Bitcoin Forum

I am sad to say that we are now entering the endtimes for alt coins. Nobody wanted alt coins to succeed more than me, but it has now become clear that they are nothing more than a failed experiment. Alt coins are crashing across the board, everything from litecoin (down 7.92%), namecoin (down 17.2%), peepeecoin (down 12.83%), novascamcoin (down 4.17%), feathercoin (down 10.79%), primecoin (down 25.31%), and terracoin (down 24.32%). These figures are REAL figures pulled from coinmarketcap.com.

This post is a public service announcement designed to help those of you still clutching your worthless alt coins to sell them for bitcoin ASAP and save yourself a lot of heartache. Just get rid of them, close this useless altcoin subsection, and go buy some BFL asics if you really want to mine something.

Yep, I hear yah and feel yah.

the community and exchanges themselves do not act in the best interest of progress, until that point, alts are a waste of time and space.

agree with the post above me.

ps: in before flamewars

Ahem!

If they are down that doesn`t mean that they won`t go up again. Patience is rare nowadays  ;)

Verse 101 of the same song started in early 2011....


~BCX~

It won't be the end of alt-coins, far from it. The innovative coins will pull through.
(Problem is that's a very small handful.)

This happens every time the BTC value rises.  But don't worry, it will crash again soon, and all the alts will rise again.

Remember that most alt miners don't care about the ALT/BTC value.  They only care about the ALT/Fiat value.  They just use BTC as a medium to make that trade.  So whenever it looks like alts are crashing, just look at the BTC value and you'll see it's rising.  Just enough so that the ALT/Fiat value remains somewhat constant.

Actually you can call that a correlation table of how strong the relationship is between BTC and Alt-Coins
Less variance with rising bitcoin prices more independent it is :)

Pending that their is enough volume traded to make those correlations

Wait till governments take Bitcoin seriously and start regulate it. This will be a great opportunity for new altcoins designed specially to fit or get around those regulations.

I've never really brought into that idea much. Regulation will be an umbrella covering all crypto-currencies.

actually its bitcoin thats a dead man working. pow was only ever meant to be a temp solution and was never meant to be gamed like it is currently being...............be very interesting show when the dif hits the mark  :o


but u guys bought into an anon idealist (and paranoid nutjob too boot)....and think there is no risk lol

No government is regulating "Bitcoin".  FinCEN guidance never once uses the word Bitcoin.  Governments are regulating decentralized virtual currencies.  Every FinCEN regulation which applies to entities exchanging Bitcoins equally applies to all current and future altcoins.

Please post a reference to where Satoshi claimed POW was a temporary solution.   POW works at all difficulty levels.  If difficulty exceeds the revenue for miners the least efficient miners will be squeezed out and difficulty will decline.

Not sure why you think the ASIC rise is anything different than the past.   ASICs have so far pushed difficulty from 20M to 200M and likely to 4B or higher.   Sounds impressive until you realize that CPU and GPU pushed difficulty from <1 to 20 million+.   When ASICs push difficulty to 400 trillion it will have a rise in magnitude that is comparable.

Is this sarcarsm or something?

Of course this isn't the end of alt coins, they usually go down when bitcoin goes up, this time bitcoin has gone up a lot so they've gone down a lot.  Once bitcoin settles they'll shoot back up again.

yeah except now they call it the end when litecoin goes from 2.50 to 1.89 instead of when bitcoin goes from 2.50 to 1.89

I wouldn't bet on that for a second.  It could be an umbrella, or it could be specific.  It could even mention bitcoin by name

If the anonymity of cryptocurrencies become an obstacle to legally use it, it will be be sacrificed. Some freshly designed BigBrotherCoin can enforce identity disclosure to government but not to general public. Bitcoin can't.
The anonymity of Bitcoin makes it perfect tool for tax evasion. Some freshly designed TaxCoin can embed end enforce VAT rules, Bitcoin can't.
Bitcoin is open to everyone without limitations. Some SecessionRegionalCoin can be limited to only preapproved merchants and miners, Bitcoin can't.
Governments regulate economy via money supply, using banks as a proxy. Some BanksterCoin can implement fractional reserve rules, Bitcoin can't.

