BREAKING: Feathercoin just hit BTC-e

[roy7]

BTC-E is free to add any coin they want. It's a free market.

[1715223185]

1715223185

[chriswen]

Note, btc-e used to have two other coins which they have removed.

Also, you can't say this was a bad decision for btc-e.  They're making lots of money off of the tx fees.

[ymer]

LMAO there's a buy order 90 BTC for FTC at .004

Someone is going to be 10 thousand richer in a minute.

[Luckybit]

wow I was a feathercoin supporter but now I just see it as a pump and dump. I bet the early miners know it has no real future and are just becoming millionaires off it by cashing out now and moving on. How could it be valued so high when no one uses it to actually buy and sell stuff and its only one week old? alt-coins have turned into merely get-rich-quick schemes instead of being actual attempts to create a currency. Sad.

In order to support Bitcoin we need some alt-coins to act as get rich quick. Where do you think the money to buy expensive mining equipment comes from? It comes from mining. Miners have to get rich to buy ASICS.

At being said once you have plenty of mining equipment why would you have to stop at mining feathercoin? Now you're free to mine more types of coins. But for now the purpose of feathercoin is to help miners profit enough to afford ASICs in the near future. It's a pump and dump coin and I actually hate the design of it (400 million coins is just stupid), but I also understand it has to exist as a response to ASICS.

When people were making ASICS in such limited quantities they knew that $9000-10,000 for a device means people will have to basically get rich in order to keep mining. Feathercoin easily is making people $3000 a month.

LMAO there's a buy order 90 BTC for FTC at .004

Someone is going to be 10 thousand richer in a minute.

This is how miners will have to make money in the world of ASICS. I don't particularly like that I'll have to mine feathercoins because LTC isn't profitable but any smart miner will mine what is profitable to be able to save to afford the ASICs.

[Luckybit]

BTC-E is free to add any coin they want. It's a free market.

BTC-E was right to add feathercoin at this time even if its a pump and dump coin. Pump and dump coins have a place. The place is to make mining profitable enough so people don't quit mining altogether. The purpose that it must be profitable is because mining is becoming more expensive with ASICS.

Everyone saw this coming and as a trend it's going to get worse because of ASICS. ASICS are hard to find, hard to buy, cost as much as a car ($10,000-20,000), where are people supposed to just get that kind of money? OH I know, mine feathercoins for a few months.

[Rawted]

I am just extremely skecptical that this coin was listed without some serious "favor," e.g. "a donation" from the developers of FTC.

There is just NO WAY that this coin has a widespread enough acceptance to make it onto BCT-e by popular demand already.

This swarm of alts just doesnt sit right with me, I do think we need an array of coins but we need innovative ones, not copy/paste pump-n-dumps.

Of course it was a coordinated effort, it's the same thing they did with rucoin in 2011.
https://bitcointalk.org/index.php?topic=48582.0

[Impaler]

I must say this kind of action speaks to the low emphasis on long-term credibility that this exchange has and a low concern for customers if they are willing to expose them to such volatility purely to fleece them for transaction fees.  I think some minimum level of responsible gate-keeping should be practiced by service providers of all kinds to prevent the whole crypto-coin environment from being tarnished by unstable and possibly fraudulent activity, unfortunately none do, the attitude is completely mercenary and "get rich" even amongst entities that should have long-term perspectives, the whole culture is rotten to the core.

[erk]

I must say this kind of action speaks to the low emphasis on long-term credibility that this exchange has and a low concern for customers if they are willing to expose them to such volatility purely to fleece them for transaction fees.  I think some minimum level of responsible gate-keeping should be practiced by service providers of all kinds to prevent the whole crypto-coin environment from being tarnished by unstable and possibly fraudulent activity, unfortunately none do, the attitude is completely mercenary and "get rich" even amongst entities that should have long-term perspectives, the whole culture is rotten to the core.

I think you just described Wall Street.

[greenbandit]

I think everyone's just mad because they could have made $1000's of USD if they'd just mined Feathercoin instead of posting bad things about it.

[skull88]

Not everybody here wants dollars 

[SgtSpike]

I must say this kind of action speaks to the low emphasis on long-term credibility that this exchange has and a low concern for customers if they are willing to expose them to such volatility purely to fleece them for transaction fees.  I think some minimum level of responsible gate-keeping should be practiced by service providers of all kinds to prevent the whole crypto-coin environment from being tarnished by unstable and possibly fraudulent activity, unfortunately none do, the attitude is completely mercenary and "get rich" even amongst entities that should have long-term perspectives, the whole culture is rotten to the core.

Why?  If customers WANT to trade with a particular coin, why not let them?  Obviously, they know the risks, they know it is most likely a pump n dump, but they want to participate, so why not let them?  I just don't understand this sentiment of protecting stupid people from themselves.  If people want to be stupid, and don't harm anyone else in the process, let them be stupid!

[ghostlander]

I am just extremely skecptical that this coin was listed without some serious "favor," e.g. "a donation" from the developers of FTC.

There is just NO WAY that this coin has a widespread enough acceptance to make it onto BCT-e by popular demand already.

So why don't you straight ask Bushstar instead of posting this nonsense? Have you got any evidence of pre-mine? FTC was traded on Vircurex a day before BTC-e.

FTC can either be a biggest fail or a biggest win. It has achieved already over 4GH/s while LTC has plummeted to 9GH/s. The difficulty is rising strong. In the long run FTC can survive either if it prevails over LTC which is unlikely though possible or if it adopts new features into the protocol like PoS from PPC and quick difficulty retargeting from TRC. We'll see.

