First thing's first
I need to address a glaring error on my last post.
https://peakd.com/hive-167922/@edicted/3speak-larynx-miner-airdrop-tomorrow
The only way SPK Governance tokens can be earned is by staking LARYNX Miner tokens and running SPK Network Peer to Peer infrastructure nodes.
The grammatical error here makes it extremely confusing. There should be a comma before the 'and'. There are two ways to earn SPK, you don't have to do both of these things at the same time to earn SPK. SPK will be the governance token... so it will be pretty damn important in many circumstances. Still, I have to wonder if people are going to go apeshit on the miners and then dump the SPK they mine trying to recover the loss at the beginning.
Yeah... there is no grammatical error.
The ONLY way to actually use LARYNX tokens as miners is to be running a node. I must admit this was a bit shocking to hear, especially considering the dozens of times Dan has made it clear that expecting every participant to run a node is a clear recipe for disaster.
This changes my entire strategy going forward.
In my last post I would worried that too many people would be stacking miners and get caught up of the passive income of it all. Now it is clear that 90% of users that got this airdrop are going to have no other recourse than to dump it... because again expecting that people are going to do any kind of technical work to stake these things and run a node is... a bit absurd.
Rent Seeking Bid Bots activated.
Immediately it becomes super obvious that there will be overwhelming demand for nodes to create proxy mining services that allow non-technical users to simply gift their miners to a node-runner and be paid back in a percentage of SPK tokens. Like... if I set up a node and then tell all of you, you can send me your tokens and I'll give you 90% of the SPK tokens they mine back to you, pocketing the other 10%. Seems like a pretty obvious outcome that is bound to happen. I may or may not do the work to actually attempt such a thing.
There must a good reason that I'm not aware of for doing it this way, because I can't really think of a great reason why we wouldn't allow users to stake and mine SPK tokens without running a node. This airdrop has been advertised as a virtual mining token from day one. No one expected to actually have to run hardware in order to mine SPK. Have fun dealing with all that rage coming your way 3SPEAK.
Given this new information, it becomes quite clear that these tokens are going to get dumped into the dirt by the vast majority of users that acquire them (until there is a one-click option for proxy-staking them). I've already bought some tokens on the internal dex they booted up this morning, and I've been in the Discord all day at the "Hive's second birthday"... "party".
"Party"
Again, false advertising!
They had the nerdiest of the nerds in there talking about the technical complexities of the system. It was glorious. Back to back nerds with zero social skills talking about super niche tech to like 100 people. Amazing! Loved it. I would have fit right in as a speaker there. Even got unmuted at the end (still am unmuted and in the channel actually), but eh no one wants to hear from me anyway. Introverts unite!
1:1 airdrop
So I forgot this airdrop was 1:1 until I picked mine up today. I received 14636.414 LARYNX tokens. However, there is going to be a claim every month for 12 months so... multiply by 12 to get 175,637 over the next year, and that's basically exactly as much Hive as I had in my account on January 6th. Sorted.
I've already been able to buy a few thousand LARYNX for dirt cheap because... there is really no buying pressure or selling pressure and the gap between the order books is massive. Buying for 0.02 (1 hive for 50 larynx) and selling for 0.07. Again, volume is basically non-existent because there is no demand for a token that doesn't do anything yet, and there is no supply for a token that people refuse to dump for nothing.
Best thing to do here is just... wait. Do nothing.
How to claim
Almost forgot the important bit...
- Just head on over to https://spk.dlux.io/
- Log in with Keychain.
- Click the giftbox.
- Sign the custom JSON with Keychain.
- In one minute you should get the tokens.
- It wouldn't have been a proper launch without the servers crashing like a dozen times. CRYPTO BABY.
What's a good price to sell them?
Realistically?
We are getting airdropped 1:1...
If you could increase your Hive stack by 25% for free, you'd do it right?
That's a price of 0.25.
If you could even increase it by 10%, worth it... right?
That's 0.1.
It's yet to be seen if there will be any demand whatsoever by node runners to compete for these tokens... but...
The more LARYNX burned for mining, the more profitable/efficient the mining becomes.
I think that's exactly what they are going for, so perhaps the best thing is to wait for competition to ramp up before selling/'delegating' these things. Not quite sure if I like the idea of centralizing miners on purpose by giving a financial incentive to have a higher percentage... but whatever... I don't even know how much more efficient they will be. Need to wait for these things to be revealed.
Lackluster Buster
All in all this was an extremely anti-climatic event, which I am actually not complaining about... surprisingly enough. How many flashy high-energy pump and dumps have we experienced in our crypto adventures? It's actually kind of nice that I'm able to dominate the dex orderbook with like a couple hundred dollars. Very little activity until more development comes down the line.
I honestly feel like more token launches should be like this. Generating hype and creating speculative pump and dumps with illiquid supplies can only lead to an overall net loss to the network as a whole. Turns out... people don't actually like instability and the hectic rush of an unstable market, losing or gaining massive amounts of wealth depending on fate. Rather, we get a tame and boring token distribution with no premine and no marketing or need to pump the token whatsoever. Just claim your tokens and wait for the next thing.
