The time of Musicoin's irrelevance may be coming to an end.
Musicoin's original plan of targeting the Spotify market with a "1 Coin = 1 Listen" did not exactly pan out. I wasn't around to participate, but I suspect getting users to pay for what they are used to getting either on subscription or free, via a new payment format, did not encourage platform adoption.
As a result, the Musicoin community (a non-profit project) has decided to implement a large change to the Musicoin algorithm, bringing about what they are calling the UBI fork (universal basic income) around September 1st.
One cited reason for the swap is that the old pay-per-stream model on a fixed 1-coin cost was too inflexible and couldn't adjust to price fluctuations. I personally speculate that it probably also suffered from inability to coax users to buy-in to pay (ie. it could not overcome opportunity cost), but I never used it.
With the fork to Universal Basic Income, all musicians will be paid per stream out of a daily mining of Musicoin. When Musicoin blocks are mined, some portion of the reward will go into a reward pool, not unlike Steemit. It is from this reward pool that musicians will be paid each day, removing the opportunity cost from listeners.
In another possible indicator that there is time to get ahead of the Musicoin trade, the Musicoin website is not yet updated for the UBI fork. This is a good chance to potentially get ahead of the curve (assuming, of course, that the Musicoin project is not poorly run/slowly updated, which I cannot say).
Furthermore, according to BitcoinTalk.org, Musicoin was a mere 27 signatures away from listing at Poloniex last night:
Now, we literally need one more:
As we all probably know, a new exchange listing usually leads to at least a short-term pump.
Twitter press
Long-term risk level: High. The high risk is mitigated by low price and market cap relative to press and upcoming project buzz.
Short-term risk level: High. The high risk is mitigated by low price and market cap relative to press and upcoming project buzz.
Suggestion: I briefly saw this coin several months ago when it topped the "most profitable to mine" coin list for a hot second. It's still alive. Consider it more of a gamble than an investment, but I'd say it's much better than going to Vegas and putting it on black. Buy the rumor, sell the news. Musicoin definitely has rumor.
Note: The above does not constitute investment advice, and I am not an investment adviser. Do your own due diligence. My returns may not be worth mimicking, so choose to follow my entry points at your own risk. I do not advise trading, but holding coins you believe in off-exchange, preferably on a Ledger Nano S (or better).
Hey that's me in the picture! I didn't realize I made it to the front page until musicoin tweeted this post.
Thanks so much for replying here!
You'll be pleased to know that I actually looked at all the splash images in the animation, and the short list included you, a close-up of guitar frets, and one that escapes my memory. I felt yours was the best!
I can't wait to check out your blog, as I'm an aspiring keyboardist myself.
I'm honored that they felt my article was worth tweeting, and I see I failed to include the link to the Musicoin page in my article. Please go check it out!:
https://musicoin.org/
Last week I got myself an account at Musicoin and got some coins for free; So they may become a bit more valuable soon :) Not sure about how the site looks like and how search works. I got 200 track listens for free, but to be honest, I prefer to pay for Spotify and TIDAL to get unlimited access instead of paying for each track. When I want to fwd through a track and dont like it in the end, it still cost me a coin. In the end I think this is a hard time to sell music, or the prices should be comparable to that of Spotify.
This is exactly why they are moving to this UBI fork. I think the idea is to remove the cost to play music, and pay out musicians pretty much exactly like Steem.
Could totally change the game, but could also tank the price, theoretically. A high risk, high reward gamble.
Lets see, got 50 free coins, maybe I should buy a little more. How does this work with these votes to get on Polo. This runs until it reaches 1.000 and then they are in?
It's a fair question. The Bitcointalk thread treated it as if it were a given once 1000 votes are reached (maybe Poloniex has a policy on this), but I didn't see any further information. It's possible (if not likely) that user was just wrong.
You know it's interesting because I feel sometimes the coins are only as long lasting as the exchange they are on. For example, look at Einsteinium... I mean this thing has managed to stay on Poloniex forever. The community and social media have to be active for a coin to conitnue to take off. You see things ae so new, you have to look at the formula at the coins that have been around thus far. What makes them stay around.; Active community, Active developers, News media on current innovations, Youtube interviews of developers. I think it's going to get to a point where the developers are going to even have to start putting themselves out on camera a little bit more. In a sense, you want to attract people to your coin. It works the same way in my opinion in what it takes to get someone to look at content.
Yeah, I recall seeing Einsteinium on the CMC list for quite awhile, but I have no idea what it is...
Wow, I'm new to all crypto and Steemit but I'm really starting to see the possibilities thanks to posts like this. As an ex-musician, I can certainly appreciate this particular effort.
Followed! Please give my original content a look and follow if you dig it.
Wish I could upvote this. Looking forward to the developments. I joined a few days ago & bought some coins just for fun & to see what happens. I do really love the idea of it, so much potential!
Thank you, I'm happy to have you here either way!
Thanks for the recommendation. I will have a look at it now.
upvote me ..!!!
Hello lexiconical , i like you post . you can like me .. and upvote ...
https://steemit.com/introduceyourself/@rakibulce/as-you-ve-probably-read-now
Trading update: I sold some of my Musicoin at approximately 980 satoshis. I didn't have enough bandwidth in my research time to follow it closely, and figured after nearly doubling overnight it was best not to push my luck too much. It could easily go much higher, past the previous top around 1250 and beyond.