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Author Topic: Michael J. Trout - Open Startup project integrates Bitcoin  (Read 1220 times)
minimalB
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April 18, 2012, 05:37:25 PM
 #1

I searched the forum and didn't find anything regarding this.

This project uses Bitcoin as a core element.

http://www.youtube.com/watch?v=UKvkCKIWuGw

Roll to 7m:30s
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April 18, 2012, 05:51:02 PM
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interesting.

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April 18, 2012, 05:57:00 PM
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As far as I get the (kinda confusing) idea is that he wants to have something like a "facebook for ideas" supported by Bitcoin miners. Every time they interact with some idea posted there, they send money to that idea - making it easier to bring it into reality.

Interesting concept, but I don't really get how they want to solve the weighing problem: If I have 1000 BTC and someone else 1 BTC, either 1 like costs a fixed amount (which might mean I'll never spend my 1000 BTC) or a fixed percentage (which means my like is 1000 times more important, only because I'm a geek and have a huge mining operation running in my basement)...

I'd love to have something that I read in a SF book: logarithmic scaled + weighted voting. Depending on the amount of money you have deposited in the national central bank (= the platform in this video) your vote counts as the decimal logarithm of the balance. I see problems with this in a internet application though as it might be too easy to create "sock puppet" accounts. It might be necessary to include a PGP web of trust or similar...

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April 18, 2012, 06:27:59 PM
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Interesting concept, but I don't really get how they want to solve the weighing problem
As far as i understand, everything is "percent" based. If you have more bitcoins, your likes, follows, etc will cost you more.

He explains how bitcoin is going to be used here:
http://www.youtube.com/watch?v=mp_pb2tS_aA
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April 18, 2012, 08:49:59 PM
 #5

As far as I get the (kinda confusing) idea

Yes, I've watched a couple of the videos and don't really get the approach.

My conclusion after giving it my 15 minutes?  

It appears to be a concept where the valuation of your startup (funded from Open Startup) gets locked in and if the startup succeeds 80% of the gains will be reinvested towards other projects and 20% of the gain can be cashed out.

Investors in startups are very selective on which companies they fund -- that's why they aren't instead choosing a managed fund somewhere that takes care of their money for them.

Because it is hard to attract investment with this "lock in" approach, Trout appears to think that those with proceeds from Bitcoin mining might be more willing to participate -- to invest with their rigs?.  I couldn't ascertain if the funded startups had anything to do with bitcoin other than that being the currency used for receiving the funds and paying dividends.

If GLBSE and MPEx weren't around, and this was the only other option that we'ld see bitcoin-related startups get funding then getting funding through this method (and committing to reinvest 80% of future gains) might make more sense.  But this approach has a lot of competition, especially now that the JOBS act / crowdfunding law has passed in the U.S. and the crowdfunding concept gains further traction around the rest of the world as well.

Maybe I'm completely misunderstanding the concept though.

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April 18, 2012, 11:56:01 PM
 #6

I think he essentially thinks that mining is really easy to do, so anyone interested in this platform could just while browsing the page also mine for the platform and distribute these coins via their interactions.

I believe this is flawed because some of the most interesting ideas + companies aren't the most popular from the beginning. Also it doesn't solve the "upscaling" problem that hit for example Bitcoin hard last year - when it bubbled from a bunch of nerds (sorry guys) trading VPSes and Alpaca socks for their monopoly money to "the big thing" in a few weeks. You can't simply hire 50 more people at MtGox and carry on for example if you're a hand full of guys to begin with.
Also I fear that this would only lead to sensationalist products like "Action figure of Batman riding on a shark with a laser pointer attached to it's head + a button that plays the nyan cat song!" instead of meaningful stuff. Very often the useful stuff gets done and THEN people start liking it and the useless stuff gets debated a lot and then someone even does it. It might become the 4chan of startups + crowdfunding...

On the other hand, it might work out, who knows? Show me the platform (in some "real" form, not as a ppt on youtube) and I might give it a try. The basic idea is kinda interesting: You discuss about ideas and hold shares in a common fund - and depending on your amount of shares you support the things you like and make it more likely that they become real products.

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April 19, 2012, 12:38:05 AM
 #7

https://bitcointalk.org/index.php?topic=1910.0

This was something posted awhile ago which is similar in concept.

minimalB
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December 12, 2012, 09:21:37 AM
 #8

Today, Open Startup !ncuabor (OS!) wiki platform should start, but i can't find it :/

I hope the project is not dead, i personally like the principle...

More here:
http://foundups.com
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