Is Feathercoin approaching its intrinsic value (Zero) ?
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Catastrophizing is one coping strategy we could use to respond to the current situation though I would like to suggest an alternative if I may? I would start off by asking everybody on this forum:
[b]What’s the most important thing you should be doing right now help give Feathercoin some intrinsic value?[/b]
For example you could do things like find business networking events in your local area using meetup.com. On Friday night for example I met with 9 people who run startups who are looking for ways to monetize and gain traction, they are potential merchants who could accept Feathercoin, in fact at least 2 that I spoke to were very keep to adopt FTC as a payment.
Make sure you follow up with them in the next 24-48 hours by saying something like this:
[center][i]@Ken_Lalobo hey great chat tonight really glad we met and hope we get to work together in the future.[/i]
[url=https://twitter.com/Feathercoin/status/388777467605180416]Twitter Link[/url]
[/center][center][i]@noreenmccaffrey hey great to meet you tonight you may know our founder @bushstar who worked at Brasenose until recently[/i]
[url=https://twitter.com/Feathercoin/status/388777467605180416]Twitter Link[/url]
[/center]The latter is a great example of building a personal connection; by asking someone where they come from and what brought them here you are able to find ‘small world’ coincidences like the fact that Noreen and her friend both studied at the same University that Bushstar worked at as Head of IT. This is a great way to stay top of mind and build relationships. She is sure to go off now with a positive impression of Feathercoin and tell her friends about it.
As is Ken whom I spoke to for over an hour about the economic situation in his home country of Uganda and so I gave him a Feathercoin badge and told him to give it to his father so that he could take it to Uganda on his next trip to his farm on the 17th this month.
You’ll be surpised at how helpful people are willing to be if you start off making the conversation about them and being sincere and curious about what they want to achieve over the next few months.
I like to start a conversation by asking “So what are you promoting today?”, “What brings you here?”, “Is there anyone you’d like me to introduce you to tonight?”.
Questions like this a great at starting conversations. If all else fails start with “Excuse me, can I ask you a question?”. Nobody ever says no and it breaks the ice immediately. You can follow up with “Have you been to one of these events before?”. If you have been there before and it’s their first time that presents a great opportunity for you to help them feel welcome and at home. Feeling left out is a horrible feeling that people are always willing to avoid.
Now when transitioning in to Feathercoin you can start off with something called an [url=http://www.mindtools.com/pages/article/elevator-pitch.htm]Elevator Pitch[/url]. If you don’t know what this is, it’s a 20-30 second rehearsed but natural sounding description of the main benefits and features of a product usually as they relate to the person you are talking to. See more about how I pitch Crypto in [url=http://forum.feathercoin.com/index.php/topic,3790]this post here[/url].
Make sure that Feathercoin is relevant to the person you are talking to as nobody likes to have their time wasted. Listen carefully to their needs and respond to them by linking benefits of our project to their short to medium term goals. Even if there is nothing we can do for them right now simply being curious about that person will be enough for them to want to connect you to someone they might know who will need what we have.
Now this might sound very effortful and boring to some people who prefer to sit back and look at the charts all day. And I grant you it doesn’t sound sexy. But this kind of ground up approach is a very important part of scaling up. If you believe in the power of what we have and you are able to communicate your passion for it to other people they will incorporate it in to themselves and pass it on to others.
Now imagine if 20 of us started doing that in different regions of the globe and then the word spread from person to person until the word about Feathercoin started to intersect at the cross roads between the cliques. That’s when the party really gets started.
Person A tells Person B about something called Feathercoin and they say: “No way you use Feathercoin too? I have been on the forum for 3 months now, that’s such a coincidence.”
These kind of uncanny moments signal to people that there must be something inherently good about Feathercoin otherwise how is it possible that 2 people could bump in to each other who are both in to it? And that event can’t happen until you start talking about it.
You will get all the support you need from me, Ruth, Bush and everyone else on the team here at Feathercoin. Feel free to direct people to the video.
At the same time as all of this I am also going to be talking to Bitpay, [url=https://bips.me/]https://bips.me/[/url] and other payment processors about getting help with FTC to fiat. But before I can do that I need to show that there is demand and to do that I need to show there is all this support I have been talking about. I also need to show there are merchants or potential merchants and to do that I have to… you guessed it show that there is demand. So it all threads back in on itself.
So again I must ask [b]What’s the most important thing you should be doing right now help give Feathercoin some intrinsic value?[/b]
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This is a good question.As money, there is still a long way to go.
I think the success or failure depends on our own.We need to innovate, rather than simply imitate.FTC, I want to increase the message function,Similar CMC .
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You need a little different.Only innovation can live.
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[quote name=“lizhi” post=“31119” timestamp=“1381679683”]
This is a good question.As money, there is still a long way to go.