This very much has the feel of a project that is grassroots in nature and community oriented without the pomp of a traditional VC based launch. Good change of pace IMO.
Conclusion
I have a lot more to say about this. I started writing paragraph after paragraph, and now I realize that these things belong in a new post. This post was just supposed to be more about an update for the airdrop and that's it. Already too long... have to kill it here. In fact I had to cut/paste half of this article just now to get it back to where it needs to be.
Bottom line: claim your airdrop at https://spk.dlux.io/
Once the next airdrop is claimable the current one will be burned.
There will be one per month. (Not sure if that means April 1 is next.)
Don't lock it (even though locking it does not burn the token at this point). Essentially even though these are farming tokens, they don't do anything yet. They are not worth selling, and not worth buying either unless it's at dirt cheap price.
The prospects of the SPK network are quite exciting, and in my next post I will detail why it's exciting, the potential failures of the system, and what is being done here that isn't being done anywhere else.
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I am not very tech savvy at all so most of the presentation went waaaaay over my head. Like, my head was in a hole and the presentation was on the moon over my head. That said, I did catch some of the excitement from starkerz about what is being created. theycallmedan, not so much. lol He sounded like he was envisioning all the work left to make this thing go.
Anyway, being that this is HIVE and it's pretty good at educating people and helping them figure out how to enter new arenas (see CubDefi), I think I might spend the effort to figure out how to run one of these nodes. It sounds like there are at least a couple different options. Maybe one of them is easier than the other and even a technical savant like me can participate. We'll see...
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Judging by how Dan's tone I'm almost sure he either had personal shit going on or was super disappointed with current situation. It's true... there is a world of work left to be done.
I was still getting over a sore throat rough sleep the past few weeks. As far as the progress, I am very pleased with it.
The first thing is you need to burn your LARYNX in order to mine at all. You can use LARYNX to mine as a CDN, Encoder, or storage node. Burned LARYNX also gets a % of every SPEAK token transferred.
To mine SPEAK, you need to provide value to the network, you can do this with bandwidth from your home computer encode from your home computer, and it should cost you very little except as you already have the hardware and internet/electricity paid for. If you want to become a big-time storage node and store terabytes of data, you might want to buy a physical server or just rent a virtual one out. The above isn't news we have laid this out very clearly from the start, the ways you can earn SPEAK via LARYNX miners.
The good news is the nodes will not be heavy duty to run at all and can be run from a variety of devices. The idea of delegating mining power has come up several times and I think if done correctly can definitely add value to the system.
Nerd parties are my kinda parties.
Ah yeah I'm sick as well with this super cold I got from Jersey that everyone thinks is COVID but isn't. It's nice to see everything progressing like it is, and it's actually pretty surprising how viable the 3SPEAK system appears to be even if there are a lot of naysayers mucking about.
it is a giant task we set out to do. I knew it wasn't going to be perfect or even pretty at first. SPK Network is progressing, and a lot of headwind has been made in the last few months. I expect something very tangible in the next 6 months. Hope you get well soon mate.
Thanks, you too.
I've been looking for an excuse to buy one of these 16 core Ryzen chips just to see how well it can mine Monero. It might even be worth doing if I can buy a couple beefcake solid state drives and mine SPK at the same time. No idea how financially viable that would be on a PC but would be fun to try anyway.
The nodes will not be highly technical to run, it will be packaged neatly in the desktop app with simple on and off switches for which nodes you want to run. Anyone with a home computer should not have an issue contributing to the ecosystem, that is the goal.
I figured as much...
I guess I have homework to do.
wen? But honestly this is what I'm looking for and I think other people as well. Theta does this with their software for the Edge node which allows you to simply toggle a switch and use your normal computer to start contributing to the network as part of the CDN network or to help with encoding. That's what I'd love to see and take part in as I have the processing power I just don't have the knowhow myself to actully set it all up via Linux which was shown to us as the example. It's been about 20 years since I worked in Linux lol I very much so look forward to the application update that provides this. I also think that's what will make 3speak truly powerful and be able to expand more later into live streaming and other video type services. Massive potential and for sure a ton of work but it's getting there.
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You can run the nodes from any machine, including your home pc. Just download the desktop app and the rest is plug and play.
Nice! Now that I have a general idea for what it's all supposed to look like, maybe reading through the 3Spk/Spknetwork posts will start to make a little more sense to me. I'll be giving it a go.
Is one of those easier than the others? Do you have a recommendation as to where newbs should start?
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Depends. For instance I can encode my own video from my laptop in like 10-15mins. CDN relies more on your internet connection. Storage requires hardrive space. Imo we will see many Hivers earning speak via encoding/CDN and i think for storage you’ll see more high end players. Just a guess.
Yes when I started listening to the tech bros talk I was like holy shit I understand this but no one else is going to lol.
I'm in the same boat as you. Coins aren't worth much by themselves yet, so just selling them doesn't make much sense. I'm not well educated in this technical area, but I'm very excited about the concept of 3speak. If I can participate in helping make it go it would make me very happy.
Did i remember wrong or is this new?
