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).