AMA: Ask Me Anything Session with Peter Bushnell, Feathercoin (05.03.2018)

Feathercoin is one of the oldest Alternative Cryptocurrencies with an active development. The Mining Algorithm Neo-Scrypt provides an environment without the possibility of using ASIC miners (ASIC-resistant). Because of that, Feathercoin has a broad community with a lot of individual miners.

On Monday, 5th March 2018, Feathercoin Founder and Creator Peter Bushnell has been in our Telegram channel to answer all questions from the community regarding Feathercoin (Names of community members are anonymous):

Mr. A, [05.03.18 20:59]

Good evening Ladies and Gentlemen. Welcome to our AMA session, this evening we have true Cryptolegend with us, the Founder and Creator of Feathercoin Perter Bushnell! One of the oldest Altcoins with active development and a long history, including a lot of time in the Coinmarketcap Top 10. I'm glad you have the time for us Peter and I'm looking forward to your questions!

Peter Bushnell, [05.03.18 20:59]

Hi everybody, I'm on my Mac with a full batter and the UPS is still up and running. If I disappear for a bit I'm moving to mobile Internet.

Mr. B, [05.03.18 21:00]

Hello

Mr. B, [05.03.18 21:00]

Feather coin I remember that

Mr. A, [05.03.18 21:00]

Great you are here despite the rough conditions in terms of missing electricity

Mr. C, [05.03.18 21:00]

Hello Peter, thanks for joining us

Mr. B, [05.03.18 21:00]

Was the best logo in time

Peter Bushnell, [05.03.18 21:00]

An unfortunately timed power cut has hit my village.

Mr. A, [05.03.18 21:00]

In 2013 one of my investment guidelines was, invest in nice logos ;-)

Mr. B, [05.03.18 21:01]

Yes ! A little branding was doing a lot back in the time

Mr. A, [05.03.18 21:01]

So Feathercoin was my first Alctoin and first wallet I installed at computer. And it was working

Peter Bushnell, [05.03.18 21:01]

I'm open to any questions if people have any, probably best to get them in early while I'm still online.

Peter Bushnell, [05.03.18 21:01]

2013 I launched Feathercoin and I felt late to the crypto party.

Mr. A, [05.03.18 21:02]

Peter, when do you started with Crypto and was it first with Bitcoin I expect?

Peter Bushnell, [05.03.18 21:02]

Seems like it was the early days of crypto now.

Peter Bushnell, [05.03.18 21:03]

Yes, my interest was first focused on Bitcoin browsing BitcoinTalk in 2011 as a bit of a lurker, like many I feel that I should have jumped in sooner with both feet and spent less time on the side lines.

Mr. C, [05.03.18 21:03]

\@Bushstar If my math is correct, the last feathercoin will be mined in 2045. I hope most of us will be still around. This is the soonest mined out altcoin as far as I know. What will happen with the network after this in your opinion? Will miners stay for transaction fees?

Mr. B, [05.03.18 21:04]

I hope I’ll be still alive in 2045

Mr. D, [05.03.18 21:04]

[In reply to Peter Bushnell]

There were worse timings.

Mr. A, [05.03.18 21:04]

[In reply to Mr. C]

There are some like IxCoin already mined out

Peter Bushnell, [05.03.18 21:04]

I'll have to check my maths but I'm sure it will take a lot longer than that to mint all the coins, we mint 16 times more coins than Bitcoin but have a similar inflation model halving every four years.

Mr. A, [05.03.18 21:05]

[In reply to Peter Bushnell]

I think I have seen something after 2100

Mr. D, [05.03.18 21:05]

Question about the idea to create Feathercoin: what was your main motivation to create it? Was it adopting a new algo or rather have more coins and a cheaper price per coin?

Peter Bushnell, [05.03.18 21:05]

So it should take the same length of time to mint all Feathercoin as it does Bitcoin + four years as we came out four years after Bitcoin.

Peter Bushnell, [05.03.18 21:05]

At that point TX fees will be enough but only if the effort is put into and maintained to keep Feathercoin current, we need to build that base now.

Mr. E, [05.03.18 21:06]

CPU or GPU Mining?

Mr. F, [05.03.18 21:06]

How did you came up with the name Feather...coin? I like this name!