I mean IMO that's full retard. You buy virtual miner + run infrastructure and your miner tokens loss every year power?
But is gov token you need to earn tokens? Why airdrop? Makes from ruleset 0 sense.
Thanks for the info, i staked some tokens for the yolo :D now i know its waste :D
It’s to drive liquidity into the SIP. It will become clear in time
the token is IMO useless if you need to run a server too at the same time. DPOS is good because of the election/ voting.
That's like buy tokens for yourself.
IMO not really a system that makes sense.
Yes when you look at it like this. It doesn’t make much sense.
I’m not sure you have fully understood why we put it in there.
It drives liquidity into the SIP. If u focus on this last sentence, I’m sure it will become clearer why the miner token is useful.
It effectively gets the ppl running infrastructure and earning from the network to also support liquidity in the systems defi pool at the same time
IMO this will not happen. It would need for that a "pay and play" application to get people running infrastructure. And even then it's not easy.
That opens now another question. What if someone runs a super cheap and useless infrastructure with a lot of tokens to leach and another one buys high-end ( or even really good) with close to no tokens?
How to balance that? From this viewpoint, if the network needs infrastructure, would an airdrop only make sense to connect it to a "hardware miner/ Infrastructure" or some "cluster" of people that run together hardware.
IDK, I will follow it, but I don't think it will work.
We will see if it will happen or not. If it doesn’t work, the consensus will decide what to do. But market forces will drive demand for token. Balance needs building into system so that it is economically more efficient to hold more miners if u want to earn more when competing with someone who is putting the same infrastructure up as u and it is being used as much as urs.
The info on this has been out for a year now. Did u let us know an alternative as to how this could work already? It would be good to get ur feed back as to how this system can be improved. It’s kind of in the hands of the consensus on the speak claim chain at this point so it can still be changed. The main larynx tokenomics proper won’t come into action for another few months while we build out the tokenomics system to incentivise the nodes so there is still time to influence a better solution
Airdrop = good token distribution. Makes no sense if no DPOS character (IMO).
What could work with nice token distribution + Infrastructure is some combination of "delegation or cluster building" + "pay and play server renting".
It would offer a lot of infrastructure with calculated able cost + a transition to a more efficient system.
Pay and Play = installer to allow everyone to run it. Better would be a premade packacke to expand after out of it.
Cluster building = letting people work together and share costs, the hardware doesn't need to be physical. So why not build it in a shared economy way decentralized? Like a mining pool backed by hardware/tokens.
Would sound for me more flexible than the current thing.
I think a signup system for hardware runner (preinstall, easy, and open for everyone) + airdrop community for involvement in "Pool game" could work better.
I respect the work that's done by you guys, it's no offense, it's only some critic.
Maybe it works and it will play out. But as far I know, it becomes boring and nobody cares if it has no active mechanics for the community.
Regarding the next claim. I read somewhere today in some official 3speak vote that indeed the next claim starts on April 1st. Assuming that’s not a joke, you never know with these guys 😜
Heheh! They are such a bunch of jokers
Thanks for info about SPK, I use 3Speak and for me is the only alternative to Youtube.
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I wish the SPK team nothing but success, but it was kind of like unwrapping the batteries on your birthday, but there isn't yet a toy to put them in.
Yeah, I have batteries and I'm holding them, but at this point they are useless to me!
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Sounds like ur holding some important tokens to a legit grass routes project that you now own a part of that might just turn into something beautiful later on if u work at it
Oops wrong kind of battery.
Please do, sir! I don't have the first clue about how to do something in that regard.
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Yeah I heard that as well on Discord during the event but it wasn't from an official source.
Yes best thing is to do waiting patiently. Let's wait for something really good.
I haven't built anything on HIVE and would not know how to so I always have respect for those that put themselves out there and put the time, energy, effort and $$$ into a project with no guarantee of a return.
With that said, I was a bit surprised with the lack of a ability to cancel limit orders, unless I missed where thats an option?
I also thought there could have been an included step by step tutorial explaining what locking tokens would do. People are doing that thinking they are staking.
Why don't projects put more effort into having specific explainer video's and tutorials ahead of launches?????
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Glad you wrote this. I claimed mine and my instinct was to stake. Glad it didn't happen lol. I hope you run a node I get 167 a month and would love to make something off them
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I'm wondering if the held tokens age at the same rate as those mined with.
Seems that shouldn't be the case.
This is great. You have explained it clearly. I can stake my tokens or sell it. Running a node is much too difficult for me !
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I guess I need to unstake the LARYNX tokens and put them on the market instead. I wonder if someone will set up a pool to mine them and allow us to delegate our tokens to that person. They can opt to return a part of their mining rewards back.
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I think everyone also got ripped with the sell orders. Apparently the DEX is how much Hive you want for the lot not per LARYNX.
I'm pissed and I've missed out on 50 Hive
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I think it's weird, I never heard that you had to operate a node to use the tokens either. I wish there was a bit more up and running at this point.
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So tokens cannot be received until the beginning of next month? 🤔🤔🤔🤔🤔🤔🤔😥😥😥😥
Thank for the information @edicted
When you start the Node mention me
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