Feathercoin - a premined coin that supports hyenism (?)
-
That’s an interesting conclusion one that many have come to before. Including most of the banks and governments. Stability is key to them not the financial independence of the users. I agree that right now Feathercoin has a low price probably far lower than its true value (others may argue otherwise) but I think the solution is not the centralise control of demand and so stabilising the price.
Giving individuals the power over the price and the supply of any currency defeats part of the purpose of decentralised crypto currencies. Which is to liberate the users and pull the power back from the centralised banks.Buying low is not the same as a premine as its an open market so anyone can join in rather than essentially stacking the deck before the game has begun.
I think what you are seeing with the price slump is lack of demand. Demand is thin on the ground right now for a lot of coins and the more coins that arrive may be diluting the pool further.
To promote demand we need to continue on the course that has been set to first and foremost distinguish ourselves from others and protect ourselves from ASICs by changing the algorithm.
Then continue to create a platform that merchants and customers would want to be a part of. And continue to enhance our community.
-
>> … Stability is key tho them, not the financial independence of the users …
>> … but I think the solution is not the centralise control of demand …Please read my post thoroughly. I am not suggesting to centralize the demand. I am also not suggesting to take anything away from the users. I am suggesting to give them something new, a pool from which they can purchase a coin together with an option to sell it back at most 10-15% lower than what it was bought for, which would shield them from hyenism. Nobody would be forced to use it.
>> … Giving individuals the power over the price and the supply of any currency defeats part of the purpose of
>> decentralised crypto currencies. Which is to liberate the users and pull the power back from the centralised banks. …Can’t agree more with that. My proposal serves to counteract and cancel out the power that one or two individuals presently flaunt over Feathercoin price. If that power is not checked, Feathercoin will die.
>> … Buying low is not the same as a premine as its an open market so anyone can join…
As a legacy of the banking system, we have individuals, or rather, centralized groups, who own much more funds alone that the rest of the market combined. These can afford to buy a large part of the coinage, creating an effective premine on a coin that is technically not premined. They can afford to dominate the mining hardware pool, as we have seen during the 51% attack. As 51% attack impossible, hardware can be used to generate an effective premine of Feathercoin hostile to Feathercoin while the price remains low.
>> … to create a platform that merchants and customers would want to be a part of…
The foremost requirement for users of supposedly deflationary currency is that they be shielded from devaluation. Premined coins are avoided, because they threaten the users with prolonged, possibly endless periods of devaluation. But that’s exactly how Feathercoin, although technically not premined, behaves. If it looks like a duck and quacks like a duck, I suggest to call it a duck. Feathercoin is effectively behaving like a premined coin. The interest of the users of such coins, unfortunately, is to avoid selling them while the price is low (be it for goods or for fiat money), and to sell them only and as soon as there is a price spike. Such coin is nothing but a glorified slot machine, unsuitable for real-world use. Due to the pumps and dumps, Feathercoin is presently completely unsuitable for real-wold use. Moreover, it punishes the weakest of those who bought into its brand. Feathercoin community can counteract this in the way that I have described in the OP.
-
I don’t think we are going to agree here which is fine as all opinions are welcome.
I do have a couple of points
1 : What you are suggesting does centralise control of the price and in my opinion that’s not acceptable.2 : What makes you so negative about the coin. Have you personally lost money and is that why you are so adamant the price needs to be dealt with?
3 : Stability would be great but how could that be managed. Right now as you have said the price is slowley dropping. If we buy coins now with fiat even as a group that won’t necessarily stop the price erosion. If we automined 50% of all FTC right now and put it into a stability fund what could be done with that? Sell them pushing the price even lower? Off buy backs to anyone who bought at a higher price. If nothing else that would be a logistical nightmare its impossible to track exactly what price people bought FTC for which would simply erode the fund over time maybe a long time? But eventually end up in the same position as we are now.
If you assume that this fund would buy low and sell high to promote stability that’s a really easy thing to say but in practice as we have all seen its almost impossible to know if right now is a low or a high in terms of next weeks price.Anyway I wish you luck with your ideas but unfortunately I won’t be playing any part in centralisation.
So as the dragons say.
I’m Out! -
>> 1 : What you are suggesting does centralise control of the price and in my opinion that’s not acceptable.
What I am suggesting is something that anyone can do: Sell coins together with a buyback option slightly lower. No centralization happening there. Instead, we have a centralized pump and dump group that already controls the price.
>> 2 : What makes you so negative about the coin. Have you personally lost money and is that why you are so adamant the price needs to be dealt with?
I have first lost, and then gained much more than I lost. What makes me so negative is when I think about the people who ultimately pay for my gain during the downtrend.
>> 3 : Stability would be great but how could that be managed. Right now as you have said the price is slowley dropping. If we buy coins now with fiat even as a group that won’t necessarily stop the price erosion. If we automined 50% of all FTC right now and put it into a stability fund what could be done with that? … centralisation.
What makes you repeat “centralisation” so many times where the goal of the proposed measure is to prevent centralisation? Have you personally earned money from the weak and is that why you are so adamant that taking measures to prevent hyenism by the strongest player constitutes centralisation?
As for the technical question, a formula can be developed that would dampen the oscillation using weighted average past price, much in the same way a new difficulty retarget formula has been developed to prevent abuse by the mining pools.
I believe that so long as the danger of huge price swings remains, practical users and merchants will avoid using Feathercoin, and its price will ultimately remain low, as it dies off along with hundreds of other failed alts. I may have profitted, and will profit more from the swings, but the fact that I earnestly support Feathercoin rather than just ripping off my peers with it is why I am so adamant about dealing with the price swings in any necessary way that works.
