We need Venture Capital
-
In order to be save from attacks we need to grow (in hashing power).
-> This means we have to reach at least 100% profitability (on site like coinchoose.com) so that miners will give us their hashing power.A profitability of about 105% would be perfect, because it would ensure a stable inflow of miners, a stable growth. Less than 100% means outflow of miners, 200% means they jump on our coin like locusts and push of difficulty.
A continuously rising difficulty would require a continuously rising price to keep the profitability at 105%.
The benefit of all of this would be:
a) users/merchants gaining trust in our coin, because it sustains their value
b) miners keep the network alive because they make a profitTo achieve all of this we need to do supporting purchases / backing of our coin. In order to do so, we need some substantial funding (substantial compared to a 100 dollars here and a 100 dollars there) - or in other words: Venture Capital.
Good news is, that we only need this for a limited time, say 6-12 month.
What you you think?
-
No one outside the community is going to provide us with any funding at this moment. We have to solve hash rate issues ourselves. Buy used cards cheap, set up mining farms. Spread the word about FTC, accept it when you sell something online.
-
Will the profitability increase when the difficulty decreases? The coin seems to have found a stable value, so it should remain stable on the diff change. Fingers crossed the lower diff and stable value will attract some new miners.
-
Nothing wrong in setting out our plan to the public and making high net worth individuals know we exist. Good investors back teams and people and I think one of the things that really comes across from this community is that we have a thriving loyal community.
I agree with the above comment though that actually we can’t rely on VC, Bitcoin is too speculative for most VCs and that’s the establishment as far as cryptos go. Feathercoin comes off to its critics at the moment as a cheap clone of Litecoin, so if investors were going to put their money anywhere that’s where they would put it.
For now we will have to bootstrap but that doesn’t mean we ignore big money. We have to clearly show everyone that we are setting ourselves big goals, we are measuring those goals and we are achieving them. We need to be, as Mark Suster puts it, lines not dots.
We need to see a slow steady rise in the price in the coming weeks and months, not a pump but a gradual increase. Let’s creep up on our skeptics. Here are some great resources on the theme of investment.
http://www.bothsidesofthetable.com/2010/11/15/invest-in-lines-not-dots/
http://www.paulgraham.com/determination.html << read everything by this man
http://www.avc.com/
http://www.slideshare.net/dmc500hats/zapmealscom-closing-the-gap-between-your-mouse-your-tummy-for-supernova-2007?ref= << Dave McClure also very goodC
-
[quote name=“chrisj” post=“7090” timestamp=“1369655416”]
I agree with the above comment though that actually we can’t rely on VC, [b]Bitcoin is too speculative for most VCs[/b] and that’s the establishment as far as cryptos go.
[/quote]The Winklevoss twins (http://money.cnn.com/2013/05/18/investing/winklevoss-bitcoin/index.html) own about 1% of all Bitcoins.
All we are talking about is $500 a day.
At the moment we create 5000 coins per day. At the current exchange rate that’s about $500.
So all it would take to buy all coins of one day are $500.
Peanuts for all those Winklevosses, Thiels, …
-
When the price dipped below .0009, I started buying up as fast as I could without pushing the price back up. I rode that buy-up all the way down to 0.00066. Currently holding ~ 91,500 coins at the moment. Although, I’m probably not going to be buying more any time soon. I need to be somewhat conservative. I haven’t bought this much alt-coin since the early Litecoin days.
-
[quote name=“Atlas” post=“7154” timestamp=“1369669488”]
When the price dipped below .0009, I started buying up as fast as I could without pushing the price back up. I rode that buy-up all the way down to 0.00066. Currently holding ~ 91,500 coins at the moment. Although, I’m probably not going to be buying more any time soon. I need to be somewhat conservative. I haven’t bought this much alt-coin since the early Litecoin days.
[/quote]Somewhat conservative??? That’s over $9k.
-
[quote name=“chrisj” post=“7156” timestamp=“1369670882”]
[quote author=Atlas link=topic=907.msg7154#msg7154 date=1369669488]When the price dipped below .0009, I started buying up as fast as I could without pushing the price back up. I rode that buy-up all the way down to 0.00066. Currently holding ~ 91,500 coins at the moment. Although, I’m probably not going to be buying more any time soon. I need to be somewhat conservative. I haven’t bought this much alt-coin since the early Litecoin days.
[/quote]Somewhat conservative??? That’s over $9k.
[/quote]That’s what I’m saying. I’ve already made a somewhat risky investment (because I did research, and now I support and trust this community). The conservative part is not spending any more of my BTC on it for the time being…maybe if it really starts shooting up I’ll buy more.
-
I’ve also put my money where my mouth is and bought a few thousand FTC on btc-e.
What I just noticed: At the same time I sold some WorldCoin and DigiCoin. The clients only had a few connections to the network, while my FTC client has 16 active connections at the moment. This is also an indicator on how dedicated this community is. It’s not just mine & dump like many of those, with due respect, junk coins like CHNCoin, etc.
