Really nice Remix Simon! High five!!
Great job on the wallet updates.
100,000,000 FUNK is going for about 1.00 BTC on Allcrypt
This morning I really started to think about the economic reality of the FUNK coin. If you take away the music part of it, and look at the coin itself. It's undervalued because it's either unknown to people, or they think it's a niche market. That's no matter how you look at it.
The fact is that currently the prices have been stable and this is good, because if you add the music part of it back in to the mix, this becomes much more than just another cryptocurrency. Now take the currency part out and just look at the music part of it. You have open source music which like Simon said in his recent interview is that we are like minstrels of the old days. I really like that idea that we are bringing back the wandering minstrels of yesterday.
The only part I disagree with, and maybe I'm wrong is the part about the demand for the currency increasing with the popularity of the music. The way I see it, the demand for the currency will increase when people want something they can only get with FUNK coin. Right now, I make the music and it goes up on Soundcloud for free, which is what I wanted.
So here's where the reality check comes in to play. I can make more FUNK coins mining them than I can making music. It sours my pickle to hear that someone would have hundreds of millions of FUNK, which they mined just sitting there in a wallet. Now, imagine if the FUNK coin were a feed the hungry coin. A FOODCoin (why hasn't anyone made that yet?) that did something noble like feeding the hungry (which the FUNK coin is supposed to do BTW, musicians get hungry too). If someone just hoarded the coins in their wallets, no starving person would get fed.
If I spend an hour making a remix pack I can get 100,000 FUNK. I've been getting almost all of my FUNK contributions from the Cypherfunks wallet from Simon, and not much has come in from anywhere else yet. It feels really good to get some FUNK after working on music, because I feel like I'm finally getting paid for working on music. The problem is that I can make more money mining FUNK than I can making music.
The only way I can see the Cypherfunk work, (which I'm convinced it will) and by work I mean as a way to feed the musician and more.. Is to turn this currency into something that will provide people something they can only get with FUNK coin.
One of the biggest problems with BTC is how do people spend them? Solutions to that problem are appearing everyday for bitcoin. Still today we don't have a solution for the FUNK coin. We need a way to use the Soundcloud platform as a small teaser to convince people to spend FUNK coins to buy digital music or other music related products and services.
So we need a way to accept FUNK for purchases, just like Bitcoin can be accepted for purchases. A payment processor solution for FUNK.
I've been thinking of making an EP and releasing a single from the EP for free, and giving short samples of the EP to listen on Soundcloud. The rest of the EP you can buy with FUNK coin on my website or a Cypherfunks store.
I like the idea of everyone having their own website/store to decentralize the stores.
I just see what we need is a way to sell stuff using FUNK coins.
What are your thoughts?
It will certainly help to have a unique use case for the currency. It is not required, but definitely helps.
I wish I had more time to work on this (or at least more resources). I've been neglecting my start-up, so I need to get back to that asap.
fwiw, we've been thinking of repurposing
http://min.io (old side-project developed with a friend) to work with FUNK. But I wouldn't do it to sell the music. The music should be free (as much as possible). Also, how do we divide up sales? Theoretically, anyone has permission to re-sell it for their own gain, but it's not ideal.
One thing I did think about recently... Every 6 months or so, we should compile a "greatest hits" album. We do a 1 week voting period of all the songs released since then. Do a voting for a cover. Get money for someone to master/mix the songs properly (if we don't have a person in the community to do that), then release it on iTunes, Beatport, Rdio, Spotify, etc. Everywhere. Then all proceeds gets turned into BTC. Now we just need to figure out what to do with the BTC. Either we keep it for projects (crowdfunding gigs or something), OR what I like more: we use it to buy up FUNK on exchanges and then simply destroy it (this is easier than figuring out whom to give it to).
That way we increase liquidity, increase price, decrease supply & launch music to the world, making the network spread.
In other words,
our music becomes our multipool. Proceeds from the music (in traditional markets) feed into buying up FUNK on exchanges and destroying it.
We could actually start that as an experiment. RIGHT NOW. We choose & vote for a song/single and we go through the whole process. If everyone likes it, we need to start figuring out the costs.
Things that need to happen:
1) Choose a single. Best way to do this? Vote on Reddit?
2) Get a member to master/mix it to standards.
3) Do a contest for cover art.
4) Determine costs to get on iTunes, Spotify, Rdio & so forth.
5) Put for sale on bandcamp as well.
6) Draft a PR page. We send it all music media sites. Pitchfork, NPR, etc.
The original unmastered version will remain free to listen & downloadable.
All sales will be put into BTC/LTC and be used to buy up FUNK and then subsequently destroy it.
I haven't through this whole process of getting music on these sites. Anyone have ideas?
Thoughts?
