Bitcoin the sole accepted currency on new social media website

[sharris33]

Just saw a new startup social media site called HangBee that has a big emphasis on user privacy and is using Bitcoin as the sole currency on the site.  You can check out their Kickstarter page here: https://www.kickstarter.com/projects/918187197/hangbee-discover-the-new-way-to-connect/description

Here is a quote from their page:

"Bitcoin is a digital currency that lets you make instantaneous, untraceable purchases worldwide. Every HangBee User is given a Pocket to store their Bitcoins in. They can use these Bitcoins to shop in Marketplaces, make donations to great causes, or pay back friends. Marketplaces earn a reputation score over time. There is only a 1% transaction fee for sellers, which is less than half of what most major credit cards take. This 1% fee helps keep HangBee up and running. To ensure your anonymity, ALL TRANSACTIONS ARE ENCRYPTED. As an additional precaution, during a transaction your bitcoins get mixed into a pool of other bitcoins then delivered."

I personally think this is great to see but am slightly unsure about it.  Thoughts?

[mobnepal]

Seem really nice concept but the main point will be how they gonna sustain the network with only 1% of transaction fee and how they gonna target ads to their users for extra income. If they have targeting option than they may be recording users activity as well as location which is not full anonymity it claims.

[dothebeats]

Seem really nice concept but the main point will be how they gonna sustain the network with only 1% of transaction fee and how they gonna target ads to their users for extra income. If they have targeting option than they may be recording users activity as well as location which is not full anonymity it claims.

Agreed. How would they gain revenue of they don't track the locations of their users viewing the advertisements on the site? Also, a social media website which is a kickstarter implements an internal marketplace on their platform? I can't fully grasp what they are offering here, but it's great that they accept bitcoin.

[fortunecrypto]

Just saw a new startup social media site called HangBee that has a big emphasis on user privacy and is using Bitcoin as the sole currency on the site.  You can check out their Kickstarter page here: https://www.kickstarter.com/projects/918187197/hangbee-discover-the-new-way-to-connect/description

Here is a quote from their page:

"Bitcoin is a digital currency that lets you make instantaneous, untraceable purchases worldwide. Every HangBee User is given a Pocket to store their Bitcoins in. They can use these Bitcoins to shop in Marketplaces, make donations to great causes, or pay back friends. Marketplaces earn a reputation score over time. There is only a 1% transaction fee for sellers, which is less than half of what most major credit cards take. This 1% fee helps keep HangBee up and running. To ensure your anonymity, ALL TRANSACTIONS ARE ENCRYPTED. As an additional precaution, during a transaction your bitcoins get mixed into a pool of other bitcoins then delivered."

I personally think this is great to see but am slightly unsure about it.  Thoughts?

If this is true then this is a social site to be watch it's revolutionary but how are they going to make a profit from all of this when they only charge that low fee ,I think it is just for a come on because they have not yet tested that fully

[sharris33]

Seem really nice concept but the main point will be how they gonna sustain the network with only 1% of transaction fee and how they gonna target ads to their users for extra income. If they have targeting option than they may be recording users activity as well as location which is not full anonymity it claims.

Agreed. How would they gain revenue of they don't track the locations of their users viewing the advertisements on the site? Also, a social media website which is a kickstarter implements an internal marketplace on their platform? I can't fully grasp what they are offering here, but it's great that they accept bitcoin.

From what it looks like, they are not gonna do advertisements at all, as they have a section that says ad free.  It seems very ambitious to just maintain the site from a transaction fee, and it seems contingent on gaining a large user base.  I guess only time will tell.  I tossed them $5 just to get project updates and access to the Beta if/when it launches.

[dothebeats]

Seem really nice concept but the main point will be how they gonna sustain the network with only 1% of transaction fee and how they gonna target ads to their users for extra income. If they have targeting option than they may be recording users activity as well as location which is not full anonymity it claims.

Agreed. How would they gain revenue of they don't track the locations of their users viewing the advertisements on the site? Also, a social media website which is a kickstarter implements an internal marketplace on their platform? I can't fully grasp what they are offering here, but it's great that they accept bitcoin.

From what it looks like, they are not gonna do advertisements at all, as they have a section that says ad free.  It seems very ambitious to just maintain the site from a transaction fee, and it seems contingent on gaining a large user base.  I guess only time will tell.  I tossed them $5 just to get project updates and access to the Beta if/when it launches.

