Future of Feathercoin?
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So first, I’ve only been in this crypto currency stuff for roughly two weeks now, so if I got something wrong excuse my noob mind.
Second, how exactly will this currency grow?I mean Bitcoin has the advantage of being among the first, Litecoin is seen as the silver to bitcoin. But how is Feathercoin to convince the public? I mean sure Litecoin has now reached the stage of being CPU incompatible therefore leaving a bunch of people thirsty for a new alternative to mine in. (Including me)
But what later? How will this not just be a speculative bubble where the early birds profit?
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I have seen a lot of want for FC… in my mind right now is the time to get in … while you can before it comes too hard unless you got one of those mining machines.
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Litecoin is actually an improvement on bitcoin. Bitcoin was the first on the scene so it will always be big even though better coded coins are bound to hit the market(litecoin).
Feathercoin isn’t an improvement on anything, it’s an exact copy of litecoin but with 4 times the coins available. I would compare it to bytecoin to bitcoin. Bytecoin is just an exactly copy of bitcoin and so it will go no where. So feathercoin wouldn’t be bitcoin’s bronze, it would be litecoin’s silver.
Since the code for these currencies is public, anyone can create a copy any day of the week. People will eventually learn that copies go no where and only improvements on the code gain traction. I heard that feathercoin is trading for $.04, which blows my mind. Once these exchanges get going we will find quickly find the real value of feathercoin.
Any coin can gain value because of speculation and people who own it are going to spread rumors, but you can always look at the facts.
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There is not really much to improve with LTC IMHO, it’s pretty much bullet proof and fast anyway, but trillions (amount of people? Amount of money? You choose) into 21,000,000 or 86,000,000 or even 336,000,000 just won’t go…
…Without decimalization. we are already seeing BTC using up those places for small item purchases even a kettle or microwave oven would decimalize you in BTC nowadays :D and eventually LTC will do the same, FC seems an extremely logical transition to me……Why?..I believe that the average person hates working with decimal points (average being 90+% of the population), most geeks don’t, but then again we are not average that’s why we are geeks :-\ And yes most current & early adopters of all crypto currencies are geeks (whether they admit this or not is a different matter).
…Anyway EG: Most people would sooner pay in whole numbers as opposed to 0.001 BTC or 0.01LTC - well now they can with 10FC etc, etc and their [i]may[/i] even be another coin that is x4 (1,344,000,000 mintage) to FC and so on…
…So increasing the amount of mintage of an already proven system (IE: Why try and fix what isn’t broken?) really does seem another step in the right direction of this amazing concept/technology.
That’s my view anyway and I may also be wrong or right ;D
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[quote name=“UKMark” post=“104” timestamp=“1367097777”]
There is not really much to improve with LTC IMHO, it’s pretty much bullet proof and fast anyway, but trillions (amount of people? Amount of money? You choose) into 21,000,000 or 86,000,000 or even 336,000,000 just won’t go…
…Without decimalization. we are already seeing BTC using up those places for small item purchases even a kettle or microwave oven would decimalize you in BTC nowadays :D and eventually LTC will do the same, FC seems an extremely logical transition to me……Why?..I believe that the average person hates working with decimal points (average being 90+% of the population), most geeks don’t, but then again we are not average that’s why we are geeks :-\ And yes most current & early adopters of all crypto currencies are geeks (whether they admit this or not is a different matter).
…Anyway EG: Most people would sooner pay in whole numbers as opposed to 0.001 BTC or 0.01LTC - well now they can with 10FC etc, etc and their [i]may[/i] even be another coin that is x4 (1,344,000,000 mintage) to FC and so on…
…So increasing the amount of mintage of an already proven system (IE: Why try and fix what isn’t broken?) really does seem another step in the right direction of this amazing concept/technology.
That’s my view anyway and I may also be wrong or right ;D
[/quote]LTC isn’t proven yet and the world went hundreds of years using decimals and we still use decimals to this day. Rarely do you ever see anything at the store that is exactly $1.00 and even if you did, taxes. You use decimals every day.
You forgot one very important fact, it’s digital currency…that means you are using a computer in the first place…you don’t need to do any type of math with the decimals, the computer does it for you. Give me an example of when someone would pay with BTC and be annoyed?
