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Author Topic: [ANN] Memecom - Trade dank memes, backed by Bitcoin  (Read 142 times)
mappum (OP)
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October 17, 2018, 01:35:29 PM
 #1

Hey Bitcointalk,

We've been working on a project called Memecom, it's a Bitcoin proof-of-stake sidechain with decentralized memes that you can buy and sell shares of.

The beta is live (not using real Bitcoin yet, and the interface is designed for mobile), start trading memes now:
https://memecom.co


You can buy shares of any internet meme by sending Bitcoin to an automated market maker (similar to the Bancor project, or what some people call bonding curves), which puts the BTC in a decentralized pool of reserves. Conversely you can sell shares back to the automated market maker to get BTC. This way, even for small memes there is always liquidity, and it allows speculators to make a profit by investing in the right memes.

As a consequence, a healthy market of speculation around meme popularity ends up curating a list of which memes are popular right now, taking into account all the information the market uses to trade on (e.g. Google trends, Reddit popularity, mentions in traditional media, etc.)

I have some more info about the the pegged sidechain design here: https://github.com/mappum/bitcoin-peg/blob/master/bitcoinPeg.md

This is a very early stage for the project, at the moment you can only trade with fake Bitcoin but I'd like to put this out there to see what people's thoughts are. Thanks.
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October 17, 2018, 03:10:30 PM
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I've always had some ideas about creating something similar to this; but i really don't see how you can market this correctly to people. If it's not decentralized most people will call you a "Scammer"/ think you'll run off with their "Investments". Which is why it's good that you fixed that issue, still, a lot of people will probably still be very suspicious.

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You can buy shares of any internet meme by sending Bitcoin to an automated market maker (similar to the Bancor project, or what some people call bonding curves), which puts the BTC in a decentralized pool of reserves. Conversely you can sell shares back to the automated market maker to get BTC. This way, even for small memes there is always liquidity, and it allows speculators to make a profit by investing in the right memes.
How exactly do you make money?

And; how is the market going to react to certain "memes"- apart from their popularity they have no ''function'' which will result in most if not all of them being a Pump & dump - your entire platform being a pump & dump.. -> Which will ultimately result in no one using/trading on your platform.

Quote
As a consequence, a healthy market of speculation around meme popularity ends up curating a list of which memes are popular right now, taking into account all the information the market uses to trade on (e.g. Google trends, Reddit popularity, mentions in traditional media, etc.)
This would be ideal, however i highly doubt this is what will happen. That'd be wayy to predictable.

Anyway, i'll be keeping an eye on this. Could be interesting.

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October 17, 2018, 03:27:42 PM
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How exactly do you make money?

While it would be possible to build in a founder's reward to the protocol (like Zcash) to show explicitly how much is being paid to the developers, this still seems too scammy to me.

I'd much rather just profit from the growth period where this market is being adopted, so I would make money simply by buying shares of obviously large-scale memes while they are extremely cheap. That seems very fair to me.

And; how is the market going to react to certain "memes"- apart from their popularity they have no ''function'' which will result in most if not all of them being a Pump & dump - your entire platform being a pump & dump.. -> Which will ultimately result in no one using/trading on your platform.

Money is only valuable because people believe it will be, and markets only behave based on what people believe others will do. So the thesis here (which may or may not prove to be true) is that people will believe in meme markets enough to keep money in them (whether for entertainment value or to store financial value). So it's really not different from the thesis that altcoins have value, and we know Dogecoin has maintained a relatively large market cap just for being based around a meme. Actually, it's one step better than altcoins since the shares can be redeemed for real Bitcoin.

This would be ideal, however i highly doubt this is what will happen. That'd be wayy to predictable.

I definitely see this as an experiment, overall nobody truly knows what the future of crypto holds Smiley
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