Time to introduce Feathercoin to public is now, not after it makes headlines again
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I can’t imagine how to aproach cops with FTC. Can you elaborate more on that topic please?
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What about Corporate Financial Lawyers?
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Like this.
Feathercoin is objectively no. 3 in the world of decentralized currencies, price notwithstanding, and no. 1 among the coins with a reputable BDFL. Soon, fraud cops and economic cops will start getting reports from desperados losing money on alts. We should go to the fraud cops now, before they come to us. We should contact them with a presentation with these major points:
1. Advance instruction. Instruct the economic cops on decentralized currencies, teach them how to read a blockchain, and how to use relevant sofware. Teach them the concepts of coinage, inflation rate, minting, hashing etc. We can even help them to launch their own coin, so that they can gain first hand experience with these fraud schemes.
2. Introduction of decentralized currencies as a positive innovation. We should say that the primary goal of decentralized currencies is to oppose getting something for nothing, that is, the opposite of fraud. We should say that decentralized currencies are a disruptive innovation which can disrupt “economic stimulation”, of which it is already obvious that it is harmful. We should say that the positive impact of this innovation depends on how efficiently we can handle the transition to a coin-based economy, where coins are used to pay for real goods and services.
3. Introduction to antisocial phenomena associated with this transition. We should say that as with any economic transition, there are parasites. In Feathercoin community, we should term them coin squatters. We should define coin squatters as coin hoarders that do not put the economic resources corresponding to the currency units they occupy to good use. We should say that coin squatters are similar to other kinds of squatters (house, internet domains…) in that they occupy a resource, which they do not put to good use. We should describe them as basically speculators trading on information, while people who are busy creating real values are still uninformed and do not feel safe about this financial innovation. We should say that coin squatters are hard, but not impossible to identify and deal with, and that we are preparing strategies to minimize their impact during the transition to coin-based economy.
4. Introduction to scam coins. We should say that any asset and any currency can be used for scams, such as market manipulation and insider trading. We can mention the culture and lingo of the decentralized currency crowd (“crypto community”), introduce terms “premined”, “instamined”, etc. to the cops, but say that the coins themselves are not scams per se so long as they exhibit characteristics described in the Nakamoto’s paper. However, people often launch blockchains with a specific intent to coin squat, and such heavily infested coins can be termed “scam coins”.
5. Feathercoin as a scam coin. We should say that our intentions are honorable and in accordance with the principles of Nakamoto’s seminal paper, but we suspect that Feathercoin itself is heavily infested with coin squatters, which might manifest in extremely high future price volatility. We should say that we are not sure what we are up against, that we have suffered from collusion of miners (51% attack), and we may suffer from other market manipualtion strategies in the environment which we cannot control. This may lead to disappointment of those, who will participate in the transition to coin-based economy, which may possibly fail due to coin squatters.
6. White market as a way to deal with coin squatters. We do not have funds to deal with volatility in the wild market, but we can stabilize prices and make the transition to coin-based local economy efficient in a small, partially isolated white market. We should present our strategy, and issue warning that we have no control whatsoever over coin squatting in the wild market. The white market strategy requires further exposition, which is not a part of this post.
7. Invite the cops to themselves participate as investors in the white market. We should say that while we still have cold feet to call on the participation of the general public in our white market testbed, we feel less worried to invite those who are supposed to be anti-fraud experts, and thus fully educated on the matters.
You should prepare presentation slides with these things and present them in all seriousness. You might start by exposing the present dire economic situation, that makes this innovation necessary.
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What about Corporate Financial Lawyers?
Cops are value creators. On the contrary, corporate financial lawyers have an increased rate of problem people among them. Legalist system wasn’t able to prevent pervasive legalized theft that is fractional reserve banking. High-ranking lawyers and economics professors mostly pretended that everything is OK and mooched before Nakamoto came up with his disruptive innovation. Legal people should be treated as any other person. Unlike fraud cops, they are not experts in our area. In a society where laws are partly corrupt, good cops are more important than lawyers. (It is, though, worth mentioning that judges and other legal people, surprisingly, still do have better sense of justice than general population.)
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Sounds good. The only part that sounds odd is the coin squatting part. As an investment Feathercoin is high risk but with that comes the potential for high reward. I don’t think we should penalise anyone who has invested money in Feathercoin rather then gold or stocks.
