First, I'll "Nice Try, Fed" myself. It might make sense to use a separate cc account to sort of play SN's two currencies to your advantage. This has been made easier now that SN has made account switching a one click process.
I can imagine some benefits, like territory founders collecting cowboy credits to pay rent while receiving territory rewards in real bitcoin. There are probably others stackers will discover.
In the words of George Costanza, is that wrong? Is that gaming the SN system? Is this new system screwing up incentives? Has @k00b already considered all of this?
It seems to me that the real surprise is that you can zap cowboy credits to earn bitcoin daily rewards. It seems kind of crazy, but fun at the same time.
I'm sure many of you are way ahead of me in figuring this out. Any thoughts?
I don't think there's any reason to think of cc's as importantly different from a custodied sat with a withdraw delay. Eventually, they turn back into rewards sats.
There's some tiny arbitrage there, but it doesn't seem worth much effort to exploit. You'd be better off just gaming the rewards system.
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That's why we need real economists. I like the theory of cc's as custodied sats with a withdraw delay. The lawyer in me is now thinking we're straddling pretty close to the custody/noncustodial line. I kind of skimmed over cc's when the explanation was made since I really wanted to attach a wallet anyway.
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I'll try to find some.
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19 sats \ 1 reply \ @nym 4 Nov
How long until they turn back to reward sats?
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On each transaction 70% will go to the recipient as CC's, while the other 30% will turn into rewards/territory revenue sats.
That means CC's have a half-life of slightly less than two SN transactions.
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I'm going to try ignoring cowboy credits to the best of my ability. I don't want to use anything other than Bitcoin. Nowadays I'm forced to use dollars or giftcards or visa in some situations, but that's only for a few minutes.
Not trying to get all "toxic Maxy" or anything, I think it's just a preference. I appreciate koob for not forcing the credits onto us, and hope you guys find fun and unique ways to play with them.
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Bingo! The same views here.
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Are you politely calling us all shitcoiners? 😀 If so, I wouldn't blame you. I personally am looking to avoid them too. This post was hypothetical.
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Not at all, and upon further review, I'm an e-cash proponent......
To each his/her own, no judgements cast.
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I think all in all, SN did a great job coming up with a solution to a difficult problem.
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Those guys rock, they'll always have my thanks and support for creating an amazing platform.
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The solution will create a problem.
I agree. Stackers may not take this CC thing very positively.
Also, This will definitely slow down speed of SN adoption (which is still verh slow) to a halt.
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Can you really pay territory rent with CCs? I actually haven't taken this all shift thing very seriously. But I can tell you that gaming the system won't be possible through an exchange of CCs with sats for it has a cost which is at least 30%.
Now thinking you have two accounts and one where you have parked CCs and on the other you use real Bitcoin, you still need to zap CCs which will take out 30% in fees.
The gaming of system won't be possible by any means.
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You would know best about gaming the system, since you are an expert!
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I will be buying CCs with real sats at a 50% discount.
1 sat for 2 CCs but I know that a market price will emerge and things will get more competitive.
I don't know what the market price will be but CCs will ALWAYS be worth less than sats.
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I want to see how it will work. Hence why l am waiting. I want to at least try it for a while, so k00bs efforts are not wasted. I dont think it is really considered gaming the system because its how k00b wants SN to go forward. Everyone seems to be making this a big deal, but l feel its pretty much going to be the same.
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You might be right
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There might be some teething issues initially, but who knows. I think everyone will try to spend their CCs first, then zap sats. I just wonder if there is going to be a pop up screen asking which everytime?
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I just wonder if there is going to be a pop up screen asking which everytime?
Will be a poop screen :)
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Not an assmilker screen? haha
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20 sats \ 1 reply \ @Jon_Hodl 4 Nov
Correct. People who want the sats will just attach a wallet.
People who want CC won't attach a wallet.
I think it's a great tool that will keep more sats on the platform and keep k00b + ek out of prison for running a money service business without an MTL.
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Yes, l think it will work in the long run. They also said the other wallet might be able to team up with sn in the future.
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In the words of George Costanza, is that wrong?
And for those that (still) didn't know George Constanza, here the famous quote from Seinfeld series:
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I guess it’s a sign of maturity on my part that I know I have nothing to contribute to this debate.
Kinda unrelated but….things got very gamified with MSM and this has pretty much continued to this day. One point is that only rewarding the top 100 leaves a number of low-level stackers excluded from daily rewards and I feel that if we give them a little they will give back more. What behaviours will they exhibit when they only receive CCs instead of sats for their participation? - I suspect they will just give up.
I am interested to see where this all ends up and hoping that territory owners don’t lose out. I getting back in my box now.
