The Market is Not Getting Any Love because We Are Not Zombies
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When litecoinforums was up ages and dreams ago, we (forum guys) had the first market (no store) and it was implemented directly in the forums. FAIL.
We were ahead of every movement in LTC, yet nothing.Similar thing is going on here. The demand is out there, the supply is out there, the means of exchange also out there. What’s missing?
Well let me tell you a story: We are not a product. The end.
This community is, without a doubt, the most active there is. By active, I don’t mean we post and respond. I mean we respond to problems and we create solutions ourselves. But we’ve been dependent on mass economics (eBay, PayPal, Amazon) for so long, we don’t know what the hell to do at the small scale.
About that missing element:
We have demand. We have supply. We have means of exchange. What that missing piece needs to do is exit the supply and mix with the demand to make things happen.
Demand is just the input end of a goal. Supply is just the output end of a reservoir. The means of exchange is actually two things: how much we can get and a link between supply and demand which persists after the exchange is over. The latter is the missing piece. That link can be repeat purchases, quick delivery, steady business, etc.We have had economics simplified, manipulated, attacked, and corrupted in the fiat world for so long, we don’t know how to make it work from scratch.
That ends now.
All we need to do is answer these questions:
What do we want and why do want it?
What do we have and what can we do with it?
What are we and who are we consistently?This will tell us what we need and how to get it done.
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I have been involved in a number of business startups, it takes about 3 years for a business to grow to a state where it might take off. Other buisnesses and customers have to see you are established in the market and to have heard of you.
If you can survive to that point the business will start to pay off, with repeat use and new clients. The problem then is to train new people and otherwise expand the business, usually very rapidly.
In the case of Crypto currency, Feathercoin started just as Bitcoin was 3 years old and starting to get established, so we have been swept in those coat-tails and things are moving much faster than normal.
On the other hand, Crypto currency is such a far reaching potential technology, replacing money, things have been slow because, money, banks and paypay already exist, so people have to change to a new technology.
Another sign we are in early days is low value of Feathercoin, once usage starts it will have the strict mathematical value of the network. That will exist up untill the point crypto currency becomes the dominant world currency, then it will be valued will be devided by the number of active currency networks.
It is an unknown future but my advice is, keep going, secure the network, make friends…
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I am just working on the Kickstarter thing and I have to agree with Maria that if we do something we want to do it properly. There are a lot of clones out there who just try to mimic others but for us it’s about making sure it serves the needs of the community and is different in a way that is interesting.
@Zero: Are you three questions general ones relating to Feathercoin? Also I really love the way you put it when you say:
[i]What are we and who are we consistently?[/i]
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[quote] Similar thing is going on here. The demand is out there, the supply is out there, the means of exchange also out there. What’s missing? [/quote]
Zerodrama raises another important point. We are actually developing the infrastructure to make crypto currency viable. In some ways, at this early stage, that needs to be demoed, and highlighted. I think we did that with the market. We could also do a similar proof of concept with the Jobs side.
A site or page where you could pay for small jobs in feathercoins and they were held in escrow. As we are actively developing the market, this would be a similar concept.
To me, this would be worth developing, as it could help us, as we could implement various beneficial concepts which have already been suggested. Like the idea of a Feathercoin Kickstarter, it is a lot of work and web site hosting etc, + the extra security of cash being stored.
The additional advantages would be.
1. It would act as a voting system, steering development to the needs of the community.
2. If could be a mechanism to support feathercoin or related development jobs, either donated or with some sort of payback / investment option. i.e. increase mining efficiency.
3. It would complete the circle and demonstrate both sides of the supply chain and how smooth, easy and efficient that can be…
4. It could be an open way the “Feathercoin Foundation” promotes jobs, or other related open source developments (ie mining software, block explorers, etc.
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[quote name=“BlackMaria” post=“28225” timestamp=“1379326121”]
The key fact is - we believe that the strength of the Feathercoin lays in multiple applications/tools that we would create as open-source for our users. One of the first implementations I’ve created during last 2 weeks is the Feathercoin payment gateway for WooCommerce - WordPress. There is a shop that will soon be online - up and running after the initial testing and after that I am going to publish the plugin for everyone to be used for free on WooCommerce/Wordpress plugins repositories.
[/quote]This. So much.
Build a marketplace that’s secure, yet flexible enough to be potentially used as a storefront/payment hybrid - and you get the potential for lots of growth. Think of it, being able to not only sell your wares on the FTC Marketplace, but also on your own website via simple payment links.
The question is security - reliability - and a method of dealing with potential scammers. How?
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Even though our current market price is low, we are doing really well. Most of our initial problems have been resolved and the coin continues to draw a lot of attention. I think the biggest thing for us is going to be market adoption and most importantly, TIME. As we move further away from the start of the coin we mature and demand will continue to grow, it will just take a big event or two to really push FTC main stream. Plan for the future, not for today, FTC is doing just that and WILL BE a major crypto player for years to come.