Mr. C, [05.03.18 21:06]

We have six halvings left every 4 years 40/20/10/5/3/2/1/0

Mr. G, [05.03.18 21:07]

[In reply to Mr. C]

What about 1/2, 1/4, etc.? 😉

Peter Bushnell, [05.03.18 21:08]

[In reply to Mr. D]

I had a couple of motivations, I was in Litecoin at the time but there was a lot of fighting with other coins at the time and at that point development had stopped, development picked up again later. I wanted to make a coin for enthusiasts and did not expect to get much attention like a few alts that had launched prior to Feathercoin. Our quick success was unexpected and a baptism by fire.

Peter Bushnell, [05.03.18 21:08]

[In reply to Mr. C]

0.5, 0.25, 0.125 and so on.

Mr. B, [05.03.18 21:08]

\@Bushstar how did you manage the market saturation of coins ? I guess back in the time it was much easier to get attention and get listes

Mr. B, [05.03.18 21:09]

Get listed

Mr. C, [05.03.18 21:09]

oh ok, I probably confused with some other altcoin the fact that halvings are always integer. Maybe Dogecoin.

Peter Bushnell, [05.03.18 21:10]

[In reply to Mr. B]

That was also unexpected, another alt took a year to get on to BTC-e, I expected the same time frame. I assisted one rather poor exchange to add Feathercoin, they fell over with the rush to get Featehrcoin from that exchange but the news that Feathercoin got added so quickly prompted others to add us aswell, it was like a domino effect.

Peter Bushnell, [05.03.18 21:11]

[In reply to Mr. F]

Featherlight. even more lightweight than Litecoin, four times as many coins, seemed to be the natural continuation of the naming convention.

Mr. A, [05.03.18 21:11]

Just as remark: BTC-e was the Nr. 1 Altcoin Exchange 2013 like Binance now

Peter Bushnell, [05.03.18 21:11]

Good point. I'm assuming that everyone is familiar with the altcoin world as of 2013.

Mr. B, [05.03.18 21:11]

[In reply to Peter Bushnell]

How do you manage now to get visibility to keep community engaged

Mr. A, [05.03.18 21:12]

[In reply to Peter Bushnell]

There a a few dinosaurs here from this time Peter ,-)

Mr. D, [05.03.18 21:12]

Do you have any upcoming projects that are in current development and you are at liberty to talk about?

Peter Bushnell, [05.03.18 21:13]

[In reply to Mr. B]

Our position was to try and maintain a friendly community and to remain as open as possible. To engage with people initially I gave away the coins I initially mined just after launch away in bounties to progress some rapid development, I think this helped build an initial team quite quickly.

Peter Bushnell, [05.03.18 21:14]

We made sure that everybody had a part to play and held community meetups.

Mr. A, [05.03.18 21:14]

A tech question: Was it Neo-Scrypt from the very beginning (April 2013) or was this feature later implemented by a soft- or hardfork?

Peter Bushnell, [05.03.18 21:15]

[In reply to Mr. D]

My part in Feathercoin development is somewhat simple, to keep Feathercoin up-to-date, post SegWit / CSV enablement I'll be working on the 0.16 release for native bech32 support. Development external from the core can make best use of that. I cannot say for sure what the delivery time will be for 0.16, beyond that point I'd like to keep current with Bitcoin development to remain informed of the latest developments.

Mr. C, [05.03.18 21:16]

[In reply to Mr. A]

I think it used to be script

Mr. D, [05.03.18 21:16]

How did you protect yourselves against malicious attacks in the beginning?

Peter Bushnell, [05.03.18 21:16]

[In reply to Mr. A]

It was Scrypt from the start, we hard forked to NeoScrypt later on when ASICs were coming out, we said from the start that we'd try to keep it in the realm of GPU miners, those who want to mine from home without having to buy specialist hardware.

Mr. H, [05.03.18 21:17]

A question more about the future: what do you think are the chances for feathercoin to be listed on another exchange in the near future?

Mr. C, [05.03.18 21:17]

When will NeoScrypt ASICs appear?

Mr. D, [05.03.18 21:17]

[In reply to Peter Bushnell]

I like the community based approach. Would you be ready to fork it again if a better algo appeared?

Peter Bushnell, [05.03.18 21:18]

[In reply to Mr. D]

We were not able to early on and got hit by unprecedented 51% attacks, some people seemed to have taken great offence against Feathercoin and spent a great deal of effort trying to use us to attack exchanges. What saved us was implementing Automatic Checkpointing to protect the history of the chain and prevent transaction reversal. I've seen many small coins be used to attack exchanges with 51% attacks and really would recommend smaller coins have some sort of protection.

