Are Crypto Currencies just Geeks engaging in Quantitative Easing
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Be honest. How many of you have put FTC towards an object or service and not towards fiat or BTC?
I mean, I’ll list our entire store on the marketplace, but only if I get the inkling that you guys will spend FTC on any of it, even if stuff listed is maybe 20% off market value in traditional marketplaces (Amazon, eBay, etc.). I can’t see you guys letting go of FTC quite yet and can’t blame you. We’ve seen massive cash outs or hoarding. That middle of the road is what’s going to keep the wheels greased.
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[quote name=“chrisj” post=“24653” timestamp=“1375789889”]
There are so many smart people in this forum, I look forward to hearing from you all.
[/quote]Sorry to let you down, but personally, I feel you guys are thinking too hard.
The future belongs to the people who think like this …
[list type=decimal]
[*]Mine the new coins released each day.
[*]Sell the coin when price peaks.
[*]Rinse & Repeat
[/list];)
That’s pretty much all you need to think about to “reach your goals”. lel
I think ultimately there will be at least two clear victors in cryptocoins. One coin regulated and accepted by the mainstream because it’s government approved for the children’s protection. Then another coin that provides a layer of anonymity to transactions at the will of the user per transaction that is not regulated and remains decentralized.
Bitcoin is the most likely candidate, of course, for the first coin. I have no idea who will end up being the other coin (in my scenario), but I do hang out on this forum for a reason. ;)
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[quote name=“HopeStillFlies” post=“24766” timestamp=“1375853255”]
Be honest. How many of you have put FTC towards an object or service and not towards fiat or BTC?
[/quote]I pay a contractor in FTC.
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[quote name=“HopeStillFlies” post=“24766” timestamp=“1375853255”]
Be honest. How many of you have put FTC towards an object or service and not towards fiat or BTC?I mean, I’ll list our entire store on the marketplace, but only if I get the inkling that you guys will spend FTC on any of it, even if stuff listed is maybe 20% off market value in traditional marketplaces (Amazon, eBay, etc.). I can’t see you guys letting go of FTC quite yet and can’t blame you. We’ve seen massive cash outs or hoarding. That middle of the road is what’s going to keep the wheels greased.
[/quote]Yes, but no. FTC isn’t being used like a regular currency just yet, but it’s only been around since April. To put it in perspective, BTC is just starting to get widespread support amongst a section of online retailers. That’s 4 years after it’s launch. I think the initiatives underway related to making FTC easier to use for both merchants and consumers will see (hopefully!) FTC’s adoption be more rapid. But I don’t think it’ll be that much more rapid. So it’s early days yet.
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[quote name=“chrisj” post=“24653” timestamp=“1375789889”]
Friends,It seems to be that there is more demand for money than there has ever been in human history.
There is more money in existence than there has ever been.
And yet so many people cannot reach their goals, so many people do not have the personal level of security they feel they need before they can really achieve their potential.[/quote]
Because the greater mass of fiat currency is tied in to the few. It doesn’t matter what amount of money is out there when the 1% of the population own 35% of the wealth, and the next 4% own 27% of wealth. Combined that is 5% of the population owning 62%. Based on US stats.
We have seen money taken from tax payers, usually from the very poor and watched as it was handed out to big players in that top 5% bracket.
There are motives for this behavior and it is about control. Thread for another day. But the point is still that the amount of money in a system doesn’t really mean much… it is more who controls that money.
[quote]I take it as my assumption we are in an inflationary phase of crypto currencies and that until the utility increases 98% of the prices we are paying are speculative.
So who owns the future now that there is competition between currencies the same way as there is in products and services? Does the future belong to those with the vital insight, who are able to recognise the that currency/currencies that best fit the definition of what money should be?
There are so many smart people in this forum, I look forward to hearing from you all.
[/quote]We discussed it in Oxford briefly Chris, perhaps too late in to the evening when our beers were starting to talk.
Owning the future… tough question. Will crypto coins play a role? I don’t think they will. I’d love nothing better to see a bunch fat cats toppled because of what we are doing as a collective but I don’t think it will happen.
Crypto coins need to find a new MO. I have issues with BTC and coins in general. We like to say they egalitarian. But are they really? Look at where BTC mining and wealth creation is going with ASICs. Is that any different to wealth creation in our socially corrupt fiat system?
