Comment by akanet | Hacker News Reader

Comment by akanet | Hacker News Reader

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The LBRY team had a reddit AMA earlier wherein many redditors asked some very pointed (though often impolite) questions that I think were not answered very well by the team: https://www.reddit.com/r/IAmA/comments/50tyub/were_the_nerds....

The top comment, reproduced verbatim:

Suppose i created address with name of my company lbry/:Mycompany and i bought this address at 1 LBC.

On that address i will be posting my music that i created myself. This address becomes very popular. People often going on that address and buy music created by me. After 4 months it appears my music that you can find on address lbry/:Mycompany becomes very popular. So some guys came in, he sees that many people come in to that address to buy stuff. So he buys lbry/:Mycompany with 1.1 LBC and started posting his content and sells it. So the first guy who created lbry/:Mycompany in a lose position here. He make this address very popular to attend and then he loses it. And right now it is a headeache for him to try buy back this address on greater price or make another name.

So what is the point of such system?

>So what is the point of such system?

Let's go deeper. There's three parties involved in this market. Users, platform providers and content creators. The users dictate the terms. Where they go the others follow.

What is this whole technology providing for the users? Nothing, at least nothing of mass appeal.

It's a losing strategy.

The best example of this is Ebay/Paypal. They always put the buyers first for the same reason and Ebay alternatives who don't never catch on because the buyers don't want to use a platform that is not biased towards them.

Lumberjack, I agree with you. this is technology just for the sake of technology. As a user I don't see any kind of valid use case.

Maybe I'm wrong, but I need to see a more compelling use case than the "small guy producing content", considering YouTube DOES exist

If there are enough users, they can outbid a minority bad actor. I think that's the idea. Decentralized democracy where you vote with capital. I'm not sure if there are better ways to do this? Although I think this could be combined with trust system somehow (so all capital wouldn't be equal). I.e. known bad actors (also selected via bidding) could have less valued capital. So the value of the users capital would be based on their trust. Not sure if that makes sense.

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