Pledge to buy 200 coins (1block) per month
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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.
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[quote name=“unkunku” post=“47059” timestamp=“1387799096”]
You can say whatever you want about the FED printing money, but a 10-15% increase in money-supply (FTC) just takes it to another world. The market is basically being flooded with feathercoins right now. A big big no buy.
[/quote]You know what I have an issue with… The fact that the biggest holders of ftc seem to be people who barely have any care about the coin itself… they just buy in and acquire tens of thousands of coin and do nothing to further it… they’re just waiting to sell off high and buy cheap.
The people who seem to be busting themself’s in there spare time are the ones who hold the least amount.
So either the people who will stick with the coin thick and thin buy now while there’s a decent amount around, or the the people with all the fiat just gobble it all up and bail when they feel as though they’ve made enough to bail in the future…
Should the community sit back and watch these greedy fiater’s gain the bulk of the coin only to sell it back to us at at a huge margin? Or should we step up and make sure that the coins get dispersed amongst those who truly believe in changing the system?
Sorry I’m all ranty right now, but after reading the topic “How many ftc do you hold” I’ve realised that those who are going to make the coin worth something more than what it is now are generaly the ones who hold the least…
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[quote]The fact that the biggest holders of ftc seem to be people who barely have any care about the coin itself.[/quote]
Yeah. These are the kind of people you do not want investing in FTC or any company as they are just utter rubbish. Do not contribute anything and just harvest profit.
These people are in for the ups and downs in the market and care nothing about anything else. The best way to get rid of them is slow and steady growth.
Then they will go and find another rollercoaster asset to invest in as that what suits them best.
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Everything is relative. I had the same attitude about Litecoins a year ago (when I had about 5k) and then they suddenly sky rocketed recently.
Miners and Investors provide stability. Speculators and short sellers provide chaos.
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Before the massive price increase, (when I came across ftc about 4 to 5 maybe 6 weeks ago (I would need to check my join time), ftc was 25 to 30 US cents. In that extremely short time, I’ve seen the likes of dogecoin, quarkcoin, nxtcoin and protoshares jump around massively. Regardless of whether or not these coins are novel, you can see that they have been used for either pump and dumps or simply just day traded short term profits…
Ftc has shown a fair bit of stability. Although it’s gone from 30 cents to a dollar something and back again, I think we seem to of have fended off the bulk of the “[i]fiaters*[/i]”. (I have now officially coined that term… lol… ) ([i]*People who just want more fiat and feel as though the underlying system is inherantly corrupt and self destructive in regards to the further progression of [u]civil[/u]ization.[/i])
I think the whole ACP thing scares many off. Anyway, I don’t want to sound like a whatever, but we need slow and steady growth. Too many can’t use a good ol google search and they simply resort to a “HELP ME” style request without bothering to help themselves.
Right now, It’s hard to get into if your not the IT type, but if you can’t help yourself, your putting an amazing amount of load and weight on the support staff.
I’m ranting again but my point is that we need people to hear about ftc but we don’t need freeloaders or fiaters. I’m on some sort of ethical high-horse tonight… I blame the Cab-Sav… erg… anyways… I’m not saying end the banking system, for the[u] time been [/u]it has it’s place, but from outside perspectives if we want to be taken seriously, [u]stability is the key[/u].
If I was an elitist with a more dollars then sense attitude, and wanted to maintain my control, I would be trying to keep the chaos so the average person would be hesitant in thinking that crypto’s could be an ethical and practical solution to everyday transactions…
Anyways… I’m out for the night… I’ve complained to much. Not even sure if I make sense right now.
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I’d love to buy a bottle or case of champagne using feathers. UK or French sellers only please.
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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]Count me in!
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[quote name=“Frozenace” post=“47076” timestamp=“1387806872”]
I’d love to buy a bottle or case of champagne using feathers. UK or French sellers only please.
[/quote]If your lucky ChekaZ might have a bottle of red left (At least I think its a red). He’s in Germany if that still counts.
[url=http://forum.feathercoin.com/index.php/topic,4604.html]http://forum.feathercoin.com/index.php/topic,4604.html[/url]
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It does, but I’m looking more for a bottle of Moet & Chandon.
If anyone is interested in protein and vitamin products from myprotein.com, give me a shout. I can accept FTC payments.