I'm still kinda skeptic about this project of theirs. Ad free website, huh? Would they only rely on donations and/or transaction fees from the marketplace? It would be very hard for them to maintain the site for a couple of months if they really go for an ad-free platform. Best of luck to your $5, mate. Hope you'll get satisfaction for what its worth.

[Carlton Banks]

It sounds rather like the website is holding all the private keys (haven't investigated the site as such, but phrases like "encrypted transactions" can only be true if said tx's are conducted offchain in a wallet owned by the site, i.e. users have no access to their own private keys). Setting up a social media platform just as a theft scam is a little over-elaborate, but perhaps it could be made to pay off over a longer scam period (or the perpetrator could just be a complete moron ). User beware, you might be the one getting used.

[MingLee]

Hypothetically the system could work, but there is no way that they'd be able to maintain most of their integrity for very long. Unless there are no people to corrupt and the system makes a grand total of $0 at the end of the day, someone would be corrupted or want to see a bigger number and there would be more ads and various other infringements upon one's privacy. Only when effective and truly decentralized social media platforms come out will concepts like this be viable.

[gentlemand]

I think anyone without megatrillions launching a social site needs their heads examined. There's no way of competing with the titans. Even google couldn't really pull it off.

[sharris33]

Seem really nice concept but the main point will be how they gonna sustain the network with only 1% of transaction fee and how they gonna target ads to their users for extra income. If they have targeting option than they may be recording users activity as well as location which is not full anonymity it claims.

Agreed. How would they gain revenue of they don't track the locations of their users viewing the advertisements on the site? Also, a social media website which is a kickstarter implements an internal marketplace on their platform? I can't fully grasp what they are offering here, but it's great that they accept bitcoin.

From what it looks like, they are not gonna do advertisements at all, as they have a section that says ad free.  It seems very ambitious to just maintain the site from a transaction fee, and it seems contingent on gaining a large user base.  I guess only time will tell.  I tossed them $5 just to get project updates and access to the Beta if/when it launches.

I'm still kinda skeptic about this project of theirs. Ad free website, huh? Would they only rely on donations and/or transaction fees from the marketplace? It would be very hard for them to maintain the site for a couple of months if they really go for an ad-free platform. Best of luck to your $5, mate. Hope you'll get satisfaction for what its worth.

I think one thing they may have going for them is they are storing user information or much data because they say everything is naturally deteriorating.  This allows for lower overhead costs than the other big social media sites.

[Carlton Banks]

I think anyone without megatrillions launching a social site needs their heads examined. There's no way of competing with the titans. Even google couldn't really pull it off.

Presumably you still use myspace?

I agree that the giants are difficult to unseat, but bear in mind that is almost certainly because they're a surveillance loss-leader, and so have huge amounts of private cash to burn through in becoming dominant.

Think about it: do you click Facebook ads? Who does? Think again: as a business owner, you know the answers to both questions. Realistically, how many business owners can be suckered into paying to advertise on a platform that they know doesn't stimulate any useful interest in their business? How much would you pay for that advertising? How can Facebook really be generating multi-million/billion profits from that model? How can Google...

[Patatas]

Just saw a new startup social media site called HangBee that has a big emphasis on user privacy and is using Bitcoin as the sole currency on the site.  You can check out their Kickstarter page here: https://www.kickstarter.com/projects/918187197/hangbee-discover-the-new-way-to-connect/description

Social Media and anonymous ? Aren't they opposite to each other ? I mean the point why its called Social Media is because you can be social around the Internet and not anonymous exactly.From the quote below it seems more like a market place.Nothing new.

I personally think this is great to see but am slightly unsure about it.  Thoughts?

Everything else is just basic apart from the coin mixing part.

I think anyone without megatrillions launching a social site needs their heads examined. There's no way of competing with the titans. Even google couldn't really pull it off.

Aren't you talking about facebook ? If yes,trust me if someone can actually pull it off ,facebook ending days shall be seen soon.People are bored of it already.

[Captimiz]

How much hype around this thing? We know it probably won't be as big as fb/twitter, but can we at least reach MySpace levels?

[Alley]

Seems interesting.  I pleged $5.

[BluePanther74]

How much hype around this thing? We know it probably won't be as big as fb/twitter, but can we at least reach MySpace levels?