Peter Bushnell, [05.03.18 21:20]

[In reply to Mr. C]

I do not know, it is not as easy for them to make NeoScrypt ASICs but nothing is impossible. You'd have to ask an ASIC manufacturer.

Mr. C, [05.03.18 21:21]

\@Bushstar If you have to make a bet on the FTC price by the end of the year, what will your bet go to?

Peter Bushnell, [05.03.18 21:21]

[In reply to Mr. H]

We are on Bittrex probably one of the biggest altcoin exchanges out there right now, this means that it will be hard for other exchanges to get much volume if they were to add support for Feathercoin. It is not something I'd actively pursue.

Mr. D, [05.03.18 21:22]

Are you open to collaboration with other community focused projects?

Mr. D, [05.03.18 21:23]

Are you going to release an iOS wallet in the foreseeable future?

Peter Bushnell, [05.03.18 21:23]

[In reply to Mr. D]

That's a tough one really and a decision I'd not make alone, if there was some pressure to change algo like ASICs coming that motivated the community to press for a change in algo I would put such a thing to a vote.

Peter Bushnell, [05.03.18 21:24]

[In reply to Mr. C]

I really do not know which ways the markets will move.

Mr. A, [05.03.18 21:24]

A somehow strange question but for me very interesting: Are there special names for smaller Units of Feathercoin after the coma (like Satoshi for Bitcoin)

Mr. D, [05.03.18 21:25]

[In reply to Mr. A]

😬😬😬

Mr. I, [05.03.18 21:25]

[In reply to Mr. A]

Good question 😜

Peter Bushnell, [05.03.18 21:25]

[In reply to Mr. D]

I am open to collaboration and have done so in the past and will do so in the future. From past experience I'll always do my best to fully vet those who I collaborate in future.

Mr. C, [05.03.18 21:25]

[In reply to Mr. A]

Petershi :)

Mr. J, [05.03.18 21:27]

Are you or your team working on a liteweight wallet (e.g. SPV)?

Peter Bushnell, [05.03.18 21:28]

[In reply to Mr. A]

There was a discussion about naming smaller units in the community many years ago, if I remember right there were several suggestions but no general consensus, I think there was a suggestion based on my name of which I was not a great fan!

Mr. A, [05.03.18 21:28]

😁

Mr. H, [05.03.18 21:29]

Do you think that if bittrex allows to open new accounts, there will be many people getting into feathercoin? or do you think those most that would, already own a bittrex account?, since it's as you said one of the biggest altcoin exchanges

Mr. A, [05.03.18 21:30]

Is Bittrex still blocking new users?

Mr. H, [05.03.18 21:30]

Well I'm not sure tbh

Peter Bushnell, [05.03.18 21:30]

[In reply to Mr. J]

Neither myself nor the Feathercoin team are working on light wallets. The Feathercoin team's focus is Core client development. Light wallet development is something for another organistation to pursue with collaboration from the core team 😉

Rami, [05.03.18 21:31]

[In reply to Mr. A]

I think they are selectively opening company accounts only at the moment (bigger volume customers)

Mr. H, [05.03.18 21:31]

the last time i checked they did for private customers (a friend of mine tried)

Mr. H, [05.03.18 21:31]

https://support.bittrex.com/hc/en-us/requests/new?ticket_form_id=114093958552

Mr. A, [05.03.18 21:31]

What I think would be big step forward a kind of quick Android- or IOS-Wallet

Mr. H, [05.03.18 21:31]

i think yeah

Peter Bushnell, [05.03.18 21:32]

I had not even realised that Bittrex had shut their doors, I know that a lot of places stopped accepting new users with so many people trying to get into crypto. I think a lot of companies are facing scaling issues with crypto getting such mainstream attention.

Mr. I, [05.03.18 21:32]

[In reply to Mr. H]

You just have to shamelessly fill out the form and it will be approved

Mr. H, [05.03.18 21:32]

[In reply to F]

oh 😆

Mr. I, [05.03.18 21:32]

It's called rate limiting ;)

Peter Bushnell, [05.03.18 21:33]

[In reply to Mr. A]

I agree. The current Android wallet is no longer fit for purpose as it needs to download the entire blockchain, it needs to be replaced and iOS is missing entirely. There are many good light wallet options available now that will not upset Apple's crypto currency policy.

