Honestly speaking and I'm just wondering..
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There’s two ways of thinking about this:
1. From a Technical point of view, as you have.
2. From a Human point of view.
Let me explain:
Sure, Feathercoin is a fork of LTC - just like LTC is a fork of BTC with scrypt implementation [borrowed from the Tarsnap service]. BTC in itself was also based on a few previous ideas like Bit Gold by Nick Szabo and HashCash.
So when someone says, “FTC is just a shitty copy of LTC”, it is inherently unfair. Since LTC can fit that category as well. And BTC could be argued is the advancement and implementation of old ideas in a slightly different way. The focus here on originality and creativity doesn’t take into account the groundwork laid down before all of this became what it is today.
Finally, with all of the coins popping up and even making waves in terms of gain, you have to ask yourself - are they ready to join the big boys? There is a lot of questionable ethics in practice - a lot of push for investment [via shares] and swarms out there knocking some coins and pushing for others. The question you need to ask yourself is this - which of these new rising coins have the necessary experience + infrastructure in place to deal with issues as they come up? How will they deal with 51% attacks [which we’ve dealt with], double spend attacks [which we’ve dealt with], time attacks? What community members of specific coins cheer/jeer the loudest? Why?
Which brings me to the Human factor:
There is a lot of FUD out there - I see it on trollboxes and in forum posts every day. What FTC offers to me [as this is my opinion after all] is an incredibly dedicated and motivated community who is full of members that are taking initiative, learning, and creating things that add value to FTC. And not just monetary value - because I’m not interested in that as much as I’m interested in the fact that I have found a community that’s open, supportive and let’s me take initiative. There are no closed doors in my face - no one looking down on me. It’s the perfect atmosphere for someone relatively new to crypto to take part in and gain a lot of experience.
I’m seriously under the belief that 5-10 years from now, many of our forum members will have gained the experience and skill necessary with the support of our community to not only enrich themselves [whether through business, or service] but also to become LEADERS in the crypto scene. As crypto grows - there will be more and more demand for people who understand how it works, have experience working within it and know how to work around it. That means job opportunities, business opportunities…
There’s a lot more of course - but for me, this is the main core of it. Learning within an amazing environment whose team members are not lead by greed and false promises. We make what we do and do what we say. We’ve learned through mistakes and have become much stronger because of it.
Anyway…
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I think you’re raising a good point that’s been discussed regarding market perception/fear from both miners and investors alike. And can a coin survive this fear as others pass it on market cap - both price fear and technology fear. “What does it have to offer, just look at the price,” etc. is what people keep saying. If FTC has a technological improvement up their sleeve that’s their best bet. Increased adoption as a currency in my opinion is not the answer (currency approach). It’s the investment increase as a storage of value that will allow the Feathercoin flower to bloom (asset/commodity approach). The way BTC carried out its rise was simple: it was the first. Now we have the hard part: innovation, finding a new way to the top.
A lot on this in: Kevlar’s “[HOW-TO] Reason correctly the price of crypto-currency,” my “FTC Marketing,” and Chris’ “Feathercoin explained video” posts on the first and second pages of the forum.
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[quote name=“floodindahood” post=“40611” timestamp=“1386349840”]
During more than one occasion the “carbon copy of ltc” has come out, to be honest nigh every article or topic outside of this forum seems to be mentioning that but, I guess that could pass if in future it would actually fork out to be something significant, something standing on it’s own feet without this great community having to carry it the whole way.
Will there be such attempts? Is there actually any reason to think there will be?
[/quote]It remains to be seen. Recently the only effort has been on achieving parity with Bitcoin, and on external services. Several differentiating features have been discussed at length by community members, but to date no initiative at all has been put fourth by the lead developer to make any changes.
[quote]
I’ve seen people saying “the only way for it to go is up” but, why would it? I’m not trying to spread doomgloom or anything.
I just cannot see any redeeming qualities that Feathercoin has that one of the thousand other altcoins would not have.
[/quote]You are correct, the technology stack has no redeeming qualities that other coins don’t already have. The argument that it can only go up is a more trivially made one: Crypto-currencies are incredibly undervalued at the moment, and we’re still in the very early days of price discovery, and are experiencing a lot of market manipulation. As a result, their true value has not yet been reflected in the market… and due to their deflationary nature there’s no reason to believe they will ever do anything but appreciate in value as adoption continues to spread and demand continues to rise.
This argument hinges on a single premise: That they will be adopted. That’s what this community is focused on, and so far it’s being rather successful at it. There’s no reason to believe that tomorrow the financial crisis brought about by government deficit spending is going to magically disappear, and if that assumption holds, then it must be true that any store of value which by it’s nature should appreciate over time is therefore a viable alternative. Crypto-currencies are demonstrating that point, with Bitcoin in particular leading the race, but if Bitcoin is valuable, then by proxy all blockchains are valuable, and their utility is limited only by acceptance, because a coin that no one accepts isn’t worth anything.