Being specific would open up a lot of back doors, so I guess a generic umbrella style regulation would be easier to implement and maintain.

https://i.imgur.com/H9XVBFR.png

Peercoin's price is skyrocketing, imo will replace btc within 5 years. PPC just had a correction that's why it just went down, it is still up 40%+ since last month.

.This is not the endtimes for alt coins? This is just the beginning. BTC has limitations, altcoins will solve these problems in their own specific ways.

Lies!

They said the same thing about Bitcoin when it dropped from $33 to $3..lol

alt-coins are worthless because they don't have new groundbreaking features.

End means the end. We'll see.

If people are still hashing for the coin, trading for it, it definitely still not the end of it.

Too early to say those words, besides, bitcoin is far far away from its succeed.

this.

Many altcoins have held firm over the last couple of days. Some have risen against btc in real terms too.

People are cashing in on a bull run for bitcoin and cashing out their alts, it was a good move but soon that will swing the other way imho. A few of the least popular alts have crashed in a huge way because you would dump them first from your portfolio, and LTC suffered badly because most people hold their alt worth in LTC so that was going to take a beating as people moved into the bitcoin up swing.

I'm looking hopefully for a big upswing for the alts as the bitcoin bull slows and comes to it's next wave down.

Bitcoin value is rising and alt currency value is decreasing, maybe the price would increase again.

When government attempts to regulate bitcoin, that will be the time to buy.  The attempt will do exactly the opposite of what they want.

When .gov bans or over regulates something, its value skyrockets on the open Free market.  Look at Alcohol during prohibition in the USA.  Drugs right now.  That is the beauty of TRUE Freedom - it cannot be quashed permanently.

Its the bottom of the crash mentality now. If you can take the risk and buy altcoins now you can reap huge rewards on the rebound.

There's a name for that, it's called "catching a falling knife", it's a very dangerous thing to do.

It is very dangerous, but its a high risk high reward scenario.

The coins are crashing because people are taking profit, some of these holders will be like me and will have bought just as the coins came onto the exchange when they were barely worth anything so if they bought a substantial amount they'll be cashing out now in BTC. If you remember Bitcoin went through huge swings like this as well, we don't have central banks, so you won't have them pumping money into these currencies in order to keep them at a stable price, I hardly have any myself so I'm going to be holding long term and biding my time.

What I will say though is that the coins that will succeed will most likely be the ones that have proper dev support behind them who understand the source code and update the client regularly and try to move forward. Copy and paste jobs that only have marketing teams behind them won't last. People ranted about how Bitcoins were worthless etc. but then they're now worth more than $100 per coin! I'm not saying that altcoins will reach that level but our financial systems are so bad they may well be worth more than paper money easily and that's enough for me.

I know there are people who hate on Litecoin a lot but I'm amazed that the thing is worth $1.8 or so by itself and can be trading directly for USD now, it will be interesting to see what all happens to all these coins.

Sad seeing them dropping like this. Soon I have to shut down my GPU farms...

Or more likely, they will create their own coin, premine all of the coins, and regulate those.

Even coins in downtrend must have an owner. What if there where no people in denial, would it drop instantly
to the bottom, i.e. the price level from where it could recover?

>60% decline is "somewhat constant"

http://www.ltc-charts.com/period-charts.php?period=6-months&resolution=day&pair=ltc-usd&market=btc-e

Oh look, another "ERMAHGERD ELTKERN ERMAHGEDDERN" thread. Not like we've had dozens in the past.


If you really believe the well-established alts are dying, feel free to keep selling me your coins. I'll be laughing all the way to the bank in a few months 8)

I predict the complete end of all alt-coins to happen in 4-6 weeks ;)

If it were that easy we would all be millionaires.

This is the most incorrect statement ever.

For example: PPC is more energy efficient, secure against 51% attack, and enforce transaction fees at protocol level to defend against block bloating attacks.  Bitcoin's network is actually a huge waste of energy, and will become less and less attractive as time goes on, less secure as time goes on, and eventually get block bloated. Peercoin has "Significant" innovation above and beyond bitcoin.

Anoncoin does great!  ;D

Hmm, it's my understanding that Bitcoin can modified/enhanced to adopt innovations, no?

@David Rabahy: Some innovations from altcoins surely can be adopted by Bitcoin. But a feature like Proof-of-Stake that touches the basic functionality of BTC would be very difficult to adopt. It's not impossible, but the dev team would have a hard time to communicate such a change to the stakeholders.

