Bitcoin Forum

Yes, within few weeks miners increased dramatically for the profitability of mining business.

How miners destroying coins:
With the help of coinchoose.com we know instantly which coin is profitable. So, maximum miners start mining that profitable coin. For huge hash rate within few days the difficulty increased and makes this coin less profitable. So, they switch to another coin and this coins goes inactive/dead for less/no confirmations.

Early adopters and pre-miners also decreasing the coins rate on exchange.

Solution:
1. We have to increase the marketplace of every coin.
2. We have to set the new difficulty formula.
3. We have to stop making scam coins.

If we fail every coins rate will be the equal of our mining cost. So, we need a good community to save these coins.

N.B. I have a new/unique business plan with this crypto currencies but I need investor to start this business. PM me if anyone interested.

Most miners seem to have stuck with LTC @ 20 gh/s.  Only a small fringe are actually mining the niche coins.  At worst they are having a mildly dilutive effect on LTC not really hurting anything

You have people mining BTC and LTC always, because these are trusted coins. Other like FTC or CNC were a mine and dump, and nobody trust on them now.
If the coin si strong and sticks, it should always have miners.

So, do you think the future of BTC and LTC will be good? I don't think. Miners will start mining these coins too and will increase difficulty quickly. But our marketplace is not improving.

The price of BTC and LTC is always decreasing because of new miners. They just mining and selling with low rate. They are not getting loss at all.

True, BTC and LTC are the only coins I know of that can be easily traded for USD, the other coins are a lottery because places like Coinchoose only use spot prices in their BTC exchange formula and there is absolutely no certainty of getting that price because the trade volumes of the alts are small and volatile.

Keep in mind the miners keep the network operating.  If there were no miners, no transactions would ever get confirmed.

They also keep it secure.  If there were few miners, it would be easy for an attacker to do a 51% attack

What you need to do is start using every altcoin. Maybe make them all interchangeable and start using them in Reddittipbot. Instead of Bitcointip it should just be Altcointip and funded with any Altcoin loaded into it. Wallets also have to stop being Bitcoin wallet, Litecoin wallet, etc. The wallets have to start supporting all coins.

To accomplish this we need move to a more modular software design. Wallets and API's should be designed so that the actual cryptocurrency doesn't matter as much. Let the user decide which coin to load into the wallet. Let the user decide which coin to load into the backend of the site, or the API, and then any cryptocoin can be used easily.

Basically we need better API and backend infrastructure. We need better programmers who actually care about modular software design. The same mistakes which were made with the early WWW are being made again here. We need an open cryptocoin standard API.

I didn't say, we don't need miners. But the ratio of hash rate and value of coins should be stable.

While I can understand the negative impact of large mining at the start, I think that the coins that survive this initial onslaught have shown themselves to have other value (rather than just being a clone).  So, in many respects, the CoinChoose effect brings about a survival of the fittest.

I'm surprised there hasn't been any 51% attacks on the new coins yet. It doesn't require so many bigger miners to put 50-100Mhs on a chain thats going low speeds currently.

Double spends could be interesting to arrange too.

Only a problem for non-PPC based coins. PPC based coins (ppc, nvc, btb) don't care about miner coming and leaving, due to difficulty retarget every block and also Proof of Stake blocks.

What goods and services could you buy for altcoins? Nothing... This is the main problem, not miners and searching the most profitable coin.

Miners and mining tools such as coinchoose are not the problem. The problem is there are simply too many coins with only minor parameter changes. Fortunately this problem will resolve itself,  as those coins which bring very little to the table will eventually die off, or at least fade into obscurity.