As a musician myself, I think that Peer Tracks in going to be revolutionary. If you have not heard of it, it is a decentralized music platform where artists will be able to completely cut out the middle man. The artist will upload their music directly to the PeerTracks website, and they can charge any price that they want for it. The musician makes 100% of each sale. Each artist can also sell tokens known as “Artist Coins”. If fans think that a particular artist is going to blow up, they can then buy the Artist Coins in hopes that the price of the coins will go up as the artist becomes more popular.
When I heard of the PeerTracks concept, I immediately knew that I had to invest. I have hated seeing how badly artists get screwed by record companies, only making pennies on each dollar that they earn the label. I invested fairly early in the PeerTracks crowd sale, so I was able to get quite a few shares (they call them Notes). They have been averaging about 20 BTC in donations per day; and here is how it works. They issue 5 million Notes per day during the period of the crowd sale. You get a proportional fraction of those Notes based on how much you donate, relative to the total donations for that day. So if they received a total of 20 BTC in one day, and you donated 10 BTC that day, then you would receive 2.5 million Notes. However, even if PeerTracks is successful, you won’t reap profits anytime some. The beta version of PeerTracks is estimated to be released in March 2015, so I have resigned myself to the fact that I won’t see anything until at least probably summer of next year.
Sometime next year, PeerTracks will release a wallet, and you will claim your Notes by importing the private key of the Bitcoin address that you used to donate to the crowd sale into the PeerTracks wallet. I have no idea the exact date on which this wallet will be released.
Investor beware: I only invested an amount in PeerTracks that I could afford to lose. My investment goal is to profit enough from my PeerTracks investment to buy a lot more NuBits/NuShares/Bitcoin.
Here is a lot of good info that will help you to research PeerTracks to decide if it is something that you would be interested in:
As with most of Bitshares’ efforts, I don’t see much of a market for this. It is a complicated concept that can be managed much easier on existing platforms. Generally speaking, the Bitshares team has stretched themselves too thin by over-promising and under-delivering on nearly all of their major projects, and as a result I don’t consider them a wise investment.
What advantages does this have over an artist posting a crowdfunding campaign on Kickstarter?
What advantages does this have over an artist posting a crowdfunding campaign on Kickstarter?
@tomjoad This is a good point, and it came up during the Bitcoins and Gravy podcast. They conceded that Kickstarter is a great way for artists to raise funds to make an album. Peertracks will allow the artist to then sell the music on the open market, and receive all of the funds instead of paying the majority of the funds to disreputable music industry sharks. The music industry’s bad behavior is exemplified by Taylor Swift’s recent actions and rant against Spotify. Spotify is basically trying to pay artists cents on the dollar. This is the problem that Kickstarter cannot solve alone: the distribution of music. Kickstarter is great for funding the creation of music, but it is not a music distribution platform.
As a musician myself, I can attest to the fact that a new music distribution medium that is fair to artists is DESPERATELY needed. Right now, artists have absolutely no control over prices. Itunes charges $0.99 cents per track for most tracks, but 30% of that goes directly to Apple. This is clearly unethical. A completely decentralized peer-to-peer solution is what Bitshares Music offers.
@sportscliche
This project is not directly related to NuBits/NuShares/Peercoin in anyway. However, I think that it is going to be very profitable because there is so much demand for an innovative new solution. I personally will use my profits, if I receive them, to buying a lot more NuShares, NuBits, Peercoin, and Bitcoin.
Okay, I get it now. I don’t think that they were thinking about Peercoin at all. I think that they were thinking about the term “peer-to-peer”. One of the guys behind Peertracks said that he was in a meeting in the late 1990s, and there were a lot of music industry big wigs at the meeting. He said that the topic of discussion was how they were going to deal with the rise of peer-to-peer music, specifically Napster. So the term “peer-to-peer” has been on the radar of the music industry for at least the last 15 years: Napster, Gnutella, Limewire, Frostwire, etc. I think that when they went to name Peertracks, they saw it as a way to capitalize of the peer-to-peer concept, the same way that Sunny King saw Peercoin as a monetary implementation of the peer-to-peer concept.