I think the success or failure depends on our own.We need to innovate, rather than simply imitate.FTC, I want to increase the message function,Similar CMC .
[/quote]That’s great. How can you be a part of that innovation?
Have you thought about suggesting it in the [url=http://forum.feathercoin.com/index.php/board,122.0.html]Tech development board[/url]?
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[quote name=“lizhi” post=“31119” timestamp=“1381679683”]
This is a good question.As money, there is still a long way to go.
I think the success or failure depends on our own.We need to innovate, rather than simply imitate.FTC, I want to increase the message function,Similar CMC .
[/quote]I put your suggestion about the messaging system to Bushstar as I noticed that some other people have requested this before, he is now compiling a CMC wallet to take a look. Would you like to make a post on the Technical Development board so that you can get the ball rolling?
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You’re wrong Radacoin. FTC is only 6 months old. How much did you know about BitCoin circa January 2010? Not much I bet. If you want to compare FTC to BTC, then at least compare them at their same age.
More importantly, you’re getting upset today because FTC price is down. Will you be elated tomorrow when the price goes up? Don’t be. It’s important not to get tossed about on the waves of fluxuating price levels (and that’s true for any cryptocurrency you may own) but to see the big picture. Seeing the big picture means also seeing what’s happening both within the cryptocurrency community, including feathercoin, but also the wider world. eg: IF the US defaults on it’s debt in the next couple of weeks, there’ll be trillions worth of value looking for a new home, and I’d be willing to bet that IF that happens, a modest portion of it will find its way into cryptos, including feathercoin (and no, I’m not betting the farm on it, but my point is this could happen). And a modest portion of a trillion dollars is quite a bit of value - for now at least! ;) This may or may not happen, but it’s a short term thing anyway. What matters is the long term value of cryptos like feathercoin.
I’m sticking with feathercoin because it represents long-term value. The devs understand that feathercoin is in its early stages and success is not guaranteed. As a result they know they need to innovate, and they know feathercoin needs to reach out to merchants and everyday people to get increased adoption. That hunger for success over the long-term coupled with a knowledge that keeps the currency improving iswhat’s making feathercoin stronger.
Quick quiz by way of analogy:
Which company got a smartphone to market first?
a) Apple
b) Samsung
c) MicrosoftWhich company sells the most smartphones today?
a) Apple
b) Samsung
c) MicrosoftAnswer: Apple was first to market, and now Samsung ships the most units.
Yeah, Bitcoin got to market before Feathercoin, but that’s no guarantee that they’ll be the biggest cryptocurrency by market cap in five or ten years time. Feathercoin can’t be Apple (according to the analogy I’m making above), just so long as FTC isn’t Micro$oft (in regards to its efforts in smartphones - which were late off the mark, and a pretty dodgy value proposition in terms of product) I think the future for Feathercoin is bright.
That’s my 2FTC worth. 8)
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[quote name=“solasaurus” post=“31157” timestamp=“1381708312”]
Quick quiz by way of analogy:
Which company got a smartphone to market first?
a) Apple
b) Samsung
c) MicrosoftWhich company sells the most smartphones today?
a) Apple
b) Samsung
c) MicrosoftAnswer: Apple was first to market, and now Samsung ships the most units.
[/quote]Do you mean hardware or OS? MS had Windows Mobile before either Apple or Samsung were in the market. If hardware, MS shouldn’t be in the list…
Agree with most of the rest though…
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[quote name=“solasaurus” post=“31157” timestamp=“1381708312”]
Yeah, Bitcoin got to market before Feathercoin, but that’s no guarantee that they’ll be the biggest cryptocurrency by market cap in five or ten years time. Feathercoin can’t be Apple (according to the analogy I’m making above), just so long as FTC isn’t Micro$oft (in regards to its efforts in smartphones - which were late off the mark, and a pretty dodgy value proposition in terms of product) I think the future for Feathercoin is bright.That’s my 2FTC worth. 8)
[/quote]+1 It’s not about being first, it’s about being right.
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I think it is wrong to look at the prices of the given coins without a larger perspective as part of the picture.
If you take a given time frame of your own choosing… you could draw any conclusion you want and justify it. One could argue that FTC is the more stable coin of all the 3 listed in the original post based on full lifespan graphs of each coin. Even over the last 3 or 4 weeks FTC can be said to be more stable than LTC. LTC has lost ground and ultimately one single reason! Mt. Gox and the lack of market inclusion. That is a good indicator of many things, lack of faith in the coin sans-Mt.Gox comes to mind first.
We shall see what happens in the goodness of time, but my faith is here and is as strong as ever.
Time will tell, but for now the price is great for those wishing to buy in.
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An online wallet fully secure, for your smartphone, and that contains 3 main crypto, Bitcoin, Litecoin, Feathercoin, interchangeable by market rate, and able to make fast payments. I think, thats what everybody would ask.
