The Greatest Bitcoin Invention Ever! (updated)

[BitProdigy]

(UPDATE: Would this apply to LBRY??? I think LBRY needs a better payment system for content creators... why didn't they copy steemit??)



I just had the greatest idea ever. I heard the phrase, "I'll give you my two cents." and thought, "how could that be applied to bitcoin?"

And the idea that hit me was a way to simultaneously monetize a video sharing site like youtube and also at the same time clean up it's comment section:

Make it cost a nominal amount of bitcoin to comment on a video! The proceeds go to the video producer! (maybe a small cut to the owner of the site) What a superior way to monetize than annoying advertisements!

Also, in order to give you two cents, you literally gotta pay up two cents! Do you agree it's the best idea you've ever heard in your entire life or what??

[Harry Hood]

The answer to your first question: How does my two cents apply to bitcoin, divide two cents (0.02) into the current price of bitcoin and you have your answer...today it's BTC0.00006341. That's the equivalent of $0.02 in bitcoin.

As for your real question the premise sounds very cool. The problem I see is what would compel someone to pay to comment on a video (or any type of art). Not that people wouldn't want to comment, but why would they want to so much they'd be willing to pay "two cents" for it?

Perhaps the answer is found in my first response, BTC0.00006341 isn't that much money.

[montreal]

I think more would be willing to spend two cents to remove an ad

[SFR10]

IMHO its not really a great idea if I got it correctly... So you want to create a YouTube like website that pays the producer of the video upon a comment recieved on their respective video plus they should pay upfront two cents just so their eligible for the earning and to add to that, no advertisment shown? .... thats a big NO for me...what if no one comments therefore no earning at all for their effort

[quad588]

then your 2 cent turn into 5 cent because min 10k satoshi transaction fee

[Harry Hood]

I think more would be willing to spend two cents to remove an ad

Haha, yea....absolutely true. Fill in any really annoying marketing gimmick and you'll find people that will pay to not have to deal with it. What about paying to not get all the trash marketing mail in my physical mail box? What about paying to not get all the trash marketing mail in my email inbox?

More to your original idea, i'd pay money to only see the content I want (rather than having to sift through a bunch of garbage I don't want.)

[n2004al]

I just had the greatest idea ever. I heard the phrase, "I'll give you my two cents." and thought, "how could that be applied to bitcoin?"

And the idea that hit me was a way to simultaneously monetize a video sharing site like youtube and also at the same time clean up it's comment section:

Make it cost a nominal amount of bitcoin to comment on a video! The proceeds go to the video producer! (maybe a small cut to the owner of the site) What a superior way to monetize than annoying advertisements!

Also, in order to give you two cents, you literally gotta pay up two cents! Do you agree it's the best idea you've ever heard in your entire life or what??

Maybe you think that this idea is the greatest bitcoin invention ever but me seems that it is not even an big idea (sorry for that and for being direct and sincere). Normally is paid they who give comments about something and not the contrary. The author of something need comments for him's "product" to have feedback about its creation in order to understand how much its work is understand or liked by the people. Every work has success if is liked by the people and every work of every creator want this or have this as a principal aim. Then, if liked, are the people itself who want to own or give appreciation (including the monetary one). You want to compel their who comment to give money in order to have the right to comment. The most normal thing which most of the people who will see the video (after seeing your obligation to pay for one comment make) can be: this guy want my money and not my comment. So lets find another stupid to do this. And will be not at all comments. Or much few likened with the situation when the comment would be free and it will be asked kindly some satoshi as a contribution for the artist. Like it is actually in such occasions.

Sorry if I don't liked you idea but this is my thought. 

[Kprawn]

In this way you discourage people to talk on a free platform. You would also push away or exclude the poor or financially challenged people with great ideas and comments.

I would rather implement something where people with high quality comments get tipped by the owner of the site, funded from advertising income. The AD spammers, could

just be IP banned automatically. 

 

[cjmoles]

I heard a conversation on http://www.bitcointalkradio.com that described some projects that were in development that are similar to your idea; however, their system would have the viewer pay for the content of the video and then be allowed to post their comments.  The value of the comments would give review for the content; thereby, increasing the revenue of the content for good reviews or decreasing the value of the content for bad reviews.  If the content generated a large comment stream, then it would be more likely to be worth your two cents....right?