[quote]
Any business venture, whether it’s wheat or some completely useless plastic bullshit that just tickles people’s pickles, there is always the basic rule of demand and supply.
Sure, if you are a multibillion business you can just force the demand on people but, feathercoin is not a multibillion business.
People need wheat so it would be a reasonable business.
[/quote]You’re right Feathercoin isn’t a business. It’s a technology stack, and a specific implementation of it, and it’s providing a service that people need: a decentralized public ledger of account.
[quote]
Bitcoins are a reasonable business offering an alternative currency along a flurry of other things. Litecoins are an ok business with their faster transfer rates and scrypt making it a safe 2nd option if some serious faults were to be found from sha along with other things.
What about feathercoin? Who raised to the barriers before it was created demanding this exact thing?
[/quote]I don’t see the point you’re trying to make. None of these are businesses, they’re implementations of a technology. A business is a commercial enterprise or establishment, but crypto-currencies have no establishment and no commercialism. Sure, they act as currency, but the technologies simply provide proxies for people’s value which can be exchanged, and nothing more. They don’t actually themselves “make” money, despite the fact that people use them to do so. The Bitcoin Foundation, the closest thing you’ll get to some sort of establishment, is not itself Bitcoin any more than the Feathercoin community is Feathercoin.
[quote]
I know what people outside of this forum think so I’m just wondering what people here think.
[/quote]We think people are missing the boat on being early adopters of a revolutionary technology. If Bitcoin has value, then it’s because blockchains have value. If blockchains have value, then that value must be proportionate to their utility, and their utility is proportionate to their adoption. So long as adoption continues to rise and not stagnate, as it has consistently done for the life of the coin, the price must continue to rise.
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Way out there but … since Bitcoin is a protocol and currency is the “[i]first app[/i]” … where are the [b]new apps[/b]?
Is the first app so screwed up that we must first fix it before we can move on to the next app?
What is the next app?
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Namecoin and Mastercoin spring to mind.
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[quote name=“Tuck Fheman” post=“40657” timestamp=“1386357876”]
What is the next app?
[/quote]Right now it’s looking like Angry Bitcoins.
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[quote name=“Kevlar” post=“40659” timestamp=“1386358003”]
Namecoin and Mastercoin spring to mind.
[/quote]Ah yes, so we have currency, domains, property tokens, messaging … what else and what is next?
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Distributed exchanges, custom currencies that leverage Bitcoin infrastructure, automatic pinning of prices, a replacement for SSL cert providers, smart contracts, anonymization ala zerocoin, voting… the list goes on.
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[quote name=“Kevlar” post=“40676” timestamp=“1386359194”]
Distributed exchanges, custom currencies that leverage Bitcoin infrastructure, automatic pinning of prices, a replacement for SSL cert providers, smart contracts, anonymization ala zerocoin, voting… the list goes on.
[/quote]Why, this sounds like someone’s trying to dismantle the status quo Kevlar.
Bankers be all like …
[img]http://www.reactiongifs.com/wp-content/uploads/2013/12/nono.gif.pagespeed.ce.QgeWvgGFrv.gif[/img]while liberty minded crypto-kids are using their new currency for …
[img]http://www.reactiongifs.com/wp-content/uploads/2013/12/shopping.gif.pagespeed.ce.P9opQPOH7g.gif[/img]while governments are …
[img]http://www.reactiongifs.com/wp-content/uploads/2013/04/obamacry_slow.gif.pagespeed.ce.pwiYo7IucV.gif[/img]And this is just the beginning! Imagine what it will be like in a few years when all of these and more new apps pop-up on the blossoming marketplace.
[img]http://stream1.gifsoup.com/view7/3053917/black-friday-stampede-o.gif[/img] -
Where’s the music blockchain btw? I want a Napster-like blockchain where I can ul/dl all of my favorite tunes at any time, any where!
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I think, of all the alt coins popping up, feather coin appealed to me because it seemed accessible (bitcoin doesn’t and litecoin is rapidly sliding out of my possibility), backed by a stable community which seems to care about a stable, but accessible coin. Its why I picked it over other altcoins out there (though I am trying to make sure I can accept payments and trade in a large amount of them).
I’m also interested in having an accessible medium off the dollar. I like the dollar, but I don’t like being tied to it in the centralized banking system, where I seem to have no privacy whatsoever from corporate and government systems. I know blockchains have their own privacy caveats, but, I’m not trying to hide everything, I just don’t want to have everything about me in some database where anyone with access to nexus lexus or SS, or whatever database can type a few stroke and bring up the sum of my life.
At least for cryptocurrency, it takes concentrated effort, and right now, at least, it isn’t in (pick a coporation, government database).Technical? No…
But as a noobie simpleton, the reason I came and picked feather coin and lite coin to focus on, and I think others will too.And even though the in wallet miner isn’t the best, it was also a huge draw. I can’t get cgminer to work (can’t get openCl.dll installed on my computer) so if I at least want to pretend to mine I can. I can’t do that with litecoin or bitcoin.
