why I liquidated my FRC

[wormbog]

I'm a fan of alternate crypto and hold small amounts of various kinds in the (very unlikely) event that they will someday become widely used and more valuable. If anyone wants to buy some BBQcoin, just let me know.

But I sold off most of my FRC this evening, and I'm going to leave this blockchain alone for a few reasons:

1. Sending 80% of mining output to a Foundation is just a bad idea. The tiny minority of people who even know about cryptocurrency are already highly suspicious of central authorities that claim to be working for the good of the community. Our lack of faith in central oversight is what drew us to crypto in the first place. Plus, we've all see the bitcoin community beset with scammers, ponzi scheme operators, and several big wallet heists. Even if we have faith that a Foundation has our best interests at heart, one careless or corrupt member can blow it for everyone.

2. The Foundation should have firmly established goals and milestones before the blockchain went public. Who are the Foundation members? What is their vision for FRC? Who's working on the fundamental infrastructure, like a currency exchange? When asked, Foundation members say, "come join the community and you can help set the agenda!" The Foundation needs a clear vision and a roadmap to achieve it so people can get excited about contributing.

3. There should have been an exchange opened when the blockchain when public. Nobody knows what FRC are actually worth. So why would anyone want to spend the time writing up a formal grant proposal, then execute their project, when their payment may be worthless?

4. FRC is designed to discourage hoarding. As a result, anyone with coins is motivated to get rid of them ASAP. I originally planned to buy a few thousand FRC and offer to buy goods with them to help stimulate the fledgling economy. But as other people accumulate coins they'll want to get rid of them too. The constant selling pressure will keep the exchange rate dropping with no end in site. As more coins enter the market the price will fall even further.

5. The demurrage feature is way too visible for the average person to ever embrace. As I've held FRC in my wallet I've watched my balance steadily creep down each day. It's discouraging. I buy 1000 coins today, and tomorrow I've got 999. My gut reaction is get rid of the coins before they "go bad". Even though I know intellectually that my fiat is depreciating, psychologically the in-your-face demurrage of FRC makes me want to literally "pass the buck" to someone else as soon as I can.

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[ElectricMucus]

Congrats to you decision.

[galambo]

How much BTC did you make from your Freicoin liquidation, if you don't mind sharing?

[nethead]

How much BTC did you make from your Freicoin liquidation, if you don't mind sharing?

Im not the one to answer but look here: https://bitcointalk.org/index.php?topic=135079.0
This is from where i made the calculation on the other thread

[bitcool]

That's why fish, fruits, and veggies never became currency, they go bad fast.

[ElectricMucus]

That's why fish, fruits, and veggies never became currency, they go bad fast.

lol 

[smoothie]

That's why fish, fruits, and veggies never became currency, they go bad fast.

+1 hot potato...hurry up and spend your frc!!! lol

[xxjs]

That's why fish, fruits, and veggies never became currency, they go bad fast.

In fact fish was the first money in Norway, according to Alexander del Mar in "A history of money in ancient countries from the earliest times to the present" (1885). Fish was followed by vadmel (a form of cloth), then baugs (diverse metal rings), then coins.

[ElectricMucus]

That's why fish, fruits, and veggies never became currency, they go bad fast.

In fact fish was the first money in Norway, according to Alexander del Mar in "A history of money in ancient countries from the earliest times to the present" (1885). Fish was followed by vadmel (a form of cloth), then baugs (diverse metal rings), then coins.

Didn't they dry their fish? Cuz dried fish is pretty conservable.

[xxjs]

That's why fish, fruits, and veggies never became currency, they go bad fast.

In fact fish was the first money in Norway, according to Alexander del Mar in "A history of money in ancient countries from the earliest times to the present" (1885). Fish was followed by vadmel (a form of cloth), then baugs (diverse metal rings), then coins.

Didn't they dry their fish? Cuz dried fish is pretty conservable.

Probably dried yes. It can last for several years, and is easily traded. By the way one of the fishes were scat, maybe ethymologically the same as scot as in "scot free" (without incurring payment). Also later som coins were called scat.

[Bicknellski]

I'm a fan of alternate crypto and hold small amounts of various kinds in the (very unlikely) event that they will someday become widely used and more valuable. If anyone wants to buy some BBQcoin, just let me know.

But I sold off most of my FRC this evening, and I'm going to leave this blockchain alone for a few reasons:

1. Sending 80% of mining output to a Foundation is just a bad idea. The tiny minority of people who even know about cryptocurrency are already highly suspicious of central authorities that claim to be working for the good of the community. Our lack of faith in central oversight is what drew us to crypto in the first place. Plus, we've all see the bitcoin community beset with scammers, ponzi scheme operators, and several big wallet heists. Even if we have faith that a Foundation has our best interests at heart, one careless or corrupt member can blow it for everyone.

2. The Foundation should have firmly established goals and milestones before the blockchain went public. Who are the Foundation members? What is their vision for FRC? Who's working on the fundamental infrastructure, like a currency exchange? When asked, Foundation members say, "come join the community and you can help set the agenda!" The Foundation needs a clear vision and a roadmap to achieve it so people can get excited about contributing.

