Rep bank $0? How it mimics your real life bank.

[MJ DeMarco]

*Keep your rep bank at a healthy level

I'm waiting on a few technical items, but my goal is to transform the rep bank into an "alt coin" for the forum where it could buy things, books, gift cards, INSIDERS subs, entrepreneur goods, etc. Then it will have more value beyond simple reputation -- it will be able to buy stuff.

 

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[WJS]

I'm waiting on a few technical items, but my goal is to transform the rep bank into an "alt coin" for the forum where it could buy things, books, gift cards, INSIDERS subs, entrepreneur goods, etc. Then it will have more value beyond simple reputation -- it will be able to buy stuff.

where would the real money come from? Your own pocket? Wouldn't that be unfair for you?

 

[G-Man]

it will be able to buy stuff.

Could have mentioned that before I gave all mine to Midwest.

where would the real money come from? Your own pocket? Wouldn't that be unfair for you?

Attaching real incentive should drive up the quality of content people want to contribute, which should, in turn, drive more traffic and memberships.

Driving up the overall quality of forum content is a win for MJ and the rest of us that pay our small fee to come here and learn.

 

[Scot]

I'm waiting on a few technical items, but my goal is to transform the rep bank into an "alt coin" for the forum where it could buy things, books, gift cards, INSIDERS subs, entrepreneur goods, etc. Then it will have more value beyond simple reputation -- it will be able to buy stuff.

Could have mentioned that before I gave all mine to Midwest.



Attaching real incentive should drive up the quality of content people want to contribute, which should, in turn, drive more traffic and memberships.

This is essentially what Steemit is doing with their coin/site.

Post good content and upvotes are used as STEEM dollars.

 

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[WJS]

Could have mentioned that before I gave all mine to Midwest.

You didn't give all. I see you still have 4,963 left.. LOL

Attaching real incentive should drive up the quality of content people want to contribute, which should, in turn, drive more traffic and memberships.

Make sense. More traffic = more ad viewers / INSIDERS subscriptions = more money

 

[MJ DeMarco]

where would the real money come from? Your own pocket? Wouldn't that be unfair for you?

Yes, it would come from my own pocket.

It'd be an expense on the income sheet, my guess, under promotional incentives or advertising. But on the flip side, improved contribution and interaction is good for the forum and would have a positive benefit.

Obviously I hope the net effect would be positive.

 

[XxThelionxX]

Buying books, and things alike would be a plus. You’d see more traffic. And it would bring in a little competition into it this forum-give me time I’ll be up there too... I’m happy to say I’m still learning how to use it, and with great timing!
They say luck is preparation + awareness
I’ve been put in such a great position


Sent from my iPhone using Tapatalk

 

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[OperationMyWay]

Yes, it would come from my own pocket.

It'd be an expense on the income sheet, my guess, under promotional incentives or advertising. But on the flip side, improved contribution and interaction is good for the forum and would have a positive benefit.

Obviously I hope the net effect would be positive.

Could my rep dollars be used to buy lotto tickets to a rep dollar jackpot so I could skip all the work of adding value here and just bask in all that internet money and what it can get me?

Only kidding. Really like the idea @MJ DeMarco . I know when I post I usually aim to provide enough value to muster at least two likes. In my head, that means I've added value to two people and thus added some value to the forum over what value I take out by being allowed to make a post. This could help others be more mindful of what they post and shift them to think of what they can add that others will view as valuable therefore resulting in better overall content. Especially valuable to those who just post non-stop at the beginning without taking a look around and seeing if what they are adding to the conversation has been validated by others.

 

[The-J]

If you turn this into an Alt Coin or something, I have some suggestions for prizes:

1. INSIDERS's sub. This could be the 'gold standard' of the coin. $x000 can equal a month of INSIDERS. This allows people like me who don't give a shit about paying for INSIDERS for myself to very easily gift INSIDERS trials to new people.
2. Preorder copies of sponsored books (I'm sure Hal Elrod would be happy to sponsor some of his books)
3. Access to normally paid content from INSIDERS's like an INSIDERS call (which people don't do anymore but ok)
4. Speaking spots for the Summit. (but don't shut out the people who don't participate and still give excellent presentations!)
5. Marketplace ad discounts.

Lots more could be possible

 

[TKDTyler]

Fantasy sports book where we can gamble away our life savings for sweet sweet internet points!?

Buy-in for a spot on the covenanted MJ Poker table?

Rep Point donations = real life Charity donations?

 

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[MJ DeMarco]

Lots more could be possible

Yea, I have some great ideas there. Ultimately it will be like reward points like you get from a credit card so it won't be too extravagant because I can't go broke doing it -- it just has to add some intrinsic value to the "bank" beyond, "Hey, I have some internet cred at this place!"

 

[Andy Black]

Yea, I have some great ideas there. Ultimately it will be like reward points like you get from a credit card so it won't be too extravagant because I can't go broke doing it -- it just has to add some intrinsic value to the "bank" beyond, "Hey, I have some internet cred at this place!"

Wonder if you could link it to how many visitors someone’s thread brings to the forum? Whoever started “WTF does Tai Lopez do?” did a good job bringing in more people (the ones who’re repelled by Tai too).

