Uses for feathercoins.
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Everyone who believes in Feathercoinms should make a post in this thread explaining a useful way to use them.
I will go first:
1. Sneaking your money across borders - You buy feathercoins at localfeathercoins.com and then sell them when you reach your destination or perhaps use the feathercoin Market as an alternative to cashing out.
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I don’t even see it as sneaking money across borders, more being able to send money to people in other countries without getting done over by the banks / credit card company / paypal exchange rate.
Making international exchanges easier is what I like the most about Crypto currencies.
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Feathercoin has currently too many uses. Like all decentralized currencies, Feathercoin can be used for:
- value storage
- value transfer
Feathercoin value transfer properties are good for daily transfers due to its fast block confirmation time. Feathercoin value storage properties are excellent at the moment due to it being underpriced. Decentralized currencies in general have better long-tem value storage properties than fiat currency (USD, GBP, EUR, CNY…). Their privacy properties are worse than those of cash or bullion, as Satoshi Nakamoto pointed out in his paper, but that’s the price we pay for freedom from “economic stimulation”. So for sneaking value, you are better off with cash in briefcases.
Feathercoin has one more undesirable use, and that is for:
- trading game
Pure trading game is a zero-sum game, where “traders” try to guess and/or influence which way the market will move next. Traders, like gamblers, are happy when market volatility is large. Normal decentralized currency users are happy when volatility is small. We are taking measures to limit this third undesirable use of Feathercoin for market gaming.
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If a decentralized currency is compared to a real commodity, such as gold, then gold has worse value transfer properties in terms of transaction speed and validation (you need chemical testing to make sure you are indeed receiving bullion of given purity), but better privacy properties. Morover, gold and other real commodities have technological uses, while decentralized currencies separate the function of stored value from any technological uses. Blockchain of any decentralized currency can also be used as a decentralized notary for publicly storing short pieces of information, such as domain name ownership or other kinds of contracts, such as marriage ^-^ . I’m sure we will see attempts to launch MarriageCoin, ThisKindOfContractCoin and ThatKindOfContractCoin, like we already have NameCoin. In fact any widely used blockchain can be used to store any kind of information, so long as the stored documents are short.
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2. Making ultra safe payments - Feathercoins remove the threat of a 51% attack. I haven’t done any research, but Feathercoins and Pheonixcoin may be the only coins with this feature.
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As the Multipools have proved, a 51% attack by itself is not enough. There is a point where the extra power is pointless, even before the difficulty change comes in.
The main power any “high proportion of network hash rate” can allow it’s user is “double spending”. Feathercoin has used ACP, as one way to prevent double spending.
Moving to the - Neo-scrypt hashing algorithm, will reduce the chances of someone maliciously using 51% power. There will no longer be the potential of a large number of ASICs being redirected from one coin to another.
In the past old (ASIC) hardware or new hardware used over a short period of time can easy over run smaller coins network hashrate. As all the initial Bitcoin competitors coins found, until Litecoin found the answer and jumped hashing algorithm.
But, it would seem now that each coin needs to have its own hashing algorithm to ameliorate the network take over susceptibility.
It must be noted Feathercoin’ network has survived under the yoke of Litecoin, whereas Litecoin couldn’t under Bitcoin. The Litecoin Scrypt ASICs might go cheaper quicker than the Bitcoin ones.
The preliminary work is being done, in developing Bitcoin and other alternate coins, so there are a myriad novel new usage may start to occur and effect how coin networks develop.
For instance - a chain of shops might all have a small Gridseed miner, just because it would secure their network, not that they are mining for profit. i.e. Moving out of the start up phase into the use phase. In this case a possible “chain store pool” competitor to big “coin mining pools”.
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3. Online Poker in US
Feathercoins can be used to allow poeple in the US, France or Spain to play online poker with impunity.
http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/
