Just my 2 FAC on price... and a few other things
Some people have said it, this coin was widely distributed... this is a good thing for the value of the coin. The more people have it, the more rare it becomes, the higher the price IF demand is there.
I think 10K satoshis is IMHO a fair, minimum floor price.
I also believe we have a fair distribution (not perfect but better than A LOT of other coins out there) of the FAC wealth. Sure some have more, but I think that if the highest/richest person right now (that we know of) as somewhere around 350K FAC (witch is less than 0.7%) it shouldn't be to much of an issue (he still had to put in over 30 hours of work to get to that not 30 hours of computer hashing away but of human work -- think about that). So the average FAC holder has around 5K FAC (a loose interpretation of the stats the dev posted a few days back about their website analytics). If everyone holds on to their 5K because they want to maximise their profit, it will create rarity on the market and push prices up. It doesn't seem (yet) that we have a major player/whale that could dump this coin on the market and kill the prices. I am happy with that!
Another thing to keep in mind is that FAC has some PoS reward. If PMC had a price of 50k+ satoshis (and currently around 35k satoshis) without PoS rewards... 10k satoshis for FAC might be a bit too low if you put that into the equation.
So if a wide/fair distribution has succeeded... what can make prices go up (beside speculation). It's the real world use of this coin. I think this is where this coin lacks for the moment.
We need merchants to accept this coin, promotions, games, an active reddit page, a forum on the official site, a wiki on the official site, etc.
This is where you and I (as a community of early adopters) can make a difference in the success/failure of the coin.
I keep reading shitcoin/to the moon comments, but in reality it's going to be shit or go to the moon ONLY if we abandon / support it has a community.
The 10K satoshis price can easily be 100K or more... Just look at Aurora.
So I took some time to put my thoughts out on this, because I think it's a step towards an active and healthful community.
I will finish with these CRUCIAL observations that I, among others, have said earlier.
10 minutes block time is WAAAAAY to long. On the "business" side of this coin, no merchant wants to wait 10 minutes to confirm any transactions. I think we need to change this to something between 30-90 seconds blocks. This could be a deal breaker and since we are at the beginning ... Forking this now would be natural and the right thing to do since the issue as already been pointed out.
The other thing I noticed is that the devs are too quiet in this forum and take too much time to react/respond/update. The team might be too small unexperienced, if team there is. But the beauty about OpenSource projects is just that. OPEN! So that's were the community should step in and contribute in their own way to help get this coin out there and make it a success. Some of us already have and I salute all of you
This wont last if it rely only on the dev. They should come forward and tell us what they can and cannot do so we can take over, as a community, where they cannot offer support.
Furthermore, I see a lot of pushing to get this coin on the exchanges, and it scares me a bit. While I thank those people for their efforts, we NEED to see more diverse kinds of promotions.
If you've read this far then please keep this conversation going and growing.
We had a good start and this far distribution is doing well... we can bring this coin to a brighter future if we decide to do so together.
Some people have said it, this coin was widely distributed... this is a good thing for the value of the coin. The more people have it, the more rare it becomes, the higher the price IF demand is there.
I think 10K satoshis is IMHO a fair, minimum floor price.
I also believe we have a fair distribution (not perfect but better than A LOT of other coins out there) of the FAC wealth. Sure some have more, but I think that if the highest/richest person right now (that we know of) as somewhere around 350K FAC (witch is less than 0.7%) it shouldn't be to much of an issue (he still had to put in over 30 hours of work to get to that not 30 hours of computer hashing away but of human work -- think about that). So the average FAC holder has around 5K FAC (a loose interpretation of the stats the dev posted a few days back about their website analytics). If everyone holds on to their 5K because they want to maximise their profit, it will create rarity on the market and push prices up. It doesn't seem (yet) that we have a major player/whale that could dump this coin on the market and kill the prices. I am happy with that!
Another thing to keep in mind is that FAC has some PoS reward. If PMC had a price of 50k+ satoshis (and currently around 35k satoshis) without PoS rewards... 10k satoshis for FAC might be a bit too low if you put that into the equation.
So if a wide/fair distribution has succeeded... what can make prices go up (beside speculation). It's the real world use of this coin. I think this is where this coin lacks for the moment.
We need merchants to accept this coin, promotions, games, an active reddit page, a forum on the official site, a wiki on the official site, etc.
This is where you and I (as a community of early adopters) can make a difference in the success/failure of the coin.
I keep reading shitcoin/to the moon comments, but in reality it's going to be shit or go to the moon ONLY if we abandon / support it has a community.
The 10K satoshis price can easily be 100K or more... Just look at Aurora.
So I took some time to put my thoughts out on this, because I think it's a step towards an active and healthful community.
I will finish with these CRUCIAL observations that I, among others, have said earlier.
10 minutes block time is WAAAAAY to long. On the "business" side of this coin, no merchant wants to wait 10 minutes to confirm any transactions. I think we need to change this to something between 30-90 seconds blocks. This could be a deal breaker and since we are at the beginning ... Forking this now would be natural and the right thing to do since the issue as already been pointed out.
The other thing I noticed is that the devs are too quiet in this forum and take too much time to react/respond/update. The team might be too small unexperienced, if team there is. But the beauty about OpenSource projects is just that. OPEN! So that's were the community should step in and contribute in their own way to help get this coin out there and make it a success. Some of us already have and I salute all of you
This wont last if it rely only on the dev. They should come forward and tell us what they can and cannot do so we can take over, as a community, where they cannot offer support.
Furthermore, I see a lot of pushing to get this coin on the exchanges, and it scares me a bit. While I thank those people for their efforts, we NEED to see more diverse kinds of promotions.
If you've read this far then please keep this conversation going and growing.
We had a good start and this far distribution is doing well... we can bring this coin to a brighter future if we decide to do so together.
Hi guys,
We welcome your initiative,
We still have left tens of thousands of FAC for Bounties and we will divide them in favor of the proposals you offer,
if someone has additional suggestions we encourage you to go up them here,
we follow what you're saying here in the thread, and we will be happy to help and donate as much as possible.
Thanks,
Faircoin Team
