I really like the idea of a decentralised band but I don't see how Cypherfunks the currency ties into all this. It seems to have no actual connection to the Cyptherfunks music apart from having the same name. The musicians are just basically giving away their creations and everyone has the option of tipping them in Cypherfunks (currrency). Why not just tip them with bitcoin?
This is a problem Devcoin has been looking at figuring out how to solve. They have a 'collective writing project' - devtome.com and the writing counts as mining, a portion of all the coins are sent to the writers. They've been trying to work out how to do the same for music, but then you run into a whole slew of problems such as: There would be vast differences in the quality of the music, how to judge who should get paid how much? There would have to be voting, which is corruptible and requires a certain size listener base etc. Not an easy problem to solve with the current available solutions!
Cypherfunks doesn't seem to attempt to solve this, we just now have another altcoin that can be used to tip musicians, just like bitcoin or any of the other alts. The only difference is there's a centralised website (thecypherfunks.com) where presumably the upload of music and the tipping of musicians in Cypherfunks will occur as well as a 'brand name/band name' - the Cypherfunks.
It sounds like an interesting experiment but as a musician myself (currently chronically ill and unable to produce anything) I would be hesitant to upload my music to Cyperfunks.com (I don't actually see that as an option :s). So what, musicians can release music anywhere under the name Cypherfunks or not, and then what? Get paid in tips just like any alt?
Can you explain how the system works in a bit more detail please, have I' missed something? I'm looking forward to seeing how this plays out but just quite skeptical at the moment.
No worries. Skepticism is good.
Cryptocurrencies represent different network effects. Bitcoin encompasses a lot more, and thus doesn't represent different niches (various smaller closely clustered networks within the bigger network). A decentralized band (one anyone can release music for) is difficult to sustain, because the incentive to release music to a public good, means you relinquish some of the possibility to gain out of it. If an altcoin represents the collective, then when the network effect increases (more listeners, more musicians), the value of the altcoin increases.
Quality doesn't matter. Cream will float to the top. There's no top-down band 'leader'. It's free affiliation. For a musician it gives them a new option to get heard. If you join a collective that is already known you can get ears listening to it, you belong to a greater community, and you can get tips for it.
It IS an experiment in a way to organise differently for musicians in the 21st century. With barriers to entry getting increasingly lower, the sum usually ends up great than the parts. Hopefully, at least.
Hope you get well soon!
@NielDLR explains it well. Think of it both as stock and currency in a network: the decentralized band.
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Any update on when the wallet will be released?
