advertisements need to have a lot of viewer in order to be potentially profitable for the content creators. The max revenue of an ad would be a few dollars per thousand views, however these rates are generally for video type ads that would be unlikely to be seen on a reddit thread.

Also people do not solely view a reddit thread because of the original content, they also view a thread because of the conversation occurring in the thread, and this is really not the content creator but the community as a whole.

i love reddit but not sure this makes it decentralised

None of that requires Bitcoin. You could simply replace 'bitcoins' with 'money' in the quote above.

Why Traditional Payment Methods Don’t Work for BitMedia

We should also clear up why Bitcoin is required for BitMedia to work. There are three main reasons that something like PayPal would not work properly for this system of donations and tips:

Microtransactions - The base fee on a traditional payment system is usually around $0.30. The 3% discount rate is then charged on top of that flat amount. This means PayPal and debit cards are impractical for donations, tips, and votes under $1.

Chargebacks - Chargebacks would also be a huge issue in this system. We cannot have people reversing payments after they’ve made a donation. Posting original content is basically an irreversible transaction because it’s impossible to get something removed from the Internet after it is already out there. Since the content creator is posting a piece of work that cannot be taken back later, the same concept needs to be applied to the donations and tips. Otherwise, there could be a situation where donors/tippers/voters take back their money after the content has been posted. The content creator would be left with no payment for their work. This is especially troublesome in the Bitcoin vote monetization model because the voters who are able to make chargebacks could impact the results of the poll without having any intention of making a donation.

Censorship - Bitcoin is censorship-resistant money. There would undoubtedly be unpopular content posted on BitMedia. People still need to be able to make their donations when this problem occurs. PayPal, Visa, Mastercard, and other payment companies cannot be trusted to always be fair when it comes to who can receive donations. When these companies blocked Wikileaks from receiving donations in 2011, supporters of the document-leaking organization were able to make donations with Bitcoin.

Sounds super cool but Reddit is centralized, how can it become a decentralized media platform? I think this project could fly, but it should be based on a decentralized platform (something like Maidsafe etc.).

Decentralizing the Servers and Administrators of BitMedia

As mentioned above, a problem could arise due to the centralized nature of Reddit’s servers and infrastructure. Because all of this content would be posted on Reddit, the owners of the servers and administrators of the site still need to be trusted not to censor any content. Although Reddit has always been one of the most adamant supporters of free speech in the past, we cannot predict the future. There’s also the possibility that they could be coerced into censoring certain content by a government. The good news is that there is also a solution for this problem.

Bitcloud is a project that aims to provide back-end data storage for websites and web applications in a decentralized manner. Think of it as Bittorrent for websites. The fact that so many different people are hosting the website makes it difficult to censor, much like pirated music, movies, and TV shows that are rather prevalent on Bittorrent right now. Another key difference with Bitcloud vs Bittorrent is that nodes are paid for hosting data. This means that the data will not only be hosted by people for altruistic reasons. When someone is being paid to host data, the uptime for that data tends to be much higher. With Bittorrent the most popular data is also the data with the most seeders. In the case of Bitcloud, all data can be seeded properly due to the fact that seeders are paid. Integration with Tor would also mean that no one even knows where the backend data for BitMedia is stored. One last point to mention here is that no altcoin is needed to create Bitcloud.

If BitMedia were hosted on Bitcloud, it would be truly censorship-resistant. You don’t need to worry about Reddit admins going rogue and censoring data. A government cannot subpoena a decentralized application, and you cannot seize the servers if you don’t know where they are located.

TL;DR - Bitcoin tips have been unable to overtake advertisements as the main source of revenue for content creators due to the fact that not many people are willing to make donations. This problem can be solved with unique schemes that give audiences incentives to tip content creators. One option involves having audience members vote on upcoming content with their bitcoins. This model can be applied to movies, music, books, news organizations, free software development, and much more. It would also solve the “problem” of Internet piracy. Content could be freely available everywhere after the creator’s initial donation goals are met. New videos, songs, albums, blog posts, and more could be posted by content creators directly to a Reddit-like platform. This would allow the best content to gain more exposure.

The ideas are sort of similar, although the details of what is possible will only become clear as the code gets released.

What is very nice is that various groups are starting to realise that crypto-currencies only have value if they are backed by the assets of the p2p network - bandwidth, data/file storage and cpu cycles.  Projects like Curecoin and Gridcoin are trying to base themselves on cpu cycles, while Datacoin monetizes file storage.  Interesting that you have focused on bandwidth.

My feeling is that open source rarely duplicates, and that different groups tend to work on different aspects of the ecosystem.   For example, if your WeTube was built on top of Datacoin, we would probably have a winning formula.  No wasted efforts, and fruitful cross-fertilization of ideas.  The Datacoin protocol would be tweaked to suit different media, and vice versa.

If you are worried about Datacoin "early adopters" I would say the coin is actually super cheap and can still be easily mined. It is only 2 months old.  And 2 billion will be released over the next few hundred years.  So plenty of time to get on the train.

Just my honest opinion.

Hi!
Datacoin can run into trouble if someone wants to store big files in it Generally, I have such an idea. Datacoin stores only text info: html pages, css\js for them, small pictures (logos?), magnet links, etc. It also will store info that really needs redundancy. It will be fast storage with its own services. In that case Bitcloud can offer media storage for that - it won't need such redundancy, but it will work in pair with Datacoin. Just imagine: Namecoin as root DNS service, Datacoin as service for storing text info and security keys, for example, and your project as a media storage. It is really some kind of new, free Internet with economical/financial background.

Datacoin dev is working on personal (node) chains, so that the main chain will only store indices and meta data.  Files, pictures, movie clips etc will be on the node chains.  This is to avoid bloating the main Datacoin blockchain.

Datacoin dev has just finished Datacoin blockchain HTTP server:

https://bitcointalk.org/index.php?topic=405992.0;all

The same project already in china runing...
You can visit the website https://jiaoyi.yunfan.com/
We call the software name is LIULIANGKUANG
Software serives QVOD。

Interessting, If I understood correctly, this works Torrent, only difference is that this uses the experience acquired from cryptocurrency to provide privacy, to maintain the system working, and to award the users.

I see that the fondamentals are great and it's a rational idea, but I have several questions, from a technical standpoint, but I guess it's still to early now, as from what I read you guys still looking for devs and brainstorming

So it's the idea on paper, but no dev nor code?

Gonna read

I assume this is a torrent-like scheme where files are broken into independent, verifiable (by hash) pieces, is that correct?

Storing data in nodes seems to assume unbounded storage space. How will you make sure that nodes actually have the requisite storage space? Particularly important for high bandwidth, storage constrained systems (I'm talking about VPSes, of course, which will probably be the source of the majority of the bandwidth).

It also seems like at least in the beginning, the system will not come close to even saturating bandwidth. In that case, what determines who gets block rewards? Random chance? Latency?

Couldn't someone just share with themselves?

Basic questions:

1. Where is the data stored? How much redundancy? Obviously you need data to serve content.
2. How do you ensure that users are actually serving the correct data?
3. How will you validate the amount of data being served? (Imagine that an attacker controls both sending and receiving nodes. It would be trivial to fake the amount of bandwidth "used").
4. What types of data will you disallow? (This has many important legal consequences, as I'm sure you can imagine.) If everything is "allowed", I'd imagine most users unwilling to participate in fear of lawsuits/retaliation/subpoenas.
5. What is a "coin"? (unit of storage/bandwidth?) What is "difficulty"?

How is this different to Datacoin?

https://bitcointalk.org/index.php?topic=325735.0