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Sounds good. The only part that sounds odd is the coin squatting part. As an investment Feathercoin is high risk but with that comes the potential for high reward. I don’t think we should penalise anyone who has invested money in Feathercoin rather then gold or stocks.
Firstly, I am proposing to distinguish the terms “coin hoarding” and “coin squatting”. Coin hoarding is a normal, smiled upon process, that should actually be called “saving”. But I am very sorry that we need to introduce the term coin squatters for the people who buy proverbial hookers and Lamborghinis. If we don’t do it, the transition to a coin-based economy will FAIL (I use all caps very rarely). Secondly, I am not talking about penalizing anyone. It is not possible to do the amount of policing needed to distinguish coin hoarding from coin squatting. Don’t judge me before I have said anything. I am simply talking about establishing white market as a fast lane for value creators. This will help everyone, including those who plan to invest in personal luxuries. But they’ll have to drive in the normal lane, not the fast lane. Market will remain decentralized. Fast lane rules will apply exclusively to the white market, if you guys can set it up eg. with http://cryptonit.net
I am not proposing to judge anyone. Damn, I am a normal, considerate person, no Stalinist. I count as a damn coin hoarder, too. I’m not proposing anything in terms of centralization beyond what’s absolutely necessary. I’m a damn free market believer. But a transition like this creates damn turbulence, I’m trying to make it laminar or it won’t happen. White market is just a walled BitLicense with a price stabilizer and a fast lane for damn tech angel investors, that’s all. You don’t need to trade there if you don’t like the market.
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Or do you have any better phrase than “coin squatters” for people who buy for pennies and waste 100% of the obtained economic resources on Lamborghinis and paragliding in Peru? This is not going make public like us, we have to distance ourselves from it. Those resources were supposed to land in a new, coin-based economy. Trickle-down effect from Lamborghinis and paragliding is very very roundabout. We need a word for crypto bums. “Crypto kings” is stupid, “crypto barons” makes us look worse than we deserve… I think “coin squatters” is good for explaining that the problem with scam coins is not with the coin idea itself, but with the coin hoarders who dump, take away the resources and abandon the coin.
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I think I understand what you mean now. And I agree that the rich can have a disproportionate effect on a new currency such as ours. Especially when this is a currency that has the potential to benefit everyone. And I understand that one large investor could re-centralise the distributed nature of crypto.
I agree with you that now is a good time to get more people involved in the coin but we must be ready for it and have a platform in place that can cater to the needs of the masses.
The frictionless network for sending and receiving FTC has been in place from the start but I believe the ease of converting between fiat and FTC in either direction is not where it needs to be. Obviously we want to promote the use of FTC and we are in a very strong position as our users have more ways to spend their FTC than ever before. But I believe what is needed (which may support your white market idea) is a bitpay type offering which removes any perceived risk or complexity from potential merchants. This would also re-enforce the benefits to our users.
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Let’s start talking to http://cryptonit.net about the white market. We won’t build our own exchange in time for the pump. I hope cryptonit will say yes, so Bush can go to the economic cops next.
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I don’t think we should be labeling anyone.
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I don’t think we should be labeling anyone.
What do you mean by that?
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Firstly, I am proposing to distinguish the terms “coin hoarding” and “coin squatting”. Coin hoarding is a normal, smiled upon process, that should actually be called “saving”. But I am very sorry that we need to introduce the term coin squatters for the people who buy proverbial hookers and Lamborghinis. If we don’t do it, the transition to a coin-based economy will FAIL (I use all caps very rarely).
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It bothers me greatly that the top holders of ftc have not approached us with donations to help further the coins development.
The top holder alone could sacrifice only 1% of his/her/their ftc, and the amount we could achieve would something spectacular.
I’m assume those are the types of people your calling hoarders and I completely agree.
Problem is, if we start using terminology like that in an official manner, it’s gonna impact on our image.
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It bothers me greatly that the top holders of ftc have not approached us with donations to help further the coins development.
The top holder alone could sacrifice only 1% of his/her/their ftc, and the amount we could achieve would something spectacular.
I’m assume those are the types of people your calling hoarders and I completely agree.
Problem is, if we start using terminology like that in an official manner, it’s gonna impact on our image.
You said it yourself. I am happy to see that you used the adjecive “greatly”. Feel free to suggest better names for the good guys (savers?) and the bad guys.
Coin-related cases will surely start ending up on fraud cops’ desks, we need to name the bad guys, since crypto itself isn’t bad.
White market would have to be tuned to solve this.
