Bitcoin Forum

What is the point now for all those alts and what are we doing exactly now in the alt community ?

- Coin devs are reducing Alt coin quality . From total inital joke coins like the doge or the bernanke, we now see coins where authors either directly discard them (ulicoin) or do not have a clue what a coin is made of (saw some student posting a binary coin who didn't know what a conf file was today),
or without any source (https://bitcointalk.org/index.php?topic=380893.0), or old known scammer pushin a new revolutionnary premined coin (https://bitcointalk.org/index.php?topic=371775.240)
It is is obvious they don't care as probably other scam miners will throw instantly 200 Mh on it in attempt to sell any outcome instantly scamming other people. And the operation happens now on very short time frames  probably wasting all this energy for a a few $.

- Trade sites owners are calling for new those alt shit coins for listing for "only" 5BTC. Or do they sometimes just run away with your coins. Or do they just bullshit you selling you ahead participations for something that is not going to last more than 2 weeks. Or do they simply don't care at all to program something not buggy because it is not the objective to go for the longer term.

- pool owner running away with the few coins you made of a shitcoin premined and that you tried to sell at an overpriced value on a trade site owned by someone thinking about running away and traded to someone trying to pump and dump the coin.

- Miners, are mining any alt shit coin that is out. They want to have their Windows sexy GUI wallet because they tend to be computer illiterate. They are ready to mine coins that are infllationnist (https://bitcointalk.org/index.php?topic=375010.0)(they probably have no clue what it means in terms of ROI for them) Other with infinite supplies ... . They will then go in forums trying to scam you or they will go on the other trade exchange sites owned by scammer and to meet other  scammers

- you can now see threads asking about the worst alt logo and nobody trying to share any idea of what could give a value to a coin.

So in short everyone scamming everyone, just role playing, I'd love to see a real bitcoin alternative in here. but looks like it shifted to something weird.


Season's greetings.

Very good post. Thank you for it!
Please add this one with infinite coin supply: https://bitcointalk.org/index.php?topic=380893.0

Merry Christmas and a happy new scam!   ;D

Oh, I forgot, very good post indeed. Thanks!

https://www.youtube.com/watch?v=YcXMhwF4EtQ

There are so many noobs to scam now. Totally clueless people who wants to get rich quick, and they jump on every imaginary chance of that happening. They will get burned.  :)

Right, but they will learn and will be formatted to invent other scams more pathetic probably.  :)

I think its funny. It allows the better alternatives to bubble to the top while burning the ones who buy into the scams. Classic conditioning.

Very good post. I stayed awake until 7 a.m. to be there at the start of the great (premined scam) Atomcoin...

There already BTC alternatives...I would just stick to the few currencies that will survive.
In my opinion they just have to have some improvement over BTC, an active DEV and a community. Obviously if nobody is going to use the coin in the future for buying/selling stuff, it will be worthless anyway (which will happen to most alts sooner or later).

Coins I would buy (maybe even if I'm not a real fan of some of them):

BTC
LTC
PPC
XPM
DTC (yes Datacoin...innovative coin, but has only one developer for now...abd he seems to be very good and dedicated)
PTS (Invictus Protoshares) has really a lot of potential (if you check their website out, you'll see that these guys have very cool innovative ideas coming soon)

WDC and QRK (both not innovative...but people like them). WDC will make a big jump next year if all the "good news" are going to become true.



Ah yeah, of course I would trade all the coins above just to have some DOGE, wow.   8)

The next bitcoin?

Sitting under your noses for the last 2 1/2 years.

It is iXcoin.   

With about 1/3rd of the the bitcoin hashrate and growing.

With a limit of only 21 million coins.

The problem with Bitcoin right now is that it is too expensive to innovate on.

Introducing colored coins for examples is to expensive to print on a bitcoin.

Now iXcoin is almost identical to bitcoin but with a hash rate that is #3 among all coins (namecoin is the only coin that consistently has more).

So you have all these folks trading in their BTC to purchase MasterCoin or NXT only to realize that these setups are all works in progress.

Bitcoin technology has been proven the test of time.  So has iXcoin which has been around for 2 1/2 years. 

Speaking about distribution of wealth in iXcoin, it is completely fair because it has been traded in exchanges for 2 years and anyone could have bought it at half a cent or less.

Anyway, stay tuned for more developments with iXcoin.

We just updated to the latest 0.8.6 client of Bitcoin and eagerly await the innovations of 0.8.7 of Bitcoin.

Furthermore, we shall be incorporating features that the Mastercoin folks all claim to be developing.

From all the news, forums and maket data i've seen these are the coins that have the most potential:

1) Nxt (Due to second generation marketing)
2) Quark (Support and growing news popularity)
3) World (almost same as quark)
4) Sky (Could be on par with Nxt, time will tell)

To a lesser extent:

5) Master and eMunie (Fresh ideas and concepts, could diverge away from the current BTC fork)
6) Diamond (Innovations among first generation crypto)
7) Ix
Lastly) Proto / MMC2 (Fresh Idea, breaking the currency up into basically dollars and cents)


I believe, LTC will hold strong has a secondary to btc, Peer and Name coins will fall drastically.

