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Title: More interest coming into Alt Coins... Post by: Its About Sharing on April 29, 2013, 12:28:25 PM ...if the volume and uptick (relative to BTC) is any indication over the last few weeks and months. http://www.cryptocoincharts.info/ (http://www.cryptocoincharts.info/)
BTC is a hard technology/concept for many to grasp, but as they grasp it and get involved, it is my guess they naturally are hedging their bets into other cryptocurrencies (instead of dollars, Euros, etc.) They also would avoid paying taxes on profits if they just move their money around the alt coins (at least in many countries if there are no taxes on currency trades). Most of the alt coins have patterns that scream "strong uptrend". In a sense this can be dangerous and we experienced it with the internet. (e.g. pets.com, etc.) but it is a natural progression to spread around your statement/"money"/investment or whatever you want to call it. What are your thoughts on where alt coins stand right now relative to BTC? It's About Sharing Title: Re: More interest coming into Alt Coins... Post by: digicoin on April 29, 2013, 12:41:44 PM You can create a new alt coin when you have new ideas or you just want to be a scammer ;D
Title: Re: More interest coming into Alt Coins... Post by: Its About Sharing on April 29, 2013, 01:44:57 PM You can create a new alt coin when you have new ideas or you just want to be a scammer ;D True, but there have been some pretty good ideas. Enhanced speed, security, etc. Those can just as well be incorporated into BTC but are first "tested" on other alt coins in a sense. Consider the BTC blockchain to be a framework bed for ideas to grow from. Look at Namecoin, using the blockchain as a decentralized DNS server of sorts. You can expand that out to be a medium for all kinds of things. That alone is reason to be excited for just the blockchain. What we can do with that, wow! IAS Title: Re: More interest coming into Alt Coins... Post by: LaggedOnUser on April 29, 2013, 01:49:01 PM You can create a new alt coin when you have new ideas or you just want to be a scammer ;D True, but there have been some pretty good ideas. Enhanced speed, security, etc. Those can just as well be incorporated into BTC but are first "tested" on other alt coins in a sense. Consider the BTC blockchain to be a framework bed for ideas to grow from. Look at Namecoin, using the blockchain as a decentralized DNS server of sorts. You can expand that out to be a medium for all kinds of things. That alone is reason to be excited for just the blockchain. What we can do with that, wow! IAS The trouble with blockchain as it currently stands is the 51% attack... the more uses that you have for blockchain, the more of them become small. And the smaller they are, the easier they are to overwhelm with a 51% attack. Thus the technology is unpredictable and unstable at present, as I see it. It also consumes a lot of energy in defending against the 51% attack. It is a "brute force" approach. Some further refinement of proof-of-work in terms of proof-of-stake, proof-of-identity, or similar approaches is needed, IMHO, as some of the altcoins such as PPCoin are attempting to do. These refinements will take time, of course. So ultimately I am in favor of the experimental, altcoin approach. Title: Re: More interest coming into Alt Coins... Post by: Its About Sharing on April 29, 2013, 03:21:36 PM You can create a new alt coin when you have new ideas or you just want to be a scammer ;D True, but there have been some pretty good ideas. Enhanced speed, security, etc. Those can just as well be incorporated into BTC but are first "tested" on other alt coins in a sense. Consider the BTC blockchain to be a framework bed for ideas to grow from. Look at Namecoin, using the blockchain as a decentralized DNS server of sorts. You can expand that out to be a medium for all kinds of things. That alone is reason to be excited for just the blockchain. What we can do with that, wow! IAS The trouble with blockchain as it currently stands is the 51% attack... the more uses that you have for blockchain, the more of them become small. And the smaller they are, the easier they are to overwhelm with a 51% attack. Thus the technology is unpredictable and unstable at present, as I see it. It also consumes a lot of energy in defending against the 51% attack. It is a "brute force" approach. Some further refinement of proof-of-work in terms of proof-of-stake, proof-of-identity, or similar approaches is needed, IMHO, as some of the altcoins such as PPCoin are attempting to do. These refinements will take time, of course. So ultimately I am in favor of the experimental, altcoin approach. That is a good point regarding those cryptocurrencies used for currencies. Further good suggestions. But, don't you think adjustments would be made with those used for things like DNS? As I heard elsewhere we are in the Netscape Navigator phase of these crypto currencies. There are some bright minds and big hearts behind it all. I do hope it gets to where it needs to go. Lastly, these crypto currencies have been described as being anti-fragile. Basically, they adapt and become stronger with the passage of time. I find that interesting and hopeful to say the least. IAS Title: Re: More interest coming into Alt Coins... Post by: LaggedOnUser on April 30, 2013, 11:45:49 AM You can create a new alt coin when you have new ideas or you just want to be a scammer ;D True, but there have been some pretty good ideas. Enhanced speed, security, etc. Those can just as well be incorporated into BTC but are first "tested" on other alt coins in a sense. Consider the BTC blockchain to be a framework bed for ideas to grow from. Look at Namecoin, using the blockchain as a decentralized DNS server of sorts. You can expand that out to be a medium for all kinds of things. That alone is reason to be excited for just the blockchain. What we can do with that, wow! IAS The trouble with blockchain as it currently stands is the 51% attack... the more uses that you have for blockchain, the more of them become small. And the smaller they are, the easier they are to overwhelm with a 51% attack. Thus the technology is unpredictable and unstable at present, as I see it. It also consumes a lot of energy in defending against the 51% attack. It is a "brute force" approach. Some further refinement of proof-of-work in terms of proof-of-stake, proof-of-identity, or similar approaches is needed, IMHO, as some of the altcoins such as PPCoin are attempting to do. These refinements will take time, of course. So ultimately I am in favor of the experimental, altcoin approach. That is a good point regarding those cryptocurrencies used for currencies. Further good suggestions. But, don't you think adjustments would be made with those used for things like DNS? As I heard elsewhere we are in the Netscape Navigator phase of these crypto currencies. There are some bright minds and big hearts behind it all. I do hope it gets to where it needs to go. Lastly, these crypto currencies have been described as being anti-fragile. Basically, they adapt and become stronger with the passage of time. I find that interesting and hopeful to say the least. IAS If by adjustments you mean diversification of the coin base to do different things and thus develop immunity from different attacks, that's a good idea. I hope you aren't implying that we will move past the Netscape Navigator phase to the Internet Exploiter phase where Microsoft develops a monopolistic MSCoin and tries to take over the market... :D I think "anti-fragile" is a good description for crypto currencies. I hope they last long enough to develop strength for the long term without exposing any fundamental flaws. |