 

[ZCP]

We getting coffee mugs with the boss's smiling face??
Can we get old school metal lunch boxes with the @LightHouse avatar?
An @Vigilante keychain pre-recorded talk box would be sweet!!

 

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[MidwestLandlord]

Could have mentioned that before I gave all mine to Midwest.

Don't worry, I'll buy something real nice with it...and send you a picture.

 

[Invictus]

I'm waiting on a few technical items, but my goal is to transform the rep bank into an "alt coin" for the forum where it could buy things, books, gift cards, INSIDERS subs, entrepreneur goods, etc. Then it will have more value beyond simple reputation -- it will be able to buy stuff.

This is just me spitballing...

Do you think that this could lead to a bit of influx of people trying to 'force' value out of their posts?

For example, an increased number of threads saying "Hey guys check out this great article...give me rep plz", possible fabricated progress threads, or "I'm going to give you my thought out opinion even though I have absolutely zero experience or knowledge."

Sure, we can see these now. But, currently, Rep is more or less based on the honor system. You could game it or try to force it, but why would you? Attaching something tangible to rep gives people an incentive to try and gather more Rep beyond just the warm fuzzy feeling it creates.

 

[Blackadder]

I'm waiting on a few technical items, but my goal is to transform the rep bank into an "alt coin" for the forum where it could buy things, books, gift cards, INSIDERS subs, entrepreneur goods, etc. Then it will have more value beyond simple reputation -- it will be able to buy stuff.

At that point I may feel bad for giving so much of mine away. Darn internet points!

 

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[MJ DeMarco]

Well it was already suggested that a GOLD thread should yield an INSIDERS subscription, or an extension of it!

 

[MJ DeMarco]

Do you think that this could lead to a bit of influx of people trying to 'force' value out of their posts?

Perhaps, but value is in the eyes of the receiver.

 

[Scot]

This is just me spitballing...

Do you think that this could lead to a bit of influx of people trying to 'force' value out of their posts?

For example, an increased number of threads saying "Hey guys check out this great article...give me rep plz", possible fabricated progress threads, or "I'm going to give you my thought out opinion even though I have absolutely zero experience or knowledge."

Sure, we can see these now. But, currently, Rep is more or less based on the honor system. You could game it or try to force it, but why would you? Attaching something tangible to rep gives people an incentive to try and gather more Rep beyond just the warm fuzzy feeling it creates.

This forum does a really good job at policing itself. Also, people here are really good at seeing through BS. I’m not worried at all if that happening. And if it does, it’ll get shut down fast.

 

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[ZCP]

One thing fastlaners do is pivot.

Let's do what we preach ...... try it. If it sucks, do something else.

So how many points for the @SteveO bobblehead?

 

[Scot]

One thing fastlaners do is pivot.

Let's do what we preach ...... try it. If it sucks, do something else.

So how many points for the @SteveO bobblehead?

I’ll order 5 @Vigilante catch phrase key chains. But only if they have a built in cigar cutter.

 

[ZCP]

I’ll order 5 @Vigilante catch phrase key chains. But only if they have a built in cigar cutter.

am assuming it comes with a personal alarm?

 

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[Vigilante]

am assuming it comes with a personal alarm?

Not any more. LOL.

 

[Andy Black]

One thing fastlaners do is pivot.

Ooo. Glad you pointed this out. I’ve always found it interesting watching @SinisterLex and @Fox unapologetically shutting things down behind them as they move forward.

 

[Andy Black]

I must admit to being completely baffled by steemit.

I can't even read this without my eyes glazing over:

• https://www.quora.com/What-is-STEEM-and-how-does-it-work

#FeelingOld

 

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[Almantas]

As little as I currently make I invest it all back into my slowly crawling business, so it could crawl faster, then stand up and start running properly.

As little reps as I get on here, I invest it back into this forum in my own way - by giving it all back to people who provide value, so they feel appreciated and inspired to keep providing even more value in the future.

IMO the amount of reps is not as important as what one decides to do with it.

 

[Andy Black]

IMO the amount of reps is not as important as what one decides to do with it.

Rep+

Applies even more so to money, and to time.

 

[Guest58302]

Posting this from here.

Well I never thought I'd say it, but I've started the process of moving the forum from Xenforo to a new software provider.

After spending some considerable time looking at Xenforo 2 and being totally underwhelmed and unhappy with what they've done, and more importantly, what they haven't done, my research has begun.

Not looking forward to it though, switching software is a total disruption to what people see as normal. Years ago the switch from VB to Xenforo wasn't a leisurely stroll through the park.

@MJ DeMarco Will you still be implementing a Rep Bank with the new software?

 

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[MJ DeMarco]

@MJ DeMarco Will you still be implementing a Rep Bank with the new software?

Not sure...

The software switch would be incredibly disruptive. Many things would be gained, but other things would be lost. Haven't quite decided what I'm going to do, if anything.

 

[Roli]

Not sure...

The software switch would be incredibly disruptive. Many things would be gained, but other things would be lost. Haven't quite decided what I'm going to do, if anything.

I have been reading a lot of code books lately, and as far as I can tell changes on this scale almost always come into some major problems.

I guess it comes down to a weighted decision, how worth it is it?

My (literally) 2 cents, if it ain't broke, don't fix it.