Pledge to buy 200 coins (1block) per month
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Well ,You will have an unexpected surprise. ;D
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[quote name=“Frozenace” post=“46771” timestamp=“1387676410”]
One of my former colleague’s said that one of her friend had an idea to buy 1 BTC per month with their salaries.I’m thinking, why shouldn’t I buy 1 block of FTC (200 coins) per month with my salary. At present, it’s only 33 pounds @0.17 GBP/FTC, much better than the 400 pounds I’d have to spend for 1 BTC.
[/quote]I was just thinking this today. I’ll make a pledge with you too. I’ll purchase at least 1 block as well. $50 a month for me.
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Once I get my first rig purchased and running, I’ll consider this. It’s just I really want to be able crack 1 Mhash/s before put any of my spare AUD’s towards buying ftc.
The catch is, I don’t want to have to buy btc or ltc first to then buy ftc with it.
If I can, I would like to arrange something with a miner here who could sell me ftc.
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I’m going to sell some of my spare graphics cards soon for FTC. I personally don’t have time to mine FTC anymore while I’m away from London.
I also calculated for FTC to stay at the same price to take care of inflation, at least 28.8k USD would have to be pumped in.
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Ok, I’ve just completed my pledge for half the year, 7.5 blocks using bittylicious, super easy.
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This is the wrongs approach guys.
The pledge should be to spend 200 FTC every month. How you get them buy or mine is off less importance.
That`s the way to accelerate market growth and acceptance for FTC.
That approach will lead to higher prices in the future.
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[quote name=“mmyhre” post=“46847” timestamp=“1387711347”]
This is the wrongs approach guys.The pledge should be to spend 200 FTC every month. How you get them buy or mine is off less importance.
That`s the way to accelerate market growth and acceptance for FTC.
That approach will lead to higher prices in the future.
[/quote]Sure, I agree with that. I agree with 50% of your statement.
I’ve spent 170 on ChekaZs’ wine and donated 120 to Kevlars’ project.
The miners do need to re-coop some of there fiat though. They can’t pay their power bills with ftc, yet.
So I think that buying from miners and then selling on to those who can’t mine, is a double positive whammy.
Spend to those who have products but no means to mine. Buy from those who have ftc but need fiat to support their mining.
btw - mmyhre, I’ve given you +1 rep for how active you’ve become. You’ve made think a little deeper about the whole ftc ecosystem.
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[quote]https://feathercoinmarket.com/item.php?id=1258[/quote]
Thanks.
I have never been negative on the FTC. The idea is great and i love the community behind it. I made some comments claiming alt coins in essence being worthless.
Yeah Apple was also worthless back in the days and so has many things been. I am just pointing to the fact that people must see alt coins for what it is in this time.
What will make FTC have true value is when usage exceeds investing, and when acceptance of the coins increases. I think this will happen in the future, but we are not there yet.
Of course you need to sell some to cover cost of business.
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Exactly.
If there’s to much hoarding and day trading compared to real world transacting and spreading of the coin to new individuals, late adopters will see it as nothing more or less than a “pyramid scheme” which we clearly know it is not. The catch 22 is the fact that the early adopters are the one’s taking all the risk, so there needs to be a balance of reward and fairness.
Now, please bare with me for a moment, maybe this should become it’s own topic. I have an issue I feel like raising here and now.
I hypothesised at one stage, that block rewards should be kept in ratio with a. time and b. quantity of miners. So ultimately it doesn’t matter if your a late adopter or early adopter, the block reward per individual should calculate out to be the same. Doesn’t matter if it’s 2014 or 2100.
I don’t know how this would work with difficulty and the final date of the last coin mined but it’s an idea I was thinking about while trying to get to sleep…
Convenience will be the primary motivator for late adopters for all the current coins. The exception might be nxtcoin as they are 100% “premined” (I use that term loosely). From what I understand, all coins have a reducing reward size. The difficulty will adjust, but the total time to mine all the coin is seemingly set alongside the block reward.
ie. (As individuals) Few miner’s at the start get the same as many at the start and also many later on get the same as fewer miners later on. I think this would keep coins alive at the start and also allow them to continue to thrive through to point where they have been 100% mined. Once that has occurred, transaction processing fees (mining rewards) will need to be worth the cost of electricity. In the distant future we don’t know how cheap power will be or even if any form of currency is even needed.
I might take this idea and create a new topic for people to reflect and debate upon. Feathercoin, I believe, is one of the few to consider it self as a continuation of the “bitcoin experiment”. So I think this might be the only community where this wont be considered as rocking the boat.
I’m not sure if anyone is following me here but I’m keen to hear from devs to newcomers on this hypothetical.
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[quote]I hypothesised at one stage, that block rewards should be kept in ratio with a. time and b. quantity of miners. So ultimately it doesn’t matter if your a late adopter or early adopter, the block reward per individual should calculate out to be the same. Doesn’t matter if it’s 2014 or 2100[/quote]
Agree, it’ll make new people to feel justice. As long as scrypt algorithm isn’t beaten by a better one and computer hardware continues to develop according to Moore’s law, the ratio can easily be calculated by developers and the community.