[ajareselde]

In this way you discourage people to talk on a free platform. You would also push away or exclude the poor or financially challenged people with great ideas and comments.

I would rather implement something where people with high quality comments get tipped by the owner of the site, funded from advertising income. The AD spammers, could

just be IP banned automatically. 

Adding the tipping next to the users's avatar would be a nice idea; it would to some extent even motivate people to make HQ bitcoin related tutorials and similar.
And in regards to sig spamming; it's already being done, as you can clearly see in meta section, where there's always people with banned accounts.

[readysalted89]

I think more would be willing to spend two cents to remove an ad

Haha, yea....absolutely true. Fill in any really annoying marketing gimmick and you'll find people that will pay to not have to deal with it. What about paying to not get all the trash marketing mail in my physical mail box? What about paying to not get all the trash marketing mail in my email inbox?

More to your original idea, i'd pay money to only see the content I want (rather than having to sift through a bunch of garbage I don't want.)

I wouldn't pay for the privilege of making comments and I rarely want to read comments left for a video, most of them are garbage. The OPs idea might stop people leaving any comments at all, which is fine by me but it wouldn't make any money for the site. On the other hand disabling the coding that lets people post comments in the first place would achieve the same result.

[NorrisK]

The idea only works on videos where there actually is something to discuss.

Nobody will pay to say "cute cat video!!!!", but they might pay to give their opinion on a controversial topic, especially if their opponents are already involved in the discussion.

[ranochigo]

It isn't practical at all. Bitcoin isn't designed for transactions as low as 2 cents. In reality, you can't buy anything with it. The current dust threshold is around 2730 satoshis so it isn't too much of a problem and you have to pay 10k satoshi fees for it confirm. It would introduce more network spam as many uses online video sharing websites. It violates the rights of free speech too.

[franky1]

ok the way i can see it working well would be this..

when you write a comment you pay 2cents..
1cent goes to the video producer.. and 1 cent is stored as a '+1' credit..

meaning you get to +1 another persons post..

so lets say 20 people write comments..(40cent total budget) video producer gets 20cent
and then the commenters see that 3 commenters make very informative posts
Commenter A: +12 (12cent reward)
Commenter B: +5 (5cent reward)
Commenter C: +3 (3cent reward)

this will mean that people will want to make very informative comments in the hope people will +1 them, and get some profit from the comments

[S4VV4S]

ok the way i can see it working well would be this..

when you write a comment you pay 2cents..
1cent goes to the video producer.. and 1 cent is stored as a '+1' credit..

meaning you get to +1 another persons post..

so lets say 20 people write comments..(40cent total budget) video producer gets 20cent
and then the commenters see that 3 commenters make very informative posts
Commenter A: +12 (12cent reward)
Commenter B: +5 (5cent reward)
Commenter C: +3 (3cent reward)

this will mean that people will want to make very informative comments in the hope people will +1 them, and get some profit from the comments

That actually sounds like something that might work.
But there already is sites that pay people to post/comment and even like an article.

The OP's idea is not something new.

[Betwrong]

ok the way i can see it working well would be this..

when you write a comment you pay 2cents..
1cent goes to the video producer.. and 1 cent is stored as a '+1' credit..

meaning you get to +1 another persons post..

so lets say 20 people write comments..(40cent total budget) video producer gets 20cent
and then the commenters see that 3 commenters make very informative posts
Commenter A: +12 (12cent reward)
Commenter B: +5 (5cent reward)
Commenter C: +3 (3cent reward)

this will mean that people will want to make very informative comments in the hope people will +1 them, and get some profit from the comments

That actually sounds like something that might work.
But there already is sites that pay people to post/comment and even like an article.

The OP's idea is not something new.

As far as I understand the OP's idea was not to be paid when submitting a comment but to pay if you want to make one. And this is new and interesting idea IMO, because it may help to get rid of many spammy comments.