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From a fundamental stand-point, talking less and doing more always nets more results.
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[quote name=“Smoothie” post=“28323” timestamp=“1379426990”]
From a fundamental stand-point, talking less and doing more always nets more results.
[/quote]^ A better way to phrase, “[i]shut up and get back to work[/i]”.
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[quote name=“BlackMaria” post=“28225” timestamp=“1379326121”]
The key fact is - we believe that the strength of the Feathercoin lays in multiple applications/tools that we would create as open-source for our users. One of the first implementations I’ve created during last 2 weeks is the Feathercoin payment gateway for WooCommerce - WordPress. There is a shop that will soon be online - up and running after the initial testing and after that I am going to publish the plugin for everyone to be used for free on WooCommerce/Wordpress plugins repositories.
[/quote]So wordpress will have a plugin? How about joomla or drupal? Curious. This is an excellent way forward.
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[quote name=“fendlestick” post=“28355” timestamp=“1379448058”]
Except that Wordpress is essentially one of the worst options for flexible ecommerce, do a Magento plugin before wp, sheesh.Elaboration: Woocommerce is for small businesses, to gain the most traction you can target Magento customers who include, well just check their site, BIG names, get just one to use the coin plugin and you have more coverage than 1000 small woocommerce site owners could ever give you.
[/quote]I think it’s fair to say that we first need to get support from small stores/merchants before trying to shoot for the big leagues. BTC is just entering that sphere, and we’re not quite there yet. I see the Wordpress plug-in, along with maybe an integrated FTC Marketplace [with Escrow+Wallet] as being an amazing start. Once we can branch out, we will. Start small.
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[quote name=“fendlestick” post=“28411” timestamp=“1379501330”]
For example, http://www.amagimetals.com/ now accepts bitcoin, they are not big corp. Magento has the largest reach when it comes to exposure, supporting small ecommerce solutions is very nice but in all seriousness going for alignment with the system which is1. Most widely used
2. Already massive install base
3. Large reach
4. Great marketing
5. Extremely flexiblefirst is a sensible choice.
I do not usually do assumptions but do you have any eCommerce sites yourself? As mentioned earlier I understand why woocom is first, hopefully magento can be 2nd.
Can use direct payments as an alternative to Bitpay.
[/quote]In the end it should be what can reasonably accomplished within the skill set. If someone can quickly and reliably bring up a payment plugin for woocom over magneto go for it. Do we need both? Yes. As for priority? Right projects in feathercoin are mostly self-contained into the initiator. We need to start listing objectives and road maps.
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Me and my wife run a little web store selling perfume / aftershave etc in the UK built using freewebstore.org its at www.sweetems.co.uk if anyone is interested.
Anyway I have been trying to figure out how to add support for feathercoin for a while now. There are quite a few options for adding different payment methods and we are using paypal right now but there seem to be a few small points to resolve first.One is that we sell our products in fiat (pound sterling) and would really want to be protected from the fluctuations in the feathercoin market
Maybe by having a fixed Sterling price that was converted into feathercoin at payment time using the lowest value of the feathercoin in say the last 24hrs. (Not fool proof im sure)The other point is the validation of the payments. Im sure we could manually check that each transaction has come through and that it has enough confirms to process the order but we would need to be able to link the order to the payment somehow otherwise if two customers bought something for 50FTC and we recieved one payment of 50FTC we would not be able to work out which order to process and which to reject. (This could be linked to auto generated addresses for each new customer I suppose?)
Im sure there are more things like this but I believe they could all be overcome … any thoughts?
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[quote name=“iawgoM” post=“28506” timestamp=“1379608792”]
[quote author=kris_davison link=topic=3685.msg28503#msg28503 date=1379608195]
Me and my wife run a little web store …
… any thoughts?
[/quote]^ THIS ^
For all developers (and others who can suggest something good) - this is a real life scenario. Here is a merchant with all his reasonable doubts and requirements. Find a solution for him, leave few things adjustable according to merchant’s personal belief or preference - and we are ready for real world, right?
[/quote]Thanks :) I will forward details on :)
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Hi maria I sent a reply I hope you got it. :-)
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I agree static prices are important but I think that the price most likely to stay static is in fiat. And until coin currencies are used fully as an alternative I think its easier and less risky for me to use fiat prices with a feathercoin conversion. We currently do this anyway for other currencies other than sterling.
If I manage to get things working I will be happy to help others get it working too. I’m representing a ecommerce site yes but I’m also interested in promoting the whole feathercoin economy and get people interested in using feathercoin. And the best way to do that is if people have a place to spend them and earn them.