-
No I’ve not profited at all my investments far outweigh my return but I don’t think that’s what’s important. I and many others are trying to keep the price of FTC buoyant by investing fiat now while its low. Partly to support the cause and partly because we believe its undervalued.
I keep repeating “centralisation” because that’s what its called when you take the power away from the many and supplant it with the few regardless of intent.
I don’t know how you could possibly know how many people are selling coins and making the price drop? Are you privy to information that the rest of us cannot see?
Its nice to see you pointing fingers at invisible foes and just because your paranoid doesn’t mean there not after you. But the market will decide and I’m happy with that. You only make / loose money with crypto when convert it into something else.
-
Right let’s leave it there I’m sure everyone’s heard enough of my opinion.
Anyone have any thoughts on this?
-
There’s talks of a C.I.C been formed for ftc and maybe even for all NeoScrypt coins as a whole.
I’m looking at setting up a community owned and opperated pool for all neo coins. NeoScrypt.com will be used for not just a pool, but a whole platform to help support and grow not just ftc but any coin that makes the move from scrypt.
-
I’m glad that someone takes the problem seriously. Since the first post, the idea is already on its way to practice as CoinShield, http://www.coinshield.com/
This is also similar to the 100k club that lizhi is starting. The problem of such uncentralized investment club would be that a traitor wins. CIC would centralize the strategy, if it can get the investors’ trust (since Bush won’t ever post-instamine). -
Btw. for several reasons (focus, loyalty, not keeping eggs in one basket, not being the second CoinShield…) I’d prefer the CIC to limit itself to Feathercoin only.
-
I think the CIC would benefit from being a separate organisation from feathercoin ‘the network’. So whilst no good can come from an centralised network, a centralised organisation run for the benefit of feathercoin the network and feathercoin the community could be an asset with clear outlines of it’s intentions for good of the community written into it’s articles of association. It would add another layer of transparency and trust, since the CIC would be legally tied to an asset lock with assets being transferred to a charity in the event of closure. A CIC could raise money in a trust based environment and really put it to good use without any need for an instamine or any other dodgy scam like things we see from some businesslike coins we see these days.
-
MrWyrm, +1. The problem is that without instamine, we compete with big fiat holders for the coin we care about and they do not.
-
spend it…like money, stop hoarding it then, stress free environment…seeing it is “Currency”
I stopped caring about the price ages ago, I just burn that debt of fiat and buy more…easy solution
Novel concepts… :o The get rich quick days are gone for now, it’s time for the hard work.
All I ever read, “whaaa the price is less than I paid…DO Something!!1337Nubz0rWTFBBQOMFG!!!”
I don’t have time for the greed, It might sound harsh or cruel, but I really don’t care if it takes the shirt of peoples backs anymore, and it does, lets hope they learn a valuable lesson. Spend it, you lose nothing! Doing nothing with the money, how the heck can you expect it to maintain value, liquidity or popularity… ???
Create liquidity, create volume, the longer you sit on it, the lower it goes. Doesn’t take a genius to work out, by doing nothing with it, you are the problem
Neo is inc, slows down mining for a bit. Most supporters of coins are the same, clueless, not a clue what it’s about, nor do they care, buying into the dream of the unicorns never to be found. Sit back stfu, grow the f*** up and take a good look at your “money”
There is so much to do, get involved with somewhere along the line, that if you spent as much time creating, spending, instead of trading, maybe…just maybe…it would have a greater effect of price!
Correct, there are NO questions here. All these types of posts, go look at any coin, see the same BS. If you actually care about FTC, spend it, buy more, spend it, buy more…get the picture now? create the damn value by using it!
Are humans all this stupid? I mean really
Yes, this is why I’m stopping posting anywhere, twitter and FB and others all deactivated, and the reason is simple, I have had enough of human stupidity and to me, right here, it’s as clear as day. So apologies, I’m not saying anyone IS stupid, but what is written, be aware of the difference before you as a human, do the obvious and reach for the gun as your normal solution. The only way to explain this is a quote "The problem is not the problem, The problem is your attitude about the problem"
-
Yes, this is why I’m stopping posting anywhere, twitter and FB and others all deactivated…
If you always respond verbosely without actually reading the thread, you are doing service to everyone if you are indeed stopping posting anywhere. But let me guess, pseudonyms will keep talking when they feel like that?
-
If you always respond verbosely without actually reading the thread, you are doing service to everyone if you are indeed stopping posting anywhere. But let me guess, pseudonyms will keep talking when they feel like that?
I read it, feel better now after reaching for the gun? ;)
enjoy
Edit: I would like to offer you a “verbose” apology, take from it what you will, I’m done
http://flobdeth.wordpress.com/2014/08/18/feathercoin-perspective/
-
Its an open market, if you are viewing this time for FTC as a premine then get out some USD and premine FTC your self. Even in the real world markets there is no such thing as a fair distribution of money, get over it and pull yourself up by the bootstraps and make something of yourself. Or you can make a time machine and go back to the beginning and premine the world.
-
“Its an open market, if you are viewing this time for FTC as a premine then get out some USD and premine FTC your self.”
I am doing it, but I’m worried I will profit too much. This thread is to bring attention to the problem volatility. This is supposed to be a currency, not a slot machine.
Edit: @Flobdeth, OK, I promise I’ll quit being serious. But you don’t make any mess before we do the hard work and infuse Feather with value =)
-
You do what you think right thing. If you can profit, do not give up the opportunity.
-
I hate this thread title :(
-
It is a sensational, trolling title. My apologies. Its purpose is to force us to think about how do we redeem the investments of those who will buy Feathercoin when its price rises 100×, and what do we do about those big holders, who have no such concerns. We have to think about it today, not after it happens.
-
That makes sense! Its working :)