One of the reasons why it would be so hard is that Proof-of-Stake is not possible with a fixed limit for the amount of coins like the 21 million limit of BTC. A PoS coin would increase its supply infinitely. One can achieve some stability in coin supply by destroying transaction fees (like PPC) but a "hard limit" is not possible.

Well, from my point of view, the fact that altcoins crash is due to the rise of bitcoin, that's easy to get.
Thus investing with bitcoins into altcoins in later steps of the development of these (I mean when they are overvalued) can only bring to a loss in the actual context.

I think their is a demand for altcoins, and few of them will succeed, but for this there should be an easy and simple way to trade USD to altcoins.

When bitcoin rises, it's normal for altcoins to crash, the opposite would be weird. It's just fundamentals. Being tied to the btc value is a real problem.

I guess altcoins will take a huge step forward when they will be traded for USD/EUR/YEN... Imagine if you could buy a bunch of coins for 1$, without spending your beloved BTC.

I think cryptsy was planning on this, but it's too early to tell, in the future i really see a marketplace where you can get alts for cents/dollars. Like their was for bitcoin at the begining.
And i would be the first one on it.

Why don't you just shut your pie hole instead of trying to manipulate as many people as you can into selling? Your pathetic post is so immature and pointless, I can't believe shit like this is even allowed to stay on this forum.

"Public service announcement?" LOL. You don't even know the meaning of that phrase. Get the fuck outta here.

too risky to be in alt-coins right now... btc is in a bit of a correction but once we shoot past 167 i don't want to be anywhere near alts

For every seller there is a buyer.

Alts are only good for one thing now days - mining. And even that is drying up. That leaves zero reason for alts to exist.

You would have to be insane to hold any alts at this point.

Not sure if PPC or XPM...
But one of them will take a run at LTC (right now the Whales love XPM).

Alt Coin Market Cap (less LTC) = $20,000,000.

Alt trading culture is just starting to take shape...
It's absolutely fascinating compared to just scalping BTC...  
That $20 million will explode in the next 6-12 months.

so you don't think any of them have the potential to survive? with no real economy, btc too was all speculation for quite some time.

Maybe, but with 70 or whatever on Cryptsy can you pick a winner? You might get lucky but why bother when there are many opportunities in the BTC culture.  There is simply no reason for an alt coin to catch on nor will there be in the near future.

Did I spam this thread on Anoncoin? Oh yes, sorry!... :P

Of course it is.  Just because PPC chose not to go that route doesn't make it impossible.  It was a design CHOICE not a requirement.

Thank god. If these things had come even close to being as popular as Bitcoin then the entire cryptocurrency experiment would be dead forever.

The security model is based on coins (coin*days), it needs some coins amount to function properly. Non-deterministic supply is not a choice, it's a security requirement. Otherwise there will be no protection against massive coins destruction/lost wallets/whatever, i.e. no security in the long-term.

It was a high risk high reward scenario. Those who could can cash out right now with massive profits.

Expert tea leaf analysis is expert.

I see. Interesting... So you are saying it goes UP and DOWN and UP and DOWN and UP and DOWN? A remarkable insight indeed!

Of course the orange arrow only goes UP and not DOWN. Because. It. Is. Orange. Correct?

It isn't a requirement.  How about coins have to be moved within so many years (say 10).  Coins that aren't are deleted by the network and respawned as new miner rewards thus keeping the pool of coins available for stake relatively constant.   That is just one idea.  It isn't an absolute requirement.  The creators even stated so.  It is just one solution to the problem.

Death and Taxes knows so much about crypto, i wanna see him make a coin. hell i'd mine it as long as it isn't scrypt based.

Ideas are great, how about a reference implementation ;)

I think we all know that many of the clone coins -- which represent most altcoins, really -- won't last. But I have to think that a few will stick around. LTC, PPC, maybe XPM, who knows. It's a lot of speculation at this point. But the end? Nah.

haha - I almost took your post seriously...  ;)

Well that dirty great big Orange arrow is a trend line and in this case it is heading up. What's the PPC community like to support this trend or is this just speculation?

there are just too many altcoins. also, the price is dropping due to the high bitcoin price