Bitcoin Forum

Everyday there is a new SHITcoin being released. It's becoming a joke now.  Enough is Enough!
 
Nobody accepts these Altcoins as currency, or payment, and nobody outside of this forum (and the cryptocurrency community) knows what the hell a Litecoin, Dogecoin, NXT, or Monero is.....

People in the real world BARELY know what Bitcoin is.... It's gonna be another 5+ years before Bitcoin starts to meet it's true potential.


The creation of new Altcoins needs to stop, let's face it... Bitcoin has BILLIONS invested into it, and isn't going anywhere.  Until Bitcoin fully penetrates the mainstream, no Altcoin will be a successful predecessor.   

Also 1 more thing.... Cryptocurrencies are not stocks.  :-\


Let's discuss.




(Monero & Litecoin are the only candidates to be the BTC alternative)

any altcoin without 1 million in daily volume is a joke i.e. anything not litecoin  ;D

Yes I definitely agree with you and always think while watching the altcoin calender that what's the use of all these altcoins,  these all are just pump and dump.

altcoins is nothing but a joke at this point
meaningless coins after coins, the creator of the scam coin might make a few btc then disappeared forever to make new coins, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat, repeat... let me know if no one not understand the word repeat.

You should read Nathaniel Popper's book "Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money"

http://www.amazon.com/Digital-Gold-Bitcoin-Millionaires-Reinvent/dp/0062362496

It's a great account of how the early bitcoin adopters nursed bitcoin to where it is today. I knew the basic outline of the history, but Popper's account made me realise what all these early adopters had in common - their excitement for bitcoin had nothing to do with the world as it was, but with the world they could imagine, and the price of bitcoin and the number of users didn't deter them.

Can you imagine a world with hundreds of viable digital currencies? I can, and that's what I expect will happen in 3-5 years time, and some of those currencies exist today, and they're basically worth peanuts today, just like bitcoin was in 2010/11.

My big fear is banks and corporations will launch their own coins, so by the time the general public learn what a blockchain is they'll be using 100's of corporate coins that have nothing to do with the original vision for decentralized finance. That's why I think the SuperNET is so cool, as it's basic premise seems to be all alt coins should compete for end users, but they should do it in a co-operative way, like shops in a mall.

Shoppers like going to the mall because everything is there in the one place so its convenient (like the SuperNET client will be), but individual shops are competing none the less. Individual alt coins have no chance against citibank coin, but SuperNET definitely will!!

Most altcoins have ALWAYS been a joke (glance back to the days of solidcoin).  

There have been a few innovations.

Litecoins p2p pools, NXT & Counterparty, Cryptonote.

If you don't remember that 99% of what's going on in here are people trying to leave you holding a bag with something they created from nothing.  Then you aren't thinking right.

Also - most of the innovation has moved out of the altcoin forums.  AT, Ethereum, sidechains, etc.  

I'd say ~10% of current alts have a chance at success (so 90% are worthless), but that's still a good number of coins. Once the bear market ends for good I predict another wave of alt coins but the bar will be higher this time, so more professional scams, and a few decent coins with some genuine innovation

the key to alt investing success is research & reading, and many here don't bother with that, so they judge all alts as being similar when many aren't. NXT started as an alt, and most said it was a scam, but they were clearly wrong.

the risk/reward profile for alts makes them profitable for scammers, but also profitable for people willing to wade through this damn forum

Are becoming?
The joke has been ongoing for longer than I can stand. It ceased being funny quite some time ago.
Back then we had true innovators like overkill coin (https://www.youtube.com/watch?v=1eU2INYe4gk) or stuff borderlining art such as ripoff coin (https://bitcointalk.org/index.php?topic=721006.0)!

And btw, BTC alternative in LTC... cmon man!

You should understand that investments need time to grow. If a VC invests 100 million into bitcoin, that doesn't mean it becomes worth more overnight.. Infrastructure has to be build before you see the result. The same goes for altcoins.