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[quote name=“Calem” post=“46884” timestamp=“1387720014”]
Exactly.If there’s to much hoarding and day trading compared to real world transacting and spreading of the coin to new individuals, late adopters will see it as nothing more or less than a “pyramid scheme” which we clearly know it is not. The catch 22 is the fact that the early adopters are the one’s taking all the risk, so there needs to be a balance of reward and fairness.
Now, please bare with me for a moment, maybe this should become it’s own topic. I have an issue I feel like raising here and now.
I hypothesised at one stage, that block rewards should be kept in ratio with a. time and b. quantity of miners. So ultimately it doesn’t matter if your a late adopter or early adopter, the block reward per individual should calculate out to be the same. Doesn’t matter if it’s 2014 or 2100.
I don’t know how this would work with difficulty and the final date of the last coin mined but it’s an idea I was thinking about while trying to get to sleep…
Convenience will be the primary motivator for late adopters for all the current coins. The exception might be nxtcoin as they are 100% “premined” (I use that term loosely). From what I understand, all coins have a reducing reward size. The difficulty will adjust, but the total time to mine all the coin is seemingly set alongside the block reward.
ie. (As individuals) Few miner’s at the start get the same as many at the start and also many later on get the same as fewer miners later on. I think this would keep coins alive at the start and also allow them to continue to thrive through to point where they have been 100% mined. Once that has occurred, transaction processing fees (mining rewards) will need to be worth the cost of electricity. In the distant future we don’t know how cheap power will be or even if any form of currency is even needed.
I might take this idea and create a new topic for people to reflect and debate upon. Feathercoin, I believe, is one of the few to consider it self as a continuation of the “bitcoin experiment”. So I think this might be the only community where this wont be considered as rocking the boat.
I’m not sure if anyone is following me here but I’m keen to hear from devs to newcomers on this hypothetical.
[/quote]
I was also thinking about this yesterday. I keep wondering if transaction fees alone can support miners. If they don’t then miners will switch off and coins will die. I guess the thinking is that if all the coins are mined then there will be a greater volume of transactions and therefore more transaction fees, but has anyone done a projection on this? When I look at those MASSIVE bitcoin farms I can’t help but wonder if transaction fees alone can keep those monsters profitable. I suppose the biz owners have taken that into account with their bizplans.At the moment there is a great difference in mining profitability between the coins. It would be good (but probably unworkable) if mining profitability was more of a level playing field that encouraged CPU mining. That way people could have a program running in the background that mined at a low priority. It would encourage a greater take up by the public. It would even be good to have massive pools that spread out their miners’ hashrates across a broad range of coins, but miners can choose what coin to be paid in. The way things are now seems to point to a situation where a large chunk of miners leaving a coin could lead to it’s death.
Just thoughts, as you said.
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Stable income for miners is a key factor. The kind happening with LTC is bad for business. Difficulty shooting up from sub 2000 to + 3000 with the price falling 50 % or more.
That is 2 x damage for any miner.
It like producing grain or any kind of product and gets hit by a massive fall in prices while equipment prices spike.
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I would also like to buy some each month, I don’t like buying BTC and converting it though… needs to be a place you can buy ftc for cash ;(. If any miners want to sell some i’d do like 50 a month paypal verified. I know everyone is sketched out about paypal but scamming someone for 50 bucks is pretty pointless.
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Early adopters take on more risk than late adopters, so I don’t agree that the reward should be the same.
I’m not just for hoarding coins, but also spending. Until now, most of my BTC have gone on mining equipment, which obviously have no value in the real world.
I’d be happy to buy my groceries with crypto if anyone’s offering :)
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Not sure I can pledge that much however I will do 100 FTC. Great idea by the way!
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Bought my first R9 270 today. Now I just need a mainboard, cpu and psu.
Starting to get a little excited…
I think I’m just gonna focus on mining and buying stuff with half the ftc I mine for the time been.
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[quote]Bought my first R9 270 today. Now I just need a mainboard, cpu and psu.[/quote]
Great. Mining is such fun. Guess one must be a little geekish to say that, but i love being that. Got my second rig up today so got hashing away at 3500 khash now with 4 x r9 290.
Hope you find a mainboard and a cpu under the christmas tree then.
Morten
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Danke!
Unfortunately I don’t get paid till the day after but I’ve never been a Christmas person anyways =^-^=
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I don’t really want to invest much more fiat into Cryptos right now, but I do want to earn more by selling things etc.
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Back in may you could get 0,0015 BTC for a 1 FTC that in fiat at that time would equal 0,15$ in you made that exchange from BTC to Fiat USD.
Now you get 0,00042 meaning a lot less BTC but if to exchange to fiat you get 0,25$ so the price has held up pretty good i would say. It would have been unlikely for FTC to keep the 0,0015 ratio as BTC prices went through the roof and more.