3. There should have been an exchange opened when the blockchain when public. Nobody knows what FRC are actually worth. So why would anyone want to spend the time writing up a formal grant proposal, then execute their project, when their payment may be worthless?

4. FRC is designed to discourage hoarding. As a result, anyone with coins is motivated to get rid of them ASAP. I originally planned to buy a few thousand FRC and offer to buy goods with them to help stimulate the fledgling economy. But as other people accumulate coins they'll want to get rid of them too. The constant selling pressure will keep the exchange rate dropping with no end in site. As more coins enter the market the price will fall even further.

5. The demurrage feature is way too visible for the average person to ever embrace. As I've held FRC in my wallet I've watched my balance steadily creep down each day. It's discouraging. I buy 1000 coins today, and tomorrow I've got 999. My gut reaction is get rid of the coins before they "go bad". Even though I know intellectually that my fiat is depreciating, psychologically the in-your-face demurrage of FRC makes me want to literally "pass the buck" to someone else as soon as I can.

1. Possibly, dumping FRC is one option the second would be to get involved in the foundation.
2. Agreed to a point.
3. Agreed to a point.
4. Agreed to a point.
5. It is working obviously at is intended. To create velocity.

[xxjs]

We ain't need no fucking velocity!

[wormbog]

How much BTC did you make from your Freicoin liquidation, if you don't mind sharing?

Overall I spent 2 BTC and traded 15K PPC to acquire 20K FRC. I sold it all for 6.4 BTC. I took a small loss to liquidate.

[bitcool]

We ain't need no fucking velocity!

Speed  kills.

[FuzzyBear]

That's why fish, fruits, and veggies never became currency, they go bad fast.

In fact fish was the first money in Norway, according to Alexander del Mar in "A history of money in ancient countries from the earliest times to the present" (1885). Fish was followed by vadmel (a form of cloth), then baugs (diverse metal rings), then coins.

Didn't they dry their fish? Cuz dried fish is pretty conservable.

Probably dried yes. It can last for several years, and is easily traded. By the way one of the fishes were scat, maybe ethymologically the same as scot as in "scot free" (without incurring payment). Also later som coins were called scat.

I want a SCAT coin.... then i'd be.... http://www.youtube.com/watch?v=ZYF-Q8Sw26o

 what's it worth in FRC??

[galambo]

Overall I spent 2 BTC and traded 15K PPC to acquire 20K FRC. I sold it all for 6.4 BTC. I took a small loss to liquidate.

The price of PPCoin has fallen by about 10% in the last few days. I don't know that you lost that much. 4.66125 BTC for your PPCoin and 2 BTC makes 6.7 BTC.

So you lost .3 BTC but instead you're sitting in the much more liquid BTC.

If you were looking to get out of risk (altcoins) I think you are a good trader to make so many transactions in a short time and only lose 0.3 BTC.

[wormbog]

Overall I spent 2 BTC and traded 15K PPC to acquire 20K FRC. I sold it all for 6.4 BTC. I took a small loss to liquidate.

The price of PPCoin has fallen by about 10% in the last few days. I don't know that you lost that much. 4.66125 BTC for your PPCoin and 2 BTC makes 6.7 BTC.

So you lost .3 BTC but instead you're sitting in the much more liquid BTC.

If you were looking to get out of risk (altcoins) I think you are a good trader to make so many transactions in a short time and only lose 0.3 BTC.

Thanks! In fact, I bought most of my PPC back in mid-October when it was trading for .00015. And I bought the PPC with the proceeds from the sale of a small position in LTC when the rate inexplicably spiked over .007. So overall the alt-coins have been a profitable experience for me. I still hope one of them will take off for use beyond speculation but I'm not holding my breath on that one.

[xxjs]

That's why fish, fruits, and veggies never became currency, they go bad fast.

In fact fish was the first money in Norway, according to Alexander del Mar in "A history of money in ancient countries from the earliest times to the present" (1885). Fish was followed by vadmel (a form of cloth), then baugs (diverse metal rings), then coins.

Didn't they dry their fish? Cuz dried fish is pretty conservable.

Probably dried yes. It can last for several years, and is easily traded. By the way one of the fishes were scat, maybe ethymologically the same as scot as in "scot free" (without incurring payment). Also later som coins were called scat.

I want a SCAT coin.... then i'd be.... http://www.youtube.com/watch?v=ZYF-Q8Sw26o

 what's it worth in FRC??

Difficult to find pictures of scat coins on the net, but they are mentioned in text. Maybe the connection to fish money is not correct. I can not be troubled to look through Alexanders book again.

[Bicknellski]

We ain't need no fucking velocity!

Blew that line from the movie badly. Ya u did.

[Evolvex]

I dont know much about FRC but..

So, they have a "best before" date, Is that a cryptocurrency first  - dont think I'll bother with FRC, seems like a shitcoin (or maybe its the model the government will take one day - sounds like a tax!).