Please, PLEASE, don't convert this thread in another advertising thread of the coins you have in your portfolio. I don give a shit about the coins you have (and you advertise), this is a serious thread  :-*

We will soon see a major shift occur it is probably going to occur in the next month. Hedge funds are soon getting into crypto in a big way.

Bitcoin's first application is not as a currency, it is an investment vehicle. Bitcoins are a way for somebody to hide their money from governments and consequently from taxes, etc. Alt coins will be a major part of that.

What alt coins will the hedge funds buy into? Easy, those that are on multiple exchanges and have been around longest and thus have the most viable networks. There you go. All these new coins are just a distraction, avoid them until they get on an exchange.

Focus are the coins already on exchanges. Buy them and mine them now while they are cheap and have low difficulty. You will be rewarded in a big way!!

Given the price action is the last month, I'm guessing that a hedge fund has already bought into BTC, LTC, and QRK.

I agree with this. We need more innovation in the altcoin market but as of now these seem to have the highest potential.

Yeah, I agree with this.

Anything that's on multiple exchanges now is likely basically "in", at least until decentralized exchanges come into play.

It's why I'm happy SBC is on 3 exchanges now ;D

But either way, it will be important to not let all of these new cryptos delegitimize all altcoins in general.

lol so true

I blame quark. As it went from dead and worthless to massive and worth lots in no time, now everyone is willing to mine any old rubbish hoping to strike it rich. Who knows, maybe my 475757743358 scam coins will be worth loads in the future....

Why would we recommend coins that we don't have in our own portfolio?  If we believe in a coin, wouldn't we be holding some?

Why we don't have ScamCoin yet?

Many altcoins and constant death/birth thereof is essential for crypto's survival. Once this thing picks up speed, I expect the value of altcoins to increase dramatically. People will be moving normal' money into trusted networks with fixed parameters. Just wait until the crisis hits harder and/or crypto becomes more mainstream (sending to e-mail address instead of 13-digit address, total mobile integration/automatic - behind the scene - conversion, single point of contact (a bank?), etc).

Altcoins do not have to be used from point to point, as long as people consider their network to have value. I foresee exchange of coins hidden from normal users when they pay to an e-mail address (or whatever other means), and just see a universal number. It all needs to be figured out yet, but - again - Dogecoin shows how quickly people forget it's just a bunch of 0s and 1s.

Therefore, I think altcoins are essential to crypto's success and survival. It will create much more resilience. I mean, even Dogecoin can suddenly pop up and reach a very broad target despite its clear ridiculous background. It's the prime example of power of the masses (http://www.devtome.com/doku.php?id=what_does_dogecoin_teach_us). The masses will learn this soon enough.

It's going to be nothing or everything. I think it's going to be mind blowing just like The Internet (http://www.youtube.com/watch?v=U_o8gerare0).

Personally, I like Zetacoin now because of its 1 year coin release followed by the relative low inflation rate thereafter. It will be interesting to see how it goes once coin creation tapers off after the first year. So much to learn, So WoW. Many love. Such fear.

Bitcoin
Litecoin
Megacoin
Worldcoin
Quarkcoin

rest will die 2014

There seems to be a trend in coins that one might call scam coins.

They have shifted over to more of a 100% premine/instamine variety.

This does two things:

1. It gives the developers and very early adopters all the coins. Far out dude!  ;D

2. It removes the downward pressure caused by continual mining. If every day new coins are being minted and some of them are being sold then this is actually putting downward price pressure on a coin.

So they remove the downward price pressure by insta-minting all the coins and then only release lets say 10% of the coin into the market.

So then you have a coin with lets say 1 billion units, but it is being traded and exchanged like a coin with 100 million units and no continual inflow of new coins.

A great scheme for pumping up a price as fast as possible.

Having the minting process spread over many years is important because these coins are not going to mature and function as actual currency for years or even decades. It is important that the coins are distributed in a fair and thorough manner. Insta-mining does not do this. It centralizes ownership of a coin to a few.

Don't worry bro... this is just a stage of maturing in the altcoin community, 99% of all these coins will die, and a lot of people will lose money and they'll see how dumb they were by supporting coins that offered nothing over BTC. Only a handful of coins will survive, probably the ones that have the best support team, community, and no more crappy coins will rise, as everyone will already be burnt from this stage we're living right now.

I do agree that the free market will sort this shit out eventually.

It's just too bad a lot of people are going to loose a lot of money before that happens.

I kinda realized how pointless most alt coins are when I realized that all I cared about was their BTC value. To be honest, it seems like the main reason alt coins get popular is due to how they tend to be (hopefully) profitable to mine, compared to BTC who is now deep into ASIC land in terms of mining, for actual security this is actually a good thing as it makes the BTC network very hard to 51% attack, but the average miner can't ever hope to get a profit. People might find it a controversial opinion but... IMO this makes bitcoin to have a safe and secure future compared to most altcoins.

I think we need multiple crypto's.

You don't want to put all your eggs in one basket.