-
[quote name=“Radacoin” post=“7159” timestamp=“1369673250”]
I’ve also put my money where my mouth is and bought a few thousand FTC on btc-e.What I just noticed: At the same time I sold some WorldCoin and DigiCoin. The clients only had a few connections to the network, while my FTC client has 16 active connections at the moment. This is also an indicator on how dedicated this community is. It’s not just mine & dump like many of those, with due respect, junk coins like CHNCoin, etc.
[/quote]I have a virtual machine I leave a ltc wallet and a ftc wallet open on for sync.
Though I wonder what VCs would actually do for us outside of helping with speculation. Having a single body of people with deep pockets(non ftc pockets) dictating the functionality might be detrimental long term because one of the faiths/perceptions of crypto-currency is no one groups controls it all.
-
[quote name=“jeremiel” post=“7178” timestamp=“1369677861”]
[quote author=Radacoin link=topic=907.msg7159#msg7159 date=1369673250]
I’ve also put my money where my mouth is and bought a few thousand FTC on btc-e.What I just noticed: At the same time I sold some WorldCoin and DigiCoin. The clients only had a few connections to the network, while my FTC client has 16 active connections at the moment. This is also an indicator on how dedicated this community is. It’s not just mine & dump like many of those, with due respect, junk coins like CHNCoin, etc.
[/quote]I have a virtual machine I leave a ltc wallet and a ftc wallet open on for sync.
Though I wonder what VCs would actually do for us outside of helping with speculation. Having a single body of people with deep pockets(non ftc pockets) dictating the functionality might be detrimental long term because one of the faiths/perceptions of crypto-currency is no one groups controls it all.
[/quote]I think what we are seeing with these cryptos is actually a re defining of what money is which in turn is a redefinition of what it means to have equity. The stock market is alien to most people, but now any organisation or community can have it’s own currency and by buying that currency you are effectively buying stock in them. We are every investors wet dream because there is no regulation or red tape in buying stock in FTC. Buying the currency means you are backing us. The harder we work the more value it creates.
Or am I missing something?
-
[quote name=“chrisj” post=“7180” timestamp=“1369678448”]
[quote author=jeremiel link=topic=907.msg7178#msg7178 date=1369677861]
[quote author=Radacoin link=topic=907.msg7159#msg7159 date=1369673250]
I’ve also put my money where my mouth is and bought a few thousand FTC on btc-e.What I just noticed: At the same time I sold some WorldCoin and DigiCoin. The clients only had a few connections to the network, while my FTC client has 16 active connections at the moment. This is also an indicator on how dedicated this community is. It’s not just mine & dump like many of those, with due respect, junk coins like CHNCoin, etc.
[/quote]I have a virtual machine I leave a ltc wallet and a ftc wallet open on for sync.
Though I wonder what VCs would actually do for us outside of helping with speculation. Having a single body of people with deep pockets(non ftc pockets) dictating the functionality might be detrimental long term because one of the faiths/perceptions of crypto-currency is no one groups controls it all.
[/quote]I think what we are seeing with these cryptos is actually a re defining of what money is which in turn is a redefinition of what it means to have equity. The stock market is alien to most people, but now any organisation or community can have it’s own currency and by buying that currency you are effectively buying stock in them. We are every investors wet dream because there is no regulation or red tape in buying stock in FTC. Buying the currency means you are backing us. The harder we work the more value it creates.
Or am I missing something?
[/quote]No that’s about right but it is speculation. Or more appropriately “currency” speculation. If they want to do that more power to them. Though the limits ftc use. What I think the community really wants is that you can go buy a beer or a steak with some ftc. Now the VC guys could help their investment in ftc currency by paying for setting up shops that take ftc for the goods and services…
-
It would require a huge investment to limit FTC use though and we have talked on this forum recently about the need to get as much FTC in to as many hands as possible so that it can’t be controlled by a minority like it is at the moment on BTC-e. That bot has been running now for many days.
-
I hold about half FTC right now. Approx 6k. The rest is in BTC, but I need it that way for my trade bot to work. Pulled out of all other altcoins.
-
I need to trade some coins to cover some mining deals. I’d rather trade with the community here than get raped on the exchanges.
-
The big chunks of FTC will disperse over multiple owners in time. There’s nothing to do in this respect but just waiting and let the free market run.
-
Possibly… before looking for capital there should be a registered non-profit Feathercoin Foundation (maybe a cms at feathercoin.com/foundation) and this foundation needs a business plan.
-
well i bought 13k ftc a couple of days ago.
Also ordered me 10x 7950 cards that will be directed at ftc 8)i do not think manipulating the exchange rate is the way to go.
i think its more important to create s viable marked where people
can use their ftc like it was their visa card…
like bitcoinstore.com…this will increase the need for ftc and make the purchase rate go up