Coins like NXT, NEM and XCP are going to be interesting.

First of all it's not becoming a joke...may be cryptocurrency is becoming a joke since every scammer is coming up with their own scam but the "idea" behind it is not becoming a joke. Government, Bank, Companies have found a great way to take advantage of blockchain and they're using it for their benefits.

Overall it has been very succesful idea and I'm sure Satoshi is very proud of it.

There are real people who're using blockchain, crypto for their day to day need and I think that's what satoshi was trying to accomplish...he never cared about the price of it only investors care so much about price.

the only reason for this thread is you feeling threatened

I agree, good summary.


DR. ALBAN LYRICS

 Enemy's gathering rumours ignorant spread
 Fools accept them without confirmation
 Hey, you'd better surrender

 Stop spreading these rumours, oh
 Enemy's gathering rumours, oh yeah

 Enemies are gathering rumour ignorant spread
 Enemies are gathering rumour ignorant spread
 Fools take it and accept it.
 Fools take it and accept it.

 Enemy's gathering rumours ignorant spread
 Fools accept them without confirmation
 Hey, you'd better surrender

NXT, NEM and XCP aren't the jokes here, it's the constant stream of pre-mined coins coming out of the announcements board.

Well, NXP and XCP aren't, anyway, never heard of NEM before.

I think that the most promising alt coins are: NXT, LTC, XMR and BTS. The rest of the alt coins are just not worth it. Just my opinion  ::)

Definitely true, I have been in the altcoin/Bitcoin world for a long time. March 2014 was a big boom for altcoins, when pump and dumps were at their height. Even that was a joke despite the altcoin game being profitable. Of course I have invested in altcoins and I did well, but it was mostly luck, and truly understanding how to capitalize on scammers and silly twitter accounts haha.

All in all, BTC is a wise investment imo, in addition to your existing portfolio such as stocks, or real estate perhaps.

At the end of the day, if EVERYONE was 100% in BTC, the market cap of BTC would increase and this would results in pushing us farther than we are. We need to all be on the same team, and that team is BTC...not CANN or something XD

P.S. - Altcoins are fun to fool in sometimes, but ultimately its best if we are all in BTC.

Really? That is probably the best parallel we have; 'stocks' accessible to anyone who owns a computer.

Yes, the best and wrong. If cryptoCURRENCIES are stocks, what are cryptoSTOCKS then?
Cryptostocks.com or NXT Asset Exchange are places where anyone who owns a computer can buy "stocks".
Currencies have different features.

Wow! I had no idea this ever existed. I'm going to try this out. Thanks!  ;)

A cryptocurrency can be thought of like a company; it has shares (the currency), profit (fees burnt), employees (miners), users (us).

That is true for Ripple maybe.

But classic cryptocurrency 1) is not incorporated 2) has no debts 3) has no accounting 4) has no assets 5) has no real profits or dividends
6) cannot be bankrupted 7) doesn't produce any product.
You usually cannot buy goods or services for stocks, etc. etc. etc.

Why should we use "stocks" analogy instead of just calling it "currencies" which they really are.
Let's call a spade a spade.  :)

Yes, that' right. Too many altcoins in the market  ;) Without doubt Dogecoins and LTC are most popular crypto  :D

1 and 6 are irrelevant. 3 is plain wrong (public ledger?) 7 is narrow minded; the currency itself provides a service to all users. I would argue that burnt fees represent something similar to profits/dividends.

edit: I'm not saying they're exactly alike, but they are a good analogy

Nope. I've seen a newspaper have listed out a list of altcoins, including LTC, DVC, NMC etc. when featuring bitcoin. Some of the old altcoins are known by non-crypto-er, however the new ones really not.

If we just use analogies, comparisons to discuss some FEATURES we can use ANY analogy which can help to understand us.
We can say that cryptocurrencies are trees. They have some similar features.

But if we consider that A=B when A=1 and B=2 and C=2, we can be completely wrong later, thinking that A=C.

