We're the nerds behind LBRY: a decentralized, community-owned YouTube alternative that raised a half million dollars yesterday - let's save the internet - AMA / AUsA

Suppose i created address with name of my company lbry/:Mycompany and i bought this address at 1 LBC.

On that address i will be posting my music that i created myself. This address becomes very popular. People often going on that address and buy music created by me. After 4 months it appears my music that you can find on address lbry/:Mycompany becomes very popular. So some guys came in, he sees that many people come in to that address to buy stuff. So he buys lbry/:Mycompany with 1.1 LBC and started posting his content and sells it. So the first guy who created lbry/:Mycompany in a lose position here. He make this address very popular to attend and then he loses it. And right now it is a headeache for him to try buy back this address on greater price or make another name.

So what is the point of such system?

EDIT: Guys! I want to inform you that right now after several times trying to get the ELI5 answer from LBRY owners in their Slack about the explanation of this theorem of how it will solve the naming system problem i was simply banned by one of their team member). I even tried to help them solve this problem by proposing using random generated company addresses that you can't sell. They seem to does not care about that help. So thats how this open minded blockchain developers communicate with common sense criticism. I thought you should know.

First, it's important to recognize allocating names is a really difficult problem.

If we hand them out ourselves, we lose the best benefit of LBRY: that the system is controlled by the users, not any one company or organization.

If we let people buy them outright cheaply, we run into terrible extortion and speculation problems. This happened both with the traditional domain and with recent alternatives like Namecoin (something like 50 out of 200,000 names in use).

So what to do? Our answer is to allow people to control, but not outright own, URLs. We think this will result in the names being most likely to return what people are actually looking for. It also backed by some sound economics (the Nobel Prize winning Coase theorem) and one of our advisors, Alex Tabarrok, an econ chair at GMU, thinks it is the best possible design.

Our goal is to create a system where the URL a user guesses is the most likely to return what they are actually looking for. Economics says this design is the most likely to do so, because the URL is most valuable when it returns what users want.

Also worth clarifying: if you just want a URL you always own, you can do this by publishing an exact stream hash (similar to a BitTorrent magnet link). ONLY the user-friendly, English URLs are awarded via this system. Additionally, URLs take significant time to change. The original owner, and the community at large, have weeks to respond to a contested claim.

Additionally, credits are never destroyed when used for a name. They're really a lot like votes.

Bottom line: we hear your responses and WILL NOT create a system that only rewards the trolls or rich. We'll definitely be thinking hard about this.

Every computer connected to and running LBRY helps make the network stronger.

It’s currently in an expanding beta because we need to be careful in how we grow and scale the network.

Aren't those two phrases in contradiction with each other?

In theory, the first is true and we're confident will be true at scale.

In practice, the software is buggy and we don't have the bandwidth to immediately handle too many users at once.

are dinosaur suits mandatory or only encouraged business wear at HQ?

Dinosaur suits are only mandatory when we travel.