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Interesting Currency (ForumCoin) Maybe the new BitCoin?

Discussion in 'General Business' started by sambling, Sep 4, 2013.

  1. #1
    Fergal, a Uk entreprenuer (he owns businessadviceforum.com and was the former owner of ForumPromotion.net- a million post + forum), has created http://forumcoin.com.

    Unlike a normal pay-per post forum, ForumCoin aims to become a successful currency.

    Quote from the site:
    Payment rates are up to 5 ForumCoin per topic/ post and slightly less for the offtopic areas of the site. Basically each ForumCoin is worth 1 cent at PayPal rates so around 5 cents per post.
    SEMrush
    Why do I think this is cool?

    1. Unlike BitCoin, ForumCoin does not have a limit on the amount of currency in circulation. This is actually a good thing. Back in the early middle ages, Europe's economy suffered due to lack of coins.
    2. ForumCoin is fixed via PayPal USD cash. 1000Forum Coin = $10.


    What are possible limitations?

    1. Currently there is no way to do transactions offsite. The first implementation is likely to be a donations button. You can sell on the site easily though.
    2. The forum has to earn enough in order to pay for the fixed rate cashout. If the forum reaches critical mass that shouldn't be an issue though.

    What are your thoughts on the project and idea? Is it something you think could work?
     
    sambling, Sep 4, 2013 IP
    Fergal likes this.
    SEMrush
  2. Helge Sverre

    Helge Sverre Notable Member Affiliate Manager

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    #2
    hmmm certainly look interesting and all, but i believe it's just another marketing tactic :p
    Will keep my eyes peeled though.
     
    Helge Sverre, Sep 4, 2013 IP
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  3. LaughingBearInc

    LaughingBearInc Greenhorn

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    #3
    It looks like it is limited to this one forum, a services middleman basically?

    I don't think it's unique at all really. It's just another "in system currency" that can be traded for money - but won't change anything outside of its arena. There are lots of sites (other than forums) that have an onsite currency that can be bought or earned and traded for items or cash. Not eve remotely like BitCoin (which in my opinion is a good thing - I think BitCoin is going to make a lot of people feel like fools down the road.)
     
    LaughingBearInc, Sep 5, 2013 IP
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  4. michaeltsikov

    michaeltsikov Greenhorn

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    #4
    How can you say it is the new currency if it is just offer in one forum? 1000 forum coin / 5 forum coin = 200 topics? please explain further
     
    michaeltsikov, Sep 6, 2013 IP
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  5. PhiladelphiaIM

    PhiladelphiaIM Well-Known Member

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    #5
    I'm not seeing much potential with this idea. First, it's nothing like BitCoin. BitCoin has a deep mathematical foundation, coupled with anonymity and a decentralized, peer-to-peer network. "ForumCoin" is nothing more than an in-system 'currency' but, in my opinion, it's worse than most. It's a poorly veiled marketing attempt to piggyback on the conversation surrounding alternative currencies; additionally, it's a way to simply pay users for forum posts. It's no different than making a thread here and hiring someone to post on the forum. Also, to address a point made by the OP: BitCoin (and other similar programs) have limits on their circulating currency for a reason (economics).
     
    PhiladelphiaIM, Sep 6, 2013 IP
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  6. Fergal

    Fergal Well-Known Member

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    #6
    Hi everyone, I'm the owner of ForumCoin and am happyto see that it is being discussed here.

    The idea behind the forum is to reward members for their posts with ForumCoin. This ForumCoin can then be used to exchange goods and services with other members and also to avail of official offers on the forum itself. ForumCoin can already be exchanged for hosting, domains, tweets, forum posts, directory listings, Amazon vouchers, PayPal cash, blog comments and other small services.

    My aim for the site is to expand the range of products and services that members can exchange their ForumCoin for, as far as possible. Obviously this will take some time and I know that it's not going to happen overnight, but eventually I would hope that ForumCoin can be exchanged for almost anything legal (we don't allow exchanges for anything illegal).

    A couple of the posts above mention "marketing" and seem to use the word in a negative way regarding this site. Perhaps you could please expand on that a little more. ForumCoin is just over a week old, when I start a new site I try to make the site as useful as possible and hope that it is so useful that people who visit the site will tell others about it and the site will grow through word of mouth.

    That's all I am trying to do with this site, there are no negative or hidden agendas. If you feel that there is something wrong with what we are doing, please do post here to let me know. If you feel that way, I'm pretty sure that others will feel that way too and I'd prefer know about the concerns and questions people have.

    One small thing that I would like to clarify is that I'm Irish, I'm not a "Uk entreprenuer" :)

    Thanks again!
     
    Fergal, Sep 10, 2013 IP
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  7. buysell-browse

    buysell-browse Peon

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    #7
    "Our objective is to become a new world currency, that you can use to purchase anything from apples to zoo tickets."

    And this new world currency will be backed by... ?
     
    buysell-browse, Sep 10, 2013 IP
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  8. Fergal

    Fergal Well-Known Member

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    #8
    Good question buysell-browse. Having visited your ad forum before, it's good to see you here on DP.

    The site generates revenue from advertising and as the site grows we will add other revenue sources. I constantly monitor the amount of ForumCoin in circulation, to ensure that I have enough resources to allow members exchange their ForumCoin for PayPal cash. We also provide other offers on the site, so that members can spend their forum currency. These offers remove ForumCoin from circulation, without exchanging it for currencies such as US Dollars.

    My ambition is to maintain the rate at which ForumCoin can be exchanged for US Dollars. If the amount of ForumCoin in circulation begins to get too high, the option is there to adjust the amount of ForumCoin that is earned per post on the forum. That way, we can control the amount of ForumCoin in circulation, whilst still maintaining its value against the US Dollar.

    Does that answer your question?
     
    Fergal, Sep 10, 2013 IP
  9. sambling

    sambling Well-Known Member Affiliate Manager

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    #9
    Probably shouldn't have said your from the UK if you are from Ireland- whoops! :p That's like saying NZers are from Australia.
     
    sambling, Sep 13, 2013 IP
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  10. Fergal

    Fergal Well-Known Member

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    #10
    Thanks Sambling, that's no problem at all. I'm well used to people making that mistake!
     
    Fergal, Sep 14, 2013 IP
  11. PardyCo

    PardyCo Well-Known Member

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    #11
    A very good response and analogy. Seems like you are really trying to make this work and well thought out. I am most certainly going to keep my eye on it and see how things goes. Wishing the best of luck with out nonetheless :D
     
    PardyCo, Sep 30, 2013 IP
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  12. Fergal

    Fergal Well-Known Member

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    #12
    Thanks for your reply and your support PardyCo, I appreciate it.
     
    Fergal, Sep 30, 2013 IP