I visit a site, something costs .0002 of a btc, I pay. Why is that different than paying .2 or 2. or 20. of a btc? Decimals go in two directions. If i buy something for 1million dollars, I paid 1,000,000.00
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I know for a fact if I asked my Wife (and no she isn’t dumb - far from it) to barter a bargain in 0.0009534’s she would simply freak out and ‘HER’ computer would most likely say ‘NO’! ;D
You say the client calculates it for you - [i]yes[/i] it makes the purchase - but it doesn’t help the human mind understand whether what they are purchasing is a bargain or not - this is ultimately important in the psychology of consumer marketing and pricing - hence why $2.00 seems a [i]far [/i]worse deal than $1.99 (when in reality it’s only one piddly cent or pence etc). 0.99 pence or cents is easy for most folk [i]agreed[/i], but start throwing in 8 decimal places into the equation and I guarantee that most people would freak out. Lets be honest it’s hard enough explaining what crypto-currency is to the majority of folk yet alone explaining the new found maths in using it and adopting it as a future payment system.
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[quote name=“UKMark” post=“140” timestamp=“1367177475”]
I know for a fact if I asked my Wife (and no she isn’t dumb - far from it) to barter a bargain in 0.0009534’s she would simply freak out and ‘HER’ computer would most likely say ‘NO’! ;DYou say the client calculates it for you - [i]yes[/i] it makes the purchase - but it doesn’t help the human mind understand whether what they are purchasing is a bargain or not - this is ultimately important in the psychology of consumer marketing and pricing - hence why $2.00 seems a [i]far [/i]worse deal than $1.99 (when in reality it’s only one piddly cent or pence etc). 0.99 pence or cents is easy for most folk [i]agreed[/i], but start throwing in 8 decimal places into the equation and I guarantee that most people would freak out. Lets be honest it’s hard enough explaining what crypto-currency is to the majority of folk yet alone explaining the new found maths in using it and adopting it as a future payment system.
[/quote]There are no new found maths at all…
If your wife can grasp the concept of a digital currency, she can grasp the concept that decimals go in both directions. You would benefit from a little research on currency. Your wife would probably freak out if she went to Japan and had to pay in yen, that doesn’t make yen a bad currency because your wife is scared of something new. Your argument for feathercoin makes little sense, I’m sorry.
The only reason your wife would have to pay 0.0009534 for something would be if BTC grew DRASTICALLY in value. And in that case .0009534 would represent $9534.00 for example. The math does not change at all, if you trade in a currency, you know it’s value.
As you clearly pointed out, your argument isn’t about the math, it’s about the knowledge of value. If you go to the .00001 store, you know what everything in the store costs, and you know the value. If your bill comes out to .00019, your brain won’t explode with confusion. And just for argument sake, again the math doesn’t change, if you went into a $10000.00 store and your bill came to $190000.00, you know the math. You are basically saying, because your wife wasn’t raised around BTC, she would feel much better with a more watered down digital currency that stays to the left of decimal, even though 300 million feathercoins possible doesn’t exactly help your argument.
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I think we should agree to disagree, as your obvious Geekiness is adding decimalisation to mine and my Wife would be truly decimalised ;D
But yeah I do see where you are coming from, but like I have already said there may well be a x4 (1,344,000,000 mintage) Alt Coin to Feathercoin in the future.Having a fairly sound knowledge of consumer psychology I still feel that the average person likes things as easy as possible to understand, confusion causes doubts and (as you mention) [i]fear[/i], add too much confusion and you will induce fear and you [i]will[/i] lose that sale. Ironically asking people to study world currencies or visit Japan in order to adopt/understand isn’t looking too good for any crypto currency at the minute. :-\
Either way, regardless of what [i]you[/i] or [i]I[/i] think, it will be the free market, the retailers & the end consumer that will decide what is valued & accepted, but judging by the initial free market response to Feathercoin it is certainly heading in the right direction, only time will tell if it’s adopted by the retailers or ultimately the end consumer.
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Something else to keep in mind, Bitcoin won’t be mined out till 2140…can you even imagine feathercoin or an even more watered down currency?
I’m confident your wife would be confused at btc current rate. Imagine trying to explain to her that that tv doesn’t cost $450, it costs B3.
I used the yen example because a new currency is going to be confusing no matter what you do, because the value changes. Your wife is used to bread costing $2 bucks, and suddenly it costs y200. In otherwords you are saying we should make btc easy for Americans to understand and ignore the other 6 billion people in the world and their traditional currency value.
