Feathercoin is Not Money
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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”.
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Money is a bridge that became a culture and the culture became a tool. Eventually, the tool became the only game in town.
First, we used money to get things which were rare. Then, we always needed rare things. Then, those who had the rare things had the world in their hand. Finally, the only people who could live a comfortable life were the ones with the control.
Money needs to be restored to its original role.
FTC isn’t money. And BTC shouldn’t be anything but a stealth firewall against the entrenched controls.
We need a working platform. Money needs to be an optional feature for that platform.