Multiple competitors is good for innovation and if the devs, take a coin in a direction you don't like you can shift your assets to one that better suits your interests.

A single block chain rules all? No it is impossible because of risks of single point of failure and scalability. One or two altcoins will have a chance to exist.

Please think of startups when thinking of altcoins. Only one can succeed among 1000 startups. If you find some altcoins pointless, ignore them.

I disagree. Most of the coins that are on multiple exchanges will survive. Think of mutual funds. When mutual funds started there were only a few, now there are thousands, all with different properties, etc.

Huge cash inflows into the altcoins will support a lot of variations.

Maybe a variety of altcoins with different properties actually help the leading crypto currency evolve. Without competition there is little need for innovation. So they aren't necessarily a bad thing. I do however agree that only one or two will prevail in the longer term adopting the qualities of any other coin that comes along and nips at its toes.

If you premine/instamine all the coins, then you can give them out to alot more people. You couple this idea with increased volume and the psychology of the big numbers makes a mighty fine motivator for shill creation.

If we were to go back just a year ago most of the coins being pumped would be chastised off the forums. The new crypto users are getting more and more naive.. perhaps they are getting younger. They are obviously getting more greedy and the color of their hats are going from a light grey to near black.

It is the free market and when everyone can copy paste his own coin, why not? And sure, many people advertize their coins. It's the same with me. When I have thoughts about coins I have, sometimes I think, I have discovered a flaw. Now, should I spread this? I do really have no idea, what there will be in one or two years. Only Bitcoin with other coins only under 1mio.? Many big players?

To the topic:
Sometimes new coins are really bad. I mean, just changes 1 or two parameters? And then the do not even archieve to make a decent start post in the thread. hm...

The big problem is that blockchains are insanely expensive to secure.

You need more than half of the world's computing power of a given type in order to secure the chain.

It is like the how many nukes do you have game, except you maybe don't get to know which individuals, terrorists, or governments control the nukes.

So maybe we could have a few superpowers, like one has a few superpowers among nations, but, with the bonus that their nukes do not work on each other, only on their imitators, client-states, internal states/provinces or whatever. The SHA superpower cannot wipe out the Scrypt superpower nor can the Scrypt superpower wipe out the SHA superpower but all the non-ASIC third-world and balkan and etc trivial little minor states can all probably be trashed by any superpower any time until they too get ASICs uh I mean nukes.

About the only reason any Scrypt coin might be able to actually become secure enough for serious use is that Scrypt ASICs are on the way.

Have you tried computing how much an attacker can afford to spend to attack a coin that is worth even just a paltry $300,000 per coin?

Or maybe you could calculate by market cap, $300,000 multiplied by how many coins equals how much can an attacker spend and still make a profit from an attack?

Most coins have a market cap that is less than one bitcoin once bitcoins start to achieve reasonably useful "serious" values.

When it costs just a bitcoin (a few billions or tens of billions of dollars) to totally PWN a chain, maybe profiting directly by taking over a coin won't hardly seem worth it, what the heck for gosh sakes the whole chain is only worth a bitcoin or so, why bother, just destroy it. Short it then destroy it.

Its like you lot are running around with a bunch of little plastic water-pistols playing war and you don't even have concentrated acid in the things let alone live anthrax. Get real.

-MarkM-

well i am running for worldcoin after lite coin and ofcourse bitcoin
look at earthcoin good community good offset to

the did indeed pre mining for arround 320 million but.....the put that amount in promotions this coin is just 2 days old i believe

to me it looks trusted and good anough to mine this one to ........

just wait en see what happens near the future if this one is going on ................

It makes sense because economics as in the rational person who produces the invisible hand effect is not a person it is an easter-bunny, robot, myth, or simply an erroneous theory. Upon which, unfortunately, economics seems to be founded.

It makes sense because humans are not rational animals they are rationalising animals. (Tip of hat to Lazarus Long, whose philosophies the Grand Old Man of science fiction conveyed to us.)

-MarkM-

EDIT: Also, they do NOT have huge market caps. On the contrary, even bitcoin keeps having its value horribly crazily suppressed, possibly because of all the crapcoins causing lack of confidence in the whole blockchain concept. $300,000 per coin is merely reasonable, akin to gold; but gold is not huge it is tiny compared to forex/finance... Huge would be way the heck more than $300,000 per coin, can't recall the math offhand so cannot recall about how many orders of magnitude more.

EDIT2: Heck there are corporations trading on stock markets that have larger market caps than bitcoin let alone larger than most altcoins. So very very far from huge. A nation's entire stock-market even maybe isn't huge, is it, really, even for the largest nations? Just a drop in the bucket compared to the Forex market? I wonder how many publicly traded corporations there are whose market cap is larger than bitcoin's, let alone larger than an altcoin's?

It was already launched under the "EarthCoin" banner.

What about Dogecoin? Back to the moon!

Dogecoin has a higher hash rate than Megacoin and Worldcoin  combined!!! 

I think someone should have to drink a shot everytime they say the word "scam".

It's really getting old.

This will all play out as it should and will... and nothing will stop it. It will either disappear or evolve.