Feathercoin is Not Money
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Whoah settle down it’s ok, I’m about to say something controversial and it may bring the fire and pitch forks but I just wanted to get something out in the air. I need to know how the community feels about this topic…
Ok, so here we go…
I would like to suggest something that a lot will disagree with. It seems stupid at first but believe me, I have justifications.
btc and ftc are two completely different creatures now.
Bitcoin IS money, and is also pretty well much locked on a course which won’t allow for radical change.
Feathercoin on the other hand, started as a community based coin which will have a lot of difficulty scaling if it were to reach the status of btc, but, ftc has now ultimately taken the place of bitcoins’ original purpose.
Feathercoin has become the sandbox for crypto’s. We are the only large coin that is willing to grow, adapt and evolve in every direction, as opposed to focusing on a niche.
Because of this, the unit of ftc is extremely undervalued as a currency but only holds it’s intrinsic value because of the ftc’s nature. Investors know that we could be the “full-stack” coin of the future.
Due to the undervalued nature of ftc, people are extremely hesitant to let go of any ftc they hold. It has been proven that the poorest are far more likely to donate a greater percentage of their holdings.
Now, the reality is, by getting people to donate ftc, all we are doing is setting people up for disappointment. Average crypto Joe buys in, donates a bit, becomes engaged only before seeing prices decline and their holdings loose value. They realise that the top 5 holders holders could donate 1% each and this would overshadow any amount of ftc we could ever muster… Said person dumps their ftc and moves on.
ftc is far to precious to be used as money for now. Once our value increases and stablises at something a little more true, we really shouldn’t be promoting people to spend it.
With all that said, we still need to continue work on building the infrastructure required for ftc payments. It’s a good major part of what we are about. We still need work on the open source atms, PoS equipment, merchant software, payment platforms etc.
We should simply adopt bitcoin as our official form of currency for now. Bounties, raffles, fund raisers etc should be donated as bitcoin and if ftc is actually needed from it, the btc can be sold for ftc. Hopefully on an exchange we own or the idea been organised with cryptonit potentially. By using their API we can implement cross crypto exchange from within the Qt. Then more exchanges will follow.
So yeah… Ftc is money, but its to preciose to be spending or promoting people to spend it. People should be holding, mining, buying ftc, working on ftc related projects or whatever they want… But we really should stop asking for ftc donations from the community. It makes no sense to me.
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As a trader I would advise not invest in something that is on a downward trend. Why buy Feathercoins today at 0.00005 when it seems likey that they will be trading at 0.00003 in the near future.
Also 2 addresses(same wallet IMO) own 40% of all feathercoins. Very unusual to say the least
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Dear Calem, I find it amusing when you present this as an advantage:
We are the only large coin that is willing to grow, adapt and evolve in every direction, as opposed to focusing on a niche.
This man wrote a couple of books, 30 years ago, true, but still relevant. Marketing introductory level textbook material. He says that being stuck in the middle is not an advantage.
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Lets just pretend he never made this post ;)
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So should we ask people to donate their ftc then for projects?
Cause I think it’s a daft idea… You said so yourself, Feathercoin will never make anyone rich, so one should only be here if you really actually care about trying to change the world.
Ftc’s value could be nothing as far as I’m concerned. I’m only here to try help advance the tech otherwise I would have taken the answer, “No, block eruptors can’t mine scrypt” and never come back. If people think I’m making things worse I’ll gladly step down. I could actually get my life back.
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We can develop systems, through self-study.But we still need to hire, to complete the development of a number of temporary work.
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As an example, It was relatively easy for me to source our GPUminer dev. It cost 1.9 BTC and 7M UFO, 1.4 BTC and 6.5M UFO of which was from my own pocket. And no I don’t need any donations.
I’m just a guy at a keyboard but I really think paying in BTC has proven it gets the job done. Who here would be willing to sacrifice the equivalent of $700 USD worth of ftc to get a GPU miner for Neo developed? Certainly not me as thats all the ftc I hold… and It cost me alot more than $700 USD to acquire it.
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I think I will have to talk with you over skype soon.
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All good. Like everyone I see somewhat of crysis at hand…
Considering btc can only handle 7 transactions per second and we can do 70 per second, crypto’s are no where near ready for mainstream adoption…
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Lets just pretend he never made this post ;)
+1
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Did anyone read the bit about how btc can only handle 7tx’s per second? Not because of network hashrate but because of an underlying flaw in the code…
Ftc can do 70 per second, but this is still no where near what is required for mainstream adoption… the amount of tx’s per second required is phenomenal… Even if just one city was to be using btc for 80% of its transactions, the network would crash leaving chaos in it’s wake…
Now what makes anyone think that we can ignore the elephant in the room and continue believing that crypto’s have already become money… Kid yourselves all you like, but you will be bitterly disappointed.
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Hi Calem, hi all,
Excuse me if this is a bit rambly. my post below turned into a bit of a brain-dump.