Much better, add dollar and euro.
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[quote name=“erk” post=“31231” timestamp=“1381785215”]
I do agree that the FTC exchange rate need some stability to be accepted by merchants.But, the value of a coin is reflected in it’s utility, what you can buy with it, not it’s exchange price for another coin. A classic example is the Iranian currency (IRR), which has been the subject of a US lead bank war on it’s exchange rate for years now, the value of the IRR has plummeted. However, the average Iranian wouldn’t notice, they can still buy their groceries etc. locally life goes on as if nothing happened, only the middle class that likes foreign imports take notice.
As for FTC the ultimate value of the coin is what you can buy with it, not it’s exchange rate with other coins, only merchants that work in other currencies care about that, and of course exchange rate gamblers.
To make FTC more valuable, make more things available that you can buy with it. In order to get more people to accept payment for their goods and services in FTC, the need a way to get the FTC quickly back into their native fiat currency, but at some point, if there are enough goods and services on offer which accept FTC, then the need to exchange diminishes.
Another point is that exchange rate stabilizes as volume increases, in the BTC world only about 3-4% of the BTC volume sent each day goes via exchanges like Gox etc. In the FTC world it’s a much higher percentage. FTC needs a Silk Road without the illegal content.
Also a price stabilizer like the DGC bank is a good idea:
https://bitcointalk.org/index.php?topic=238882.0
[/quote]I think is just making the most of the path that bitcoin has started, many of the merchants that already have Bitcoin, may need in the future when bitcoin reaches 1K dollar another crypto much more smaller. Maybe some of them need Feathercoin now, or soon, like betting games where the bet is small, -is quite annoying bettin 0.001 Bt and much more 0.0001-
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Bitcoin = gold
Litecoin = silver
Feathercoin = coppermakes sense to me and has real world application. (“normal people” can relate)
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[quote name=“Joeperry” post=“31236” timestamp=“1381789188”]
An online wallet fully secure, for your smartphone, and that contains 3 main crypto, Bitcoin, Litecoin, Feathercoin, interchangeable by market rate, and able to make fast payments. I think, thats what everybody would ask.Much better, add dollar and euro.
[/quote]we’re still coding… (Frantically) but this is in the works.
[url=http://www.switch-bit.net]http://www.switch-bit.net[/url]
The style/look of the site at the moment is irrelevant.
Otherwise, exactly what you just described. It’s definitely in progress, lots of client side code to be written but the concept is the same. Sign up if you like. We can’t guarantee the database won’t be blitzed before early next year when we’re aiming to release. The ‘Market Rate’ is compared to USD for now because that’s what is out there. The initial release is to have Bitcoin->Litecoin->Feathercoin exchanging between themselves. (Free withdraw from SwitchBit when it goes live early 2014) Since we don’t have 50 different ‘Money Services Business’ licenses for the states, we can’t trade fiat cash monies yet… pretty ridiculous. The goal is to add fiat in the future and as soon as possible…
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[quote name=“Izerian” post=“31249” timestamp=“1381807939”]
[quote author=Joeperry link=topic=4012.msg31236#msg31236 date=1381789188]
An online wallet fully secure, for your smartphone, and that contains 3 main crypto, Bitcoin, Litecoin, Feathercoin, interchangeable by market rate, and able to make fast payments. I think, thats what everybody would ask.Much better, add dollar and euro.
[/quote]we’re still coding… (Frantically) but this is in the works.
[url=http://www.switch-bit.net]http://www.switch-bit.net[/url]
The style/look of the site at the moment is irrelevant.
Otherwise, exactly what you just described. It’s definitely in progress, lots of client side code to be written but the concept is the same. Sign up if you like. We can’t guarantee the database won’t be blitzed before early next year when we’re aiming to release. The ‘Market Rate’ is compared to USD for now because that’s what is out there. The initial release is to have Bitcoin->Litecoin->Feathercoin exchanging between themselves. (Free withdraw from SwitchBit when it goes live early 2014) Since we don’t have 50 different ‘Money Services Business’ licenses for the states, we can’t trade fiat cash monies yet… pretty ridiculous. The goal is to add fiat in the future and as soon as possible…
[/quote]Prices on the site are as close to ‘real-time’ as we can due to site’s api restrictions.
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Compliance has been our biggest hurdle thus far… go figure. Anyway, not trying to derail this thread!
FTC is definitely not worth 0 ;D for what it’s worth!
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[quote name=“Izerian” post=“31281” timestamp=“1381843834”]
FTC is definitely not worth 0 ;D for what it’s worth!
[/quote]That’s correct. There are too many people who care about this project and want to see it succeed. But it may be that the mainstream want it at a bargain price, so be it. I can wait.