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I suppose they should be called the same as if it were fiat.
If it ends up in the hands of the police, then I would consider them potential criminals, innocent until proven guilty of course.
Anyone else is a citizen I suppose.
That’s what I sorta mean we don’t need labels.
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OK, I guess I didn’t make myself clear. I am not talking about guilt and crime. After all, when you have millions
in USD from coins, you don’t need to rob gas stations, so you will not end up criminally guilty, just like banksters
who build useless glass and steel palaces in the city centers don’t end up criminally guilty.
If one invests the economic resources that the users of decentralized currencies are trying to transmit into
a coin-based economy into lamborghinis and hookers, instead of Feathercoin ATMs and businesses that sell
goods for Feathercoins, it’s his or her decision. His or her right. It’s not a crime.
But it’s also true those resources are being spent inefficiently. And if the people who tried and will try
to transmit the resources into a coin-based economy ask us why is it taking off slowly (which they will!), or not
taking off at all, we will have to tell them the truth: Because some people transmitted the resources right back
into the fiat-based economy, instead of building Feathercoin ATMs and Feathercoin-based businesses.
Now some members among the Feathercoin users might actually honestly think that we are running
a get-rich-quick scheme here where they plant a penny and harvest a pound. And we are actually not that
far from the situation, and the reason is because the technology today is so advanced, that if the burden
o fractional-reseve banking is taken off its neck, it can indeed offer returns that we don’t think are possible.
In other words, our ancestors have invested so much effort into developing efficient industrial methods,
that all we need to do is to dismantle “economic stimulation”. We are not aware of how efficient the industry
today is, because banksters waste literally everything. But the success of Feathercoin won’t happen unless
a certain fraction, let’s say at least 20%, of the economic resources transmitted to its economy engages in
industrial and agricultural production.
If we tell our users that no, that pound you harvest represents our common effort to get rid of the fiat-based
economy, you have to use it conscientiously, they mostly will change their mind and indeed use it to build
Feather-based economy.
But some of them will not change their mind, because it is now scientifically proven that some people â€" between
1% to 4% of them â€" do not have conscience at all. They will always spend 100% of the resources they get their
hands on on their personal gratification, while asserting convincingly that they will do the opposite. This is now
a known, scientifically proven fact.
These people are often very successful today, because they do not spend time having concerns about their
actions, thinking about where the society is right now, where is it heading, what impact will their action have etc.
They are satisfied to think narrowly what action will be rewarded by their first-hand personal enrichment, which
is much simpler and much less time consuming thing to do, and then they feel good about that, no additional
concerns. They take anyone having such concerns for an idiot. They go straight for the corporate career, they
go straight for the post of financial director, etc.
When bitcoin has started up, its early adopters were dreamers, they were revolutionaries fed up with the
banksters wasting our common future, they were people with conscience. People without conscience avoided
the community of decentralized currencies because they thought that corporate community is where the money
is. But now they see that the community of decentralized currencies does offer some financial opportunities.
People without conscience in the coin crowd will go straight for the neck. They will prefer smaller coins such as
us, of which they can own a large share, and which they can control more easily, or they will launch new coins
entirely for themselves, which they will find even easier to control. You can almost count the people without
conscience in the crypto crowd by counting the alts, but note that some of them launch whole flocks of alts per
individual. We might have one, or two, or three such people already attached to Feathercoin, controlling 50,
or 70, or 90% of our coin supply by now.
I think that I will have to make 3 presentations, 3 talks:
- Feathercoin futures, which will show what is going to happen if we don’t do anything.
- Background of the financial crisis, devoted to the hypothesis that people without conscience are
responsible for the crisis, that made clear that something is wrong with the world. - Remedy proposal, where I present details of why we need Feather to succeed quickly, and the white
market infrastructure that I propose to save Feathercoin from possible bad future.
I do not intend to label anyone at all anywhere. We will let the trained diagnosticians do the labeling, and that is
only within the white market infrastructure, if we can get it done, and only for the angel investors. Nobody else
will be screened, and nobody at all will be forced to trade in the white market. Even in the white market, I do not
plan any freedom restrictions against the users, such as telling them what to do with the resources they obtain.
I only plan a stabilizer for the price curve exclusively inside the white market, and some way of mildly distinguishing
technological angel investors exclusively inside the white market. I coined the term “coin squatters” only as
a hypothetical reason we will give why do we need to give a small advantage to angel investors inside the white
market. Again, nobody will be forced to trade there, and no fingers will be ever pointed to any concrete person
whatsoever, inside or outside the white market. (So no “You are a class enemy of the working class!”)
