value and they have made money off it."

Its all about the money. Cohen just want to have a share of the market because crypto-currency, bitcoin for particular is very popular now and prices are getting higher everyday. For all we know he has already a lot of bitcoin in his wallet as investment. Everyone is really jumping on the bandwagon now and riding the new revolution - Bitcoin.

this resemble a bit datacoin, an old coin that give you reward for uploading data on torrent, not really a new project, and i would prefer if they focus on implementing bitcoin in their idea

all this "i want to create my own coin" is always detrimental and have no future, in fact every time someone even among the big(google or microsft) try to do it , it will always result in a failure

it is perfectly understandable to be honest ;)
there is a huge market with a lot of profit that is also easy to make. you just code and then premine, ICO, crowd-funding, or whatever else you want to call it and then release the code and people pay for it and you get rich.
although i am a bit disappointed to see someone like Cohen do this. i hope i am wrong about my assumptions.

I think I got your point here. Though I like the idea of this proposal but of course we need something that this coin has a purpose or demand. I hope they are serious about this project and continue to innovate the said system. I am hoping that this will not become a money making activity only but something with significance for the benefit of all.

Great info, coin for ""seed"". This is other way to used internet money

That was a great idea. The users will gain from bittorrent while seeding a file. This will result to every file from the servers of bittorrent have more seed. That will increase the download speed of files. This will be a revolutionary change for the torrent community. I do hope that bittorrent will launch their ICO soon and I am sure that this will be a hit  :)

That is one way to promote seeding just like Leech all you want but we get paid to Seed now so it's all good, even still the premium seeding sites will likely remain popular.
(From the leeching battle to the sharing and seeding battle that would be fun to watch)

If this project succeeds I think downloading torrents sometimes will be faster because there will be many seeders because they can earn some coins just by seeding. I think this project might be useful not to us but of course to those who download torrent since torrents will be faster to download. I do hope that they wont make torrenting be a paid service because of this altcoin they made.

That is basically the precedent hinted at here a distributed altcoin tor would mean that those who participate need to have a way to earn which we presume is seeding files. If so then we may see a division of bittorrent to a paid and unpaid section with different seeders. We already have private torrent sites with minimum seeding requirements to join and stay a member so I can see little clubs being made if it keeps the P2P structure and has a filter mechanism. Hard to speculate there isn't even a whitepaper to explain how it functions.

If it's just storage though Maidsafe already has good progress on that front but there can be more than one, the skill level and development paths may share similarities but they may be complementary to one another in the end.  
https://maidsafe.net/

Yup, because torrents are kind of hosting illegal files so BTC definitely has some degree of anonymity associated with it.

Beyond the obvious comments of "this guy doesn't really know what he's saying about Bitcoin", there are some remarks left to be made.


He's late to this "storage mining" trend, that has already come and gone (reminds me of Burst and Storj). Not sure why he thinks he's developing something entirely new. Joystream is also being developed, although at a rather slow pace (but at least it works via Bitcoin testnet already).

Anyways, it will be interesting to see developments on this, although upload credits had quite a few people against them in early p2p years... It will all depend on how they implement this. If they do it right, it may be a way to support big uploaders. I hope they factor in not only just upload speed and GB uploaded, but also time spent uploading or at least available to do so.


I don't think they'll say no for a small reward if they keep files online.


Incorrect, you should read up on torrents.

Earning from seeding was not a new idea after all. I found a thread here that claims a torrent site is already using this concept.


I have to say, I am a bit disappointed that Bittorrent's idea was not new at all. I admit that I am not that updated in terms of the news about bitcoin. To think that I praised them about their idea.   :(

Interesting.

I think BitTorrent and Cryptocurrencies could go well together somehow. I am not exactly sure how or what project will "win" yet. There are already a few projects that are working on this or something similar. I am minimally invested in:

vTorrent:
- Incentivize seeders and uploaders
- Publish torrent metadata on the blockchain for search purposes (decentralized piratebay)
- The dev is weird/unresponsive and doesnt give many updates, it may be a scam I am not sure... but I only have some change in it just in case it blows up.

Visio:
- Already integrated with IPFS (decentralized internet)
- Already stores IPFS hash (web address) to content
- Already has a website integrated with IPFS for movie streaming (http://www.visio.wtf/)
- You can also do all of the above in the downloadable wallet
- Active and responsive dev

I've been looking into other projects along the same lines too. I found Atmos (Novusphere.io), but there seems to be a lot of discontent from ICO participants. Similar to the discontent from vTorrent token owners.

I think Visio currently has the edge, but I have yet to figure out how they are planning on monetizing everything and bringing value to the Visio token. I kind of agree that making people pay for things will not be very popular. The only other alternative I can think of is using inflation to add incentive like Steem does, but this didn't work out very well for Steem. So, who knows...

This would really be something I'd be interested in. I've been a faithful user of torrents since the late 2000s. I wonder how much coin I could have accrued through all my seeding over the years. Regardless I hope other torrent sites will consider implementing or adopting a coin such as this. I wonder though how they will integrate the sending of the coins into the network.

I've been contemplating over the feasibility of this project myself too but if they are able to succeed maybe we can also profit from seeding files online.

This is the bitcoin address of The Pirate Bay, aruably the most popular torrent site at this moment:
https://blockchain.info/address/129TQVAroeehD9fZpzK51NdZGQT4TqifbG (https://blockchain.info/address/129TQVAroeehD9fZpzK51NdZGQT4TqifbG)
Over the years they started acceping bitcoin in 2015 and since that time people donated more than 11 BTC
I don't think a sending a donation to TPB can be associated with fact that someone is downloading pirated content.

Love the idea of being able to earn a currency by uploading to a certain tracker, and then being able to donate part of that currency to the tracker to keep it running. Not only will this help torrent trackers survive, but it will incentivise seeding, particularly on public trackers where it's basically nonexistent.

They will not have a hard time promoting their own crypto currency since they already have a user base.Bittorrent is another example of programs that utilize the power of crypto currency and many more programs are coming in to take this kind of opportunity.

this is great. this morning while walking with a friend we were talking about a coin for torrent file sharing system. so i searched later and found this thread and an article about bram cohen https://torrentfreak.com/bittorrent-inventor-bram-cohen-will-start-his-own-cryptocurrency-170424/
i cant wait for this coin to launch !

Really interesting...This will really promote the advocacy of free file/info sharing.  Earning while sharing.  My 100% support is on this.

I am a bittorent user, digital currency is the strong attraction of every investor. Do not waste the best moment to try new innovations, that's better. Many agree with this project, and many do not support it. It's Normal, a challenge to seriously design this project.

This is one project that can be developed so that peeps can earn while they seed their files. Might be used by pirates but if we can develop it so that we can start first with legit files - our own personal collections.

Yes this is true, they won't have much of it. This service should stay free.
People will go other places as seen before. Bad investment plan.
Why? Because you think this is something new, whole idea already existing and there is not much interest for this i presume. People will always choose gratis things, instead of buying them. This is basic of human psychology.