[franky1]

As far as I understand the OP's idea was not to be paid when submitting a comment but to pay if you want to make one. And this is new and interesting idea IMO, because it may help to get rid of many spammy comments.

as far as i have interpretted a working idea.. the viewers PAY to comment. but can also be rewarded for having informative comments.

lets say another website pays people 1cent for just making a random spammy comment.. 100% of viewers would make 1000 comments.. to raid the websites cashpot.
but by making it cost 2cent to make a comment, that will remove the spam as there is no incentive to write spam if it will cost you.. that way lets say only 1% of viewers decide they want to comment and actually pay for the privelidge.. that alone is a good thing..

and by also having a commenters reward system, more commenters would be tempted to pay to write something.. but not just to spam comments as they wouldnt get any +1.. but to actually have something productive to say they would get rewards.

yes maybe only 10% of viewers will comment in th hope of a reward.. but they would be the best comments ever, compared to 100% of viewers making 1000 comments to raid the 'pot' of the other site

[Slark]

Monetize comments of videos alone is not going to cut it. I watch tons of videos online on various sites:
YouTube, Vimeo, Dailymotion and many others and I rarely, if ever comments rate or upvote them.
And after seeing ratio comments to view I gotta say that rest of the people watching videos are just like me.

[gentlemand]

How many times in history has charging for something that was customarily free worked? People just go elsewhere. Same goes for paying to avoid ads. There's plenty of workarounds that don't cost a bean. I don't think most people are bright enough to realise that they might make a little bit off their comments afterwards.

[franky1]

How many times in history has charging for something that was customarily free worked? People just go elsewhere. Same goes for paying to avoid ads. There's plenty of workarounds that don't cost a bean. I don't think most people are bright enough to realise that they might make a little bit off their comments afterwards.

the idea has merit. but the financial benefit is lacking..
i checked out 3 random videos with high multimillion views..
on youtube the video producers would earn $10k based on views..

but based on the average comments.. and accounting for a drop in comments to 1%-10% of average, because spammers wont pay to spam..
the video producer would only get $10 (1000 less).

so the video's would need to be something inspiring, intellectual, thought provoking enough to get people to want to comment.
so the video's wont be crappy vines or pranks that only get 'lol' comments.. but instead be something like TED talks, news, politics. where the video would leave questions that need answering, to drum up the desire for viewers to comment..... in the hope that the video gets 1mill comments to give the producer $10k

[ebliever]

On this general topic, I do look forward to someone developing a cryptocurrency geared towards microtransactions that can be used for  viewing web pages in general. Right now when you go to the average news website you are being barraged with dozens of ads to read one story (including all the annoying/misleading clickbait stuff).  Imagine just having an account with a couple dollars worth of crypto, and when you visit the news website it just deducts a small amount from your account, but you get a nice, clean webpage with just the news story (or whatever) you were looking for. I think a lot of people are at the point where they'd be willing to pay for that, at least some of the time.

This is slightly related to a project I worked on a few months ago, but tabled for the time being because it involves extremely high transaction rates. Until that is solved, ideas like this will have to wait, at least as far as widespread adoption is concerned.

[e1ghtSpace]

I think more would be willing to spend two cents to remove an ad

Absolutely. With youtube Red this is already happening for $10 a month. Now we need the bitcoin equivalent.

[Blue_Tiger73]

The idea seems decent and all but I don't think people want to pay so they can comment on a video. If they want to comment on a video, they can just go to YouTube and do it for free. Only generous people would do that, and there aren't many of them in the world. So I don't really see how the website could sustain itself. Or you can prove me wrong and start the website, tell me if it goes well.

[cjmoles]

On this general topic, I do look forward to someone developing a cryptocurrency geared towards microtransactions that can be used for  viewing web pages in general. Right now when you go to the average news website you are being barraged with dozens of ads to read one story (including all the annoying/misleading clickbait stuff).  Imagine just having an account with a couple dollars worth of crypto, and when you visit the news website it just deducts a small amount from your account, but you get a nice, clean webpage with just the news story (or whatever) you were looking for. I think a lot of people are at the point where they'd be willing to pay for that, at least some of the time.

This is slightly related to a project I worked on a few months ago, but tabled for the time being because it involves extremely high transaction rates. Until that is solved, ideas like this will have to wait, at least as far as widespread adoption is concerned.

So, the "pay to post" sorta idea and "pay to visit"  idea....are those ideas kinda in the realm of what Ethereum is trying to accomplish....kinda sorta?

