Tag Archives: Feathercoin

bitcoin-hacker_photobucketEcoin Insurance

When you buy or sell an Ecoin you can use escrow services like Local Bitcoin to increase the likelihood that you will get a fair trade. If a Bitcoin (or other Ecoin) is stolen it is almost impossible to get it back. There is no buyer guarantee, charge back or refund option. Also there is no way to delete the stolen Bitcoin and replace it.  Basically the victim is without recourse.

Hard to hide stolen Ecoins

Unlike cars, jewelry and cash, it is extremely difficult, if not impossible to hide coins from the world and still use them. This is because of the peer to peer block chain. A thief is attempting to do it right now with 96,000 stolen bitcoins. You can actually watch it happen real time on the block chain. The block chain records every Ecoin transaction that has ever occurred.  The entire world knows the exact network location (Bitcoin Wallet) of the stolen Ecoin. The entire world also knows exactly when that Bitcoin or portion of that Bitcoin is moved on the network from one Wallet to another.

Tagging stolen Ecoins

Because every ecoin transaction is recorded, the ecoin can also be tagged as stolen. The tag could follow the stolen Bitcoin around the network. The stolen ecoin index could be available to the entire peer to peer network and ecoin clients could look at the index to determine if a coin that they received is stolen.

How Bitcoin and Ecoin insurance could work

Ecoin holders would pay the insurance premiums with ecoins the same way we buy insurance now. When a ecoin is stolen the victim would make a claim against the insurance similar to claims against ordinary theft insurance. Once the insurer confirms that the coin has been legitimately stolen, the insurer would replace the ecoin. The insurer would become the rightful owner of the stolen ecoins.

The insurer could offer a bounty for the return of the stolen ecoins. The first time the coin is traded or held in an online wallet it would be identified as stolen and could be transferred back to the insurer for the bounty. Once the ecoin is back in the hands of the rightful owner, the stolen tag could be removed and the ecoin recirculated.

 

What is Ecoin Mining

bitcoin-mining-rigMining Bitcoins can be compared to mining minerals like gold, copper silver etc.  The way you mine gold is my digging in the ground, looking for something shiny, then testing to make sure that it is gold.  When you mine Ecoins, your shovel is a computer doing math and your testing kit is all the other computers on the Ecoin peer to peer network.  Instead of digging in the dirt to find something that looks like a Ecoin, your computer tries to solve a difficult math problem.  The math problem that has many correct answers, but not an infinite number of answers.

Since there is a finite number of correct answers to the math problem, as Ecoins are discovered there are less to find.

Mining computers requires a great deal of computing horsepower.  If you do not have a powerful computer and a cost effective power supply, you will not be able to mine Ecoins.  Unfortunately, this describes most of the people living in the world.

 

feathercoin

Feathercoin is built on Bitcoin’s open source software. One of Feathercoins’s biggest advantages is the software that it uses to find coins.  The software that feathercoin uses is only good on GPU mining computers (basically programmable computers like the one you are using now).  Bitcoins can be mined using specialized hardware designed ONLY for mining Bitcoins.  Hence, bitcoin mining is dominated by high end mining hardware.   Feathercoin is safe guarded from the effects of expensive machines dominating mining. Feathercoins  also have additional protections against hostile takeovers of the peer to peer mining network.

Interesting things we noticed about Feathercoins

As of 11/2013 many popular markets tie Feathercoin (FTC) value directly to BTC value.  You can only trade BTC for FTC or FTC for BTC (no cash transactions).  In an appreciating market, FTC has the ability to appreciate twice in effect, once when BTC goes higher in value and a 2nd time when FTC appreciates vs. BTC.  Of course in an depreciating market it also has the potential to depreaciate twice as well,  For example during a recent 24 hour period, FTC was up as much as 50% vs. BTC, from a trading value of .00052 BTC to a value of .00078 BTC.   At these numbers, BTC converted to FTC at .00052 would go up in value 81% whereas BTC not converted into FTC would have appreciated 31%.

An Ecoin is an electronic currency.  It is also referred to as E-currency or crypto currency.  It is pretty much like cash for the Internet. Ecoins come in two types, closed network ecoins and open network ecoins.  Examples of closed network ecoin networks are the types of ecoins used for virtual goods for games or on social networks.  In game currency like Facebook credits and Gold for World of Warcraft are examples of closed network ecoins.  The other major type of ecurrency is open network systems.  Bitcoins and litecoins are two types of peer to peer, open network crypto currencies.  Bitcoin is the grandfather of these types of ecoins.  Litecoin is the up and comer.  There are many other types of Ecoins as well.  Each coin has its own flavor.  The major type are outlined in the chart below.

Coin name Blocks Difficulty Network GH/sec
Anoncoin

99746

14.1994

0.3388

Bitcoin

271217

609,482,679.89

3,635,705.80

Digitalcoin

558493

2.0761

0.1313

Devcoin

115068

213,289,495.25

1,145,009.74

Freicoin

45381

222,837.03

1,927.45

Feathercoin

119314

139.3644

2.7019

I0coin- DORMANT

964360

4,382,937.16

190,860.24

Ixcoin

174022

168,573,279.37

1,206,694.54

Litecoin

465823

1,486.12

52.7472

Namecoin

147504

456,070,389.19

2,584,537.55

Peercoin

81889

9,726,255.71

95,725.32

Terracoin

216946

114,552.10

2,630.82

Worldcoin

812681

10.3822

1.4399

Primecoin

270885

0

0

A chart of active open source ecoins as of Nov 23 2013