It looks like this it's still in it's Kickstarter phase which means that it's very early on. They have to reach $20,000 in like 30 or 60 days I believe is how it works. I tossed them $100 simply because I want to see this site get built. They hit on some incredibly important points that are simply ignored by other sites. I wish them the best of luck.

[sharris33]

Just saw a new startup social media site called HangBee that has a big emphasis on user privacy and is using Bitcoin as the sole currency on the site.  You can check out their Kickstarter page here: https://www.kickstarter.com/projects/918187197/hangbee-discover-the-new-way-to-connect/description

Social Media and anonymous ? Aren't they opposite to each other ? I mean the point why its called Social Media is because you can be social around the Internet and not anonymous exactly.From the quote below it seems more like a market place.Nothing new.

I don't think you are anonymous on this site.  Instead, the site says it cultivates privacy by not selling your information, not flooding you with ads, and having everything naturally deteriorate (not storing it once it disappears from your screen).  The Marketplace seems to be just one feature of the site, and that's where Bitcoins come in.

I personally think this is great to see but am slightly unsure about it.  Thoughts?

[/quote]
Everything else is just basic apart from the coin mixing part.
[/quote]

The reason I am excited about is that a social media site is embracing Bitcoin.  Every user is given a Wallet, and it's the only currency accepted on the Marketplace.  This is the type of thing that I can see taking Bitcoin more mainstream if it gets big.

[BluePanther74]

It sounds rather like the website is holding all the private keys (haven't investigated the site as such, but phrases like "encrypted transactions" can only be true if said tx's are conducted offchain in a wallet owned by the site, i.e. users have no access to their own private keys). Setting up a social media platform just as a theft scam is a little over-elaborate, but perhaps it could be made to pay off over a longer scam period (or the perpetrator could just be a complete moron ). User beware, you might be the one getting used.

Whoa there. I'm positive these college kids aren't doing this as a scam. I do sympathize that this project has some holes and will need to have a lot more work put into it though. I have tossed them $100 because I think want to see this get built out.

[BitMan834]

I just spent 20 minutes checking out the Kickstarter. These kids clearly have created something very ambitious and are trying to tackle a task that will probably prove to be far too difficult to complete. That being said I simply don't understand why some people are replying, expressing doubt about their ability to take on Facebook and Twitter. Have you guys forgotten that Bitcoin just started a couple of years ago with a market cap smaller than the money I have in my wallet right now? Have you forgotten that time and time again everyone doubts us, yet we defy all odds and continue to prosper as the primary cryptocurrency? We should rally around these kids and support their project. Not simply ignore them because we are sure they won't ever become "Facebook". I backed them and anybody here who puts their money where there mouth is should too. Plus this site offers Bitcoin a chance of going mainstream which would obliterate the Etherpoop currency. I know there have to be other people reading this and thinking the same thing but I could be wrong.

[owm123]

Just saw a new startup social media site called HangBee that has a big emphasis on user privacy and is using Bitcoin as the sole currency on the site.  You can check out their Kickstarter page here: https://www.kickstarter.com/projects/918187197/hangbee-discover-the-new-way-to-connect/description

Here is a quote from their page:

"Bitcoin is a digital currency that lets you make instantaneous, untraceable purchases worldwide. "

This is not true. Bitcoin transactions are tracable, and users should be aware of this.

Even Theymos in his recent post, states that achieving anonymity with bitcoin is "very difficult" these days:

https://www.reddit.com/r/Bitcoin/comments/4ldwlu/is_basic_income_still_possible_in_a_world_where/d3mqoio

[BluePanther74]

Just saw a new startup social media site called HangBee that has a big emphasis on user privacy and is using Bitcoin as the sole currency on the site.  You can check out their Kickstarter page here: https://www.kickstarter.com/projects/918187197/hangbee-discover-the-new-way-to-connect/description

Here is a quote from their page:

"Bitcoin is a digital currency that lets you make instantaneous, untraceable purchases worldwide. "

This is not true. Bitcoin transactions are tracable, and users should be aware of this.

Even Theymos in his recent post, states that achieving anonymity with bitcoin is "very difficult" these days:

https://www.reddit.com/r/Bitcoin/comments/4ldwlu/is_basic_income_still_possible_in_a_world_where/d3mqoio

These guys clearly say they will use a mixer... Nice try though