[maokoto]

The idea is good in a perfect world. But in my experience, most people would not pay except they are forced to do it. They will likely prefer to be shown an ad before they could comment.

Perhaps some would pay to see the video without ads (as some have said), and that if there are several ads in the video (if it is just one ad at the beginning, they would likely prefer to skip it).

[tiggytomb]

Nice line of thought although I think people would be hesitant to pay in order to add a comment.
If there was a button similar to the thumbs up like button we all know, I think would be more inclned to like a video rather then commenting on it.
  It would be cool to see a site that included video sharing and also a faucet so users could top up their user profile with some dust, then with this they can tip / like the video and over time the more you tip the higher rank you get and in turn a slightly higher percentage from the faucet, the faucet would be fed by adverts and donations etc.

Or Youtube can just accept bitcoin haha

[BitProdigy]

in light of the LBRY beta, i thought this thread could benefit being brought back up...

I like LBRY, I mean we DESPERATELY need a Youtube replacement, the censoring and demonetization is getting out of hand, and I'm CERTAIN there is a way to do it in crypto.

LBRY looked promising, but i just get the feeling charging to watch videos is not the way to go. I wish they could have copied what Steemit figured out, so that it costs nothing to the users, but the content creators still get payed handsomely when they have popular content, and the comments are incentivized to be good, because upvoted comments get paid too.

I really wish there was a STEEMTUBE...

Currently the LBRY beta does not even allow comments or ratings of videos. but should they try beta testing something like charging LBRY tokens to comment, or paying out for up votes somehow? I liked Franky1's ideas earlier in this thread:

ok the way i can see it working well would be this..

when you write a comment you pay 2cents..
1cent goes to the video producer.. and 1 cent is stored as a '+1' credit..

meaning you get to +1 another persons post..

so lets say 20 people write comments..(40cent total budget) video producer gets 20cent
and then the commenters see that 3 commenters make very informative posts
Commenter A: +12 (12cent reward)
Commenter B: +5 (5cent reward)
Commenter C: +3 (3cent reward)

this will mean that people will want to make very informative comments in the hope people will +1 them, and get some profit from the comments


as far as i have interpretted a working idea.. the viewers PAY to comment. but can also be rewarded for having informative comments.

lets say another website pays people 1cent for just making a random spammy comment.. 100% of viewers would make 1000 comments.. to raid the websites cashpot.
but by making it cost 2cent to make a comment, that will remove the spam as there is no incentive to write spam if it will cost you.. that way lets say only 1% of viewers decide they want to comment and actually pay for the privelidge.. that alone is a good thing..

and by also having a commenters reward system, more commenters would be tempted to pay to write something.. but not just to spam comments as they wouldnt get any +1.. but to actually have something productive to say they would get rewards.

yes maybe only 10% of viewers will comment in th hope of a reward.. but they would be the best comments ever, compared to 100% of viewers making 1000 comments to raid the 'pot' of the other site

let's brainstorm

[GreenBits]

then your 2 cent turn into 5 cent because min 10k satoshi transaction fee

LOL right?! and i would be remiss to pay someone in stock; if bitcoin hits 10k that 5 cents turns to 10 cents. personally, im not trying to give anyone a damned bit of my bitcoin, please have some inflationary USD  

Great idea, but I think the majority of youtube posters thrive on the comments section being free. i will never pay to comment; someone could talk shit about my mom and I would stare at the video and be like "man, thats cold, but they arent getting my btc. mom will be alright". I would, however, pay 2 cent for youtube not to loudly advertise shit at me that I will never buy (I have a phone, youtube/google. im not going to buy another one until this one breaks. back off, mang)

This is essentially reverse Steemit. You have something here, incentivize people to post somehow (maybe the most prolific/upvoted posters get a daily/weekly leaderboard prize?)

[BitProdigy]

if bitcoin hits 10k that 5 cents turns to 10 cents. personally, im not trying to give anyone a damned bit of my bitcoin, please have some inflationary USD  

Great idea, but I think the majority of youtube posters thrive on the comments section being free. i will never pay to comment; someone could talk shit about my mom and I would stare at the video and be like "man, thats cold, but they arent getting my btc. mom will be alright".

well, with LBRY for instance, you would be paying 2 LBRY tokens, not BTC