My Opinion on FRC | Bitcointalksearch.org

hanzac

sr. member

Activity: 425

Merit: 262

Quote from: 🏰 TradeFortress 🏰 on January 04, 2013, 06:34:17 AM

Quote from: crazy_rabbit on January 04, 2013, 12:37:10 AM

Quote from: galambo on January 03, 2013, 07:40:23 AM

DPony13, Thanks for sharing your opinion on Freicoin.

I think you may have a misconception.

You lose 5% per year. Not per transaction.

Thanks again!

At least if you didn't make any transactions your money wouldn't be taken from you. FRC is like a bank account where there is 0% interest and a 5% maintenance fee. So come back after long enough and there won't be anything left.

Federal Reserve Coin is a cryptocurrency set up by a Foundation that wants to be the Feds and take 80% of mined coins.. no, really, that's in the source code. 80% of mined coins goes to preset addresses so they can debate "proposals" in an "open and fair" (aka Are you a member of the Communist party?)... wonder how long it's going to be before "FRC is deflating! Let's spend our reserve for QE!".

There are forks that changes this - vote with your hashpower.

Communist is actually a fantasy and not humanity. You can check the history of the countries controlled by the communist, people are just like slaves and a few top controllers live like gods (although still corruption). It's not democratic, it's just back to a slavery country or even worse.

I think for a decentralized community and financial system, we need to be open without hide anything. This is a key success to a bright future.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Quote from: crazy_rabbit on January 04, 2013, 12:37:10 AM

Quote from: galambo on January 03, 2013, 07:40:23 AM

DPony13, Thanks for sharing your opinion on Freicoin.

I think you may have a misconception.

You lose 5% per year. Not per transaction.

Thanks again!

At least if you didn't make any transactions your money wouldn't be taken from you. FRC is like a bank account where there is 0% interest and a 5% maintenance fee. So come back after long enough and there won't be anything left.

Federal Reserve Coin is a cryptocurrency set up by a Foundation that wants to be the Feds and take 80% of mined coins.. no, really, that's in the source code. 80% of mined coins goes to preset addresses so they can debate "proposals" in an "open and fair" (aka Are you a member of the Communist party?)... wonder how long it's going to be before "FRC is deflating! Let's spend our reserve for QE!".

There are forks that changes this - vote with your hashpower.

crazy_rabbit

legendary

Activity: 1204

Merit: 1001

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: galambo on January 03, 2013, 07:40:23 AM

DPony13, Thanks for sharing your opinion on Freicoin.

I think you may have a misconception.

You lose 5% per year. Not per transaction.

Thanks again!

At least if you didn't make any transactions your money wouldn't be taken from you. FRC is like a bank account where there is 0% interest and a 5% maintenance fee. So come back after long enough and there won't be anything left.

FuzzyBear

legendary

Activity: 1420

Merit: 1010

I like the comparison between FRC and PPC.... I now sit my wallets side by side and watch one grow as the other decreases..... all with me doing nothing Cheesy

... giving me idle hands Tongue

galambo

sr. member

Activity: 966

Merit: 311

DPony13, Thanks for sharing your opinion on Freicoin.

I think you may have a misconception.

You lose 5% per year. Not per transaction.

Thanks again!

DPony13

full member

Activity: 126

Merit: 100

Ok, first of all, this is my opinion.
Don't flame, or act like some Freicoin Priest or something.

My understanding of demurrage :
Destruction or deletion of a portion of
the payment.

Freicoin is supposedly Bitcoin with Demurrage.
I respect that, but what's the advantage for the merchants?
Even if people pay him, say 1000, and due to demurrage, -5%
= 950FRC and even more is lost, the bigger the payment.
Unless of course, the fee isnt a percentage.

If that theory above is correct, then the means of
earning through trading would be non existant.
Everyone would then prefer to mine FRC, then trade,
And the merchant who received the FRC would have
nothing else to do than to trade it for another currency,
But still earn less due to demurrage.

in other words, FRC is sort of useless unless
you're in to lots of complications.

IMO.

Topic: My Opinion on FRC (Read 976 times)