Does this allay your concerns?
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…why is it taking off slowly…
…Because some people transmitted the resources right back into the fiat-based economy, instead of building Feathercoin ATMs and Feathercoin-based businesses…
We still have many many years before the infrastructure will exist to support general adoption of any crypto currency.
Miners do need to pay their power bills. That’s where a lot of the ftc/fiat exchanges taking place. Sometimes we are the most profitable scrypt coin so that basically is going into btc.
…why we need Feather to succeed quickly…
I would have to disagree with you there.
We can’t fall behind but there’s no need to race the other coins. If ftc grows too quickly, things will fall apart very easily.
ftc will succeed over time, provided we stay organised and continue to grow and develop the coin as the cryptosphere evolves.
Does this allay your concerns?
I’m not sure what my concerns are yet.
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All right, I must clarify myself again. When I’m talking about the users asking why FTC is taking off slowly, I’m talking about the users 5 years from now. FTC is very cheap today, and unless the major exchanges kick us out, will take off nicely to high prices. But if, in 5 years, if it becomes obvious it’s going nowhere, if FTC becomes worthless again, that’s when the users will start asking the question I’m worried about today.
You said it yourself that it bothers you greatly that the big holders are not friends of the coin. It bothers me greatly, too. I think that due to this, we have no reason for optimism unless we do something substantial now, not after the coin rises to the damn sky. That’s why I want the white market, and that’s why I want to go to the cops. Cops are citizens, too, after all. They have the same right to invest.
When I’m talking about Feathercoin succeeding quickly, I’m talking about years, not days or weeks, and by succeeding, I don’t mean filling my damn pockets on the damn pump, but repairing damn economic system. And that won’t happen without damn industrialists and damn cops. I repeat myself, I don’t think we can be optimistic about this unless we do something.
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All right, I must clarify myself again. When I’m talking about the users asking why FTC is taking off slowly, I’m talking about the users 5 years from now. FTC is very cheap today, and unless the major exchanges kick us out, will take off nicely to high prices. But if, in 5 years, it becomes obvious it’s going nowhere, if FTC becomes worthless again, that’s when the users will start asking the question I’m worried about today.
I’m not worried about something 5 years from now that is yet to happen. When/If it does, we can cross that bridge when the time comes.
You said it yourself that it bothers you greatly that the big holders are not friends of the coin.
Didn’t say they weren’t friends. Only said that it bothers me that they haven’t donated anything considering how much they hold.
When I’m talking about Feathercoin succeeding quickly, I’m talking about years, not days or weeks, and by succeeding, I don’t mean filling my damn pockets on the damn pump, but repairing damn economic system. And that won’t happen without damn industrialists and damn cops. I repeat myself, I don’t think we can be optimistic about this unless we do something.
What are you suggesting because I am already optimistic.
There’s a lot going on and feathercoin is quietly leading the way in regards to development.
We can reach out to the fraud cops etc, I’m all for this, but I’m just wondering if our words would fall on deaf ears.
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I’m not worried about something 5 years from now that is yet to happen.
That’s like a driver saying he’s not worried about something 50 meters in fron of the car that is yet to happen.
Didn’t say they weren’t friends. Only said that it bothers me that they haven’t donated anything considering how much they hold.
If they were friends, they would show it. Duh. The working hypothesis must be that they want Feather to fail and
that they will use the economic resources of Feather investors to annihilate all positive efforts and simply bash
Feathercoin back down, and buy more just to be sure it stays there. To psychopaths, which I suspect our major
holders already are, this would be more psychologically rewarding than repairing something. Psychopaths enjoy
making other people lose, due to physiological differeces in their brains. They have to be taken into account.We can reach out to the fraud cops etc, I’m all for this, but I’m just wondering if our words would fall on deaf ears.
I’m saying, let’s reach out to fraud cops, personality disorder experts and tech angel investors now. Coins are
legal, cops are citizens, if we are going to repair the economic system with them, then they should buy in now.
And we should make sure we don’t crash 5 years from now because we hit a bump 5 months from now. We are supposed
to be fighting damn windmills here.I should start preparing that presentation on Feathercoin futures, but I’d like some feedback from Bush, Ruthie
and other members when they get back from the vacation.
