I would have thought if they were good scammers they would have dumped when it was worth a fortune not next to nothing like it is now.
Perhaps it is some kind of scam of a scam.
Anyway best holding tight for now it's is pretty much worth shit compares to a few months ago and they are holding the premine tight are they not? so may as well see what happens now if you bought at higher prices.
I don't think it's a scam, but I don't think it will take off either.
I mean the concept is cool, it's basically bittorrent with integrated tracker, payment system and client and it all seems to have basic functionality already.
The client is also ok and looks decent, even if it is a little basic at the moment the web based content explorer looks fairly professional. The issue is with the content.
It's unlikely that it will gain support from any major content producers, which will keep the user base small, and this appears to be a primarily educational project so I believe the devs will fight tooth and nail the inevitable attempts to fill it with porn and pirated content which would otherwise bring users.
The funny thing is I could see a less legitimate system being very popular, with minor modifications someone could probably create a version of this to distribute pretty much anything.
Add a rating system and a better way of exploring content and this would allow amateur pornographers (ok, cam girls) and their ilk to share content without a middle man, or you could add escrow and privacy features to the currency and this could be used for the sale of physical goods.
I imagine if you spent enough time thinking through the administrative aspects you could create a fairly decent decentralised marketplace based on this concept, with support for the sale and distribution of both physical and digital goods and services it would likely be able to rival certain markets that I'm not sure I'm allowed to name on this forum.
Anyway, I only discovered LBRY this morning and that's my take on it. I'm looking forwards to seeing how it turns out when they bring it out of beta, and to seeing what people end up doing with the source code.
*As for the price, the dump is inevitable. People are mining a metric tonne of the stuff and half don't even have the client, so the money isn't actually going anywhere. They are literally pumping out supply of the coin with zero demand for it.
Not quite sure what will happen once LBRY goes live, given that the coins will basically just be sold in an endless cycle of miner>user>producer>user. Since the coins will circulate in this way, with more being pumped in by miners, I assume they will continue to be devalued further? Anyone with a background in economics want to take a guess?