But honestly, I don’t know if these sentiments will do anything for long term stability. It could be a pipedream…
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[quote name=“Tuck Fheman” post=“40712” timestamp=“1386363280”]
Where’s the music blockchain btw? I want a Napster-like blockchain where I can ul/dl all of my favorite tunes at any time, any where!
[/quote]TorrentCoin, where magnet links are embedded in the blockchain?
I’m going to have to think about that more. A completely distributed Pirate Bay based on a blockchain. Fuck… that’s not bad.
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[quote name=“Kevlar” post=“40784” timestamp=“1386369326”]
[quote author=Tuck Fheman link=topic=5528.msg40712#msg40712 date=1386363280]
Where’s the music blockchain btw? I want a Napster-like blockchain where I can ul/dl all of my favorite tunes at any time, any where!
[/quote]TorrentCoin, where magnet links are embedded in the blockchain?
I’m going to have to think about that more. A completely distributed Pirate Bay based on a blockchain. Fuck… that’s not bad.
[/quote]I spittake’d. I want in.
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[quote name=“Kevlar” post=“40784” timestamp=“1386369326”]
[quote author=Tuck Fheman link=topic=5528.msg40712#msg40712 date=1386363280]
Where’s the music blockchain btw? I want a Napster-like blockchain where I can ul/dl all of my favorite tunes at any time, any where!
[/quote]TorrentCoin, where magnet links are embedded in the blockchain?
I’m going to have to think about that more. A completely distributed Pirate Bay based on a blockchain. Fuck… that’s not bad.
[/quote]Someone at MPAA just had a heart attack.
A TorrentCoin where artists get rewarded for putting their content up. Nodes verify - filter out bs. Transaction fees as residuals?
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[quote name=“mnstrcck” post=“40787” timestamp=“1386370219”]
[quote author=Kevlar link=topic=5528.msg40784#msg40784 date=1386369326]
[quote author=Tuck Fheman link=topic=5528.msg40712#msg40712 date=1386363280]
Where’s the music blockchain btw? I want a Napster-like blockchain where I can ul/dl all of my favorite tunes at any time, any where!
[/quote]TorrentCoin, where magnet links are embedded in the blockchain?
I’m going to have to think about that more. A completely distributed Pirate Bay based on a blockchain. Fuck… that’s not bad.
[/quote]Someone at MPAA just had a heart attack.
A TorrentCoin where artists get rewarded for putting their content up. Nodes verify - filter out bs. Transaction fees as residuals?
[/quote]You’re close.
The problem is one of spam. If anyone can add a torrent, it makes it a spam channel. There needs to be a disincentive for posting… like that the coins are destroyed. So you mine for the ability to post, and you post by spending your coins. Kinda like Namecoin.
So this means that there’s no way to “transfer coins around” except by transferring the private keys around, but that’s fine.
I think this could totally work. I’m going to think about it more.
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This has now off shot to an important thread, do you want to start a technical discussion?
It would be great to brainstorm that. Its a bit of a diversion but I would certainly be intereted to see it kicked off.
e.g. what name should it have and set up the github?
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Hmmm - that’s pretty interesting.
I agree on the new thread!
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[quote name=“wrapper0feather” post=“40795” timestamp=“1386370931”]
This has now off shot to an important thread, do you want to start a technical discussion?It would be great to brainstorm that. Its a bit of a diversion but I would certainly be intereted to see it kicked off.
e.g. what name should it have and set up the github?
[/quote]Yes, I’ll do that a little later today.
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[quote name=“Kevlar” post=“40784” timestamp=“1386369326”]
TorrentCoin, where magnet links are embedded in the blockchain?I’m going to have to think about that more. A completely distributed Pirate Bay based on a blockchain. Fuck… that’s not bad.
[/quote]Go onnnnn.
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[quote name=“Kevlar” post=“40793” timestamp=“1386370527”]
There needs to be a disincentive for posting… like that the coins are destroyed. So you mine for the ability to post, and you post by spending your coins. Kinda like Namecoin.So this means that there’s no way to “transfer coins around” except by transferring the private keys around, but that’s fine.
I think this could totally work. I’m going to think about it more.
[/quote]Mining for publishing (on the blockchain) rights. Sounds good.
Off on another tangent … why do we have to have external marketplaces to sell things with crypto?
Why can’t a blockchain exist as a huge marketplace and users shop via the client (using a search of the blockchain for specific items/topics). Load up the client, type in “music”, find a song, send xx BTC/LTC/FTC (whatever it requires) to address, receive song, ebook, movie once transaction is confirmed … all automatically. Why do we need an escrow service? If the money is received and verified in the blockchain then and only then is the file sent to the user and once it’s received and verified by the blockchain we’re all good.
Or am I way off here on the capabilities available?
