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Incentivizing the debunking of myths - introducing MYTHBUSTER SLP token

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1 year ago

Article is also available in: ⬤ Español ⬤ português ⬤ Deutsch


Earlier, I posted "A roadmap to busting small blocker myths about Bitcoin".

Somewhere in the back of my mind I was thinking: How can I incentivize people to participate in this? If that could be done, a whole lot of myths could be exposed in short order, and less newbies would be confused about Bitcoin (Cash).

SLP tokens to the rescue!

I've created a reward token called MYTHBUSTER .
I will hand these out to contributors to the myth busting effort, and whoever receives some is of course free to do with them whatever they want, including

  • keeping them

  • passing some on to their friends or relatives

  • selling them on open markets (e.g. Memo.cash)

  • burning them (wouldn't recommend it)

But what are they good for?

These tokens are intended as a reward token, and for dividends issued by anyone feeling generous toward the mythbusting effort (using a tool like https://tools.bitcoin.com/slp-dividend-calculator/ ).

I'm not making promises of big riches here, but dividends can be allotted to the token holders in the form of BCH or other SLP tokens. Such payouts are fully permissionless on BCH, meaning BTCfork or anyone else can reward token holders.

As such, BTCfork can take no responsibility for whatever coins or tokens are distributed to the holders of these tokens. So if someone, someday, sends you some FREAKING FROGS, don't blame us! :-)

How is it going to work?

Step 1 - you contribute something to the myth-busting effort. It can be anything that's meaningful - an idea, a correction, a researched factoid, a diagram, links to resources, an entire article. Whatever helps bust a myth that's on the list.

Step 2 - you notify @btcfork via a roadmap post comment or any other comment I'm likely to see on this platform.

Step 3 - you provide an SLP receiving address

Step 4 - if I find your contribution valuable, you receive MYTHBUSTER tokens from btcfork. Anyone else can of course also give you some, once you have published an SLP address for receiving them

Step 5 - you may receive other tokens or BCH to your address at random times when someone does a dividend payout.

How do I get an SLP address for receiving tokens?

Get a Bitcoin Cash wallet that supports SLP (SimpleLedger Protocol) tokens.

I recommend either the Badger Wallet, Crescent Cash wallet or Electron Cash SLP edition. If you know of any other good ones, let me know in the comments, and you can earn your first reward!

How many tokens will I get for contributing something?

That remains at the discretion of whoever is handing them out, but I suggest a kind of logarithmic scale for contributions:

  • 100 tokens: for a major piece of work (e.g. a full article of your own which busts a myth on the roadmap, or some other piece of work which required major effort, like a complex illustration or diagram provably of your own doing and contributed freely with a license that allows sharing)

  • 10 tokens: for an important link to relevant researched information, such as articles written by others on a myth we want to bust

  • 1 token: for minor contributions like good feedback that helps improve existing content, e.g. spelling or grammar corrections, pointing out logical errors

The scale is sliding, and amounts in between these points may be chosen according to own judgment of the value of a contribution.


That's all for now - see on the mythbusting trail! :)

From: Gold coins for sale in the by Dubai Gold Souk, by Wehwalt, CC BY-SA 4.0

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Comments

Maybe in the future, one's SLP token holdings can become like the trophies on reddit. Some may have monetary value, but others may have a more subjective and reputational value, and might even be non-fungible.

$ 0.50
1 year ago

Yes, this will happen. (it's already happened to an extent)

There are limited edition artwork tokens (NFT) for example. And the SLP torch. And MEMOOG19.

The list will only increase!

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1 year ago

I like this idea.

I'm not making promises of big riches here, but dividends can be allotted to the token holders in the form of BCH or other SLP tokens.

there's another way to do it: generous supporters might create market demand for MYTHBUSTER tokens (for example on memo.cash). This is better in at least one way: potential reward (in BCH terms) can be guessed from looking at the market. With dividends you have to kind of hope or believe promises.

Did you already create the token? I can't find it.

$ 0.00
1 year ago

https://simpleledger.info/#token/306036ced7666a577933130a374bd2bebe1d6cf82a3e93858f64795a267d0663

I minted 1111 so far. I'm not sure about the best way to create market demand for it, I have to leave that up to future holders to decide.

I thought about selling some on Memo, but it doesn't feel quite right to me at this point in time because I want people to view it as a reward token that should be earned. Also, the Memo token market doesn't yet work well enough for me to really like it much. No friendly token search function etc.

But I see your point.

p.s. if you'd like to communicate an SLP address in private, you can also PM u/btcfork on Reddit, or suggest a secure channel via there.

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1 year ago

I thought about selling some on Memo, but it doesn't feel quite right to me at this point in time because I want people to view it as a reward token that should be earned.

No, I didn't mean for you to sell them, but for those who received them from you as reward. The recipients could then monetize them by selling them. Someone like me could create demand by putting BUY orders and I would end up as a bagholder, of course. Clearly I would only do this if I knew there was limited supply and if I could trust you to not just give them out willy-nilly or sell them directly to me.

$ 0.00
1 year ago

Might work, but AFAIK there is no such thing as buy orders on the Memo exchange (yet). If there is, I need to find out about it because that's one of the things I miss on it. So unless they've implemented it, one would need to find another exchange with more traditional order book features.

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1 year ago

This will hopefully incentivize participation and give some value back to content creators. See if you might want to take part! :-)

https://read.cash/@btcfork/mythbusting-2019-holiday-competition-santas-airdrop-8f8f07c3

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1 year ago

One thing the dividend tool lacks is the possibility to construct a link like: https://tools.bitcoin.com/slp-dividend-calculator/?token_id=306036ced7666a577933130a374bd2bebe1d6cf82a3e93858f64795a267d0663

I think you also need to add a token_id near the dividend tool link so that people can easily airdrop some BCH :)

$ 0.10
1 year ago

Thanks, I think I'll publish a future article with some instructions for wanna-be donators, once I've experimented with it.

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1 year ago

Let's test the quick reply from the notification screen. Does it work?

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1 year ago

Things on read.cash usually work :-)

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1 year ago

Don't jinx it! Oh we forgot to remove the id :)

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1 year ago

Coool shizzle.

$ 0.00
1 year ago

Hi,

I published a German translation of this article: https://read.cash/@kaogumi/de-anreiz-zur-bekampfung-von-geruchten-das-mythbuster-slp-token-53482ad1

simpleledger:qz8hj7s4slcpdsw49s0tu2nwcq5zy2w845jka9at6f

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1 year ago

Thanks! I will post a reply under that thread.

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1 year ago

ndasMu Koplak

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1 year ago