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You and I shared the same concern about MSM. I think @k00b acknowledged that exact issue as a mistake recently, so things may change with the leaderboard. As usual, you have a lot to add😀
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53 sats \ 1 reply \ @grayruby 4 Nov
I haven’t attached a wallet to the nfl survivor pool account but I have one set up and moved all the sats from SN into that wallet. I am a bit confused as to how our pools will be affected by this but we will see how it goes.
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I am thoroughly confused. I didn't realize that "reward sats" were a thing until this morning. Like you said, we'll see how it goes.
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Giving territory founders the ability to pay rent with CCs creates an unfair advantage. They can accumulate CCs strategically, knowing they'll eventually use them to pay rent. For other stackers, the only way to spend CCs is through zapping. I don't understand the benefit of creating a second account other than to manipulate the leaderboard and gain an artificial advantage. It seems to me that the main incentive with CCs is to encourage stackers to zap more frequently in the hopes of earning more daily rewards. It will be interesting to see how the stackers who focus on accumulating CCs respond to this change tomorrow.
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You can also boost posts and comments with CC.
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Sure, but that's just for a few hardcore stackers. The average stacker doesn't do boosts.
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I agree.
I will be offering to buy 2 CCs for 1 sat when things go live and I'm sure others will offer a better rate than that so there will be a way to get rid of them for sats.
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53 sats \ 7 replies \ @OT 4 Nov
Haven't thought about it much but NO!
I want the sats!
If I could sell my cowboy hat I would.
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Haven't thought about it much
That's why you will never take rational decisions...
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0 sats \ 5 replies \ @OT 4 Nov
Lol
You don't prefer sats over "credits"?
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If I would want your sats, I will TRADE with you. SN is not for trading something in exchange of sats, p2p.
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0 sats \ 3 replies \ @OT 4 Nov
SN wouldn't be the same if there were only paying for posts. Like it or not tipping is part of the experience.
Also, I was half joking with Siggy there. Its going to be a big change in a few days and through using SN I'll see if there's any use for these credits.
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Seems that you didn't paid attention to all my words during this year, explaining why CCs are better for SN.
But that is not unusual... people most of the time ignore my advice, but soon they cannot ignore the consequences of ignoring my advice.
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0 sats \ 1 reply \ @OT 4 Nov
I know you prefer SN to be custodial but no I haven't paid much attention to CC. I don't mind being a laggard on that. I got more important things to do.
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I know you prefer SN to be custodial
Is that all you understand from all I was saying during all these 10 months? You really have no idea.
Does this meme say something to you?
or this one?
No lar
So troublesome
I already have difficulty maintaining my cowboy streak for this account haha
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First, I'll "Nice Try, Fed" myself.
This is hilarious. Now when the shift is postponed, you get more time to for a strategy how to do it.
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I will NOT be attaching a wallet. I want to use CC to pay for my territories.
In fact, I will gladly buy CC with real sats at a 50% discount.
I will use all of my revenue sats to buy discounted CC and pay off my territories for less money.
I might get a few more territories going if this works.
Once everything has been paid for in perpetuity for the full 3 million sats, I will attach a wallet and keep 100% of sats I generate on here and find a way to donate more to rewards.
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I'm glad I didn't invest in a territory. I think that it will hurt territory people because we will lose participants.
I understand the reason and this leads to opportunities to grow differently.
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We'll just have to see how it plays out.
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The incentives are there. It's going to go great.
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I like your positive energy.
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MSGA
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I'm reading this and the comments and I'm thinking that this is a mess.
I spent almost a year shitcoining, playing with yield, staking, and other time wasting. I understand the cc but I thought that was long as I can zap and receive I don't have to deal with the cc. I thought the cc was for those who could not self custody.
I
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I thought that too, but it's not really possible since what happens when a self custody zapper zaps an SN wallet user?
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Well... I used to work for Best Buy and sometimes I would win an item for some reason or another. When my paychecks came out I would see that I was taxed on those winnings...
So, if there is an exchange rate or substitution then cc is a shitcoin and it will be a taxable item.
Sats should not be because Bitcoin isn't money or is it. It's so stupid the whole argument.
Today when I was listen to this #752851 I heard a very good response of wisdom from the Hare Krishna Maharaj. He said, "Marxism ruins everything. Now we live in a country where it's easier to get government aid than it is to own a business. Without a strong merchant class there is no future for a country."
There are so many programs to extend and milk the value of Fiat. Reward points, and my credit union sells gift certificates for Fiat with percentage kick backs in cash. So many circumnavigate programs and yet in 2020 the removed fractional reserve banking and just let the qualified financial institutions lend based on nothing.
Texas needs to step up it's game and just allow Bitcoin not to be taxed. It's so stupid and it's hurting people who need to be able to earn side gigs.
Again, why is harder to have a business than to get government ade? Marxism.
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