For example, "the long cold winter of the far north is unsuitable for plant growth and trees must grow rapidly in the short summer season when the temperature rises and the days are long".
If we think that cryptocurrencies are like trees, we will expect that they cannot be implemented into market when it is very cold, and that they will rise when it is summer or spring.

Alts are also strikingly like gold-exploration penny stocks. Do you know what the odds are for a promising gold-exploration project to become a profitable mine? About 1 in 300. No joke.

So, you could say that 99+% of gold-exploration pennies aren't real. That's a lot like the odds for alts: 99+% of alts will never become transactional currencies or platform currencies.

Odd how the two completely different sectors cohere. It's at least apparently a general feature of markets for assets which only have speculative value. Asset markets like that are similar to hash functions: it's easy to see why Asset XYZ is like an Asset that prove to have real real-word value. But it's all-but-impossibly hard to see if Asset XYZ itself will have real real-word value in the future.

That's because the future as a whole, much as we like to kid ourselves, is unpredictable. The best we can do is rely upon regularities that are predictable, like "the sun will rise in the east tomorrow," close-to-predictable, like "that dropped object will fall at 9.81 metres per second squared unless it fall is slowed by air resistance," or fall under a common class with rough-but-ready odds attached to each outcome.

So in a sense, the hype & excitement surrounding asset markets with truly longshot odds are a testament to how much we humans live on hope. To take the bright side of the phenomenon...

Like so many other go-to metaphors....

This isn't necessary true. Some coins with real development, and with some really innovative features can be far below 1 million daily volume, but in the future these coins can grow fast or can be the basis of future technologies (like Ethereum and IBMs IoT proposal), so I wouldn't call these coins a joke.
But you are right about the rest (copypaste crapcoins).

Not a joke. But a way to earn bitcoon for somebody.
.                                                                             

Why do you think innovations can be technical only?
In the U.S or Japan you can patent not only technical solutions as innovations.
And why do you think that technical innovations cannot be implemented later?
Why do you think that innovations is the most important thing?
Huntercoin (HUC) is completely innovative, it is a pioneer of Human-proof, with market capitalization $17,000.
Dogecoin is not innovative with market capitalization $18 million.

Following your logic and your "sh*t argument",  Dogecoin is "sh*t" coin?

Btw Dogecoin was based on a code of one of current Mooncoin's developers.

You might say that cryptocurrencies are like trees, but that doesn't help you to understand them. Saying they are like stocks does help you to understand them because this is a useful analogy - they have broadly similar attributes and behave in a broadly similar way.

OP is basically correct.  I was recently offered some work by some altcoin developers.  They wanted to pay me in millions of their new altcoin.  When I asked them to pay in BTC they said, well you can exchange our altcoin on such-and-such exchange.  I told them, I'm sorry, I'd like to receive the payment in BTC, if you guys can do the exchange, that'd be fine.  It turns out that they basically can't exchange that many of their coins for btc because it would crash the already tiny price all the way down to zero.  And these guys had no BTC of their own to pay me with.  Here we had some guys trying to hire me as a developer with money they were inventing.

I hope people are being smart about this.  BTC has real value (and volitilty, but that's another story), but many of these altcoins are like the paper money printed by interstitial regimes---bound to be worthless.  Don't take them for payment, make people pay you in real money if they're expecting real work.

Not sure. Not always. We don't know in fact.
"The earliest recognized joint-stock company in modern times was the English (later British) East India Company, one of the most famous joint-stock companies. It was granted an English Royal Charter by Elizabeth I on December 31, 1600."
Stock market is well-studied since 1600. Cryptocurrency market is not, it is very young.

By who?

Marketing and memes are fading away with time. Innovations last longer and contribute to the community. Technologically Dogecoin is a popular shitcoin with a pretty good marketing indeed. Period. However if we take a look at the impact of it, I think DOGE was the gate to cryptos for many people, and probably contributed a lot in generally increasing the acceptance and publicity of cryptoes, so I tend to agree in some cases even shitcoins can serve a good cause :).