The future in my opinion is a fight against apathy. The fight is between those in control and those who demand social equality on every level. This fight will be taken to the streets imho one day soon.
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[quote name=“HopeStillFlies” post=“24766” timestamp=“1375853255”]
Be honest. How many of you have put FTC towards an object or service and not towards fiat or BTC?I mean, I’ll list our entire store on the marketplace, but only if I get the inkling that you guys will spend FTC on any of it, even if stuff listed is maybe 20% off market value in traditional marketplaces (Amazon, eBay, etc.). I can’t see you guys letting go of FTC quite yet and can’t blame you. We’ve seen massive cash outs or hoarding. That middle of the road is what’s going to keep the wheels greased.
[/quote]Bush gave away a substantial amount, 150k FTC?, at the beginning. Justabit has done a lot of giveaways. I have starting investing in UKMark’s SMS Address service by topping up the FTC Faucet feature, I sent some to Kevmif some FTC for compiling the Linux client and I spent some on beer at the meetup.
Everyone needs a safety net, everyone needs to feel comfortable before they can start taking risks and the level you place your safety net is very personal to you. What I encourage everyone to do is just adjust that safety net a little bit lower than you’re comfortable with. Take a chance on someone, send them some FTC if you believe they deserve it, surprise and delight them. At first you might feel a pang of regret, you might feel like you are behaving irrationally. But believe me they will pay it forward.
It takes faith and a believe in indirect reciprocity. Feathercoin is the strongest coin of them all outside of BTC because we have the most powerful feature: community.
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[quote name=“chrisj” post=“24709” timestamp=“1375828659”]
[quote author=jeremiel link=topic=3208.msg24675#msg24675 date=1375806087]
This will be a period of Crypto Darwinism.
[/quote]Yeah, financial violence. One concern is that currency wars often result in actual wars.
[/quote]I can beat up some fastcoin people if need be. Though they seem like alright people to me. :)
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[quote name=“chrisj” post=“24782” timestamp=“1375876795”]
[quote author=HopeStillFlies link=topic=3208.msg24766#msg24766 date=1375853255]
Be honest. How many of you have put FTC towards an object or service and not towards fiat or BTC?I mean, I’ll list our entire store on the marketplace, but only if I get the inkling that you guys will spend FTC on any of it, even if stuff listed is maybe 20% off market value in traditional marketplaces (Amazon, eBay, etc.). I can’t see you guys letting go of FTC quite yet and can’t blame you. We’ve seen massive cash outs or hoarding. That middle of the road is what’s going to keep the wheels greased.
[/quote]Bush gave away a substantial amount, 150k FTC?, at the beginning. Justabit has done a lot of giveaways. I have starting investing in UKMark’s SMS Address service by topping up the FTC Faucet feature, I sent some to Kevmif some FTC for compiling the Linux client and I spent some on beer at the meetup.
Everyone needs a safety net, everyone needs to feel comfortable before they can start taking risks and the level you place your safety net is very personal to you. What I encourage everyone to do is just adjust that safety net a little bit lower than you’re comfortable with. Take a chance on someone, send them some FTC if you believe they deserve it, surprise and delight them. At first you might feel a pang of regret, you might feel like you are behaving irrationally. But believe me they will pay it forward.
It takes faith and a believe in indirect reciprocity. Feathercoin is the strongest coin of them all outside of BTC because we have the most powerful feature: community.
[/quote]But I don’t mean to give coin away. At all. I feel that devalues it.
A transaction method be the exact same but even an off the record “got this for X FTC” enforces value, give solidarity to the price.
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I agree, the multiple crypto currencies are inflationary, so storage of value is not their optimum use. I am only with Feathercoin as it was (supposed) to be trying to make a useful, normal use currency.
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The real problem is we haven’t defined FTC based on real quantities like time to profit, effort, resources we use.
Not yet anyway.
I’ve been trying to hack around the fiat exit. That is, a way to reduce our use of fiat to dealing with inconveniences like bus fare and parking meters. If we can turn fiat into an afterthought, then any small act can take the place of fiat. Then we’ll be able to cash out in fiat or fiat points. This would act as a more fluid bridge to fiat which avoids the whole banking system.
