Kickstarter moving to blockchain

[RealAlHazred]

So far, this is my favorite comment on the whole debacle.

 

[UngainlyTitan]

The Kickstarter FAQ says they will use "proof of stake" and when you click on the link it goes to a non-kickstarter website that says the following:

"All participating validators receive a reward in the native cryptocurrency, which is generally distributed by the network in proportion to each validator’s stake.

Becoming a validator is a major responsibility and requires a fairly high level of technical knowledge. The minimum amount of crypto that validators are required to stake is often relatively high (for ETH2, for example, it’s 32 ETH) and validators can lose some of their stake via a process called slashing if their node goes offline or if they validate a “bad” block of transactions."

Who are they requiring to become validators? the backers?

 

[Rabulias]

I went looking to check the status of Kickstarter's use of blockchain and found this:

Kickstarter is pumping the brakes on blockchain tech, but the car is still moving

The crowdfunding company is creating an advisory council that will include creators

www.polygon.com

This sounds promising, and I notice they are asking for applications to join the promised Community Advisory Council here (applications due on April 6 2022):

Announcing the Kickstarter Community Advisory Council

We’re looking to work with creators from across creative disciplines to make Kickstarter the best it can be.

www.kickstarter.com

 

[Jer]

I went looking to check the status of Kickstarter's use of blockchain and found this:

Kickstarter is pumping the brakes on blockchain tech, but the car is still moving

The crowdfunding company is creating an advisory council that will include creators

www.polygon.com

That was two days before the COO of the company beclowned himself in an interview with Comics Beat. Still pushing the idea that Blockchain would be useful for Kickstarter with zero idea of how it works or how it could possibly apply to their model:

Interview with Kickstarter COO: An attempt to answer blockchain questions

Kickstarter COO Sean Leow talks with a reporter from The Beat about Kickstarter's controversial blockchain strategy, which is alarming many creators, including game creators. The reporter asks some pretty technical questions about the efficiency and reversibility concerns around blockchain. And...

www.enworld.org

One of the worst interviews I think I've ever read from someone who should have been prepared to answer questions about a tech choice they know was divisive among the creators who use their service.

A week ago the CEO announced he's stepping stepped down as of next week - that COO is going to be the interim CEO.

(In all honesty I'm positive that they announced Blockchain! to satisfy the investors who love to hear those meaningless buzzwords, and didn't have an actual idea of how they were going to use it. And also didn't consider that the folks who make their company worth investing in might have something to say about that idea.)

 

[CleverNickName]

(In all honesty I'm positive that they announced Blockchain! to satisfy the investors who love to hear those meaningless buzzwords, and didn't have an actual idea of how they were going to use it. And also didn't consider that the folks who make their company worth investing in might have something to say about that idea.)

Unfortunately, I agree. I was hoping for a solid, in-writing, "we are not now, nor ever will be, moving to blockchain" announcement from Kickstarter.

This looks like a set-up for a different, opposite announcement of "we asked YOU what you wanted, and you said blockchain, so you're welcome!" announcement that they've drafted already.

 

[Undrave]

But, I don't know, lots of geek stuff seems tied up with blockchain now.

Augh... don't normalize that naughty word like that. it's all hype. The early adopters need more sheep to join so they have someone to buy their meaningless baubles. If no one comes in, they can't cash out. That's what all the marketing for NFT is about. All the big sales? most of the time it's between accounts that belong to the same person, meaning that no actual money is being earned but it looks good on records.

Crypto is used to scam people, pay ransomware, or the platform is itself a scam with the owners disappearing with the loot.

Don't reward companies for going into crypto BS.

 

[RealAlHazred]

That's what all the marketing for NFT is about. All the big sales? most of the time it's between accounts that belong to the same person, meaning that no actual money is being earned but it looks good on records.

That's not entirely true. The marketplace makes a tiny percentage on every exchange. It's like a tax on grifting.

 

[Undrave]

That's not entirely true. The marketplace makes a tiny percentage on every exchange. It's like a tax on grifting.

Point is, they're doing all they can to make it seem like it's this HUGE thing and big community and you can make a buck quickly... when it's literally something like 400 000 wallets trading that stuff (not people, wallets!) and most people are basically investing in digital beany babies.

 

[Ryujin]

Point is, they're doing all they can to make it seem like it's this HUGE thing and big community and you can make a buck quickly... when it's literally something like 400 000 wallets trading that stuff (not people, wallets!) and most people are basically investing in digital beany babies.

I wonder how long before government realizes that it's just a huge Pyramid/Ponzi Scheme and gets to cracking figurative heads?

 

[deganawida]

I wonder how long before government realizes that it's just a huge Pyramid/Ponzi Scheme and gets to cracking figurative heads?

You have far more faith in governments than I have in any government. I'm totally expecting them to have that realization and then try to figure out how to get in on the action (see all the recent news about CBDC discussions).