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20 sats \ 19 replies \ @028559d218 OP 9h \ parent \ on: How do i know that 'social media' accounts and posts... aren't mostly Bots? lightning
In my opinion they dilute the use of PoW on the platform. I should be able to withdraw all the 'sats' I receive... and have those 'sats' be as valuable and universal as those I earn with my little Futurebit-Apollo-turned-Winter-heater.
Sats are derived from Proof-of-Work (which is the point of the article)... and Cowboy Credits are still a bit of a mystery to me honestly. When someone 'sends' sats and the sats cannot be received (for some reason) then the receiver gets cowboy credits instead. So SN has the 'original' sats that were sent... AND creates Cowboy Credits out of thin air for the receiver to get?
Except the receiver cannot withdraw them or use them otherwise they are for 'Stacker News' only? I believe I understand that correctly?
I understand the 'purpose' of Cowboy Credits (not be called a money transmitter) but in the process SN receives real sats and creates Cowboy Credits in the process and this isn't a great long-term solution.
In my opinion they dilute the use of PoW on the platform. Sats are derived from Proof-of-Work (which is the point of the article)
CCs are derived from sats.
AND creates Cowboy Credits out of thin air for the receiver to get
They are created from sats. By the same logic the custodial sats you received before could be said to have been created out of thin air.
Except the receiver cannot withdraw them or use them otherwise they are for 'Stacker News' only?
When CCs are used they go into the rewards pool and territory revenue where 1 CC becomes 1 sat again.
It's maybe not your fault (as other people have exhibited this thinking too), but there's some double think here where somehow custodial bitcoin is "real" that you trust us to be honest about, yet you're certain we're doing something that "dilutes pow" with CCs.
We have no motive to dilute pow unless you think we introduced this kind of pow accidentally.
Cowboy Credits are still a bit of a mystery to me honestly this isn't a great long-term solution
The most you can make of a murky premise is a murky conclusion.
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The most you can make of a murky premise is a murky conclusion.
What does this remind me of ...
On two occasions I have been asked, —“Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?” In one case a member of the Upper, and in the other a member of the Lower, House put this question. I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.
Good explanation. I wonder how many times you have explained what CCs are, LOL.
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Not enough times apparently. We need to make the explanation part of the experience.
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Yeah, but I feel sad when some users leave after CC was introduced, but I'm happy that we have more new ones joining. I have a suggestion: you can add information about CCs on @saloon or make a permanently pinned post. I hate when someone says CCs are shitcoins.
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When someone 'has' CCs... and 'sends' them to another user shouldn't that user actually receive sats? Not the CCs?
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I have a restaurant near my area with a small staff, so they set up a token system. You give them money, buy tokens, and then go fuck around enjoying and eating whatever you want until you run out. If you have any tokens left, you can give them to your friends or use them next time, but you never get money back for them because you bought so many, knowing you'd return. Something SN has is similar, but consider @k00b a good manager who still keeps things pretty light. Try to understand why they’ve done this.
No, that's money transmission. CCs exist because we can't custodially assist you transferring money to each other. If you want to send sats, attach a sending wallet and we will prioritize sending sats from it, and reserve your CCs when paying SN for stuff or when the receiver doesn't have a receiving wallet attached.
I always withdrew the 'custodial' sats I received. I withdrew them... and frequently zapped other users with those same sats.
So you're saying that... when I used 'cowboy credits' to send to another user (i zapped their post 100 CC) then they don't receive those very same cowboy credits?
Or they only receive part of them, and the 'rest' go into the 'general fund' for SN participants to receive in the form of sats?
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From this post where I go into detail:
Cowboy credits ARE rapidly decaying into reward sats and territory revenue every time they're spent - they have a half life of two zaps when zapped (only 70% of a CC survives each zap), and decay immediately into reward sats and territory revenue when spent on posts, comments, boosts, donations, or poll votes
30% of zaps go to reward sats and territory revenue as a sybil fee (more pow, proof of sacrifice stuff to make sure zaps are not bot'd either). 100% of the cost of posts, comments, boosts, donations, or poll votes go to reward sats and territory revenue.
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