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Huh? What has America got to do with this? D E C I M A L S - If you must know my native currency was the ZAR and my Wife purchases bread in Pounds/Shillings & Pence - Post 1971 of course ;)
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[quote name=“UKMark” post=“175” timestamp=“1367250887”]
Huh? What has America got to do with this? D E C I M A L S - If you must know my native currency was the ZAR and my Wife purchases bread in Pounds/Shillings & Pence - Post 1971 of course ;)
[/quote]Mark,
You need to understand that crypto currency is decentralized, which means inflation will not happen. No matter what, the decimal will always work it’s way to the left of the value of the currency. Your Zar, Pound, Shillings, Pence are able to keep your wife happy by dumping printed money into the economy. This will always keep the decimal to the right. Crypto currency is set in stone no matter how much you have so the decimal will always gravitate to the left.
So your argument is that feathercoin is better because it will increase in value slower than LTC or BTC and therefor your wife will have an easier time adapting. Even though eventually the decimal will move to the left. That’s what happens with deflating currency. Your same logic can be used over and over to prove all crypto currencies to be failures. Again, I do not agree with your logic, but if we pretend for a moment that it makes sense, then all cryptos fail.
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[quote name=“powdabam” post=“259” timestamp=“1367333546”]
Mark,You need to understand that crypto currency is decentralized, which means inflation will not happen. No matter what, the decimal will always work it’s way to the left of the value of the currency. Your Zar, Pound, Shillings, Pence are able to keep your wife happy by dumping printed money into the economy. This will always keep the decimal to the right. Crypto currency is set in stone no matter how much you have so the decimal will always gravitate to the left.
So your argument is that feathercoin is better because it will increase in value slower than LTC or BTC and therefor your wife will have an easier time adapting. Even though eventually the decimal will move to the left. That’s what happens with deflating currency. Your same logic can be used over and over to prove all crypto currencies to be failures. Again, I do not agree with your logic, but if we pretend for a moment that it makes sense, then all cryptos fail.
[/quote]I agree and having read Ian111112’s post I suppose it is part ‘Fear Of Failure’ on my part, but deep down I still feel that the currency that will be accepted by the wider (non-Geek audience - easy for Grandma etc,etc) will be the one with the easiest learning curve - maybe the one that has at least 8 Billion mintage - and enough so everyone can have at least [s]one[/s] 1.00000000 or preferably 100.00000000 and then as the decimal shifts (which granted it will) it becomes a natural world wide event of gradual, further and ongoing acceptance.
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[quote name=“UKMark” post=“340” timestamp=“1367411866”]
[quote author=powdabam link=topic=26.msg259#msg259 date=1367333546]
Mark,You need to understand that crypto currency is decentralized, which means inflation will not happen. No matter what, the decimal will always work it’s way to the left of the value of the currency. Your Zar, Pound, Shillings, Pence are able to keep your wife happy by dumping printed money into the economy. This will always keep the decimal to the right. Crypto currency is set in stone no matter how much you have so the decimal will always gravitate to the left.
So your argument is that feathercoin is better because it will increase in value slower than LTC or BTC and therefor your wife will have an easier time adapting. Even though eventually the decimal will move to the left. That’s what happens with deflating currency. Your same logic can be used over and over to prove all crypto currencies to be failures. Again, I do not agree with your logic, but if we pretend for a moment that it makes sense, then all cryptos fail.
[/quote]I agree and having read Ian111112’s post I suppose it is part ‘Fear Of Failure’ on my part, but deep down I still feel that the currency that will be accepted by the wider (non-Geek audience - easy for Grandma etc,etc) will be the one with the easiest learning curve - maybe the one that has at least 8 Billion mintage - and enough so everyone can have at least [s]one[/s] 1.00000000 or preferably 100.00000000 and then as the decimal shifts (which granted it will) it becomes a natural world wide event of gradual, further and ongoing acceptance.
[/quote]We don’t have to worry about grandma. This isn’t taking over that quick. I still can’t get my grandma to use a computer.
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[quote name=“powdabam” post=“346” timestamp=“1367416841”]
We don’t have to worry about grandma. This isn’t taking over that quick. I still can’t get my grandma to use a computer.
[/quote]Well bloody hell you are a crap teacher then :D
At least I have my Mum (My Kids Grandma) set up as a [i]Silver Surfer[/i] and shes 80 this year!!
Get to work on it man! ;D