Altcoins are awesome. I´m a total cryptoalcoholic......

New coins = money (BTC)

If you don´t like them. Don´t waste your time.  :)

lmfao bobsurpulus

If a business, that has issued stocks, has a very good and promising innovation, patented technology, investors usually arrive.
But if it is a crypto innovation (open source, decentralized), it is available for everyone usually.
In the same time crypto innovation is narrow-specialized in comparison with business innovations.

That is an example why we cannot compare investing in cryptocurrency with investing in stocks.
If we think cryptocurrencies=stocks, we don't understand why non-innovative Doge has $18 mln market capitalization, and we miss the boat of other good "non-innovative" currencies.

anyone with little technical skills can create an altcoin...so yeah..they're becoming a joke. People invest in them to make money...it's easier to just create your own coin if all you want is money. Tech behind altcoins (blockchain) is something that can never become a joke...you can bend the rules as you please and make altcoin suitable to your needs...hell I have few altcoins that I use with my friends to place bet. You'll never see them online though....they're mine and very useful to me.

it's like open source OS. You do what you please and anyone can copy it.

Funny that you keep your own selfcoin that you use with your friends.  I guess that if anyone did figure out how to connect to your coin's network then they could make yourcoin into theircoin with not too much hashing power :)

Well most of the altcoins are a joke,
if you want a really good coin thats NOT a joke, take a look at DigiByte ;)
It's fast and is really cheap atm, so get in before the train leaves ::)

...and this turns into a hawk your bags to others thread. How typical.

I like to think cryptocurrency exists because there is no one to tell us to stop, or what we can do with our money, or how we transact our financial affairs, Like it or not, this is what unbridled freedom is: beautiful anarchy. If anyone has the means, they can create a new coin of their liking, without limits, rules, and the permission of an unelected authority. And it is solely up to you, the investor, to protect yourself from losses. I wouldn't want it any other way. Like every thing else in the world, the good far outweighs the bad, especially when you consider benefits of the open-source software.

Like a true free market, cryptocoins with integrity, innovation, usefulness, and loyal communities are thriving. They are not hurt by the proliferation of alts, nor would they be helped by limiting them. It is not particularly difficult to identify good coins, especially with the resources of the internet. I have the notion that greed plays a large role in people chasing these new alts and getting burned. For that, they are rightfully punished. For those who naively stumble into the trap, well, eduction ain't free.

What the community members can and should do is police itself, rout out the serial scammers and endorse good coins based on the criteria above. Everyone will benefit here.

Long live cryptocurrencies and open-source software!

It's this board's favourite running gag. :P

I agree, with the exception of several alt projects with serious innovation. However I think the Alt section on BitcoinTalk is a joke. 

Some of the altcoins have a project behind their self. there are not joke .... but i believe if people accept altcoins are a big joke , the price of Btc going up to $10000 or more ....

real or even scam company would files lot of paper works in other to trade on over-the-counter oct or pink sheet stock. here with crytocurrency only copy/paste or duplicated blue print and pay bittrex a messy back door of 1btc as sponsored and you could make ton of money, in cryptocurrency land you don't need employees(pos coin), all you need is a duplicated coin 100% own by you, scam exchange like bittrex and the dumb morons who think they're getting a very cheap meaningless air coin. don't worry there are lot of dumb morons who are willing to buy into anything.

It depend for which alt coin?? Maybe for new and un stabile alt coin they will becaome anothers jokes of the year, but for some big alt coin like doge lite and btc they still have bright future because there already alot of people have develope and build in Trust to that coint

lol. it's okay to create whatever you want as long as you're not using it to rip people off. Marketcap of crypto has decreased since 2014 and it'll keep falling. As much as you're enjoying your BTC from pnd the reality is it's not attracting new investors and those who are getting attracted are leaving after losing money. In few years marketcap would die down to few hunder dollars if things keep going the way they are right now.