Mr. C, [05.03.18 21:33]

As of today Upbit has higher 24h FTC/BTC volume than bittrex

Mr. C, [05.03.18 21:34]

[In reply to Peter Bushnell]

I don't mind actually. You got to wait only once but then it's easy to keep the node up all time and make the network stronger )

Peter Bushnell, [05.03.18 21:34]

I did see that. I'm trying to ask them to upgrade to 0.13 but I've not been able to get a response from Upbit!

Mr. K, [05.03.18 21:35]

Hi Peter

What are the most important difference to Bitcoin?

Peter Bushnell, [05.03.18 21:35]

[In reply to Mr. C]

New and less savvy users get confused, I get support questions along the lines of "I sent coins to my wallet and they did not appear". A lot of time is spent educating new users to how blockchains works, a lot of time would be saved with light wallets.

Peter Bushnell, [05.03.18 21:38]

[In reply to Mr. K]

We have more coins, sixteen times more, four times more than Litecoin which has four times more than Bitcoin, I was going for the bronze crown under Litecoin's silver. Soon after launch it was realised that the difficulty adjust that works for Bitcoin does not work for a smaller coin with a less reliable hashrate, we ultimately moved to eHRC (enhanced Hash Rate Calculation) which adjusts the difficulty each block. Due to attacks we implemented Automatic Checkpointing. We also started with Scrypt for hashing block headers but moved to NeoScrypt when Scrypt ASICs came out.

Mr. A, [05.03.18 21:39]

Are you at the moment working "Full Time Crypto" or do you have any other ventures at the moment (as Charlie Lee for example was working for Coinbase until November)

Peter Bushnell, [05.03.18 21:39]

Over time Feathercoin has deviated more and more from Bitcoin and Litecoin from which it was originally created.

Peter Bushnell, [05.03.18 21:41]

[In reply to Mr. A]

I'm full time in crypto but I take on commissioned work which allows me to pay the bills and spend time on Feathercoin, when I first launched Feathercoin I pretty much worked on it without taking on much other work until I went back into full time employment with Hullcoin. This time round I'm finding a balance that allows me to work freely on Feathercoin and pay the mortgage.

Mr. A, [05.03.18 21:42]

thanks, understood and good work life balance concept!

Mr. D, [05.03.18 21:42]

Also an ot-ish question: how did you like the meetup in Zürich? Do you visit Switzerland on a regular basis?

Ruth Bushnell, [05.03.18 21:44]

[In reply to Mr. D]

He loved it and still hasn't stopped talking about it 😁

Mr. I, [05.03.18 21:46]

[In reply to Ruth Bushnell]

Happy to hear that 😄😄

Peter Bushnell, [05.03.18 21:46]

I'm impressed by the size of the metting that took place in Zürich and I'm told that crypto meetups for altcoins and Bitcoin happen frequently. I spent a fair bit of in crypto valley in Zug as well. It seems that Switzerland is creating itself a strong crypto community. I am looking forward to coming back. On top of everything crypto that is happening in Switzerland it is a much more impressive country than England, it's very flat here and we do not have skiing. England can be nice enough in summer but plain boring in winter.

Mr. C, [05.03.18 21:46]

\@Bushstar What is your view on PoS?

Peter Bushnell, [05.03.18 21:48]

Hats off to SunnyKing for implementing PoS in his own coin. I'm always pleased to see people coming up with different ways to generate blocks, this is an open source space and with open source you hope to see people take the code and innovate.

Peter Bushnell, [05.03.18 21:49]

I believe that PoS was an idea floated early on and implemented by SunnyKing in Peercoin.

Mr. A, [05.03.18 21:49]

Sunnyking by the way is doing a comeback with VEE

Mr. A, [05.03.18 21:49]

A question from a long term Feathercoin Enthusiast: There have been some physical Feathercoin, do you know which guy produced it and if he has still something to sell?

Peter Bushnell, [05.03.18 21:51]

That was NetNerd who created those physical Feathercoins, he made it to a meetup we held in Oxford. I could reach out to him to see if he would be interested in producing another batch, that's a good idea.

Mr. A, [05.03.18 21:52]

Ui, that would be very very awesome Peter!