Flippant answer :
Regarding crypto-currencies and money. If it looks like a duck, quacks like a duck, it probably is a duck.
Longer answer :
Crypto’s are hard to define. When I initially was getting into it I had trouble explaining to other people what it exactly was.
- It sometimes behaves like money (you can get exchange it for goods/services/ and $$$s).
- It sometimes behaves as a comodity.
- It sometimes behaves as property (hoarding it in the expectation of another disfunctional bubble).
I am using bitcoin as money. My wife has a US student loan. Being the US they don’t accept international payment so each month I buy an amount of BTC on bittylicious, send this to coinbase, and withdraw to a US account, whereupon I can pay the monthly amount. Previously I was using paypal and paying the fees.
sidenote - If coinbase were to support FTC then I would consider using that for my UK --> US transfers.
The next steps to take are to lobby the student loan company to accept bitcoins directly, and then receive part of my wages in bitcoin (easy to convince the boss as I am self employed).
I am just one person, but a whole eco-system is now being built mainly around BTC, but also this is laying the groundwork for cryptos in general.
However - you have identified the elephant in the room WRT BTC. It does not scale well (I have myself wondered if there is another price bubble, whether the blockchain would cope).
I have always considered BTC and most of the 1.0 crypto-currencies to be prototype crypto-currencies. You are correct in that BTC is “stagnating” due to it’s success and it is much easier for smaller coins (like FTC) to innovate.
Now (what I term) v2.0 coins are appearing, and they are addressing the perceived and technical weaknesses seen in the v1.0 coins. An example Boolberry can expand the number of transactions stored in a block dynamically if demand requires, then reduce them afterwards (this actually was used against it in a recent unsuccessful “exit” attack). Privacy is an example of a perceived weakness, hence the popularity in coins that mix, encrypt transactions, etc.
Over the past year crypto-currencies have boomed, with hundreds being launched. Now (IMO) the shakeout is beginning, with each coin suffering an identity crisis. Most of these coins will die a slow death (Natural selection demonstrated). However some of these coins will survive, because they offer some sort of innovation (example NXT with it’s asset exchange) and/or serve a niche need.
BTC itself may be toppled in time and if that becomes the case it is going to be a very painful time for cryptos and those based around them, but blockchain technology - the real innovation - will remain, and the eco-system will not be destroyed but will be adopted for that which replaces it.
Back to FTC - I agree when you say FTC is a coin that is willing to grow, adapt, and evolve. I disagree when you say we should do this in every direction, rather than focusing on a niche.
Question I have been pondering for a while - what is FTC’s unique selling point?
Cheers
Dave
Just for the record - I currently hold BTC/FTC :D /NXT (v1.00), and BBR/XMR (v2.00).
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Feathercoin seems to be a major wildcard.
Maybe that’s its selling point?
When I tell people why I’m supporting feathercoin the most, I go on about how we are continuously developing new and different things.
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Feathercoin needs to concentrate on getting a niche market and a FTC/Satoshi market is required on BTC e
If an airline advertise that they will give each passenger a parachute just in case the aircraft crashed, do you think it would increase the amount of passengers who use it? I think its called negative advertising i.e advanced checkpoint the Feathercoin main selling point.
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I’m just a guy at a keyboard but I really think paying in BTC has proven it gets the job done. Who here would be willing to sacrifice the equivalent of $700 USD worth of ftc to get a GPU miner for Neo developed? Certainly not me as thats all the ftc I hold… and It cost me alot more than $700 USD to acquire it.
One thing is true, that now it is not time to get rid of one’s FTC. But we’ll have to take care of the volatility to make people more willing to use it as money, which is it’s intended use. Right now, it’s an investment asset.
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Been some time since i sold off all my holdings of FTC and have so far not had any regrets about that. FTC was my currency of choice, but at some point you find out that things are not working out.
However it is refreshing to see that the community is still alive here.
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Feathercoin is money along with many other things that are yet to be developed…
I was really just saying that at this given point in time, we should not be using ftc as money.
It is a valuable asset that is still in it’s early stages of development.
It could die or thrive. That is up to us.
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I was really just saying that at this given point in time, we should not be using ftc as money.
Indeed, because the decision to buy a good with feathercoin is tied with the investment decision. Consider the BTC pizzas. We will have to come up with a way for the buyers to decouple the buy from divesting FTCs. I am trying to come up with such way, which would be similar to the way call options work.
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Feathercoin is money along with many other things that are yet to be developed…
I was really just saying that at this given point in time, we should not be using ftc as money.
It is a valuable asset that is still in it’s early stages of development.
It could die or thrive. That is up to us.
If our development technology can progress, we will exist for a long time.Perhaps we need a strong leader or careerist, Actually, Money, it wasn’t a problem at all.
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If our development technology can progress, we will exist for a long time.Perhaps we need a strong leader or careerist, Actually, Money, it wasn’t a problem at all.
I believe that your mechanized translator wanted to say “professional” rather than “careerist”.