[greenbandit]

I must say this kind of action speaks to the low emphasis on long-term credibility that this exchange has and a low concern for customers if they are willing to expose them to such volatility purely to fleece them for transaction fees.  I think some minimum level of responsible gate-keeping should be practiced by service providers of all kinds to prevent the whole crypto-coin environment from being tarnished by unstable and possibly fraudulent activity, unfortunately none do, the attitude is completely mercenary and "get rich" even amongst entities that should have long-term perspectives, the whole culture is rotten to the core.

Looking at this forum FC is very popular lately. They did the right thing adding it.  If it tanks, they can remove it.

[hathmill]

Well put  . Most software is developed and released in increments and I guess Litecoin could be seen as a new version of Bitcoin.

I guess that it would be a good idea for someone new to the crypto currencie space to have a look at this list https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies#dead_.2F_dying. The only thing I am saying here is that we have seen many coins come and I think there will be so many more to come. The risk reward ratio for creating a new coin is so good, that people can not seem to help themselves mining or buying into them.

Then again, some of the new coins do introduce new features that makes them better qualified in the minds of people. Perhaps these alts could be thought of as mutating bacteria. There are a lot of them and as the number of dead coins pile up, perhaps new coin creators will be forced to really think outside of the box and perhaps by shear coincidence some of this new features will actually make some of them survive a little longer (because people have more belief in them). Eventually new coins emerges and perhaps one day even Bitcoin itself will be challenged.

One thing that is still an unknown is what will happen when new bitcoins can not be minted by miners. Nobody knows for sure what will happen then. So in my opinion bitcoin is much of an alt as anything else, in the sense that we can not possibly know if bitcoins are the greatest "pump n dump" of them all so to speak.

I am not so afraid of alt coins and whether or not they will damage the reputation of Bitcoin or not. Most people have never heard of Bitcoin and even less so ChickenCoin. However, I would encourage everyone who creates new alt coins to add something of value to their new coins - I mean think how amazingly rich you would become if you created a new coin that replaced Bitcoin. Wouldnt that be something?

This is actually making me look at LTC in a bad light too, for the first time ever. It's kind of altered my opinion of it.

If it's this easy for some week old coin to be instantly accepted at the major ALT coin exchanges...

I now see why old Bitcoiners think all ALT coins are pump and dumps... even Litecoin.

Because they are..

Maybe I will rethink using anything but Bitcoin if this is what the ALT community is all about.

I'm an old Bitcoiner, not all of us think all ALT coins are pump and dumps. Litecoin has changes, PPC is totally different and I'm really looking forward to proof of folding (if it can be accomplished). Alts are a great test environment for new ideas that you can't just put in Bitcoin to see if it is something. If it can bring something extra to the cryptocurrencie world it will survive and will have a slow but steady growth, just like BTC had. LTC follows the same path as BTC, never was ltc after a few days worth this amount of money, never was it spammed everywhere and I don't think many people thought it would get this value. There aren't many big wallets around, there are more big btc than ltc wallets.

So I really don't know how your feeling for Litecoin can change because of Feathercoin, but I got to say, in the beginning I thought Feathercoin was pretty funny and saw it like bytecoin, as a funny jokecoin. Now that it's starts to look like a well put up scam, with a lot of new users burning real money, it starts to taste a little bit bitter. People who want to throw 46BTC at it while they have almost no experience with cryptocurrencies make me shiver too. And I still suspect a lot of accounts are made to praise ftc too, less than one month old and only posting praises about ftc and making one topic after another makes me suspicious. This never happened with LTC, else I wouldn't be posting this because Litecoin would be death.  

[romerun]

BTC-E follows Vircurex, it seems

[ghostlander]

One thing that is still an unknown is what will happen when new bitcoins can not be minted by miners. Nobody knows for sure what will happen then. So in my opinion bitcoin is much of an alt as anything else, in the sense that we can not possibly know if bitcoins are the greatest "pump n dump" of them all so to speak.

That's expected by 2021 if not sooner. 6.25 BTC per block + transaction fees may not be enough reward for miners to maintain the network. No motivation to increase hashpower either, it might even decrease. The cost of a 51% attack over a short period of time could be affordable. A single attack won't destroy the network for sure, but repeated attacks may do. Anyway, they would have a very serious effect on the currency exchange rates and reputation. As for people behind those attacks, they could make good profits.

[erk]

One thing that is still an unknown is what will happen when new bitcoins can not be minted by miners. Nobody knows for sure what will happen then. So in my opinion bitcoin is much of an alt as anything else, in the sense that we can not possibly know if bitcoins are the greatest "pump n dump" of them all so to speak.

I think you will find that the programmers know quite well how it will progress, and you can learn too, it's open source, learn the algorithms. Remember the number of coins per block halves ever 4 years, and the rate of block creation is 10min target, so grab your spreadsheet and work out when 21million coins will be reached.

[roy7]

I think you will find that the programmers know quite well how it will progress, and you can learn too, it's open source, learn the algorithms. Remember the number of coins per block halves ever 4 years, and the rate of block creation is 10min target, so grab your spreadsheet and work out when 21million coins will be reached.

That's isn't what he meant. Yes, that's how coins will stop being mined. But what will the average block pay in total transaction fees at that time? Will hash power go up/down? Will tx fees be so low, hash drops so far that 51% attacks being too easy to secure the network? Questions like that are open ended.

[donjonson]

Alt coins aren't the problem copycats are. When are we expecting a 2.0 (or at leat 1.5) coin coming? I'm sure that are lots of guys working on it.