Mr. L, [05.03.18 21:52]

That would be great

Peter Bushnell, [05.03.18 21:53]

I've still got the large one I was holding outside of the Oxford Blue, some small physical wallet variants and a lot of Feathercoin badges.

Mr. A, [05.03.18 21:53]

the large one I used for Twitter. Really nicely done!

Mr. K, [05.03.18 21:54]

Where do you think is the biggest local Feathercoin community?

And do you have any plans to encourage more people to build local communities?

Mr. L, [05.03.18 21:55]

Are there any plans / partnerships with merchants or online shops to accept feathercoins to buy stuff?

Mr. C, [05.03.18 21:56]

Related question: any debit/credit card providers for Feathercoin?

Peter Bushnell, [05.03.18 21:58]

The original Feathercoin forum does not get much traffic at the moment, development was very much on quiet side for a long time and everything is starting to gain momentum again. Once we have 0.13 running SegWit and CSV people will start to pay more attention to us and this is something that we need to foster. We'll work to build communities in several places and not just the forum, crypto communities are more diverse now on several different services and it would be sensible to build a community wherever crypto people are.

Peter Bushnell, [05.03.18 21:59]

[In reply to Mr. L]

We spent a lot of time on that a good few years ago perhaps too soon, before we can progress on this we really need some light wallets for people to use at the point-of-sale.

Mr. D, [05.03.18 22:01]

In case you make it back to Switzerland make sure to bring a presentation and hop on a stage!

Peter Bushnell, [05.03.18 22:02]

[In reply to Mr. C]

No, going straight from fiat to Feathercoin is not easily done at the moment without first going through Bitcoin. Marrying up with fiat is always a bit of a challenge as fiat is reversible and crypto is not. I believe that Stripe no longer supports crypto due to this sort of issue. Best chance is to get a fiat pair somewhere but I'm not sure where would be best suitable, there are up-and-coming exchanges that will offer fiat that are affordable to get a listing on but whether they will be any good is another matter.

Peter Bushnell, [05.03.18 22:03]

[In reply to Mr. D]

I'm really not one for crowds to be honest and am much happier talking by text, I've never been a public speaker and you will have a hard time getting me on stage ever.

Mr. C, [05.03.18 22:04]

I change FTC to fiat on litebit.eu

Peter Bushnell, [05.03.18 22:05]

[In reply to Mr. C]

I'll have to signup and take a look, their volume is somewhat low but looking at coinmarketcap I can see that they have a FTC/EUR pairing.

Peter Bushnell, [05.03.18 22:06]

Actually, there is also Bittylicious.

Mr. J, [05.03.18 22:06]

What’s the easiest way for new people to contribute to Feathercoin?

Peter Bushnell, [05.03.18 22:06]

Bittylicious is good for UK customers using bank transfer on the Faster Payment Network but I believe that there are options for international users.

Mr. L, [05.03.18 22:07]

If you had a "genie in a bottle" and could make 3 wishes, what would your 3 wishes be?

Peter Bushnell, [05.03.18 22:09]

[In reply to Mr. J]

It depends on your expertise and where you want to contribute. I think that the easiest way to contribute would be with community engagement assisting people coming into Feathercoin.

Peter Bushnell, [05.03.18 22:09]

[In reply to Mr. L]

I'm not sure but I'm pretty sure that at least one of those wishes would not be altruistic.

Peter Bushnell, [05.03.18 22:11]

Guys, thanks everyone for turning up, it has been good. I'm easy to find on Telegram and am always open to questions if you have any you forgot to ask tonight. Just send them to me on Telegram.

Mr. C, [05.03.18 22:11]

Thanks, Peter

Mr. A, [05.03.18 22:12]

I thank you Peter, it was an honor and pleasure!

Mr. D, [05.03.18 22:12]

[In reply to Peter Bushnell]

No problem! Thanks for answering all our questions in here. Real honor to have you here!

Mr. K, [05.03.18 22:12]

Thanks 👍

Mr. H, [05.03.18 22:12]

thanks!

Mr. A, [05.03.18 22:12]

And good luck getting back the elecricity soon!

Mr. M, [05.03.18 22:12]

Thank you, Peter!

Peter Bushnell, [05.03.18 22:12]

Thanks all. I've made it into this chat now so will drop in and will be back to Switzerland soon.

Peter Bushnell, [05.03.18 22:12]

[In reply to Mr. A]

Thanks, it is still off!